<SEC-DOCUMENT>0000950123-11-048197.txt : 20110510
<SEC-HEADER>0000950123-11-048197.hdr.sgml : 20110510
<ACCEPTANCE-DATETIME>20110510151750
ACCESSION NUMBER:		0000950123-11-048197
CONFORMED SUBMISSION TYPE:	10-Q
PUBLIC DOCUMENT COUNT:		12
CONFORMED PERIOD OF REPORT:	20110331
FILED AS OF DATE:		20110510
DATE AS OF CHANGE:		20110510

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CVR ENERGY INC
		CENTRAL INDEX KEY:			0001376139
		STANDARD INDUSTRIAL CLASSIFICATION:	PETROLEUM REFINING [2911]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE

	FILING VALUES:
		FORM TYPE:		10-Q
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-33492
		FILM NUMBER:		11827737

	BUSINESS ADDRESS:	
		STREET 1:		2277 PLAZA DRIVE
		STREET 2:		SUITE 500
		CITY:			SUGAR LAND
		STATE:			TX
		ZIP:			77479
		BUSINESS PHONE:		(281) 207-7711

	MAIL ADDRESS:	
		STREET 1:		2277 PLAZA DRIVE
		STREET 2:		SUITE 500
		CITY:			SUGAR LAND
		STATE:			TX
		ZIP:			77479
</SEC-HEADER>
<DOCUMENT>
<TYPE>10-Q
<SEQUENCE>1
<FILENAME>y91213e10vq.htm
<DESCRIPTION>FORM 10-Q
<TEXT>
<HTML>
<HEAD>
<TITLE>e10vq</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
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<H5 align="left" style="page-break-before:always"><A HREF="#Y91213tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<CENTER style="font-size: 1pt; width: 100%; border-bottom: 2pt solid #000000"></CENTER>

<CENTER style="font-size: 1pt; width: 100%; border-bottom: 1pt solid #000000"></CENTER>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="font-size: 14pt">UNITED STATES SECURITIES AND
    EXCHANGE COMMISSION<BR>
    </FONT><FONT style="font-size: 12pt">Washington,&#160;D.C.
    20549</FONT></B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="font-size: 18pt"><FONT style="white-space: nowrap">Form&#160;10-Q</FONT></FONT></B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="13%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="85%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <FONT style="font-size: 10pt">(Mark One)
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="center" valign="top">
<DIV style="text-indent: -11pt; margin-left: 11pt">
    <B><FONT style="font-family: Wingdings; font-variant: normal">&#254;</FONT></B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <B>QUARTERLY REPORT PURSUANT TO SECTION&#160;13 OR 15(d)<BR>
    OF THE SECURITIES EXCHANGE ACT OF 1934</B> <!-- XBRL,dc -->
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="center" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <B><FONT style="font-size: 10pt">For the quarterly period ended
    March&#160;31,
    2011</FONT></B><FONT style="font-size: 10pt"><!-- /XBRL,dc -->
    </FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="center" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    <B>OR</B>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="center" valign="top">
<DIV style="text-indent: -11pt; margin-left: 11pt">
    <B><FONT style="font-family: Wingdings; font-variant: normal">&#111;</FONT></B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <B>TRANSITION REPORT PURSUANT TO SECTION&#160;13 OR 15(d)<BR>
    OF THE SECURITIES EXCHANGE ACT OF 1934</B>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="center" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <B><FONT style="font-size: 10pt">For the transition period
    from&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;to&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</FONT></B><FONT style="font-size: 10pt">.
    </FONT>
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>Commission file number:
    <FONT style="white-space: nowrap">001-33492</FONT></B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="font-size: 24pt">CVR ENERGY, INC.</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I><FONT style="font-size: 8pt">(Exact name of registrant as
    specified in its charter)</FONT></I>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="50%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="49%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
</TR>
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<TR valign="bottom">
<TD nowrap align="center" valign="top">
    <B>Delaware</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    <B>61-1512186</B>
</TD>
</TR>
<TR valign="bottom">
<TD align="center" valign="top">
    <I><FONT style="font-size: 8pt">(State or Other Jurisdiction
    of<BR>
    Incorporation or Organization)</FONT></I>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    <I><FONT style="font-size: 8pt">(I.R.S. Employer<BR>
    Identification No.)</FONT></I>
</TD>
</TR>
<TR valign="bottom">
<TD align="center" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>2277 Plaza Drive, Suite&#160;500<BR>
    Sugar Land, Texas<BR>
    </B><I><FONT style="font-size: 8pt">(Address of Principal
    Executive Offices)</FONT></I>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    <B>77479<BR>
    </B><I><FONT style="font-size: 8pt">(Zip
    Code)</FONT></I><FONT style="font-size: 8pt">
    </FONT>
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>(Registrant&#146;s telephone number, including area code)</B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="white-space: nowrap">(281)&#160;207-3200</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Indicate by check mark whether the registrant (1)&#160;has filed
    all reports required to be filed by Section&#160;13 or 15(d) of
    the Securities Exchange Act of 1934 during the preceding
    12&#160;months (or for such shorter period that the registrant
    was required to file such reports), and (2)&#160;has been
    subject to such filing requirements for the past
    90&#160;days.&#160;&#160;Yes&#160;<FONT style="font-family: Wingdings; font-variant: normal">&#254;</FONT>&#160;&#160;&#160;&#160;&#160;No&#160;<FONT style="font-family: Wingdings; font-variant: normal">&#111;
    </FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Indicate by check mark whether the registrant has submitted
    electronically and posted on its corporate Web site, if any,
    every Interactive Data File required to be submitted and posted
    pursuant to Rule&#160;405 or
    <FONT style="white-space: nowrap">Regulation&#160;S-T</FONT>
    (&#167;&#160;232.405 of this chapter) during the preceding
    12&#160;months (or for such shorter period that the registrant
    was required to submit and post such
    files).&#160;&#160;Yes&#160;<FONT style="font-family: Wingdings; font-variant: normal">&#111;</FONT>&#160;&#160;&#160;&#160;&#160;No&#160;<FONT style="font-family: Wingdings; font-variant: normal">&#111;
    </FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Indicate by check mark whether the registrant is a large
    accelerated filer, an accelerated filer, a non-accelerated
    filer, or a smaller reporting company. See the definitions of
    &#147;large accelerated filer,&#148; &#147;accelerated
    filer&#148; and &#147;smaller reporting company&#148; in
    <FONT style="white-space: nowrap">Rule&#160;12b-2</FONT>
    of the Exchange Act. (Check one):
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

<TR>
    <TD width="25%"></TD>
    <TD width="25%"></TD>
    <TD width="25%"></TD>
    <TD width="25%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">    <FONT style="font-family: 'Times New Roman', Times">Large
    accelerated
    filer&#160;<FONT style="font-family: Wingdings; font-variant: normal">&#111;</FONT>
    </FONT></TD>
    <TD nowrap align="center">    <FONT style="font-family: 'Times New Roman', Times"> Accelerated
    filer&#160;<FONT style="font-family: Wingdings; font-variant: normal">&#254;</FONT>
    </FONT></TD>
    <TD nowrap align="center">    <FONT style="font-family: 'Times New Roman', Times">
    Non-accelerated
    filer&#160;<FONT style="font-family: Wingdings; font-variant: normal">&#111;</FONT>
    </FONT></TD>
    <TD nowrap align="right">    <FONT style="font-family: 'Times New Roman', Times"> Smaller
    reporting
    company&#160;<FONT style="font-family: Wingdings; font-variant: normal">&#111;</FONT>
    </FONT></TD>
</TR>

</TABLE>



<DIV align="center" style="margin-left: 26%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (Do not check if a smaller reporting company)
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Indicate by check mark whether the registrant is a shell company
    (as defined by
    <FONT style="white-space: nowrap">Rule&#160;12b-2</FONT>
    of the Exchange
    Act).&#160;&#160;Yes&#160;<FONT style="font-family: Wingdings; font-variant: normal">&#111;</FONT>&#160;&#160;&#160;&#160;&#160;No&#160;<FONT style="font-family: Wingdings; font-variant: normal">&#254;
    </FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    There were 86,413,781&#160;shares of the registrant&#146;s
    common stock outstanding at May&#160;6, 2011.
</DIV>

<CENTER style="font-size: 1pt; width: 100%; border-bottom: 1pt solid #000000"></CENTER>

<CENTER style="font-size: 1pt; width: 100%; border-bottom: 2pt solid #000000"></CENTER>
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<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">CVR
    ENERGY, INC. AND SUBSIDIARIES<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">INDEX TO
    QUARTERLY REPORT ON
    <FONT style="white-space: nowrap">FORM&#160;10-Q</FONT><BR>
    </FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">For The
    Quarter Ended March&#160;31, 2011</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>
<DIV align="left">
<!-- TOC -->
</DIV>

<DIV align="left">
<A name="Y91213tocpage"></A>
</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="5%">&nbsp;</TD>	<!-- colindex=01 type=quadleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="5%">&nbsp;</TD>	<!-- colindex=01 type=quadright -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="80%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=03 type=quadleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=03 type=quadright -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Page No.</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD colspan="9" align="center" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y91213101'><B>PART I. FINANCIAL INFORMATION</B></A>
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD>&nbsp;
</TD>
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y91213102'>Item 1.</A>
</DIV>
</TD>
<TD>&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <A HREF='#Y91213102'>Financial Statements</A>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD>&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    <A HREF='#Y91213103'>Condensed Consolidated Balance Sheets&#160;&#151;
    March&#160;31, 2011 (unaudited) and December&#160;31, 2010</A>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD>&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    <A HREF='#Y91213104'>Condensed Consolidated Statements of
    Operations&#160;&#151; Three Months Ended March&#160;31, 2011
    and 2010 (unaudited)</A>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD>&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    <A HREF='#Y91213105'>Condensed Consolidated Statements of Cash
    Flows&#160;&#151; Three Months Ended March&#160;31, 2011 and
    2010 (unaudited)</A>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD>&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    <A HREF='#Y91213106'>Notes to the Condensed Consolidated Financial
    Statements&#160;&#151; March&#160;31, 2011 (unaudited)</A>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD>&nbsp;
</TD>
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y91213107'>Item 2.</A>
</DIV>
</TD>
<TD>&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    <A HREF='#Y91213107'>Management&#146;s Discussion and Analysis of
    Financial Condition and Results of Operations</A>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    31
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD>&nbsp;
</TD>
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y91213108'>Item 3.</A>
</DIV>
</TD>
<TD>&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    <A HREF='#Y91213108'>Quantitative and Qualitative Disclosures About
    Market Risk</A>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    61
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD>&nbsp;
</TD>
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y91213109'>Item 4.</A>
</DIV>
</TD>
<TD>&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    <A HREF='#Y91213109'>Controls and Procedures</A>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    61
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 9pt">
<TD colspan="9">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="9" align="center" valign="top">
    <A HREF='#Y91213110'><B>PART II. OTHER INFORMATION</B></A>
</TD>
</TR>
<TR valign="bottom">
<TD>&nbsp;
</TD>
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y91213111'>Item 1.</A>
</DIV>
</TD>
<TD>&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <A HREF='#Y91213111'>Legal Proceedings</A>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    62
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD>&nbsp;
</TD>
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y91213112'>Item 1A.</A>
</DIV>
</TD>
<TD>&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <A HREF='#Y91213112'>Risk Factors</A>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    62
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD>&nbsp;
</TD>
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y91213113'>Item 6.</A>
</DIV>
</TD>
<TD>&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <A HREF='#Y91213113'>Exhibits</A>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    62
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD>&nbsp;
</TD>
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y91213114'>Signatures</A>
</DIV>
</TD>
<TD>&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    64
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="y91213exv10w1.htm">EX-10.1</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="y91213exv10w2.htm">EX-10.2</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="y91213exv10w3.htm">EX-10.3</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="y91213exv10w4.htm">EX-10.4</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="y91213exv10w5.htm">EX-10.5</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="y91213exv10w9.htm">EX-10.9</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="y91213exv31w1.htm">EX-31.1</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="y91213exv31w2.htm">EX-31.2</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="y91213exv32w1.htm">EX-32.1</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="y91213exv32w2.htm">EX-32.2</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="y91213exv99w1.htm">EX-99.1</A></FONT></TD></TR>
</TABLE>

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</DIV>

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<H5 align="left" style="page-break-before:always"><A HREF="#Y91213tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">GLOSSARY
    OF SELECTED TERMS</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The following are definitions of certain industry terms used in
    this
    <FONT style="white-space: nowrap">Form&#160;10-Q.</FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>2-1-1 crack spread</B>&#160;&#151; The approximate gross
    margin resulting from processing two barrels of crude oil to
    produce one barrel of gasoline and one barrel of distillate. The
    2-1-1 crack spread is expressed in dollars per barrel.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>ammonia</B>&#160;&#151; Ammonia is a direct application
    fertilizer and is primarily used as a building block for other
    nitrogen products for industrial applications and finished
    fertilizer products.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>backwardation market</B>&#160;&#151; Market situation in
    which futures prices are lower in succeeding delivery months.
    Also known as an inverted market. The opposite of contango.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>barrel</B>&#160;&#151; Common unit of measure in the oil
    industry which equates to 42 gallons.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>blendstocks</B>&#160;&#151; Various compounds that are
    combined with gasoline or diesel from the crude oil refining
    process to make finished gasoline and diesel fuel; these may
    include natural gasoline, fluid catalytic cracking unit or FCCU
    gasoline, ethanol, reformate or butane, among others.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>bpd</B>&#160;&#151; Abbreviation for barrels per day.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>bulk sales</B>&#160;&#151; Volume sales through third party
    pipelines, in contrast to tanker truck quantity sales.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>capacity</B>&#160;&#151; Capacity is defined as the
    throughput a process unit is capable of sustaining, either on a
    calendar or stream day basis. The throughput may be expressed in
    terms of maximum sustainable, nameplate or economic capacity.
    The maximum sustainable or nameplate capacities may not be the
    most economical capacity. The economic capacity is the
    throughput that generally provides the greatest economic benefit
    based on considerations such as feedstock costs, product values
    and downstream unit constraints.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>catalyst</B>&#160;&#151; A substance that alters,
    accelerates, or instigates chemical changes, but is neither
    produced, consumed nor altered in the process.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>coker unit</B>&#160;&#151; A refinery unit that utilizes the
    lowest value component of crude oil remaining after all higher
    value products are removed, further breaks down the component
    into more valuable products and converts the rest into pet coke.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>common units</B>&#160;&#151; The class of interests issued
    under the limited liability company agreements governing
    Coffeyville Acquisition LLC, Coffeyville Acquisition&#160;II LLC
    and Coffeyville Acquisition&#160;III LLC, which provide for
    voting rights and have rights with respect to profits and losses
    of, and distributions from, the respective limited liability
    companies.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>contango market</B>&#160;&#151; Market situation in which
    prices for future delivery are higher than the current or spot
    market price of the commodity. The opposite of backwardation.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>corn belt</B>&#160;&#151; The primary corn producing region
    of the United States, which includes Illinois, Indiana, Iowa,
    Minnesota, Missouri, Nebraska, Ohio and Wisconsin.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>crack spread</B>&#160;&#151; A simplified calculation that
    measures the difference between the price for light products and
    crude oil. For example, the 2-1-1 crack spread is often
    referenced and represents the approximate gross margin resulting
    from processing two barrels of crude oil to produce one barrel
    of gasoline and one barrel of distillate.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>distillates</B>&#160;&#151; Primarily diesel fuel, kerosene
    and jet fuel.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>ethanol</B>&#160;&#151; A clear, colorless, flammable
    oxygenated hydrocarbon. Ethanol is typically produced chemically
    from ethylene, or biologically from fermentation of various
    sugars from carbohydrates found in agricultural crops and
    cellulosic residues from crops or wood. It is used in the United
    States as a gasoline octane enhancer and oxygenate.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>farm belt</B>&#160;&#151; Refers to the states of Illinois,
    Indiana, Iowa, Kansas, Minnesota, Missouri, Nebraska,
    North&#160;Dakota, Ohio, Oklahoma, South Dakota, Texas and
    Wisconsin.
</DIV>
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    <BR>
    1
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<H5 align="left" style="page-break-before:always"><A HREF="#Y91213tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>feedstocks</B>&#160;&#151; Petroleum products, such as crude
    oil and natural gas liquids, that are processed and blended into
    refined products, such as gasoline, diesel fuel and jet fuel,
    that are produced by a refinery.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>heavy crude oil</B>&#160;&#151; A relatively inexpensive
    crude oil characterized by high relative density and viscosity.
    Heavy crude oils require greater levels of processing to produce
    high value products such as gasoline and diesel fuel.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>independent petroleum refiner</B>&#160;&#151; A refiner that
    does not have crude oil exploration or production operations. An
    independent refiner purchases the crude oil used as feedstock in
    its refinery operations from third parties.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>light crude oil</B>&#160;&#151; A relatively expensive crude
    oil characterized by low relative density and viscosity. Light
    crude oils require lower levels of processing to produce high
    value products such as gasoline and diesel fuel.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>Magellan</B>&#160;&#151; Magellan Midstream Partners L.P., a
    publicly traded company whose business is the transportation,
    storage and distribution of refined petroleum products.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>MMBtu</B>&#160;&#151; One million British thermal units or
    Btu:&#160;&#160;a measure of energy. One Btu of heat is required
    to raise the temperature of one pound of water one degree
    Fahrenheit.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>natural gas liquids</B>&#160;&#151; Natural gas liquids,
    often referred to as NGLs, are both feedstocks used in the
    manufacture of refined fuels and are products of the refining
    process. Common NGLs used include propane, isobutane, normal
    butane and natural gasoline.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>PADD II</B>&#160;&#151; Midwest Petroleum Area for Defense
    District which includes Illinois, Indiana, Iowa, Kansas,
    Kentucky, Michigan, Minnesota, Missouri, Nebraska, North Dakota,
    Ohio, Oklahoma, South Dakota, Tennessee, and Wisconsin.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>plant gate price</B>&#160;&#151; the unit price of
    fertilizer, in dollars per ton, offered on a delivered basis and
    excluding shipment costs.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>petroleum coke (pet coke)</B>&#160;&#151; A coal-like
    substance that is produced during the refining process.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>refined products</B>&#160;&#151; Petroleum products, such as
    gasoline, diesel fuel and jet fuel, that are produced by a
    refinery.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>sour crude oil</B>&#160;&#151; A crude oil that is relatively
    high in sulfur content, requiring additional processing to
    remove the sulfur. Sour crude oil is typically less expensive
    than sweet crude oil.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>spot market</B>&#160;&#151; A market in which commodities are
    bought and sold for cash and delivered immediately.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>sweet crude oil</B>&#160;&#151; A crude oil that is
    relatively low in sulfur content, requiring less processing to
    remove the sulfur. Sweet crude oil is typically more expensive
    than sour crude oil.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>throughput</B>&#160;&#151; The volume processed through a
    unit or a refinery or transported on a pipeline.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>turnaround</B>&#160;&#151; A periodically required standard
    procedure to inspect, refurbish, repair and maintain the
    refinery or nitrogen fertilizer plant assets. This process
    involves the shutdown and inspection of major processing units
    and occurs every four to five years for the refinery and every
    two years for the nitrogen fertilizer plant.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>UAN</B>&#160;&#151; An aqueous solution of urea and ammonium
    nitrate used as a fertilizer.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>wheat belt</B>&#160;&#151; The primary wheat producing region
    of the United States, which includes Oklahoma, Kansas, North
    Dakota, South Dakota and Texas.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>WTI</B>&#160;&#151; West Texas Intermediate crude oil, a
    light, sweet crude oil, characterized by an American Petroleum
    Institute gravity, or API gravity, between 39 and 41 degrees and
    a sulfur content of approximately 0.4 weight percent that is
    used as a benchmark for other crude oils.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>WTS</B>&#160;&#151; West Texas Sour crude oil, a relatively
    light, sour crude oil characterized by an API gravity of between
    30 and 32 degrees and a sulfur content of approximately 2.0
    weight percent.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>yield</B>&#160;&#151; The percentage of refined products that
    is produced from crude oil and other feedstocks.
</DIV>
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    <BR>
    2
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<H5 align="left" style="page-break-before:always"><A HREF="#Y91213tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<A name='Y91213101'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">PART&#160;I.
    FINANCIAL INFORMATION</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>


<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

<TR>
    <TD width="8%"></TD>
    <TD width="92%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Item&#160;1.<I>&#160;&#160;</I></FONT></B>
</TD>
    <TD>
    <A name='Y91213102'></A><B><I><FONT style="font-family: 'Times New Roman', Times">Financial
    Statements</FONT></I></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">CVR
    Energy, Inc. and Subsidiaries<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">


    <B><FONT style="font-family: 'Times New Roman', Times"><!-- XBRL,bs --><A name='Y91213103'>CONDENSED
    CONSOLIDATED BALANCE SHEETS</FONT></B></A>
</DIV>
</A>
<!-- XBRL,body -->

<DIV style="margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="78%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="8%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>March&#160;31,<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>December&#160;31,<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2011</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2010</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>(unaudited) </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="center" valign="bottom">
    <B>(in thousands, <BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="center" valign="bottom">
    <B>except share data)</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="9" align="center" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    <B>ASSETS</B>
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Current assets:
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 18pt">
    Cash and cash equivalents
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    165,896
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    200,049
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 18pt">
    Accounts receivable, net of allowance for doubtful accounts of
    $845 and $722, respectively
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    113,988
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    80,169
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 18pt">
    Inventories
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    395,076
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    247,172
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 18pt">
    Prepaid expenses and other current assets
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    51,061
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    28,616
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 18pt">
    Deferred income taxes
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    39,825
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    43,351
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 18pt">
    Total current assets
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    765,846
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    599,357
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Property, plant, and equipment, net of accumulated depreciation
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,063,831
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,081,312
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Intangible assets, net
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    336
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    344
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Goodwill
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    40,969
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    40,969
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Deferred financing costs, net
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    12,949
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    10,601
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Insurance receivable
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,570
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,570
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Other long-term assets
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4,461
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4,031
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 27pt">
    Total assets
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,891,962
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,740,184
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 9pt">
<TD colspan="9">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="9" align="center" valign="bottom">
    <B>LIABILITIES AND EQUITY</B>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Current liabilities:
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 18pt">
    Note payable and capital lease obligations
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,495
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    8,014
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 18pt">
    Accounts payable
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    226,073
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    155,220
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 18pt">
    Personnel accruals
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    19,451
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    29,151
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 18pt">
    Accrued taxes other than income taxes
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    24,919
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    21,266
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 18pt">
    Income taxes payable
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    23,141
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    7,983
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 18pt">
    Deferred revenue
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    26,726
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    18,685
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 18pt">
    Other current liabilities
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    41,840
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25,396
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 27pt">
    Total current liabilities
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    363,645
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    265,715
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Long-term liabilities:
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 18pt">
    Long-term debt, net of current portion
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    469,075
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    468,954
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 18pt">
    Accrued environmental liabilities, net of current portion
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,344
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,552
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 18pt">
    Deferred income taxes
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    299,177
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    298,943
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 18pt">
    Other long-term liabilities
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,898
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,847
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 27pt">
    Total long-term liabilities
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    774,494
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    774,296
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Commitments and contingencies
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Equity:
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 18pt">
    CVR stockholders&#146; equity:
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 27pt">
    Common Stock $0.01&#160;par value per share,
    350,000,000&#160;shares authorized, 86,435,672 and
    86,435,672&#160;shares issued, respectively
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    864
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    864
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 18pt">
    Additional
    <FONT style="white-space: nowrap">paid-in-capital</FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    475,732
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    467,871
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 18pt">
    Retained earnings
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    266,867
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    221,079
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 18pt">
    Treasury stock, 21,891 and 21,891&#160;shares, respectively, at
    cost
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (243
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (243
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 18pt">
    Accumulated other comprehensive income, net of tax
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 27pt">
    Total CVR stockholders&#146; equity
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    743,223
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    689,573
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 18pt">
    Noncontrolling interest
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    10,600
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    10,600
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 27pt">
    Total equity
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    753,823
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    700,173
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Total liabilities and equity
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,891,962
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,740,184
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>
<!-- /XBRL,bs -->
<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    See accompanying notes to the condensed consolidated financial
    statements.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    3
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y91213tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">CVR
    Energy, Inc. and Subsidiaries<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">


    <B><FONT style="font-family: 'Times New Roman', Times"><!-- XBRL,op --><A name='Y91213104'>CONDENSED
    CONSOLIDATED STATEMENTS OF OPERATIONS</FONT></B></A>
</DIV>
</A>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>
<!-- XBRL,body -->
<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="75%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="8%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="8%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="center" valign="bottom">
    <B>Three Months Ended<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>March&#160;31,</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2011</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2010</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="center" valign="bottom">
    <B>(unaudited)<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="center" valign="bottom">
    <B>(in thousands, except share data)</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Net sales
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,167,265
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    894,512
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Operating costs and expenses:
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Cost of product sold (exclusive of depreciation and amortization)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    936,822
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    802,890
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Direct operating expenses (exclusive of depreciation and
    amortization)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    68,326
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    60,562
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Insurance recovery&#160;&#151; business interruption
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (2,870
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Selling, general and administrative expenses (exclusive of
    depreciation and amortization)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    33,262
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    21,394
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Net costs associated with flood
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    108
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Depreciation and amortization
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    22,011
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    21,260
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    Total operating costs and expenses
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,057,659
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    906,106
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    Operating income (loss)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    109,606
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (11,594
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Other income (expense):
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Interest expense and other financing costs
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (13,190
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (9,922
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Interest income
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    274
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    416
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Gain (loss) on derivatives, net
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (22,106
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,490
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Loss on extinguishment of debt
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (1,908
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (500
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Other income, net
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    231
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    42
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    Total other income (expense)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (36,699
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (8,474
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    Income (loss) before income tax expense (benefit)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    72,907
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (20,068
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Income tax expense (benefit)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    27,119
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (7,705
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Net income (loss)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    45,788
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (12,363
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Basic earnings (loss) per share
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    0.53
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (0.14
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Diluted earnings (loss) per share
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    0.52
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (0.14
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Weighted-average common shares outstanding:
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Basic
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    86,413,781
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    86,329,237
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Diluted
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    87,783,857
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    86,329,237
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>
<!-- /XBRL,op -->
<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    See accompanying notes to the condensed consolidated financial
    statements.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    4
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y91213tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">CVR
    Energy, Inc. and Subsidiaries<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">


    <B><FONT style="font-family: 'Times New Roman', Times"><!-- XBRL,cf --><A name='Y91213105'>CONDENSED
    CONSOLIDATED STATEMENTS OF CASH FLOWS</FONT></B></A>
</DIV>
</A>
<!-- XBRL,body -->

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="82%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="center" valign="bottom">
    <B>Three Months Ended<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>March&#160;31,</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2011</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2010</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="center" valign="bottom">
    <B>(unaudited) </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="center" valign="bottom">
    <B>(in thousands)</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Cash flows from operating activities:
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 18pt">
    Net income (loss)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    45,788
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (12,363
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 18pt">
    Adjustments to reconcile net income (loss) to net cash provided
    by operating activities:
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 36pt">
    Depreciation and amortization
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    22,011
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    21,260
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 36pt">
    Allowance for doubtful accounts
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    123
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    265
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 36pt">
    Amortization of deferred financing costs
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    907
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    462
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 36pt">
    Amortization of original issue discount
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    121
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 36pt">
    Deferred income taxes
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,760
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,667
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 36pt">
    Loss on disposition of assets
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    639
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    343
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 36pt">
    Loss on extinguishment of debt
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,908
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    500
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 36pt">
    Share-based compensation
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    19,101
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    7,279
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 36pt">
    Unrealized (gain) loss on derivatives
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,258
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (3,180
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 36pt">
    Changes in assets and liabilities:
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 45pt">
    Accounts receivable
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (33,942
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (16,073
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 45pt">
    Inventories
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (147,904
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    19,226
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 45pt">
    Prepaid expenses and other current assets
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (16,954
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (469
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 45pt">
    Insurance receivable
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (8,600
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 45pt">
    Insurance proceeds from flood
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (390
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 45pt">
    Business interruption insurance proceeds
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,315
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 45pt">
    Other long-term assets
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (577
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    10,878
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 45pt">
    Accounts payable
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    73,157
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (10,319
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 45pt">
    Accrued income taxes
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    15,158
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    19,791
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 45pt">
    Deferred revenue
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    8,041
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,602
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 45pt">
    Other current liabilities
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (4,101
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 45pt">
    Payable to swap counterparty
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (74
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 45pt">
    Accrued environmental liabilities
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (208
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 45pt">
    Other long-term liabilities
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    51
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    56
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 54pt">
    Net cash (used in) provided by operating activities
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (15,948
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    43,461
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Cash flows from investing activities:
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 18pt">
    Capital expenditures
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (7,337
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (11,416
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 18pt">
    Proceeds from the sale of assets
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    19
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 18pt">
    Insurance proceeds from UAN reactor rupture
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    225
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 18pt">
    Net cash used in investing activities
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (7,093
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (11,416
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Cash flows from financing activities:
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 18pt">
    Revolving debt payments
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (40,000
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 18pt">
    Revolving debt borrowings
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    40,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 18pt">
    Principal payments on term debt
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (26,199
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 18pt">
    Payment of financing costs
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (4,701
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (5,195
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 18pt">
    Payment of capital lease obligation
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (4,796
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (20
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 18pt">
    Deferred costs of CVR Partners initial public offering
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (1,615
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 27pt">
    Net cash used in financing activities
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (11,112
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (31,414
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Net increase (decrease) in cash and cash equivalents
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (34,153
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    631
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Cash and cash equivalents, beginning of period
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    200,049
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    36,905
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Cash and cash equivalents, end of period
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    165,896
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    37,536
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Supplemental disclosures:
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 18pt">
    Cash paid for income taxes, net of refunds (received)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    8,200
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (53
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 18pt">
    Cash paid for interest, net of capitalized interest of $86,000
    and $881,000 in 2011 and 2010, respectively
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    680
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    10,505
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 18pt">
    Cash funding of margin account for other derivative activities,
    net of withdrawals (received)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    9,237
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (3,102
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 18pt">
    Non-cash investing and financing activities:
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 18pt">
    Accrual of construction in progress additions
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (2,304
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (1,457
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>
<!-- /XBRL,cf -->
<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    See accompanying notes to the condensed consolidated financial
    statements.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    5
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y91213tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->
<!-- XBRL,ns -->
<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">


    <B><FONT style="font-family: 'Times New Roman', Times">CVR
    Energy, Inc. and Subsidiaries<BR>
    <BR>
    <A name='Y91213106'>NOTES&#160;TO THE CONDENSED CONSOLIDATED FINANCIAL
    STATEMENTS<BR>
    </A>March&#160;31, 2011<BR>
    (unaudited)</FONT></B>
</DIV>
<!-- XBRL,n -->
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">(1)&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Organization
    and History of the Company and Basis of Presentation</FONT></B>
</TD>
</TR>

</TABLE>
<!-- XBRL,body -->
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Organization</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The &#147;Company&#148; or &#147;CVR&#148; may be used to refer
    to CVR Energy, Inc. and, unless the context otherwise requires,
    its subsidiaries.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Company, through its wholly-owned subsidiaries, acts as an
    independent petroleum refiner and marketer of high value
    transportation fuels in the mid-continental United States. In
    addition, the Company, through its majority-owned subsidiaries,
    acts as an independent producer and marketer of upgraded
    nitrogen fertilizer products in North America. The
    Company&#146;s operations include two business segments: the
    petroleum segment and the nitrogen fertilizer segment.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    CVR is subject to the rules and regulations of the New York
    Stock Exchange where its shares are traded under the symbol
    &#147;CVI.&#148; As of December&#160;31, 2010, approximately 40%
    of its outstanding shares were beneficially owned by GS Capital
    Partners&#160;V, L.P. and related entities (&#147;GS&#148; or
    &#147;Goldman Sachs Funds&#148;) and Kelso Investment Associates
    VII, L.P. and related entities (&#147;Kelso&#148; or &#147;Kelso
    Funds&#148;). On February&#160;8, 2011, GS and Kelso completed a
    registered public offering, whereby GS sold into the public
    market its remaining ownership interests in CVR Energy.
    Additionally, Kelso reduced its interests in the Company and as
    of the date of this Report beneficially owns approximately 9% of
    all shares outstanding.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Nitrogen
    Fertilizer Limited Partnership</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In conjunction with the consummation of CVR&#146;s initial
    public offering in 2007, CVR transferred Coffeyville Resources
    Nitrogen Fertilizers, LLC (&#147;CRNF&#148;), its nitrogen
    fertilizer business, to a then newly created limited
    partnership, CVR Partners, LP (the &#147;Partnership&#148;), in
    exchange for a managing general partner interest (&#147;managing
    GP interest&#148;), a special general partner interest
    (&#147;special GP interest,&#148; represented by special GP
    units) and a de minimis limited partner interest (&#147;LP
    interest,&#148; represented by special LP units). This transfer
    was not considered a business combination as it was a transfer
    of assets among entities under common control and, accordingly,
    balances were transferred at their historical cost. CVR
    concurrently sold the managing GP interest, including the
    associated incentive distribution rights (&#147;IDRs&#148;), to
    Coffeyville Acquisition&#160;III LLC (&#147;CALLC III&#148;), an
    entity owned by its then controlling stockholders and senior
    management, at fair market value. The board of directors of CVR
    determined, after consultation with management, that the fair
    market value of the managing GP interest was $10,600,000. This
    interest has been classified as a noncontrolling interest
    included as a separate component of equity in the Condensed
    Consolidated Balance Sheets at March&#160;31, 2011 and
    December&#160;31, 2010. In connection with the April 2011
    initial public offering of the Partnership (the
    &#147;Offering&#148;), as discussed in further detail below, the
    IDRs were purchased by the Partnership and the IDRs were
    subsequently extinguished. In addition, the noncontrolling
    interest representing the managing GP interest was purchased by
    Coffeyville Resources, LLC, our subsidiary (&#147;CRLLC&#148;).
    The payment for the IDRs was paid to owners of CALLC III, which
    included the Goldman Sachs Funds, the Kelso Funds and members of
    CVR senior management. As a result of the Offering, the Company
    recorded a noncontrolling interest for the common units sold
    into the public market which represented approximately 30.2%
    interest in the Partnership at the time of the Offering. The
    Company&#146;s noncontrolling interest reflected on the
    consolidated balance sheet of CVR will be impacted by net income
    and distributions of the Partnership.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    As of March&#160;31, 2011 and until the completion of the
    Offering by the Partnership, CVR owned all of the interests in
    the Partnership (other than the managing GP interest and the
    IDRs) and was entitled to all cash distributed by the
    Partnership, except with respect to IDRs. At March&#160;31,
    2011, the Partnership had 30,333 special LP units outstanding,
    representing 0.1% of the total Partnership units outstanding,
    and 30,303,000 special GP interest outstanding, representing
    99.9% of the total Partnership units outstanding. In addition,
    the
</DIV>
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<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    6
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    <B><FONT style="font-family: 'Times New Roman', Times">CVR
    Energy, Inc. and Subsidiaries<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">NOTES&#160;TO
    THE CONDENSED CONSOLIDATED FINANCIAL
    STATEMENTS&#160;&#151;&#160;(Continued)</FONT></B>
</DIV>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    managing general partner owned the managing GP interest and the
    IDRs. The managing general partner contributed 1% of CRNF&#146;s
    interest to the Partnership in exchange for its managing GP
    interest and the IDRs.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In addition, as of March&#160;31, 2011, the Partnership and its
    subsidiary were guarantors under CRLLC&#146;s asset backed
    revolving credit facility (&#147;ABL credit facility&#148;) and
    senior secured notes. In connection with the Offering, the
    Partnership was subsequently released from its obligations as a
    guarantor under the ABL credit facility and senior secured
    notes, as described further in Note&#160;12 (&#147;Long-Term
    Debt&#148;).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    On April&#160;13, 2011, the Partnership completed its initial
    public offering of 22,080,000 common units priced at $16.00 per
    unit (such amount includes commitments issued pursuant to the
    exercise of the underwriters&#146; over-allotment option). The
    common units, which are listed on the New York Stock Exchange,
    began trading on April&#160;7, 2011 under the symbol
    &#147;UAN&#148;.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The gross proceeds to the Partnership from the Offering
    (including the gross proceeds from the exercise of the
    underwriter&#146;s over-allotment option) were approximately
    $353,280,000 prior to underwriting discount and other offering
    costs. In connection with the Offering, the Partnership paid
    approximately $24,730,000 in underwriting fees and incurred
    approximately $4,000,000 of other offering costs. Approximately
    $5,741,000 of the underwriter fee was paid to an affiliate of GS
    acting as joint book-running managers. Until completion of the
    February 2011 secondary offering, an affiliate of GS was a
    stockholder and related party of the Company. As a result of the
    Offering and as of the date of this Report, CVR indirectly owns
    69.8% of the Partnership&#146;s outstanding common units and
    100% of the Partnership&#146;s general partner with its
    non-economic general partner interest.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In connection with the Offering, the Partnership&#146;s limited
    partner interests were converted into common units, the
    Partnership&#146;s special general partner interests were
    converted into common units, and the partnership&#146;s special
    general partner was merged with and into CRLLC, with CRLLC
    continuing as the surviving entity. In addition, as discussed
    above, the managing general partner sold its IDRs to the
    Partnership, these interests were extinguished, and CALLC III
    sold the managing general partner to CRLLC for a nominal amount.
    As a result of the Offering, the Partnership has two types of
    partnership interests outstanding:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    common units representing limited partner interests;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    a general partner interest, which is not entitled to any
    distributions, and which is held by the Partnership&#146;s
    general partner.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The proceeds from the offering were utilized as follows:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    approximately $18.4&#160;million was distributed to CRLLC to
    satisfy the Partnership&#146;s obligation to reimburse it for
    certain capital expenditures made on behalf of the nitrogen
    fertilizer business prior to October&#160;24, 2007;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    approximately $117.1&#160;million was distributed to CRLLC
    through a special distribution in order to among other things,
    fund the offer to purchase CRLLC&#146;s senior secured notes
    required upon the consummation of the Offering;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    $26.0&#160;million was used to purchase and extinguish the
    IDR&#146;s owned by the general partner;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    approximately $4.4&#160;million to pay financing fees and
    associated legal and professional fees resulting from the new
    credit facility;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the balance of the proceeds will be utilized for general
    partnership purposes, including the funding of the UAN expansion
    that is expected to require an investment of approximately
    $135&#160;million, of which approximately $31&#160;million has
    been spent as of March&#160;31, 2011.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Following the Offering, the Partnership will make quarterly cash
    distributions to unitholders. The partnership agreement does not
    require that the Partnership make cash distributions on a
    quarterly or other
</DIV>
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    <BR>
    7
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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    <B><FONT style="font-family: 'Times New Roman', Times">CVR
    Energy, Inc. and Subsidiaries<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">NOTES&#160;TO
    THE CONDENSED CONSOLIDATED FINANCIAL
    STATEMENTS&#160;&#151;&#160;(Continued)</FONT></B>
</DIV>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    basis. In connection with the Offering, the board of directors
    of the general partner adopted a distribution policy, which it
    may change at any time.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Partnership is operated by CVR&#146;s senior management
    pursuant to an amended and restated services agreement,
    effective April&#160;13, 2011, among CVR, the general partner
    and the Partnership. The Partnership&#146;s general partner, CVR
    GP, LLC, manages the operations and activities of the
    Partnership, subject to the terms and conditions specified in
    the partnership agreement. The general partner is owned by
    CRLLC, a wholly-owned subsidiary of CVR. The operations of the
    general partner in its capacity as general partner are managed
    by its board of directors. Actions by the general partner that
    are made in its individual capacity will be made by CRLLC as the
    sole member of the general partner and not by the board of
    directors of the general partner. The general partner is not
    elected by the unitholders and is not subject to re-election on
    a regular basis. The officers of the general partner manage the
    <FONT style="white-space: nowrap">day-to-day</FONT>
    affairs of the business. CVR, the Partnership, their respective
    subsidiaries and the general partner are parties to a number of
    agreements to regulate certain business relations between them.
    Certain of these agreements were amended in connection with the
    Offering.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Basis
    of Consolidation</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In accordance with Accounting Standards Codification
    (&#147;ASC&#148;) Topic
    <FONT style="white-space: nowrap">810-10&#160;&#151;</FONT>
    <I>Consolidations-Variable Interest Entities</I>, (&#147;ASC
    <FONT style="white-space: nowrap">810-10&#148;),</FONT>
    as of March&#160;31, 2011, management has determined that the
    Partnership is a variable interest entity (&#147;VIE&#148;) and
    as such evaluated the qualitative criteria under
    <FONT style="white-space: nowrap">ASC&#160;810-10</FONT>
    to make this determination.
    <FONT style="white-space: nowrap">ASC&#160;810-10</FONT>
    requires the primary beneficiary of a variable interest
    entity&#146;s activities to consolidate the VIE. The primary
    beneficiary is identified as the enterprise that has a)&#160;the
    power to direct the activities of the VIE that most
    significantly impact the entity&#146;s economic performance and
    b)&#160;the obligation to absorb losses of the entity that could
    potentially be significant to the VIE or the right to receive
    benefits from the entity that could potentially be significant
    to the VIE. The standard requires an ongoing analysis to
    determine whether the variable interest gives rise to a
    controlling financial interest in the VIE.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The conclusion that CVR is the primary beneficiary of the
    Partnership and is required to consolidate the Partnership as a
    VIE is based primarily on the fact that the general
    partner&#146;s officers manage the
    <FONT style="white-space: nowrap">day-to-day</FONT>
    operations and activities of the Partnership. These officers of
    the general partner are also officers of CVR Energy. As such,
    they have the power to direct the activities of the Partnership
    that most significantly impacts the entity&#146;s economic
    performance.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    As a result of the Offering, the basis of consolidation of the
    Partnership into CVR Energy is based upon the fact that the
    general partner is owned by CRLLC, a wholly-owned subsidiary of
    CVR Energy; and, therefore has the ability to control the
    activities of the Partnership. Additionally, the
    Partnership&#146;s general partner, CVR GP, LLC, manages the
    operations and activities of the Partnership, subject to the
    terms and conditions specified in the partnership agreement. The
    operations of the general partner in its capacity as general
    partner are managed by its board of directors. Actions by the
    general partner that are made in its individual capacity will be
    made by CRLLC as the sole member of the general partner and not
    by the board of directors of the general partner. The general
    partner is not elected by the unitholders and is not subject to
    re-election on a regular basis. The officers of the general
    partner manage the
    <FONT style="white-space: nowrap">day-to-day</FONT>
    affairs of the business. Based upon the general
    partnership&#146;s role and rights as afforded by the
    partnership agreement and the limited rights afforded to the
    limited partners the consolidated financial statements of CVR
    Energy will include the assets, liabilities, cash flows,
    revenues and expenses of the Partnership.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The limited rights of the limited partners are demonstrated by
    the fact that the limited partners have no right to elect the
    general partner or the general partner&#146;s directors on an
    annual or other continuing basis. The general partner can only
    be removed by a vote of the holders of at least
    66<FONT style="vertical-align: text-top; font-size: 70%;">2</FONT>/<FONT style="font-size: 70%;">3</FONT>%
    of the outstanding common units, including any common units
    owned by the general partner and its affiliates (including
    CRLLC, a wholly-owned subsidiary of CVR Energy) voting together
    as a single class. Upon completion of the Offering,
</DIV>
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    <BR>
    8
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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    <B><FONT style="font-family: 'Times New Roman', Times">CVR
    Energy, Inc. and Subsidiaries<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">NOTES&#160;TO
    THE CONDENSED CONSOLIDATED FINANCIAL
    STATEMENTS&#160;&#151;&#160;(Continued)</FONT></B>
</DIV>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    the general partner and its affiliates, through CRLLC, own an
    aggregate of approximately 69.8% of the outstanding common
    units. This gives CRLLC the ability to prevent removal of the
    general partner.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Basis
    of Presentation</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The accompanying unaudited condensed consolidated financial
    statements were prepared in accordance with U.S.&#160;generally
    accepted accounting principles (&#147;GAAP&#148;) and in
    accordance with the rules and regulations of the Securities and
    Exchange Commission (&#147;SEC&#148;). The condensed
    consolidated financial statements include the accounts of CVR
    and its majority-owned direct and indirect subsidiaries. The
    ownership interests of noncontrolling investors in its
    subsidiaries are recorded as a noncontrolling interest included
    as a separate component of equity for all periods presented. All
    intercompany account balances and transactions have been
    eliminated in consolidation. Certain information and footnotes
    required for complete financial statements under GAAP have been
    condensed or omitted pursuant to SEC rules and regulations.
    These unaudited condensed consolidated financial statements
    should be read in conjunction with the December&#160;31, 2010
    audited consolidated financial statements and notes thereto
    included in CVR&#146;s Annual Report on
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    for the year ended December&#160;31, 2010, which was filed with
    the SEC on March&#160;7, 2011.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In the opinion of the Company&#146;s management, the
    accompanying unaudited condensed consolidated financial
    statements reflect all adjustments (consisting only of normal
    recurring adjustments) that are necessary to fairly present the
    financial position of the Company as of March&#160;31, 2011 and
    December&#160;31, 2010, the results of operations and cash flows
    for the three months ended March&#160;31, 2011 and 2010.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Results of operations and cash flows for the interim periods
    presented are not necessarily indicative of the results that
    will be realized for the year ending December&#160;31, 2011 or
    any other interim period. The preparation of financial
    statements in conformity with GAAP requires management to make
    estimates and assumptions that affect the reported amounts of
    assets, liabilities, revenues and expenses, and the disclosure
    of contingent assets and liabilities. Actual results could
    differ from those estimates.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Company evaluated subsequent events, if any, that would
    require an adjustment or would require disclosure to the
    Company&#146;s condensed consolidated financial statements
    through the date of issuance of these condensed consolidated
    financial statements.
</DIV>
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<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">(2)&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Recent
    Accounting Pronouncements</FONT></B>
</TD>
</TR>

</TABLE>
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<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In July 2010, the Financial Accounting Standards Board
    (&#147;FASB&#148;) issued Accounting Standards Update
    (&#147;ASU&#148;)
    <FONT style="white-space: nowrap">No.&#160;2010-20,</FONT>
    which amends ASC Topic 310, &#147;Receivables&#148; to provide
    greater transparency about an entity&#146;s allowance for credit
    losses and the credit quality of its financing receivables. This
    ASU will require an entity to disclose (1)&#160;the inherent
    credit risk in its financing receivables, (2)&#160;how the
    credit risk is analyzed and assessed in calculating the
    allowance for credit losses and (3)&#160;the changes and reasons
    for those changes in the allowance for credit losses. The
    provisions of ASU
    <FONT style="white-space: nowrap">No.&#160;2010-20</FONT>
    are effective for interim and annual reporting periods ending on
    or after December&#160;31, 2010. The adoption of this standard
    did not impact the Company&#146;s financial position or results
    of operations.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In January 2010, the FASB issued ASU
    <FONT style="white-space: nowrap">No.&#160;2010-06,</FONT>
    &#147;Improving Disclosures about Fair Value Measurements,&#148;
    an amendment to ASC Topic 820, &#147;Fair Value Measurements and
    Disclosures.&#148; This amendment requires an entity to:
    (i)&#160;disclose separately the amounts of significant
    transfers in and out of Level&#160;1 and Level&#160;2 fair value
    measurements and describe the reasons for the transfers,
    (ii)&#160;present separate information for Level&#160;3 activity
    pertaining to gross purchases, sales, issuances, and settlements
    and (iii)&#160;enhance disclosures of assets and liabilities
    subject to fair value measurements. The provisions of
    <FONT style="white-space: nowrap">ASU&#160;No.&#160;2010-06</FONT>
    are effective for the Company for interim and annual reporting
    beginning after December&#160;15, 2009, with one new disclosure
    effective after December&#160;15, 2010. The Company adopted this
    ASU as of
</DIV>
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    <BR>
    9
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">CVR
    Energy, Inc. and Subsidiaries<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">NOTES&#160;TO
    THE CONDENSED CONSOLIDATED FINANCIAL
    STATEMENTS&#160;&#151;&#160;(Continued)</FONT></B>
</DIV>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    January&#160;1, 2010. The adoption of this standard did not
    impact the Company&#146;s financial position or results of
    operations.
</DIV>
<!-- XBRL,n -->
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">(3)&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Share-Based
    Compensation</FONT></B>
</TD>
</TR>

</TABLE>
<!-- XBRL,body -->
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Prior to CVR&#146;s initial public offering in October 2007,
    CVR&#146;s subsidiaries were held and operated by Coffeyville
    Acquisition LLC (&#147;CALLC&#148;) and its subsidiaries.
    Management of CVR holds an equity interest in CALLC. CALLC
    issued non-voting override units to certain management members
    who held common units of CALLC. There were no required capital
    contributions for the override operating units. In connection
    with CVR&#146;s initial public offering in October 2007, CALLC
    was split into two entities: CALLC and Coffeyville
    Acquisition&#160;II LLC (&#147;CALLC II&#148;). In connection
    with this split, management&#146;s equity interest in CALLC,
    including both their common units and non-voting override units,
    was split so that half of management&#146;s equity interest was
    in CALLC and half was in CALLC II. CALLC was historically the
    primary reporting company and CVR&#146;s predecessor. In
    addition, in connection with the transfer of the managing GP
    interest of the Partnership to CALLC III in October 2007, CALLC
    III issued non-voting override units to certain management
    members of CALLC III.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    CVR, CALLC, CALLC II and CALLC III account for share-based
    compensation in accordance with standards issued by the FASB
    regarding the treatment of share-based compensation, as well as
    guidance regarding the accounting for share-based compensation
    granted to employees of an equity method investee. CVR has been
    allocated non-cash share-based compensation expense from CALLC,
    CALLC II and CALLC&#160;III.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In accordance with these standards, CVR, CALLC, CALLC II and
    CALLC III apply a fair-value based measurement method in
    accounting for share-based compensation. In addition, CVR
    recognizes the costs of the share-based compensation incurred by
    CALLC, CALLC II and CALLC III on its behalf, primarily in
    selling, general, and administrative expenses (exclusive of
    depreciation and amortization), and a corresponding capital
    contribution, as the costs are incurred on its behalf, following
    the guidance issued by the FASB regarding the accounting for
    equity instruments that are issued to other than employees, for
    acquiring, or in conjunction with selling goods or services,
    which requires remeasurement at each reporting period through
    the performance commitment period, or in CVR&#146;s case,
    through the vesting period.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    For the three months ended March&#160;31, 2011, the estimated
    fair value of the CALLC III override units were determined using
    a probability-weighted expected return method which utilized
    CALLC III&#146;s cash flow projections and also considered the
    proposed initial public offering of the Partnership, including
    the purchase of the IDRs and the managing GP interest. For the
    three months ended March&#160;31, 2010, the estimated fair value
    of the override units of CALLC III were determined using a
    probability-weighted expected return method which utilized CALLC
    III&#146;s cash flow projections, which were considered
    representative of the nature of interests held by CALLC III in
    the Partnership.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    At March&#160;31, 2011, the estimated fair value of the override
    units of CALLC was derived from a probability-weighted expected
    return method. The probability-weighted expected return method
    involves a forward-looking analysis of possible future outcomes,
    the estimation of ranges of future and present value under each
    outcome, and the application of a probability factor to each
    outcome in conjunction with the application of the current value
    of the Company&#146;s common stock price with a Black-Scholes
    option pricing formula, as remeasured at each reporting date
    until the awards are vested. The probability-weighted expected
    return method was also used to determine the estimated fair
    value of the override units of CALLC and CALLC II for the three
    months ended March&#160;31, 2010.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In February 2011, CALLC and CALLC II sold into the public market
    11,759,023&#160;shares and 15,113,254&#160;shares, respectively,
    of CVR&#146;s common stock, pursuant to a registered public
    offering. As a result of this offering, CALLC reduced its
    beneficial ownership in the Company to approximately 9% of its
    outstanding shares as of the date of this Report and CALLC II is
    no longer a stockholder of the Company. Subsequent to
</DIV>
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<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    10
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y91213tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL -->
<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">CVR
    Energy, Inc. and Subsidiaries<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">NOTES&#160;TO
    THE CONDENSED CONSOLIDATED FINANCIAL
    STATEMENTS&#160;&#151;&#160;(Continued)</FONT></B>
</DIV>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    CALLC II&#146;s divestiture of its ownership interest in the
    Company, no additional share-based compensation expense was
    incurred with respect to override units and phantom units
    associated with CALLC&#160;II.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The following table provides key information for the share-based
    compensation plans related to the override units of CALLC, CALLC
    II, and CALLC III.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="39%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="12%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="7%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=lead -->
    <TD width="7%" align="right">&nbsp;</TD>	<!-- colindex=06 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=06 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="center" valign="bottom">
    <B>*Compensation Expense Increase<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="center" valign="bottom">
    <B>(Decrease) for the<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Benchmark<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Original<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="center" valign="bottom">
    <B>Three Months Ended<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Value<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Awards<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>March&#160;31,</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Award Type</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>(per Unit)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Issued</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Grant Date</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2011</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2010</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="center" valign="bottom">
    <B>(in thousands)</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Override Operating Units(a)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    11.31
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    919,630
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    June 2005
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    415
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Override Operating Units(b)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    34.72
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    72,492
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    December 2006
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    15
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Override Value Units(c)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    11.31
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,839,265
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    June 2005
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4,987
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,181
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Override Value Units(d)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    34.72
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    144,966
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    December 2006
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    515
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    93
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Override Units(e)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    10.00
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    138,281
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    October 2007
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Override Units(f)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    10.00
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    642,219
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    February 2008
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    135
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    Total
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    5,637
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    3,706
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

<TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="98%"></TD>
</TR>

<TR>
    <TD valign="top">
    * </TD>
    <TD></TD>
    <TD valign="bottom">
    As CVR&#146;s common stock price increases or decreases,
    compensation expense associated with the unvested CALLC override
    units increases or is reversed in correlation with the
    calculation of the fair value under the probability-weighted
    expected return method.</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Valuation
    Assumptions</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Significant assumptions used in the valuation of the Override
    Operating Units (a)&#160;and (b)&#160;were as follows:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="69%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="7%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="7%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="5%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>(a) Override Operating<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>(b) Override<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Units<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Operating Units<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>March&#160;31, 2010</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>March&#160;31, 2010</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Estimated forfeiture rate
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    None
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    None
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    CVR closing stock price
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    8.75
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    8.75
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Estimated weighted-average fair value (per unit)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    15.01
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    2.52
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Marketability and minority interest discounts
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    20.0
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    20.0
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Volatility
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    50.0
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    50.0
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    On the tenth anniversary of the issuance of override operating
    units, such units convert into an equivalent number of override
    value units. Override operating units are forfeited upon
    termination of employment for cause. As of March&#160;31, 2011,
    these units were fully vested.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Significant assumptions used in the valuation of the Override
    Value Units (c)&#160;and (d)&#160;were as follows:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="61%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="center" valign="bottom">
    <B>(c) Override Value<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="center" valign="bottom">
    <B>(d) Override<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="center" valign="bottom">
    <B>Units<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="center" valign="bottom">
    <B>Value Units<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>March&#160;31,</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>March&#160;31,</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2011</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2010</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2011</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2010</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Estimated forfeiture rate
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    None
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    None
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    None
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    None
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Derived service period
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6&#160;years
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6&#160;years
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6&#160;years
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6&#160;years
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    CVR closing stock price
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    23.16
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    8.75
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    23.16
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    8.75
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Estimated weighted-average fair value (per unit)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    22.61
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    9.61
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    13.70
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    2.50
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Marketability and minority interest discounts
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5.0
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    20.0
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5.0
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    20.0
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Volatility
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    47.1
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    50.0
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    47.1
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    50.0
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    11
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y91213tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL -->
<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">CVR
    Energy, Inc. and Subsidiaries<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">NOTES&#160;TO
    THE CONDENSED CONSOLIDATED FINANCIAL
    STATEMENTS&#160;&#151;&#160;(Continued)</FONT></B>
</DIV>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Unless the override unit committee of the board of directors of
    CALLC or CALLC III, respectively, takes action to prevent
    forfeiture, override value units are forfeited upon termination
    of employment for any reason, except that in the event of
    termination of employment by reason of death or disability, all
    override value units are initially subject to forfeiture as
    follows:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="91%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="3%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Forfeiture<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Minimum Period Held</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Percentage</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    2&#160;years
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    75
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    3&#160;years
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    50
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    4&#160;years
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    5&#160;years
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (e)&#160;<I>Override Units </I>&#151;&#160;Using a binomial and
    a probability-weighted expected return method which utilized
    CALLC III&#146;s cash flow projections and included expected
    future earnings and the anticipated timing of IDRs, the
    estimated grant date fair value of the override units was
    approximately $3,000. As a non-contributing investor, CVR also
    recognized income equal to the amount that its interest in the
    investee&#146;s net book value has increased (that is its
    percentage share of the contributed capital recognized by the
    investee) as a result of the disproportionate funding of the
    compensation cost. As of March&#160;31, 2011 these units were
    fully vested.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (f)&#160;<I>Override Units </I>&#151;&#160;Using a
    probability-weighted expected return method which utilized CALLC
    III&#146;s cash flow projections and included expected future
    earnings and the anticipated timing of IDRs, the estimated grant
    date fair value of the override units was approximately $3,000.
    As a non-contributing investor, CVR also recognized income equal
    to the amount that its interest in the investee&#146;s net book
    value has increased (that is its percentage share of the
    contributed capital recognized by the investee) as a result of
    the disproportionate funding of the compensation cost. Of the
    642,219&#160;units issued, 109,720 were immediately vested upon
    issuance and the remaining units are subject to a forfeiture
    schedule. Significant assumptions used in the valuation were as
    follows:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="50%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="23%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="23%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>March&#160;31,</B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2011</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2010</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Estimated forfeiture rate
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    None
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Derived Service Period
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Based on forfeiture schedule
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Based on forfeiture schedule
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Estimated fair value (per unit)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    $2.82
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    $0.08
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Marketability and minority interest discount
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    5.0%
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    20.0%
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Volatility
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    47.0%
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    59.7%
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Based upon the estimated fair value at March&#160;31, 2011,
    there was approximately $818,000 of unrecognized compensation
    expense related to non-voting override units. This expense is
    expected to be recognized over a remaining period of less than
    one year. To the extent the price of CVR&#146;s common stock
    increases additional share-based compensation expense will be
    incurred with respect to unvested override units.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Phantom
    Unit Appreciation Plan</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    CVR, through a wholly-owned subsidiary, has two Phantom Unit
    Appreciation Plans (the &#147;Phantom Unit Plans&#148;) whereby
    directors, employees, and service providers may be awarded
    phantom points at the discretion of the compensation committee.
    Holders of service phantom points have rights to receive
    distributions when holders of override operating units receive
    distributions. Holders of performance phantom points have rights
    to receive distributions when CALLC and CALLC II holders of
    override value units receive distributions. There are no other
    rights or guarantees and the plans expire on July&#160;25, 2015,
    or at the discretion of CVR. As of March&#160;31, 2011, the
    issued Profits Interest (combined phantom points and override
    units) represented 15.0% of combined common unit interest and
    Profits Interest of CALLC and CALLC II. The Profits Interest was
</DIV>
<!-- XBRL Paragraph Pagebreak -->
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    12
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y91213tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL -->
<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">CVR
    Energy, Inc. and Subsidiaries<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">NOTES&#160;TO
    THE CONDENSED CONSOLIDATED FINANCIAL
    STATEMENTS&#160;&#151;&#160;(Continued)</FONT></B>
</DIV>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    comprised of approximately 11.1% of override interest and
    approximately 3.9% of phantom interest. The expense associated
    with these awards is based on the current fair value of the
    awards which was derived from a probability-weighted expected
    return method. The probability-weighted expected return method
    involves a forward-looking analysis of possible future outcomes,
    the estimation of ranges of future and present value under each
    outcome, and the application of a probability factor to each
    outcome in conjunction with the application of the current value
    of the Company&#146;s common stock price with a Black-Scholes
    option pricing formula, as remeasured at each reporting date
    until the awards are settled. CVR has recorded approximately
    $9,849,000 and $18,689,000 in personnel accruals as of
    March&#160;31, 2011 and December&#160;31, 2010, respectively.
    Compensation expense for the three months ended March&#160;31,
    2011 and 2010 related to the Phantom Unit Plans was $11,240,000
    and $3,399,000, respectively. Using the Company&#146;s closing
    stock price at March&#160;31, 2011 and 2010, to determine the
    Company&#146;s equity value, through an independent valuation
    process, the service phantom interest and performance phantom
    interest were valued as follows:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="85%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="2%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="2%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="7" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>March&#160;31,</B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2011</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2010</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Service Phantom interest (per point)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    13.14
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    14.49
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Performance Phantom interest (per point)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    22.62
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    9.41
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    As described above, in February 2011, CALLC and CALLC II
    completed an additional sale of CVR common stock into the public
    market pursuant to a registered public offering. As a result of
    this offering, the Company made a payment to phantom unitholders
    of approximately $20,079,000 in the first quarter of 2011.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Based upon the estimated fair value at March&#160;31, 2011,
    there was approximately $107,000 of unrecognized compensation
    expense related to the Phantom Unit Plans. This is expected to
    be recognized over a remaining period of less than one year. To
    the extent the price of CVR&#146;s common stock increases,
    additional share-based compensation expense will be incurred
    with respect to the remaining phantom unit awards.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Long-Term
    Incentive Plan</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    CVR has a Long-Term Incentive Plan (&#147;LTIP&#148;) which
    permits the grant of options, stock appreciation rights,
    restricted shares, restricted share units, dividend equivalent
    rights, share awards and performance awards (including
    performance share units, performance units and performance-based
    restricted stock). As of March&#160;31, 2011, only restricted
    shares of CVR common stock and stock options had been granted
    under the LTIP. Individuals who are eligible to receive awards
    and grants under the LTIP include the Company&#146;s employees,
    officers, consultants, advisors and directors.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <I><FONT style="font-family: 'Times New Roman', Times">Stock
    Options</FONT></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    As of March&#160;31, 2011, there have been a total of 32,350
    stock options granted, of which 24,718 have vested. However,
    6,301 vested options have expired resulting in a net total of
    18,417 outstanding options that have vested. Additionally, 3,149
    unvested stock options were forfeited in the second quarter of
    2010. There were no options vested, forfeited or granted in the
    first quarter of 2011. The fair value of stock options is
    estimated on the date of grant using the Black-Scholes option
    pricing model. As of March&#160;31, 2011, there was
    approximately $5,000 of total unrecognized compensation cost
    related to stock options to be recognized over a
    weighted-average period of less than one year.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    13
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y91213tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL -->
<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">CVR
    Energy, Inc. and Subsidiaries<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">NOTES&#160;TO
    THE CONDENSED CONSOLIDATED FINANCIAL
    STATEMENTS&#160;&#151;&#160;(Continued)</FONT></B>
</DIV>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <I><FONT style="font-family: 'Times New Roman', Times">Restricted
    Stock</FONT></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    A summary of restricted stock grant activity and changes during
    the three months ended March&#160;31, 2011 is presented below:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="77%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="7%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="7%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Weighted-<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Average<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Grant-Date<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Restricted Stock</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Shares</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Fair Value</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Outstanding at January&#160;1, 2011 (non-vested)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,369,182
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    10.94
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Vested
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Granted
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Forfeited
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (2,400
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4.14
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Outstanding at March&#160;31, 2011 (non-vested)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,366,782
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    10.95
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Through the LTIP, shares of non-vested restricted stock have
    been granted to employees of the Company. Non-vested restricted
    shares, when granted, are valued at the closing market price of
    CVR&#146;s common stock on the date of issuance and amortized to
    compensation expense on a straight-line basis over the vesting
    period of the stock. These shares generally vest over a
    three-year period. As of March&#160;31, 2011, there was
    approximately $11,180,000 of total unrecognized compensation
    cost related to non-vested restricted shares to be recognized
    over a weighted-average period of approximately two years.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Compensation expense recorded for the three months ended
    March&#160;31, 2011 and 2010 related to the non-vested
    restricted stock and stock options was $2,224,000 and $173,000,
    respectively.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In connection with the Offering, the board of directors of the
    general partner adopted the CVR Partners, LP Long-Term Incentive
    Plan (&#147;CVR Partners&#146; LTIP&#148;). Individuals who are
    eligible to receive awards under the CVR Partners&#146; LTIP
    include CVR Partners&#146;, its subsidiaries&#146;, and its
    parent&#146;s employees, officers, consultants and directors.
    The CVR Partners&#146; LTIP provides for the grant of options,
    unit appreciation rights, distribution equivalent rights,
    restricted units, phantom units and other unit-based awards,
    each in respect of common units. In connection with the
    Offering, phantom units were issued to certain board members of
    the general partner. These phantom units are expected to vest
    six months following the grant date.
</DIV>
<!-- XBRL,n -->
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">(4)&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Inventories</FONT></B>
</TD>
</TR>

</TABLE>
<!-- XBRL,body -->
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Inventories consist primarily of domestic and foreign crude oil,
    blending stock and components,
    <FONT style="white-space: nowrap">work-in-progress,</FONT>
    fertilizer products, and refined fuels and by-products.
    Inventories are valued at the lower of the
    <FONT style="white-space: nowrap">first-in,</FONT>
    first-out (&#147;FIFO&#148;) cost or market for fertilizer
    products, refined fuels and by-products for all periods
    presented. Refinery unfinished and finished products inventory
    values were determined using the
    <FONT style="white-space: nowrap">ability-to-bear</FONT>
    process, whereby raw materials and production costs are
    allocated to
    <FONT style="white-space: nowrap">work-in-process</FONT>
    and finished products based on their relative fair values. Other
    inventories, including other raw materials, spare parts, and
    supplies, are valued at the lower of moving-average cost, which
    approximates FIFO, or market. The cost of inventories includes
    inbound freight costs.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    14
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y91213tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL -->
<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">CVR
    Energy, Inc. and Subsidiaries<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">NOTES&#160;TO
    THE CONDENSED CONSOLIDATED FINANCIAL
    STATEMENTS&#160;&#151;&#160;(Continued)</FONT></B>
</DIV>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Inventories consisted of the following:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="76%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="9%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>March&#160;31,<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>December&#160;31,<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2011</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2010</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" align="center" valign="bottom">
    <B>(in thousands)</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Finished goods
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    119,081
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    110,788
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Raw materials and precious metals
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    218,726
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    89,333
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    In-process inventories
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    34,575
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    22,931
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Parts and supplies
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    22,694
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    24,120
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    395,076
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    247,172
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>
<!-- XBRL,n -->
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">(5)&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Property,
    Plant, and Equipment</FONT></B>
</TD>
</TR>

</TABLE>
<!-- XBRL,body -->
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    A summary of costs for property, plant, and equipment is as
    follows:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="74%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="8%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="9%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>March&#160;31,<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>December&#160;31,<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2011</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2010</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" align="center" valign="bottom">
    <B>(in thousands)</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Land and improvements
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    19,367
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    19,228
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Buildings
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    26,830
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25,663
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Machinery and equipment
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,364,320
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,363,877
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Automotive equipment
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    8,647
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    8,747
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Furniture and fixtures
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    9,589
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    9,279
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Leasehold improvements
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,253
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,253
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Construction in progress
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    44,150
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    42,674
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,474,156
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,470,721
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Accumulated depreciation
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    410,325
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    389,409
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,063,831
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,081,312
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Capitalized interest recognized as a reduction in interest
    expense for the three months ended March&#160;31, 2011 and 2010,
    totaled approximately $86,000 and $881,000, respectively.
    Buildings and equipment that are under a capital lease
    obligation approximated $332,000 as of March&#160;31, 2011.
    Amortization of assets held under capital leases is included in
    depreciation expense.
</DIV>
<!-- XBRL,n -->
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">(6)&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Cost
    Classifications</FONT></B>
</TD>
</TR>

</TABLE>
<!-- XBRL,body -->
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Cost of product sold (exclusive of depreciation and
    amortization) includes cost of crude oil, other feedstocks,
    blendstocks, pet coke expense and freight and distribution
    expenses. Cost of product sold excludes depreciation and
    amortization of $632,000 and $728,000 for the three months ended
    March&#160;31, 2011 and 2010, respectively.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Direct operating expenses (exclusive of depreciation and
    amortization) includes direct costs of labor, maintenance and
    services, energy and utility costs, property taxes, as well as
    chemicals and catalysts and other direct operating expenses.
    Direct operating expenses exclude depreciation and amortization
    of $20,876,000 and $20,018,000 for the three months ended
    March&#160;31, 2011 and 2010, respectively.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Selling, general and administrative expenses (exclusive of
    depreciation and amortization) consist primarily of legal
    expenses, treasury, accounting, marketing, human resources and
    costs associated with maintaining the corporate and
    administrative office in Texas and the administrative office in
    Kansas. Selling, general and
</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    15
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<H5 align="left" style="page-break-before:always"><A HREF="#Y91213tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">CVR
    Energy, Inc. and Subsidiaries<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">NOTES&#160;TO
    THE CONDENSED CONSOLIDATED FINANCIAL
    STATEMENTS&#160;&#151;&#160;(Continued)</FONT></B>
</DIV>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    administrative expenses exclude depreciation and amortization of
    $503,000 and $514,000 for the three months ended March&#160;31,
    2011 and 2010, respectively.
</DIV>
<!-- XBRL,n -->
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">(7)&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Note
    Payable and Capital Lease Obligations</FONT></B>
</TD>
</TR>

</TABLE>
<!-- XBRL,body -->
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Company entered into an insurance premium finance agreement
    in July 2010 to finance a portion of the purchase of its
    2010/2011 property insurance policies. The original balance of
    the note provided by the Company under such agreement was
    $5,000,000. The Company began to repay this note in equal
    installments commencing October&#160;1, 2010. As of
    March&#160;31, 2011 and December&#160;31, 2010, the Company owed
    $1,250,000 and $3,125,000, respectively, related to this note.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    From time to time the Company enters lease agreements for
    purposes of acquiring assets used in the normal course of
    business. The majority of the Company&#146;s leases are
    accounted for as operating leases. During 2010, the Company
    entered two lease agreements for information technology
    equipment that are accounted for as capital leases. The initial
    capital lease obligation of these agreements totaled $415,000.
    The two capital leases entered into during 2010 have terms of 12
    and 36&#160;months. As of March&#160;31, 2011, the outstanding
    capital lease obligation associated with these leases totaled
    $245,000.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Company also entered into a capital lease for real property
    used for corporate purposes on May&#160;29, 2008. The lease had
    an initial lease term of one year with an option to renew for
    three additional one-year periods. During the second quarter of
    2010, the Company renewed the lease for a one-year period
    commencing June&#160;5, 2010. The Company was obligated to make
    quarterly lease payments that total $80,000 annually. The
    Company also had the option to purchase the property during the
    term of the lease, including the renewal periods. The capital
    lease obligation was $4,587,000 as of December&#160;31, 2010. In
    March 2011, the Company exercised its purchase option and paid
    approximately $4,739,000 to satisfy the lease obligation.
</DIV>
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<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">(8)&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Insurance
    Claims</FONT></B>
</TD>
</TR>

</TABLE>
<!-- XBRL,body -->
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <I><FONT style="font-family: 'Times New Roman', Times">Nitrogen
    Fertilizer Incident</FONT></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    On September&#160;30, 2010, the nitrogen fertilizer plant
    experienced an interruption in operations due to a rupture of a
    high-pressure UAN vessel. All operations at the nitrogen
    fertilizer facility were immediately shut down. No one was
    injured in the incident. Repairs to the facility as a result of
    the rupture were substantially complete as of December&#160;31,
    2010.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Total gross costs recorded as of March&#160;31, 2011 due to the
    incident was approximately $10,893,000 for repairs and
    maintenance and other associated costs. Approximately $371,000
    of these costs was recognized during the three months ended
    March&#160;31, 2011. The repairs and maintenance costs incurred
    are included in direct operating expenses (exclusive of
    depreciation and amortization). Of the costs incurred
    approximately $4,445,000 was capitalized.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Company maintains property damage insurance policies which
    have an associated deductible of $2,500,000. The Company
    anticipates that substantially all of the repair costs in excess
    of the $2,500,000 deductible should be covered by insurance.
    These insurance policies also provide coverage for interruption
    to the business, including lost profits, and reimbursement for
    other expenses and costs the Company has incurred relating to
    the damage and losses suffered for business interruption. This
    coverage, however, only applies to losses incurred after a
    business interruption of 45&#160;days. In connection with the
    incident, the Company recorded an insurance receivable of
    $4,500,000, of which $4,275,000 of insurance proceeds was
    received in December 2010 and the remaining $225,000 was
    received in January 2011. The recording of the insurance
    receivable resulted in a reduction of direct operating expenses
    (exclusive of depreciation and amortization).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In the first quarter of 2011, the Company submitted a partial
    business interruption claim for damages and losses, as afforded
    by its insurance policies. The Company&#146;s insurance carriers
    agreed to make interim
</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    16
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<H5 align="left" style="page-break-before:always"><A HREF="#Y91213tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL -->
<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">CVR
    Energy, Inc. and Subsidiaries<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">NOTES&#160;TO
    THE CONDENSED CONSOLIDATED FINANCIAL
    STATEMENTS&#160;&#151;&#160;(Continued)</FONT></B>
</DIV>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    payments totaling $2,870,000. Through March&#160;31, 2011, the
    Company had received insurance proceeds totaling $2,315,000
    related to its business interruption claim and received the
    remaining $555,000 in April 2011. The proceeds received and to
    be received as of March&#160;31, 2011 have been included on the
    Condensed Consolidated Statements of Operations under Insurance
    recovery -business interruption.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <I><FONT style="font-family: 'Times New Roman', Times">Refinery
    Incident</FONT></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    On December&#160;28, 2010 the crude oil refinery experienced an
    equipment malfunction and small fire in connection with its
    fluid catalytic cracking unit (&#147;FCCU&#148;), which led to
    reduced crude throughput. The refinery returned to full
    operations on January&#160;26, 2011. This interruption adversely
    impacted the production of refined products for the petroleum
    business in the first quarter of 2011. Total gross repair and
    other costs recorded related to the incident as of
    March&#160;31, 2011 was approximately $8,005,000. Of this amount
    approximately $7,390,000, was recorded during the three months
    ended March&#160;31, 2011. As documented above, the Company
    maintains property damage insurance policies which have an
    associated deductible of $2,500,000. The Company anticipates
    that substantially all of the costs in excess of the deductible
    should be covered by insurance. As of March&#160;31, 2011, the
    Company recorded an insurance receivable related to the incident
    of approximately $5,505,000. The recording of the insurance
    receivable resulted in a reduction of direct operating expenses
    (exclusive of depreciation and amortization).
</DIV>
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<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">(9)&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Income
    Taxes</FONT></B>
</TD>
</TR>

</TABLE>
<!-- XBRL,body -->
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Company recognizes liabilities, interest and penalties for
    potential tax issues based on its estimate of whether, and the
    extent to which, additional taxes may be due as determined under
    ASC Topic 740&#160;&#151; <I>Income Taxes</I>. As of
    March&#160;31, 2011, the Company had unrecognized tax benefits
    of approximately $245,000 which, if recognized, would impact the
    Company&#146;s effective tax rate. Unrecognized tax benefits
    that are not expected to be settled within the next twelve
    months are included in other long-term liabilities in the
    condensed consolidated balance sheet; unrecognized tax benefits
    that are expected to be settled within the next twelve months
    are included in income taxes payable. The Company has not
    accrued any amounts for interest or penalties related to
    uncertain tax positions. The Company&#146;s accounting policy
    with respect to interest and penalties related to tax
    uncertainties is to classify these amounts as income taxes.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    CVR and its subsidiaries file U.S.&#160;federal and various
    state income and franchise tax returns. At March&#160;31, 2011,
    the Company&#146;s tax filings are generally open to examination
    in the United States for the tax years ended December&#160;31,
    2008 through December&#160;31, 2010 and in various individual
    states for the tax years ended December&#160;31, 2007 through
    December&#160;31, 2010.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Company&#146;s effective tax rate for the three months ended
    March&#160;31, 2011 was 37.2%, as compared to the Company&#146;s
    combined federal and state expected statutory tax rate of 39.7%.
    The Company&#146;s effective tax rate for the three months ended
    March&#160;31, 2010 was 38.4%.
</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    17
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y91213tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL -->
<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">CVR
    Energy, Inc. and Subsidiaries<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">NOTES&#160;TO
    THE CONDENSED CONSOLIDATED FINANCIAL
    STATEMENTS&#160;&#151;&#160;(Continued)</FONT></B>
</DIV>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>
<!-- XBRL Pagebreak End -->
<!-- XBRL,n -->
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

<TR>
    <TD width="5%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">(10)&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Earnings
    Per Share</FONT></B>
</TD>
</TR>

</TABLE>
<!-- XBRL,body -->
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Basic and diluted earnings per share are computed by dividing
    net income (loss) by weighted-average common shares outstanding.
    The components of the basic and diluted earnings (loss) per
    share calculation are as follows:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="71%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="10%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="10%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="center" valign="bottom">
    <B>For the Three Months<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Ended March&#160;31,</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2011</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2010</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="center" valign="bottom">
    <B>(in thousands, except share data)</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Net income (loss)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    45,788
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (12,363
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Weighted-average common shares outstanding
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    86,413,781
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    86,329,237
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Effect of dilutive securities:
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Non-vested common stock
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,366,782
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Stock options
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,294
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Weighted-average common shares outstanding assuming dilution
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    87,783,857
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    86,329,237
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Basic earnings (loss) per share
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    0.53
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (0.14
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Diluted earnings (loss) per share
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    0.52
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (0.14
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Outstanding stock options totaling 19,606 and 32,350 common
    shares were excluded from the diluted earnings per share
    calculation for the three months ended March&#160;31, 2011 and
    2010, respectively, as they were antidilutive. For the three
    months ended March&#160;31, 2010, 176,727&#160;shares of
    non-vested common stock were excluded from the diluted earnings
    (loss) per share calculation, as they were antidilutive.
</DIV>
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<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

<TR>
    <TD width="5%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">(11)&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Commitments
    and Contingencies</FONT></B>
</TD>
</TR>

</TABLE>
<!-- XBRL,body -->
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Leases
    and Unconditional Purchase Obligations</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The minimum required payments for the Company&#146;s lease
    agreements and unconditional purchase obligations are as follows:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="76%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="9%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Unconditional<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Operating<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Purchase<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Leases</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Obligations(1)</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" align="center" valign="bottom">
    <B>(in thousands)</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Nine months ending December&#160;31, 2011
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    4,662
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    67,125
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Year ending December&#160;31, 2012
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6,456
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    86,825
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Year ending December&#160;31, 2013
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4,599
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    86,899
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Year ending December&#160;31, 2014
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,434
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    86,979
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Year ending December&#160;31, 2015
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,129
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    81,285
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Thereafter
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    578
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    407,681
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    19,858
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    816,794
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    (1) </TD>
    <TD></TD>
    <TD valign="bottom">
    This amount includes approximately $543.5&#160;million payable
    ratably over ten years pursuant to petroleum transportation
    service agreements between CRRM and TransCanada Keystone
    Pipeline, LP (&#147;TransCanada&#148;). Under the agreements,
    CRRM receives transportation of at least 25,000&#160;barrels per
    day of crude oil with a delivery point at Cushing, Oklahoma for
    a term of ten years on TransCanada&#146;s Keystone pipeline
    system. On September&#160;15, 2009, the Company filed a
    Statement of Claim in the Court of the Queen&#146;s Bench of
    Alberta, Judicial District of Calgary, to dispute the validity
    of the petroleum transportation service agreements. The Company
    and TransCanada settled this claim in March 2011. CRRM began
    receiving crude oil under the agreements on the terms discussed
    above in the first quarter of 2011.</TD>
</TR>

</TABLE>
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    <BR>
    18
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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    <B><FONT style="font-family: 'Times New Roman', Times">CVR
    Energy, Inc. and Subsidiaries<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">NOTES&#160;TO
    THE CONDENSED CONSOLIDATED FINANCIAL
    STATEMENTS&#160;&#151;&#160;(Continued)</FONT></B>
</DIV>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Company leases various equipment, including rail cars, and
    real properties under long-term operating leases, expiring at
    various dates. For the three months ended March&#160;31, 2011
    and 2010, lease expense totaled $1,275,000 and $1,192,000,
    respectively. The lease agreements have various remaining terms.
    Some agreements are renewable, at the Company&#146;s option, for
    additional periods. It is expected, in the ordinary course of
    business, that leases will be renewed or replaced as they
    expire. The Company also has other customary operating leases
    and unconditional purchase obligations primarily related to
    pipeline, storage, utilities and raw material suppliers. These
    leases and agreements are entered into in the normal course of
    business.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Litigation</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    From time to time, the Company is involved in various lawsuits
    arising in the normal course of business, including matters such
    as those described below under &#147;Environmental, Health, and
    Safety (&#147;EHS&#148;) Matters.&#148; Liabilities related to
    such litigation are recognized when the related costs are
    probable and can be reasonably estimated. These provisions are
    reviewed at least quarterly and adjusted to reflect the impacts
    of negotiations, settlements, rulings, advice of legal counsel,
    and other information and events pertaining to a particular
    case. It is possible that management&#146;s estimates of the
    outcomes will change within the next year due to uncertainties
    inherent in litigation and settlement negotiations. In the
    opinion of management, the ultimate resolution of any other
    litigation matters is not expected to have a material adverse
    effect on the accompanying condensed consolidated financial
    statements. There can be no assurance that management&#146;s
    beliefs or opinions with respect to liability for potential
    litigation matters are accurate.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Samson Resources Company, Samson Lone Star, LLC and Samson
    Contour Energy E&#038;P, LLC (together, &#147;Samson&#148;)
    filed fifteen lawsuits in federal and state courts in Oklahoma
    and two lawsuits in state courts in New Mexico against CRRM and
    other defendants between March 2009 and July 2009. In addition,
    in May 2010, separate groups of plaintiffs filed two lawsuits
    against CRRM and other defendants in state court in Oklahoma and
    Kansas. All of the lawsuits filed in state court were removed to
    federal court. All of the lawsuits (except for the New Mexico
    suits, which remain in federal court in New Mexico) were then
    transferred to the Bankruptcy Court for the United States
    District Court for the District of Delaware, where the Sem
    bankruptcy resides. In March 2011, CRRM was dismissed without
    prejudice from the New Mexico suits. All of the lawsuits allege
    that Samson or other respective plaintiffs sold crude oil to a
    group of companies, which generally are known as SemCrude or
    SemGroup (collectively, &#147;Sem&#148;), which later declared
    bankruptcy and that Sem has not paid such plaintiffs for all of
    the crude oil purchased from Sem. The Samson lawsuits further
    allege that Sem sold some of the crude oil purchased from Samson
    to J. Aron&#160;&#038; Company (&#147;J. Aron&#148;) and that J.
    Aron sold some of this crude oil to CRRM. All of the lawsuits
    seek the same remedy, the imposition of a trust, an accounting
    and the return of crude oil or the proceeds therefrom. The
    amount of the plaintiffs&#146; alleged claims is unknown since
    the price and amount of crude oil sold by the plaintiffs and
    eventually received by CRRM through Sem and J. Aron, if any, is
    unknown. CRRM timely paid for all crude oil purchased from J.
    Aron and intends to vigorously defend against these claims. On
    January&#160;26, 2011, CRRM and J. Aron entered into an
    agreement whereby J. Aron agreed to indemnify and defend CRRM
    from any damage,
    <FONT style="white-space: nowrap">out-of-pocket</FONT>
    expense or loss in connection with any crude oil involved in the
    lawsuits which CRRM purchased through J. Aron, and J. Aron
    agreed to reimburse CRRM&#146;s prior attorney fees and
    <FONT style="white-space: nowrap">out-of-pocket</FONT>
    expenses in connection with the lawsuits.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    CRNF received a ten year property tax abatement from Montgomery
    County, Kansas in connection with its construction that expired
    on December&#160;31, 2007. In connection with the expiration of
    the abatement, the county reassessed CRNF&#146;s nitrogen
    fertilizer plant and classified the nitrogen fertilizer plant as
    almost entirely real property instead of almost entirely
    personal property. The reassessment has resulted in an increase
    to annual property tax expense for CRNF by an average of
    approximately $11.7&#160;million per year for the year ended
    December&#160;31, 2010, and approximately $10.7&#160;million for
    the years ended December&#160;31, 2009 and 2008, respectively.
    CRNF does not agree with the county&#146;s classification of the
    nitrogen fertilizer plant and CRNF is currently disputing it
    before the Kansas Court of Tax Appeals (&#147;COTA&#148;).
    However, CRNF has fully accrued
</DIV>
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    <BR>
    19
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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    <B><FONT style="font-family: 'Times New Roman', Times">CVR
    Energy, Inc. and Subsidiaries<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">NOTES&#160;TO
    THE CONDENSED CONSOLIDATED FINANCIAL
    STATEMENTS&#160;&#151;&#160;(Continued)</FONT></B>
</DIV>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    and paid the property taxes the county claims are owed for the
    years ended December&#160;31, 2010, 2009 and 2008 The first
    payment in respect of CRNF&#146;s 2010 property taxes was paid
    in December 2010 and the second payment was paid in May 2011.
    These amounts are reflected as a direct operating expense in the
    Condensed Consolidated Statements of Operations. An evidentiary
    hearing before COTA occurred during the first quarter of 2011
    regarding the property tax claims for the year ended
    December&#160;31, 2008. CRNF believes COTA is likely to issue a
    ruling sometime during 2011. However, the timing of a ruling in
    the case is uncertain, and there can be no assurance CRNF will
    receive a ruling in 2011. If CRNF is successful in having the
    nitrogen fertilizer plant reclassified as personal property, in
    whole or in part, a portion of the accrued and paid expenses
    would be refunded to CRNF, which could have a material positive
    effect on the results of operations. If CRNF is not successful
    in having the nitrogen fertilizer plant reclassified as personal
    property, in whole or in part, CRNF expects that it will pay
    taxes at or below the elevated rates described above.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    See note (1)&#160;to the table at the beginning of this
    Note&#160;11 (&#147;Commitments and Contingencies&#148;) for a
    discussion of the TransCanada litigation.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Flood,
    Crude Oil Discharge and Insurance</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Crude oil was discharged from the Company&#146;s refinery on
    July&#160;1, 2007, due to the short amount of time available to
    shut down and secure the refinery in preparation for the flood
    that occurred on June&#160;30, 2007. In connection with the
    discharge, the Company received in May 2008, notices of claims
    from sixteen private claimants under the Oil Pollution Act in an
    aggregate amount of approximately $4,393,000 (plus punitive
    damages). In August 2008, those claimants filed suit against the
    Company in the United States District Court for the District of
    Kansas in Wichita (the &#147;Angleton Case&#148;). In October
    2009, a companion case to the Angleton Case was filed in the
    United States District Court for the District of Kansas in
    Wichita, seeking a total of $3,200,000 (plus punitive damages)
    for three additional plaintiffs as a result of the July&#160;1,
    2007 crude oil discharge. In August 2010, the Company settled
    claims with eight of the plaintiffs from the Angleton Case. The
    settlements did not have a material adverse effect on the
    consolidated financial statements. The Company believes that the
    resolution of the remaining claims will not have a material
    adverse effect on the condensed consolidated financial
    statements.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    As a result of the crude oil discharge that occurred on
    July&#160;1, 2007, the Company entered into an administrative
    order on consent (the &#147;Consent Order&#148;) with the
    U.S.&#160;Environmental Protection Agency (&#147;EPA&#148;) on
    July&#160;10, 2007. As set forth in the Consent Order, the EPA
    concluded that the discharge of crude oil from the
    Company&#146;s refinery caused an imminent and substantial
    threat to the public health and welfare. Pursuant to the Consent
    Order, the Company agreed to perform specified remedial actions
    to respond to the discharge of crude oil from the Company&#146;s
    refinery.. The substantial majority of all required remedial
    actions were completed by January&#160;31, 2009. The Company
    prepared and provided its final report to the EPA in January
    2011 to satisfy the final requirement of the Consent Order. In
    April 2011, the EPA provided the Company with a notice of
    completion indicating that the Company has no continuing
    obligations under the Consent Order, while reserving its rights
    to recover oversight costs and penalties.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Company has not estimated or accrued for any potential
    fines, penalties or claims that may be imposed or brought by
    regulatory authorities or possible additional damages arising
    from lawsuits related to the June/July 2007 flood as management
    does not believe any such fines, penalties or lawsuits would be
    material nor can they be estimated. On October&#160;25, 2010,
    the Company received a letter from the United States Coast Guard
    on behalf of the EPA claiming approximately $1.8&#160;million in
    oversight cost reimbursement. The Company has requested detailed
    cost data in order to evaluate the claim. The Company has
    reviewed and is in the process of responding to the cost data.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Company is seeking insurance coverage for this release and
    for the ultimate costs for remediation and property damage
    claims. On July&#160;10, 2008, the Company filed a lawsuit in
    the United States District Court for the District of Kansas
    against certain of the Company&#146;s environmental and property
    insurance
</DIV>
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    <BR>
    20
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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    <B><FONT style="font-family: 'Times New Roman', Times">CVR
    Energy, Inc. and Subsidiaries<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">NOTES&#160;TO
    THE CONDENSED CONSOLIDATED FINANCIAL
    STATEMENTS&#160;&#151;&#160;(Continued)</FONT></B>
</DIV>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    carriers requesting insurance coverage indemnification for the
    June/July 2007 flood and crude oil discharge losses. Each
    insurer reserved its rights under various policy exclusions and
    limitations and cited potential coverage defenses. Although the
    Court has now issued summary judgment opinions that eliminate
    the majority of the insurance defendants&#146; reservations and
    defenses, the Company cannot be certain of the ultimate amount
    or timing of such recovery because of the difficulty inherent in
    projecting the ultimate resolution of the Company&#146;s claims.
    The Company has received $25,000,000 of insurance proceeds under
    its primary environmental liability insurance policy which
    constitutes full payment to the Company of the primary pollution
    liability policy limit.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The lawsuit with the insurance carriers under the environmental
    policies remains the only unsettled lawsuit with the insurance
    carriers. The property insurance lawsuit has been settled and
    dismissed.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Environmental,
    Health, and Safety (&#147;EHS&#148;) Matters</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    CRRM, Coffeyville Resources Crude Transportation, LLC
    (&#147;CRCT&#148;), and Coffeyville Resources Terminal, LLC
    (&#147;CRT&#148;), all of which are wholly-owned subsidiaries of
    CVR, and CRNF are subject to various stringent federal, state,
    and local EHS rules and regulations. Liabilities related to EHS
    matters are recognized when the related costs are probable and
    can be reasonably estimated. Estimates of these costs are based
    upon currently available facts, existing technology,
    site-specific costs, and currently enacted laws and regulations.
    In reporting EHS liabilities, no offset is made for potential
    recoveries.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    CRRM, CRNF, CRCT and CRT own
    <FONT style="white-space: nowrap">and/or</FONT>
    operate manufacturing and ancillary operations at various
    locations directly related to petroleum refining and
    distribution and nitrogen fertilizer manufacturing. Therefore,
    CRRM, CRNF, CRCT and CRT have exposure to potential EHS
    liabilities related to past and present EHS conditions at these
    locations.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    CRRM and CRT have agreed to perform corrective actions at the
    Coffeyville, Kansas refinery and Phillipsburg, Kansas terminal
    facility, pursuant to Administrative Orders on Consent issued
    under the Resource Conservation and Recovery Act
    (&#147;RCRA&#148;) to address historical contamination by the
    prior owners (RCRA Docket
    <FONT style="white-space: nowrap">No.&#160;VII-94-H-0020</FONT>
    and Docket
    <FONT style="white-space: nowrap">No.&#160;VII-95-H-011,</FONT>
    respectively). In 2005, CRNF agreed to participate in the State
    of Kansas Voluntary Cleanup and Property Redevelopment Program
    (&#147;VCPRP&#148;) to address a reported release of UAN at its
    UAN loading rack. As of March&#160;31, 2011 and
    December&#160;31, 2010, environmental accruals of $3,273,000 and
    $4,090,000, respectively, were reflected in the Consolidated
    Balance Sheets for probable and estimated costs for remediation
    of environmental contamination under the RCRA Administrative
    Orders and the VCPRP, for which $929,000 and $1,538,000,
    respectively, are included in other current liabilities. The
    Company&#146;s accruals were determined based on an estimate of
    payment costs through 2031, for which the scope of remediation
    was arranged with the EPA, and were discounted at the
    appropriate risk free rates at March&#160;31, 2011 and
    December&#160;31, 2010, respectively. The accruals include
    estimated closure
</DIV>
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    <BR>
    21
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<H5 align="left" style="page-break-before:always"><A HREF="#Y91213tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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    <B><FONT style="font-family: 'Times New Roman', Times">CVR
    Energy, Inc. and Subsidiaries<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">NOTES&#160;TO
    THE CONDENSED CONSOLIDATED FINANCIAL
    STATEMENTS&#160;&#151;&#160;(Continued)</FONT></B>
</DIV>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    and post-closure costs of $887,000 and $921,000 for two
    landfills at Mach 31, 2011 and December&#160;31, 2010,
    respectively. The estimated future payments for these required
    obligations are as follows:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="87%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="9%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Year Ending December 31,</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Amount</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>(in thousands)</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Nine months ended December&#160;31, 2011
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    765
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    2012
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    656
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    2013
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    245
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    2014
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    245
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    2015
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    245
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Thereafter
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,710
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Undiscounted total
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,866
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Less amounts representing interest at 3.24%
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    593
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Accrued environmental liabilities at March&#160;31, 2011
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    3,273
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Management periodically reviews and, as appropriate, revises its
    environmental accruals. Based on current information and
    regulatory requirements, management believes that the accruals
    established for environmental expenditures are adequate.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In 2007, the EPA promulgated the Mobile Source Air Toxic&#160;II
    (&#147;MSAT II&#148;) rule that requires the reduction of
    benzene in gasoline by 2011. CRRM is considered a small refiner
    under the MSAT II rule and compliance with the rule is extended
    until 2015 for small refiners. Capital expenditures to comply
    with the rule are expected to be approximately
    $10.0&#160;million.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In November 2010, the EPA finalized changes to the Renewable
    Fuel Standards (&#147;RFS&#148;) which require the total volume
    of renewable transportation fuels sold or introduced in the
    U.S.&#160;to reach 13.95&#160;billion gallons in 2011 and rise
    to 36&#160;billion gallons by 2022. Due to mandates in the RFS
    requiring increasing volumes of renewable fuels to replace
    petroleum products in the U.S.&#160;motor fuel market, there may
    be a decrease in demand for petroleum products. In addition,
    CRRM may be impacted by increased capital expenses and
    production costs to accommodate mandated renewable fuel volumes
    to the extent that these increased costs cannot be passed on to
    the consumers. CRRM&#146;s small refiner status under the
    original RFS expired on December&#160;31, 2010. Beginning on
    January&#160;1, 2011, CRRM was required to blend renewable fuels
    into its gasoline and diesel fuel or purchase renewable energy
    credits, known as Renewable Identification Numbers (RINs) in
    lieu of blending. For the three months ended March&#160;31,
    2011, CRRM incurred $3.5&#160;million of expense associated with
    the required mandate which was included in cost of product sold
    in the Condensed Consolidated Statements of Operations. CRRM
    will utilize a combination of blending and purchase of
    additional RINS in 2011 in order to achieve compliance with the
    renewable fuel standard for the remainder of 2011.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In March 2004, CRRM and CRT entered into a Consent Decree (the
    &#147;Consent Decree&#148;) with the EPA and the Kansas
    Department of Health and Environment (the &#147;KDHE&#148;) to
    resolve air compliance concerns raised by the EPA and KDHE
    related to Farmland Industries Inc.&#146;s
    (&#147;Farmland&#148;) prior ownership and operation of the
    crude oil refinery and Phillipsburg terminal facilities. As a
    result of CRRM&#146;s agreement to install certain controls and
    implement certain operational changes, the EPA and KDHE agreed
    not to impose civil penalties, and provided a release from
    liability for Farmland&#146;s alleged noncompliance with the
    issues addressed by the Consent Decree. Under the Consent
    Decree, CRRM agreed to install controls to reduce emissions of
    sulfur dioxide, nitrogen oxides and particulate matter from its
    FCCU by January&#160;1, 2011. In addition, pursuant to the
    Consent Decree, CRRM and CRT assumed cleanup obligations at the
    Coffeyville refinery and the Phillipsburg terminal facilities.
    The remaining costs of complying with the Consent Decree are
    expected to be approximately $49&#160;million, of which
    approximately $47&#160;million is expected to be capital
    expenditures which does not
</DIV>
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    <BR>
    22
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<H5 align="left" style="page-break-before:always"><A HREF="#Y91213tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL -->
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    <B><FONT style="font-family: 'Times New Roman', Times">CVR
    Energy, Inc. and Subsidiaries<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">NOTES&#160;TO
    THE CONDENSED CONSOLIDATED FINANCIAL
    STATEMENTS&#160;&#151;&#160;(Continued)</FONT></B>
</DIV>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    include the cleanup obligations for historic contamination at
    the site that are being addressed pursuant to administrative
    orders issued under RCRA. To date, CRRM and CRT have materially
    complied with the Consent Decree. On June&#160;30, 2009, CRRM
    submitted a force majeure notice to the EPA and KDHE in which
    CRRM indicated that it may be unable to meet the Consent
    Decree&#146;s January&#160;1, 2011 deadline related to the
    installation of controls on the FCCU because of delays caused by
    the June/July 2007 flood. In February 2010, CRRM and the EPA
    agreed to a fifteen month extension of the January&#160;1, 2011,
    deadline for the installation of controls which was approved by
    the Court as a material modification to the existing Consent
    Decree. Pursuant to this agreement, CRRM agreed to offset any
    incremental emissions resulting from the delay by providing
    additional controls to existing emission sources over a set
    timeframe.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In the meantime, CRRM has been negotiating with the EPA and KDHE
    to replace the current Consent Decree, including the fifteen
    month extension, with a global settlement under the national
    petroleum refining initiative. Over the course of the last
    decade, the EPA has embarked on a National Petroleum Refining
    Initiative alleging industry-wide noncompliance with four
    &#147;marquee&#148; issues under the Clean Air Act:
    New&#160;Source Review, Flaring, Leak Detection and Repair, and
    Benzene Waste Operations NESHAP. The Petroleum Refining
    Initiative has resulted in most refineries entering into consent
    decrees imposing civil penalties and requiring substantial
    expenditures for pollution control and enhanced operating
    procedures. The EPA has indicated that it will seek to have all
    refiners enter into &#147;global settlements&#148; pertaining to
    all &#147;marquee&#148; issues. The current Consent Decree
    covers some, but not all, of the &#147;marquee&#148; issues. The
    Company has been negotiating with the EPA to expand the existing
    Consent Decree obligations to include all of the
    &#147;marquee&#148; issues under the Petroleum Refining
    Initiative, and the parties have reached an agreement in
    principle on most of the issues, including an agreement to
    further extend the deadline for the installation of controls on
    the FCCU. Under the global settlement, the Company may be
    required to pay a civil penalty, but the incremental capital
    expenditures would not be material and would be limited
    primarily to the retrofit and replacement of heaters and boilers
    over a five to seven year timeframe.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    On February&#160;24, 2010, the Company received a letter from
    the United States Department of Justice on behalf of the EPA
    seeking a $900,000 civil penalty related to alleged late and
    incomplete reporting of air releases in violation of the
    Comprehensive Environmental Response, Compensation, and
    Liability Act and the Emergency Planning and Community Right to
    Know Act. The Company has reviewed and intends to contest the
    EPA&#146;s allegation.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In 2007, the federal Occupational Safety and Health Act
    (&#147;OSHA&#148;) began process safety management
    (&#147;PSM&#148;) inspections of all refineries under its
    jurisdiction as part of its National Emphasis Program (the
    &#147;NEP&#148;). In addition, OSHA announced in 2009 that it
    was going to pursue NEP inspections for chemical operations. As
    such, OSHA began a PSM NEP inspection at the nitrogen fertilizer
    plant in late 2010 resulting in an assessed penalty of
    approximately $9,700 and noted no serious violations.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Environmental expenditures are capitalized when such
    expenditures are expected to result in future economic benefits.
    For the three months ended March&#160;31, 2011 and 2010, capital
    expenditures were approximately $1,578,000 and $7,663,000,
    respectively, and were incurred to improve the environmental
    compliance and efficiency of the operations.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    CRRM, CRNF, CRCT and CRT each believe it is in substantial
    compliance with existing EHS rules and regulations. There can be
    no assurance that the EHS matters described above or other EHS
    matters which may develop in the future will not have a material
    adverse effect on the business, financial condition, or results
    of operations.
</DIV>
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    <BR>
    23
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL -->
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    <B><FONT style="font-family: 'Times New Roman', Times">CVR
    Energy, Inc. and Subsidiaries<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">NOTES&#160;TO
    THE CONDENSED CONSOLIDATED FINANCIAL
    STATEMENTS&#160;&#151;&#160;(Continued)</FONT></B>
</DIV>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>
<!-- XBRL Pagebreak End -->
<!-- XBRL,n -->
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

<TR>
    <TD width="5%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">(12)&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Long-Term
    Debt</FONT></B>
</TD>
</TR>

</TABLE>
<!-- XBRL,body -->
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Long-term debt was as follows:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="76%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="9%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>March&#160;31,<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>December&#160;31,<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2011</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2010</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" align="center" valign="bottom">
    <B>(in thousands)</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    9.0%&#160;Senior Secured Notes, due 2015, net of unamortized
    discount of $1,013 and $1,065 as of March&#160;31, 2011 and
    December&#160;31, 2010, respectively
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    246,487
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    246,435
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    10.875%&#160;Senior Secured Notes, due 2017, net of unamortized
    discount of $2,412 and $2,481 as of March&#160;31, 2011 and
    December&#160;31, 2010, respectively
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    222,588
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    222,519
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Long-term debt
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    469,075
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    468,954
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Senior
    Secured Notes</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    On April&#160;6, 2010, CRLLC and its wholly-owned subsidiary,
    Coffeyville Finance Inc. (together the &#147;Issuers&#148;),
    completed a private offering of $275,000,000 aggregate principal
    amount of 9.0% First Lien Senior Secured Notes due 2015 (the
    &#147;First Lien Notes&#148;) and $225,000,000 aggregate
    principal amount of 10.875% Second Lien Senior Secured Notes due
    2017 (the &#147;Second Lien Notes&#148; and together with the
    First Lien Notes, the &#147;Notes&#148;). The First Lien Notes
    were issued at 99.511% of their principal amount and the Second
    Lien Notes were issued at 98.811% of their principal amount. The
    associated original issue discount of the Notes is amortized to
    interest expense and other financing costs over the respective
    term of the Notes. On December&#160;30, 2010, CRLLC made a
    voluntary unscheduled principal payment of $27,500,000 on the
    First Lien Notes that resulted in a premium payment of 3.0% and
    a partial write-off of previously deferred financing costs and
    unamortized original issue discount. At March&#160;31, 2011, the
    estimated fair value of the First and Second Lien Notes was
    $269,156,000 and $255,938,000, respectively. These estimates of
    fair value were determined by quotations obtained from a
    broker-dealer who makes a market in these and similar
    securities. The Notes are fully and unconditionally guaranteed
    by each of CRLLC&#146;s subsidiaries that also guarantee the
    first priority credit facility. In connection with the closing
    of the Partnership&#146;s initial public offering in April 2011,
    the Partnership and CRNF were released from their guarantees of
    the Notes.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The First Lien Notes mature on April&#160;1, 2015, unless
    earlier redeemed or repurchased by the Issuers. The Second Lien
    Notes mature on April&#160;1, 2017, unless earlier redeemed or
    repurchased by the Issuers. Interest is payable on the Notes
    semi-annually on April 1 and October 1 of each year.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Senior
    Notes Tender Offer</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The completion of the initial public offering of the Partnership
    in April 2011 triggered a Fertilizer Business Event (as defined
    in the indentures governing the Notes). As a result, CRLLC and
    Coffeyville Finance Inc. were required to offer to purchase a
    portion of the Notes from holders at a purchase price equal to
    103.0% of the principal amount plus accrued and unpaid interest.
    A Fertilizer Business Event Offer was made on April&#160;14,
    2011 to purchase up to $100.0&#160;million of the First Lien
    Notes and the Second Lien Notes, as required in the indentures
    governing the Notes. Holders of the Notes have until
    May&#160;16, 2011 to properly tender Notes they wish to have
    repurchased.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">ABL
    Credit Facility</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    On February&#160;22, 2011, CRLLC entered into a
    $250.0&#160;million asset-backed revolving credit agreement
    (&#147;ABL credit facility&#148;) with a group of lenders
    including Deutsche Bank Trust&#160;Company Americas as
    collateral and administrative agent. The ABL credit facility is
    scheduled to mature in August 2015 and
</DIV>
<!-- XBRL Paragraph Pagebreak -->
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    24
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y91213tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL -->
<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">CVR
    Energy, Inc. and Subsidiaries<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">NOTES&#160;TO
    THE CONDENSED CONSOLIDATED FINANCIAL
    STATEMENTS&#160;&#151;&#160;(Continued)</FONT></B>
</DIV>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    replaced the $150.0&#160;million first priority revolving credit
    facility which was terminated. The ABL credit facility will be
    used to finance ongoing working capital, capital expenditures,
    letter of credit issuances and general needs of the Company and
    includes among other things, a letter of credit sublimit equal
    to 90% of the total facility commitment and a feature which
    permits an increase in borrowings of up to $500.0&#160;million
    (in the aggregate), subject to additional lender commitments. As
    of March&#160;31, 2011, CRLLC had availability under the ABL
    credit facility of $208,356,000 and had letters of credit
    outstanding of approximately $41,644,000. There were no
    borrowings outstanding from the ABL credit facility as of
    March&#160;31, 2011.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Borrowings under the facility bear interest based on a pricing
    grid determined by the previous quarter&#146;s excess
    availability. The pricing for borrowings under the ABL credit
    facility can range from LIBOR plus a margin of 2.75% to LIBOR
    plus 3.0% or the prime rate plus 1.75% to prime rate plus 2.0%
    for Base Rate Loans. Availability under the ABL credit facility
    is determined by a borrowing base formula supported primarily by
    cash and cash equivalents, certain accounts receivable and
    inventory.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The ABL credit facility contains customary covenants for a
    financing of this type that limit, subject to certain
    exceptions, the incurrence of additional indebtedness, creation
    of liens on assets, the ability to dispose of assets, make
    restricted payments, investments or acquisitions, enter into
    sale-lease back transactions or enter into affiliate
    transactions. The ABL credit facility also contains a fixed
    charge coverage ratio financial covenant that is triggered when
    borrowing base excess availability is less than certain
    thresholds, as defined under the facility. As of March&#160;31,
    2011, CRLLC was in compliance with the covenants of the ABL
    credit facility.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In connection with the ABL credit facility, through
    March&#160;31, 2011, CRLLC has incurred lender and other third
    party costs of approximately $4,996,000. These costs will be
    deferred and amortized to interest expense and other financing
    costs using a straight-line method over the term of the
    facility. Additionally, in connection with termination of the
    first priority credit facility, a portion of the unamortized
    deferred financing costs associated with this facility, totaling
    approximately $1,908,000, was written off in the first quarter
    of 2011. In accordance with guidance provided by the FASB
    regarding the modification of revolving debt arrangements, the
    remaining $781,000 unamortized deferred financing costs
    associated with the first priority credit facility will continue
    to be amortized over the term of the ABL credit facility.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Included in other current liabilities on the Condensed
    Consolidated Balance Sheets is accrued interest payable totaling
    $23,780,000 and $12,167,000 as of March&#160;31, 2011 and
    December&#160;31, 2010, respectively. As of March&#160;31, 2011,
    of the accrued interest payable, approximately $23,372,000 is
    related to the Notes. As of December&#160;31, 2010, of the
    accrued interest payable, approximately $11,837,000 is related
    to the Notes and the first priority credit facility borrowing
    arrangement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In connection with the closing of the Partnership&#146;s initial
    public offering in April 2011, the Partnership and CRNF were
    released as guarantors of the ABL credit facility.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    See Note&#160;17 (&#147;Subsequent Events&#148;) for discussion
    of the $125.0&#160;million credit facility entered into in April
    2011 by CRNF to finance on-going working capital, capital
    expenditures, letter of credit issuances and general needs of
    CRNF.
</DIV>
<!-- XBRL,n -->
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

<TR>
    <TD width="5%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">(13)&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Fair
    Value Measurements</FONT></B>
</TD>
</TR>

</TABLE>
<!-- XBRL,body -->
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In accordance with ASC Topic 820&#160;&#151; <I>Fair Value
    Measurements and Disclosures </I>(&#147;ASC 820&#148;), the
    Company utilizes the market approach to measure fair value for
    its financial assets and liabilities. The market approach uses
    prices and other relevant information generated by market
    transactions involving identical or comparable assets or
    liabilities.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    25
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y91213tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL -->
<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">CVR
    Energy, Inc. and Subsidiaries<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">NOTES&#160;TO
    THE CONDENSED CONSOLIDATED FINANCIAL
    STATEMENTS&#160;&#151;&#160;(Continued)</FONT></B>
</DIV>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    ASC 820 utilizes a fair value hierarchy that prioritizes the
    inputs to valuation techniques used to measure fair value into
    three broad levels. The following is a brief description of
    those three levels:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Level&#160;1&#160;&#151; Quoted prices in active market for
    identical assets and liabilities
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Level&#160;2&#160;&#151; Other significant observable inputs
    (including quoted prices in active markets for similar assets or
    liabilities)
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Level&#160;3&#160;&#151; Significant unobservable inputs
    (including the Company&#146;s own assumptions in determining the
    fair value)
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The following table sets forth the assets and liabilities
    measured at fair value on a recurring basis, by input level, as
    of March&#160;31, 2011 and December&#160;31, 2010:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="62%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="14" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>March&#160;31, 2011</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Level 1</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Level 2</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Level 3</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Total</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="14" align="center" valign="bottom">
    <B>(in thousands)</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Location and Description
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Cash equivalents (money market account)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    11,057
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    11,057
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Other current assets (marketable securities)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    27
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    27
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Total Assets
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    11,084
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    11,084
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Other current liabilities (Other derivative agreements)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (7,301
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (7,301
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Total Liabilities
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (7,301
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (7,301
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="62%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="14" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>December&#160;31, 2010</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Level 1</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Level 2</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Level 3</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Total</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="14" align="center" valign="bottom">
    <B>(in thousands)</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Location and Description
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Cash equivalents (money market account)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    70,052
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    70,052
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Other current assets (marketable securities)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    26
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    26
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Total Assets
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    70,078
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    70,078
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Other current liabilities (Other derivative agreements)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (4,043
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (4,043
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Total Liabilities
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (4,043
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (4,043
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    As of March&#160;31, 2011, the only financial assets and
    liabilities that are measured at fair value on a recurring basis
    are the Company&#146;s money market account,
    <FONT style="white-space: nowrap">available-for-sale</FONT>
    marketable securities and derivative instruments. Additionally,
    the fair value of the Company&#146;s Notes is disclosed in
    Note&#160;12 (&#147;Long-Term Debt&#148;). The Company&#146;s
    commodity derivative contracts giving rise to a liability under
    Level&#160;2 are valued using broker quoted market prices of
    similar commodity contracts. The Company had no transfers of
    assets or liabilities between any of the above levels during the
    three months ended March&#160;31, 2011.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Company&#146;s investments in marketable securities are
    classified as
    <FONT style="white-space: nowrap">available-for-sale,</FONT>
    and as a result, are reported at fair market value using quoted
    market prices. These marketable securities totaled approximately
    $27,000 as of March&#160;31, 2011 and are included in other
    current assets on the Condensed Consolidated Balance Sheets.
    Unrealized gains or losses, net of related income taxes are
    reported as a component of accumulated other comprehensive
    income. For the three months ended March&#160;31, 2011, the
    unrealized gain, net of tax, associated with these marketable
    securities was nominal.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    26
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y91213tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL -->
<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">CVR
    Energy, Inc. and Subsidiaries<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">NOTES&#160;TO
    THE CONDENSED CONSOLIDATED FINANCIAL
    STATEMENTS&#160;&#151;&#160;(Continued)</FONT></B>
</DIV>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>
<!-- XBRL Pagebreak End -->
<!-- XBRL,n -->
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

<TR>
    <TD width="5%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">(14)&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Derivative
    Financial Instruments</FONT></B>
</TD>
</TR>

</TABLE>
<!-- XBRL,body -->
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Gain (loss) on derivatives, net consisted of the following:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="80%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="center" valign="bottom">
    <B>Three Months Ended<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>March&#160;31,</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2011</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2010</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="center" valign="bottom">
    <B>(in thousands)</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Realized gain (loss) on other derivative agreements
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (18,848
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    85
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Unrealized gain (loss) on other derivative agreements
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (3,258
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,435
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Realized gain (loss) on interest rate swap agreements
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (1,775
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Unrealized gain (loss) on interest rate swap agreements
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,745
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Total gain (loss) on derivatives, net
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (22,106
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,490
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    CVR is subject to price fluctuations caused by supply and demand
    conditions, weather, economic conditions, interest rate
    fluctuations and other factors. To manage price risk on crude
    oil and other inventories and to fix margins on certain future
    production, the Company from time to time enters into various
    commodity derivative transactions. The Company, as further
    described below, entered into an interest rate swap as required
    by its long-term debt agreements. The interest rate swap was for
    the purpose of managing interest rate risk.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    CVR has adopted accounting standards which impose extensive
    record-keeping requirements in order to designate a derivative
    financial instrument as a hedge. CVR holds derivative
    instruments, such as exchange-traded crude oil futures and
    certain
    <FONT style="white-space: nowrap">over-the-counter</FONT>
    forward swap agreements, which it believes provide an economic
    hedge on future transactions, but such instruments are not
    designated as hedges for GAAP purposes. Gains or losses related
    to the change in fair value and periodic settlements of these
    derivative instruments are classified as gain (loss) on
    derivatives, net in the Condensed Consolidated Statements of
    Operations.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    CVR maintains a margin account to facilitate other commodity
    derivative activities. A portion of this account may include
    funds available for withdrawal. These funds are included in cash
    and cash equivalents within the Condensed Consolidated Balance
    Sheets. The maintenance margin balance is included within other
    current assets within the Condensed Consolidated Balance Sheets.
    Dependant upon the position of the open commodity derivatives,
    the amounts are accounted for as an other current asset or an
    other current liability within the Condensed Consolidated
    Balance Sheets. From time to time, CVR may be required to
    deposit additional funds into this margin account.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Interest
    Rate Swap</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Until June&#160;30, 2010, CRLLC held derivative contracts known
    as interest rate swap agreements (the &#147;Interest Rate
    Swap&#148;) that converted CRLLC&#146;s floating-rate bank debt
    into 4.195% fixed-rate debt on a notional amount of $180,000,000
    from March&#160;31, 2009 until March&#160;31, 2010 and
    $110,000,000 from March&#160;31, 2010 until June&#160;30, 2010.
    The Interest Rate Swap expired on June&#160;30, 2010. Half of
    the Interest Rate Swap agreements were held with a related party
    (as described in Note&#160;15, &#147;Related Party
    Transactions&#148;), and the other half were held with a
    financial institution that was also a lender under CRLLC&#146;s
    first priority credit facility until April&#160;6, 2010.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Under the Interest Rate Swap, CRLLC paid the fixed rate of
    4.195% and received a floating rate based on three month LIBOR
    rates, with payments calculated on the notional amount. The
    notional amount did not represent the actual amount exchanged by
    the parties but instead represented the amount on which the
    contracts were based. The Interest Rate Swap was settled
    quarterly and marked to market at each reporting date with all
    unrealized gains and losses recognized in income. Transactions
    related to the Interest Rate Swap agreements were not allocated
    to the Petroleum or Nitrogen Fertilizer segments.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    27
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y91213tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL -->
<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">CVR
    Energy, Inc. and Subsidiaries<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">NOTES&#160;TO
    THE CONDENSED CONSOLIDATED FINANCIAL
    STATEMENTS&#160;&#151;&#160;(Continued)</FONT></B>
</DIV>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>
<!-- XBRL Pagebreak End -->
<!-- XBRL,n -->
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

<TR>
    <TD width="5%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">(15)&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Related
    Party Transactions</FONT></B>
</TD>
</TR>

</TABLE>
<!-- XBRL,body -->
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Until February 2011, the Goldman Sachs Funds and Kelso Funds
    owned approximately 40% of CVR. Through a registered public
    offering, the Goldman Sachs Funds and the Kelso Funds sold into
    the public market shares of CVR Energy common stock in February
    2011. As a result of this sale, the Goldman Sachs Funds are no
    longer a stockholder of the Company and, as of the date of this
    Report, the Kelso Funds&#146; own approximately 9% of CVR&#146;s
    common stock.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Interest
    Rate Swap</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    On June&#160;30, 2005, the Company entered into three Interest
    Rate Swap agreements with J. Aron. These swap agreements expired
    on June&#160;30, 2010. As such, there was no financial statement
    impact for the three months ended March&#160;31, 2011. Net
    losses totaling $15,000 were recognized related to these swap
    agreements for the three months ended March&#160;31, 2010 and
    were reflected in gain (loss) on derivatives, net in the
    Condensed Consolidated Statements of Operations. See
    Note&#160;14, (&#147;Derivative Financial Instruments&#148;) for
    additional information.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Cash
    and Cash Equivalents</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Company holds a portion of its cash balance in a highly
    liquid money market account with average maturities of less than
    90&#160;days within the Goldman Sachs Funds family. As of
    March&#160;31, 2011 and December&#160;31, 2010, the balance in
    the account was approximately $11,057,000 and $70,052,000,
    respectively. For the three months ended March&#160;31, 2011,
    the account earned interest income of approximately $5,000. The
    interest income earned on the account for the three months ended
    March&#160;31, 2010 was nominal.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Financing
    and Other</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In March 2010, CRLLC amended its outstanding first priority
    credit facility. In connection with the amendment, CRLLC paid a
    subsidiary of GS fees and expenses of $905,000 for their
    services as lead bookrunner.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    For the three months ended March&#160;31, 2011 and 2010, the
    Company recognized approximately $265,000 and $21,000,
    respectively, in expenses for the benefit of GS and Kelso in
    accordance with CVR&#146;s Registration Rights Agreement. These
    amounts included registration and filing fees, printing fees,
    external accounting fees and external legal fees.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In connection with the Offering of the Partnership, an affiliate
    of GS received an underwriting fee of $5,741,000 for their role
    as joint book-running managers. In April 2011, CRNF entered into
    a credit facility as discussed further in Note&#160;17
    (&#147;Subsequent Events&#148;) whereby an affiliate of GS was
    paid fees and expenses of $2,004,000.
</DIV>
<!-- XBRL,n -->
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

<TR>
    <TD width="5%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">(16)&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Business
    Segments</FONT></B>
</TD>
</TR>

</TABLE>
<!-- XBRL,body -->
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Company measures segment profit as operating income for
    Petroleum and Nitrogen Fertilizer, CVR&#146;s two reporting
    segments, based on the definitions provided in ASC Topic
    280&#160;&#151; <I>Segment Reporting</I>. All operations of the
    segments are located within the United States.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Petroleum</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Principal products of the Petroleum Segment are refined fuels,
    propane and petroleum refining by-products including pet coke.
    The Petroleum Segment sells the pet coke to the Partnership for
    use in the manufacture of nitrogen fertilizer at the adjacent
    nitrogen fertilizer plant in accordance with a pet coke supply
    agreement. For the Petroleum Segment, a per-ton transfer price
    is used to record intercompany sales on the
</DIV>
<!-- XBRL Paragraph Pagebreak -->
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    28
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y91213tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL -->
<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">CVR
    Energy, Inc. and Subsidiaries<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">NOTES&#160;TO
    THE CONDENSED CONSOLIDATED FINANCIAL
    STATEMENTS&#160;&#151;&#160;(Continued)</FONT></B>
</DIV>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    part of the Petroleum Segment and a corresponding intercompany
    cost of product sold (exclusive of depreciation and
    amortization) is recorded for the Nitrogen Fertilizer Segment.
    The price the Nitrogen Fertilizer Segment pays pursuant to the
    pet coke supply agreement is based on the lesser of a pet coke
    price derived from the price received for UAN, or the UAN-based
    price, and a pet coke price index. The UAN-based price begins
    with a pet coke price of $25 per ton based on a price per ton
    for UAN (exclusive of transportation cost), or netback price, of
    $205 per ton, and adjusts up or down $0.50 per ton for every
    $1.00 change in the netback price. The UAN-based price has a
    ceiling of $40 per ton and a floor of $5 per ton. The
    intercompany transactions are eliminated in the Other Segment.
    Intercompany sales included in Petroleum net sales were
    $1,372,000 and $413,000 for the three months ended
    March&#160;31, 2011 and 2010, respectively.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Petroleum Segment recorded intercompany cost of product sold
    (exclusive of depreciation and amortization) for the hydrogen
    sales described below under &#147;Nitrogen Fertilizer&#148; for
    the three months ended March&#160;31, 2011 and 2010 of $719,000
    and $568,000, respectively.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Nitrogen
    Fertilizer</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The principal product of the Nitrogen Fertilizer Segment is
    nitrogen fertilizer. Intercompany cost of product sold
    (exclusive of depreciation and amortization) for the pet coke
    transfer described above was $750,000 and $438,000 for the three
    months ended March&#160;31, 2011 and 2010, respectively.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Pursuant to the feedstock agreement, the Company&#146;s segments
    have the right to transfer excess hydrogen to one another. Sales
    of hydrogen to the Petroleum Segment have been reflected as net
    sales for the Nitrogen Fertilizer Segment. Receipts of hydrogen
    from the Petroleum Segment have been reflected in cost of
    product sold (exclusive of depreciation and amortization) for
    the Nitrogen Fertilizer Segment. The Nitrogen Fertilizer Segment
    recorded cost of product sold (exclusive of depreciation and
    amortization) from intercompany hydrogen purchases of $719,000
    and $568,000 for the three months ended March&#160;31, 2011 and
    2010, respectively. For the three months ended March&#160;31,
    2011 and 2010, there were no net sales of hydrogen from the
    Nitrogen Fertilizer Segment to the Petroleum Segment.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    29
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y91213tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL -->
<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">CVR
    Energy, Inc. and Subsidiaries<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">NOTES&#160;TO
    THE CONDENSED CONSOLIDATED FINANCIAL
    STATEMENTS&#160;&#151;&#160;(Continued)</FONT></B>
</DIV>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Other
    Segment</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Other Segment reflects intercompany eliminations, cash and
    cash equivalents, all debt related activities, income tax
    activities and other corporate activities that are not allocated
    to the operating segments.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="78%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="7%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="center" valign="bottom">
    <B>Three Months Ended<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>March&#160;31,</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2011</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2010</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="center" valign="bottom">
    <B>(in thousands)</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Net sales
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Petroleum
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,111,260
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    856,688
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Nitrogen Fertilizer
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    57,377
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    38,285
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Intersegment eliminations
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (1,372
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (461
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    Total
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,167,265
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    894,512
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Cost of product sold (exclusive of depreciation and amortization)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Petroleum
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    930,283
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    798,951
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Nitrogen Fertilizer
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    7,491
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4,977
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Intersegment eliminations
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (952
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (1,038
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    Total
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    936,822
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    802,890
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Direct operating expenses (exclusive of depreciation and
    amortization)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Petroleum
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    45,302
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    38,389
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Nitrogen Fertilizer
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    23,024
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    22,173
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Other
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    Total
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    68,326
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    60,562
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Insurance recovery&#160;&#151; business interruption
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Petroleum
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Nitrogen Fertilizer
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (2,870
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Other
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    Total
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (2,870
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Depreciation and amortization
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Petroleum
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    16,916
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    16,134
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Nitrogen Fertilizer
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4,637
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4,665
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Other
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    458
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    461
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    Total
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    22,011
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    21,260
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Net costs associated with flood
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Petroleum
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    108
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Nitrogen Fertilizer
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Other
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    Total
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    108
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Operating income (loss)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Petroleum
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    105,690
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (7,095
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Nitrogen Fertilizer
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    16,766
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,968
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Other
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (12,850
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (7,467
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    Total
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    109,606
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (11,594
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Capital expenditures
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Petroleum
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    4,588
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    9,109
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Nitrogen Fertilizer
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,041
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,216
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Other
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    708
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,091
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    Total
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    7,337
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    11,416
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    30
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y91213tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL -->
<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">CVR
    Energy, Inc. and Subsidiaries<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">NOTES&#160;TO
    THE CONDENSED CONSOLIDATED FINANCIAL
    STATEMENTS&#160;&#151;&#160;(Continued)</FONT></B>
</DIV>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>
<!-- XBRL Pagebreak End -->

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="69%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="10%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="12%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>As of March&#160;31,<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>As of December&#160;31,<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2011</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2010</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" align="center" valign="bottom">
    <B>(in thousands)</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Total assets
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Petroleum
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,226,030
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,049,361
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Nitrogen Fertilizer
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    479,475
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    452,165
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Other
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    186,457
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    238,658
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    Total
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,891,962
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,740,184
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Goodwill
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Petroleum
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Nitrogen Fertilizer
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    40,969
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    40,969
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Other
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    Total
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    40,969
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    40,969
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>
<!-- XBRL,n -->
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

<TR>
    <TD width="5%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">(17)&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Subsequent
    Events</FONT></B>
</TD>
</TR>

</TABLE>
<!-- XBRL,body -->
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">CRNF
    Credit Facility</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    On April&#160;13, 2011, CRNF, as borrower, and the Partnership,
    as guarantor, entered into a new credit facility with a group of
    lenders including Goldman Sachs Lending Partners LLC, as
    administrative and collateral agent. The credit facility
    includes a term loan facility of $125,000,000 and a revolving
    credit facility of $25,000,000 with an uncommitted incremental
    facility of up to $50,000,000. There is no scheduled
    amortization of the credit facility with it being due and
    payable in full at its April 2016 maturity. The Partnership,
    upon the closing of the credit facility, made a special
    distribution of approximately $87,192,000 to CRLLC, in order to,
    among other things, fund the offer to purchase CRLLC&#146;s
    senior secured notes required upon consummation of the Offering.
    The credit facility will be used to finance on-going working
    capital, capital expenditures, letter of credit issuances and
    general needs of CRNF.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Borrowings under the credit facility bear interest based on a
    pricing grid determined by the trailing four quarter leverage
    ratio. The initial pricing for borrowings under the credit
    facility will be the Eurodollar rate plus a margin of 3.75% or
    the prime rate plus 2.75% for base rate loans. Under its terms,
    the lenders under the credit facility were granted a perfected,
    first priority security interest (subject to certain customary
    exceptions) in substantially all of the assets of CRNF and the
    Partnership.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The credit facility requires CRNF to maintain a minimum interest
    coverage ratio and a maximum leverage ratio and contain
    customary covenants for a financing of this type that limit,
    subject to certain exceptions, the incurrence of additional
    indebtedness or guarantees, creation of liens on assets, the
    ability to dispose of assets make restricted payments,
    investments or acquisitions, enter into sale-lease back
    transactions or enter into affiliate transactions. The credit
    facility provides that the Partnership can make distributions to
    holders of its common units provided it is in compliance with
    the Partnership&#146;s leverage ratio and interest coverage
    ratio covenants on a pro forma basis after giving effect to any
    distribution and there is no default or event of default under
    the credit facility.
</DIV>
<!-- /XBRL,ns -->
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    31
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y91213tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->


<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

<TR>
    <TD width="8%"></TD>
    <TD width="92%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Item&#160;2.<I>&#160;&#160;</I></FONT></B>
</TD>
    <TD>
    <A name='Y91213107'></A><B><I><FONT style="font-family: 'Times New Roman', Times">Management&#146;s
    Discussion and Analysis of Financial Condition and Results of
    Operations</FONT></I></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The following discussion and analysis should be read in
    conjunction with the consolidated financial statements and
    related notes and with the statistical information and financial
    data appearing in this Quarterly Report on
    <FONT style="white-space: nowrap">Form&#160;10-Q</FONT>
    for the quarter ended March&#160;31, 2011, as well as our Annual
    Report on
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    for the year ended December&#160;31, 2010. Results of operations
    for the three months ended March&#160;31, 2011 are not
    necessarily indicative of results to be attained for any other
    period.
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Forward-Looking
    Statements</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    This
    <FONT style="white-space: nowrap">Form&#160;10-Q,</FONT>
    including this Management&#146;s Discussion and Analysis of
    Financial Condition and Results of Operations, contains
    &#147;forward-looking statements&#148; as defined by the
    Securities and Exchange Commission (the &#147;SEC&#148;). Such
    statements are those concerning contemplated transactions and
    strategic plans, expectations and objectives for future
    operations. These include, without limitation:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    statements, other than statements of historical fact, that
    address activities, events or developments that we expect,
    believe or anticipate will or may occur in the future;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    statements relating to future financial performance, future
    capital sources and other matters;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    any other statements preceded by, followed by or that include
    the words &#147;anticipates,&#148; &#147;believes,&#148;
    &#147;expects,&#148; &#147;plans,&#148; &#147;intends,&#148;
    &#147;estimates,&#148; &#147;projects,&#148; &#147;could,&#148;
    &#147;should,&#148; &#147;may,&#148; or similar expressions.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Although we believe that our plans, intentions and expectations
    reflected in or suggested by the forward-looking statements we
    make in this
    <FONT style="white-space: nowrap">Form&#160;10-Q,</FONT>
    including this Management&#146;s Discussion and Analysis of
    Financial Condition and Results of Operations, are reasonable,
    we can give no assurance that such plans, intentions or
    expectations will be achieved. These statements are based on
    assumptions made by us based on our experience and perception of
    historical trends, current conditions, expected future
    developments and other factors that we believe are appropriate
    in the circumstances. Such statements are subject to a number of
    risks and uncertainties, many of which are beyond our control.
    You are cautioned that any such statements are not guarantees of
    future performance and actual results or developments may differ
    materially from those projected in the forward-looking
    statements as a result of various factors, including but not
    limited to those set forth in the summary risks noted below and
    under &#147;Risk Factors&#148; attached hereto as
    Exhibit&#160;99.1:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    volatile margins in the refining industry;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    exposure to the risks associated with volatile crude oil prices;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the availability of adequate cash and other sources of liquidity
    for our capital needs;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    our ability to forecast our future financial condition or
    results of operations and our future revenues and expenses;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    disruption of our ability to obtain an adequate supply of crude
    oil;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    interruption of the pipelines supplying feedstock and in the
    distribution of our products;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    competition in the petroleum and nitrogen fertilizer businesses;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    capital expenditures and potential liabilities arising from
    environmental laws and regulations;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    changes in our credit profile;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the cyclical nature of the nitrogen fertilizer business;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the seasonal nature of our business;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the supply and price levels of essential raw materials;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the risk of a material decline in production at our refinery and
    nitrogen fertilizer plant;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    potential operating hazards from accidents, fire, severe
    weather, floods or other natural disasters;
</TD>
</TR>

</TABLE>
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    <BR>
    32
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<H5 align="left" style="page-break-before:always"><A HREF="#Y91213tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the risk associated with governmental policies affecting the
    agricultural industry;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the volatile nature of ammonia, potential liability for
    accidents involving ammonia that cause interruption to our
    businesses, severe damage to property
    <FONT style="white-space: nowrap">and/or</FONT>
    injury to the environment and human health and potential
    increased costs relating to the transport of ammonia;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the dependence of the nitrogen fertilizer operations on a few
    third-party suppliers, including providers of transportation
    services and equipment;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    new regulations concerning the transportation of hazardous
    chemicals, risks of terrorism and the security of chemical
    manufacturing facilities;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    our dependence on significant customers;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the potential loss of the nitrogen fertilizer business&#146;
    transportation cost advantage over its competitors;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    our potential inability to successfully implement our business
    strategies, including the completion of significant capital
    programs;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    our ability to continue to license the technology used in our
    operations;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    existing and proposed environmental laws and regulations,
    including those relating to climate change, alternative energy
    or fuel sources, and the end-use and application of fertilizers;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    refinery and nitrogen fertilizer facility operating hazards and
    interruptions, including unscheduled maintenance or downtime,
    and the availability of adequate insurance coverage;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    our significant indebtedness, including restrictions in our debt
    agreements;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    instability and volatility in the capital and credit markets.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    All forward-looking statements contained in this
    <FONT style="white-space: nowrap">Form&#160;10-Q</FONT>
    speak only as of the date of this document. We undertake no
    obligation to update or revise publicly any forward-looking
    statements to reflect events or circumstances that occur after
    the date of this
    <FONT style="white-space: nowrap">Form&#160;10-Q,</FONT>
    or to reflect the occurrence of unanticipated events.
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Company
    Overview</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    CVR Energy, Inc. and, unless the context requires otherwise, its
    subsidiaries (&#147;CVR&#148;, the &#147;Company&#148;,
    &#147;we&#148;, &#147;us&#148; or &#147;our&#148;) is an
    independent refiner and marketer of high value transportation
    fuels. In addition, until the completion of the initial public
    offering of CVR Partners (the &#147;Partnership&#148;), a
    limited partnership which produces nitrogen fertilizers, ammonia
    and UAN, as discussed in further detail below, we owned all of
    the interests (other than the managing general partner interest
    and associated incentive distribution rights) in the Partnership.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Coffeyville Acquisition LLC (&#147;CALLC&#148;) formed CVR
    Energy, Inc. as a wholly owned subsidiary, incorporated in
    Delaware in September 2006, in order to effect an initial public
    offering, which was consummated on October&#160;26, 2007. In
    conjunction with the initial public offering, a restructuring
    occurred in which CVR became a direct or indirect owner of all
    of the subsidiaries of CALLC. Additionally, in connection with
    the initial public offering, CALLC was split into two entities:
    CALLC and Coffeyville Acquisition&#160;II LLC (&#147;CALLC
    II&#148;).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    As of December&#160;31, 2010, approximately 40% of our
    outstanding shares were owned by certain funds affiliated with
    Goldman Sachs&#160;&#038; Co. and Kelso&#160;&#038; Company,
    L.P. (&#147;GS&#148; and &#147;Kelso&#148;, respectively),
    through their respective ownership of CALLC II and CALLC. On
    February&#160;8, 2011, CALLC and CALLC II completed a sale of
    our common stock into the public market pursuant to a registered
    public offering. As a result of this offering, GS sold into the
    public market its remaining ownership interests in CVR Energy.
    Additionally, Kelso reduced its interest in the Company and as
    of the date of this report beneficially owns approximately 9% of
    all shares outstanding.
</DIV>
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    <BR>
    33
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    On April&#160;13, 2011, the Partnership completed its initial
    public offering of its common units representing limited partner
    interests (the &#147;Offering&#148;). The Partnership sold
    22,080,000 common units (such amount includes commitments issued
    pursuant to the exercise of the underwriters over-allotment
    option) at a price of $16.00 per common unit, resulting in gross
    proceeds (including the gross proceeds from the exercise of the
    underwriters&#146; over-allotment option) of $353.3&#160;million
    prior to underwriting discount and other offering costs. The
    Partnership&#146;s units are listed on the New York Stock
    Exchange and are traded under the symbol &#147;UAN.&#148; In
    connection with the Offering the Partnership paid approximately
    $24.7 in underwriting fees and incurred approximately
    $4.0&#160;million of other offering costs. Approximately
    $5.7&#160;million was paid to an affiliate of GS acting as joint
    book-running managers. Until completion of the February 2011
    secondary offering (described above), an affiliate of GS was a
    stockholder and a related party of the Company. As a result of
    the Offering, CVR indirectly owns 69.8% of the
    Partnership&#146;s outstanding common units and 100% of the
    Partnership&#146;s general partner with its non-economic general
    partner interest.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We operate under two business segments: petroleum and nitrogen
    fertilizer. Throughout the remainder of this document, our
    business segments are referred to as our &#147;petroleum
    business&#148; and our &#147;nitrogen fertilizer business,&#148;
    respectively.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><I>Petroleum business.</I></B>&#160;&#160;Our petroleum
    business includes a 115,000&#160;bpd complex full coking
    medium-sour crude oil refinery in Coffeyville, Kansas. In
    addition, supporting businesses include (1)&#160;a crude oil
    gathering system with a gathering capacity of approximately
    35,000&#160;bpd serving Kansas, Oklahoma, western Missouri and
    southwestern Nebraska, (2)&#160;a rack marketing division
    supplying product through tanker trucks directly to customers
    located in close geographic proximity to Coffeyville, Kansas and
    at throughput terminals on Magellan and NuStar Energy, LP&#146;s
    (&#147;NuStar&#148;) refined products distribution systems and
    (3)&#160;a 145,000&#160;bpd pipeline system that transports
    crude oil to our refinery with 1.2&#160;million barrels of
    associated company-owned storage tanks and an additional
    2.7&#160;million barrels of leased storage capacity located at
    Cushing, Oklahoma. The crude oil gathering system is supported
    by approximately 300&#160;miles of Company owned and leased
    pipeline.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Our refinery is situated approximately 100&#160;miles from
    Cushing, Oklahoma, one of the largest crude oil trading and
    storage hubs in the United States. Cushing is supplied by
    numerous pipelines from locations including the U.S.&#160;Gulf
    Coast and Canada, providing us with access to virtually any
    crude oil variety in the world capable of being transported by
    pipeline. In addition to rack sales (sales which are made at
    terminals into third party tanker trucks), we make bulk sales
    (sales through third party pipelines) into the mid-continent
    markets via Magellan and into Colorado and other destinations
    utilizing the product pipeline networks owned by Magellan,
    Enterprise Products Operating, L.P. and NuStar.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Crude oil is supplied to our refinery through our gathering
    system and by a Plains pipeline from Cushing, Oklahoma. We
    maintain capacity on the Spearhead and Keystone pipelines (as
    discussed more fully in Note&#160;11 to the financial
    statements) from Canada and have access to foreign and deepwater
    domestic crude oil via the Seaway Pipeline system from the
    U.S.&#160;Gulf Coast to Cushing. We also maintain leased storage
    in Cushing to facilitate optimal crude oil purchasing and
    blending. Our refinery blend consists of a combination of crude
    oil grades, including onshore and offshore domestic grades,
    various Canadian medium and heavy sours and sweet synthetics and
    from time to time a variety of South American, North Sea, Middle
    East and West African imported grades. The access to a variety
    of crude oils coupled with the complexity of our refinery allows
    us to purchase crude oil at a discount to WTI. Our consumed
    crude cost discount to WTI for the first quarter of 2011 was
    $(5.65) per barrel compared to $(3.02) per barrel in the first
    quarter of 2010.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><I>Nitrogen fertilizer business.</I></B>&#160;&#160;The
    nitrogen fertilizer business consists of our interest in the
    Partnership, which, after its initial public offering, is
    controlled by us. The nitrogen fertilizer business consists of a
    nitrogen fertilizer manufacturing facility that is the only
    operation in North America that utilizes a petroleum coke, or
    pet coke, gasification process to produce nitrogen fertilizer.
    The facility includes a 1,225
    <FONT style="white-space: nowrap">ton-per-day</FONT>
    ammonia unit, a 2,025
    <FONT style="white-space: nowrap">ton-per-day</FONT>
    UAN unit and a gasifier complex having a capacity of
    84&#160;million standard cubic feet per day. The gasifier is a
    dual-train facility, with each gasifier able to function
    independently of the other, thereby providing redundancy and
    improving reliability. The nitrogen fertilizer business upgrades
    a majority of the ammonia it produces to higher margin UAN
    fertilizer, an aqueous solution of urea and ammonium nitrate
</DIV>
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    <BR>
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    which has historically commanded a premium price over ammonia.
    In 2010, the nitrogen fertilizer business produced 392,745 tons
    of ammonia, of which approximately 60% was upgraded into 578,272
    tons of UAN.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The primary raw material feedstock utilized in our nitrogen
    fertilizer production process is pet coke, which is produced
    during the crude oil refining process. In contrast,
    substantially all of the nitrogen fertilizer businesses&#146;
    competitors use natural gas as their primary raw material
    feedstock. Historically, pet coke has been significantly less
    expensive than natural gas on a per ton of fertilizer produced
    basis and pet coke prices have been more stable when compared to
    natural gas prices. By using pet coke as the primary raw
    material feedstock instead of natural gas, the nitrogen
    fertilizer business has historically been the lowest cost
    producer and marketer of ammonia and UAN fertilizers in North
    America. The nitrogen fertilizer business currently purchases
    most of its pet coke from CVR pursuant to a long-term agreement
    having an initial term that ends in 2027, subject to renewal.
    During the past five years, over 70% of the pet coke utilized by
    the nitrogen fertilizer plant was produced and supplied by
    CVR&#146;s crude oil refinery.
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Major
    Influences on Results of Operations</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Petroleum
    Business</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Our earnings and cash flows from our petroleum operations are
    primarily affected by the relationship between refined product
    prices and the prices for crude oil and other feedstocks.
    Feedstocks are petroleum products, such as crude oil and natural
    gas liquids, that are processed and blended into refined
    products. The cost to acquire feedstocks and the price for which
    refined products are ultimately sold depend on factors beyond
    our control, including the supply of and demand for crude oil,
    as well as gasoline and other refined products which, in turn,
    depend on, among other factors, changes in domestic and foreign
    economies, weather conditions, domestic and foreign political
    affairs, production levels, the availability of imports, the
    marketing of competitive fuels and the extent of government
    regulation. Because we apply
    <FONT style="white-space: nowrap">first-in,</FONT>
    first-out (&#147;FIFO&#148;) accounting to value our inventory,
    crude oil price movements may impact net income in the short
    term because of changes in the value of our unhedged on-hand
    inventory. The effect of changes in crude oil prices on our
    results of operations is influenced by the rate at which the
    prices of refined products adjust to reflect these changes.
</DIV>

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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Feedstock and refined product prices are also affected by other
    factors, such as product pipeline capacity, local market
    conditions and the operating levels of competing refineries.
    Crude oil costs and the prices of refined products have
    historically been subject to wide fluctuations. An expansion or
    upgrade of our competitors&#146; facilities, price volatility,
    international political and economic developments and other
    factors beyond our control are likely to continue to play an
    important role in refining industry economics. These factors can
    impact, among other things, the level of inventories in the
    market, resulting in price volatility and a reduction in product
    margins. Moreover, the refining industry typically experiences
    seasonal fluctuations in demand for refined products, such as
    increases in the demand for gasoline during the summer driving
    season and for home heating oil during the winter, primarily in
    the Northeast. In addition to current market conditions, there
    are long-term factors that may impact the demand for refined
    products. These factors include mandated renewable fuel
    standards, proposed climate change laws and regulations, and
    increased mileage standards for vehicles.
</DIV>

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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In order to assess our operating performance, we compare our net
    sales, less cost of product sold, or our refining margin,
    against an industry refining margin benchmark. The industry
    refining margin is calculated by assuming that two barrels of
    benchmark light sweet crude oil is converted into one barrel of
    conventional gasoline and one barrel of distillate. This
    benchmark is referred to as the 2-1-1 crack spread. Because we
    calculate the benchmark margin using the market value of NYMEX
    gasoline and heating oil against the market value of NYMEX WTI,
    we refer to the benchmark as the NYMEX 2-1-1 crack spread, or
    simply, the 2-1-1 crack spread. The 2-1-1 crack spread is
    expressed in dollars per barrel and is a proxy for the per
    barrel margin that a sweet crude oil refinery would earn
    assuming it produced and sold the benchmark production of
    gasoline and distillate.
</DIV>
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    Although the 2-1-1 crack spread is a benchmark for our refinery
    margin, because our refinery has certain feedstock costs and
    logistical advantages as compared to a benchmark refinery and
    our product yield is less than total refinery throughput, the
    crack spread does not account for all the factors that affect
    refinery margin. Our refinery is able to process a blend of
    crude oil that includes quantities of heavy and medium sour
    crude oil that has historically cost less than WTI. We measure
    the cost advantage of our crude oil slate by calculating the
    spread between the price of our delivered crude oil and the
    price of WTI. The spread is referred to as our consumed crude
    oil differential. Our refinery margin can be impacted
    significantly by the consumed crude oil differential. Our
    consumed crude oil differential will move directionally with
    changes in the WTS differential to WTI and the West Canadian
    Select (&#147;WCS&#148;) differential to WTI as both these
    differentials indicate the relative price of heavier, more sour,
    slate to WTI. The correlation between our consumed crude oil
    differential and published differentials will vary depending on
    the volume of light medium sour crude oil and heavy sour crude
    oil we purchase as a percent of our total crude oil volume and
    will correlate more closely with such published differentials
    the heavier and more sour the crude oil slate.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We produce a high volume of high value products, such as
    gasoline and distillates. We benefit from the fact that our
    marketing region consumes more refined products than it produces
    so that the market prices in our region include the logistics
    cost for U.S.&#160;Gulf Coast refineries to ship into our
    region. The result of this logistical advantage and the fact
    that the actual product specifications used to determine the
    NYMEX 2-1-1 crack spread are different from the actual
    production in our refinery is that prices we realize are
    different than those used in determining the 2-1-1 crack spread.
    The difference between our price and the price used to calculate
    the 2-1-1 crack spread is referred to as gasoline PADD II, Group
    3 vs. NYMEX basis, or gasoline basis, and Ultra Low Sulfur
    Diesel PADD II, Group 3 vs. NYMEX basis, or Ultra Low Sulfur
    Diesel basis. If both gasoline and Ultra Low Sulfur Diesel basis
    are greater than zero, this means that prices in our marketing
    area exceed those used in the 2-1-1 crack spread.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Our direct operating expense structure is also important to our
    profitability. Major direct operating expenses include energy,
    employee labor, maintenance, contract labor, and environmental
    compliance. Our predominant variable cost is energy, which is
    comprised primarily of electrical cost and natural gas. We are
    therefore sensitive to the movements of natural gas prices.
    Assuming the same rate of consumption for the three months ended
    March&#160;31, 2011, a $1.00 change of natural gas pricing would
    have increased or decreased our natural gas costs for the
    quarter by $1.0&#160;million.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Because petroleum feedstocks and products are essentially
    commodities, we have no control over the changing market.
    Therefore, the lower the target inventory we are able to
    maintain significantly reduces the impact of commodity price
    volatility on our petroleum product inventory position relative
    to other refiners. This target inventory position is generally
    not hedged. To the extent our inventory position deviates from
    the target level, we consider risk mitigation activities usually
    through the purchase or sale of futures contracts on the NYMEX.
    Our hedging activities carry customary time, location and
    product grade basis risks generally associated with hedging
    activities. Because most of our titled inventory is valued under
    the FIFO costing method, price fluctuations on our target level
    of titled inventory have a major effect on our financial results
    unless the market value of our target inventory is increased
    above cost.
</DIV>

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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Consistent, safe, and reliable operations at our refinery are
    key to our financial performance and results of operations.
    Unplanned downtime at our refinery may result in lost margin
    opportunity, increased maintenance expense and a temporary
    increase in working capital investment and related inventory
    position. We seek to mitigate the financial impact of planned
    downtime, such as major turnaround maintenance, through a
    diligent planning process that takes into account the margin
    environment, the availability of resources to perform the needed
    maintenance, feedstock logistics and other factors. The refinery
    generally undergoes a facility turnaround every four to five
    years. The length of the turnaround is contingent upon the scope
    of work to be completed. The next turnaround for our refinery is
    being conducted in two separate phases. The first phase will
    commence and conclude in the fourth quarter of 2011. The second
    phase of the turnaround will commence and conclude in the first
    quarter of 2012.
</DIV>

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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Our refinery experienced an equipment malfunction and small fire
    in connection with its FCCU on December&#160;28, 2010, which led
    to reduced crude throughput and repair cost of approximately
    $1.9&#160;million, net
</DIV>
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    of the insurance receivable recorded for the three months ended
    March&#160;31, 2011. We used the resulting downtime to perform
    certain turnaround activities which had otherwise been scheduled
    for later in 2011, along with opportunistic maintenance, which
    cost approximately $4.0&#160;million in total. The refinery
    returned to full operations on January&#160;26, 2011. This
    interruption adversely impacted the production of refined
    products for the petroleum business in the first quarter of
    2011. We estimate that approximately 1.9&#160;million barrels of
    crude oil processing were lost in the first quarter of 2011 due
    to this incident.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Nitrogen
    Fertilizer Business</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In the nitrogen fertilizer business, earnings and cash flows
    from operations are primarily affected by the relationship
    between nitrogen fertilizer product prices, on-stream factors
    and direct operating expenses. Unlike its competitors, the
    nitrogen fertilizer business does not use natural gas as a
    feedstock and uses a minimal amount of natural gas as an energy
    source in its operations. As a result, volatile swings in
    natural gas prices have a minimal impact on its results of
    operations. Instead, our adjacent refinery supplies the nitrogen
    fertilizer business with most of the pet coke feedstock it needs
    pursuant to a long-term pet coke supply agreement entered into
    in October 2007. The price at which nitrogen fertilizer products
    are ultimately sold depends on numerous factors, including the
    global supply and demand for nitrogen fertilizer products which,
    in turn, depends on, among other factors, world grain demand and
    production levels, changes in world population, the cost and
    availability of fertilizer transportation infrastructure,
    weather conditions, the availability of imports, and the extent
    of government intervention in agriculture markets.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Nitrogen fertilizer prices are also affected by local factors,
    including local market conditions and the operating levels of
    competing facilities. An expansion or upgrade of
    competitors&#146; facilities, international political and
    economic developments and other factors are likely to continue
    to play an important role in nitrogen fertilizer industry
    economics. These factors can impact, among other things, the
    level of inventories in the market, resulting in price
    volatility and a reduction in product margins. Moreover, the
    industry typically experiences seasonal fluctuations in demand
    for nitrogen fertilizer products.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In addition, the demand for fertilizers is affected by the
    aggregate crop planting decisions and fertilizer application
    rate decisions of individual farmers. Individual farmers make
    planting decisions based largely on the prospective
    profitability of a harvest, while the specific varieties and
    amounts of fertilizer they apply depend on factors like crop
    prices, their current liquidity, soil conditions, weather
    patterns and the types of crops planted.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Natural gas is the most significant raw material required in our
    competitors&#146; production of nitrogen fertilizers. Over the
    past several years, natural gas prices have experienced high
    levels of price volatility. This pricing and volatility has a
    direct impact on our competitors&#146; cost of producing
    nitrogen fertilizer.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In order to assess the operating performance of the nitrogen
    fertilizer business, we calculate plant gate price to determine
    our operating margin. Plant gate price refers to the unit price
    of fertilizer, in dollars per ton, offered on a delivered basis,
    excluding shipment costs.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We and other competitors in the U.S.&#160;farm belt share a
    significant transportation cost advantage when compared to our
    <FONT style="white-space: nowrap">out-of-region</FONT>
    competitors in serving the U.S.&#160;farm belt agricultural
    market. In 2010, approximately 45% of the corn planted in the
    United States was grown within a $35/UAN ton freight train rate
    of the nitrogen fertilizer plant. We are therefore able to
    cost-effectively sell substantially all of our products in the
    higher margin agricultural market, whereas a significant portion
    of our competitors&#146; revenues is derived from the lower
    margin industrial market. Our location on Union Pacific&#146;s
    main line increases our transportation cost advantage by
    lowering the costs of bringing our products to customers,
    assuming freight rates and pipeline tariffs for U.S.&#160;Gulf
    Coast importers as recently in effect. Our products leave the
    plant either in trucks for direct shipment to customers or in
    railcars for destinations located principally on the Union
    Pacific Railroad, and we do not incur any intermediate transfer,
    storage, barge freight or pipeline freight charges. We estimate
    that our plant enjoys a transportation cost advantage of
    approximately $25 per ton over competitors located in the
    U.S.&#160;Gulf Coast. Selling products to customers within
    economic rail transportation limits of the nitrogen fertilizer
    plant and keeping transportation costs low are keys to
    maintaining profitability.
</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The value of nitrogen fertilizer products is also an important
    consideration in understanding our results. During 2010, the
    nitrogen fertilizer business upgraded approximately 60% of its
    ammonia production into UAN, a product that presently generates
    a greater value than ammonia. UAN production is a major
    contributor to our profitability.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The direct operating expense structure of the nitrogen
    fertilizer business also directly affects its profitability.
    Using a pet coke gasification process, the nitrogen fertilizer
    business has a significantly higher percentage of fixed costs
    than a natural gas-based fertilizer plant. Major fixed operating
    expenses include electrical energy, employee labor, maintenance,
    including contract labor, and outside services. These fixed
    costs have averaged approximately 86% of direct operating
    expenses over the 24&#160;months ended December&#160;31, 2010.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Consistent, safe, and reliable operations at the nitrogen
    fertilizer plant are critical to its financial performance and
    results of operations. Unplanned downtime of the nitrogen
    fertilizer plant may result in lost margin opportunity,
    increased maintenance expense and a temporary increase in
    working capital investment and related inventory position. The
    financial impact of planned downtime, such as major turnaround
    maintenance, is mitigated through a diligent planning process
    that takes into account margin environment, the availability of
    resources to perform the needed maintenance, feedstock logistics
    and other factors. The nitrogen fertilizer plant generally
    undergoes a facility turnaround every two years. The turnaround
    typically lasts
    <FONT style="white-space: nowrap">13-15&#160;days</FONT>
    each turnaround year and costs approximately $3&#160;million to
    $5&#160;million per turnaround. The nitrogen fertilizer plant
    underwent a turnaround in the fourth quarter of 2010, at a cost
    of approximately $3.5&#160;million. The next facility turnaround
    is currently scheduled for the fourth quarter of 2012.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Agreements
    Between CVR Energy and the Partnership</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In connection with our initial public offering and the transfer
    of the nitrogen fertilizer business to the Partnership in
    October 2007, we entered into a number of agreements with the
    Partnership that govern the business relations between the
    parties. These include the pet coke supply agreement mentioned
    above, under which the petroleum business sells pet coke to the
    nitrogen fertilizer business; a services agreement, in which our
    management operates the nitrogen fertilizer business; a
    feedstock and shared services agreement, which governs the
    provision of feedstocks, including hydrogen, high-pressure
    steam, nitrogen, instrument air, oxygen and natural gas; a raw
    water and facilities sharing agreement, which allocates raw
    water resources between the two businesses; an easement
    agreement; an environmental agreement; and a lease agreement
    pursuant to which we lease office space and laboratory space to
    the Partnership. Certain of these agreements were amended
    <FONT style="white-space: nowrap">and/or</FONT>
    restated in connection with the Offering.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The nitrogen fertilizer business obtains most (over 70% on
    average during the last five years) of the pet coke it needs
    from our adjacent crude oil refinery pursuant to the pet coke
    supply agreement, and procures the remainder on the open market.
    The price the nitrogen fertilizer business pays pursuant to the
    pet coke supply agreement is based on the lesser of a pet coke
    price derived from the price received for UAN, or the UAN-based
    price, and a pet coke price index. The UAN-based price begins
    with a pet coke price of $25 per ton based on a price per ton
    for UAN (exclusive of transportation cost), or netback price, of
    $205 per ton, and adjusts up or down $0.50 per ton for every
    $1.00 change in the netback price. The UAN-based price has a
    ceiling of $40 per ton and a floor of $5 per ton.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Vitol
    Agreement</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    On March&#160;30, 2011, CRRM and Vitol Inc. (&#147;Vitol&#148;)
    entered into a Crude Oil Supply Agreement (the &#147;Vitol
    Agreement&#148;). This agreement replaced the previous supply
    agreement between CRRM and Vitol dated December&#160;2, 2008, as
    amended, which was terminated by Vitol and CRRM on
    March&#160;30, 2011.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Vitol Agreement provides that CRRM will continue to obtain
    all of the crude oil for CRRM&#146;s refinery through Vitol,
    other than the crude oil gathered by us from Kansas, Missouri,
    North Dakota and Oklahoma, Wyoming and all adjacent states. CRRM
    and Vitol will continue to work together to identify crude
</DIV>
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    oil and pricing terms that meet CRRM&#146;s crude oil
    requirements. CRRM
    <FONT style="white-space: nowrap">and/or</FONT> Vitol
    will negotiate the costs of each barrel of crude oil that is
    purchased from third-party crude oil suppliers. Vitol purchases
    all such crude oil, executes all third-party sourcing
    transactions and provides transportation and other logistical
    services for the subject crude oil. Vitol then sells such crude
    oil and delivers the same to CRRM. Title and risk of loss for
    all crude oil purchased by CRRM through the Vitol Agreement
    passes to CRRM upon delivery to the Company&#146;s Broome
    Station, located near Caney, Kansas. CRRM generally pays Vitol a
    fixed origination fee per barrel over the negotiated cost of
    each barrel purchased. The Vitol Agreement commenced
    March&#160;30, 2011 and extends for an initial term ending
    December&#160;31, 2013, but also allows for automatic renewal
    for successive one-year terms.
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Factors
    Affecting Comparability of Our Financial Results</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Our historical results of operations for the periods presented
    may not be comparable with prior periods or to our results of
    operations in the future for the reasons discussed below.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Refinancing
    and Prior Indebtedness</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    On February&#160;22, 2011, CRLLC entered into a
    $250.0&#160;million asset-backed revolving credit agreement
    (&#147;ABL credit facility&#148;). The ABL credit facility
    replaced the first priority credit facility which was
    terminated. As a result of the termination of the first priority
    credit facility, we wrote-off a portion of our previously
    deferred financing costs of approximately $1.9&#160;million.
    This write-off is reflected on the Condensed Consolidated
    Statements of Operations as a loss on extinguishment of debt for
    the three months ended March&#160;31, 2011. In connection with
    the ABL credit facility, CRLLC incurred approximately
    $5.0&#160;million of fees that were deferred and are to be
    amortized over the term of the credit facility on a
    straight-line basis.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In January 2010, we made a voluntary unscheduled principal
    payment of $20.0&#160;million on our tranche&#160;D term loans.
    In addition, we made a second voluntary unscheduled principal
    payment of $5.0&#160;million in February 2010, reducing our
    tranche&#160;D term loans&#146; outstanding principal balance to
    $453.3&#160;million. In connection with these voluntary
    prepayments, we paid a 2.0% premium totaling $0.5&#160;million
    to the lenders of our first priority credit facility. In April
    2010, we paid off the remaining $453.0&#160;million
    tranche&#160;D term loans. This payoff was made possible by the
    issuance of $275.0&#160;million aggregate principal amount of
    9.0% First Lien Senior Secured Notes due 2015 (the &#147;First
    Lien Notes&#148;) and $225.0&#160;million aggregate principal
    amount of 10.875% Second Lien Senior Secured Notes due 2017 (the
    &#147;Second Lien Notes&#148; and together with the First Lien
    Notes, the &#147;Notes&#148;). In connection with the payoff, we
    paid a 2.0% premium totaling approximately $9.1&#160;million.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    On March&#160;12, 2010, CRLLC entered into a fourth amendment to
    its first priority credit facility. The amendment, among other
    things, provided CRLLC the opportunity to issue junior lien
    debt, subject to certain conditions, including, but not limited
    to, a requirement that 100% of the proceeds be used to prepay
    the tranche&#160;D term loans. The amendment also provided CRLLC
    the ability to issue up to $350.0&#160;million of first lien
    debt, subject to certain conditions, including, but not limited
    to, a requirement that 100% of the proceeds be used to prepay
    all of the remaining tranche&#160;D term loans.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In connection with the fourth amendment, CRLLC incurred lender
    fees of approximately $4.5&#160;million. These fees were
    recorded as deferred financing costs in the first quarter of
    2010. In addition, CRLLC incurred third party costs of
    approximately $1.5&#160;million primarily consisting of
    administrative and legal costs. Of the third party costs
    incurred we expensed $1.1&#160;million in 2010 and the remaining
    $0.4&#160;million was recorded as additional deferred financing
    costs.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    On April&#160;13, 2011, CRNF, as borrower, and the Partnership,
    as guarantor, entered into a new credit facility with a group of
    lenders. The credit facility includes a term loan facility of
    $125.0&#160;million and a revolving credit facility of
    $25.0&#160;million with an uncommitted incremental facility of
    up to $50.0&#160;million. There is no scheduled amortization and
    the credit facility matures in April 2016. The Partnership, upon
    the closing of the credit facility, made a special distribution
    of approximately $87.2&#160;million to CRLLC, in order to, among
    other things, fund the offer to purchase CRLLC&#146;s senior
    secured notes required upon consummation
</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    of the Offering. The credit facility will be used to finance
    on-going working capital, capital expenditures, letter of credit
    issuances and general needs of CRNF.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Share-Based
    Compensation</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Through a wholly-owned subsidiary, we have two Phantom Unit
    Appreciation Plans (the &#147;Phantom Unit Plans&#148;) whereby
    directors, employees, and service providers may be awarded
    phantom points at the discretion of the board of directors or
    the compensation committee. We account for awards under our
    Phantom Unit Plans as liability based awards. In accordance with
    FASB ASC 718, <I>Compensation&#160;&#151; Stock Compensation,
    </I>the expense associated with these awards is based on the
    current fair value of the awards which was derived from a
    probability-weighted expected return method. The
    probability-weighted expected return method involves a
    forward-looking analysis of possible future outcomes, the
    estimation of ranges of future and present value under each
    outcome, and the application of a probability factor to each
    outcome in conjunction with the application of the current value
    of our common stock price with a Black-Scholes option pricing
    formula, as remeasured at each reporting date until the awards
    are settled.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Also, in conjunction with the initial public offering in October
    2007, the override units of CALLC were modified and split evenly
    into override units of CALLC and CALLC II. As a result of the
    modification, the awards were no longer accounted for as
    employee awards and became subject to an accounting standard
    issued by the FASB which provides guidance regarding the
    accounting treatment by an investor for stock-based compensation
    granted to employees of an equity method investee. In addition,
    these awards are subject to an accounting standard issued by the
    FASB which provides guidance regarding the accounting treatment
    for equity instruments that are issued to other than employees
    for acquiring or in conjunction with selling goods or services.
    In accordance with this accounting guidance, the expense
    associated with the awards is based on the current fair value of
    the awards which is derived under the same methodology as the
    Phantom Unit Plans, as remeasured at each reporting date until
    the awards vest. Certain override units were fully vested during
    the second quarter of 2010. Subsequent to the second quarter of
    2010, there was no additional expense incurred with respect to
    these awards. For the three months ended March&#160;31, 2011 and
    2010, we increased compensation expense by $16.9&#160;million
    and $7.1&#160;million, respectively, as a result of the phantom
    and override unit share-based compensation awards. We expect to
    incur additional incremental share-based compensation expense
    with respect to unvested override units and phantom awards to
    the extent our common stock price increases.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Through the Company&#146;s Long-Term Incentive Plan, shares of
    non-vested common stock may be awarded to the Company&#146;s
    employees, officers, consultants, advisors and directors.
    Non-vested shares, when granted, are valued at the closing
    market price of CVR&#146;s common stock and the date of issuance
    and amortized to compensation expense on a straight-line basis
    over the vesting period of the stock. For the three months ended
    March&#160;31, 2011 and 2010, we incurred compensation expense
    of $2.2&#160;million and $0.2&#160;million, respectively,
    related to non-vested share-based compensation awards.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Fertilizer
    Plant Property Taxes</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The nitrogen fertilizer plant received a ten year tax abatement
    from Montgomery County, Kansas in connection with its
    construction that expired on December&#160;31, 2007. In
    connection with the expiration of the abatement, the county
    reassessed the nitrogen fertilizer plant and classified the
    nitrogen fertilizer plant as almost entirely real property
    instead of almost entirely personal property. The reassessment
    has resulted in an increase to annual property tax liability for
    the plant by an average of approximately $10.7&#160;million per
    year for the years ended December&#160;31, 2008 and
    December&#160;31, 2009, and approximately $11.7&#160;million for
    the year ended December&#160;31, 2010. We do not agree with the
    county&#146;s classification of the nitrogen fertilizer plant
    and are currently disputing it before the Kansas Court of Tax
    Appeals (&#147;COTA&#148;). However, we have fully accrued and
    paid the property taxes the county claims are owed for the years
    ended December&#160;31, 2010, 2009 and 2008. The first payment
    in respect of CRNF&#146;s 2010 property taxes was paid in
    December 2010 and the second payment was paid in May 2011. These
    amounts are reflected as a direct operating expense in the
    nitrogen fertilizer business&#146; financial results. An
    evidentiary hearing before COTA occurred during the first
    quarter of 2011 regarding our property tax claims for the year
    ended December&#160;31, 2008. We believe COTA is likely to
</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    issue a ruling sometime during 2011. However, the timing of a
    ruling in the case is uncertain, and there can be no assurance
    we will receive a ruling in 2011. If we are successful in having
    the nitrogen fertilizer plant reclassified as personal property,
    in whole or in part, a portion of the accrued and paid expenses
    would be refunded to the nitrogen fertilizer business, which
    could have a material positive effect on its results of
    operations. If we are not successful in having the nitrogen
    fertilizer plant reclassified as personal property, in whole or
    in part, we expect that the nitrogen fertilizer business will
    pay taxes at or below the elevated rates described above.
</DIV>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Noncontrolling
    Interest</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In connection with the April 2011 initial public offering of the
    Partnership, the noncontrolling interests representing the
    incentive distribution rights (&#147;IDRs&#148;) of the managing
    general partner were purchased by the Partnership and the IDRs
    were subsequently extinguished. The payment for the IDRs was
    paid to owners of CALLC III, which included GS, Kelso and
    members of CVR senior management. As a result of the Offering,
    the Company recorded a noncontrolling interest for the common
    units sold into the public market which represented an
    approximately 30.2% interest in the net book value of the
    Partnership at the time of the Offering. Effective with the
    Offering, CVR Energy&#146;s noncontrolling interest reflected on
    the consolidated balance sheet will be impacted by approximately
    30.2% of the net income of the Partnership and related
    distributions for each future reporting period. The revenue and
    expenses from the Partnership will continue to be consolidated
    with CVR Energy&#146;s statement of operations based upon the
    fact that the general partner is owned by CRLLC, a wholly-owned
    subsidiary of CVR Energy; and therefore has the ability to
    control the activities of the Partnership. However, the
    percentage of ownership held by the public unitholders will be
    reflected as net income attributable to noncontrolling interest
    in our consolidated statement of operations and will reduce
    consolidated net income to derive net income attributable to CVR
    Energy, Inc.
</DIV>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Publicly
    Traded Partnership Expenses</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We expect that our general and administrative expenses will
    increase due to the costs of the Partnership operating as a
    publicly traded company, including costs associated with SEC
    reporting requirements, including annual and quarterly reports
    to unit holders, tax return and
    <FONT style="white-space: nowrap">Schedule&#160;K-1</FONT>
    preparation and distribution, independent auditor fees, investor
    relations activities and registrar and transfer agent fees. We
    estimate that these incremental general and administrative
    expenses will approximate $3.5&#160;million per year, excluding
    the costs associated with the costs of the initial
    implementation of our Sarbanes-Oxley Section&#160;404 internal
    controls review and testing. Our future consolidated financial
    statements will reflect the impact of these expenses, which will
    affect the comparability of its post-offering results with its
    financial statements from periods prior to the completion of the
    initial public offering.
</DIV>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">September
    2010 UAN Vessel Rupture</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    On September&#160;30, 2010, our nitrogen fertilizer plant
    experienced an interruption in operations due to a rupture of a
    high-pressure UAN vessel. All operations at the nitrogen
    fertilizer facility were immediately shut down. No one was
    injured in the incident. The nitrogen fertilizer facility had
    previously scheduled a major turnaround to begin on
    October&#160;5, 2010. To minimize disruption and impact to the
    production schedule, the turnaround was accelerated. The
    turnaround was completed on October&#160;29, 2010 with the
    gasification and ammonia units in operation. The fertilizer
    facility restarted production of UAN on November&#160;16, 2010
    and as of December&#160;31, 2010 repairs to the facility as a
    result of the rupture were substantially complete. Besides
    adversely impacting UAN sales in the fourth quarter of 2010, the
    outage caused us to shift delivery of lower priced tons from the
    fourth quarter of 2010 to the first and second quarters of 2011.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Total gross costs recorded as of March&#160;31, 2011 due to the
    incident were approximately $10.9&#160;million for repairs and
    maintenance and other associated costs. We recorded an insurance
    receivable of $4.5&#160;million under the property damage
    coverage of which approximately $4.3&#160;million of insurance
    proceeds were received as of December&#160;31, 2010 and the
    remaining $0.2&#160;million was received in January 2011. Of the
    costs incurred, approximately $4.5&#160;million were
    capitalized. We also recognized income of approximately
    $2.9&#160;million from our business interruption insurance
    policy in the first quarter of 2011. We received approximately
    $2.3&#160;million related to the business interruption claim and
    received the remaining $0.6&#160;million in April 2011.
</DIV>
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    <BR>
    41
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Distributions
    to Unitholders</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Following the initial public offering, the Partnership intends
    to make cash distributions of all available cash it generates
    each quarter beginning with the quarter ending June&#160;30,
    2011, covering April&#160;13, 2011, the closing of its initial
    public offering through June&#160;30, 2011. Available cash for
    each quarter will be determined by the Partnership&#146;s board
    of directors of its general partner following the end of such
    quarter. We expect that available cash for each quarter will
    generally equal the Partnership&#146;s cash flow from operations
    for the quarter, less cash needed for maintenance, capital
    expenditures, debt service and other contractual obligations and
    reserves for future operating or capital needs that the board of
    directors of the Partnership&#146;s general partner deems
    necessary or appropriate. However, the board of directors of the
    general partner may modify the cash distribution policy at any
    time and the partnership agreement does not require the
    Partnership to make distributions at all.
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Results
    of Operations</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The following tables summarize the financial data and key
    operating statistics for CVR and our two operating segments for
    the three months ended March&#160;31, 2011 and 2010. The summary
    financial data for our two operating segments does not include
    certain selling, general and administrative expenses and
    depreciation and amortization related to our corporate offices.
    The following data should be read in conjunction with our
    condensed consolidated financial statements and the notes
    thereto included elsewhere in this
    <FONT style="white-space: nowrap">Form&#160;10-Q.</FONT>
    All information in &#147;Management&#146;s Discussion and
    Analysis of Financial Condition and Results of Operations,&#148;
    except for the balance sheet data as of December&#160;31, 2010,
    is unaudited.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="71%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="10%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="10%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="center" valign="bottom">
    <B>Three Months Ended<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>March&#160;31,</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Consolidated Statement of Operations Data</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2011</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2010</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="center" valign="bottom">
    <B>(unaudited)<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="center" valign="bottom">
    <B>(in millions, except share data)</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Net sales
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,167.3
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    894.5
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Cost of product sold(1)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    936.8
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    802.9
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Direct operating expenses(1)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    68.3
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    60.6
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Insurance recovery&#160;&#151; business interruption
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (2.9
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Selling, general and administrative expenses(1)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    33.4
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    21.3
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Net costs associated with flood
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.1
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Depreciation and amortization(2)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    22.0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    21.3
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Operating income (loss)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    109.6
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (11.6
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Other income, net
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.5
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.4
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Interest expense and other financing costs
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (13.2
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (9.9
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Gain (loss) on derivatives, net
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (22.1
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.5
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Loss on extinguishment of debt
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (1.9
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (0.5
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Income (loss) before income tax expense (benefit)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    72.9
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (20.1
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Income tax expense (benefit)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    27.1
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (7.7
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Net income (loss)(3)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    45.8
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (12.4
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Basic earnings (loss) per share
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    0.53
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (0.14
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Diluted earnings (loss) per share
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    0.52
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (0.14
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Weighted-average common shares outstanding:
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Basic
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    86,413,781
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    86,329,237
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Diluted
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    87,783,857
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    86,329,237
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    42
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y91213tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="67%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="6%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="7%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="7%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>As of March&#160;31,<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>As of December&#160;31,<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2011</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2010</B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>(unaudited)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="7" align="center" valign="bottom">
    <B>(in millions)</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Balance Sheet Data</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Cash and cash equivalents
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    165.9
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    200.0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Working capital
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    402.2
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    333.6
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Total assets
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,892.0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,740.2
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Total debt, including current portion
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    470.6
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    477.0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Total CVR stockholders&#146; equity
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    743.2
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    689.6
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="81%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="3%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="3%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="7" nowrap align="center" valign="bottom">
    <B>Three Months Ended<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="7" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>March&#160;31,</B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2011</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2010</B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="7" nowrap align="center" valign="bottom">
    <B>(unaudited)<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="7" nowrap align="center" valign="bottom">
    <B>(in millions)</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Cash Flow Data</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Net cash flow provided by (used in):
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Operating activities
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (16.0
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    43.4
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Investing activities
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (7.1
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (11.4
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Financing activities
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (11.1
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (31.4
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Other Financial Data</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Capital expenditures for property, plant and equipment
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    7.3
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    11.4
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Depreciation and amortization
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    22.0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    21.3
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    (1) </TD>
    <TD></TD>
    <TD valign="bottom">
    Amounts are shown exclusive of depreciation and amortization.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (2) </TD>
    <TD></TD>
    <TD valign="bottom">
    Depreciation and amortization is comprised of the following
    components as excluded from cost of product sold, direct
    operating expenses and selling, general and administrative
    expenses:</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="79%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="center" valign="bottom">
    <B>Three Months Ended<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>March&#160;31,</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2011</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2010</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="center" valign="bottom">
    <B>(unaudited)<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="center" valign="bottom">
    <B>(in millions)</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Depreciation and amortization excluded from cost of product sold
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    0.6
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    0.8
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Depreciation and amortization excluded from direct operating
    expenses
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    20.9
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    20.0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Depreciation and amortization excluded from selling, general and
    administrative expenses
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.5
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.5
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Total depreciation and amortization
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    22.0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    21.3
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    (3) </TD>
    <TD></TD>
    <TD valign="bottom">
    The following are certain charges and costs incurred in each of
    the relevant periods that are meaningful to understanding our
    net income and in evaluating our performance:</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="81%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="3%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="3%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="7" nowrap align="center" valign="bottom">
    <B>Three Months Ended<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="7" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>March&#160;31,</B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2011</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2010</B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="7" nowrap align="center" valign="bottom">
    <B>(unaudited)<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="7" nowrap align="center" valign="bottom">
    <B>(in millions)</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Loss on extinguishment of debt(a)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1.9
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    0.5
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Letter of credit expense and interest rate swap not included in
    interest expense(b)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.8
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2.3
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Share-based compensation expense(c)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    19.1
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    7.3
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Major scheduled turnaround expense(d)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3.1
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    43
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y91213tocpage">Table of Contents</A></H5><P>

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<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="3%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    (a)&#160;
</TD>
    <TD align="left">
    On February&#160;22, 2011, CRLLC entered into a
    $250.0&#160;million ABL credit facility, as described in further
    detail below. The ABL credit facility replaced the first
    priority credit facility which was terminated. As a result of
    the termination of the first priority credit facility we
    wrote-off a portion of our previously deferred financing costs
    of approximately $1.9&#160;million. In January 2010, we made a
    voluntary unscheduled principal payment of $20.0&#160;million on
    our tranche&#160;D term loans. In addition, we made a second
    voluntary unscheduled principal payment of $5.0&#160;million in
    February 2010. In connection with these voluntary prepayments,
    we paid a 2.0% premium totaling $0.5&#160;million to the lenders
    of our first priority credit facility.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="4%"></TD>
    <TD width="92%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    (b)&#160;
</TD>
    <TD align="left">
    Consists of fees which are expensed to selling, general and
    administrative expenses in connection with letters of credit
    outstanding.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="3%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    (c)&#160;
</TD>
    <TD align="left">
    Represents the impact of share-based compensation awards.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="4%"></TD>
    <TD width="92%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    (d)&#160;
</TD>
    <TD align="left">
    Represents expenses associated with a major scheduled turnaround
    at the nitrogen fertilizer plant and our refinery.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Petroleum
    Business Results of Operations</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The following tables below provide an overview of the petroleum
    business&#146; results of operations, relevant market indicators
    and its key operating statistics:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="83%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="center" valign="bottom">
    <B>Three Months<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Ended March&#160;31,</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2011</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2010</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="center" valign="bottom">
    <B>(unaudited)<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="center" valign="bottom">
    <B>(in millions)</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B><U>Petroleum Business Financial Results</U></B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Net sales
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,111.3
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    856.7
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Cost of product sold(1)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    930.3
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    799.0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Direct operating expenses(1)(2)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    45.3
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    38.4
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Net costs associated with flood
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.1
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Depreciation and amortization
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    16.9
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    16.1
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Gross profit(3)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    118.7
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    3.2
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Plus direct operating expenses(1)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    45.3
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    38.4
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Plus net costs associated with flood
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.1
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Plus depreciation and amortization
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    16.9
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    16.1
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Refining margin(4)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    181.0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    57.7
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Operating income (loss)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    105.7
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (7.1
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Adjusted Petroleum EBITDA(5)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    91.7
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (4.4
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="81%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="3%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="3%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="7" nowrap align="center" valign="bottom">
    <B>Three Months<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="7" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Ended March&#160;31,</B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2011</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2010</B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="7" nowrap align="center" valign="bottom">
    <B>(unaudited)<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="7" nowrap align="center" valign="bottom">
    <B>(in millions)</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B><U>Key Operating Statistics</U></B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Per crude oil throughput barrel:
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Refining margin(4)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    20.38
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    6.10
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Gross profit(3)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    13.36
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    0.34
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Direct operating expenses(1)(2)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    5.10
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    4.06
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Direct operating expenses per barrel sold(1)(6)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    4.88
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    3.63
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Barrels sold (barrels per day)(6)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    103,200
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    117,556
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    44
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y91213tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="65%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="14" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Three Months Ended March&#160;31,</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2011</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2010</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>%</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>%</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B><U>Refining Throughput and Production Data (bpd)</U></B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Throughput:
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Sweet
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    79,924
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    75.7
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    84,867
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    75.0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Light/medium sour
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    599
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.6
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    7,527
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6.6
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Heavy sour
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    18,161
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    17.2
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    12,746
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    11.3
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    Total crude oil throughput
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    98,684
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    93.5
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    105,140
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    92.9
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    All other feedstocks and blendstocks
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6,873
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6.5
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    7,980
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    7.1
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    Total throughput
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    105,557
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    100.0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    113,120
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    100.0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Production:
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Gasoline
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    49,610
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    46.9
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    59,036
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    51.6
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Distillate
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    42,876
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    40.6
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    45,234
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    39.5
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Other (excluding internally produced fuel)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    13,200
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    12.5
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    10,184
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    8.9
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    Total refining production (excluding internally produced fuel)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    105,686
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    100.0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    114,454
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    100.0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Product price (dollars per gallon):
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Gasoline
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    2.65
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    2.04
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Distillate
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    2.90
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    2.05
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="81%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="3%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="3%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="7" nowrap align="center" valign="bottom">
    <B>Three Months Ended<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="7" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>March&#160;31,</B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2011</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2010</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B><U>Market Indicators (dollars per barrel)</U></B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    West Texas Intermediate (WTI) NYMEX
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    94.60
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    78.88
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Crude Oil Differentials:
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    WTI less WTS (light/medium sour)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4.10
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.89
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    WTI less WCS (heavy sour)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    21.95
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    10.47
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    NYMEX Crack Spreads:
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Gasoline
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    18.03
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    9.72
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Heating Oil
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    23.94
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    7.24
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    NYMEX 2-1-1 Crack Spread
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    20.99
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    8.48
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    PADD II Group 3 Basis:
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Gasoline
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (2.05
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (2.73
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Ultra Low Sulfur Diesel
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.15
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (0.36
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    PADD II Group 3 Product Crack:
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Gasoline
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    15.98
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6.99
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Ultra Low Sulfur Diesel
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25.10
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6.88
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    PADD II Group 3 2-1-1
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    20.54
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6.93
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    (1) </TD>
    <TD></TD>
    <TD valign="bottom">
    Amounts are shown exclusive of depreciation and amortization.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (2) </TD>
    <TD></TD>
    <TD valign="bottom">
    Direct operating expense is presented on a per crude oil
    throughput basis. In order to derive the direct operating
    expenses per crude oil throughput barrel, we utilize the total
    direct operating expenses, which does not include depreciation
    or amortization expense, and divide by the applicable number of
    crude oil throughput barrels for the period.</TD>
</TR>

</TABLE>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    45
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y91213tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    (3) </TD>
    <TD></TD>
    <TD valign="bottom">
    In order to derive the gross profit per crude oil throughput
    barrel, we utilize the total dollar figures for gross profit as
    derived above and divide by the applicable number of crude oil
    throughput barrels for the period.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (4) </TD>
    <TD></TD>
    <TD valign="bottom">
    Refining margin per crude oil throughput barrel is a measurement
    calculated as the difference between net sales and cost of
    product sold (exclusive of depreciation and amortization).
    Refining margin is a non-GAAP measure that we believe is
    important to investors in evaluating our refinery&#146;s
    performance as a general indication of the amount above our cost
    of product sold that we are able to sell refined products. Each
    of the components used in this calculation (net sales and cost
    of product sold (exclusive of depreciation and amortization))
    are taken directly from our Condensed Statement of Operations.
    Our calculation of refining margin may differ from similar
    calculations of other companies in our industry, thereby
    limiting its usefulness as a comparative measure. In order to
    derive the refining margin per crude oil throughput barrel, we
    utilize the total dollar figures for refining margin as derived
    above and divide by the applicable number of crude oil
    throughput barrels for the period. We believe that refining
    margin and refining margin per crude oil throughput barrel is
    important to enable investors to better understand and evaluate
    our ongoing operating results and allow for greater transparency
    in the review of our overall financial, operational and economic
    performance.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (5) </TD>
    <TD></TD>
    <TD valign="bottom">
    Adjusted Petroleum EBITDA represents operating income adjusted
    for FIFO impacts (favorable) unfavorable, share-based
    compensation, major scheduled turnaround expenses, realized gain
    (loss) on derivatives, net, depreciation and amortization and
    other income (expense). Adjusted EBITDA by operating segment
    results from operating income by segment adjusted for items that
    we believe are needed in order to evaluate results in a more
    comparative analysis from period to period. Adjusted EBITDA by
    operating segment is not a recognized term under GAAP and should
    not be substituted for operating income as a measure of
    performance but should be utilized as a supplemental measure of
    performance in evaluating our business. Management believes that
    adjusted EBITDA by operating segment provides relevant and
    useful information that enables investors to better understand
    and evaluate our ongoing operating results and allows for
    greater transparency in the reviewing of our overall financial,
    operational and economic performance. Below is a reconciliation
    of operating income to adjusted EBITDA for the petroleum segment
    for the three months ended March&#160;31, 2011 and 2010:</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="76%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="center" valign="bottom">
    <B>Three Months Ended<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>March&#160;31,</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2011</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2010</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="center" valign="bottom">
    <B>(unaudited) </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="center" valign="bottom">
    <B>(in millions)</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Petroleum:</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Petroleum operating income
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    105.7
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (7.1
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    FIFO impacts (favorable), unfavorable(a)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (21.9
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (15.7
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Share-based compensation
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6.6
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2.1
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Major scheduled turnaround expenses(b)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3.1
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Realized gain (loss) on derivatives, net
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (18.8
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.1
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Depreciation and amortization
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    16.9
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    16.1
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Other income (expense)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.1
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.1
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Adjusted Petroleum EBITDA
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    91.7
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (4.4
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

<TR>
    <TD width="7%"></TD>
    <TD width="1%"></TD>
    <TD width="92%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    (a) </TD>
    <TD></TD>
    <TD valign="bottom">
    FIFO is the petroleum business&#146; basis for determining
    inventory value on a GAAP basis. Changes in crude oil prices can
    cause fluctuations in the inventory valuation of our crude oil,
    work in process and finished goods thereby resulting in
    favorable FIFO impacts when crude oil prices increase and
    unfavorable FIFO impacts when crude oil prices decrease. The
    FIFO impact is calculated based upon inventory values at the
    beginning of the accounting period and at the end of the
    accounting period. In order to derive the FIFO impact per crude
    oil throughput barrel, we utilize the total dollar figures for
    the FIFO impact and divide by the number of crude oil throughput
    barrels for the period.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (b) </TD>
    <TD></TD>
    <TD valign="bottom">
    Represents expense associated with a major scheduled turnaround
    at our refinery.</TD>
</TR>

</TABLE>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    46
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y91213tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

<TR>
    <TD width="7%"></TD>
    <TD width="1%"></TD>
    <TD width="92%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    (6) </TD>
    <TD></TD>
    <TD valign="bottom">
    Direct operating expense is presented on a per barrel sold
    basis. Barrels sold are derived from the barrels produced and
    shipped from the refinery. We utilize the total direct operating
    expenses, which does not include depreciation or amortization
    expense, and divide by the applicable number of barrels sold for
    the period to derive the metric.</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Nitrogen
    Fertilizer Business Results of Operations</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The tables below provide an overview of the nitrogen fertilizer
    business&#146; results of operations, relevant market indicators
    and key operating statistics:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="78%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="3%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="3%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="7" nowrap align="center" valign="bottom">
    <B>Three Months Ended<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="7" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>March&#160;31,</B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Nitrogen Fertilizer Business Financial Results</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2011</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2010</B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="7" nowrap align="center" valign="bottom">
    <B>(unaudited) </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="7" nowrap align="center" valign="bottom">
    <B>(in millions)</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Net sales
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    57.4
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    38.3
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Cost of product sold(1)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    7.5
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5.0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Direct operating expenses(1)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    23.0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    22.2
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Insurance recovery&#160;&#151; business interruption
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (2.9
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Net costs associated with flood
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Depreciation and amortization
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4.6
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4.7
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Operating income (loss)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    16.8
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    3.0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Adjusted Nitrogen Fertilizer EBITDA(2)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    25.9
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    8.8
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="76%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="center" valign="bottom">
    <B>Three Months Ended<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>March&#160;31,</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Key Operating Statistics</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2011</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2010</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Production (thousand tons):
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Ammonia (gross produced)(3)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    105.3
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    105.1
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Ammonia (net available for sale)(3)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    35.2
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    38.2
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    UAN
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    170.6
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    163.8
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Pet coke consumed (thousand tons)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    124.1
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    117.7
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Pet coke (cost per ton)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    15
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    14
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Sales (thousand tons)(4):
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Ammonia
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    27.3
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    31.2
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    UAN
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    179.3
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    155.8
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    Total sales
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    206.6
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    187.0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Product pricing (plant gate) (dollars per ton)(4):
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Ammonia
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    564
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    282
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    UAN
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    207
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    167
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    On-stream factor(5):
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Gasification
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    100.0
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    96.0
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Ammonia
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    96.7
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    94.2
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    UAN
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    93.2
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    90.6
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Reconciliation to net sales (dollars in millions):
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Freight in revenue
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    4.8
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    3.5
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Hydrogen revenue
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Sales net plant gate
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    52.6
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    34.8
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    Total net sales
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    57.4
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    38.3
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    47
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y91213tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="81%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="3%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="3%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="7" nowrap align="center" valign="bottom">
    <B>Three Months Ended<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="7" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>March&#160;31,</B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Market Indicators</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2011</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2010</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Natural gas NYMEX (dollars per MMBtu)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    4.20
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    4.99
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Ammonia&#160;&#151; Southern Plains (dollars per ton)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    605
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    330
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    UAN&#160;&#151; Mid Cornbelt (dollars per ton)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    349
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    245
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    (1) </TD>
    <TD></TD>
    <TD valign="bottom">
    Amounts are shown exclusive of depreciation and amortization.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (2) </TD>
    <TD></TD>
    <TD valign="bottom">
    Adjusted Nitrogen Fertilizer EBITDA represents operating income
    adjusted for share-based compensation, major scheduled
    turnaround expenses, depreciation and amortization and other
    income (expense). Adjusted EBITDA by operating segment results
    from operating income by segment adjusted for items that we
    believe are needed in order to evaluate results in a more
    comparative analysis from period to period. Adjusted EBITDA by
    operating segment is not a recognized term under GAAP and should
    not be substituted for operating income as a measure of
    performance but should be utilized as a supplemental measure of
    performance in evaluating our business. Management believes that
    adjusted EBITDA by operating segment provides relevant and
    useful information that enables investors to better understand
    and evaluate our ongoing operating results and allows for
    greater transparency in the reviewing of our overall financial,
    operational and economic performance. Below is a reconciliation
    of operating income to adjusted EBITDA for the nitrogen
    fertilizer segment for the three months ended March&#160;31,
    2011 and 2010:</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="79%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="center" valign="bottom">
    <B>Three Months Ended<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>March&#160;31,</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2011</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2010</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="center" valign="bottom">
    <B>(unaudited)</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Nitrogen Fertilizer:</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Nitrogen fertilizer operating income
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    16.8
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    3.0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Share-based compensation
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4.6
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.1
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Major scheduled turnaround expenses
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Depreciation and amortization
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4.6
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4.7
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Other income (expense)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (0.1
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Adjusted Nitrogen Fertilizer EBITDA
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    25.9
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    8.8
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    (3) </TD>
    <TD></TD>
    <TD valign="bottom">
    The gross tons produced for ammonia represent the total ammonia
    produced, including ammonia produced that was upgraded into UAN.
    The net tons available for sale represent the ammonia available
    for sale that was not upgraded into UAN.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (4) </TD>
    <TD></TD>
    <TD valign="bottom">
    Plant gate sales per ton represent net sales less freight and
    hydrogen revenue divided by product sales volume in tons in the
    reporting period. Plant gate pricing per ton is shown in order
    to provide a pricing measure that is comparable across the
    fertilizer industry.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (5) </TD>
    <TD></TD>
    <TD valign="bottom">
    On-stream factor is the total number of hours operated divided
    by the total number of hours in the reporting period.</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Three
    Months Ended March&#160;31, 2011 Compared to the Three Months
    Ended March&#160;31, 2010</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <I><FONT style="font-family: 'Times New Roman', Times">Consolidated
    Results of Operations</FONT></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><I>Net Sales.</I></B>&#160;&#160;Consolidated net sales were
    $1,167.3&#160;million for the three months ended March&#160;31,
    2011 compared to $894.5&#160;million for the three months ended
    March&#160;31, 2010. The increase of $272.8&#160;million for the
    three months ended March&#160;31, 2011 as compared to the three
    months ended March&#160;31, 2010 was due to an increase in
    petroleum net sales of approximately $254.6&#160;million that
    resulted primarily from higher product prices. The reduction in
    petroleum sales volumes was the result of reduced crude oil
    throughput in January 2011, due to the equipment malfunction and
    small fire in connection with the FCCU that occurred on
    December&#160;28, 2010. The average sales price for gasoline was
    $2.65 per gallon and distillate was $2.90 per gallon for the
    three months ended March&#160;31, 2011. Gasoline and distillate
    prices per gallon increased
</DIV>
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    48
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    approximately 29.6% and 41.4%, respectively, for the three
    months ended March&#160;31, 2011 compared to the three months
    ended March&#160;31, 2010. The increase in petroleum sales were
    coupled with an increase in nitrogen fertilizer net sales of
    $19.1&#160;million for the three months ended March&#160;31,
    2011 as compared to the three months ended March&#160;31, 2010.
    The increase in nitrogen net sales was primarily due to higher
    average plant gate prices coupled with higher overall sales
    volume.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><I>Cost of Product Sold (Exclusive of Depreciation and
    Amortization).</I></B>&#160;&#160;Consolidated cost of product
    sold (exclusive of depreciation and amortization) was
    $936.8&#160;million for the three months ended March&#160;31,
    2011 as compared to $802.9&#160;million for the three months
    ended March&#160;31, 2010. The increase of $133.9&#160;million
    for the three months ended March&#160;31, 2011 as compared to
    the three months ended March&#160;31, 2010 primarily resulted
    from an increase in crude oil prices. On a
    <FONT style="white-space: nowrap">quarter-over-quarter</FONT>
    basis, our consumed crude oil costs increased approximately
    $77.4&#160;million. The increase of crude oil costs is primarily
    the result of increased prices offset by a decrease in crude oil
    throughput on a quarter over quarter basis. Consumed crude oil
    cost per barrel increased approximately 18% from an average
    price of $75.91 per barrel for the three months ended
    March&#160;31, 2010 to an average price of $89.60 per barrel for
    the three months ended March&#160;31, 2011. Increases in
    feedstocks other than crude oil resulted in an additional cost
    of product sold of approximately $52.8&#160;million. Effective
    January&#160;1, 2011, our refinery was subject to the provisions
    of the Renewable Fuel Standards, which mandates the use of
    renewable fuels. To meet this mandate, the refinery must either
    blend renewable fuels into gasoline and diesel fuel or purchase
    renewable energy credits, known as Renewable Identification
    Numbers (RINs) in lieu of blending. As a result of this mandate,
    the petroleum business incurred an additional $3.5&#160;million
    of expense for the three months ended March&#160;31, 2011 which
    is reflected in our cost of product sold (exclusive of
    depreciation and amortization). Additionally, the increase in
    cost of product sold (exclusive of depreciation and
    amortization) by the petroleum business was coupled with a
    slight increase of $2.5&#160;million associated with the
    nitrogen fertilizer&#146;s cost of product sold (exclusive of
    depreciation and amortization).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><I>Direct Operating Expenses (Exclusive of Depreciation and
    Amortization).</I></B>&#160;&#160;Consolidated direct operating
    expenses (exclusive of depreciation and amortization) were
    $68.3&#160;million for the three months ended March&#160;31,
    2011 as compared to $60.6&#160;million for the three months
    ended March&#160;31, 2010. This increase of $7.7&#160;million
    for the three months ended March&#160;31, 2011 as compared to
    the three months ended March&#160;31, 2010 was due to an
    increase in petroleum direct operating expenses of
    $6.9&#160;million coupled with an increase in nitrogen
    fertilizer direct operating expenses of approximately
    $0.8&#160;million. The increase was primarily attributable to
    increases in repairs and maintenance ($3.7&#160;million),
    turnaround ($3.0&#160;million), other direct operating expenses
    ($0.7&#160;million) and property taxes ($0.5&#160;million). The
    increase in repairs and maintenance was primarily the result of
    repairs needed for the FCC unit and cooling tower. These
    expenses for the three months ended March&#160;31, 2011 totaled
    approximately $1.9&#160;million net of the insurance receivable
    recorded. Additionally, the petroleum business incurred
    turnaround costs related to work in advance of the major
    scheduled turnaround scheduled to commence in the fourth quarter
    of 2011 and to be completed in the first quarter of 2012. A
    portion of the turnaround work completed was done during
    downtime associated with the FCC unit. These direct operating
    expense increases were partially offset by decreases in expenses
    associated with energy and utilities ($2.1&#160;million),
    refractory brick amortization ($0.4&#160;million) and catalyst
    ($0.2&#160;million). The decrease in energy and utilities was
    primarily the result of lower consumption and reduced prices of
    natural gas used by the petroleum business.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><I>Insurance Recovery&#160;&#151; Business
    Interruption.</I></B>&#160;&#160;During the three months ended
    March&#160;31, 2011, we recorded business interruption
    recoveries of $2.9&#160;million related to the
    September&#160;30, 2010 UAN vessel rupture. As of March&#160;31,
    2011, $2.3&#160;million of the proceeds was received and the
    remaining $0.6&#160;million was received in April 2011.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><I>Selling, General and Administrative Expenses (Exclusive of
    Depreciation and Amortization). </I></B>&#160;&#160;Consolidated
    selling, general and administrative expenses (exclusive of
    depreciation and amortization) were $33.4&#160;million for the
    three months ended March&#160;31, 2011 as compared to $21.3
    million for the three months ended March&#160;31, 2010. This
    variance was primarily the result of an increase in expenses
    associated with share-based compensation ($11.1&#160;million),
    payroll ($0.8 million), bank charges ($0.3&#160;million), and
    asset write-offs ($0.3&#160;million). The increase in our
    share-based compensation expense was the result of an increase
    in our stock price coupled with additional stock based
    compensation awards granted in the fourth quarter of 2010.
</DIV>
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    <BR>
    49
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    These increases were partially offset by a decrease in outside
    services ($0.7&#160;million) and insurance ($0.3 million).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><I>Operating Income (loss).</I></B>&#160;&#160;Consolidated
    operating income was $109.6&#160;million for the three months
    ended March&#160;31, 2011 as compared to an operating loss of
    $11.6&#160;million for the three months ended March&#160;31,
    2010. For the three months ended March&#160;31, 2011 as compared
    to the three months ended March&#160;31, 2010, petroleum
    operating income increased $112.8&#160;million coupled with an
    increase in nitrogen fertilizer operating income of
    $13.8&#160;million. The increase in operating income for both
    the petroleum and nitrogen fertilizer business was the result of
    higher product margins. The refining margin per barrel of crude
    oil throughput increased from $6.10 for the three months ended
    March&#160;31, 2010 compared to $20.38 per barrel for the three
    months ended March&#160;31, 2011. The increase due to favorable
    product margins was partially offset by increases in direct
    operating expenses (exclusive of depreciation and amortization)
    and selling, general and administrative expenses (exclusive of
    depreciation and amortization).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><I>Interest Expense.</I></B>&#160;&#160;Consolidated interest
    expense for the three months ended March&#160;31, 2011 was
    $13.2&#160;million as compared to interest expense of
    $9.9&#160;million for the three months ended March&#160;31,
    2010. This $3.3&#160;million increase for the three months ended
    March&#160;31, 2011 as compared to the three months ended
    March&#160;31, 2010 resulted from the issuance of the Notes on
    April&#160;6, 2010 in an aggregate principal amount of
    $500.0&#160;million. The proceeds from the Notes were utilized
    primarily to pay off our existing tranche&#160;D term debt. The
    $275.0&#160;million in First Lien Notes accrue interest at 9.0%
    and the $225.0&#160;million in Second Lien Notes accrue interest
    at 10.875%. In December 2010, we made a $27.5&#160;million
    payment on the First Lien Notes, thus reducing the principal
    balance outstanding. The weighted average interest rate of the
    Notes for the three months ended March&#160;31, 2011 was
    approximately 9.89%. Interest expense associated with the Notes
    totaled approximately $11.7&#160;million for the three months
    ended March&#160;31, 2011. This compares to interest expense
    associated with our first priority credit facility term loan
    that totaled approximately $10.1&#160;million for the three
    months ended March&#160;31, 2010. This interest expense was
    partially offset by capitalized interest of approximately
    $0.1&#160;million for the three months ended March&#160;31, 2011
    and $0.9&#160;million for the three months ended March&#160;31,
    2010. Also impacting interest expense for the three months ended
    March&#160;31, 2011 is the increased amortization of deferred
    financing costs, and amortization of the original issue discount
    associated with the Notes. Amortization of deferred financing
    costs and original issue discount for the three months ended
    March&#160;31, 2011 totaled $1.0&#160;million compared to the
    amortization of deferred financing costs of $0.5&#160;million
    for the three months ended March&#160;31, 2010.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><I>Gain (loss) on Derivatives, net.</I></B>&#160;&#160;For
    the three months ended March&#160;31, 2011, we recorded a
    $22.1&#160;million loss on derivatives, net compared to a
    $1.5&#160;million gain on derivatives, net for the three months
    ended March&#160;31, 2010. The loss on derivatives, net for the
    three months ended March&#160;31, 2011 as compared to the gain
    on derivatives, net for the three months ended March&#160;31,
    2010 was primarily attributable to our other derivative
    agreements whereby through an
    <FONT style="white-space: nowrap">over-the-counter</FONT>
    market we hedge a portion of our crude oil and finished goods
    inventory positions. These other derivative agreements provided
    a net realized and unrealized loss of approximately
    $22.1&#160;million for the three months ended March&#160;31,
    2011 compared to a net realized and unrealized gain of
    approximately $1.5&#160;million for the three months ended
    March&#160;31, 2010. The
    <FONT style="white-space: nowrap">quarter-over-quarter</FONT>
    impacts of the interest rate swap that expired June&#160;30,
    2010 were nominal. Our other derivative agreements were
    primarily entered into for the purpose of mitigating our risk
    due to the purchase of Canadian crude oil purchased outside our
    intermediation agreement. This Canadian crude oil was purchased
    at a discount to WTI that will be received and processed
    primarily in the second quarter of 2011 whereby the discount
    received will be recognized through cost of product sold
    (exclusive of depreciation and amortization). As a result of the
    new agreement with Vitol effective March&#160;30, 2011, such
    crude oil purchases will no longer be conducted outside the
    framework of the Vitol Agreement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><I>Income Tax Expense (benefit).</I></B>&#160;&#160;Income
    tax expense for the three months ended March&#160;31, 2011 was
    $27.1&#160;million, or 37.2% of income before income tax
    expense, as compared to income tax benefit of $7.7&#160;million,
    or 38.4% of loss before income tax benefit, for the three months
    ended March&#160;31, 2010.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><I>Net Income (loss).</I></B>&#160;&#160;For the three months
    ended March&#160;31, 2011, net income totaled $45.8&#160;million
    as compared to a net loss of $12.4&#160;million for the three
    months ended March&#160;31, 2010. The increase of
</DIV>
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    <BR>
    50
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y91213tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    $58.2&#160;million for the first quarter of 2011 compared to the
    first quarter of 2010 was primarily due to an increase in
    refining margins, nitrogen fertilizer margins and business
    interruption insurance recoveries. These impacts were partially
    offset by an increase in direct operating expenses (exclusive of
    depreciation and amortization), selling, general and
    administrative expenses (exclusive of depreciation and
    amortization), interest expense and a loss on derivatives, net
    in the first quarter of 2011 compared to a gain on derivatives,
    net for the first quarter of 2010.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Petroleum
    Business Results of Operations for the Three Months Ended
    March&#160;31, 2011</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><I>Net Sales.</I></B>&#160;&#160;Petroleum net sales were
    $1,111.3&#160;million for the three months ended March&#160;31,
    2011 compared to $856.7&#160;million for the three months ended
    March&#160;31, 2010. The increase of $254.6&#160;million during
    the three months ended March&#160;31, 2011 as compared to the
    three months ended March&#160;31, 2010 was the result of higher
    product prices partially offset by lower overall sales volumes.
    The reduction in petroleum sales volumes was the result of
    reduced crude oil throughput in January 2011, due to the
    equipment malfunction and small fire in connection with the FCCU
    that occurred on December&#160;28, 2010. Our average sales price
    per gallon for the three months ended March&#160;31, 2011 for
    gasoline of $2.65 and distillate of $2.90 increased by
    approximately 29.6% and 41.4%, respectively, as compared to the
    three months ended March&#160;31, 2010.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="30%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="3%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="3%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="2%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="3%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=06 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=body -->
    <TD width="3%" align="left">&nbsp;</TD>	<!-- colindex=06 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=07 type=gutter -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=07 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=07 type=body -->
    <TD width="2%" align="left">&nbsp;</TD>	<!-- colindex=07 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=08 type=gutterleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=08 type=gutterright -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=08 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=08 type=body -->
    <TD width="2%" align="left">&nbsp;</TD>	<!-- colindex=08 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=09 type=gutter -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=09 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=09 type=body -->
    <TD width="2%" align="left">&nbsp;</TD>	<!-- colindex=09 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=10 type=gutterleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=10 type=gutterright -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=10 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=10 type=body -->
    <TD width="2%" align="left">&nbsp;</TD>	<!-- colindex=10 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=11 type=gutter -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=11 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=11 type=body -->
    <TD width="2%" align="left">&nbsp;</TD>	<!-- colindex=11 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="11" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Three Months Ended March&#160;31, 2011</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="11" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Three Months Ended March&#160;31, 2010</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="7" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Total Variance</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Price<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Volume<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Volume(1)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>$ per barrel</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Sales $(2)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Volume(1)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>$ per barrel</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Sales $(2)</B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Volume(1)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Sales $(2)</B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Variance</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Variance</B>
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="7" align="center" valign="bottom">
    <B>(in millions)</B>
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Gasoline
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5.1
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    111.10
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    571.9
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5.6
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    85.74
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    482.5
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (0.5
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    89.4
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    142.8
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (53.4
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Distillate
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4.0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    121.68
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    483.1
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4.1
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    86.07
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    351.4
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (0.1
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    131.7
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    145.4
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (13.7
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    (1) </TD>
    <TD></TD>
    <TD valign="bottom">
    Barrels in millions</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (2) </TD>
    <TD></TD>
    <TD valign="bottom">
    Sales dollars in millions</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><I>Cost of Product Sold (Exclusive of Depreciation and
    Amortization).</I></B>&#160;&#160;Cost of product sold
    (exclusive of depreciation and amortization) includes cost of
    crude oil, other feedstocks and blendstocks, purchased products
    for resale, transportation and distribution costs. Petroleum
    cost of product sold (exclusive of depreciation and
    amortization) was $930.3&#160;million for the three months ended
    March&#160;31, 2011 compared to $799.0&#160;million for the
    three months ended March&#160;31, 2010. The increase of
    $131.3&#160;million during the three months ended March&#160;31,
    2011 as compared to the three months ended March&#160;31, 2010
    was primarily the result of a significant increase in crude oil
    prices. Our average cost per barrel of crude oil consumed for
    the three months ended March&#160;31, 2011 was $89.60 compared
    to $75.91 for the comparable period of 2010, an increase of
    approximately 18.0%. Sales volume of refined fuels decreased by
    approximately 4.9% for the three months ended March&#160;31,
    2011 as compared to the three months ended March&#160;31, 2010.
    The impact of FIFO accounting also impacted cost of product sold
    during the comparable periods. Under our FIFO accounting method,
    changes in crude oil prices can cause fluctuations in the
    inventory valuation of our crude oil, work in process and
    finished goods, thereby resulting in a favorable FIFO inventory
    impact when crude oil prices increase and an unfavorable FIFO
    inventory impact when crude oil prices decrease. For the three
    months ended March&#160;31, 2011, we had a favorable FIFO
    inventory impact of $21.9&#160;million compared to a favorable
    FIFO inventory impact of $15.7&#160;million for the comparable
    period of 2010.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Refining margin per barrel of crude oil throughput increased
    from $6.10 for the three months ended March&#160;31, 2010 to
    $20.38 for the three months ended March&#160;31, 2011. Refining
    margin adjusted for FIFO impact was $17.91 per crude oil
    throughput barrel for the three months ended March&#160;31,
    2011, as compared to $4.44 per crude oil throughput barrel for
    the three months ended March&#160;31, 2010. Gross profit per
    barrel increased to $13.36 for the three months ended
    March&#160;31, 2011 as compared to gross profit per barrel of
    $0.34 in the equivalent period in 2010. The increase of our
    refining margin per barrel is due to an increase in the average
    sales prices of our produced gasoline and distillates, partially
    offset by an increase in our cost of consumed crude oil. Our
    average sales price of gasoline increased approximately 29.6%
    and our average sales price for distillates increased
    approximately 41.4% for the three months ended March&#160;31,
    2011 over the comparable period of 2010. Consumed crude oil
    costs rose due to a 19.9% increase in WTI for the three months
    ended March&#160;31, 2011 over the three months ended
    March&#160;31, 2010.
</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    51
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y91213tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Effective January&#160;1, 2011, our refinery was subject to the
    provisions of the Renewable Fuel Standards, which mandates the
    use of renewable fuels. To meet this mandate we must either
    blend renewable fuels into gasoline and diesel fuel or purchase
    renewable energy credits, known as Renewable Identification
    Numbers (RINs) in lieu of blending. As a result of this mandate
    we incurred an additional $3.5&#160;million of expense for the
    three months ended March&#160;31, 2011 which is reflected in our
    cost of product sold (exclusive of depreciation and
    amortization).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><I>Direct Operating Expenses (Exclusive of Depreciation and
    Amortization).</I></B>&#160;&#160;Direct operating expenses
    (exclusive of depreciation and amortization) for our petroleum
    operations include costs associated with the actual operations
    of our refinery, such as energy and utility costs, property
    taxes, catalyst and chemical costs, repairs and maintenance,
    labor and environmental compliance costs. Petroleum direct
    operating expenses (exclusive of depreciation and amortization)
    were $45.3&#160;million for the three months ended
    March&#160;31, 2011 compared to direct operating expenses of
    $38.4&#160;million for the three months ended March&#160;31,
    2010. The increase of $6.9&#160;million for the three months
    ended March&#160;31, 2011 compared to the three months ended
    March&#160;31, 2010 was the result of increases in expenses
    primarily associated with repairs and maintenance
    ($2.5&#160;million), turnaround ($3.0&#160;million), labor
    ($2.0&#160;million), production chemicals ($0.5&#160;million),
    operating supplies ($0.5&#160;million) and rents
    ($0.4&#160;million). The increase in repairs and maintenance was
    primarily the result of repairs needed for the FCC unit and
    cooling tower. Repair costs for the FCC unit and cooling tower
    totaled approximately $1.9&#160;million for the three months
    ended March&#160;31, 2011. These costs are net of the insurance
    receivable recorded through March&#160;31, 2011. Increases in
    direct operating expenses were partially offset by decreases in
    expenses primarily associated with utilities and energy costs
    ($1.8&#160;million) and other direct operating expenses
    ($0.2&#160;million). On a per barrel of crude oil throughput
    basis, direct operating expenses per barrel of crude oil
    throughput for the three months ended March&#160;31, 2011
    increased to $5.10 per barrel as compared to $4.06 per barrel
    for the three months ended March&#160;31, 2010.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><I>Operating Income (loss).</I></B>&#160;&#160;Petroleum
    operating income was $105.7&#160;million for the three months
    ended March&#160;31, 2011 as compared to operating loss of
    $(7.1)&#160;million for the three months ended March&#160;31,
    2010. This increase of $112.8&#160;million from the three months
    ended March&#160;31, 2011 as compared to the three months ended
    March&#160;31, 2010 was primarily the result of an increase in
    the refining margin ($123.3&#160;million). The increase in
    refining margin was partially offset by an increase in direct
    operating expenses ($6.9&#160;million), an increase in selling,
    general and administrative expenses ($2.7&#160;million), an
    increase in flood related costs ($0.1&#160;million) and an
    increase in depreciation and amortization ($0.8&#160;million).
    The increase in selling, general and administrative cost is
    primarily attributable to an increase in share-based
    compensation expense.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Nitrogen
    Fertilizer Business Results of Operations for the Three Months
    Ended March&#160;31, 2011</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><I>Net Sales.</I></B>&#160;&#160;Nitrogen fertilizer net
    sales were $57.4&#160;million for the three months ended
    March&#160;31, 2011 compared to $38.3&#160;million for the three
    months ended March&#160;31, 2010. For the three months ended
    March&#160;31, 2011, ammonia and UAN made up $15.9&#160;million
    and $41.5&#160;million of our net sales, respectively. This
    compared to ammonia and UAN net sales of $9.5&#160;million and
    $28.8&#160;million of our net sales for the three months ended
    March&#160;31, 2010. The increase of $19.1&#160;million was the
    result of both higher average plant gate prices for both ammonia
    and UAN and a 15% increase in UAN sales unit volumes offset by
    lower ammonia product sales volume. The following table
    demonstrates the impact of sales volumes and pricing for ammonia
    and UAN for the quarters ending March&#160;31, 2011 and
    March&#160;31, 2010:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="32%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="3%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="3%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="2%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="3%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=06 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=body -->
    <TD width="3%" align="left">&nbsp;</TD>	<!-- colindex=06 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=07 type=gutter -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=07 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=07 type=body -->
    <TD width="2%" align="left">&nbsp;</TD>	<!-- colindex=07 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=08 type=gutterleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=08 type=gutterright -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=08 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=08 type=body -->
    <TD width="2%" align="left">&nbsp;</TD>	<!-- colindex=08 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=09 type=gutter -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=09 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=09 type=body -->
    <TD width="2%" align="left">&nbsp;</TD>	<!-- colindex=09 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=10 type=gutterleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=10 type=gutterright -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=10 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=10 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=10 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=11 type=gutter -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=11 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=11 type=body -->
    <TD width="2%" align="left">&nbsp;</TD>	<!-- colindex=11 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="11" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Three Months Ended March&#160;31, 2011</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="11" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Three Months Ended March&#160;31, 2010</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="7" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Total Variance</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Price<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Volume<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Volume(1)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>$ per ton(2)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Sales $(3)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Volume(1)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>$ per ton(2)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Sales $(3)</B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Volume(1)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Sales $(3)</B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Variance</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Variance</B>
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="7" align="center" valign="bottom">
    <B>(in millions)</B>
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Ammonia
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    27,322
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    581
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    15.9
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    31,216
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    305
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    9.5
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (3,894
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    6.4
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    8.6
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (2.2
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    UAN
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    179,314
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    231
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    41.5
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    155,758
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    185
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    28.8
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    23,556
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    12.7
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    7.3
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    5.4
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    (1) </TD>
    <TD></TD>
    <TD valign="bottom">
    Sales volume in tons</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (2) </TD>
    <TD></TD>
    <TD valign="bottom">
    Includes freight charges</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (3) </TD>
    <TD></TD>
    <TD valign="bottom">
    Sales dollars in millions</TD>
</TR>

</TABLE>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    52
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y91213tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The decrease in ammonia sales volume for the first quarter of
    2011 compared to the first quarter of 2010 was primarily
    attributable to low inventory levels coming into the quarter
    compared to the same period last year. UAN sales volume
    increased due to strong demand backed by increased production
    levels in the first three months of 2011 over the first quarter
    of 2010. On-stream factors (total number of hours operated
    divided by total hours in the reporting period) for the
    gasification, ammonia and UAN units continue to demonstrate
    their reliability as all increased over the first quarter of
    2010 with the units reporting 100.0%, 96.7% and 93.2%,
    respectively, on-stream for the three months ended
    March&#160;31, 2011.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Plant gate prices are prices FOB the delivery point less any
    freight cost we absorb to deliver the product. We believe plant
    gate price is meaningful because we sell products both FOB our
    plant gate (sold plant) and FOB the customer&#146;s designated
    delivery site (sold delivered) and the percentage of sold plant
    versus sold delivered can change month to month or three months
    to three months. The plant gate price provides a measure that is
    consistently comparable period to period. Average plant gate
    prices for the three months ended March&#160;31, 2011 were
    higher for both ammonia and UAN over the comparable period of
    2010, increasing 100% and 24% respectively. The price increases
    reflect strong farm belt market conditions. While UAN pricing in
    the first quarter of 2011 was higher than the comparable period
    in 2010, it nevertheless was adversely impacted by the outage of
    a high-pressure UAN vessel that occurred in September 2010. This
    caused us to shift delivery of lower priced tons from the fourth
    quarter of 2010 to the first and second quarters of 2011.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The demand for nitrogen fertilizer is affected by the aggregate
    crop planting decisions and nitrogen fertilizer application rate
    decisions of individual farmers. Individual farmers make
    planting decisions based largely on the prospective
    profitability of a harvest, while the specific varieties and
    amounts of nitrogen fertilizer they apply depend on factors like
    crop prices, their current liquidity, soil conditions, weather
    patterns and the types of crops planted. See
    &#147;&#151;&#160;Major Influences on Results of
    Operations&#160;&#151; Nitrogen Fertilizer Business.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><I>Cost of Product Sold (Exclusive of Depreciation and
    Amortization).</I></B>&#160;&#160;Cost of product sold
    (exclusive of depreciation and amortization) is primarily
    comprised of pet coke expense and freight and distribution
    expenses. Cost of product sold (excluding depreciation and
    amortization) for the three months ended March&#160;31, 2011 was
    $7.5&#160;million compared to $5.0&#160;million for the three
    months ended March&#160;31, 2010. Besides increased costs
    associated with higher UAN sales volumes, a $1.0&#160;million
    increase in freight expense was the principal contributor along
    with increases in pet coke costs ($0.2&#160;million) and
    hydrogen costs ($0.2&#160;million).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><I>Direct Operating Expenses (Exclusive of Depreciation and
    Amortization).</I></B>&#160;&#160;Direct operating expenses
    include costs associated with the actual operations of our
    plant, such as repairs and maintenance, energy and utility
    costs, catalyst and chemical costs, outside services, labor and
    environmental compliance costs. Direct operating expenses
    (exclusive of depreciation and amortization) for the three
    months ended March&#160;31, 2011 were $23.0&#160;million as
    compared to $22.2&#160;million for the three months ended
    March&#160;31, 2010. The $0.8&#160;million increase was
    primarily the result of increases in expenses for repairs and
    maintenance ($1.2&#160;million), labor ($0.4&#160;million) and
    property taxes ($0.5&#160;million). These increases were
    partially offset by decreases in expenses associated with
    refractory brick amortization ($0.4&#160;million) utilities
    ($0.3&#160;million), outside services ($0.3&#160;million) and
    production chemicals and catalysts ($0.3&#160;million).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><I>Insurance Recovery&#160;&#151; Business
    Interruption.</I></B>&#160;&#160;During the three months ended
    March&#160;31, 2011, we recorded business interruption
    recoveries of $2.9&#160;million related to the
    September&#160;30, 2010 UAN vessel rupture. As of March&#160;31,
    2011, $2.3&#160;million of the proceeds were received and the
    remaining $0.6&#160;million was received in April 2011.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><I>Operating Income.</I></B>&#160;&#160;Nitrogen fertilizer
    operating income was $16.8&#160;million for the three months
    ended March&#160;31, 2011 as compared to operating income of
    $3.0&#160;million for the three months ended March&#160;31,
    2010. This increase of $13.8&#160;million was primarily the
    result of the increase in nitrogen fertilizer margin
    ($16.6&#160;million), coupled with business interruption
    recoveries recorded of $2.9&#160;million. These favorable
    increases were partially offset by an increase in selling,
    general and administrative expenses (exclusive of depreciation
    and amortization) ($4.8&#160;million) and direct operating
    expenses (exclusive of depreciation and amortization)
    ($0.8&#160;million).
</DIV>
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<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Liquidity
    and Capital Resources</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Our primary sources of liquidity currently consist of cash
    generated from our operating activities, existing cash and cash
    equivalent balances, our working capital, our ABL credit
    facility and CRNF&#146;s credit facility. Our ability to
    generate sufficient cash flows from our operating activities
    will continue to be primarily dependent on producing or
    purchasing, and selling, sufficient quantities of refined
    petroleum and nitrogen fertilizer products at margins sufficient
    to cover fixed and variable expenses.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We believe that our cash flows from operations and existing cash
    and cash equivalents and improvements in our working capital,
    together with borrowings under our existing revolving facilities
    as necessary, will be sufficient to satisfy the anticipated cash
    requirements associated with our existing operations for at
    least the next twelve months. However, our future capital
    expenditures and other cash requirements could be higher than we
    currently expect as a result of various factors. Additionally,
    our ability to generate sufficient cash from our operating
    activities depends on our future performance, which is subject
    to general economic, political, financial, competitive, and
    other factors beyond our control.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Cash
    Balance and Other Liquidity</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    As of March&#160;31, 2011, we had cash and cash equivalents of
    $165.9&#160;million. As of March&#160;31, 2011, we had no
    amounts outstanding under our ABL credit facility and aggregate
    availability of $208.4&#160;million under our ABL credit
    facility. Our availability under the ABL credit facility is
    reduced by outstanding letters of credit. As of March&#160;31,
    2011, we had $41.6&#160;million in letters of credit outstanding
    as provided by our ABL credit facility. As of May 6, 2011, we
    had $218.4&#160;million available under the ABL credit facility
    and CRNF had $25.0&#160;million of availability under the credit
    facility. As of May 6, 2011, the Partnership had cash and cash
    equivalents of approximately $227.2&#160;million and we had cash
    and cash equivalents (exclusive of the Partnership) of
    approximately $453.9&#160;million.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In connection with the completion of the Offering, the
    Partnership intends to make cash distributions within
    45&#160;days after the end of each quarter, beginning with the
    quarter ending June&#160;30, 2011. The distributions will be
    made to all common unitholders. CRLLC currently holds
    approximately 69.8% of all common units outstanding. The amount
    of the distribution will be determined pursuant to the general
    partner&#146;s calculation of available cash for the applicable
    quarter. The general partner, as a non-economic interest holder,
    is not entitled to receive cash distributions. As a result of
    the general partner&#146;s distribution policy, funds held by
    the Partnership will not be available for CRLLC&#146;s use, and
    CRLLC as a unitholder will receive its applicable percentage of
    the distribution of funds within 45&#160;days following each
    quarter. The Partnership does not have a legal obligation to pay
    distributions and there is no guarantee that it will pay any
    distributions on the units in any quarter.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Senior
    Secured Notes</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    On April&#160;6, 2010, CRLLC and its newly formed wholly-owned
    subsidiary, Coffeyville Finance Inc. (together the
    &#147;Issuers&#148;), completed the private offering of
    $275.0&#160;million aggregate principal amount of 9.0% First
    Lien Senior Secured Notes due April&#160;1, 2015 (the
    &#147;First Lien Notes&#148;) and $225.0&#160;million aggregate
    principal amount of 10.875% Second Lien Senior Secured Notes due
    April&#160;1, 2017 (the &#147;Second Lien Notes&#148; and
    together with the First Lien Notes, the &#147;Notes&#148;). The
    First Lien Notes were issued at 99.511% of their principal
    amount and the Second Lien Notes were issued at 98.811% of their
    principal amount. On December&#160;30, 2010, we made a voluntary
    unscheduled principal payment of $27.5&#160;million on our First
    Lien Notes. As of March&#160;31, 2011, the Notes had an
    aggregate principal balance of $472.5&#160;million and a net
    carrying value of $469.1&#160;million.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The First Lien Notes were issued pursuant to an indenture (the
    &#147;First Lien Notes Indenture&#148;), dated April&#160;6,
    2010, among the Issuers, the guarantors party thereto and Wells
    Fargo Bank, National Association, as trustee (the &#147;First
    Lien Notes Trustee&#148;). The Second Lien Notes were issued
    pursuant to an indenture (the &#147;Second Lien Notes
    Indenture&#148; and together with the First Lien Notes
    Indenture, the &#147;Indentures&#148;), dated April&#160;6,
    2010, among the Issuers, the guarantors party thereto and Wells
    Fargo Bank, National Association, as trustee (the &#147;Second
    Lien Notes Trustee&#148; and in reference to the Indentures, the
    &#147;Trustee&#148;). The Notes are
</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    fully and unconditionally guaranteed by each of the
    Company&#146;s subsidiaries that also guarantee the ABL credit
    facility (the &#147;Guarantors&#148; and, together with the
    Issuers, the &#147;Credit Parties&#148;).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The First Lien Notes bear interest at a rate of 9.0% per annum
    and mature on April&#160;1, 2015, unless earlier redeemed or
    repurchased by the Issuers. The Second Lien Notes bear interest
    at a rate of 10.875% per annum and mature on April&#160;1, 2017,
    unless earlier redeemed or repurchased by the Issuers. Interest
    is payable on the Notes semi-annually on April 1 and October 1
    of each year to holders of record at the close of business on
    March 15 and September&#160;15, as the case may be, immediately
    preceding each such interest payment date.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Issuers have the right to redeem the First Lien Notes at the
    redemption prices set forth below:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    On or after April 1, 2012, some or all of the First Lien Notes
    may be redeemed at a redemption price of (i) 106.750% of the
    principal amount thereof, if redeemed during the twelve-month
    period beginning on April 1, 2012; (ii) 104.500% of the
    principal amount thereof, if redeemed during the twelve-month
    period beginning on April 1, 2013; and (iii) 100% of the
    principal amount, if redeemed on or after April 1, 2014, in each
    case, plus any accrued and unpaid interest;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Prior to April 1, 2012, up to 35% of the First Lien Notes may be
    redeemed with the proceeds from certain equity offerings at a
    redemption price of 109.000% of the principal amount thereof,
    plus any accrued and unpaid interest;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Prior to April 1, 2012, some or all of the First Lien Notes may
    be redeemed at a price equal to 100% of the principal amount
    thereof, plus a make-whole premium and any accrued and unpaid
    interest; and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Prior to April 1, 2012, but not more than once in any
    twelve-month period, up to 10% of the First Lien Notes may be
    redeemed at a price equal to 103.000% of the principal amount
    thereof, plus accrued and unpaid interest to the date of
    redemption.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Issuers have the right to redeem the Second Lien Notes at
    the redemption prices set forth below:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    On or after April&#160;1, 2013, some or all of the Second Lien
    Notes may be redeemed at a redemption price of (i)&#160;108.156%
    of the principal amount thereof, if redeemed during the
    twelve-month period beginning on April&#160;1, 2013;
    (ii)&#160;105.438% of the principal amount thereof, if redeemed
    during the twelve-month period beginning on April&#160;1, 2014;
    (iii)&#160;102.719% of the principal amount thereof, if redeemed
    during the twelve-month period beginning on April&#160;1, 2015;
    and (iv)&#160;100% of the principal amount if redeemed on or
    after April&#160;1, 2016, in each case, plus any accrued and
    unpaid interest;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Prior to April&#160;1, 2013, up to 35% of the Second Lien Notes
    may be redeemed with the proceeds from certain equity offerings
    at a redemption price of 110.875% of the principal amount
    thereof, plus any accrued and unpaid interest;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Prior to April&#160;1, 2013, some or all of the Second Lien
    Notes may be redeemed at a price equal to 100% of the principal
    amount thereof, plus a make-whole premium and any accrued and
    unpaid interest.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In the event of a &#147;change of control&#148; as defined in
    the Indentures, the Issuers are required to offer to buy back
    all of the Notes at 101% of their principal amount. A change of
    control is generally defined as (1)&#160;the direct or indirect
    sale or transfer (other than by a merger) of &#147;all or
    substantially all of the assets of the Company&#148; to any
    person other than permitted holders, which are generally GS,
    Kelso and certain members of management, (2)&#160;liquidation or
    dissolution of CRLLC, (3)&#160;any person, other than a
    permitted holder, directly or indirectly acquiring 50% of the
    voting stock of CRLLC or (4)&#160;the first day when a majority
    of the directors of CRLLC or CVR Energy are not Continuing
    Directors (as defined in the Indentures). Continuing Directors
    are generally our existing directors, directors approved by the
    then-Continuing Directors or directors nominated or elected by
    GS or Kelso.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The definition of &#147;change of control&#148; specifically
    excludes a transaction where CVR Energy becomes a subsidiary of
    another company, so long as (1)&#160;CVR Energy&#146;s
    shareholders own a majority of the surviving parent or
    (2)&#160;no one person owns a majority of the common stock of
    the surviving parent following the merger.
</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Indentures also allowed the Company to sell, spin-off or
    complete an initial public offering of the Partnership, as long
    as the Company offers to buy back a percentage of the Notes as
    described in the Indentures. In April 2011, the Partnership
    completed an initial public offering of common units. This
    offering triggered a Fertilizer Business Event (as defined in
    the Indentures). As a result, CRLLC and Coffeyville Finance Inc.
    were required to offer to purchase a portion of the Notes from
    holders at a purchase price equal to 103.0% of the principal
    amount plus accrued and unpaid interest. A Fertilizer Business
    Event Offer was made on April&#160;14, 2011 to purchase up to
    $100.0&#160;million of the First Lien Notes and the Second Lien
    Notes, as required in the Indentures. Holders of the Notes have
    until May&#160;16, 2011 to properly tender Notes they wish to
    have repurchased.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Indentures impose covenants that restrict the ability of the
    Credit Parties to (i)&#160;issue debt, (ii)&#160;incur or
    otherwise cause liens to exist on any of their property or
    assets, (iii)&#160;declare or pay dividends, repurchase equity,
    or make payments on subordinated or unsecured debt,
    (iv)&#160;make certain investments, (v)&#160;sell certain
    assets, (vi)&#160;merge, consolidate with or into another
    entity, or sell all or substantially all of their assets, and
    (vii)&#160;enter into certain transactions with affiliates. Most
    of the foregoing covenants would cease to apply at such time
    that the Notes are rated investment grade by both S&#038;P and
    Moody&#146;s. However, such covenants would be reinstituted if
    the Notes subsequently lost their investment grade rating. In
    addition, the Indentures contain customary events of default,
    the occurrence of which would result in, or permit the Trustee
    or holders of at least 25% of the First Lien Notes or Second
    Lien Notes to cause the acceleration of the applicable Notes, in
    addition to the pursuit of other available remedies. We were in
    compliance with the covenants as of March&#160;31, 2011.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The obligations of the Credit Parties under the Notes and the
    guarantees are secured by liens on substantially all of the
    Credit Parties&#146; assets. The liens granted in connection
    with the First Lien Notes are first-priority liens and rank pari
    passu with the liens granted to the lenders under the ABL credit
    facility and certain hedge counterparties. The liens granted in
    connection with the Second Lien Notes are second-priority liens
    and rank junior to the aforementioned first-priority liens. In
    connection with the closing of the Offering, the Partnership and
    CRNF were released from their guarantees of the Notes.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">ABL
    Credit Facility</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    CRLLC entered into a $250.0&#160;million ABL credit facility on
    February&#160;22, 2011, that provides for borrowings, letter of
    credit issuances and a feature that permits an increase of
    borrowings up to $500.0&#160;million (in the aggregate) subject
    to additional lender commitments. The ABL credit facility is
    scheduled to mature in August 2015 and will be used to finance
    ongoing working capital, capital expenditures, letter of credit
    issuances and general needs of the Company and includes among
    other things, a letter of credit sublimit equal to 90% of the
    total commitment.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Borrowings under the facility bear interest based on a pricing
    grid determined by the previous quarter&#146;s excess
    availability. The pricing for borrowings under the ABL credit
    facility can range from LIBOR plus a margin of 2.75% to LIBOR
    plus 3.0% or the prime rate plus 1.75% to the prime rate plus
    2.0% for base rate loans. Availability under the ABL credit
    facility is determined by a borrowing base formula supported
    primarily by cash and cash equivalents, certain accounts
    receivable and inventory.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Under its terms, the lenders under the ABL credit facility were
    granted a perfected, first priority security interest (subject
    to certain customary exceptions) in the ABL Priority Collateral
    (as defined in the ABL Intercreditor Agreement) and rank pari
    passu with liens granted in connection with the First Lien Notes
    and a second priority lien (subject to certain customary
    exceptions) and security interest in the Note Priority
    Collateral (as defined in the ABL Intercreditor Agreement). In
    connection with the Offering, the Partnership and CRNF were
    released from their guarantees of the ABL credit facility.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The ABL credit facility also contains customary covenants for a
    financing of this type that limit, subject to certain
    exceptions, the incurrence of additional indebtedness, creation
    of liens on assets, the ability to dispose assets, make
    restricted payments, investments or acquisitions, enter into
    sale-lease back transactions or enter into affiliate
    transactions. The facility also contains a fixed charge coverage
    ratio financial covenant that
</DIV>
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    <BR>
    56
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    is triggered when borrowing base excess availability is less
    than certain thresholds, as defined under the facility.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">CRNF
    Credit Facility</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    On April&#160;13, 2011, CRNF, as borrower, and the Partnership,
    as guarantor, entered into a new credit facility (the
    &#147;credit facility&#148;) with a group of lenders including
    Goldman Sachs Lending Partners LLC, as administrative and
    collateral agent. The credit facility includes a term loan
    facility of $125.0&#160;million and a revolving credit facility
    of $25.0&#160;million with an uncommitted incremental facility
    of up to $50.0&#160;million. There is no scheduled amortization
    and the credit facility matures in April 2016. The Partnership,
    upon the closing of the credit facility, made a special
    distribution of approximately $87.2&#160;million to CRLLC, in
    order to, among other things, fund the offer to purchase
    CRLLC&#146;s senior secured notes required upon consummation of
    the Offering. The Credit Facility will be used to finance
    on-going working capital, capital expenditures, letter of credit
    issuances and general needs of CRNF.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Borrowings under the facility bear interest based on a pricing
    grid determined by the trailing four quarter leverage ratio. The
    initial pricing for borrowings under the facility will be the
    Eurodollar rate plus a margin of 3.75% or the prime rate plus
    2.75% for base rate loans. Under its terms, the lenders under
    the credit facility were granted a perfected, first priority
    security interest (subject to certain customary exceptions) in
    substantially all of the assets of CRNF and the Partnership.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The credit facility requires the Partnership to maintain
    (i)&#160;a minimum interest coverage ratio (ratio of
    Consolidated Adjusted EBITDA to interest) as of any fiscal
    quarter of 3.0 to 1.0 and (ii)&#160;a maximum leverage ratio
    (ratio of debt to Consolidated Adjusted EBITDA) of (a)&#160;as
    of any fiscal quarter ending after the closing date and prior to
    December&#160;31, 2011, 3.50 to 1.0, and (b)&#160;as of any
    fiscal quarter ending on or after December&#160;31, 2011, 3.0 to
    1.0 in all cases calculated on a training four quarter basis. It
    also contains customary covenants for a financing of this type
    that limit, subject to certain exceptions, the incurrence of
    additional indebtedness or guarantees, creation of liens on
    assets, the ability to dispose assets make restricted payments,
    investments or acquisitions, enter in to sale-lease back
    transactions or enter into affiliate transactions. The credit
    facility provides that the Partnership can make distributions to
    holders of its common units provided it is in compliance with
    its leverage ratio and interest coverage ratio covenants on a
    pro forma basis after giving effect to any distribution and
    there is no default or event of default under the facility.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The credit facility also contains certain customary
    representations and warranties, affirmative covenants and events
    of default, including among other things, payment defaults,
    breach of representations and warranties, covenant defaults,
    cross-defaults to certain indebtedness, certain events of
    bankruptcy, certain events under ERISA, material judgments,
    actual or asserted failure of any guaranty or security document
    supporting the new credit facility to be in force and effect,
    and change of control. An event of default will also be
    triggered if CVR Energy terminates or violates any of CVR
    Energy&#146;s covenants in any of the intercompany agreements
    between the Partnership and CVR Energy and such action has a
    material adverse effect on the Partnership.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Capital
    Spending</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We divide our capital spending needs into two categories:
    maintenance and growth. Maintenance capital spending includes
    only non-discretionary maintenance projects and projects
    required to comply with environmental, health and safety
    regulations. We undertake discretionary capital spending based
    on the expected return on incremental capital employed.
    Discretionary capital projects generally involve an expansion of
    existing capacity, improvement in product yields,
    <FONT style="white-space: nowrap">and/or</FONT> a
    reduction in direct operating expenses. Major scheduled
    turnaround expenses are expensed when incurred.
</DIV>
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    <BR>
    57
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The following table summarizes our total actual capital
    expenditures for the three months ended March&#160;31, 2011 by
    operating segment and major category:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="85%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="11%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Three Months<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Ended<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>March&#160;31, 2011</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Petroleum Business:</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Maintenance
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    3.8
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Growth
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.8
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Petroleum business total capital excluding turnaround
    expenditures
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    4.6
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Nitrogen Fertilizer Business:</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Maintenance
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.8
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Growth
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.2
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Nitrogen fertilizer business total capital excluding turnaround
    expenditures
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    2.0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Corporate:</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    0.7
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Total capital spending</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    7.3
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We expect the petroleum business and corporate related capital
    expenditures for 2011 to be approximately $94&#160;million and
    $3&#160;million, respectively. This figure includes an estimated
    $23&#160;million for construction of additional crude oil
    storage in Cushing, Oklahoma. These facilities will provide
    additional capacity of approximately 1,000,000&#160;barrels of
    crude oil storage. Owning our own storage facilities will
    provide us additional operational flexibility. Additionally, the
    refinery turnaround is expected to commence at the beginning of
    the fourth quarter of 2011 and be completed in the first quarter
    of 2012. We expect to incur total major scheduled turnaround
    expenses of approximately $70&#160;million in connection with
    the refinery turnaround, of which approximately $54&#160;million
    of this expense is expected to be incurred in 2011.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The nitrogen fertilizer business expects capital expenditures
    for 2011 to be approximately $47&#160;million. This includes an
    estimated $38&#160;million for UAN expansion capital
    expenditures. As the Partnership consummated its initial public
    offering in April 2011, the Partnership is moving forward with
    the UAN expansion. We expect that the approximately
    $135&#160;million UAN expansion, for which approximately
    $31&#160;million had been spent as of March&#160;31, 2011, will
    take eighteen to twenty-four months to complete and is expected
    to be funded by proceeds of the Partnership&#146;s initial
    public offering and term loan borrowings made by the Partnership.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Our estimated capital expenditures are subject to change due to
    unanticipated increases in the cost, scope and completion time
    for our capital projects. For example, we may experience
    increases in labor or equipment costs necessary to comply with
    government regulations or to complete projects that sustain or
    improve the profitability of our refinery or nitrogen fertilizer
    plant. Capital spending for the nitrogen fertilizer business has
    been and will be determined by the board of directors of the
    general partner of the Partnership.
</DIV>
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    <BR>
    58
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Cash
    Flows</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The following table sets forth our cash flows for the periods
    indicated below:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="82%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="center" valign="bottom">
    <B>Three Months Ended<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>March&#160;31,</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2011</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2010</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="center" valign="bottom">
    <B>(unaudited) </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="center" valign="bottom">
    <B>(in millions)</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Net cash provided by (used in):
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Operating activities
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (16.0
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    43.4
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Investing activities
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (7.1
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (11.4
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Financing activities
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (11.1
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (31.4
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Net increase (decrease) in cash and cash equivalents
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (34.2
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    0.6
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Cash
    Flows Provided by Operating Activities</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    For purposes of this cash flow discussion, we define trade
    working capital as accounts receivable, inventory and accounts
    payable. Other working capital is defined as all other current
    assets and liabilities except trade working capital.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Net cash flows used for operating activities for the three
    months ended March&#160;31, 2011 was $16.0&#160;million. The net
    cash flow used for operating activities over this period was
    partially driven by outflows due to trade working capital as
    well as outflows from other working capital. These outflows were
    partially offset by net income of $45.8&#160;million. Trade
    working capital for the three months ended March&#160;31, 2011
    resulted in a cash outflow of $108.6&#160;million, primarily
    attributable to an increase in inventory of $147.9&#160;million,
    an increase in accounts receivable of $33.9&#160;million and
    partially offset by an increase in accounts payable of
    $73.2&#160;million, including amounts accrued for
    <FONT style="white-space: nowrap">construction-in-progress.</FONT>
    Other working capital activities resulted in a net cash outflow
    of $4.2&#160;million, which was primarily driven by an increase
    in other prepaid expenses and other current assets of
    $17.0&#160;million, an increase in the insurance receivable of
    $8.6&#160;million, primarily attributable to the fire that
    occurred at the refinery&#146;s FCC unit, and a increase in
    other current liabilities of approximately $4.1&#160;million.
    These outflows were partially offset by increases in accrued
    income taxes $15.2&#160;million, the increase of deferred
    revenue by $8.0&#160;million and the receipt of insurance
    proceeds of approximately $2.5&#160;million, the majority of
    which primarily related to the business interruption claim filed
    by the nitrogen fertilizer business related to the
    September&#160;30, 2010 UAN vessel rupture. The increase in
    deferred revenue is the result of prepayments received for
    nitrogen fertilizer.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Net cash flows provided by operating activities for the three
    months ended March&#160;31, 2010 was $43.4&#160;million. The
    positive cash flow from operating activities generated over this
    period was primarily driven by favorable changes in trade
    working capital and other working capital which were partially
    offset by a net loss for the quarter. Trade working capital for
    the three months ended March&#160;31, 2010 resulted in a cash
    inflow of $14.0&#160;million, primarily attributable to a
    decrease in inventory of $19.2&#160;million, an increase in
    accounts payable of $9.4&#160;million coupled with the accrual
    of construction in progress of $1.5&#160;million. This activity
    was partially offset by an increase in accounts receivable of
    $16.1&#160;million. In addition, our deferred revenue increased
    by $19.8&#160;million as a result of the receipt of nitrogen
    fertilizer payments.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Cash
    Flows Used in Investing Activities</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Net cash used in investing activities for the three months ended
    March&#160;31, 2011 was $7.1&#160;million compared to
    $11.4&#160;million for the three months ended March&#160;31,
    2010. The decrease in investing activities for the three months
    ended March&#160;31, 2011 as compared to the three months ended
    March&#160;31, 2010 was primarily the result of a decrease in
    capital expenditures. For the three months ended March&#160;31,
    2011 petroleum capital expenditure decreased by approximately
    $4.5&#160;million compared to the three months ended
    March&#160;31, 2010. For the three months ended March&#160;31,
    2011, petroleum capital expenditures totaled approximately
    $4.6&#160;million compared to $9.1&#160;million for the three
    months ended March&#160;31, 2010. Significant capital
    expenditures for the three months ended March&#160;31, 2010,
    included expenditures for the petroleum business&#146; ultra low
    sulfur
</DIV>
<!-- XBRL Paragraph Pagebreak -->
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    59
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y91213tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    gasoline unit of approximately $6.8&#160;million compared to
    approximately $0.2&#160;million for the three months ended
    March&#160;31, 2011. This decrease was partially offset by an
    increase in nitrogen fertilizer capital expenditures.
    Additionally, we received approximately $0.2&#160;million of
    insurance proceeds in January 2011 related to the rupture of the
    UAN vessel that occurred on September&#160;30, 2010.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Cash
    Flows Used in Financing Activities</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Net cash used in financing activities for the three months ended
    March&#160;31, 2011 was $11.1&#160;million as compared to net
    cash used in financing activities of $31.4&#160;million for the
    three months ended March&#160;31, 2010. During the three months
    ended March&#160;31, 2011, we paid financing costs associated
    with the ABL credit facility and CRNF credit facility of
    approximately $4.7&#160;million. During the first quarter of
    2011, we also exercised our purchase option related to a
    corporate asset. This option resulted in a cash outflow of
    approximately $4.7&#160;million and satisfied a capital lease
    obligation. Additionally, we paid approximately
    $1.6&#160;million of costs related to the Offering. During the
    three months ended March&#160;31, 2010, we paid a
    $1.2&#160;million scheduled principal payment on our first
    priority credit facility long-term debt and also made voluntary
    unscheduled principal payments totaling $25.0&#160;million in
    the first quarter of 2010 related to our first priority credit
    facility long-term debt. In the first quarter of 2010, we also
    paid $5.2&#160;million of financing costs in connection with the
    fourth amendment to our first priority credit facility and
    issuance of the Notes.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    For the three months ended March&#160;31, 2011, there were no
    borrowings or repayments under our first priority credit
    facility or ABL credit facility. As of March&#160;31, 2011,
    there were no short-term borrowings outstanding under the ABL
    credit facility. For the three months ended March&#160;31, 2010,
    we borrowed and repaid $40.0&#160;million in short-term
    borrowings. These borrowings were made from our first priority
    revolving credit facility and were for the purpose of
    facilitating our working capital needs.
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Capital
    and Commercial Commitments</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In addition to long-term debt, we are required to make payments
    relating to various types of obligations. The following table
    summarizes our minimum payments as of March&#160;31, 2011
    relating to the Notes, operating leases, capital lease
    obligations, unconditional purchase obligations and other
    specified capital and commercial commitments for the period
    following March&#160;31, 2011 and thereafter. As of
    March&#160;31, 2011, there were no amounts outstanding under the
    ABL credit facility. The following table assumes no borrowings
    are made under the ABL credit facility.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="41%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=lead -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=06 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=06 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=07 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=07 type=lead -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=07 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=07 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=08 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=08 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=08 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=08 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="26" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Payments Due by Period</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Total</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2011</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2012</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2013</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2014</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2015</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Thereafter</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="26" align="center" valign="bottom">
    <B>(in millions)</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Contractual Obligations</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Long-term debt(1)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    472.5
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    247.5
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    225.0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Operating leases(2)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    19.9
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4.7
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6.5
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4.6
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2.4
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.1
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.6
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Capital lease obligations(3)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.3
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.1
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.1
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.1
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Unconditional purchase obligations(4)(5)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    816.8
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    67.1
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    86.8
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    86.9
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    87.0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    81.3
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    407.7
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Environmental liabilities(6)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3.9
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.8
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.7
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.2
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.2
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.2
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.8
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Interest payments(7)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    254.4
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    41.2
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    46.7
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    46.7
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    46.7
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    35.9
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    37.2
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    Total
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,567.8
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    113.9
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    140.8
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    138.5
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    136.3
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    366.0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    672.3
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Other Commercial Commitments</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Standby letters of credit(8)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    41.6
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    (1) </TD>
    <TD></TD>
    <TD valign="bottom">
    As described above, the Company issued the Notes in an aggregate
    principal amount of $500.0&#160;million on April&#160;6, 2010.
    The First Lien Notes and Second Lien Notes bear an interest rate
    of 9.0% and 10.875% per year, respectively, payable
    semi-annually. The First Lien Notes mature on April&#160;1,
    2015, unless earlier redeemed or repurchased by the Issuers. The
    Second Lien Notes mature on April&#160;1, 2017, unless earlier </TD>
</TR>
<!-- XBRL Paragraph Pagebreak -->

</TABLE>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    60
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y91213tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    redeemed or repurchased by the Issuers. In December 2010, we
    made a voluntary unscheduled prepayment on our First Lien Notes
    of $27.5&#160;million, reducing our aggregate principal balance
    of the Notes to $472.5&#160;million. On April&#160;14, 2011, we
    made an offer to purchase $100&#160;million of the Notes, which
    expires on May&#160;16, 2011. See &#147;&#151;&#160;Liquidity
    and Capital Resources&#160;&#151; Senior Secured Notes.&#148;</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    The Partnership entered into a new credit facility in connection
    with the closing of the Offering. The new credit facility
    includes a $125.0&#160;million term loan, which was fully drawn
    at closing, and a $25.0&#160;million revolving credit facility,
    which was undrawn at close. These amounts have not been included
    in the table above as they were not contractual obligations as
    of March&#160;31, 2011.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (2) </TD>
    <TD></TD>
    <TD valign="bottom">
    The nitrogen fertilizer business leases various facilities and
    equipment, primarily railcars, under non-cancelable operating
    leases for various periods.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (3) </TD>
    <TD></TD>
    <TD valign="bottom">
    The amount includes commitments under capital lease arrangements
    for personal property used for corporate purposes.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (4) </TD>
    <TD></TD>
    <TD valign="bottom">
    The amount includes (a)&#160;commitments under several
    agreements in our petroleum operations related to pipeline
    usage, petroleum products storage and petroleum transportation,
    (b)&#160;commitments under an electric supply agreement with the
    city of Coffeyville and (c)&#160;a product supply agreement with
    Linde.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (5) </TD>
    <TD></TD>
    <TD valign="bottom">
    This amount includes approximately $543.5&#160;million payable
    ratably over ten years pursuant to petroleum transportation
    service agreements between CRRM and TransCanada Keystone
    Pipeline, LP (&#147;TransCanada&#148;). Under the agreements,
    CRRM would receive transportation of at least
    25,000&#160;barrels per day of crude oil with a delivery point
    at Cushing, Oklahoma for a term of ten years on
    TransCanada&#146;s Keystone pipeline system. On
    September&#160;15, 2009, the Company filed a Statement of Claim
    in the Court of the Queen&#146;s Bench of Alberta, Judicial
    District of Calgary, to dispute the validity of the petroleum
    transportation service agreements. The Company and TransCanada
    settled this claim in March 2011. CRRM began receiving crude oil
    under the agreements on the terms discussed above in the first
    quarter of 2011.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (6) </TD>
    <TD></TD>
    <TD valign="bottom">
    Environmental liabilities represents (a)&#160;our estimated
    payments required by federal and/or state environmental agencies
    related to closure of hazardous waste management units at our
    sites in Coffeyville and Phillipsburg, Kansas and (b)&#160;our
    estimated remaining costs to address environmental contamination
    resulting from a reported release of UAN in 2005 pursuant to the
    State of Kansas Voluntary Cleaning and Redevelopment Program. We
    also have other environmental liabilities which are not
    contractual obligations but which would be necessary for our
    continued operations.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (7) </TD>
    <TD></TD>
    <TD valign="bottom">
    Interest payments are based on stated interest rates for the
    respective Notes. Interest is payable on the Notes semi-annually
    on April 1 and October 1 of each year.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (8) </TD>
    <TD></TD>
    <TD valign="bottom">
    Standby letters of credit include $0.2&#160;million of letters
    of credit issued in connection with environmental liabilities,
    $30.6&#160;million in letters of credit to secure transportation
    services for crude oil, $1.0&#160;million issued for the purpose
    of providing support during the transition of letters of credit
    issued under the first priority credit facility to the ABL
    credit facility and standby letters of credit totaling
    $9.8&#160;million issued in support of the purchase of
    feedstocks.</TD>
</TR>

</TABLE>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Off-Balance
    Sheet Arrangements</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We had no off-balance sheet arrangements as of March&#160;31,
    2011.
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Recent
    Accounting Pronouncements</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In July 2010, the FASB issued Accounting Standards Update
    (&#147;ASU&#148;)
    <FONT style="white-space: nowrap">No.&#160;2010-20,</FONT>
    which amends ASC&#160;Topic 310, <I>Receivables </I>to provide
    greater transparency about an entity&#146;s allowance for credit
    losses and the credit quality of its financing receivables. This
    ASU will require an entity to disclose (1)&#160;the inherent
    credit risk in its financing receivables, (2)&#160;how the
    credit risk is analyzed and assessed in calculating the
    allowance for credit losses and (3)&#160;the changes and reasons
    for those changes in the allowance for credit losses. The
    provisions of ASU
    <FONT style="white-space: nowrap">No.&#160;2010-20</FONT>
    are effective for interim and annual reporting periods ending on
    or
</DIV>
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    <BR>
    61
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    after December&#160;31, 2010. The adoption of this standard did
    not impact our financial position or results of operations.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In January 2010 the FASB issued ASU
    <FONT style="white-space: nowrap">No.&#160;2010-06,</FONT>
    <I>Improving Disclosures about Fair Value Measurements </I>an
    amendment to ASC Topic 820, <I>Fair Value Measurements and
    Disclosures</I>. This amendment requires an entity to:
    (i)&#160;disclose separately the amounts of significant
    transfers in and out of Level&#160;1 and Level&#160;2 fair value
    measurements and describe the reasons for the transfers,
    (ii)&#160;present separate information for Level&#160;3 activity
    pertaining to gross purchases, sales, issuances, and settlements
    and (iii)&#160;enhance disclosures of assets and liabilities
    subject to fair value measurements. The provisions of ASU
    <FONT style="white-space: nowrap">No.&#160;2010-06</FONT>
    are effective for us for interim and annual reporting beginning
    after December&#160;15, 2009, with one new disclosure effective
    after December&#160;15, 2010. We adopted this ASU as of
    January&#160;1, 2010. The adoption of this standard did not
    impact our financial position or results of operations.
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Critical
    Accounting Policies</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Our critical accounting policies are disclosed in the
    &#147;Critical Accounting Policies&#148; section of our Annual
    Report on
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    for the year ended December&#160;31, 2010. No modifications have
    been made to our critical accounting policies.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>


<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

<TR>
    <TD width="8%"></TD>
    <TD width="92%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Item&#160;3.<I>&#160;&#160;</I></FONT></B>
</TD>
    <TD>
    <A name='Y91213108'></A><B><I><FONT style="font-family: 'Times New Roman', Times">Quantitative
    and Qualitative Disclosures About Market Risk</FONT></I></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The risk inherent in our market risk sensitive instruments and
    positions is the potential loss from adverse changes in
    commodity prices and interest rates. Information about market
    risks for the three months ended March&#160;31, 2011 does not
    differ materially from that discussed under
    Part&#160;II&#160;&#151; Item&#160;7A of our Annual Report on
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    for the year ended December&#160;31, 2010. We are exposed to
    market pricing for all of the products sold in the future both
    at our petroleum business and the nitrogen fertilizer business,
    as all of the products manufactured in both businesses are
    commodities.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Our earnings and cash flows and estimates of future cash flows
    are sensitive to changes in energy prices. The prices of crude
    oil and refined products have fluctuated substantially in recent
    years. These prices depend on many factors, including the
    overall demand for crude oil and refined products, which in turn
    depends, among other factors, general economic conditions, the
    level of foreign and domestic production of crude oil and
    refined products, the availability of imports of crude oil and
    refined products, the marketing of alternative and competing
    fuels, the extent of government regulations and global market
    dynamics. The prices we receive for refined products are also
    affected by factors such as local market conditions and the
    level of operations of other refineries in our markets. The
    prices at which we can sell gasoline and other refined products
    are strongly influenced by the price of crude oil. Generally, an
    increase or decrease in the price of crude oil results in a
    corresponding increase or decrease in the price of gasoline and
    other refined products. The timing of the relative movement of
    the prices, however, can impact profit margins, which could
    significantly affect our earnings and cash flows.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>


<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

<TR>
    <TD width="8%"></TD>
    <TD width="92%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Item&#160;4.<I>&#160;&#160;</I></FONT></B>
</TD>
    <TD>
    <A name='Y91213109'></A><B><I><FONT style="font-family: 'Times New Roman', Times">Controls
    and Procedures</FONT></I></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Evaluation
    of Disclosure Controls and Procedures</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Our management, under the direction of our Chief Executive
    Officer and Chief Financial Officer, evaluated as of
    March&#160;31, 2011 the effectiveness of our disclosure controls
    and procedures as defined in
    <FONT style="white-space: nowrap">Rule&#160;13a-15(e)</FONT>
    of the Securities Exchange Act of 1934, as amended (the
    &#147;Exchange Act&#148;). Based upon and as of the date of that
    evaluation, our Chief Executive Officer and Chief Financial
    Officer concluded that our disclosure controls and procedures
    were effective, at a reasonable assurance level, to ensure that
    information required to be disclosed in the reports we file and
    submit under the Exchange Act is recorded, processed, summarized
    and reported as and when required and is accumulated and
    communicated to our management, including our Chief Executive
    Officer and our Chief Financial Officer, as appropriate, to
    allow timely decisions regarding required disclosure. It should
    be noted that any system of disclosure controls and procedures,
    however well designed and operated, can provide only reasonable,
    and not absolute, assurance that
</DIV>
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    <BR>
    62
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    the objectives of the system are met. In addition, the design of
    any system of disclosure controls and procedures is based in
    part upon assumptions about the likelihood of future events. Due
    to these and other inherent limitations of any such system,
    there can be no assurance that any design will always succeed in
    achieving its stated goals under all potential future conditions.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Changes
    in Internal Control Over Financial Reporting</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    There has been no change in our internal control over financial
    reporting required by
    <FONT style="white-space: nowrap">Rule&#160;13a-15</FONT>
    of the Exchange Act that occurred during the fiscal quarter
    ended March&#160;31, 2011 that has materially affected, or is
    reasonably likely to materially affect, our internal control
    over financial reporting.
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">


    <A name='Y91213110'><B><FONT style="font-family: 'Times New Roman', Times">PART&#160;II.
    OTHER INFORMATION</FONT></B></A>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>


<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

<TR>
    <TD width="8%"></TD>
    <TD width="92%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Item&#160;1.<I>&#160;&#160;</I></FONT></B>
</TD>
    <TD>
    <A name='Y91213111'></A><B><I><FONT style="font-family: 'Times New Roman', Times">Legal
    Proceedings</FONT></I></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    See Note&#160;11 (&#147;Commitments and Contingencies&#148;) to
    Part&#160;I, Item&#160;I of this
    <FONT style="white-space: nowrap">Form&#160;10-Q,</FONT>
    which is incorporated by reference into this Part&#160;II,
    Item&#160;1, for a description of the Samson, J. Aron, property
    tax and TransCanada litigation contained in
    &#147;Litigation&#148; and for a description of the Consent
    Decree contained in &#147;Environmental, Health, and Safety
    (&#147;EHS&#148;) Matters.&#148;
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>


<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

<TR>
    <TD width="9%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Item&#160;1A.<I>&#160;&#160;</I></FONT></B>
</TD>
    <TD>
    <A name='Y91213112'></A><B><I><FONT style="font-family: 'Times New Roman', Times">Risk
    Factors</FONT></I></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    See &#147;Risk Factors&#148; attached hereto as
    Exhibit&#160;99.1 for a discussion of risks our business may
    face.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>


<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

<TR>
    <TD width="8%"></TD>
    <TD width="92%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Item&#160;6.<I>&#160;&#160;</I></FONT></B>
</TD>
    <TD>
    <A name='Y91213113'></A><B><I><FONT style="font-family: 'Times New Roman', Times">Exhibits</FONT></I></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=01 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=01 type=body -->
    <TD width="3%" align="left">&nbsp;</TD>	<!-- colindex=01 type=align1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="90%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Number</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Exhibit Title</B>
</DIV>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .1*
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Third Amended and Restated Employment Agreement, dated as of
    January&#160;1, 2011, by and between CVR Energy, Inc. and John
    J. Lipinski.
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .2*
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Third Amended and Restated Employment Agreement, dated as of
    January&#160;1, 2011, by and between CVR Energy, Inc. and
    Stanley A. Riemann.
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .3*
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Second Amended and Restated Employment Agreement, dated as of
    January&#160;1, 2011, by and between CVR Energy, Inc. and Edward
    Morgan.
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .4*
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Third Amended and Restated Employment Agreement, dated as of
    January&#160;1, 2011, by and between CVR Energy, Inc. and Edmund
    S. Gross.
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .5*
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Third Amended and Restated Employment Agreement, dated as of
    January&#160;1, 2011, by and between CVR Energy, Inc. and Robert
    W. Haugen.
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .6**
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    ABL Credit Agreement, dated as of February&#160;22, 2011, among
    Coffeyville Resources, LLC, Coffeyville Resources
    Refining&#160;&#038; Marketing, LLC, Coffeyville Resources
    Nitrogen Fertilizers, LLC, Coffeyville Resources Pipeline, LLC,
    Coffeyville Resources Crude Transportation, LLC and Coffeyville
    Resources Terminal, LLC, the Holding Companies (as defined
    therein), the Subsidiary Guarantors (as defined therein),
    certain other Subsidiaries of the Holding Companies or
    Coffeyville Resources, LLC from time to time party thereto, the
    lenders from time to time party thereto, Deutsche Bank
    Trust&#160;Company Americas, JPMorgan Chase Bank, N.A. and Wells
    Fargo Capital Finance, LLC, as Co-ABL Collateral Agents, and
    Deutsche Bank Trust&#160;Company Americas, as Administrative
    Agent and Collateral Agent (filed as Exhibit&#160;1.1 to the
    Company&#146;s Current Report on
    <FONT style="white-space: nowrap">Form&#160;8-K,</FONT>
    filed on February&#160;28, 2011 and incorporated herein by
    reference).
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .7**
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    ABL Pledge and Security Agreement, dated as of February&#160;22,
    2011, among Coffeyville Resources, LLC, Coffeyville Resources
    Refining&#160;&#038; Marketing, LLC, Coffeyville Resources
    Nitrogen Fertilizers, LLC, Coffeyville Resources Pipeline, LLC,
    Coffeyville Resources Crude Transportation, LLC and Coffeyville
    Resources Terminal, LLC, the Holdings Companies (as defined
    therein), certain other Subsidiaries of the Holding Companies
    party thereto from time to time, and Deutsche Bank
    Trust&#160;Company Americas, as Collateral Agent (filed as
    Exhibit&#160;1.2 to the Company&#146;s Current Report on
    <FONT style="white-space: nowrap">Form&#160;8-K,</FONT>
    filed on February&#160;28, 2011 and incorporated herein by
    reference).
</TD>
</TR>
</TABLE>
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    <BR>
    63
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->
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<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=01 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=01 type=body -->
    <TD width="3%" align="left">&nbsp;</TD>	<!-- colindex=01 type=align1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="90%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Number</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Exhibit Title</B>
</DIV>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .8**
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    ABL Intercreditor Agreement, dated as of February&#160;22, 2011,
    among Coffeyville Resources, LLC, Coffeyville Finance Inc.,
    Deutsche Bank Trust&#160;Company Americas, as collateral agent
    for the secured parties, Wells Fargo Bank, National Association,
    as collateral trustee for the secured parties in respect of the
    outstanding first lien notes, and the outstanding second lien
    notes and certain subordinated liens, respectively, and the
    Guarantors (as defined therein) (filed as Exhibit&#160;1.3 to
    the Company&#146;s Current Report on
    <FONT style="white-space: nowrap">Form&#160;8-K,</FONT>
    filed on February&#160;28, 2011 and incorporated herein by
    reference).
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .9*&#134;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Crude Oil Supply Agreement dated as of March&#160;30, 2011, by
    and between Vitol Inc. and Coffeyville Resources
    Refining&#160;&#038; Marketing, LLC.
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .10**
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    CVR Partners, LP Long-Term Incentive Plan (adopted
    March&#160;16, 2011) (filed as Exhibit&#160;10.1 to the
    Partnership&#146;s Registration Statement on
    <FONT style="white-space: nowrap">Form&#160;S-8</FONT>
    filed on April&#160;12, 2011 and incorporated herein by
    reference).
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .11
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of CVR Partners, LP Long-Term Incentive Plan Director
    Phantom Unit Agreement (filed as Exhibit&#160;10.13.1 to the
    Partnership&#146;s
    <FONT style="white-space: nowrap">Form&#160;S-1/A,</FONT>
    File
    <FONT style="white-space: nowrap">No.&#160;333-171270</FONT>
    and incorporated herein by reference).
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .12
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of CVR Partners, LP Long-Term Incentive Plan Director Stock
    Option Agreement (filed as Exhibit&#160;10.13.2 to the
    Partnership&#146;s
    <FONT style="white-space: nowrap">Form&#160;S-1/A,</FONT>
    File
    <FONT style="white-space: nowrap">No.&#160;333-171270</FONT>
    and incorporated herein by reference).
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    31
</TD>
<TD nowrap align="left" valign="top">
    .1*
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Certification of the Company&#146;s Chief Executive Officer
    pursuant to
    <FONT style="white-space: nowrap">Rule&#160;13a-14(a)</FONT>
    or 15(d)-14(a) under the Securities Exchange Act.
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    31
</TD>
<TD nowrap align="left" valign="top">
    .2*
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Certification of the Company&#146;s Chief Financial Officer
    pursuant to
    <FONT style="white-space: nowrap">Rule&#160;13a-14(a)</FONT>
    or 15(d)-14(a) under the Securities Exchange Act.
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    32
</TD>
<TD nowrap align="left" valign="top">
    .1*
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Certification of the Company&#146;s Chief Executive Officer
    pursuant to 18&#160;U.S.C. Section&#160;1350, as adopted
    pursuant to Section&#160;906 of the Sarbanes-Oxley Act of 2002.
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    32
</TD>
<TD nowrap align="left" valign="top">
    .2*
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Certification of the Company&#146;s Chief Financial Officer
    pursuant to 18&#160;U.S.C. Section&#160;1350, as adopted
    pursuant to Section&#160;906 of the Sarbanes-Oxley Act of 2002.
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    99
</TD>
<TD nowrap align="left" valign="top">
    .1*
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Risk Factors.
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    *&#160;</TD>
    <TD></TD>
    <TD valign="bottom">
    Filed herewith.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    ** </TD>
    <TD></TD>
    <TD valign="bottom">
    Previously filed.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    &#134;&#160;</TD>
    <TD></TD>
    <TD valign="bottom">
    Certain portions of this exhibit have been omitted and
    separately filed with the SEC pursuant to a request for
    confidential treatment that is pending at the SEC.</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>PLEASE NOTE:</I>&#160;&#160;Pursuant to the rules and
    regulations of the Securities and Exchange Commission, we have
    filed or incorporated by reference the agreements referenced
    above as exhibits to this quarterly report on
    <FONT style="white-space: nowrap">Form&#160;10-Q.</FONT>
    The agreements have been filed to provide investors with
    information regarding their respective terms. The agreements are
    not intended to provide any other factual information about the
    Company or its business or operations. In particular, the
    assertions embodied in any representations, warranties and
    covenants contained in the agreements may be subject to
    qualifications with respect to knowledge and materiality
    different from those applicable to investors and may be
    qualified by information in confidential disclosure schedules
    not included with the exhibits. These disclosure schedules may
    contain information that modifies, qualifies and creates
    exceptions to the representations, warranties and covenants set
    forth in the agreements. Moreover, certain representations,
    warranties and covenants in the agreements may have been used
    for the purpose of allocating risk between the parties, rather
    than establishing matters as facts. In addition, information
    concerning the subject matter of the representations, warranties
    and covenants may have changed after the date of the respective
    agreement, which subsequent information may or may not be fully
    reflected in the Company&#146;s public disclosures. Accordingly,
    investors should not rely on the representations, warranties and
    covenants in the agreements as characterizations of the actual
    state of facts about the Company or its business or operations
    on the date hereof.
</DIV>
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    64
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<H5 align="left" style="page-break-before:always"><A HREF="#Y91213tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<A name='Y91213114'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">SIGNATURES</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Pursuant to the requirements of the Securities Exchange Act of
    1934, the registrant has duly caused this report to be signed on
    its behalf by the undersigned thereunto duly authorized.
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>CVR Energy, Inc.</B>
</DIV>

<DIV style="margin-top: 48pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="49%"></TD>
    <TD width="4%"></TD>
    <TD width="47%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    By:&#160;
</TD>
    <TD align="left">
    <DIV style="display:inline; text-align:left;">/s/&#160;&#160;<FONT style="font-variant: SMALL-CAPS">John
    J. Lipinski</FONT></DIV>
</TD>
</TR>

</TABLE>

<DIV style="font-size: 2pt; margin-left: 53%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV align="left" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Chief Executive Officer
</DIV>

<DIV align="left" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (Principal Executive Officer)
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    May 10, 2011
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="49%"></TD>
    <TD width="4%"></TD>
    <TD width="47%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    By:&#160;
</TD>
    <TD align="left">
    <DIV style="display:inline; text-align:left;">/s/&#160;&#160;<FONT style="font-variant: SMALL-CAPS">Edward
    Morgan</FONT></DIV>
</TD>
</TR>

</TABLE>

<DIV style="font-size: 2pt; margin-left: 53%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV align="left" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Chief Financial Officer
</DIV>

<DIV align="left" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (Principal Financial Officer)
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    May 10, 2011
</DIV>
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    <BR>
    65
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</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>y91213exv10w1.htm
<DESCRIPTION>EX-10.1
<TEXT>
<HTML>
<HEAD>
<TITLE>exv10w1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;10.1</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U><B>THIRD AMENDED AND RESTATED </B></U><BR>
<U><B>EMPLOYMENT AGREEMENT</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THIRD AMENDED AND RESTATED EMPLOYMENT AGREEMENT, dated as of January&nbsp;1, 2011 (the
&#147;<U>Employment Agreement</U>&#148;), by and between <B>CVR ENERGY, INC.</B>, a Delaware corporation (the
&#147;<U>Company</U>&#148;), and <B>JOHN J. LIPINSKI </B>(the &#147;<U>Executive</U>&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, the Company and the Executive entered into an amended and restated employment
agreement dated January&nbsp;1, 2008 (the &#147;<U>First Amended and Restated Agreement</U>&#148;) and an amended
and restated employment agreement dated January&nbsp;1, 2010 (the &#147;<U>Second Amended and Restated
Agreement</U>&#148;);
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, the Company and the Executive desire to further amend and restate the Second Amended
and Restated Agreement in its entirety as provided for herein;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOW, THEREFORE, in consideration of the mutual covenants contained herein and other valid
consideration the sufficiency of which is acknowledged, the parties hereto agree as follows:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;1. Employment.</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1. <U>Term</U>. The Company agrees to employ the Executive, and the Executive agrees to be
employed by the Company, in each case pursuant to this Employment Agreement, for a period
commencing on January&nbsp;1, 2011 (the &#147;<U>Commencement Date</U>&#148;) and ending on the earlier of (i)
the third (3rd) anniversary of the Commencement Date and (ii)&nbsp;the termination or resignation of the
Executive&#146;s employment in accordance with Section&nbsp;3 hereof (the &#147;<U>Term</U>&#148;), <U>provided</U>,
<U>however</U>, that at the end of each calendar month after the Commencement Date, the term of
this Employment Agreement shall be automatically extended for one month.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2. <U>Duties</U>. During the Term, the Executive shall serve as President and Chief
Executive Officer of the Company and such other or additional positions as an officer or director
of the Company, and of such direct or indirect affiliates of the Company (&#147;<U>Affiliates</U>&#148;), as
the Executive and the board of directors of the Company (the &#147;<U>Board</U>&#148;) shall mutually agree
from time to time. In such positions, the Executive shall perform such duties, functions and
responsibilities during the Term commensurate with the Executive&#146;s positions as reasonably directed
by the Board. The Executive shall be employed in the State of Texas during the Term.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3. <U>Exclusivity</U>. During the Term, the Executive shall devote substantially all of
Executive&#146;s working time to the business and affairs of the Company and its Affiliates, shall
faithfully serve the Company and its Affiliates, and shall in all material respects conform to and
comply with the lawful and reasonable directions and instructions given to Executive by the Board,
consistent with Section&nbsp;1.2 hereof. During the Term, the Executive shall use Executive&#146;s best
efforts during Executive&#146;s working time to promote and serve the interests of the Company and its
Affiliates and shall not engage in any other business activity, whether or not such activity shall
be engaged in for pecuniary profit. The provisions of this Section&nbsp;1.3 shall not be construed to
prevent Executive from (i)&nbsp;investing Executive&#146;s personal,
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">private assets as a passive investor in
such form or manner as will not require any active services on the part of Executive in the
management or operation of the affairs of the companies, partnerships, or other business entities
in which any such passive investments are made; or (ii)&nbsp;serving on the board of directors for
Thumbs Up Enterprises Limited and its affiliated companies.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;2. Compensation.</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1. <U>Salary</U>. As compensation for the performance of the Executive&#146;s services
hereunder, during the Term, the Company shall pay to the Executive a salary at an annual rate of
$900,000 which annual salary shall be prorated for any partial year at the beginning or end of the
Term and shall accrue and be payable in accordance with the Company&#146;s standard payroll policies, as
such salary may be adjusted upward by the Compensation Committee of the Board in its discretion (as
adjusted, the &#147;<U>Base Salary</U>&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2. <U>Annual Bonus</U>. For each completed fiscal year occurring during the Term, the
Executive shall be eligible to receive an annual cash bonus (the &#147;<U>Annual Bonus</U>&#148;).
Commencing with fiscal year 2011, the target Annual Bonus shall be 250% of the Executive&#146;s Base
Salary as in effect at the beginning of the Term in fiscal year 2011 and at the beginning of each
such fiscal year thereafter during the Term, the actual Annual Bonus to be based upon such
individual and/or Company performance criteria established for each such fiscal year by the
Compensation Committee of the Board. The Annual Bonus, if any, payable to Executive for a fiscal
year will be paid by the Company to the Executive on the last scheduled payroll payment date during
such fiscal year; <U>provided</U>, <U>however</U>, that if the Annual Bonus is payable pursuant
to a plan that is intended to provide for the payment of bonuses that constitute &#147;performance-based
compensation&#148; within the meaning of Section 162(m) of the Internal Revenue Code of 1986, as amended
(the &#147;<U>Code</U>&#148;), the Annual Bonus shall be paid at such time as is provided in the applicable
plan.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3. <U>Employee Benefits</U>. During the Term, the Executive shall be eligible to
participate in such health, insurance, retirement, and other employee benefit plans and programs of
the Company as in effect from time to time on the same basis as other senior executives of the
Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4. <U>Paid Time Off</U>. During the Term, the Executive shall be entitled to twenty-five
(25)&nbsp;days of paid time off (&#147;<U>PTO</U>&#148;) each year.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5. <U>Business Expenses</U>. The Company shall pay or reimburse the Executive for all
commercially reasonable business out-of-pocket expenses that the Executive incurs during the Term
in performing Executive&#146;s duties under this Employment Agreement upon presentation of documentation
and in accordance with the expense reimbursement policy of the Company as approved by the Board and
in effect from time to time. Notwithstanding anything herein to the contrary or otherwise, except
to the extent any expense or reimbursement described in this Employment Agreement does not
constitute a &#147;deferral of compensation&#148; within the meaning of Section&nbsp;409A of the Code and the
Treasury regulations and other guidance issued thereunder, any expense or reimbursement described
in this Employment Agreement shall meet the following requirements: (i)&nbsp;the amount of expenses
eligible for reimbursement provided to
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->2<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">the Executive during any calendar year will not affect the
amount of expenses eligible for reimbursement to the Executive in any other calendar year; (ii)&nbsp;the
reimbursements for expenses for which the Executive is entitled to be reimbursed shall be made on
or before the last day of the calendar year following the calendar year in which the applicable
expense is incurred; (iii)&nbsp;the right to payment or reimbursement or in-kind benefits hereunder may
not be liquidated or exchanged for any other benefit; and (iv)&nbsp;the reimbursements shall be made
pursuant to objectively determinable and nondiscretionary Company policies and procedures regarding
such reimbursement of expenses.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;3. Employment Termination.</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1. <U>Termination of Employment</U>. The Company may terminate the Executive&#146;s employment
for any reason during the Term, and the Executive may voluntarily resign Executive&#146;s employment for
any reason during the Term, in each case (other than a termination by the Company for Cause) at any
time upon not less than thirty (30)&nbsp;days&#146; notice to the other party. Upon the termination or
resignation of the Executive&#146;s employment with the Company for any reason (whether during the Term
or thereafter), the Executive shall be entitled to any Base Salary earned but unpaid through the
date of termination or resignation, any earned but unpaid Annual Bonus for completed fiscal years,
any unused accrued PTO and any unreimbursed expenses in accordance with Section&nbsp;2.5 hereof
(collectively, the &#147;<U>Accrued Amounts</U>&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2. <U>Certain Terminations</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;<U>Termination by the Company Other Than For Cause or Disability; Resignation by the
Executive for Good Reason</U>. If during the Term (i)&nbsp;the Executive&#146;s employment is terminated by
the Company other than for Cause or Disability, or (ii)&nbsp;the Executive resigns for Good Reason, then
in addition to the Accrued Amounts the Executive shall be entitled to the following payments and
benefits: (x)&nbsp;the continuation of Executive&#146;s Base Salary at the rate in effect immediately prior
to the date of termination or resignation (or, in the case of a resignation for Good Reason, at the
rate in effect immediately prior to the occurrence of the event constituting Good Reason, if
greater) for a period of thirty-six (36)&nbsp;months (or, if earlier, until and including the month in
which the Executive attains age 70) (the &#147;<U>Severance Period</U>&#148;), (y)&nbsp;a Pro-Rata Bonus and (z)
to the extent permitted pursuant to the applicable plans, the continuation on the same terms as an
active employee (including, where applicable, coverage for the Executive and his dependents) of
medical, dental, vision and life insurance benefits (&#147;<U>Welfare Benefits</U>&#148;) the Executive
would otherwise be eligible to receive as an active employee of the Company for thirty-six (36)
months or, if earlier, until the Executive becomes eligible for Welfare Benefits from a subsequent
employer (the &#147;<U>Welfare Benefit Continuation Period</U>&#148;)(such payments, the &#147;<U>Severance
Payments</U>&#148;). If the Executive is not permitted to continue participation in the Company&#146;s
Welfare Benefit plans pursuant to the terms of such plans or pursuant to a determination by the
Company&#146;s insurance providers or such continued participation in any plan would result in the
imposition of an excise tax on the Company pursuant to Section&nbsp;4980D of the Code, the Company shall
use reasonable efforts to obtain individual insurance policies providing the Welfare Benefits to
the Executive during the Welfare Benefit Continuation Period, but shall only be required to pay for
such policies an amount equal to the amount the Company would have paid had the Executive continued
participation in the Company&#146;s Welfare Benefits plans;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U>provided</U>, <U>that</U>, if such
coverage cannot be obtained, the Company shall pay to the Executive monthly during the Welfare
Benefit Continuation Period an amount equal to the amount the Company would have paid had the
Executive continued participation in the Company&#146;s Welfare Benefits plans. The Company&#146;s
obligations to make the Severance Payments shall be conditioned upon: (i)&nbsp;the Executive&#146;s continued
compliance with Executive&#146;s obligations under Section&nbsp;4 of this Employment Agreement and (ii)&nbsp;the
Executive&#146;s execution, delivery and non-revocation of a valid and enforceable general release of
claims arising in connection with the Executive&#146;s employment and termination or resignation of
employment with the Company (the &#147;<U>Release</U>&#148;) in a form reasonably acceptable to the Company
and the Executive that becomes effective not later than forty-five (45)&nbsp;days after the date of such
termination or resignation of employment. In the event that the Executive breaches any of the
covenants set forth in Section&nbsp;4 of this Employment Agreement, the Executive will immediately
return to the Company any portion of the Severance Payments that have been paid to the Executive
pursuant to this Section&nbsp;3.2(a). Subject to the foregoing and Section&nbsp;3.2(g), the Severance
Payments will commence to be paid to the Executive on the forty-fifth (45<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP>) day
following the Executive&#146;s termination of employment, except that the Pro Rata Bonus shall be paid
at the time when annual bonuses are paid generally to the Company&#146;s senior executives for the year
in which the Executive&#146;s termination of employment occurs.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;<U>Change in Control Termination</U>. If (A) (i)&nbsp;the Executive&#146;s employment is
terminated by the Company other than for Cause or Disability, or (ii)&nbsp;the Executive resigns for
Good Reason, and such termination or resignation described in (i)&nbsp;or (ii)&nbsp;of this Clause (A)&nbsp;occurs
within the one (1)&nbsp;year period following a Change in Control, or (B)&nbsp;the Executive&#146;s termination or
resignation is a Change in Control Related Termination, then, in addition to the Severance Payments
described in Section&nbsp;3.2(a), the Executive shall also be entitled to a payment each month during
the Severance Period equal to one-twelfth (1/12<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP>) of the target Annual Bonus for the
year in which the Executive&#146;s termination or resignation occurs (determined without regard to any
reduction in Base Salary or target Annual Bonus percentage subsequent to the Change in Control or
in connection with the Change in Control Related Termination) and such amounts shall be deemed to
be included in the term Severance Payments for purposes of this Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;<U>Termination by the Company For Disability</U>. If the Executive&#146;s employment is
terminated during the Term by the Company by reason of the Executive&#146;s Disability, in addition to
the Accrued Amounts and any payments to be made to the Executive under the Company&#146;s disability
plan(s) as a result of such Disability, the Company shall pay to the Executive such supplemental
amounts (the &#147;<U>Supplemental Disability Payments</U>&#148;) as shall be necessary to result in the
payment of aggregate amounts to the Executive as a result of his Disability that shall be equal to
the Executive&#146;s Base Salary as in effect immediately before such Disability; <U>provided</U>,
<U>that</U>, at the Company&#146;s option, the Company may purchase insurance to cover its obligations
under this Section&nbsp;3.2(c) and the Executive shall cooperate to assist the Company in obtaining such
insurance. Such Supplemental Disability Payments shall be made for a period of thirty-six (36)
months from the Date of Disability. The Company shall also pay to the Executive a Pro-Rata Bonus
in the event of a termination of employment described in this Section&nbsp;3.2(c). The Company&#146;s
obligations to make the Supplemental Disability Payments and the Pro-Rata Bonus shall be
conditioned upon: (i)&nbsp;the Executive&#146;s continued compliance with his obligations under Section&nbsp;4 of
this Employment Agreement and (ii)&nbsp;the Executive&#146;s execution,
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">delivery and non-revocation of a
Release that becomes effective not later than forty-five (45)&nbsp;days after the date of such
termination of employment. In the event that the Executive breaches any of the covenants set forth
in Section&nbsp;4 of this Employment Agreement, the Executive will immediately return to the Company any
portion of the Supplemental Disability Payments and the Pro-Rata Bonus that have been paid to the
Executive pursuant to this Section&nbsp;3.2(c). Subject to the foregoing and Section&nbsp;3.2(g), the
Supplemental Disability Payments will commence to be paid to the Executive on the forty-fifth
(45<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP>) day following the Executive&#146;s termination of employment. The Pro-Rata Bonus
shall be paid at the time when annual bonuses are paid generally to the Company&#146;s senior executives
for the year in which the Executive&#146;s termination of employment occurs.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;<U>Termination by Reason of Death</U>. If the Executive&#146;s employment is terminated
during the Term by reason of his death, in addition to the Accrued Amounts and any employee
benefits to which the Executive&#146;s estate, spouse or other beneficiaries, as applicable, may be
entitled, the Company shall pay to the beneficiary designated in writing by the Executive (or to
his estate if no such beneficiary has been so designated), (i)&nbsp;the Base Salary which the Executive
would have received if he had remained employed under this Employment Agreement for a total of
thirty-six months from the commencement of the Term, assuming for such remaining period the
Executive&#146;s Base Salary as in effect on the date of the Executive&#146;s death; <U>provided</U>,
<U>that</U>, at the Company&#146;s option, the Company may purchase insurance to cover its obligations
under this Section&nbsp;3.2(d) (which for the avoidance of doubt shall not include insurance provided by
the Company under its group life insurance plan covering employees generally) and the Executive
shall cooperate to assist the Company in obtaining such insurance and (ii)&nbsp;a Pro-Rata Bonus.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;<U>Retirement</U>. Upon Retirement, the Executive, whether or not Sections&nbsp;3.2(a) or
3.2(c) also apply but without duplication of benefits, shall be entitled to (i)&nbsp;a Pro-Rata Bonus,
(ii)&nbsp;to the extent permitted pursuant to the applicable plans, the continuation on the same terms
as an active employee of Welfare Benefits the Executive would otherwise be eligible to receive as
an active employee of the Company for thirty-six (36)&nbsp;months following date of his Retirement or,
if earlier, until such time as the Executive becomes eligible for Welfare Benefits from a
subsequent employer and, thereafter, shall be eligible to continue participation in the Company&#146;s
Welfare Benefits plans, provided that such continued participation shall be entirely at the
Executive&#146;s expense and shall cease when the Executive becomes eligible for Welfare Benefits from a
subsequent employer and (iii)&nbsp;the provision of an office at the Company&#146;s headquarters and use of
such offices and the Company facilities and administrative support at the Company&#146;s expense for
thirty-six (36)&nbsp;months following the date of his Retirement and at the Executive&#146;s expense
thereafter, provided that such use shall not interfere with Company use thereof. Notwithstanding
the foregoing, (x)&nbsp;if the Executive is not permitted to continue participation in the Company&#146;s
Welfare Benefit plans pursuant to the terms of such plans or pursuant to a determination by the
Company&#146;s insurance providers or such continued participation in any plan would result in the plan
being discriminatory within the meaning of Section&nbsp;4980D of the Code, the Company shall use
reasonable efforts to obtain individual insurance policies providing the Welfare Benefits to the
Executive for such thirty-six (36)&nbsp;months, but shall only be required to pay for such policies an
amount equal to the amount the Company would have paid had the Executive continued participation in
the Company&#146;s Welfare Benefit plans; <U>provided</U>, <U>that</U>, if such coverage cannot be
obtained, the Company shall pay to the
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Executive monthly for such thirty-six (36)&nbsp;months an amount
equal to the amount the Company would have paid had the Executive continued participation in the
Company&#146;s Welfare Benefits plans and (y)&nbsp;any Welfare Benefits coverage provided pursuant to this
Section&nbsp;3.2(e), whether through the Company&#146;s Welfare Benefit plans or through individual insurance
policies, shall be supplemental to any benefits for which the Executive becomes eligible under
Medicare, whether or not the Executive actually obtains such Medicare coverage. The Pro-Rata Bonus
shall be paid at the time when annual bonuses are paid generally to the Company&#146;s senior executives
for the year in which the Executive&#146;s Retirement occurs.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;<U>Definitions</U>. For purposes of this Section&nbsp;3.2, the following terms shall have the
following meanings:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;A resignation for &#147;<U>Good Reason</U>&#148; shall mean a resignation by the Executive within
thirty (30)&nbsp;days following the date on which the Company has engaged in any of the following (each
a &#147;<U>Good Reason Event</U>&#148;): (i)&nbsp;the assignment of duties or responsibilities to the Executive
that reflect a material diminution of the Executive&#146;s position with the Company; <U>provided</U>,
<U>however</U>, that the hiring of a chief executive officer by CVR GP, LLC shall not be a Good
Reason Event if, immediately thereafter, the Executive is the chairman of the board of directors of
CVR GP, LLC, (ii)&nbsp;a relocation of the Executive&#146;s principal place of employment that increases the
Executive&#146;s commute by more than fifty (50)&nbsp;miles; (iii)&nbsp;a reduction in the Executive&#146;s Base
Salary, other than across-the-board reductions applicable to similarly situated employees of the
Company; or (iv)&nbsp;a Change in Control in which the Executive does not concurrently receive an
employment contract substantially in the form of this Employment Agreement from the successor
company; <U>provided</U>, <U>however</U>, that the Executive must provide the Company with notice
promptly following the occurrence of any of the foregoing and at least ten (10)&nbsp;business days to
cure. Notwithstanding the foregoing, if a Good Reason Event occurs upon or following a Change in
Control and prior to the tenth (10<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP>) business day prior to the first (1<SUP style="FONT-size: 85%; vertical-align: text-top">st</SUP>)
anniversary of the Change in Control, a resignation for Good Reason (i)&nbsp;may not be effective prior
to the ninetieth (90<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP>) day after the date of the occurrence of the Change in Control
and (ii)&nbsp;may be effective at any time within the period commencing ninety (90)&nbsp;days after the date
of the occurrence of the Change in Control and ending on the first anniversary of the date of the
occurrence of the Change in Control; <U>provided</U>, <U>however</U>, that the Executive must
provide the Company with notice of the occurrence of the Good Reason Event and at least ten (10)
business days to cure.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&#147;<U>Cause</U>&#148; shall mean that the Executive has engaged in any of the following: (i)
willful misconduct or breach of fiduciary duty; (ii)&nbsp;intentional failure or refusal to perform
reasonably assigned duties after written notice of such willful failure or refusal and the failure
or refusal is not corrected within ten (10)&nbsp;business days; <U>provided</U>, <U>however</U>, that
the Executive&#146;s refusal to participate in or perform any act on behalf of the Company which upon
advice of counsel the Executive in good faith believes is illegal or unethical shall not constitute
Cause; (iii)&nbsp;the indictment for, conviction of or entering a plea of guilty or nolo contendere to a
crime constituting a felony (other than a traffic violation or other offense or violation outside
of the course of employment which does not adversely affect the Company and its Affiliates or their
reputation or the ability of the Executive to perform Executive&#146;s employment-related duties or to
represent the Company and its Affiliates); <U>provided</U>, <U>however</U>, that (A)&nbsp;if the
Executive is terminated for Cause by reason of Executive&#146;s indictment
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">pursuant to this clause (iii)
and the indictment is subsequently dismissed or withdrawn or the Executive is found to be not
guilty in a court of law in connection with such indictment, then the Executive&#146;s termination shall
be treated for purposes of this Employment Agreement as a termination by the Company other than for
Cause, and the Executive will be entitled to receive (without duplication of benefits and to the
extent permitted by law and the terms of the then-applicable Welfare Benefits plans) the payments
and benefits set forth in Section&nbsp;3.2(a) and, to the extent either or both are applicable, Section
3.2(b) and Section&nbsp;3.2(e), following such dismissal, withdrawal or finding, payable in the manner
and subject to the conditions set forth in such Sections and (B)&nbsp;if such indictment relates to
environmental matters and does not allege that the Executive was directly involved in or directly
supervised the action(s) forming the basis of the indictment, Cause shall not be deemed to exist
under this Employment Agreement by reason of such indictment until the Executive is convicted or
enters a plea of guilty or nolo contendere in connection with such indictment; or (iv)&nbsp;material
breach of the Executive&#146;s covenants in Section&nbsp;4 of this Employment Agreement or any material
written policy of the Company or any Affiliate after written notice of such breach and failure by
the Executive to cure such breach within ten (10)&nbsp;business days; provided, however, that no such
notice of, nor opportunity to cure, such breach shall be required hereunder if the breach cannot be
cured by the Executive.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&#147;<U>Change in Control</U>&#148; shall have the meaning set forth on Appendix&nbsp;A.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;&#147;<U>Change in Control Related Termination</U>&#148; shall mean a termination of the
Executive&#146;s employment by the Company other than for Cause or Executive&#146;s resignation for Good
Reason, in each case at any time prior to the date of a Change in Control and (A)&nbsp;the Executive
reasonably demonstrates that such termination or the basis for resignation for Good Reason occurred
in anticipation of a transaction that, if consummated, would constitute a Change in Control, (B)
such termination or the basis for resignation for Good Reason occurred after the Company entered
into a definitive agreement, the consummation of which would constitute a Change in Control or (C)
the Executive reasonably demonstrates that such termination or the basis for resignation for Good
Reason was implemented at the request of a third party who has indicated an intention or has taken
steps reasonably calculated to effect a Change in Control.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)&nbsp;&#147;<U>Disability</U>&#148; shall mean that: (i)&nbsp;the Executive is unable to perform his duties
hereunder as a result of illness or physical injury for a period of at least ninety (90)&nbsp;days; (ii)
the Executive is entitled to receive payments under the Company&#146;s long-term disability insurance
plan; (iii)&nbsp;the Executive has started to receive such disability insurance payments; and (iv)&nbsp;no
person has contested or questioned the Executive&#146;s right to receive such payments or, if such
payments have been contested, the Company has irrevocably and unconditionally agreed to pay the
Executive such amounts as will net to the Executive after reduction for applicable federal and
state income taxes the same amount as he would have received after such taxes from such insurance.
The &#147;<U>Date of Disability</U>&#148; shall mean the first date on which all of the requirements set
forth in clauses (i)&nbsp;through (iv)&nbsp;above have been satisfied.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)&nbsp;&#147;<U>Pro-Rata Bonus</U>&#148; shall mean, the product of (A)&nbsp;a fraction, the numerator of which
is the number of days the Executive is employed by the
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Company during the year in which the
Executive&#146;s employment terminates pursuant to Section&nbsp;3.2(a), (c), (d)&nbsp;or (e)&nbsp;prior to and
including the date of the Executive&#146;s termination and the denominator of which is 365 and (B)(i) if
the Annual Bonus is payable pursuant to a plan that is intended to provide for the payment of
bonuses that constitute &#147;performance-based compensation&#148; within the meaning of Section 162(m) of
the Code, an amount for that year equal to the Annual Bonus the Executive would have been entitled
to receive had his employment not terminated, based on the actual performance of the Company or the
Executive, as applicable, for the full year, or (ii)&nbsp;if the Annual Bonus is not payable pursuant to
a plan that is intended to provide for the payment of bonuses that constitute &#147;performance-based
compensation&#148;, the target Annual Bonus for that year.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7)&nbsp;&#147;<U>Retirement</U>&#148; shall mean the Executive&#146;s termination or resignation of employment
for any reason (other than by the Company for Cause or by reason of the Executive&#146;s death)
following the date the Executive attains age 62.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;<U>Section&nbsp;409A</U>. To the extent applicable, this Employment Agreement shall be
interpreted, construed and operated in accordance with Section&nbsp;409A of the Code and the Treasury
regulations and other guidance issued thereunder. If on the date of the Executive&#146;s separation from
service (as defined in Treasury Regulation &#167;1.409A-1(h)) with the Company the Executive is a
specified employee (as defined in Code Section&nbsp;409A and Treasury Regulation &#167;1.409A-1(i)), no
payment constituting the &#147;deferral of compensation&#148; within the meaning of Treasury Regulation
&#167;1.409A-1(b) and after application of the exemptions provided in Treasury Regulation
&#167;&#167;1.409A-1(b)(4) and 1.409A-1(b)(9)(iii) shall be made to Executive at any time during the six (6)
month period following the Executive&#146;s separation from service, and any such amounts deferred such
six (6)&nbsp;months shall instead be paid in a lump sum on the first payroll payment date following
expiration of such six (6)&nbsp;month period. For purposes of conforming this Employment Agreement to
Section&nbsp;409A of the Code, the parties agree that any reference to termination of employment,
severance from employment, resignation from employment or similar terms shall mean and be
interpreted as a &#147;separation from service&#148; as defined in Treasury Regulation &#167;1.409A-1(h).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3. <U>Exclusive Remedy</U>. The foregoing payments upon termination or resignation of the
Executive&#146;s employment shall constitute the exclusive severance payments due the Executive upon a
termination or resignation of Executive&#146;s employment under this Employment Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4. <U>Resignation from All Positions</U>. Upon the termination or resignation of the
Executive&#146;s employment with the Company for any reason, the Executive shall be deemed to have
resigned, as of the date of such termination or resignation, from and with respect to all positions
the Executive then holds as an officer, director, employee and member of the Board of Directors
(and any committee thereof) of the Company and any of its Affiliates.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5. <U>Cooperation</U>. Following the termination or resignation of the Executive&#146;s
employment with the Company for any reason and during any period in which the Executive is
receiving Severance Payments or Supplemental Disability Payments, or for one (1)&nbsp;year following
termination or resignation of the Executive&#146;s employment with the Company if no Severance Payments
or Supplemental Disability Payments are payable, the Executive agrees to
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">reasonably cooperate with
the Company upon reasonable request of the Board and to be reasonably available to the Company with
respect to matters arising out of the Executive&#146;s services to the Company and its Affiliates,
<U>provided</U>, <U>however</U>, such period of cooperation shall be for three (3)&nbsp;years,
following any such termination or resignation of Executive&#146;s employment for any reason, with
respect to tax matters involving the Company or any of its Affiliates. The Company shall reimburse
the Executive for expenses reasonably incurred in connection with such matters as agreed by the
Executive and the Board and the Company shall compensate the Executive for such cooperation at an
hourly rate based on the Executive&#146;s most recent base salary rate assuming two thousand (2,000)
working hours per year; <U>provided</U>, that if the Executive is required to spend more than
forty (40)&nbsp;hours in any month on Company matters pursuant to this Section&nbsp;3.5, the Executive and
the Board shall mutually agree to an appropriate rate of compensation for the Executive&#146;s time over
such forty (40)&nbsp;hour threshold.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;4. Unauthorized Disclosure; Non-Solicitation; Non-Competition;
Proprietary Rights.</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1. <U>Unauthorized Disclosure</U>. The Executive agrees and understands that in the
Executive&#146;s position with the Company and any Affiliates, the Executive has been and will be
exposed to and has and will receive information relating to the confidential affairs of the Company
and its Affiliates, including, without limitation, technical information, intellectual property,
business and marketing plans, strategies, customer information, software, other information
concerning the products, promotions, development, financing, expansion plans, business policies and
practices of the Company and its Affiliates and other forms of information considered by the
Company and its Affiliates to be confidential and in the nature of trade secrets (including,
without limitation, ideas, research and development, know-how, formulas, technical data, designs,
drawings, specifications, customer and supplier lists, pricing and cost information and business
and marketing plans and proposals) (collectively, the &#147;<U>Confidential Information</U>&#148;);
<U>provided</U>, however, that Confidential Information shall not include information which (i)&nbsp;is
or becomes generally available to the public not in violation of this Employment Agreement or any
written policy of the Company; or (ii)&nbsp;was in the Executive&#146;s possession or knowledge on a
non-confidential basis prior to such disclosure. The Executive agrees that at all times during the
Executive&#146;s employment with the Company and thereafter, the Executive shall not disclose such
Confidential Information, either directly or indirectly, to any individual, corporation,
partnership, limited liability company, association, trust or other entity or organization,
including a government or political subdivision or an agency or instrumentality thereof (each, for
purposes of this Section&nbsp;4, a &#147;<U>Person</U>&#148;) without the prior written consent of the Company
and shall not use or attempt to use any such information in any manner other than in connection
with Executive&#146;s employment with the Company, unless required by law to disclose such information,
in which case the Executive shall provide the Company with written notice of such requirement as
far in advance of such anticipated disclosure as possible. Executive&#146;s confidentiality covenant
has no temporal, geographical or territorial restriction. Upon termination or resignation of the
Executive&#146;s employment with the Company, the Executive shall promptly supply to the Company all
property, keys, notes, memoranda, writings, lists, files, reports, customer lists, correspondence,
tapes, disks, cards, surveys, maps, logs, machines, technical data and other tangible products or
documents, in each case which have been produced by, received by or otherwise submitted to the
Executive during or prior to the Executive&#146;s employment with the
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Company and which are or contain
Confidential Information, and any copies thereof in Executive&#146;s (or capable of being reduced to
Executive&#146;s) possession.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2. <U>Non-Competition</U>. By and in consideration of the Company&#146;s entering into this
Employment Agreement and the payments to be made and benefits to be provided by the Company
hereunder, and in further consideration of the Executive&#146;s exposure to the Confidential Information
of the Company and its Affiliates, the Executive agrees that the Executive shall not, during the
Term and thereafter for the period during which the Severance Payments or Supplemental Disability
Payments are payable or one (1)&nbsp;year following the end of the Term if no Severance Payments or
Supplemental Disability Payments are payable (the &#147;<U>Restriction Period</U>&#148;), directly or
indirectly, own, manage, operate, join, control, be employed by, or participate in the ownership,
management, operation or control of, or be connected in any manner with, including, without
limitation, holding any position as a stockholder, director, officer, consultant, independent
contractor, employee, partner, or investor in, any Restricted Enterprise (as defined below);
<U>provided</U>, that in no event shall ownership of one percent (1%) or less of the outstanding
securities of any class of any issuer whose securities are registered under the Securities Exchange
Act of 1934, as amended (the &#147;<U>Exchange Act</U>&#148;), standing alone, be prohibited by this Section
4.2, so long as the Executive does not have, or exercise, any rights to manage or operate the
business of such issuer other than rights as a stockholder thereof. For purposes of this
paragraph, &#147;<U>Restricted Enterprise</U>&#148; shall mean any Person that is actively engaged in any
business which is either (i)&nbsp;in competition with the business of the Company or any of its
Affiliates conducted during the preceding twelve (12)&nbsp;months (or following the Term, the twelve
(12)&nbsp;months preceding the last day of the Term), or (ii)&nbsp;proposed to be conducted by the Company or
any of its Affiliates in the Company&#146;s or Affiliate&#146;s business plan as in effect at that time (or
following the Term, the business plan as in effect as of the last day of the Term);
<U>provided</U>, that (x)&nbsp;with respect to any Person that is actively engaged in the refinery
business, a Restricted Enterprise shall only include such a Person that operates or markets in any
geographic area in which the Company or any of its Affiliates operates or markets with respect to
its refinery business and (y)&nbsp;with respect to any Person that is actively engaged in the fertilizer
business, a Restricted Enterprise shall only include such a Person that operates or markets in any
geographic area in which the Company or any of its Affiliates operates or markets with respect to
its fertilizer business. During the Restriction Period, upon request of the Company, the Executive
shall notify the Company of the Executive&#146;s then-current employment status. For the avoidance of
doubt, (A)&nbsp;the foregoing shall not prohibit the Executive from working in the State of Texas;
<U>provided</U>, that the Executive&#146;s so working does not involve any Restricted Enterprise that
is operating in the State of Texas if the Company or any of its Affiliates is then operating in the
State of Texas and (B)&nbsp;a Restricted Enterprise shall not include any Person or division thereof
that is engaged in the business of supplying (but not refining) crude oil or natural gas.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3. <U>Non-Solicitation of Employees</U>. During the Restriction Period, the Executive
shall not directly or indirectly solicit (or assist any Person to solicit) for employment any
person who is, or within twelve (12)&nbsp;months prior to the date of such solicitation was, an employee
of the Company or any of its Affiliates, provided, however, that this Section&nbsp;4.3 shall not
prohibit the hiring of any individual as a result of the individual&#146;s response to an advertisement
in a publication of general circulation.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4. <U>Non-Solicitation of Customers/Suppliers</U>. During the Restriction Period, the
Executive shall not (i)&nbsp;solicit (or assist any Person to solicit) any Person which has a business
relationship with the Company or of any of its Affiliates in order to terminate, curtail or
otherwise interfere with such business relationship or (ii)&nbsp;solicit, other than on behalf of the
Company and its Affiliates, any Person that the Executive knows or should have known (x)&nbsp;is a
current customer of the Company or any of its Affiliates in any geographic area in which the
Company or any of its Affiliates operates or markets or (y)&nbsp;is a Person in any geographic area in
which the Company or any of its Affiliates operates or markets with respect to which the Company or
any of its Affiliates has, within the twelve (12)&nbsp;months prior to the date of such solicitation,
devoted more than de minimis resources in an effort to cause such Person to become a customer of
the Company or any of its Affiliates in that geographic area. For the avoidance of doubt, the
foregoing does not preclude the Executive from soliciting, outside of the geographic areas in which
the Company or any of its Affiliates operates or markets, any Person that is a customer or
potential customer of the Company or any of its Affiliates in the geographic areas in which it
operates or markets.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5. <U>Extension of Restriction Period</U>. The Restriction Period shall be extended for a
period of time equal to any period during which the Executive is in breach of any of Sections&nbsp;4.2,
4.3 or 4.4 hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6. <U>Proprietary Rights</U>. The Executive shall disclose promptly to the Company any and
all inventions, discoveries, and improvements (whether or not patentable or registrable under
copyright or similar statutes), and all patentable or copyrightable works, initiated, conceived,
discovered, reduced to practice, or made by Executive, either alone or in conjunction with others,
during the Executive&#146;s employment with the Company and related to the business or activities of the
Company and its Affiliates (the &#147;<U>Developments</U>&#148;). Except to the extent any rights in any
Developments constitute a work made for hire under the U.S. Copyright Act, 17 U.S.C. &#167; 101 et seq.
that are owned ab initio by the Company and/or its applicable Affiliates, the Executive assigns all
of Executive&#146;s right, title and interest in all Developments (including all intellectual property
rights therein) to the Company or its nominee without further compensation, including all rights or
benefits therefor, including without limitation the right to sue and recover for past and future
infringement. The Executive acknowledges that any rights in any developments constituting a work
made for hire under the U.S. Copyright Act, 17 U.S.C &#167; 101 et seq. are owned upon creation by the
Company and/or its applicable Affiliates as the Executive&#146;s employer. Whenever requested to do so
by the Company, the Executive shall execute any and all applications, assignments or other
instruments which the Company shall deem necessary to apply for and obtain trademarks, patents or
copyrights of the United States or any foreign country or otherwise protect the interests of the
Company and its Affiliates therein. These obligations shall continue beyond the end of the
Executive&#146;s employment with the Company with respect to inventions, discoveries, improvements or
copyrightable works initiated, conceived or made by the Executive while employed by the Company,
and shall be binding upon the Executive&#146;s employers, assigns, executors, administrators and other
legal representatives. In connection with Executive&#146;s execution of this Employment Agreement, the
Executive has informed the Company in writing of any interest in any inventions or intellectual
property rights that Executive holds as of the date hereof. If the Company is unable for any
reason, after reasonable effort, to obtain the Executive&#146;s signature on any document needed in
connection with the actions described in this Section&nbsp;4.6, the Executive hereby irrevocably
designates and
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">appoints the Company, its Affiliates, and their duly authorized officers and agents
as the Executive&#146;s agent and attorney in fact to act for and in the Executive&#146;s behalf to execute,
verify and file any such documents and to do all other lawfully permitted acts to further the
purposes of this Section with the same legal force and effect as if executed by the Executive.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.7. <U>Confidentiality of Agreement</U>. Other than with respect to information required to
be disclosed by applicable law, the parties hereto agree not to disclose the terms of this
Employment Agreement to any Person; provided the Executive may disclose this Employment Agreement
and/or any of its terms to the Executive&#146;s immediate family, financial advisors and attorneys.
Notwithstanding anything in this Section&nbsp;4.7 to the contrary, the parties hereto (and each of their
respective employees, representatives, or other agents) may disclose to any and all Persons,
without limitation of any kind, the tax treatment and tax structure of the transactions
contemplated by this Employment Agreement, and all materials of any kind (including opinions or
other tax analyses) related to such tax treatment and tax structure; provided that this sentence
shall not permit any Person to disclose the name of, or other information that would identify, any
party to such transactions or to disclose confidential commercial information regarding such
transactions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.8. <U>Remedies</U>. The Executive agrees that any breach of the terms of this Section&nbsp;4
would result in irreparable injury and damage to the Company and its Affiliates for which the
Company and its Affiliates would have no adequate remedy at law; the Executive therefore also
agrees that in the event of said breach or any threat of breach, the Company and its Affiliates
shall be entitled to an immediate injunction and restraining order to prevent such breach and/or
threatened breach and/or continued breach by the Executive and/or any and all Persons acting for
and/or with the Executive, without having to prove damages, in addition to any other remedies to
which the Company and its Affiliates may be entitled at law or in equity, including, without
limitation, the obligation of the Executive to return any Severance Payments or Supplemental
Disability Payments made by the Company to the Company. The terms of this paragraph shall not
prevent the Company or its Affiliates from pursuing any other available remedies for any breach or
threatened breach hereof, including, without limitation, the recovery of damages from the
Executive. The Executive and the Company further agree that the provisions of the covenants
contained in this Section&nbsp;4 are reasonable and necessary to protect the businesses of the Company
and its Affiliates because of the Executive&#146;s access to Confidential Information and Executive&#146;s
material participation in the operation of such businesses.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;5. Representation.</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Executive represents and warrants that (i)&nbsp;Executive is not subject to any contract,
arrangement, policy or understanding, or to any statute, governmental rule or regulation, that in
any way limits Executive&#146;s ability to enter into and fully perform Executive&#146;s obligations under
this Employment Agreement and (ii)&nbsp;Executive is not otherwise unable to enter into and fully
perform Executive&#146;s obligations under this Employment Agreement.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;6. Withholding.</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All amounts paid to the Executive under this Employment Agreement during or following the Term
shall be subject to withholding and other employment taxes imposed by applicable law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;7. Effect of Section&nbsp;280G of the Code.</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1. <U>Payment Reduction</U>. Notwithstanding anything contained in this Employment
Agreement to the contrary, (i)&nbsp;to the extent that any payment or distribution of any type to or for
the Executive by the Company, any affiliate of the Company, any Person who acquires ownership or
effective control of the Company or ownership of a substantial portion of the Company&#146;s assets
(within the meaning of Section&nbsp;280G of the Code and the regulations thereunder), or any affiliate
of such Person, whether paid or payable or distributed or distributable pursuant to the terms of
this Employment Agreement or otherwise (the &#147;<U>Payments</U>&#148;) constitute &#147;parachute payments&#148;
(within the meaning of Section&nbsp;280G of the Code), and if (ii)&nbsp;such aggregate would, if reduced by
all federal, state and local taxes applicable thereto, including the excise tax imposed under
Section&nbsp;4999 of the Code (the &#147;<U>Excise Tax</U>&#148;), be less than the amount the Executive would
receive, after all taxes, if the Executive received aggregate Payments equal (as valued under
Section&nbsp;280G of the Code) to only three times the Executive&#146;s &#147;base amount&#148; (within the meaning of
Section&nbsp;280G of the Code), less $1.00, then (iii)&nbsp;such Payments shall be reduced (but not below
zero) if and to the extent necessary so that no Payments to be made or benefit to be provided to
the Executive shall be subject to the Excise Tax; <U>provided</U>, <U>however</U>, that the
Company shall use its reasonable best efforts to obtain shareholder approval of the Payments
provided for in this Employment Agreement in a manner intended to satisfy requirements of the
&#147;shareholder approval&#148; exception to Section&nbsp;280G of the Code and the regulations promulgated
thereunder, such that payment may be made to the Executive of such Payments without the application
of an Excise Tax. If the Payments are so reduced, the Company shall reduce or eliminate the
Payments (x)&nbsp;by first reducing or eliminating the portion of the Payments which are not payable in
cash (other than that portion of the Payments subject to clause (z)&nbsp;hereof), (y)&nbsp;then by reducing
or eliminating cash payments (other than that portion of the Payments subject to clause (z)&nbsp;hereof)
and (z)&nbsp;then by reducing or eliminating the portion of the Payments (whether payable in cash or not
payable in cash) to which Treasury Regulation &#167; 1.280G-1 Q/A 24(c) (or successor thereto) applies,
in each case in reverse order beginning with payments or benefits which are to be paid the farthest
in time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2. <U>Determination of Amount of Reduction (if any)</U>. The determination of whether the
Payments shall be reduced as provided in Section&nbsp;7.1 and the amount of such reduction shall be made
at the Company&#146;s expense by an accounting firm selected by the Company from among the four (4)
largest accounting firms in the United States (the &#147;<U>Accounting Firm</U>&#148;). The Accounting Firm
shall provide its determination (the &#147;<U>Determination</U>&#148;), together with detailed supporting
calculations and documentation, to the Company and the Executive within ten (10)&nbsp;days after the
Executive&#146;s final day of employment. If the Accounting Firm determines that no Excise Tax is
payable by the Executive with respect to the Payments, it shall furnish the Executive with an
opinion reasonably acceptable to the Executive that no Excise Tax will be imposed with respect to
any such payments and, absent
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">manifest error, such Determination shall be binding, final and
conclusive upon the Company and the Executive.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;8. Miscellaneous.</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1. <U>Indemnification</U>. To the extent permitted by applicable law and subject to any
separate agreement (if any) between the Company and the Executive regarding indemnification, the
Company shall indemnify the Executive for losses or damages incurred by the Executive as a result
of all causes of action arising from the Executive&#146;s performance of duties for the benefit of the
Company, whether or not the claim is asserted during the Term. This indemnity shall not apply to
the Executive&#146;s acts of willful misconduct or gross negligence. The Executive shall be covered
under any directors&#146; and officers&#146; insurance that the Company maintains for its directors and other
officers in the same manner and on the same basis as the Company&#146;s directors and other officers.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2. <U>Fees and Expenses</U>. The Company shall pay all legal fees and related expenses
(including the costs of experts, evidence and counsel) incurred by the Executive as a result of (i)
the termination of the Executive&#146;s employment by the Company or the resignation by the Executive
for Good Reason (including all such fees and expenses, if any, incurred in contesting, defending or
disputing the basis for any such termination or resignation of employment) or (b)&nbsp;the Executive
seeking to obtain or enforce any right or benefit provided by this Employment Agreement;
<U>provided</U>, <U>that</U>, if it is determined that the Executive&#146;s termination of employment
was for Cause, the Executive shall not be entitled to any payment or reimbursement pursuant to this
Section&nbsp;8.2.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3. <U>Amendments and Waivers</U>. This Employment Agreement and any of the provisions
hereof may be amended, waived (either generally or in a particular instance and either
retroactively or prospectively), modified or supplemented, in whole or in part, only by written
agreement signed by the parties hereto; <U>provided</U>, that, the observance of any provision of
this Employment Agreement may be waived in writing by the party that will lose the benefit of such
provision as a result of such waiver. The waiver by any party hereto of a breach of any provision
of this Employment Agreement shall not operate or be construed as a further or continuing waiver of
such breach or as a waiver of any other or subsequent breach, except as otherwise explicitly
provided for in such waiver. Except as otherwise expressly provided herein, no failure on the part
of any party to exercise, and no delay in exercising, any right, power or remedy hereunder, or
otherwise available in respect hereof at law or in equity, shall operate as a waiver thereof, nor
shall any single or partial exercise of such right, power or remedy by such party preclude any
other or further exercise thereof or the exercise of any other right, power or remedy.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4. <U>Assignment</U>. This Employment Agreement, and the Executive&#146;s rights and
obligations hereunder, may not be assigned by the Executive, and any purported assignment by the
Executive in violation hereof shall be null and void.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.5. <U>Payments Following Executive&#146;s Death</U>. Any amounts payable to the Executive
pursuant to this Agreement that remain unpaid at the Executive&#146;s death shall be paid to the
Executive&#146;s estate.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.6. <U>Notices</U>. Unless otherwise provided herein, all notices, requests, demands,
claims and other communications provided for under the terms of this Employment Agreement shall be
in writing. Any notice, request, demand, claim or other communication hereunder shall be sent by
(i)&nbsp;personal delivery (including receipted courier service) or overnight delivery service, (ii)
facsimile during normal business hours, with confirmation of receipt, to the number indicated,
(iii)&nbsp;reputable commercial overnight delivery service courier or (iv)&nbsp;registered or certified mail,
return receipt requested, postage prepaid and addressed to the intended recipient as set forth
below:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="13%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="13%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="70%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" nowrap>If to the Company:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CVR Energy, Inc.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">10 E. Cambridge Circle, Suite&nbsp;250</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Kansas City, KS 66103</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Attention: General Counsel</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Facsimile: (913)&nbsp;982-5651</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">with a copy to:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Fried, Frank, Harris, Shriver &#038; Jacobson LLP</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">One New York Plaza</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">New York, NY 10004</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Attention: Donald P. Carleen, Esq.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Facsimile: (212)&nbsp;859-4000</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" nowrap>If to the Executive:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">John J. Lipinski</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2277 Plaza Drive, Suite&nbsp;500</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Sugar Land, TX 77479</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Facsimile: (281)&nbsp;207-3505</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All such notices, requests, consents and other communications shall be deemed to have been
given when received. Any party may change its facsimile number or its address to which notices,
requests, demands, claims and other communications hereunder are to be delivered by giving the
other parties hereto notice in the manner then set forth.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.7. <U>Governing Law</U>. This Employment Agreement shall be construed and enforced in
accordance with, and the rights and obligations of the parties hereto shall be governed by, the
laws of the State of Texas, without giving effect to the conflicts of law principles thereof. Each
of the parties hereto irrevocably and unconditionally consents to submit to the exclusive
jurisdiction of the courts of Texas (collectively, the &#147;<U>Selected Courts</U>&#148;) for any action or
proceeding relating to this Employment Agreement, agrees not to commence any action or proceeding
relating thereto except in the Selected Courts, and waives any forum or venue objections to the
Selected Courts.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.8. <U>Severability</U>. Whenever possible, each provision or portion of any provision of
this Employment Agreement, including those contained in Section&nbsp;4 hereof, will be interpreted in
such manner as to be effective and valid under applicable law but the invalidity or
unenforceability of any provision or portion of any provision of this Employment Agreement in any
jurisdiction shall not affect the validity or enforceability of the remainder of this Employment
Agreement in that jurisdiction or the validity or enforceability of this Employment Agreement,
including that provision or portion of any provision, in any other jurisdiction. In
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->15<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">addition,
should a court or arbitrator determine that any provision or portion of any provision of this
Employment Agreement, including those contained in Section&nbsp;4 hereof, is not reasonable or valid,
either in period of time, geographical area, or otherwise, the parties hereto agree that such
provision should be interpreted and enforced to the maximum extent which such court or arbitrator
deems reasonable or valid.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.9. <U>Entire Agreement</U>. From and after the Commencement Date, this Employment
Agreement constitutes the entire agreement between the parties hereto, and supersedes all prior
representations, agreements and understandings (including any prior course of dealings), both
written and oral, relating to any employment of the Executive by the Company or any of its
Affiliates including, without limitation, the First Amended and Restated Agreement and the Second
Amended and Restated Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.10. <U>Counterparts</U>. This Employment Agreement may be executed in any number of
counterparts, each of which shall be deemed an original, but all such counterparts shall together
constitute one and the same instrument.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.11. <U>Binding Effect</U>. This Employment Agreement shall inure to the benefit of, and be
binding on, the successors and assigns of each of the parties, including, without limitation, the
Executive&#146;s heirs and the personal representatives of the Executive&#146;s estate and any successor to
all or substantially all of the business and/or assets of the Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.12. <U>General Interpretive Principles</U>. The name assigned this Employment Agreement
and headings of the sections, paragraphs, subparagraphs, clauses and subclauses of this Employment
Agreement are for convenience of reference only and shall not in any way affect the meaning or
interpretation of any of the provisions hereof. Words of inclusion shall not be construed as terms
of limitation herein, so that references to &#147;include&#148;, &#147;includes&#148; and &#147;including&#148; shall not be
limiting and shall be regarded as references to non-exclusive and non-characterizing illustrations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.13. <U>Mitigation</U>. Notwithstanding any other provision of this Employment Agreement,
(a)&nbsp;the Executive will have no obligation to mitigate damages for any breach or termination of this
Employment Agreement by the Company, whether by seeking employment or otherwise and (b)&nbsp;except for
Welfare Benefits provided pursuant to Section&nbsp;3.2(a) or 3.2(e), the amount of any payment or
benefit due the Executive after the date of such breach or termination will not be reduced or
offset by any payment or benefit that the Executive may receive from any other source.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.14. <U>Company Actions</U>. Any actions, approvals, decisions, or determinations to be
made by the Company under this Employment Agreement shall be made by the Company&#146;s Board, except as
otherwise expressly provided herein.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">&#091;signature page follows&#093;
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->16<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS WHEREOF, the parties have executed this Employment Agreement as of the date
first written above.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="35%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left"><B>CVR ENERGY, INC.</B></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ John J. Lipinski
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Stanley A. Riemann</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>JOHN J. LIPINSKI</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name: Stanley A. Riemann</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title: Chief Operating Officer</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

 <DIV align="center" style="font-size: 10pt; margin-top: 6pt">
&#91;Signature Page to Third Amended and Restated Employment Agreement&#93;
</div>
<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U><B>APPENDIX A</B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<U>Change in Control</U>&#148; means the occurrence of any of the following:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;An acquisition (other than directly from the Company) of any voting securities of the
Company (the &#147;<U>Voting Securities</U>&#148;) by any &#147;Person&#148; (as the term &#147;person&#148; is used for
purposes of Section 13(d) or 14(d) of the Exchange Act), immediately after which such Person has
&#147;Beneficial Ownership&#148; (within the meaning of Rule&nbsp;13d-3 promulgated under the Exchange Act) of
more than thirty percent (30%) of (i)&nbsp;the then-outstanding Shares or (ii)&nbsp;the combined voting power
of the Company&#146;s then-outstanding Voting Securities; provided, however, that in determining whether
a Change in Control has occurred pursuant to this paragraph (a), the acquisition of Shares or
Voting Securities in a Non-Control Acquisition (as hereinafter defined) shall not constitute a
Change in Control. A &#147;<U>Non-Control Acquisition</U>&#148; shall mean an acquisition by (i)&nbsp;an
employee benefit plan (or a trust forming a part thereof) maintained by (A)&nbsp;the Company or (B)&nbsp;any
corporation or other Person the majority of the voting power, voting equity securities or equity
interest of which is owned, directly or indirectly, by the Company (for purposes of this
definition, a &#147;<U>Related Entity</U>&#148;), (ii)&nbsp;the Company, any Principal Stockholder or any Related
Entity, or (iii)&nbsp;any Person in connection with a Non-Control Transaction (as hereinafter defined);
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The consummation of:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;A merger, consolidation or reorganization (x)&nbsp;with or into the Company or (y)&nbsp;in which
securities of the Company are issued (a &#147;<U>Merger</U>&#148;), unless such Merger is a &#147;Non-Control
Transaction.&#148; A &#147;<U>Non-Control Transaction</U>&#148; shall mean a Merger in which:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)&nbsp;the shareholders of the Company immediately before such Merger own directly or indirectly
immediately following such Merger at least a majority of the combined voting power of the
outstanding voting securities of (1)&nbsp;the corporation resulting from such Merger (the &#147;<U>Surviving
Corporation</U>&#148;), if fifty percent (50%) or more of the combined voting power of the then
outstanding voting securities by the Surviving Corporation is not Beneficially Owned, directly or
indirectly, by another Person (a &#147;<U>Parent Corporation</U>&#148;) or (2)&nbsp;if there is one or more than
one Parent Corporation, the ultimate Parent Corporation;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)&nbsp;the individuals who were members of the Board immediately prior to the execution of the
agreement providing for such Merger constitute at least a majority of the members of the board of
directors of (1)&nbsp;the Surviving Corporation, if there is no Parent Corporation, or (2)&nbsp;if there is
one or more than one Parent Corporation, the ultimate Parent Corporation; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)&nbsp;no Person other than (1)&nbsp;the Company or another corporation that is a party to the
agreement of Merger, (2)&nbsp;any Related Entity, (3)&nbsp;any employee benefit plan (or any trust forming a
part thereof) that, immediately prior to the Merger, was maintained by the Company or any Related
Entity, or (4)&nbsp;any Person who, immediately prior to the Merger, had Beneficial Ownership of thirty
percent (30%) or more of the then outstanding Shares or Voting Securities, has Beneficial
Ownership, directly or indirectly, of thirty percent (30%) or more of
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">the combined voting power of
the outstanding voting securities or common stock of (x)&nbsp;the Surviving Corporation, if there is no
Parent Corporation, or (y)&nbsp;if there is one or more than one Parent Corporation, the ultimate Parent
Corporation.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;A complete liquidation or dissolution of the Company; or
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;The sale or other disposition of all or substantially all of the assets of the Company
and its Subsidiaries taken as a whole to any Person (other than (x)&nbsp;a transfer to a Related Entity
or (y)&nbsp;the distribution to the Company&#146;s shareholders of the stock of a Related Entity or any other
assets).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding the foregoing, a Change in Control shall not be deemed to occur solely because
any Person (the &#147;<U>Subject Person</U>&#148;) acquired Beneficial Ownership of more than the permitted
amount of the then outstanding Shares or Voting Securities as a result of the acquisition of Shares
or Voting Securities by the Company which, by reducing the number of Shares or Voting Securities
then outstanding, increases the proportional number of shares Beneficially Owned by the Subject
Persons; provided that if a Change in Control would occur (but for the operation of this sentence)
as a result of the acquisition of Shares or Voting Securities by the Company and, after such share
acquisition by the Company, the Subject Person becomes the Beneficial Owner of any additional
Shares or Voting Securities and such Beneficial Ownership increases the percentage of the then
outstanding Shares or Voting Securities Beneficially Owned by the Subject Person, then a Change in
Control shall occur.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For purposes of this definition: (i) &#147;<U>Shares</U>&#148; means the common stock, par value $.01
per share, of the Company and any other securities into which such shares are changed or for which
such shares are exchanged and (ii) &#147;<U>Principal Stockholder</U>&#148; means each of Kelso Investment
Associates VII, L.P., a Delaware limited partnership, KEP VI, LLC, a Delaware limited liability
company, GS Capital Partners V Fund, L.P., a Delaware limited partnership, GS Capital Partners V
Offshore Fund, L.P., a Cayman Islands exempted limited partnership, GS Capital Partners V
Institutional, L.P., a Delaware limited partnership and GS Capital Partners V GmbH &#038; Co. KG, a
German limited partnership.
</DIV>


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<DOCUMENT>
<TYPE>EX-10.2
<SEQUENCE>3
<FILENAME>y91213exv10w2.htm
<DESCRIPTION>EX-10.2
<TEXT>
<HTML>
<HEAD>
<TITLE>exv10w2</TITLE>
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;10.2</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U><B>THIRD AMENDED AND RESTATED </B></U><BR>
<U><B>EMPLOYMENT AGREEMENT</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THIRD AMENDED AND RESTATED EMPLOYMENT AGREEMENT, dated as of January&nbsp;1, 2011 (the
&#147;<U>Employment Agreement</U>&#148;), by and between <B>CVR ENERGY, INC.</B>, a Delaware corporation (the
&#147;<U>Company</U>&#148;), and <B>STANLEY A. RIEMANN </B>(the &#147;<U>Executive</U>&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, the Company and the Executive entered into an amended and restated employment
agreement dated December&nbsp;29, 2007 (the &#147;<U>First Amended and Restated Agreement</U>&#148;) and an
amended and restated employment agreement dated January&nbsp;1, 2010 (the &#147;<U>Second Amended and
Restated Agreement</U>&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, the Company and the Executive desire to further amend and restate the Second Amended
and Restated Agreement in its entirety as provided for herein;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOW, THEREFORE, in consideration of the mutual covenants contained herein and other valid
consideration the sufficiency of which is acknowledged, the parties hereto agree as follows:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;1.</U> <U>Employment</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1. <U>Term</U>. The Company agrees to employ the Executive, and the Executive agrees to be
employed by the Company, in each case pursuant to this Employment Agreement, for a period
commencing on January&nbsp;1, 2011 (the &#147;<U>Commencement Date</U>&#148;) and ending on the earlier of (i)
the third (3rd) anniversary of the Commencement Date and (ii)&nbsp;the termination or resignation of the
Executive&#146;s employment in accordance with Section&nbsp;3 hereof (the &#147;<U>Term</U>&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2. <U>Duties</U>. During the Term, the Executive shall serve as Chief Operating Officer of
the Company and such other or additional positions as an officer or director of the Company, and of
such direct or indirect affiliates of the Company (&#147;<U>Affiliates</U>&#148;), as the Executive and the
board of directors of the Company (the &#147;<U>Board</U>&#148;) or its designee shall mutually agree from
time to time. In such positions, the Executive shall perform such duties, functions and
responsibilities during the Term commensurate with the Executive&#146;s positions as reasonably directed
by the Board.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3. <U>Exclusivity</U>. During the Term, the Executive shall devote substantially all of
Executive&#146;s working time and attention to the business and affairs of the Company and its
Affiliates, shall faithfully serve the Company and its Affiliates, and shall in all material
respects conform to and comply with the lawful and reasonable directions and instructions given to
Executive by the Board, or its designee, consistent with Section&nbsp;1.2 hereof. During the Term, the
Executive shall use Executive&#146;s best efforts during Executive&#146;s working time to promote and serve
the interests of the Company and its Affiliates and shall not engage in any other business
activity, whether or not such activity shall be engaged in for pecuniary profit. The provisions of
this Section&nbsp;1.3 shall not be construed to prevent the Executive from investing Executive&#146;s
personal, private assets as a passive investor in such form or manner as will not require any
active services on the part of the Executive in the management or operation of the
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">affairs of the companies, partnerships, or other business entities in which any such passive
investments are made.
</DIV>


<DIV align="left" style="margin-left: 6%; text-indent: -4%; margin-right: 0%; font-size: 10pt; margin-top: 6pt"><U>Section&nbsp;2.</U> <U>Compensation</U>.</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1. <U>Salary</U>. As compensation for the performance of the Executive&#146;s services
hereunder, during the Term, the Company shall pay to the Executive a salary at an annual rate of
$425,000 which annual salary shall be prorated for any partial year at the beginning or end of the
Term and shall accrue and be payable in accordance with the Company&#146;s standard payroll policies, as
such salary may be adjusted upward by the Compensation Committee of the Board in its discretion (as
adjusted, the &#147;<U>Base Salary</U>&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2. <U>Annual Bonus</U>. For each completed fiscal year occurring during the Term, the
Executive shall be eligible to receive an annual cash bonus (the &#147;<U>Annual Bonus</U>&#148;).
Commencing with fiscal year 2011, the target Annual Bonus shall be 200% of the Executive&#146;s Base
Salary as in effect at the beginning of the Term in fiscal year 2011 and at the beginning of each
such fiscal year thereafter during the Term, the actual Annual Bonus to be based upon such
individual and/or Company performance criteria established for each such fiscal year by the
Compensation Committee of the Board. The Annual Bonus, if any, payable to Executive for a fiscal
year will be paid by the Company to the Executive on the last scheduled payroll payment date during
such fiscal year; provided, however, that if the Annual Bonus is payable pursuant to a plan that is
intended to provide for the payment of bonuses that constitute &#147;performance-based compensation&#148;
within the meaning of Section 162(m) of the Internal Revenue Code of 1986, as amended (the &#147;Code&#148;),
the Annual Bonus shall be paid at such time as is provided in the applicable plan.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3. <U>Employee Benefits</U>. During the Term, the Executive shall be eligible to
participate in such health, insurance, retirement, and other employee benefit plans and programs of
the Company as in effect from time to time on the same basis as other senior executives of the
Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4. <U>Paid Time Off</U>. During the Term, the Executive shall be entitled to twenty-five
(25)&nbsp;days of paid time off (&#147;<U>PTO</U>&#148;) each year.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5. <U>Business Expenses</U>. The Company shall pay or reimburse the Executive for all
commercially reasonable business out-of-pocket expenses that the Executive incurs during the Term
in performing Executive&#146;s duties under this Employment Agreement upon presentation of documentation
and in accordance with the expense reimbursement policy of the Company as approved by the Board and
in effect from time to time. Notwithstanding anything herein to the contrary or otherwise, except
to the extent any expense or reimbursement described in this Employment Agreement does not
constitute a &#147;deferral of compensation&#148; within the meaning of Section&nbsp;409A of the Code and the
Treasury regulations and other guidance issued thereunder, any expense or reimbursement described
in this Employment Agreement shall meet the following requirements: (i)&nbsp;the amount of expenses
eligible for reimbursement provided to the Executive during any calendar year will not affect the
amount of expenses eligible for reimbursement to the Executive in any other calendar year; (ii)&nbsp;the
reimbursements for expenses for which the Executive is entitled to be reimbursed shall be made on
or before the last day of the
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">calendar year following the calendar year in which the applicable expense is incurred; (iii)
the right to payment or reimbursement or in-kind benefits hereunder may not be liquidated or
exchanged for any other benefit; and (iv)&nbsp;the reimbursements shall be made pursuant to objectively
determinable and nondiscretionary Company policies and procedures regarding such reimbursement of
expenses.
</DIV>


<DIV align="left" style="margin-left: 6%; text-indent: -4%; margin-right: 0%; font-size: 10pt; margin-top: 6pt"><U>Section&nbsp;3.</U> <U>Employment Termination</U>.</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1. <U>Termination of Employment</U>. The Company may terminate the Executive&#146;s employment
for any reason during the Term, and the Executive may voluntarily resign Executive&#146;s employment for
any reason during the Term, in each case (other than a termination by the Company for Cause) at any
time upon not less than thirty (30)&nbsp;days&#146; notice to the other party. Upon the termination or
resignation of the Executive&#146;s employment with the Company for any reason (whether during the Term
or thereafter), the Executive shall be entitled to any Base Salary earned but unpaid through the
date of termination or resignation, any earned but unpaid Annual Bonus for completed fiscal years,
any unused accrued PTO and any unreimbursed expenses in accordance with Section&nbsp;2.5 hereof
(collectively, the &#147;<U>Accrued Amounts</U>&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2. <U>Certain Terminations</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;<U>Termination by the Company Other Than For Cause or Disability; Resignation by the
Executive for Good Reason</U>. If during the Term (i)&nbsp;the Executive&#146;s employment is terminated by
the Company other than for Cause or Disability or (ii)&nbsp;the Executive resigns for Good Reason, then
in addition to the Accrued Amounts the Executive shall be entitled to the following payments and
benefits: (x)&nbsp;the continuation of Executive&#146;s Base Salary at the rate in effect immediately prior
to the date of termination or resignation (or, in the case of a resignation for Good Reason, at the
rate in effect immediately prior to the occurrence of the event constituting Good Reason, if
greater) for a period of eighteen (18)&nbsp;months (or, if earlier, until and including the month in
which the Executive attains age 70) (the &#147;<U>Severance Period</U>&#148;) and (y)&nbsp;a Pro-Rata Bonus and
(z)&nbsp;to the extent permitted pursuant to the applicable plans, the continuation on the same terms as
an active employee (including, where applicable, coverage for the Executive and the Executive&#146;s
dependents) of medical, dental, vision and life insurance benefits (&#147;<U>Welfare Benefits</U>&#148;) the
Executive would otherwise be eligible to receive as an active employee of the Company for eighteen
(18)&nbsp;months or, if earlier, until such time as the Executive becomes eligible for Welfare Benefits
from a subsequent employer (the &#147;<U>Welfare Benefit Continuation Period</U>&#148;) (collectively, the
&#147;<U>Severance Payments</U>&#148;). If the Executive is not permitted to continue participation in the
Company&#146;s Welfare Benefit plans pursuant to the terms of such plans or pursuant to a determination
by the Company&#146;s insurance providers or such continued participation in any plan would result in
the imposition of an excise tax to the Company pursuant to Section&nbsp;4980D of the Code, the Company
shall use reasonable efforts to obtain individual insurance policies providing the Welfare Benefits
to the Executive during the Welfare Benefit Continuation Period and, if applicable, the Additional
Welfare Benefit Continuation Period (as defined below), but shall only be required to pay for such
policies an amount equal to the amount the Company would have paid had the Executive continued
participation in the Company&#146;s Welfare Benefits plans; <U>provided</U>, <U>that</U>, if such
coverage cannot be obtained, the Company shall pay to the Executive monthly during the Welfare
Benefit
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Continuation Period and, if applicable, the Additional Welfare Benefit Continuation Period, an
amount equal to the amount the Company would have paid had the Executive continued participation in
the Company&#146;s Welfare Benefits plans. The Company&#146;s obligations to make the Severance Payments
shall be conditioned upon: (i)&nbsp;the Executive&#146;s continued compliance with Executive&#146;s obligations
under Section&nbsp;4 of this Employment Agreement and (ii)&nbsp;the Executive&#146;s execution, delivery and
non-revocation of a valid and enforceable release of claims arising in connection with the
Executive&#146;s employment and termination or resignation of employment with the Company (the
&#147;<U>Release</U>&#148;) in a form reasonably acceptable to the Company and the Executive that becomes
effective not later than forty-five (45)&nbsp;days after the date of such termination or resignation of
employment. In the event that the Executive breaches any of the covenants set forth in Section&nbsp;4
of this Employment Agreement, the Executive will immediately return to the Company any portion of
the Severance Payments that have been paid to the Executive pursuant to this Section&nbsp;3.2(a).
Subject to the foregoing and Section&nbsp;3.2(e), the Severance Payments will commence to be paid to the
Executive on the forty-fifth (45<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP>) day following the Executive&#146;s termination of
employment, except that the Pro-Rata Bonus shall be paid at the time when annual bonuses are paid
generally to the Company&#146;s senior executives for the year in which the Executive&#146;s termination of
employment occurs.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;<U>Change in Control Termination</U>. If (A) (i)&nbsp;the Executive&#146;s employment is
terminated by the Company other than for Cause or Disability, or (ii)&nbsp;the Executive resigns for
Good Reason, and such termination or resignation described in (i)&nbsp;or (ii)&nbsp;of this Clause (A)&nbsp;occurs
within the one (1)&nbsp;year period following a Change in Control, or (B)&nbsp;the Executive&#146;s termination or
resignation is a Change in Control Related Termination, then, in addition to the Severance Payments
described in Section&nbsp;3.2(a), the Executive shall also be entitled to (I)&nbsp;the continuation of
Executive&#146;s Base Salary at the rate in effect immediately prior to the date of termination or
resignation (determined without regard to any reduction in Base Salary subsequent to the Change in
Control or in connection with the Change in Control Related Termination) for a period of twelve
(12)&nbsp;months (or, if earlier, until and including the month in which the Executive attains age 70)
commencing on the eighteen (18)&nbsp;month anniversary of the date of termination or resignation (the
&#147;<U>Additional Severance Period</U>&#148;), (II)&nbsp;a payment each month during the Severance Period and
the Additional Severance Period equal to one-twelfth (1/12<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP>) of the target Annual Bonus
for the year in which the Executive&#146;s termination or resignation occurs (determined without regard
to any reduction in Base Salary or target Annual Bonus percentage subsequent to the Change in
Control or in connection with the Change in Control Related Termination) and (III)&nbsp;the continuation
of the Welfare Benefits for the twelve (12)&nbsp;month period commencing on the eighteen (18)&nbsp;month
anniversary of the date of termination or resignation or, if earlier, until such time as the
Executive becomes eligible for Welfare Benefits from a subsequent employer (the &#147;<U>Additional
Welfare Benefit Continuation Period</U>&#148;). Amounts received pursuant to this Section&nbsp;3.2(b) shall
be deemed to be included in the term Severance Payments for purposes of this Employment Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;<U>Retirement</U>. Upon Retirement, the Executive, whether or not Section&nbsp;3.2(a) also
applies but without duplication of benefits, shall be entitled to (i)&nbsp;a Pro-Rata Bonus, (ii)&nbsp;to the
extent permitted pursuant to the applicable plans, the continuation on the same terms as an active
employee of Welfare Benefits the Executive would otherwise be eligible to receive as an active
employee of the Company for twenty-four (24)&nbsp;months following the date of the Executive&#146;s
Retirement or, if earlier, until such time as the Executive becomes eligible for
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Welfare Benefits from a subsequent employer and, thereafter, shall be eligible to continue
participation in the Company&#146;s Welfare Benefits plans, provided that such continued participation
shall be entirely at the Executive&#146;s expense and shall cease when the Executive becomes eligible
for Welfare Benefits from a subsequent employer and (iii)&nbsp;use of Company facilities at the
Executive&#146;s expense, but only to the extent that such use does not interfere with the Company&#146;s use
thereof. Notwithstanding the foregoing, (x)&nbsp;if the Executive is not permitted to continue
participation in the Company&#146;s Welfare Benefit plans pursuant to the terms of such plans or
pursuant to a determination by the Company&#146;s insurance providers or such continued participation in
any plan would result in the plan being discriminatory within the meaning of Section&nbsp;4980D of the
Code, the Company shall use reasonable efforts to obtain individual insurance policies providing
the Welfare Benefits to the Executive for such twenty-four (24)&nbsp;months, but shall only be required
to pay for such policies an amount equal to the amount the Company would have paid had the
Executive continued participation in the Company&#146;s Welfare Benefit plans; <U>provided</U>,
<U>that</U>, if such coverage cannot be obtained, the Company shall pay to the Executive monthly
for such twenty-four (24)&nbsp;months an amount equal to the amount the Company would have paid had the
Executive continued participation in the Company&#146;s Welfare Benefits plans and (y)&nbsp;any Welfare
Benefits coverage provided pursuant to this Section&nbsp;3.2(b), whether through the Company&#146;s Welfare
Benefit plans or through individual insurance policies, shall be supplemental to any benefits for
which the Executive becomes eligible under Medicare, whether or not the Executive actually obtains
such Medicare coverage. The Pro-Rata Bonus shall be paid at the time when annual bonuses are paid
generally to the Company&#146;s senior executives for the year in which the Executive&#146;s Retirement
occurs.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;<U>Definitions</U>. For purposes of this Section&nbsp;3.2, the following terms shall have the
following meanings:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;A resignation for &#147;<U>Good Reason</U>&#148; shall mean a resignation by the Executive within
thirty (30)&nbsp;days following the date on which the Company has engaged in any of the following: (i)
the assignment of duties or responsibilities to the Executive that reflect a material diminution of
the Executive&#146;s position with the Company; (ii)&nbsp;a relocation of the Executive&#146;s principal place of
employment that increases the Executive&#146;s commute by more than fifty (50)&nbsp;miles; or (iii)&nbsp;a
reduction in the Executive&#146;s Base Salary, other than across-the-board reductions applicable to
similarly situated employees of the Company; <U>provided</U>, <U>however</U>, that the Executive
must provide the Company with notice promptly following the occurrence of any of the foregoing and
at least thirty (30)&nbsp;days to cure.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&#147;<U>Cause</U>&#148; shall mean that the Executive has engaged in any of the following: (i)
willful misconduct or breach of fiduciary duty; (ii)&nbsp;intentional failure or refusal to perform
reasonably assigned duties after written notice of such willful failure or refusal and the failure
or refusal is not corrected within ten (10)&nbsp;business days; (iii)&nbsp;the indictment for, conviction of
or entering a plea of guilty or nolo contendere to a crime constituting a felony (other than a
traffic violation or other offense or violation outside of the course of employment which does not
adversely affect the Company and its Affiliates or their reputation or the ability of the Executive
to perform Executive&#146;s employment-related duties or to represent the Company and its Affiliates);
<U>provided</U>, <U>however</U>, that (A)&nbsp;if the Executive is terminated for Cause by reason of
Executive&#146;s indictment pursuant to this clause (iii)&nbsp;and the indictment is subsequently dismissed
or withdrawn or the Executive is found to be not guilty in a
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">court of law in connection with such indictment, then the Executive&#146;s termination shall be
treated for purposes of this Employment Agreement as a termination by the Company other than for
Cause, and the Executive will be entitled to receive (without duplication of benefits and to the
extent permitted by law and the terms of the then-applicable Welfare Benefits plans) the payments
and benefits set forth in Section&nbsp;3.2(a) and, to the extent either or both are applicable, Section
3.2(b) and Section&nbsp;3.2(c), following such dismissal, withdrawal or finding, payable in the manner
and subject to the conditions set forth in such Sections and (B)&nbsp;if such indictment relates to
environmental matters and does not allege that the Executive was directly involved in or directly
supervised the action(s) forming the basis of the indictment, Cause shall not be deemed to exist
under this Employment Agreement by reason of such indictment until the Executive is convicted or
enters a plea of guilty or nolo contendere in connection with such indictment; or (iv)&nbsp;material
breach of the Executive&#146;s covenants in Section&nbsp;4 of this Employment Agreement or any material
written policy of the Company or any Affiliate after written notice of such breach and failure by
the Executive to correct such breach within ten (10)&nbsp;business days, provided that no notice of, nor
opportunity to correct, such breach shall be required hereunder if such breach cannot be cured by
the Executive.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&#147;<U>Change in Control</U>&#148; shall have the meaning set forth on Appendix&nbsp;A.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;&#147;<U>Change in Control Related Termination</U>&#148; shall mean a termination of the
Executive&#146;s employment by the Company other than for Cause or Executive&#146;s resignation for Good
Reason, in each case at any time prior to the date of a Change in Control and (A)&nbsp;the Executive
reasonably demonstrates that such termination or the basis for resignation for Good Reason occurred
in anticipation of a transaction that, if consummated, would constitute a Change in Control, (B)
such termination or the basis for resignation for Good Reason occurred after the Company entered
into a definitive agreement, the consummation of which would constitute a Change in Control or (C)
the Executive reasonably demonstrates that such termination or the basis for resignation for Good
Reason was implemented at the request of a third party who has indicated an intention or has taken
steps reasonably calculated to effect a Change in Control.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)&nbsp;&#147;<U>Disability</U>&#148; shall mean the Executive&#146;s inability, due to physical or mental ill
health, to perform the essential functions of the Executive&#146;s job, with or without a reasonable
accommodation, for 180&nbsp;days during any 365&nbsp;day period irrespective of whether such days are
consecutive.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)&nbsp;&#147;<U>Pro-Rata Bonus</U>&#148; shall mean, the product of (A)&nbsp;a fraction, the numerator of which
is the number of days the Executive is employed by the Company during the year in which the
Executive&#146;s employment terminates pursuant to Section&nbsp;3.2(a) or (c)&nbsp;prior to and including the date
of the Executive&#146;s termination and the denominator of which is 365 and (B)(i) if the Annual Bonus
is payable pursuant to a plan that is intended to provide for the payment of bonuses that
constitute &#147;performance-based compensation&#148; within the meaning of Section 162(m) of the Code, an
amount for that year equal to the Annual Bonus the Executive would have been entitled to receive
had his employment not terminated, based on the actual performance of the Company or the Executive,
as applicable, for the full year, or (ii)&nbsp;if the Annual Bonus is not payable pursuant to a plan
that is intended to provide for the payment of
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">bonuses that constitute &#147;performance-based compensation&#148;, the target Annual Bonus for that
year.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7)&nbsp;&#147;<U>Retirement</U>&#148; shall mean the Executive&#146;s termination or resignation of employment
for any reason (other than by the Company for Cause or by reason of the Executive&#146;s death)
following the date the Executive attains age 62.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;<U>Section&nbsp;409A</U>. To the extent applicable, this Employment Agreement shall be
interpreted, construed and operated in accordance with Section&nbsp;409A of the Code and the Treasury
regulations and other guidance issued thereunder. If on the date of the Executive&#146;s separation from
service (as defined in Treasury Regulation &#167;1.409A-1(h)) with the Company the Executive is a
specified employee (as defined in Code Section&nbsp;409A and Treasury Regulation &#167;1.409A-1(i)), no
payment constituting the &#147;deferral of compensation&#148; within the meaning of Treasury Regulation
&#167;1.409A-1(b) and after application of the exemptions provided in Treasury Regulation
&#167;&#167;1.409A-1(b)(4) and 1.409A-1(b)(9)(iii) shall be made to Executive at any time during the six (6)
month period following the Executive&#146;s separation from service, and any such amounts deferred such
six (6)&nbsp;months shall instead be paid in a lump sum on the first payroll payment date following
expiration of such six (6)&nbsp;month period. For purposes of conforming this Employment Agreement to
Section&nbsp;409A of the Code, the parties agree that any reference to termination of employment,
severance from employment, resignation from employment or similar terms shall mean and be
interpreted as a &#147;separation from service&#148; as defined in Treasury Regulation &#167;1.409A-1(h).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3. <U>Exclusive Remedy</U>. The foregoing payments upon termination or resignation of the
Executive&#146;s employment shall constitute the exclusive severance payments due the Executive upon a
termination or resignation of Executive&#146;s employment under this Employment Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4. <U>Resignation from All Positions</U>. Upon the termination or resignation of the
Executive&#146;s employment with the Company for any reason, the Executive shall be deemed to have
resigned, as of the date of such termination or resignation, from and with respect to all positions
the Executive then holds as an officer, director, employee and member of the Board of Directors
(and any committee thereof) of the Company and any of its Affiliates.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5. <U>Cooperation</U>. For one (1)&nbsp;year following the termination or resignation of the
Executive&#146;s employment with the Company for any reason, the Executive agrees to reasonably
cooperate with the Company upon reasonable request of the Board and to be reasonably available to
the Company with respect to matters arising out of the Executive&#146;s services to the Company and its
Affiliates, provided, however, such period of cooperation shall be for three (3)&nbsp;years, following
any such termination or resignation of Executive&#146;s employment for any reason, with respect to tax
matters involving the Company or any of its Affiliates. The Company shall reimburse the Executive
for expenses reasonably incurred in connection with such matters as agreed by the Executive and the
Board and the Company shall compensate the Executive for such cooperation at an hourly rate based
on the Executive&#146;s most recent base salary rate assuming two thousand (2,000) working hours per
year; <U>provided</U>, that if the Executive is required to spend more than forty (40)&nbsp;hours in
any month on Company matters pursuant to this
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Section&nbsp;3.5, the Executive and the Board shall mutually agree to an appropriate rate of
compensation for the Executive&#146;s time over such forty (40)&nbsp;hour threshold.
</DIV>


<DIV align="left" style="margin-left: 6%; text-indent: -4%; margin-right: 0%; font-size: 10pt; margin-top: 6pt"><U>Section&nbsp;4.</U> <U>Unauthorized Disclosure; Non-Competition; Non-Solicitation;
Proprietary Rights</U>.</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1. <U>Unauthorized Disclosure</U>. The Executive agrees and understands that in the
Executive&#146;s position with the Company and any Affiliates, the Executive has been and will be
exposed to and has and will receive information relating to the confidential affairs of the Company
and its Affiliates, including, without limitation, technical information, intellectual property,
business and marketing plans, strategies, customer information, software, other information
concerning the products, promotions, development, financing, expansion plans, business policies and
practices of the Company and its Affiliates and other forms of information considered by the
Company and its Affiliates to be confidential and in the nature of trade secrets (including,
without limitation, ideas, research and development, know-how, formulas, technical data, designs,
drawings, specifications, customer and supplier lists, pricing and cost information and business
and marketing plans and proposals) (collectively, the &#147;<U>Confidential Information</U>&#148;);
<U>provided</U>, however, that Confidential Information shall not include information which (i)&nbsp;is
or becomes generally available to the public not in violation of this Employment Agreement or any
written policy of the Company; or (ii)&nbsp;was in the Executive&#146;s possession or knowledge on a
non-confidential basis prior to such disclosure. The Executive agrees that at all times during the
Executive&#146;s employment with the Company and thereafter, the Executive shall not disclose such
Confidential Information, either directly or indirectly, to any individual, corporation,
partnership, limited liability company, association, trust or other entity or organization,
including a government or political subdivision or an agency or instrumentality thereof (each, for
purposes of this Section&nbsp;4, a &#147;<U>Person</U>&#148;) without the prior written consent of the Company
and shall not use or attempt to use any such information in any manner other than in connection
with Executive&#146;s employment with the Company, unless required by law to disclose such information,
in which case the Executive shall provide the Company with written notice of such requirement as
far in advance of such anticipated disclosure as possible. Executive&#146;s confidentiality covenant
has no temporal, geographical or territorial restriction. Upon termination or resignation of the
Executive&#146;s employment with the Company, the Executive shall promptly supply to the Company all
property, keys, notes, memoranda, writings, lists, files, reports, customer lists, correspondence,
tapes, disks, cards, surveys, maps, logs, machines, technical data and any other tangible product
or document which has been produced by, received by or otherwise submitted to the Executive during
or prior to the Executive&#146;s employment with the Company, and any copies thereof in Executive&#146;s (or
capable of being reduced to Executive&#146;s) possession.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2. <U>Non-Competition</U>. By and in consideration of the Company&#146;s entering into this
Employment Agreement and the payments to be made and benefits to be provided by the Company
hereunder, and in further consideration of the Executive&#146;s exposure to the Confidential Information
of the Company and its Affiliates, the Executive agrees that the Executive shall not, during the
Term and for a period of twelve (12)&nbsp;months thereafter (the &#147;<U>Restriction Period</U>&#148;), directly
or indirectly, own, manage, operate, join, control, be employed by, or participate in the
ownership, management, operation or control of, or be connected in any manner with, including,
without limitation, holding any position as a stockholder, director, officer, consultant,
independent contractor, employee, partner, or investor in, any Restricted
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Enterprise (as defined below); <U>provided</U>, that in no event shall ownership of one
percent (1%) or less of the outstanding securities of any class of any issuer whose securities are
registered under the Securities Exchange Act of 1934, as amended (the &#147;<U>Exchange Act</U>&#148;),
standing alone, be prohibited by this Section&nbsp;4.2, so long as the Executive does not have, or
exercise, any rights to manage or operate the business of such issuer other than rights as a
stockholder thereof. For purposes of this paragraph, &#147;<U>Restricted Enterprise</U>&#148; shall mean
any Person that is actively engaged in any business which is either (i)&nbsp;in competition with the
business of the Company or any of its Affiliates conducted during the preceding twelve (12)&nbsp;months
(or following the Term, the twelve (12)&nbsp;months preceding the last day of the Term), or (ii)
proposed to be conducted by the Company or any of its Affiliates in the Company&#146;s or Affiliate&#146;s
business plan as in effect at that time (or following the Term, the business plan as in effect as
of the last day of the Term); <U>provided</U>, that (x)&nbsp;with respect to any Person that is
actively engaged in the refinery business, a Restricted Enterprise shall only include such a Person
that operates or markets in any geographic area in which the Company or any of its Affiliates
operates or markets with respect to its refinery business and (y)&nbsp;with respect to any Person that
is actively engaged in the fertilizer business, a Restricted Enterprise shall only include such a
Person that operates or markets in any geographic area in which the Company or any of its
Affiliates operates or markets with respect to its fertilizer business. During the Restriction
Period, upon request of the Company, the Executive shall notify the Company of the Executive&#146;s
then-current employment status. For the avoidance of doubt, a Restricted Enterprise shall not
include any Person or division thereof that is engaged in the business of supplying (but not
refining) crude oil or natural gas.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3. <U>Non-Solicitation of Employees</U>. During the Restriction Period, the Executive
shall not directly or indirectly contact, induce or solicit (or assist any Person to contact,
induce or solicit) for employment any person who is, or within twelve (12)&nbsp;months prior to the date
of such solicitation was, an employee of the Company or any of its Affiliates.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4. <U>Non-Solicitation of Customers/Suppliers</U>. During the Restriction Period, the
Executive shall not (i)&nbsp;contact, induce or solicit (or assist any Person to contact, induce or
solicit) any Person which has a business relationship with the Company or of any of its Affiliates
in order to terminate, curtail or otherwise interfere with such business relationship or (ii)
solicit, other than on behalf of the Company and its Affiliates, any Person that the Executive
knows or should have known (x)&nbsp;is a current customer of the Company or any of its Affiliates in any
geographic area in which the Company or any of its Affiliates operates or markets or (y)&nbsp;is a
Person in any geographic area in which the Company or any of its Affiliates operates or markets
with respect to which the Company or any of its Affiliates has, within the twelve (12)&nbsp;months prior
to the date of such solicitation, devoted more than de minimis resources in an effort to cause such
Person to become a customer of the Company or any of its Affiliates in that geographic area. For
the avoidance of doubt, the foregoing does not preclude the Executive from soliciting, outside of
the geographic areas in which the Company or any of its Affiliates operates or markets, any Person
that is a customer or potential customer of the Company or any of its Affiliates in the geographic
areas in which it operates or markets.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5. <U>Extension of Restriction Period</U>. The Restriction Period shall be extended for a
period of time equal to any period during which the Executive is in breach of any of Sections&nbsp;4.2,
4.3 or 4.4 hereof.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6. <U>Proprietary Rights</U>. The Executive shall disclose promptly to the Company any and
all inventions, discoveries, and improvements (whether or not patentable or registrable under
copyright or similar statutes), and all patentable or copyrightable works, initiated, conceived,
discovered, reduced to practice, or made by Executive, either alone or in conjunction with others,
during the Executive&#146;s employment with the Company and related to the business or activities of the
Company and its Affiliates (the &#147;<U>Developments</U>&#148;). Except to the extent any rights in any
Developments constitute a work made for hire under the U.S. Copyright Act, 17 U.S.C. &#167; 101 et seq.
that are owned ab initio by the Company and/or its applicable Affiliates, the Executive assigns all
of Executive&#146;s right, title and interest in all Developments (including all intellectual property
rights therein) to the Company or its nominee without further compensation, including all rights or
benefits therefor, including without limitation the right to sue and recover for past and future
infringement. The Executive acknowledges that any rights in any developments constituting a work
made for hire under the U.S. Copyright Act, 17 U.S.C &#167; 101 et seq. are owned upon creation by the
Company and/or its applicable Affiliates as the Executive&#146;s employer. Whenever requested to do so
by the Company, the Executive shall execute any and all applications, assignments or other
instruments which the Company shall deem necessary to apply for and obtain trademarks, patents or
copyrights of the United States or any foreign country or otherwise protect the interests of the
Company and its Affiliates therein. These obligations shall continue beyond the end of the
Executive&#146;s employment with the Company with respect to inventions, discoveries, improvements or
copyrightable works initiated, conceived or made by the Executive while employed by the Company,
and shall be binding upon the Executive&#146;s employers, assigns, executors, administrators and other
legal representatives. In connection with Executive&#146;s execution of this Employment Agreement, the
Executive has informed the Company in writing of any interest in any inventions or intellectual
property rights that Executive holds as of the date hereof. If the Company is unable for any
reason, after reasonable effort, to obtain the Executive&#146;s signature on any document needed in
connection with the actions described in this Section&nbsp;4.6, the Executive hereby irrevocably
designates and appoints the Company, its Affiliates, and their duly authorized officers and agents
as the Executive&#146;s agent and attorney in fact to act for and in the Executive&#146;s behalf to execute,
verify and file any such documents and to do all other lawfully permitted acts to further the
purposes of this Section with the same legal force and effect as if executed by the Executive.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.7. <U>Confidentiality of Agreement</U>. Other than with respect to information required to
be disclosed by applicable law, the parties hereto agree not to disclose the terms of this
Employment Agreement to any Person; provided the Executive may disclose this Employment Agreement
and/or any of its terms to the Executive&#146;s immediate family, financial advisors and attorneys.
Notwithstanding anything in this Section&nbsp;4.7 to the contrary, the parties hereto (and each of their
respective employees, representatives, or other agents) may disclose to any and all Persons,
without limitation of any kind, the tax treatment and tax structure of the transactions
contemplated by this Employment Agreement, and all materials of any kind (including opinions or
other tax analyses) related to such tax treatment and tax structure; provided that this sentence
shall not permit any Person to disclose the name of, or other information that would identify, any
party to such transactions or to disclose confidential commercial information regarding such
transactions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.8. <U>Remedies</U>. The Executive agrees that any breach of the terms of this Section&nbsp;4
would result in irreparable injury and damage to the Company and its Affiliates for
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">which the Company and its Affiliates would have no adequate remedy at law; the Executive
therefore also agrees that in the event of said breach or any threat of breach, the Company and its
Affiliates shall be entitled to an immediate injunction and restraining order to prevent such
breach and/or threatened breach and/or continued breach by the Executive and/or any and all Persons
acting for and/or with the Executive, without having to prove damages, in addition to any other
remedies to which the Company and its Affiliates may be entitled at law or in equity, including,
without limitation, the obligation of the Executive to return any Severance Payments made by the
Company to the Company. The terms of this paragraph shall not prevent the Company or its
Affiliates from pursuing any other available remedies for any breach or threatened breach hereof,
including, without limitation, the recovery of damages from the Executive. The Executive and the
Company further agree that the provisions of the covenants contained in this Section&nbsp;4 are
reasonable and necessary to protect the businesses of the Company and its Affiliates because of the
Executive&#146;s access to Confidential Information and Executive&#146;s material participation in the
operation of such businesses.
</DIV>


<DIV align="left" style="margin-left: 6%; text-indent: -4%; margin-right: 0%; font-size: 10pt; margin-top: 6pt"><U>Section&nbsp;5.</U> <U>Representation</U>.</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Executive represents and warrants that (i)&nbsp;Executive is not subject to any contract,
arrangement, policy or understanding, or to any statute, governmental rule or regulation, that in
any way limits Executive&#146;s ability to enter into and fully perform Executive&#146;s obligations under
this Employment Agreement and (ii)&nbsp;Executive is not otherwise unable to enter into and fully
perform Executive&#146;s obligations under this Employment Agreement.
</DIV>

<DIV align="left" style="margin-left: 6%; text-indent: -4%; margin-right: 0%; font-size: 10pt; margin-top: 6pt"><U>Section&nbsp;6.</U> <U>Withholding</U>.</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All amounts paid to the Executive under this Employment Agreement during or following the Term
shall be subject to withholding and other employment taxes imposed by applicable law.
</DIV>

<DIV align="left" style="margin-left: 6%; text-indent: -4%; margin-right: 0%; font-size: 10pt; margin-top: 6pt"><U>Section&nbsp;7.</U> <U>Effect of Section&nbsp;280G of the Code</U>.</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1. <U>Payment Reduction</U>. Notwithstanding anything contained in this Employment
Agreement to the contrary, (i)&nbsp;to the extent that any payment or distribution of any type to or for
the Executive by the Company, any affiliate of the Company, any Person who acquires ownership or
effective control of the Company or ownership of a substantial portion of the Company&#146;s assets
(within the meaning of Section&nbsp;280G of the Code and the regulations thereunder), or any affiliate
of such Person, whether paid or payable or distributed or distributable pursuant to the terms of
this Employment Agreement or otherwise (the &#147;<U>Payments</U>&#148;) constitute &#147;parachute payments&#148;
(within the meaning of Section&nbsp;280G of the Code), and if (ii)&nbsp;such aggregate would, if reduced by
all federal, state and local taxes applicable thereto, including the excise tax imposed under
Section&nbsp;4999 of the Code (the &#147;<U>Excise Tax</U>&#148;), be less than the amount the Executive would
receive, after all taxes, if the Executive received aggregate Payments equal (as valued under
Section&nbsp;280G of the Code) to only three times the Executive&#146;s &#147;base amount&#148; (within the meaning of
Section&nbsp;280G of the Code), less $1.00, then (iii)&nbsp;such Payments shall be reduced (but not below
zero) if and to the extent necessary so that no Payments to be made or benefit to be provided to
the Executive shall be subject to the Excise Tax; <U>provided</U>, <U>however</U>, that the
Company shall use its reasonable best efforts to obtain
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">shareholder approval of the Payments provided for in this Employment Agreement in a manner
intended to satisfy requirements of the &#147;shareholder approval&#148; exception to Section&nbsp;280G of the
Code and the regulations promulgated thereunder, such that payment may be made to the Executive of
such Payments without the application of an Excise Tax. If the Payments are so reduced, the
Company shall reduce or eliminate the Payments (x)&nbsp;by first reducing or eliminating the portion of
the Payments which are not payable in cash (other than that portion of the Payments subject to
clause (z)&nbsp;hereof), (y)&nbsp;then by reducing or eliminating cash payments (other than that portion of
the Payments subject to clause (z)&nbsp;hereof) and (z)&nbsp;then by reducing or eliminating the portion of
the Payments (whether payable in cash or not payable in cash) to which Treasury Regulation &#167;
1.280G-1 Q/A 24(c) (or successor thereto) applies, in each case in reverse order beginning with
payments or benefits which are to be paid the farthest in time.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2. <U>Determination of Amount of Reduction (if any)</U>. The determination of whether the
Payments shall be reduced as provided in Section&nbsp;7.1 and the amount of such reduction shall be made
at the Company&#146;s expense by an accounting firm selected by the Company from among the four (4)
largest accounting firms in the United States (the &#147;<U>Accounting Firm</U>&#148;). The Accounting Firm
shall provide its determination (the &#147;<U>Determination</U>&#148;), together with detailed supporting
calculations and documentation, to the Company and the Executive within ten (10)&nbsp;days after the
Executive&#146;s final day of employment. If the Accounting Firm determines that no Excise Tax is
payable by the Executive with respect to the Payments, it shall furnish the Executive with an
opinion reasonably acceptable to the Executive that no Excise Tax will be imposed with respect to
any such payments and, absent manifest error, such Determination shall be binding, final and
conclusive upon the Company and the Executive.
</DIV>

<DIV align="left" style="margin-left: 6%; text-indent: -4%; margin-right: 0%; font-size: 10pt; margin-top: 6pt"><U>Section&nbsp;8.</U> <U>Miscellaneous</U>.</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1. <U>Amendments and Waivers</U>. This Employment Agreement and any of the provisions
hereof may be amended, waived (either generally or in a particular instance and either
retroactively or prospectively), modified or supplemented, in whole or in part, only by written
agreement signed by the parties hereto; <U>provided</U>, that, the observance of any provision of
this Employment Agreement may be waived in writing by the party that will lose the benefit of such
provision as a result of such waiver. The waiver by any party hereto of a breach of any provision
of this Employment Agreement shall not operate or be construed as a further or continuing waiver of
such breach or as a waiver of any other or subsequent breach, except as otherwise explicitly
provided for in such waiver. Except as otherwise expressly provided herein, no failure on the part
of any party to exercise, and no delay in exercising, any right, power or remedy hereunder, or
otherwise available in respect hereof at law or in equity, shall operate as a waiver thereof, nor
shall any single or partial exercise of such right, power or remedy by such party preclude any
other or further exercise thereof or the exercise of any other right, power or remedy.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2. <U>Fees and Expenses</U>. The Company shall pay all legal fees and related expenses
(including the costs of experts, evidence and counsel) incurred by the Executive as a result of (i)
the termination of the Executive&#146;s employment by the Company or the resignation by the Executive
for Good Reason (including all such fees and expenses, if any, incurred in contesting, defending or
disputing the basis for any such termination or resignation of
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">employment) or (b)&nbsp;the Executive seeking to obtain or enforce any right or benefit provided by
this Employment Agreement; <U>provided</U>, <U>that</U>, if it is determined that the Executive&#146;s
termination of employment was for Cause, the Executive shall not be entitled to any payment or
reimbursement pursuant to this Section&nbsp;8.2.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3. <U>Indemnification</U>. To the extent provided in the Company&#146;s Certificate of
Incorporation or Bylaws, as in effect from time to time, and subject to any separate agreement (if
any) between the Company and the Executive regarding indemnification, the Company shall indemnify
the Executive for losses or damages incurred by the Executive as a result of causes of action
arising from the Executive&#146;s performance of duties for the benefit of the Company, whether or not
the claim is asserted during the Term.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4. <U>Assignment</U>. This Employment Agreement, and the Executive&#146;s rights and
obligations hereunder, may not be assigned by the Executive, and any purported assignment by the
Executive in violation hereof shall be null and void.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.5. <U>Payments Following Executive&#146;s Death</U>. Any amounts payable to the Executive
pursuant to this Employment Agreement that remain unpaid at the Executive&#146;s death shall be paid to
the Executive&#146;s estate.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.6. <U>Notices</U>. Unless otherwise provided herein, all notices, requests, demands,
claims and other communications provided for under the terms of this Employment Agreement shall be
in writing. Any notice, request, demand, claim or other communication hereunder shall be sent by
(i)&nbsp;personal delivery (including receipted courier service) or overnight delivery service, (ii)
facsimile during normal business hours, with confirmation of receipt, to the number indicated,
(iii)&nbsp;reputable commercial overnight delivery service courier or (iv)&nbsp;registered or certified mail,
return receipt requested, postage prepaid and addressed to the intended recipient as set forth
below:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="25%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">If to the Company:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CVR Energy, Inc.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">10 E. Cambridge Circle, Suite&nbsp;250</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Kansas City, KS 66103</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Attention: General Counsel</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Facsimile: (913)&nbsp;982-5651</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">with a copy to:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Fried, Frank, Harris, Shriver &#038; Jacobson LLP</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">One New York Plaza</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">New York, NY 10004</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Attention: Donald P. Carleen, Esq.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Facsimile: (212)&nbsp;859-4000</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="25%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">If to the Executive:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Stanley A. Riemann</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2277 Plaza Drive, Suite&nbsp;500</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Sugar Land, TX 77479</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Facsimile: (281)&nbsp;207-3251</TD>
</TR>
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</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All such notices, requests, consents and other communications shall be deemed to have been
given when received. Any party may change its facsimile number or its address to which notices,
requests, demands, claims and other communications hereunder are to be delivered by giving the
other parties hereto notice in the manner then set forth.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.7. <U>Governing Law</U>. This Employment Agreement shall be construed and enforced in
accordance with, and the rights and obligations of the parties hereto shall be governed by, the
laws of the State of Texas, without giving effect to the conflicts of law principles thereof. Each
of the parties hereto irrevocably and unconditionally consents to submit to the exclusive
jurisdiction of the courts of Texas (collectively, the &#147;<U>Selected Courts</U>&#148;) for any action or
proceeding relating to this Employment Agreement, agrees not to commence any action or proceeding
relating thereto except in the Selected Courts, and waives any forum or venue objections to the
Selected Courts.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.8. <U>Severability</U>. Whenever possible, each provision or portion of any provision of
this Employment Agreement, including those contained in Section&nbsp;4 hereof, will be interpreted in
such manner as to be effective and valid under applicable law but the invalidity or
unenforceability of any provision or portion of any provision of this Employment Agreement in any
jurisdiction shall not affect the validity or enforceability of the remainder of this Employment
Agreement in that jurisdiction or the validity or enforceability of this Employment Agreement,
including that provision or portion of any provision, in any other jurisdiction. In addition,
should a court or arbitrator determine that any provision or portion of any provision of this
Employment Agreement, including those contained in Section&nbsp;4 hereof, is not reasonable or valid,
either in period of time, geographical area, or otherwise, the parties hereto agree that such
provision should be interpreted and enforced to the maximum extent which such court or arbitrator
deems reasonable or valid.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.9. <U>Entire Agreement</U>. From and after the Commencement Date, this Employment
Agreement constitutes the entire agreement between the parties hereto, and supersedes all prior
representations, agreements and understandings (including any prior course of dealings), both
written and oral, relating to any employment of the Executive by the Company or any of its
Affiliates including, without limitation, the First Amended and Restated Agreement and the Second
Amended and Restated Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.10. <U>Counterparts</U>. This Employment Agreement may be executed in any number of
counterparts, each of which shall be deemed an original, but all such counterparts shall together
constitute one and the same instrument.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.11. <U>Binding Effect</U>. This Employment Agreement shall inure to the benefit of, and be
binding on, the successors and assigns of each of the parties, including, without limitation, the
Executive&#146;s heirs and the personal representatives of the Executive&#146;s estate and any successor to
all or substantially all of the business and/or assets of the Company.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.12. <U>General Interpretive Principles</U>. The name assigned this Employment Agreement
and headings of the sections, paragraphs, subparagraphs, clauses and subclauses of this Employment
Agreement are for convenience of reference only and shall not in any way affect the meaning or
interpretation of any of the provisions hereof. Words of inclusion shall not be construed as terms
of limitation herein, so that references to &#147;include&#148;, &#147;includes&#148; and &#147;including&#148; shall not be
limiting and shall be regarded as references to non-exclusive and non-characterizing illustrations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.13. <U>Mitigation</U>. Notwithstanding any other provision of this Employment Agreement,
(a)&nbsp;the Executive will have no obligation to mitigate damages for any breach or termination of this
Employment Agreement by the Company, whether by seeking employment or otherwise and (b)&nbsp;except for
Welfare Benefits provided pursuant to Section&nbsp;3.2(a) or Section&nbsp;3.2(b), the amount of any payment
or benefit due the Executive after the date of such breach or termination will not be reduced or
offset by any payment or benefit that the Executive may receive from any other source.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.14. <U>Company Actions</U>. Any actions, approvals, decisions, or determinations to be
made by the Company under this Employment Agreement shall be made by the Company&#146;s Board, except as
otherwise expressly provided herein. For purposes of any references herein to the Board&#146;s
designee, any such reference shall be deemed to include the Chief Executive Officer of the Company
and such other or additional officers, or committees of the Board, as the Board may expressly
designate from time to time for such purpose.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">&#091;signature page follows&#093;
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS WHEREOF, the parties have executed this Employment Agreement as of the date first
written above.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
</TR>
<TR></TR>
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<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>

    <TD align="left" colspan="3"><B>CVR ENERGY, INC.</B></TD>
</TR>
<TR valign="bottom">
    <TD colspan="7">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD align="left" colspan="2" style="border-bottom: 1px solid #000000">/s/ Stanley A. Riemann</TD>
    <TD>&nbsp;</TD>
    <TD align="left">By:&nbsp;</TD>
    <TD colspan="2" align="left" style="border-bottom: 1px solid #000000"> /s/ John J. Lipinski</TD>
</TR>
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD align="left" colspan="2"><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD align="left" colspan="2"><B>STANLEY A. RIEMANN</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Name:&nbsp;</TD>
    <TD valign="top" align="left"> John J. Lipinski</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Title:</TD>
    <TD valign="top" align="left"> Chief Executive Officer and President</TD>
</TR>
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</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">&#091;Signature Page to Third Amended and Restated Employment Agreement&#093;
</DIV>





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<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U><B>APPENDIX A</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Change in Control</U>&#148; means the occurrence of any of the following:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;An acquisition (other than directly from the Company) of any voting securities of the
Company (the &#147;<U>Voting Securities</U>&#148;) by any &#147;Person&#148; (as the term &#147;person&#148; is used for
purposes of Section 13(d) or 14(d) of the Exchange Act), immediately after which such Person has
&#147;Beneficial Ownership&#148; (within the meaning of Rule&nbsp;13d-3 promulgated under the Exchange Act) of
more than thirty percent (30%) of (i)&nbsp;the then-outstanding Shares or (ii)&nbsp;the combined voting power
of the Company&#146;s then-outstanding Voting Securities; provided, however, that in determining whether
a Change in Control has occurred pursuant to this paragraph (a), the acquisition of Shares or
Voting Securities in a Non-Control Acquisition (as hereinafter defined) shall not constitute a
Change in Control. A &#147;<U>Non-Control Acquisition</U>&#148; shall mean an acquisition by (i)&nbsp;an
employee benefit plan (or a trust forming a part thereof) maintained by (A)&nbsp;the Company or (B)&nbsp;any
corporation or other Person the majority of the voting power, voting equity securities or equity
interest of which is owned, directly or indirectly, by the Company (for purposes of this
definition, a &#147;<U>Related Entity</U>&#148;), (ii)&nbsp;the Company, any Principal Stockholder or any Related
Entity, or (iii)&nbsp;any Person in connection with a Non-Control Transaction (as hereinafter defined);
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The consummation of:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;A merger, consolidation or reorganization (x)&nbsp;with or into the Company or (y)&nbsp;in which
securities of the Company are issued (a &#147;<U>Merger</U>&#148;), unless such Merger is a &#147;Non-Control
Transaction.&#148; A &#147;<U>Non-Control Transaction</U>&#148; shall mean a Merger in which:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)&nbsp;the shareholders of the Company immediately before such Merger own directly or indirectly
immediately following such Merger at least a majority of the combined voting power of the
outstanding voting securities of (1)&nbsp;the corporation resulting from such Merger (the &#147;<U>Surviving
Corporation</U>&#148;), if fifty percent (50%) or more of the combined voting power of the then
outstanding voting securities by the Surviving Corporation is not Beneficially Owned, directly or
indirectly, by another Person (a &#147;<U>Parent Corporation</U>&#148;) or (2)&nbsp;if there is one or more than
one Parent Corporation, the ultimate Parent Corporation;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)&nbsp;the individuals who were members of the Board immediately prior to the execution of the
agreement providing for such Merger constitute at least a majority of the members of the board of
directors of (1)&nbsp;the Surviving Corporation, if there is no Parent Corporation, or (2)&nbsp;if there is
one or more than one Parent Corporation, the ultimate Parent Corporation; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)&nbsp;no Person other than (1)&nbsp;the Company or another corporation that is a party to the
agreement of Merger, (2)&nbsp;any Related Entity, (3)&nbsp;any employee benefit plan (or any trust forming a
part thereof) that, immediately prior to the Merger, was maintained by the Company or any Related
Entity, or (4)&nbsp;any Person who, immediately prior to the Merger, had Beneficial Ownership of thirty
percent (30%) or more of the then outstanding Shares or Voting Securities, has Beneficial
Ownership, directly or indirectly, of thirty percent (30%) or more of
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">the combined voting power of the outstanding voting securities or common stock of (x)&nbsp;the
Surviving Corporation, if there is no Parent Corporation, or (y)&nbsp;if there is one or more than one
Parent Corporation, the ultimate Parent Corporation.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;A complete liquidation or dissolution of the Company; or
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;The sale or other disposition of all or substantially all of the assets of the Company
and its Subsidiaries taken as a whole to any Person (other than (x)&nbsp;a transfer to a Related Entity
or (y)&nbsp;the distribution to the Company&#146;s shareholders of the stock of a Related Entity or any other
assets).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding the foregoing, a Change in Control shall not be deemed to occur solely because
any Person (the &#147;<U>Subject Person</U>&#148;) acquired Beneficial Ownership of more than the permitted
amount of the then outstanding Shares or Voting Securities as a result of the acquisition of Shares
or Voting Securities by the Company which, by reducing the number of Shares or Voting Securities
then outstanding, increases the proportional number of shares Beneficially Owned by the Subject
Persons; provided that if a Change in Control would occur (but for the operation of this sentence)
as a result of the acquisition of Shares or Voting Securities by the Company and, after such share
acquisition by the Company, the Subject Person becomes the Beneficial Owner of any additional
Shares or Voting Securities and such Beneficial Ownership increases the percentage of the then
outstanding Shares or Voting Securities Beneficially Owned by the Subject Person, then a Change in
Control shall occur.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For purposes of this definition: (i) &#147;<U>Shares</U>&#148; means the common stock, par value $.01
per share, of the Company and any other securities into which such shares are changed or for which
such shares are exchanged and (ii) &#147;<U>Principal Stockholder</U>&#148; means each of Kelso Investment
Associates VII, L.P., a Delaware limited partnership, KEP VI, LLC, a Delaware limited liability
company, GS Capital Partners V Fund, L.P., a Delaware limited partnership, GS Capital Partners V
Offshore Fund, L.P., a Cayman Islands exempted limited partnership, GS Capital Partners V
Institutional, L.P., a Delaware limited partnership and GS Capital Partners V GmbH &#038; Co. KG, a
German limited partnership.
</DIV>


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<TYPE>EX-10.3
<SEQUENCE>4
<FILENAME>y91213exv10w3.htm
<DESCRIPTION>EX-10.3
<TEXT>
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<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;10.3</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U><B>SECOND AMENDED AND RESTATED </B></U><BR>
<U><B>EMPLOYMENT AGREEMENT</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECOND AMENDED AND RESTATED EMPLOYMENT AGREEMENT, dated as of January&nbsp;1, 2011 (the
&#147;<U>Employment Agreement</U>&#148;), by and between <B>CVR ENERGY, INC.</B>, a Delaware corporation (the
&#147;<U>Company</U>&#148;), and <B>EDWARD MORGAN </B>(the &#147;<U>Executive</U>&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, the Company and the Executive entered into an employment agreement dated April&nbsp;1,
2009, as amended by an amendment to such employment agreement dated August&nbsp;17, 2009 (as amended,
the &#147;<U>Original Agreement</U>&#148;) and an amended and restated employment agreement dated January&nbsp;1,
2010 (the &#147;Amended and Restated Agreement&#148;);
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, the Company and the Executive desire to amend and restate the Original Agreement in
its entirety as provided for herein;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOW, THEREFORE, in consideration of the mutual covenants contained herein and other valid
consideration the sufficiency of which is acknowledged, the parties hereto agree as follows:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;1.</U> <U>Employment</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1. <U>Term</U>. The Company agrees to employ the Executive, and the Executive agrees to be
employed by the Company, in each case pursuant to this Employment Agreement, for a period
commencing on January&nbsp;1, 2011 (the &#147;<U>Commencement Date</U>&#148;) and ending on the earlier of (i)
the third (3rd) anniversary of the Commencement Date and (ii)&nbsp;the termination or resignation of the
Executive&#146;s employment in accordance with Section&nbsp;3 hereof (the &#147;<U>Term</U>&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2. <U>Duties</U>. During the Term, the Executive shall serve as Chief Financial Officer
and Treasurer of the Company and such other or additional positions as an officer or director of
the Company, and of such direct or indirect affiliates of the Company (&#147;<U>Affiliates</U>&#148;), as
the Executive and the board of directors of the Company (the &#147;<U>Board</U>&#148;) or its designee shall
mutually agree from time to time. In such positions, the Executive shall perform such duties,
functions and responsibilities during the Term commensurate with the Executive&#146;s positions as
reasonably directed by the Board.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3. <U>Exclusivity</U>. During the Term, the Executive shall devote substantially all of
Executive&#146;s working time and attention to the business and affairs of the Company and its
Affiliates, shall faithfully serve the Company and its Affiliates, and shall in all material
respects conform to and comply with the lawful and reasonable directions and instructions given to
Executive by the Board, or its designee, consistent with Section&nbsp;1.2 hereof. During the Term, the
Executive shall use Executive&#146;s best efforts during Executive&#146;s working time to promote and serve
the interests of the Company and its Affiliates and shall not engage in any other business
activity, whether or not such activity shall be engaged in for pecuniary profit. The provisions of
this Section&nbsp;1.3 shall not be construed to prevent the Executive from investing Executive&#146;s
personal, private assets as a passive investor in such form or manner as will not require any
active services on the part of the Executive in the management or operation of the
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">affairs of the companies, partnerships, or other business entities in which any such passive
investments are made.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;2.</U> <U>Compensation</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1. <U>Salary</U>. As compensation for the performance of the Executive&#146;s services
hereunder, during the Term, the Company shall pay to the Executive a salary at an annual rate of
$335,000 which annual salary shall be prorated for any partial year at the beginning or end of the
Term and shall accrue and be payable in accordance with the Company&#146;s standard payroll policies, as
such salary may be adjusted upward by the Compensation Committee of the Board in its discretion (as
adjusted, the &#147;<U>Base Salary</U>&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2. <U>Annual Bonus</U>. For each completed fiscal year occurring during the Term, the
Executive shall be eligible to receive an annual cash bonus (the &#147;<U>Annual Bonus</U>&#148;).
Commencing with fiscal year 2011, the target Annual Bonus shall be 120% of the Executive&#146;s Base
Salary as in effect at the beginning of the Term in fiscal year 2011 and at the beginning of each
such fiscal year thereafter during the Term, the actual Annual Bonus to be based upon such
individual and/or Company performance criteria established for each such fiscal year by the
Compensation Committee of the Board. The Annual Bonus, if any, payable to Executive for a fiscal
year will be paid by the Company to the Executive on the last scheduled payroll payment date during
such fiscal year; provided, however, that if the Annual Bonus is payable pursuant to a plan that is
intended to provide for the payment of bonuses that constitute &#147;performance-based compensation&#148;
within the meaning of Section 162(m) of the Internal Revenue Code of 1986, as amended (the &#147;Code&#148;),
the Annual Bonus shall be paid at such time as is provided in the applicable plan.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3. <U>Employee Benefits</U>. During the Term, the Executive shall be eligible to
participate in such health, insurance, retirement, and other employee benefit plans and programs of
the Company as in effect from time to time on the same basis as other senior executives of the
Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4. <U>Paid Time Off</U>. During the Term, the Executive shall be entitled to twenty-five
(25)&nbsp;days of paid time off (&#147;<U>PTO</U>&#148;) each year.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5. <U>Business Expenses</U>. The Company shall pay or reimburse the Executive for all
commercially reasonable business out-of-pocket expenses that the Executive incurs during the Term
in performing Executive&#146;s duties under this Employment Agreement upon presentation of documentation
and in accordance with the expense reimbursement policy of the Company as approved by the Board and
in effect from time to time. Notwithstanding anything herein to the contrary or otherwise, except
to the extent any expense or reimbursement described in this Employment Agreement does not
constitute a &#147;deferral of compensation&#148; within the meaning of Section&nbsp;409A of the Code and the
Treasury regulations and other guidance issued thereunder, any expense or reimbursement described
in this Employment Agreement shall meet the following requirements: (i)&nbsp;the amount of expenses
eligible for reimbursement provided to the Executive during any calendar year will not affect the
amount of expenses eligible for reimbursement to the Executive in any other calendar year; (ii)&nbsp;the
reimbursements for expenses for which the Executive is entitled to be reimbursed shall be made on
or before the last day of the
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">calendar year following the calendar year in which the applicable expense is incurred; (iii)
the right to payment or reimbursement or in-kind benefits hereunder may not be liquidated or
exchanged for any other benefit; and (iv)&nbsp;the reimbursements shall be made pursuant to objectively
determinable and nondiscretionary Company policies and procedures regarding such reimbursement of
expenses.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;3.</U> <U>Employment Termination</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1. <U>Termination of Employment</U>. The Company may terminate the Executive&#146;s employment
for any reason during the Term, and the Executive may voluntarily resign Executive&#146;s employment for
any reason during the Term, in each case (other than a termination by the Company for Cause) at any
time upon not less than thirty (30)&nbsp;days&#146; notice to the other party. Upon the termination or
resignation of the Executive&#146;s employment with the Company for any reason (whether during the Term
or thereafter), the Executive shall be entitled to any Base Salary earned but unpaid through the
date of termination or resignation, any earned but unpaid Annual Bonus for completed fiscal years,
any unused accrued PTO and any unreimbursed expenses in accordance with Section&nbsp;2.5 hereof
(collectively, the &#147;<U>Accrued Amounts</U>&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2. <U>Certain Terminations</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;<U>Termination by the Company Other Than For Cause or Disability; Resignation by the
Executive for Good Reason</U>. If during the Term (i)&nbsp;the Executive&#146;s employment is terminated by
the Company other than for Cause or Disability or (ii)&nbsp;the Executive resigns for Good Reason, then
in addition to the Accrued Amounts the Executive shall be entitled to the following payments and
benefits: (x)&nbsp;the continuation of Executive&#146;s Base Salary at the rate in effect immediately prior
to the date of termination or resignation (or, in the case of a resignation for Good Reason, at the
rate in effect immediately prior to the occurrence of the event constituting Good Reason, if
greater) for a period of twelve (12)&nbsp;months (or, if earlier, until and including the month in which
the Executive attains age 70) (the &#147;<U>Severance Period</U>&#148;) and (y)&nbsp;a Pro-Rata Bonus and (z)&nbsp;to
the extent permitted pursuant to the applicable plans, the continuation on the same terms as an
active employee (including, where applicable, coverage for the Executive and the Executive&#146;s
dependents) of medical, dental, vision and life insurance benefits (&#147;<U>Welfare Benefits</U>&#148;) the
Executive would otherwise be eligible to receive as an active employee of the Company for twelve
(12)&nbsp;months or, if earlier, until such time as the Executive becomes eligible for Welfare Benefits
from a subsequent employer (the &#147;<U>Welfare Benefit Continuation Period</U>&#148;) (such payments,
collectively, the &#147;<U>Severance Payments</U>&#148;). If the Executive is not permitted to continue
participation in the Company&#146;s Welfare Benefit plans pursuant to the terms of such plans or
pursuant to a determination by the Company&#146;s insurance providers or such continued participation in
the plan would result in the imposition of an excise tax to the Company pursuant to Section&nbsp;4980D
of the Code, the Company shall use reasonable efforts to obtain individual insurance policies
providing the Welfare Benefits to the Executive during the Welfare Benefit Continuation Period and,
if applicable, the Additional Welfare Benefit Continuation Period (as defined below), but shall
only be required to pay for such policies an amount equal to the amount the Company would have paid
had the Executive continued participation in the Company&#146;s Welfare Benefits plans;
<U>provided</U>, <U>that</U>, if such coverage cannot be obtained, the Company shall pay to the
Executive monthly during the Welfare Benefit
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Continuation Period and, if applicable, the Additional Welfare Benefit Continuation Period, an
amount equal to the amount the Company would have paid had the Executive continued participation in
the Company&#146;s Welfare Benefits plans. The Company&#146;s obligations to make the Severance Payments
shall be conditioned upon: (i)&nbsp;the Executive&#146;s continued compliance with Executive&#146;s obligations
under Section&nbsp;4 of this Employment Agreement and (ii)&nbsp;the Executive&#146;s execution, delivery and
non-revocation of a valid and enforceable release of claims arising in connection with the
Executive&#146;s employment and termination or resignation of employment with the Company (the
&#147;<U>Release</U>&#148;) in a form reasonably acceptable to the Company and the Executive that becomes
effective not later than forty-five (45)&nbsp;days after the date of such termination or resignation of
employment. In the event that the Executive breaches any of the covenants set forth in Section&nbsp;4
of this Employment Agreement, the Executive will immediately return to the Company any portion of
the Severance Payments that have been paid to the Executive pursuant to this Section&nbsp;3.2(a).
Subject to the foregoing and Section&nbsp;3.2(e), the Severance Payments will commence to be paid to the
Executive on the forty-fifth (45<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP>) day following the Executive&#146;s termination of
employment, except that the Pro-Rata Bonus shall be paid at the time when annual bonuses are paid
generally to the Company&#146;s senior executives for the year in which the Executive&#146;s termination of
employment occurs.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;<U>Change in Control Termination</U>. If (A) (i)&nbsp;the Executive&#146;s employment is
terminated by the Company other than for Cause or Disability, or (ii)&nbsp;the Executive resigns for
Good Reason, and such termination or resignation described in (i)&nbsp;or (ii)&nbsp;of this Clause (A)&nbsp;occurs
within the one (1)&nbsp;year period following a Change in Control, or (B)&nbsp;the Executive&#146;s termination or
resignation is a Change in Control Related Termination, then, in addition to the Severance Payments
described in Section&nbsp;3.2(a), the Executive shall also be entitled to (I)&nbsp;the continuation of
Executive&#146;s Base Salary at the rate in effect immediately prior to the date of termination or
resignation (determined without regard to any reduction in Base Salary subsequent to the Change in
Control or in connection with the Change in Control Related Termination) for a period of twelve
(12)&nbsp;months (or, if earlier, until and including the month in which the Executive attains age 70)
commencing on the one (1)&nbsp;year anniversary of the date of termination or resignation (the
&#147;<U>Additional Severance Period</U>&#148;), (II)&nbsp;a payment each month during the Severance Period and
the Additional Severance Period equal to one-twelfth (1/12<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP>) of the target Annual Bonus
for the year in which the Executive&#146;s termination or resignation occurs (determined without regard
to any reduction in Base Salary or target Annual Bonus percentage subsequent to the Change in
Control or in connection with the Change in Control Related Termination) and (III)&nbsp;the continuation
of the Welfare Benefits for the twelve (12)&nbsp;month period commencing on the one (1)&nbsp;year anniversary
of the date of termination or resignation or, if earlier, until such time as the Executive becomes
eligible for Welfare Benefits from a subsequent employer (the &#147;<U>Additional Welfare Benefit
Continuation Period</U>&#148;). Amounts received pursuant to this Section&nbsp;3.2(b) shall be deemed to be
included in the term Severance Payments for purposes of this Employment Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;<U>Retirement</U>. Upon Retirement, the Executive, whether or not Section&nbsp;3.2(a) also
applies but without duplication of benefits, shall be entitled to (i)&nbsp;a Pro-Rata Bonus, (ii)&nbsp;to the
extent permitted pursuant to the applicable plans, the continuation on the same terms as an active
employee of Welfare Benefits the Executive would otherwise be eligible to receive as an active
employee of the Company for twenty-four (24)&nbsp;months following the date of the Executive&#146;s
Retirement or, if earlier, until such time as the Executive becomes eligible for
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Welfare Benefits from a subsequent employer and, thereafter, shall be eligible to continue
participation in the Company&#146;s Welfare Benefits plans, provided that such continued participation
shall be entirely at the Executive&#146;s expense and shall cease when the Executive becomes eligible
for Welfare Benefits from a subsequent employer. Notwithstanding the foregoing, (x)&nbsp;if the
Executive is not permitted to continue participation in the Company&#146;s Welfare Benefit plans
pursuant to the terms of such plans or pursuant to a determination by the Company&#146;s insurance
providers or such continued participation in any plan would result in the plan being discriminatory
within the meaning of Section&nbsp;4980D of the Code, the Company shall use reasonable efforts to obtain
individual insurance policies providing the Welfare Benefits to the Executive for such twenty-four
(24)&nbsp;months, but shall only be required to pay for such policies an amount equal to the amount the
Company would have paid had the Executive continued participation in the Company&#146;s Welfare Benefit
plans; provided, that, if such coverage cannot be obtained, the Company shall pay to the Executive
monthly for such twenty-four (24)&nbsp;months an amount equal to the amount the Company would have paid
had the Executive continued participation in the Company&#146;s Welfare Benefits plans and (y)&nbsp;any
Welfare Benefits coverage provided pursuant to this Section&nbsp;3.2(b), whether through the Company&#146;s
Welfare Benefit plans or through individual insurance policies, shall be supplemental to any
benefits for which the Executive becomes eligible under Medicare, whether or not the Executive
actually obtains such Medicare coverage. The Pro-Rata Bonus shall be paid at the time when annual
bonuses are paid generally to the Company&#146;s senior executives for the year in which the Executive&#146;s
Retirement occurs.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;<U>Definitions</U>. For purposes of this Section&nbsp;3.2, the following terms shall have the
following meanings:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;A resignation for &#147;<U>Good Reason</U>&#148; shall mean a resignation by the Executive within
thirty (30)&nbsp;days following the date on which the Company has engaged in any of the following: (i)
the assignment of duties or responsibilities to the Executive that reflect a material diminution of
the Executive&#146;s position with the Company; (ii)&nbsp;a relocation of the Executive&#146;s principal place of
employment that increases the Executive&#146;s commute by more than fifty (50)&nbsp;miles; or (iii)&nbsp;a
reduction in the Executive&#146;s Base Salary, other than across-the-board reductions applicable to
similarly situated employees of the Company; <U>provided</U>, <U>however</U>, that the Executive
must provide the Company with notice promptly following the occurrence of any of the foregoing and
at least thirty (30)&nbsp;days to cure.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&#147;<U>Cause</U>&#148; shall mean that the Executive has engaged in any of the following: (i)
willful misconduct or breach of fiduciary duty; (ii)&nbsp;intentional failure or refusal to perform
reasonably assigned duties after written notice of such willful failure or refusal and the failure
or refusal is not corrected within ten (10)&nbsp;business days; (iii)&nbsp;the indictment for, conviction of
or entering a plea of guilty or nolo contendere to a crime constituting a felony (other than a
traffic violation or other offense or violation outside of the course of employment which does not
adversely affect the Company and its Affiliates or their reputation or the ability of the Executive
to perform Executive&#146;s employment-related duties or to represent the Company and its Affiliates);
<U>provided</U>, <U>however</U>, that (A)&nbsp;if the Executive is terminated for Cause by reason of
Executive&#146;s indictment pursuant to this clause (iii)&nbsp;and the indictment is subsequently dismissed
or withdrawn or the Executive is found to be not guilty in a court of law in connection with such
indictment, then the Executive&#146;s termination shall be treated
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">for purposes of this Employment Agreement as a termination by the Company other than for
Cause, and the Executive will be entitled to receive (without duplication of benefits and to the
extent permitted by law and the terms of the then-applicable Welfare Benefits plans) the payments
and benefits set forth in Section&nbsp;3.2(a) and, to the extent either or both are applicable, Section
3.2(b) and Section&nbsp;3.2(c), following such dismissal, withdrawal or finding, payable in the manner
and subject to the conditions set forth in such Sections and (B)&nbsp;if such indictment relates to
environmental matters and does not allege that the Executive was directly involved in or directly
supervised the action(s) forming the basis of the indictment, Cause shall not be deemed to exist
under this Employment Agreement by reason of such indictment until the Executive is convicted or
enters a plea of guilty or nolo contendere in connection with such indictment; or (iv)&nbsp;material
breach of the Executive&#146;s covenants in Section&nbsp;4 of this Employment Agreement or any material
written policy of the Company or any Affiliate after written notice of such breach and failure by
the Executive to correct such breach within ten (10)&nbsp;business days, provided that no notice of, nor
opportunity to correct, such breach shall be required hereunder if such breach cannot be cured by
the Executive.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&#147;<U>Change in Control</U>&#148; shall have the meaning set forth on Appendix&nbsp;A.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;&#147;<U>Change in Control Related Termination</U>&#148; shall mean a termination of the
Executive&#146;s employment by the Company other than for Cause or Executive&#146;s resignation for Good
Reason, in each case at any time prior to the date of a Change in Control and (A)&nbsp;the Executive
reasonably demonstrates that such termination or the basis for resignation for Good Reason occurred
in anticipation of a transaction that, if consummated, would constitute a Change in Control, (B)
such termination or the basis for resignation for Good Reason occurred after the Company entered
into a definitive agreement, the consummation of which would constitute a Change in Control or (C)
the Executive reasonably demonstrates that such termination or the basis for resignation for Good
Reason was implemented at the request of a third party who has indicated an intention or has taken
steps reasonably calculated to effect a Change in Control.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)&nbsp;&#147;<U>Disability</U>&#148; shall mean the Executive&#146;s inability, due to physical or mental ill
health, to perform the essential functions of the Executive&#146;s job, with or without a reasonable
accommodation, for 180&nbsp;days during any 365&nbsp;day period irrespective of whether such days are
consecutive.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)&nbsp;&#147;<U>Pro-Rata Bonus</U>&#148; shall mean, the product of (A)&nbsp;a fraction, the numerator of which
is the number of days the Executive is employed by the Company during the year in which the
Executive&#146;s employment terminates pursuant to Section&nbsp;3.2(a) or (c)&nbsp;prior to and including the date
of the Executive&#146;s termination and the denominator of which is 365 and (B)(i) if the Annual Bonus
is payable pursuant to a plan that is intended to provide for the payment of bonuses that
constitute &#147;performance-based compensation&#148; within the meaning of Section 162(m) of the Code, an
amount for that year equal to the Annual Bonus the Executive would have been entitled to receive
had his employment not terminated, based on the actual performance of the Company or the Executive,
as applicable, for the full year, or (ii)&nbsp;if the Annual Bonus is not payable pursuant to a plan
that is intended to provide for the payment of
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">bonuses that constitute &#147;performance-based compensation&#148;, the target Annual Bonus for that
year.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7)&nbsp;&#147;<U>Retirement</U>&#148; shall mean the Executive&#146;s termination or resignation of employment
for any reason (other than by the Company for Cause or by reason of the Executive&#146;s death)
following the date the Executive attains age 62.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;<U>Section&nbsp;409A</U>. To the extent applicable, this Employment Agreement shall be
interpreted, construed and operated in accordance with Section&nbsp;409A of the Code and the Treasury
regulations and other guidance issued thereunder. If on the date of the Executive&#146;s separation from
service (as defined in Treasury Regulation &#167;1.409A-1(h)) with the Company the Executive is a
specified employee (as defined in Code Section&nbsp;409A and Treasury Regulation &#167;1.409A-1(i)), no
payment constituting the &#147;deferral of compensation&#148; within the meaning of Treasury Regulation
&#167;1.409A-1(b) and after application of the exemptions provided in Treasury Regulation
&#167;&#167;1.409A-1(b)(4) and 1.409A-1(b)(9)(iii) shall be made to Executive at any time during the six (6)
month period following the Executive&#146;s separation from service, and any such amounts deferred such
six (6)&nbsp;months shall instead be paid in a lump sum on the first payroll payment date following
expiration of such six (6)&nbsp;month period. For purposes of conforming this Employment Agreement to
Section&nbsp;409A of the Code, the parties agree that any reference to termination of employment,
severance from employment, resignation from employment or similar terms shall mean and be
interpreted as a &#147;separation from service&#148; as defined in Treasury Regulation &#167;1.409A-1(h).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3. <U>Exclusive Remedy</U>. The foregoing payments upon termination or resignation of the
Executive&#146;s employment shall constitute the exclusive severance payments due the Executive upon a
termination or resignation of Executive&#146;s employment under this Employment Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4. <U>Resignation from All Positions</U>. Upon the termination or resignation of the
Executive&#146;s employment with the Company for any reason, the Executive shall be deemed to have
resigned, as of the date of such termination or resignation, from and with respect to all positions
the Executive then holds as an officer, director, employee and member of the Board of Directors
(and any committee thereof) of the Company and any of its Affiliates.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5. <U>Cooperation</U>. For one (1)&nbsp;year following the termination or resignation of the
Executive&#146;s employment with the Company for any reason, the Executive agrees to reasonably
cooperate with the Company upon reasonable request of the Board and to be reasonably available to
the Company with respect to matters arising out of the Executive&#146;s services to the Company and its
Affiliates, provided, however, such period of cooperation shall be for three (3)&nbsp;years, following
any such termination or resignation of Executive&#146;s employment for any reason, with respect to tax
matters involving the Company or any of its Affiliates. The Company shall reimburse the Executive
for expenses reasonably incurred in connection with such matters as agreed by the Executive and the
Board and the Company shall compensate the Executive for such cooperation at an hourly rate based
on the Executive&#146;s most recent base salary rate assuming two thousand (2,000) working hours per
year; <U>provided</U>, that if the Executive is required to spend more than forty (40)&nbsp;hours in
any month on Company matters pursuant to this
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Section&nbsp;3.5, the Executive and the Board shall mutually agree to an appropriate rate of
compensation for the Executive&#146;s time over such forty (40)&nbsp;hour threshold.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;4.</U> <U>Unauthorized Disclosure; Non-Competition; Non-Solicitation;
Proprietary Rights</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1. <U>Unauthorized Disclosure</U>. The Executive agrees and understands that in the
Executive&#146;s position with the Company and any Affiliates, the Executive has been and will be
exposed to and has and will receive information relating to the confidential affairs of the Company
and its Affiliates, including, without limitation, technical information, intellectual property,
business and marketing plans, strategies, customer information, software, other information
concerning the products, promotions, development, financing, expansion plans, business policies and
practices of the Company and its Affiliates and other forms of information considered by the
Company and its Affiliates to be confidential and in the nature of trade secrets (including,
without limitation, ideas, research and development, know-how, formulas, technical data, designs,
drawings, specifications, customer and supplier lists, pricing and cost information and business
and marketing plans and proposals) (collectively, the &#147;<U>Confidential Information</U>&#148;);
<U>provided</U>, however, that Confidential Information shall not include information which (i)&nbsp;is
or becomes generally available to the public not in violation of this Employment Agreement or any
written policy of the Company; or (ii)&nbsp;was in the Executive&#146;s possession or knowledge on a
non-confidential basis prior to such disclosure. The Executive agrees that at all times during the
Executive&#146;s employment with the Company and thereafter, the Executive shall not disclose such
Confidential Information, either directly or indirectly, to any individual, corporation,
partnership, limited liability company, association, trust or other entity or organization,
including a government or political subdivision or an agency or instrumentality thereof (each, for
purposes of this Section&nbsp;4, a &#147;<U>Person</U>&#148;) without the prior written consent of the Company
and shall not use or attempt to use any such information in any manner other than in connection
with Executive&#146;s employment with the Company, unless required by law to disclose such information,
in which case the Executive shall provide the Company with written notice of such requirement as
far in advance of such anticipated disclosure as possible. Executive&#146;s confidentiality covenant
has no temporal, geographical or territorial restriction. Upon termination or resignation of the
Executive&#146;s employment with the Company, the Executive shall promptly supply to the Company all
property, keys, notes, memoranda, writings, lists, files, reports, customer lists, correspondence,
tapes, disks, cards, surveys, maps, logs, machines, technical data and any other tangible product
or document which has been produced by, received by or otherwise submitted to the Executive during
or prior to the Executive&#146;s employment with the Company, and any copies thereof in Executive&#146;s (or
capable of being reduced to Executive&#146;s) possession.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2. <U>Non-Competition</U>. By and in consideration of the Company&#146;s entering into this
Employment Agreement and the payments to be made and benefits to be provided by the Company
hereunder, and in further consideration of the Executive&#146;s exposure to the Confidential Information
of the Company and its Affiliates, the Executive agrees that the Executive shall not, during the
Term and for a period of twelve (12)&nbsp;months thereafter (the &#147;<U>Restriction Period</U>&#148;), directly
or indirectly, own, manage, operate, join, control, be employed by, or participate in the
ownership, management, operation or control of, or be connected in any manner with, including,
without limitation, holding any position as a stockholder, director, officer, consultant,
independent contractor, employee, partner, or investor in, any Restricted
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Enterprise (as defined below); <U>provided</U>, that in no event shall ownership of one
percent (1%) or less of the outstanding securities of any class of any issuer whose securities are
registered under the Securities Exchange Act of 1934, as amended (the &#147;<U>Exchange Act</U>&#148;),
standing alone, be prohibited by this Section&nbsp;4.2, so long as the Executive does not have, or
exercise, any rights to manage or operate the business of such issuer other than rights as a
stockholder thereof. For purposes of this paragraph, &#147;<U>Restricted Enterprise</U>&#148; shall mean
any Person that is actively engaged in any business which is either (i)&nbsp;in competition with the
business of the Company or any of its Affiliates conducted during the preceding twelve (12)&nbsp;months
(or following the Term, the twelve (12)&nbsp;months preceding the last day of the Term), or (ii)
proposed to be conducted by the Company or any of its Affiliates in the Company&#146;s or Affiliate&#146;s
business plan as in effect at that time (or following the Term, the business plan as in effect as
of the last day of the Term); <U>provided</U>, that (x)&nbsp;with respect to any Person that is
actively engaged in the refinery business, a Restricted Enterprise shall only include such a Person
that operates or markets in any geographic area in which the Company or any of its Affiliates
operates or markets with respect to its refinery business and (y)&nbsp;with respect to any Person that
is actively engaged in the fertilizer business, a Restricted Enterprise shall only include such a
Person that operates or markets in any geographic area in which the Company or any of its
Affiliates operates or markets with respect to its fertilizer business. During the Restriction
Period, upon request of the Company, the Executive shall notify the Company of the Executive&#146;s
then-current employment status. For the avoidance of doubt, a Restricted Enterprise shall not
include any Person or division thereof that is engaged in the business of supplying (but not
refining) crude oil or natural gas.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3. <U>Non-Solicitation of Employees</U>. During the Restriction Period, the Executive
shall not directly or indirectly contact, induce or solicit (or assist any Person to contact,
induce or solicit) for employment any person who is, or within twelve (12)&nbsp;months prior to the date
of such solicitation was, an employee of the Company or any of its Affiliates.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4. <U>Non-Solicitation of Customers/Suppliers</U>. During the Restriction Period, the
Executive shall not (i)&nbsp;contact, induce or solicit (or assist any Person to contact, induce or
solicit) any Person which has a business relationship with the Company or of any of its Affiliates
in order to terminate, curtail or otherwise interfere with such business relationship or (ii)
solicit, other than on behalf of the Company and its Affiliates, any Person that the Executive
knows or should have known (x)&nbsp;is a current customer of the Company or any of its Affiliates in any
geographic area in which the Company or any of its Affiliates operates or markets or (y)&nbsp;is a
Person in any geographic area in which the Company or any of its Affiliates operates or markets
with respect to which the Company or any of its Affiliates has, within the twelve (12)&nbsp;months prior
to the date of such solicitation, devoted more than de minimis resources in an effort to cause such
Person to become a customer of the Company or any of its Affiliates in that geographic area. For
the avoidance of doubt, the foregoing does not preclude the Executive from soliciting, outside of
the geographic areas in which the Company or any of its Affiliates operates or markets, any Person
that is a customer or potential customer of the Company or any of its Affiliates in the geographic
areas in which it operates or markets.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5. <U>Extension of Restriction Period</U>. The Restriction Period shall be extended for a
period of time equal to any period during which the Executive is in breach of any of Sections&nbsp;4.2,
4.3 or 4.4 hereof.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6. <U>Proprietary Rights</U>. The Executive shall disclose promptly to the Company any and
all inventions, discoveries, and improvements (whether or not patentable or registrable under
copyright or similar statutes), and all patentable or copyrightable works, initiated, conceived,
discovered, reduced to practice, or made by Executive, either alone or in conjunction with others,
during the Executive&#146;s employment with the Company and related to the business or activities of the
Company and its Affiliates (the &#147;<U>Developments</U>&#148;). Except to the extent any rights in any
Developments constitute a work made for hire under the U.S. Copyright Act, 17 U.S.C. &#167; 101 et seq.
that are owned ab initio by the Company and/or its applicable Affiliates, the Executive assigns all
of Executive&#146;s right, title and interest in all Developments (including all intellectual property
rights therein) to the Company or its nominee without further compensation, including all rights or
benefits therefor, including without limitation the right to sue and recover for past and future
infringement. The Executive acknowledges that any rights in any developments constituting a work
made for hire under the U.S. Copyright Act, 17 U.S.C &#167; 101 et seq. are owned upon creation by the
Company and/or its applicable Affiliates as the Executive&#146;s employer. Whenever requested to do so
by the Company, the Executive shall execute any and all applications, assignments or other
instruments which the Company shall deem necessary to apply for and obtain trademarks, patents or
copyrights of the United States or any foreign country or otherwise protect the interests of the
Company and its Affiliates therein. These obligations shall continue beyond the end of the
Executive&#146;s employment with the Company with respect to inventions, discoveries, improvements or
copyrightable works initiated, conceived or made by the Executive while employed by the Company,
and shall be binding upon the Executive&#146;s employers, assigns, executors, administrators and other
legal representatives. In connection with Executive&#146;s execution of this Employment Agreement, the
Executive has informed the Company in writing of any interest in any inventions or intellectual
property rights that Executive holds as of the date hereof. If the Company is unable for any
reason, after reasonable effort, to obtain the Executive&#146;s signature on any document needed in
connection with the actions described in this Section&nbsp;4.6, the Executive hereby irrevocably
designates and appoints the Company, its Affiliates, and their duly authorized officers and agents
as the Executive&#146;s agent and attorney in fact to act for and in the Executive&#146;s behalf to execute,
verify and file any such documents and to do all other lawfully permitted acts to further the
purposes of this Section with the same legal force and effect as if executed by the Executive.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.7. <U>Confidentiality of Agreement</U>. Other than with respect to information required to
be disclosed by applicable law, the parties hereto agree not to disclose the terms of this
Employment Agreement to any Person; provided the Executive may disclose this Employment Agreement
and/or any of its terms to the Executive&#146;s immediate family, financial advisors and attorneys.
Notwithstanding anything in this Section&nbsp;4.7 to the contrary, the parties hereto (and each of their
respective employees, representatives, or other agents) may disclose to any and all Persons,
without limitation of any kind, the tax treatment and tax structure of the transactions
contemplated by this Employment Agreement, and all materials of any kind (including opinions or
other tax analyses) related to such tax treatment and tax structure; provided that this sentence
shall not permit any Person to disclose the name of, or other information that would identify, any
party to such transactions or to disclose confidential commercial information regarding such
transactions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.8. <U>Remedies</U>. The Executive agrees that any breach of the terms of this Section&nbsp;4
would result in irreparable injury and damage to the Company and its Affiliates for
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">which the Company and its Affiliates would have no adequate remedy at law; the Executive
therefore also agrees that in the event of said breach or any threat of breach, the Company and its
Affiliates shall be entitled to an immediate injunction and restraining order to prevent such
breach and/or threatened breach and/or continued breach by the Executive and/or any and all Persons
acting for and/or with the Executive, without having to prove damages, in addition to any other
remedies to which the Company and its Affiliates may be entitled at law or in equity, including,
without limitation, the obligation of the Executive to return any Severance Payments made by the
Company to the Company. The terms of this paragraph shall not prevent the Company or its
Affiliates from pursuing any other available remedies for any breach or threatened breach hereof,
including, without limitation, the recovery of damages from the Executive. The Executive and the
Company further agree that the provisions of the covenants contained in this Section&nbsp;4 are
reasonable and necessary to protect the businesses of the Company and its Affiliates because of the
Executive&#146;s access to Confidential Information and Executive&#146;s material participation in the
operation of such businesses.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;5.</U> <U>Representation</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Executive represents and warrants that (i)&nbsp;Executive is not subject to any contract,
arrangement, policy or understanding, or to any statute, governmental rule or regulation, that in
any way limits Executive&#146;s ability to enter into and fully perform Executive&#146;s obligations under
this Employment Agreement and (ii)&nbsp;Executive is not otherwise unable to enter into and fully
perform Executive&#146;s obligations under this Employment Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;6.</U> <U>Withholding</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All amounts paid to the Executive under this Employment Agreement during or following the Term
shall be subject to withholding and other employment taxes imposed by applicable law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;7.</U> <U>Effect of Section&nbsp;280G of the Code</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1. <U>Payment Reduction</U>. Notwithstanding anything contained in this Employment
Agreement to the contrary, (i)&nbsp;to the extent that any payment or distribution of any type to or for
the Executive by the Company, any affiliate of the Company, any Person who acquires ownership or
effective control of the Company or ownership of a substantial portion of the Company&#146;s assets
(within the meaning of Section&nbsp;280G of the Code and the regulations thereunder), or any affiliate
of such Person, whether paid or payable or distributed or distributable pursuant to the terms of
this Employment Agreement or otherwise (the &#147;<U>Payments</U>&#148;) constitute &#147;parachute payments&#148;
(within the meaning of Section&nbsp;280G of the Code), and if (ii)&nbsp;such aggregate would, if reduced by
all federal, state and local taxes applicable thereto, including the excise tax imposed under
Section&nbsp;4999 of the Code (the &#147;<U>Excise Tax</U>&#148;), be less than the amount the Executive would
receive, after all taxes, if the Executive received aggregate Payments equal (as valued under
Section&nbsp;280G of the Code) to only three times the Executive&#146;s &#147;base amount&#148; (within the meaning of
Section&nbsp;280G of the Code), less $1.00, then (iii)&nbsp;such Payments shall be reduced (but not below
zero) if and to the extent necessary so that no Payments to be made or benefit to be provided to
the Executive shall be subject to the Excise Tax; <U>provided</U>, <U>however</U>, that the
Company shall use its reasonable best efforts to obtain
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">shareholder approval of the Payments provided for in this Employment Agreement in a manner
intended to satisfy requirements of the &#147;shareholder approval&#148; exception to Section&nbsp;280G of the
Code and the regulations promulgated thereunder, such that payment may be made to the Executive of
such Payments without the application of an Excise Tax. If the Payments are so reduced, the
Company shall reduce or eliminate the Payments (x)&nbsp;by first reducing or eliminating the portion of
the Payments which are not payable in cash (other than that portion of the Payments subject to
clause (z)&nbsp;hereof), (y)&nbsp;then by reducing or eliminating cash payments (other than that portion of
the Payments subject to clause (z)&nbsp;hereof) and (z)&nbsp;then by reducing or eliminating the portion of
the Payments (whether payable in cash or not payable in cash) to which Treasury Regulation &#167;
1.280G-1 Q/A 24(c) (or successor thereto) applies, in each case in reverse order beginning with
payments or benefits which are to be paid the farthest in time.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2. <U>Determination of Amount of Reduction (if any)</U>. The determination of whether the
Payments shall be reduced as provided in Section&nbsp;7.1 and the amount of such reduction shall be made
at the Company&#146;s expense by an accounting firm selected by the Company from among the four (4)
largest accounting firms in the United States (the &#147;<U>Accounting Firm</U>&#148;). The Accounting Firm
shall provide its determination (the &#147;<U>Determination</U>&#148;), together with detailed supporting
calculations and documentation, to the Company and the Executive within ten (10)&nbsp;days after the
Executive&#146;s final day of employment. If the Accounting Firm determines that no Excise Tax is
payable by the Executive with respect to the Payments, it shall furnish the Executive with an
opinion reasonably acceptable to the Executive that no Excise Tax will be imposed with respect to
any such payments and, absent manifest error, such Determination shall be binding, final and
conclusive upon the Company and the Executive.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;8.</U> <U>Miscellaneous</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1. <U>Amendments and Waivers</U>. This Employment Agreement and any of the provisions
hereof may be amended, waived (either generally or in a particular instance and either
retroactively or prospectively), modified or supplemented, in whole or in part, only by written
agreement signed by the parties hereto; <U>provided</U>, that, the observance of any provision of
this Employment Agreement may be waived in writing by the party that will lose the benefit of such
provision as a result of such waiver. The waiver by any party hereto of a breach of any provision
of this Employment Agreement shall not operate or be construed as a further or continuing waiver of
such breach or as a waiver of any other or subsequent breach, except as otherwise explicitly
provided for in such waiver. Except as otherwise expressly provided herein, no failure on the part
of any party to exercise, and no delay in exercising, any right, power or remedy hereunder, or
otherwise available in respect hereof at law or in equity, shall operate as a waiver thereof, nor
shall any single or partial exercise of such right, power or remedy by such party preclude any
other or further exercise thereof or the exercise of any other right, power or remedy.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2. <U>Fees and Expenses</U>. The Company shall pay all legal fees and related expenses
(including the costs of experts, evidence and counsel) incurred by the Executive as a result of (i)
the termination of the Executive&#146;s employment by the Company or the resignation by the Executive
for Good Reason (including all such fees and expenses, if any, incurred in contesting, defending or
disputing the basis for any such termination or resignation of
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">employment) or (b)&nbsp;the Executive seeking to obtain or enforce any right or benefit provided by
this Employment Agreement; <U>provided</U>, <U>that</U>, if it is determined that the Executive&#146;s
termination of employment was for Cause, the Executive shall not be entitled to any payment or
reimbursement pursuant to this Section&nbsp;8.2.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3. <U>Indemnification</U>. To the extent provided in the Company&#146;s Certificate of
Incorporation or Bylaws, as in effect from time to time, and subject to any separate agreement (if
any) between the Company and the Executive regarding indemnification, the Company shall indemnify
the Executive for losses or damages incurred by the Executive as a result of causes of action
arising from the Executive&#146;s performance of duties for the benefit of the Company, whether or not
the claim is asserted during the Term.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4. <U>Assignment</U>. This Employment Agreement, and the Executive&#146;s rights and
obligations hereunder, may not be assigned by the Executive, and any purported assignment by the
Executive in violation hereof shall be null and void.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.5. <U>Payments Following Executive&#146;s Death</U>. Any amounts payable to the Executive
pursuant to this Employment Agreement that remain unpaid at the Executive&#146;s death shall be paid to
the Executive&#146;s estate.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.6. <U>Notices</U>. Unless otherwise provided herein, all notices, requests, demands,
claims and other communications provided for under the terms of this Employment Agreement shall be
in writing. Any notice, request, demand, claim or other communication hereunder shall be sent by
(i)&nbsp;personal delivery (including receipted courier service) or overnight delivery service, (ii)
facsimile during normal business hours, with confirmation of receipt, to the number indicated,
(iii)&nbsp;reputable commercial overnight delivery service courier or (iv)&nbsp;registered or certified mail,
return receipt requested, postage prepaid and addressed to the intended recipient as set forth
below:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="80%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">If to the Company:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">CVR Energy, Inc.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">10 E. Cambridge Circle, Suite&nbsp;250</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Kansas City, KS 66103</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Attention: General Counsel</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Facsimile: (913)&nbsp;982-5651</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">with a copy to:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Fried, Frank, Harris, Shriver &#038; Jacobson LLP</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">One New York Plaza</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">New York, NY 10004</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Attention: Donald P. Carleen, Esq.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Facsimile: (212)&nbsp;859-4000</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">If to the Executive:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Edward Morgan</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2277 Plaza Drive, Suite&nbsp;500</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Sugar Land, TX 77479</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Facsimile: (281)&nbsp;207-3389</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="80%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&#096;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All such notices, requests, consents and other communications shall be deemed to have been
given when received. Any party may change its facsimile number or its address to which notices,
requests, demands, claims and other communications hereunder are to be delivered by giving the
other parties hereto notice in the manner then set forth.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.7. <U>Governing Law</U>. This Employment Agreement shall be construed and enforced in
accordance with, and the rights and obligations of the parties hereto shall be governed by, the
laws of the State of Texas, without giving effect to the conflicts of law principles thereof. Each
of the parties hereto irrevocably and unconditionally consents to submit to the exclusive
jurisdiction of the courts of Texas (collectively, the &#147;<U>Selected Courts</U>&#148;) for any action or
proceeding relating to this Employment Agreement, agrees not to commence any action or proceeding
relating thereto except in the Selected Courts, and waives any forum or venue objections to the
Selected Courts.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.8. <U>Severability</U>. Whenever possible, each provision or portion of any provision of
this Employment Agreement, including those contained in Section&nbsp;4 hereof, will be interpreted in
such manner as to be effective and valid under applicable law but the invalidity or
unenforceability of any provision or portion of any provision of this Employment Agreement in any
jurisdiction shall not affect the validity or enforceability of the remainder of this Employment
Agreement in that jurisdiction or the validity or enforceability of this Employment Agreement,
including that provision or portion of any provision, in any other jurisdiction. In addition,
should a court or arbitrator determine that any provision or portion of any provision of this
Employment Agreement, including those contained in Section&nbsp;4 hereof, is not reasonable or valid,
either in period of time, geographical area, or otherwise, the parties hereto agree that such
provision should be interpreted and enforced to the maximum extent which such court or arbitrator
deems reasonable or valid.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.9. <U>Entire Agreement</U>. From and after the Commencement Date, this Employment
Agreement constitutes the entire agreement between the parties hereto, and supersedes all prior
representations, agreements and understandings (including any prior course of dealings), both
written and oral, relating to any employment of the Executive by the Company or any of its
Affiliates including, without limitation, the Original Agreement and the Amended and Restated
Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.10. <U>Counterparts</U>. This Employment Agreement may be executed in any number of
counterparts, each of which shall be deemed an original, but all such counterparts shall together
constitute one and the same instrument.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.11. <U>Binding Effect</U>. This Employment Agreement shall inure to the benefit of, and be
binding on, the successors and assigns of each of the parties, including, without limitation, the
Executive&#146;s heirs and the personal representatives of the Executive&#146;s estate and any successor to
all or substantially all of the business and/or assets of the Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.12. <U>General Interpretive Principles</U>. The name assigned this Employment Agreement
and headings of the sections, paragraphs, subparagraphs, clauses and subclauses of this Employment
Agreement are for convenience of reference only and shall not in any way affect the meaning or
interpretation of any of the provisions hereof. Words of inclusion
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">shall not be construed as terms of limitation herein, so that references to &#147;include&#148;,
&#147;includes&#148; and &#147;including&#148; shall not be limiting and shall be regarded as references to
non-exclusive and non-characterizing illustrations.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.13. <U>Mitigation</U>. Notwithstanding any other provision of this Employment Agreement,
(a)&nbsp;the Executive will have no obligation to mitigate damages for any breach or termination of this
Employment Agreement by the Company, whether by seeking employment or otherwise and (b)&nbsp;except for
Welfare Benefits provided pursuant to Section&nbsp;3.2(a) or Section&nbsp;3.2(b), the amount of any payment
or benefit due the Executive after the date of such breach or termination will not be reduced or
offset by any payment or benefit that the Executive may receive from any other source.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.14. <U>Company Actions</U>. Any actions, approvals, decisions, or determinations to be
made by the Company under this Employment Agreement shall be made by the Company&#146;s Board, except as
otherwise expressly provided herein. For purposes of any references herein to the Board&#146;s
designee, any such reference shall be deemed to include the Chief Executive Officer of the Company
and such other or additional officers, or committees of the Board, as the Board may expressly
designate from time to time for such purpose.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">&#091;signature page follows&#093;
</DIV>


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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS WHEREOF, the parties have executed this Employment Agreement as of the date first
written above.
</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><BR>

<B>CVR ENERGY, INC.</B><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left"><div style="margin-right: 45px; border-bottom: 1px solid black">/s/ Edward Morgan</DIV></TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ John J. Lipinski
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left"><B>EDWARD MORGAN</B></TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">John J. Lipinski&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Chief Executive Officer and President&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">&#091;Signature Page to Second Amended and Restated Employment Agreement&#093;
</DIV>




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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U><B>APPENDIX A</B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<U>Change in Control</U>&#148; means the occurrence of any of the following:
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;An acquisition (other than directly from the Company) of any voting securities of the
Company (the &#147;<U>Voting Securities</U>&#148;) by any &#147;Person&#148; (as the term &#147;person&#148; is used for
purposes of Section 13(d) or 14(d) of the Exchange Act), immediately after which such Person has
&#147;Beneficial Ownership&#148; (within the meaning of Rule&nbsp;13d-3 promulgated under the Exchange Act) of
more than thirty percent (30%) of (i)&nbsp;the then-outstanding Shares or (ii)&nbsp;the combined voting power
of the Company&#146;s then-outstanding Voting Securities; provided, however, that in determining whether
a Change in Control has occurred pursuant to this paragraph (a), the acquisition of Shares or
Voting Securities in a Non-Control Acquisition (as hereinafter defined) shall not constitute a
Change in Control. A &#147;<U>Non-Control Acquisition</U>&#148; shall mean an acquisition by (i)&nbsp;an
employee benefit plan (or a trust forming a part thereof) maintained by (A)&nbsp;the Company or (B)&nbsp;any
corporation or other Person the majority of the voting power, voting equity securities or equity
interest of which is owned, directly or indirectly, by the Company (for purposes of this
definition, a &#147;<U>Related Entity</U>&#148;), (ii)&nbsp;the Company, any Principal Stockholder or any Related
Entity, or (iii)&nbsp;any Person in connection with a Non-Control Transaction (as hereinafter defined);
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The consummation of:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;A merger, consolidation or reorganization (x)&nbsp;with or into the Company or (y)&nbsp;in which
securities of the Company are issued (a &#147;<U>Merger</U>&#148;), unless such Merger is a &#147;Non-Control
Transaction.&#148; A &#147;<U>Non-Control Transaction</U>&#148; shall mean a Merger in which:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)&nbsp;the shareholders of the Company immediately before such Merger own directly or indirectly
immediately following such Merger at least a majority of the combined voting power of the
outstanding voting securities of (1)&nbsp;the corporation resulting from such Merger (the &#147;<U>Surviving
Corporation</U>&#148;), if fifty percent (50%) or more of the combined voting power of the then
outstanding voting securities by the Surviving Corporation is not Beneficially Owned, directly or
indirectly, by another Person (a &#147;<U>Parent Corporation</U>&#148;) or (2)&nbsp;if there is one or more than
one Parent Corporation, the ultimate Parent Corporation;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)&nbsp;the individuals who were members of the Board immediately prior to the execution of the
agreement providing for such Merger constitute at least a majority of the members of the board of
directors of (1)&nbsp;the Surviving Corporation, if there is no Parent Corporation, or (2)&nbsp;if there is
one or more than one Parent Corporation, the ultimate Parent Corporation; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)&nbsp;no Person other than (1)&nbsp;the Company or another corporation that is a party to the
agreement of Merger, (2)&nbsp;any Related Entity, (3)&nbsp;any employee benefit plan (or any trust forming a
part thereof) that, immediately prior to the Merger, was maintained by the Company or any Related
Entity, or (4)&nbsp;any Person who, immediately prior to the Merger, had Beneficial Ownership of thirty
percent (30%) or more of the then outstanding Shares or Voting Securities, has Beneficial
Ownership, directly or indirectly, of thirty percent (30%) or more of
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">the combined voting power of the outstanding voting securities or common stock of (x)&nbsp;the
Surviving Corporation, if there is no Parent Corporation, or (y)&nbsp;if there is one or more than one
Parent Corporation, the ultimate Parent Corporation.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;A complete liquidation or dissolution of the Company; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;The sale or other disposition of all or substantially all of the assets of the Company
and its Subsidiaries taken as a whole to any Person (other than (x)&nbsp;a transfer to a Related Entity
or (y)&nbsp;the distribution to the Company&#146;s shareholders of the stock of a Related Entity or any other
assets).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding the foregoing, a Change in Control shall not be deemed to occur solely because
any Person (the &#147;<U>Subject Person</U>&#148;) acquired Beneficial Ownership of more than the permitted
amount of the then outstanding Shares or Voting Securities as a result of the acquisition of Shares
or Voting Securities by the Company which, by reducing the number of Shares or Voting Securities
then outstanding, increases the proportional number of shares Beneficially Owned by the Subject
Persons; provided that if a Change in Control would occur (but for the operation of this sentence)
as a result of the acquisition of Shares or Voting Securities by the Company and, after such share
acquisition by the Company, the Subject Person becomes the Beneficial Owner of any additional
Shares or Voting Securities and such Beneficial Ownership increases the percentage of the then
outstanding Shares or Voting Securities Beneficially Owned by the Subject Person, then a Change in
Control shall occur.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For purposes of this definition: (i) &#147;<U>Shares</U>&#148; means the common stock, par value $.01
per share, of the Company and any other securities into which such shares are changed or for which
such shares are exchanged and (ii) &#147;<U>Principal Stockholder</U>&#148; means each of Kelso Investment
Associates VII, L.P., a Delaware limited partnership, KEP VI, LLC, a Delaware limited liability
company, GS Capital Partners V Fund, L.P., a Delaware limited partnership, GS Capital Partners V
Offshore Fund, L.P., a Cayman Islands exempted limited partnership, GS Capital Partners V
Institutional, L.P., a Delaware limited partnership and GS Capital Partners V GmbH &#038; Co. KG, a
German limited partnership.
</DIV>


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<TYPE>EX-10.4
<SEQUENCE>5
<FILENAME>y91213exv10w4.htm
<DESCRIPTION>EX-10.4
<TEXT>
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<TITLE>exv10w4</TITLE>
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<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;10.4</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U><B>THIRD AMENDED AND RESTATED </B></U><BR>
<U><B>EMPLOYMENT AGREEMENT</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THIRD AMENDED AND RESTATED EMPLOYMENT AGREEMENT, dated as of January&nbsp;1, 2011 (the
&#147;<U>Employment Agreement</U>&#148;), by and between <B>CVR ENERGY, INC.</B>, a Delaware corporation (the
&#147;<U>Company</U>&#148;), and <B>EDMUND S. GROSS </B>(the &#147;<U>Executive</U>&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, the Company and the Executive entered into an amended and restated employment
agreement dated December&nbsp;29, 2007 (the &#147;<U>First Amended and Restated Agreement</U>&#148;) and an
amended and restated employment agreement dated January&nbsp;1, 2010 (the &#147;Second Amended and Restated
Agreement&#148;);
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, the Company and the Executive desire to further amend and restate the First Amended
and Restated Agreement in its entirety as provided for herein;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOW, THEREFORE, in consideration of the mutual covenants contained herein and other valid
consideration the sufficiency of which is acknowledged, the parties hereto agree as follows:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;1.</U> <U>Employment</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1. <U>Term</U>. The Company agrees to employ the Executive, and the Executive agrees to be
employed by the Company, in each case pursuant to this Employment Agreement, for a period
commencing on January&nbsp;1, 2011 (the &#147;<U>Commencement Date</U>&#148;) and ending on the earlier of (i)
the third (3rd) anniversary of the Commencement Date and (ii)&nbsp;the termination or resignation of the
Executive&#146;s employment in accordance with Section&nbsp;3 hereof (the &#147;<U>Term</U>&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2. <U>Duties</U>. During the Term, the Executive shall serve as Senior Vice President,
General Counsel and Secretary of the Company and such other or additional positions as an officer
or director of the Company, and of such direct or indirect affiliates of the Company
(&#147;<U>Affiliates</U>&#148;), as the Executive and the board of directors of the Company (the
&#147;<U>Board</U>&#148;) or its designee shall mutually agree from time to time. In such positions, the
Executive shall perform such duties, functions and responsibilities during the Term commensurate
with the Executive&#146;s positions as reasonably directed by the Board.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3. <U>Exclusivity</U>. During the Term, the Executive shall devote substantially all of
Executive&#146;s working time and attention to the business and affairs of the Company and its
Affiliates, shall faithfully serve the Company and its Affiliates, and shall in all material
respects conform to and comply with the lawful and reasonable directions and instructions given to
Executive by the Board, or its designee, consistent with Section&nbsp;1.2 hereof. During the Term, the
Executive shall use Executive&#146;s best efforts during Executive&#146;s working time to promote and serve
the interests of the Company and its Affiliates and shall not engage in any other business
activity, whether or not such activity shall be engaged in for pecuniary profit. The provisions of
this Section&nbsp;1.3 shall not be construed to prevent the Executive from investing Executive&#146;s
personal, private assets as a passive investor in such form or manner as will not require any
active services on the part of the Executive in the management or operation of the
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">affairs of the companies, partnerships, or other business entities in which any such passive
investments are made.
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Section&nbsp;2.</U> <U>Compensation</U>.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1. <U>Salary</U>. As compensation for the performance of the Executive&#146;s services
hereunder, during the Term, the Company shall pay to the Executive a salary at an annual rate of
$362,000 which annual salary shall be prorated for any partial year at the beginning or end of the
Term and shall accrue and be payable in accordance with the Company&#146;s standard payroll policies, as
such salary may be adjusted upward by the Compensation Committee of the Board in its discretion (as
adjusted, the &#147;<U>Base Salary</U>&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2. <U>Annual Bonus</U>. For each completed fiscal year occurring during the Term, the
Executive shall be eligible to receive an annual cash bonus (the &#147;<U>Annual Bonus</U>&#148;).
Commencing with fiscal year 2011, the target Annual Bonus shall be 100% of the Executive&#146;s Base
Salary as in effect at the beginning of the Term in fiscal year 2011 and at the beginning of each
such fiscal year thereafter during the Term, the actual Annual Bonus to be based upon such
individual and/or Company performance criteria established for each such fiscal year by the
Compensation Committee of the Board. The Annual Bonus, if any, payable to Executive for a fiscal
year will be paid by the Company to the Executive on the last scheduled payroll payment date during
such fiscal year; provided, however, that if the Annual Bonus is payable pursuant to a plan that is
intended to provide for the payment of bonuses that constitute &#147;performance-based compensation&#148;
within the meaning of Section 162(m) of the Internal Revenue Code of 1986, as amended (the &#147;Code&#148;),
the Annual Bonus shall be paid at such time as is provided in the applicable plan.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3. <U>Employee Benefits</U>. During the Term, the Executive shall be eligible to
participate in such health, insurance, retirement, and other employee benefit plans and programs of
the Company as in effect from time to time on the same basis as other senior executives of the
Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4. <U>Paid Time Off</U>. During the Term, the Executive shall be entitled to twenty-five
(25)&nbsp;days of paid time off (&#147;<U>PTO</U>&#148;) each year.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5. <U>Business Expenses</U>. The Company shall pay or reimburse the Executive for all
commercially reasonable business out-of-pocket expenses that the Executive incurs during the Term
in performing Executive&#146;s duties under this Employment Agreement upon presentation of documentation
and in accordance with the expense reimbursement policy of the Company as approved by the Board and
in effect from time to time. Notwithstanding anything herein to the contrary or otherwise, except
to the extent any expense or reimbursement described in this Employment Agreement does not
constitute a &#147;deferral of compensation&#148; within the meaning of Section&nbsp;409A of the Code and the
Treasury regulations and other guidance issued thereunder, any expense or reimbursement described
in this Employment Agreement shall meet the following requirements: (i)&nbsp;the amount of expenses
eligible for reimbursement provided to the Executive during any calendar year will not affect the
amount of expenses eligible for reimbursement to the Executive in any other calendar year; (ii)&nbsp;the
reimbursements for expenses for which the Executive is entitled to be reimbursed shall be made on
or before the last day of the
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">calendar year following the calendar year in which the applicable expense is incurred; (iii)
the right to payment or reimbursement or in-kind benefits hereunder may not be liquidated or
exchanged for any other benefit; and (iv)&nbsp;the reimbursements shall be made pursuant to objectively
determinable and nondiscretionary Company policies and procedures regarding such reimbursement of
expenses.
</DIV>


<DIV style="margin-top: 6pt">
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<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Section&nbsp;3.</U> <U>Employment Termination</U>.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1. <U>Termination of Employment</U>. The Company may terminate the Executive&#146;s employment
for any reason during the Term, and the Executive may voluntarily resign Executive&#146;s employment for
any reason during the Term, in each case (other than a termination by the Company for Cause) at any
time upon not less than thirty (30)&nbsp;days&#146; notice to the other party. Upon the termination or
resignation of the Executive&#146;s employment with the Company for any reason (whether during the Term
or thereafter), the Executive shall be entitled to any Base Salary earned but unpaid through the
date of termination or resignation, any earned but unpaid Annual Bonus for completed fiscal years,
any unused accrued PTO and any unreimbursed expenses in accordance with Section&nbsp;2.5 hereof
(collectively, the &#147;<U>Accrued Amounts</U>&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2. <U>Certain Terminations</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;<U>Termination by the Company Other Than For Cause or Disability; Resignation by the
Executive for Good Reason</U>. If during the Term (i)&nbsp;the Executive&#146;s employment is terminated by
the Company other than for Cause or Disability or (ii)&nbsp;the Executive resigns for Good Reason, then
in addition to the Accrued Amounts the Executive shall be entitled to the following payments and
benefits: (x)&nbsp;the continuation of Executive&#146;s Base Salary at the rate in effect immediately prior
to the date of termination or resignation (or, in the case of a resignation for Good Reason, at the
rate in effect immediately prior to the occurrence of the event constituting Good Reason, if
greater) for a period of twelve (12)&nbsp;months (or, if earlier, until and including the month in which
the Executive attains age 70) (the &#147;<U>Severance Period</U>&#148;) and (y)&nbsp;a Pro-Rata Bonus and (z)&nbsp;to
the extent permitted pursuant to the applicable plans, the continuation on the same terms as an
active employee (including, where applicable, coverage for the Executive and the Executive&#146;s
dependents) of medical, dental, vision and life insurance benefits (&#147;<U>Welfare Benefits</U>&#148;) the
Executive would otherwise be eligible to receive as an active employee of the Company for twelve
(12)&nbsp;months or, if earlier, until such time as the Executive becomes eligible for Welfare Benefits
from a subsequent employer (the &#147;<U>Welfare Benefit Continuation Period</U>&#148;) (collectively, the
&#147;<U>Severance Payments</U>&#148;). If the Executive is not permitted to continue participation in the
Company&#146;s Welfare Benefit plans pursuant to the terms of such plans or pursuant to a determination
by the Company&#146;s insurance providers or such continued participation in any plan would result in
the imposition of an excise tax to the Company pursuant to Section&nbsp;4980D of the Code, the Company
shall use reasonable efforts to obtain individual insurance policies providing the Welfare Benefits
to the Executive during the Welfare Benefit Continuation Period and, if applicable, the Additional
Welfare Benefit Continuation Period (as defined below), but shall only be required to pay for such
policies an amount equal to the amount the Company would have paid had the Executive continued
participation in the Company&#146;s Welfare Benefits plans; <U>provided</U>, <U>that</U>, if such
coverage cannot be obtained, the Company shall pay to the Executive monthly during the Welfare
Benefit
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Continuation Period and, if applicable, the Additional Welfare Benefit Continuation Period, an
amount equal to the amount the Company would have paid had the Executive continued participation in
the Company&#146;s Welfare Benefits plans. The Company&#146;s obligations to make the Severance Payments
shall be conditioned upon: (i)&nbsp;the Executive&#146;s continued compliance with Executive&#146;s obligations
under Section&nbsp;4 of this Employment Agreement and (ii)&nbsp;the Executive&#146;s execution, delivery and
non-revocation of a valid and enforceable release of claims arising in connection with the
Executive&#146;s employment and termination or resignation of employment with the Company (the
&#147;<U>Release</U>&#148;) in a form reasonably acceptable to the Company and the Executive that becomes
effective not later than forty-five (45)&nbsp;days after the date of such termination or resignation of
employment. In the event that the Executive breaches any of the covenants set forth in Section&nbsp;4
of this Employment Agreement, the Executive will immediately return to the Company any portion of
the Severance Payments that have been paid to the Executive pursuant to this Section&nbsp;3.2(a).
Subject to the foregoing and Section&nbsp;3.2(e), the Severance Payments will commence to be paid to the
Executive on the forty-fifth (45th) day following the Executive&#146;s termination of employment, except
that the Pro-Rata Bonus shall be paid at the time when annual bonuses are paid generally to the
Company&#146;s senior executives for the year in which the Executive&#146;s termination of employment occurs.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;<U>Change in Control Termination</U>. If (A) (i)&nbsp;the Executive&#146;s employment is
terminated by the Company other than for Cause or Disability, or (ii)&nbsp;the Executive resigns for
Good Reason, and such termination or resignation described in (i)&nbsp;or (ii)&nbsp;of this Clause (A)&nbsp;occurs
within the one (1)&nbsp;year period following a Change in Control, or (B)&nbsp;the Executive&#146;s termination or
resignation is a Change in Control Related Termination, then, in addition to the Severance Payments
described in Section&nbsp;3.2(a), the Executive shall also be entitled to (I)&nbsp;the continuation of
Executive&#146;s Base Salary at the rate in effect immediately prior to the date of termination or
resignation (determined without regard to any reduction in Base Salary subsequent to the Change in
Control or in connection with the Change in Control Related Termination) for a period of twelve
(12)&nbsp;months (or, if earlier, until and including the month in which the Executive attains age 70)
commencing on the one (1)&nbsp;year anniversary of the date of termination or resignation (the
&#147;<U>Additional Severance Period</U>&#148;), (II)&nbsp;a payment each month during the Severance Period and
the Additional Severance Period equal to one-twelfth (1/12<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP>) of the target Annual Bonus
for the year in which the Executive&#146;s termination or resignation occurs (determined without regard
to any reduction in Base Salary or target Annual Bonus percentage subsequent to the Change in
Control or in connection with the Change in Control Related Termination) and (III)&nbsp;the continuation
of the Welfare Benefits for the twelve (12)&nbsp;month period commencing on the one (1)&nbsp;year anniversary
of the date of termination or resignation or, if earlier, until such time as the Executive becomes
eligible for Welfare Benefits from a subsequent employer (the &#147;<U>Additional Welfare Benefit
Continuation Period</U>&#148;). Amounts received pursuant to this Section&nbsp;3.2(b) shall be deemed to be
included in the term Severance Payments for purposes of this Employment Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;<U>Retirement</U>. Upon Retirement, the Executive, whether or not Section&nbsp;3.2(a) also
applies but without duplication of benefits, shall be entitled to (i)&nbsp;a Pro-Rata Bonus, (ii)&nbsp;to the
extent permitted pursuant to the applicable plans, the continuation on the same terms as an active
employee of Welfare Benefits the Executive would otherwise be eligible to receive as an active
employee of the Company for twenty-four (24)&nbsp;months following the date of the Executive&#146;s
Retirement or, if earlier, until such time as the Executive becomes eligible for
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Welfare Benefits from a subsequent employer and, thereafter, shall be eligible to continue
participation in the Company&#146;s Welfare Benefits plans, provided that such continued participation
shall be entirely at the Executive&#146;s expense and shall cease when the Executive becomes eligible
for Welfare Benefits from a subsequent employer. Notwithstanding the foregoing, (x)&nbsp;if the
Executive is not permitted to continue participation in the Company&#146;s Welfare Benefit plans
pursuant to the terms of such plans or pursuant to a determination by the Company&#146;s insurance
providers or such continued participation in any plan would result in the plan being discriminatory
within the meaning of Section&nbsp;4980D of the Code, the Company shall use reasonable efforts to obtain
individual insurance policies providing the Welfare Benefits to the Executive for such twenty-four
(24)&nbsp;months, but shall only be required to pay for such policies an amount equal to the amount the
Company would have paid had the Executive continued participation in the Company&#146;s Welfare Benefit
plans; <U>provided</U>, <U>that</U>, if such coverage cannot be obtained, the Company shall pay
to the Executive monthly for such twenty-four (24)&nbsp;months an amount equal to the amount the Company
would have paid had the Executive continued participation in the Company&#146;s Welfare Benefits plans
and (y)&nbsp;any Welfare Benefits coverage provided pursuant to this Section&nbsp;3.2(b), whether through the
Company&#146;s Welfare Benefit plans or through individual insurance policies, shall be supplemental to
any benefits for which the Executive becomes eligible under Medicare, whether or not the Executive
actually obtains such Medicare coverage. The Pro-Rata Bonus shall be paid at the time when annual
bonuses are paid generally to the Company&#146;s senior executives for the year in which the Executive&#146;s
Retirement occurs.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;<U>Definitions</U>. For purposes of this Section&nbsp;3.2, the following terms shall have the
following meanings:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;A resignation for &#147;<U>Good Reason</U>&#148; shall mean a resignation by the Executive within
thirty (30)&nbsp;days following the date on which the Company has engaged in any of the following: (i)
the assignment of duties or responsibilities to the Executive that reflect a material diminution of
the Executive&#146;s position with the Company; (ii)&nbsp;a relocation of the Executive&#146;s principal place of
employment that increases the Executive&#146;s commute by more than fifty (50)&nbsp;miles; or (iii)&nbsp;a
reduction in the Executive&#146;s Base Salary, other than across-the-board reductions applicable to
similarly situated employees of the Company; <U>provided</U>, <U>however</U>, that the Executive
must provide the Company with notice promptly following the occurrence of any of the foregoing and
at least thirty (30)&nbsp;days to cure.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&#147;<U>Cause</U>&#148; shall mean that the Executive has engaged in any of the following: (i)
willful misconduct or breach of fiduciary duty; (ii)&nbsp;intentional failure or refusal to perform
reasonably assigned duties after written notice of such willful failure or refusal and the failure
or refusal is not corrected within ten (10)&nbsp;business days; (iii)&nbsp;the indictment for, conviction of
or entering a plea of guilty or nolo contendere to a crime constituting a felony (other than a
traffic violation or other offense or violation outside of the course of employment which does not
adversely affect the Company and its Affiliates or their reputation or the ability of the Executive
to perform Executive&#146;s employment-related duties or to represent the Company and its Affiliates);
<U>provided</U>, <U>however</U>, that (A)&nbsp;if the Executive is terminated for Cause by reason of
Executive&#146;s indictment pursuant to this clause (iii)&nbsp;and the indictment is subsequently dismissed
or withdrawn or the Executive is found to be not guilty in a court of law in connection with such
indictment, then the Executive&#146;s termination shall be treated
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">for purposes of this Employment Agreement as a termination by the Company other than for
Cause, and the Executive will be entitled to receive (without duplication of benefits and to the
extent permitted by law and the terms of the then-applicable Welfare Benefits plans) the payments
and benefits set forth in Section&nbsp;3.2(a) and, to the extent either or both are applicable, Section
3.2(b) and Section&nbsp;3.2(c), following such dismissal, withdrawal or finding, payable in the manner
and subject to the conditions set forth in such Sections and (B)&nbsp;if such indictment relates to
environmental matters and does not allege that the Executive was directly involved in or directly
supervised the action(s) forming the basis of the indictment, Cause shall not be deemed to exist
under this Employment Agreement by reason of such indictment until the Executive is convicted or
enters a plea of guilty or nolo contendere in connection with such indictment; or (iv)&nbsp;material
breach of the Executive&#146;s covenants in Section&nbsp;4 of this Employment Agreement or any material
written policy of the Company or any Affiliate after written notice of such breach and failure by
the Executive to correct such breach within ten (10)&nbsp;business days, provided that no notice of, nor
opportunity to correct, such breach shall be required hereunder if such breach cannot be cured by
the Executive.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&#147;<U>Change in Control</U>&#148; shall have the meaning set forth on Appendix&nbsp;A.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;&#147;<U>Change in Control Related Termination</U>&#148; shall mean a termination of the
Executive&#146;s employment by the Company other than for Cause or Executive&#146;s resignation for Good
Reason, in each case at any time prior to the date of a Change in Control and (A)&nbsp;the Executive
reasonably demonstrates that such termination or the basis for resignation for Good Reason occurred
in anticipation of a transaction that, if consummated, would constitute a Change in Control, (B)
such termination or the basis for<U>resignation</U> for Good Reason occurred after the
Company entered into a definitive agreement, the consummation of which would constitute a Change in
Control or (C)&nbsp;the Executive reasonably demonstrates that such termination or the basis for
resignation for Good Reason was implemented at the request of a third party who has indicated an
intention or has taken steps reasonably calculated to effect a Change in Control.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)&nbsp;&#147;<U>Disability</U>&#148; shall mean the Executive&#146;s inability, due to physical or mental ill
health, to perform the essential functions of the Executive&#146;s job, with or without a reasonable
accommodation, for 180&nbsp;days during any 365&nbsp;day period irrespective of whether such days are
consecutive.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)&nbsp;&#147;<U>Pro-Rata Bonus</U>&#148; shall mean, the product of (A)&nbsp;a fraction, the numerator of which
is the number of days the Executive is employed by the Company during the year in which the
Executive&#146;s employment terminates pursuant to Section&nbsp;3.2(a) or (c)&nbsp;prior to and including the date
of the Executive&#146;s termination and the denominator of which is 365 and (B)(i) if the Annual Bonus
is payable pursuant to a plan that is intended to provide for the payment of bonuses that
constitute &#147;performance-based compensation&#148; within the meaning of Section 162(m) of the Code, an
amount for that year equal to the Annual Bonus the Executive would have been entitled to receive
had his employment not terminated, based on the actual performance of the Company or the Executive,
as applicable, for the full year, or (ii)&nbsp;if the Annual Bonus is not payable pursuant to a plan
that is intended to provide for the payment of
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">bonuses that constitute &#147;performance-based compensation&#148;, the target Annual Bonus for that
year.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7)&nbsp;&#147;<U>Retirement</U>&#148; shall mean the Executive&#146;s termination or resignation of employment
for any reason (other than by the Company for Cause or by reason of the Executive&#146;s death)
following the date the Executive attains age 62.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;<U>Section&nbsp;409A</U>. To the extent applicable, this Employment Agreement shall be
interpreted, construed and operated in accordance with Section&nbsp;409A of the Code and the Treasury
regulations and other guidance issued thereunder. If on the date of the Executive&#146;s separation from
service (as defined in Treasury Regulation &#167;1.409A-1(h)) with the Company the Executive is a
specified employee (as defined in Code Section&nbsp;409A and Treasury Regulation &#167;1.409A-1(i)), no
payment constituting the &#147;deferral of compensation&#148; within the meaning of Treasury Regulation
&#167;1.409A-1(b) and after application of the exemptions provided in Treasury Regulation
&#167;&#167;1.409A-1(b)(4) and 1.409A-1(b)(9)(iii) shall be made to Executive at any time during the six (6)
month period following the Executive&#146;s separation from service, and any such amounts deferred such
six (6)&nbsp;months shall instead be paid in a lump sum on the first payroll payment date following
expiration of such six (6)&nbsp;month period. For purposes of conforming this Employment Agreement to
Section&nbsp;409A of the Code, the parties agree that any reference to termination of employment,
severance from employment, resignation from employment or similar terms shall mean and be
interpreted as a &#147;separation from service&#148; as defined in Treasury Regulation &#167;1.409A-1(h).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3. <U>Exclusive Remedy</U>. The foregoing payments upon termination or resignation of the
Executive&#146;s employment shall constitute the exclusive severance payments due the Executive upon a
termination or resignation of Executive&#146;s employment under this Employment Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4. <U>Resignation from All Positions</U>. Upon the termination or resignation of the
Executive&#146;s employment with the Company for any reason, the Executive shall be deemed to have
resigned, as of the date of such termination or resignation, from and with respect to all positions
the Executive then holds as an officer, director, employee and member of the Board of Directors
(and any committee thereof) of the Company and any of its Affiliates.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5. <U>Cooperation</U>. For one (1)&nbsp;year following the termination or resignation of the
Executive&#146;s employment with the Company for any reason, the Executive agrees to reasonably
cooperate with the Company upon reasonable request of the Board and to be reasonably available to
the Company with respect to matters arising out of the Executive&#146;s services to the Company and its
Affiliates, provided, however, such period of cooperation shall be for three (3)&nbsp;years, following
any such termination or resignation of Executive&#146;s employment for any reason, with respect to tax
matters involving the Company or any of its Affiliates. The Company shall reimburse the Executive
for expenses reasonably incurred in connection with such matters as agreed by the Executive and the
Board and the Company shall compensate the Executive for such cooperation at an hourly rate based
on the Executive&#146;s most recent base salary rate assuming two thousand (2,000) working hours per
year; <U>provided</U>, that if the Executive is required to spend more than forty (40)&nbsp;hours in
any month on Company matters pursuant to this
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Section&nbsp;3.5, the Executive and the Board shall mutually agree to an appropriate rate of
compensation for the Executive&#146;s time over such forty (40)&nbsp;hour threshold.
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Section&nbsp;4.</U> <U>Unauthorized Disclosure; Non-Solicitation; Proprietary Rights</U>.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1. <U>Unauthorized Disclosure</U>. The Executive agrees and understands that in the
Executive&#146;s position with the Company and any Affiliates, the Executive has been and will be
exposed to and has and will receive information relating to the confidential affairs of the Company
and its Affiliates, including, without limitation, technical information, intellectual property,
business and marketing plans, strategies, customer information, software, other information
concerning the products, promotions, development, financing, expansion plans, business policies and
practices of the Company and its Affiliates and other forms of information considered by the
Company and its Affiliates to be confidential and in the nature of trade secrets (including,
without limitation, ideas, research and development, know-how, formulas, technical data, designs,
drawings, specifications, customer and supplier lists, pricing and cost information and business
and marketing plans and proposals) (collectively, the &#147;<U>Confidential Information</U>&#148;);
<U>provided</U>, however, that Confidential Information shall not include information which (i)&nbsp;is
or becomes generally available to the public not in violation of this Employment Agreement or any
written policy of the Company; or (ii)&nbsp;was in the Executive&#146;s possession or knowledge on a
non-confidential basis prior to such disclosure. The Executive agrees that at all times during the
Executive&#146;s employment with the Company and thereafter, the Executive shall not disclose such
Confidential Information, either directly or indirectly, to any individual, corporation,
partnership, limited liability company, association, trust or other entity or organization,
including a government or political subdivision or an agency or instrumentality thereof (each, for
purposes of this Section&nbsp;4, a &#147;<U>Person</U>&#148;) without the prior written consent of the Company
and shall not use or attempt to use any such information in any manner other than in connection
with Executive&#146;s employment with the Company, unless required by law to disclose such information,
in which case the Executive shall provide the Company with written notice of such requirement as
far in advance of such anticipated disclosure as possible. Executive&#146;s confidentiality covenant
has no temporal, geographical or territorial restriction. Upon termination or resignation of the
Executive&#146;s employment with the Company, the Executive shall promptly supply to the Company all
property, keys, notes, memoranda, writings, lists, files, reports, customer lists, correspondence,
tapes, disks, cards, surveys, maps, logs, machines, technical data and any other tangible product
or document which has been produced by, received by or otherwise submitted to the Executive during
or prior to the Executive&#146;s employment with the Company, and any copies thereof in Executive&#146;s (or
capable of being reduced to Executive&#146;s) possession.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2. <U>Non-Solicitation of Employees</U>. During the Term and for a period of twelve (12)
months thereafter (the &#147;<U>Restriction Period</U>&#148;), the Executive shall not directly or
indirectly contact, induce or solicit (or assist any Person to contact, induce or solicit) for
employment any person who is, or within twelve (12)&nbsp;months prior to the date of such solicitation
was, an employee of the Company or any of its Affiliates.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3. <U>Non-Solicitation of Customers/Suppliers</U>. During the Restriction Period, the
Executive shall not (i)&nbsp;contact, induce or solicit (or assist any Person to contact, induce or
solicit) any Person which has a business relationship with the Company or of any of its Affiliates
in order to terminate, curtail or otherwise interfere with such business relationship or
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(ii)&nbsp;solicit, other than on behalf of the Company and its Affiliates, any Person that the
Executive knows or should have known (x)&nbsp;is a current customer of the Company or any of its
Affiliates in any geographic area in which the Company or any of its Affiliates operates or markets
or (y)&nbsp;is a Person in any geographic area in which the Company or any of its Affiliates operates or
markets with respect to which the Company or any of its Affiliates has, within the twelve (12)
months prior to the date of such solicitation, devoted more than de minimis resources in an effort
to cause such Person to become a customer of the Company or any of its Affiliates in that
geographic area. For the avoidance of doubt, the foregoing does not preclude the Executive from
soliciting, outside of the geographic areas in which the Company or any of its Affiliates operates
or markets, any Person that is a customer or potential customer of the Company or any of its
Affiliates in the geographic areas in which it operates or markets.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4. <U>Extension of Restriction Period</U>. The Restriction Period shall be extended for a
period of time equal to any period during which the Executive is in
breach of any of Sections&nbsp;4.2 or
4.3 hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5. <U>Proprietary Rights</U>. The Executive shall disclose promptly to the Company any and
all inventions, discoveries, and improvements (whether or not patentable or registrable under
copyright or similar statutes), and all patentable or copyrightable works, initiated, conceived,
discovered, reduced to practice, or made by Executive, either alone or in conjunction with others,
during the Executive&#146;s employment with the Company and related to the business or activities of the
Company and its Affiliates (the &#147;<U>Developments</U>&#148;). Except to the extent any rights in any
Developments constitute a work made for hire under the U.S. Copyright Act, 17 U.S.C. &#167; 101 et seq.
that are owned ab initio by the Company and/or its applicable Affiliates, the Executive assigns all
of Executive&#146;s right, title and interest in all Developments (including all intellectual property
rights therein) to the Company or its nominee without further compensation, including all rights or
benefits therefor, including without limitation the right to sue and recover for past and future
infringement. The Executive acknowledges that any rights in any developments constituting a work
made for hire under the U.S. Copyright Act, 17 U.S.C &#167; 101 et seq. are owned upon creation by the
Company and/or its applicable Affiliates as the Executive&#146;s employer. Whenever requested to do so
by the Company, the Executive shall execute any and all applications, assignments or other
instruments which the Company shall deem necessary to apply for and obtain trademarks, patents or
copyrights of the United States or any foreign country or otherwise protect the interests of the
Company and its Affiliates therein. These obligations shall continue beyond the end of the
Executive&#146;s employment with the Company with respect to inventions, discoveries, improvements or
copyrightable works initiated, conceived or made by the Executive while employed by the Company,
and shall be binding upon the Executive&#146;s employers, assigns, executors, administrators and other
legal representatives. In connection with Executive&#146;s execution of this Employment Agreement, the
Executive has informed the Company in writing of any interest in any inventions or intellectual
property rights that Executive holds as of the date hereof. If the Company is unable for any
reason, after reasonable effort, to obtain the Executive&#146;s signature on any document needed in
connection with the actions described in this Section&nbsp;4.5, the Executive hereby irrevocably
designates and appoints the Company, its Affiliates, and their duly authorized officers and agents
as the Executive&#146;s agent and attorney in fact to act for and in the Executive&#146;s behalf to execute,
verify and file any such documents and to do all other lawfully permitted acts to further the
purposes of this Section with the same legal force and effect as if executed by the Executive.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->9<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6. <U>Confidentiality of Agreement</U>. Other than with respect to information required to
be disclosed by applicable law, the parties hereto agree not to disclose the terms of this
Employment Agreement to any Person; provided the Executive may disclose this Employment Agreement
and/or any of its terms to the Executive&#146;s immediate family, financial advisors and attorneys.
Notwithstanding anything in this Section&nbsp;4.6 to the contrary, the parties hereto (and each of their
respective employees, representatives, or other agents) may disclose to any and all Persons,
without limitation of any kind, the tax treatment and tax structure of the transactions
contemplated by this Employment Agreement, and all materials of any kind (including opinions or
other tax analyses) related to such tax treatment and tax structure; provided that this sentence
shall not permit any Person to disclose the name of, or other information that would identify, any
party to such transactions or to disclose confidential commercial information regarding such
transactions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.7. <U>Remedies</U>. The Executive agrees that any breach of the terms of this Section&nbsp;4
would result in irreparable injury and damage to the Company and its Affiliates for which the
Company and its Affiliates would have no adequate remedy at law; the Executive therefore also
agrees that in the event of said breach or any threat of breach, the Company and its Affiliates
shall be entitled to an immediate injunction and restraining order to prevent such breach and/or
threatened breach and/or continued breach by the Executive and/or any and all Persons acting for
and/or with the Executive, without having to prove damages, in addition to any other remedies to
which the Company and its Affiliates may be entitled at law or in equity, including, without
limitation, the obligation of the Executive to return any Severance Payments made by the Company to
the Company. The terms of this paragraph shall not prevent the Company or its Affiliates from
pursuing any other available remedies for any breach or threatened breach hereof, including,
without limitation, the recovery of damages from the Executive. The Executive and the Company
further agree that the provisions of the covenants contained in this Section&nbsp;4 are reasonable and
necessary to protect the businesses of the Company and its Affiliates because of the Executive&#146;s
access to Confidential Information and Executive&#146;s material participation in the operation of such
businesses.
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Section&nbsp;5.</U> <U>Representation</U>.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Executive represents and warrants that (i)&nbsp;Executive is not subject to any contract,
arrangement, policy or understanding, or to any statute, governmental rule or regulation, that in
any way limits Executive&#146;s ability to enter into and fully perform Executive&#146;s obligations under
this Employment Agreement and (ii)&nbsp;Executive is not otherwise unable to enter into and fully
perform Executive&#146;s obligations under this Employment Agreement.
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Section&nbsp;6.</U> <U>Withholding</U>.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All amounts paid to the Executive under this Employment Agreement during or following the Term
shall be subject to withholding and other employment taxes imposed by applicable law.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->10<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Section&nbsp;7.</U> <U>Effect of Section&nbsp;280G of the Code</U>.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1. <U>Payment Reduction</U>. Notwithstanding anything contained in this Employment
Agreement to the contrary, (i)&nbsp;to the extent that any payment or distribution of any type to or for
the Executive by the Company, any affiliate of the Company, any Person who acquires ownership or
effective control of the Company or ownership of a substantial portion of the Company&#146;s assets
(within the meaning of Section&nbsp;280G of the Code and the regulations thereunder), or any affiliate
of such Person, whether paid or payable or distributed or distributable pursuant to the terms of
this Employment Agreement or otherwise (the &#147;<U>Payments</U>&#148;) constitute &#147;parachute payments&#148;
(within the meaning of Section&nbsp;280G of the Code), and if (ii)&nbsp;such aggregate would, if reduced by
all federal, state and local taxes applicable thereto, including the excise tax imposed under
Section&nbsp;4999 of the Code (the &#147;<U>Excise Tax</U>&#148;), be less than the amount the Executive would
receive, after all taxes, if the Executive received aggregate Payments equal (as valued under
Section&nbsp;280G of the Code) to only three times the Executive&#146;s &#147;base amount&#148; (within the meaning of
Section&nbsp;280G of the Code), less $1.00, then (iii)&nbsp;such Payments shall be reduced (but not below
zero) if and to the extent necessary so that no Payments to be made or benefit to be provided to
the Executive shall be subject to the Excise Tax; <U>provided</U>, <U>however</U>, that the
Company shall use its reasonable best efforts to obtain shareholder approval of the Payments
provided for in this Employment Agreement in a manner intended to satisfy requirements of the
&#147;shareholder approval&#148; exception to Section&nbsp;280G of the Code and the regulations promulgated
thereunder, such that payment may be made to the Executive of such Payments without the application
of an Excise Tax. If the Payments are so reduced, the Company shall reduce or eliminate the
Payments (x)&nbsp;by first reducing or eliminating the portion of the Payments which are not payable in
cash (other than that portion of the Payments subject to clause (z)&nbsp;hereof), (y)&nbsp;then by reducing
or eliminating cash payments (other than that portion of the Payments subject to clause (z)&nbsp;hereof)
and (z)&nbsp;then by reducing or eliminating the portion of the Payments (whether payable in cash or not
payable in cash) to which Treasury Regulation &#167; 1.280G-1 Q/A 24(c) (or successor thereto) applies,
in each case in reverse order beginning with payments or benefits which are to be paid the farthest
in time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2. <U>Determination of Amount of Reduction (if any)</U>. The determination of whether the
Payments shall be reduced as provided in Section&nbsp;7.1 and the amount of such reduction shall be made
at the Company&#146;s expense by an accounting firm selected by the Company from among the four (4)
largest accounting firms in the United States (the &#147;<U>Accounting Firm</U>&#148;). The Accounting Firm
shall provide its determination (the &#147;<U>Determination</U>&#148;), together with detailed supporting
calculations and documentation, to the Company and the Executive within ten (10)&nbsp;days after the
Executive&#146;s final day of employment. If the Accounting Firm determines that no Excise Tax is
payable by the Executive with respect to the Payments, it shall furnish the Executive with an
opinion reasonably acceptable to the Executive that no Excise Tax will be imposed with respect to
any such payments and, absent manifest error, such Determination shall be binding, final and
conclusive upon the Company and the Executive.
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Section&nbsp;8.</U> <U>Miscellaneous</U>.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1. <U>Amendments and Waivers</U>. This Employment Agreement and any of the provisions
hereof may be amended, waived (either generally or in a particular instance and
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->11<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">either retroactively or prospectively), modified or supplemented, in whole or in part, only by
written agreement signed by the parties hereto; <U>provided</U>, that, the observance of any
provision of this Employment Agreement may be waived in writing by the party that will lose the
benefit of such provision as a result of such waiver. The waiver by any party hereto of a breach
of any provision of this Employment Agreement shall not operate or be construed as a further or
continuing waiver of such breach or as a waiver of any other or subsequent breach, except as
otherwise explicitly provided for in such waiver. Except as otherwise expressly provided herein,
no failure on the part of any party to exercise, and no delay in exercising, any right, power or
remedy hereunder, or otherwise available in respect hereof at law or in equity, shall operate as a
waiver thereof, nor shall any single or partial exercise of such right, power or remedy by such
party preclude any other or further exercise thereof or the exercise of any other right, power or
remedy.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2. <U>Fees and Expenses</U>. The Company shall pay all legal fees and related expenses
(including the costs of experts, evidence and counsel) incurred by the Executive as a result of (i)
the termination of the Executive&#146;s employment by the Company or the resignation by the Executive
for Good Reason (including all such fees and expenses, if any, incurred in contesting, defending or
disputing the basis for any such termination or resignation of employment) or (b)&nbsp;the Executive
seeking to obtain or enforce any right or benefit provided by this Employment Agreement;
<U>provided</U>, <U>that</U>, if it is determined that the Executive&#146;s termination of employment
was for Cause, the Executive shall not be entitled to any payment or reimbursement pursuant to this
Section&nbsp;8.2.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3. <U>Indemnification</U>. To the extent provided in the Company&#146;s Certificate of
Incorporation or Bylaws, as in effect from time to time, and subject to any separate agreement (if
any) between the Company and the Executive regarding indemnification, the Company shall indemnify
the Executive for losses or damages incurred by the Executive as a result of causes of action
arising from the Executive&#146;s performance of duties for the benefit of the Company, whether or not
the claim is asserted during the Term.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4. <U>Assignment</U>. This Employment Agreement, and the Executive&#146;s rights and
obligations hereunder, may not be assigned by the Executive, and any purported assignment by the
Executive in violation hereof shall be null and void.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.5. <U>Payments Following Executive&#146;s Death</U>. Any amounts payable to the Executive
pursuant to this Employment Agreement that remain unpaid at the Executive&#146;s death shall be paid to
the Executive&#146;s estate.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.6. <U>Notices</U>. Unless otherwise provided herein, all notices, requests, demands,
claims and other communications provided for under the terms of this Employment Agreement shall be
in writing. Any notice, request, demand, claim or other communication hereunder shall be sent by
(i)&nbsp;personal delivery (including receipted courier service) or overnight delivery service, (ii)
facsimile during normal business hours, with confirmation of receipt, to the number indicated,
(iii)&nbsp;reputable commercial overnight delivery service courier or (iv)&nbsp;registered or certified mail,
return receipt requested, postage prepaid and addressed to the intended recipient as set forth
below:
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->12<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="74%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">If to the Company:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CVR Energy, Inc.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2277 Plaza Drive, Suite&nbsp;500</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Sugar Land, TX 77479</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Attention: Chief Executive Officer</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Facsimile: (281)&nbsp;207-3505</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">with a copy to:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Fried, Frank, Harris, Shriver &#038; Jacobson LLP</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">One New York Plaza</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">New York, NY 10004</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Attention: Donald P. Carleen, Esq.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Facsimile: (212)&nbsp;859-4000</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">If to the Executive:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Edmund S. Gross</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">10 E. Cambridge Circle, Suite&nbsp;250</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Kansas City, KS 66103</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Facsimile: (913)&nbsp;982-5651</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All such notices, requests, consents and other communications shall be deemed to have been
given when received. Any party may change its facsimile number or its address to which notices,
requests, demands, claims and other communications hereunder are to be delivered by giving the
other parties hereto notice in the manner then set forth.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.7. <U>Governing Law</U>. This Employment Agreement shall be construed and enforced in
accordance with, and the rights and obligations of the parties hereto shall be governed by, the
laws of the State of Kansas, without giving effect to the conflicts of law principles thereof.
Each of the parties hereto irrevocably and unconditionally consents to submit to the exclusive
jurisdiction of the courts of Kansas (collectively, the &#147;<U>Selected Courts</U>&#148;) for any action
or proceeding relating to this Employment Agreement, agrees not to commence any action or
proceeding relating thereto except in the Selected Courts, and waives any forum or venue objections
to the Selected Courts.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.8. <U>Severability</U>. Whenever possible, each provision or portion of any provision of
this Employment Agreement, including those contained in Section&nbsp;4 hereof, will be interpreted in
such manner as to be effective and valid under applicable law but the invalidity or
unenforceability of any provision or portion of any provision of this Employment Agreement in any
jurisdiction shall not affect the validity or enforceability of the remainder of this Employment
Agreement in that jurisdiction or the validity or enforceability of this Employment Agreement,
including that provision or portion of any provision, in any other jurisdiction. In addition,
should a court or arbitrator determine that any provision or portion of any provision of this
Employment Agreement, including those contained in Section&nbsp;4 hereof, is not reasonable or valid,
either in period of time, geographical area, or otherwise, the parties hereto agree that such
provision should be interpreted and enforced to the maximum extent which such court or arbitrator
deems reasonable or valid.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.9. <U>Entire Agreement</U>. From and after the Commencement Date, this Employment
Agreement constitutes the entire agreement between the parties hereto, and supersedes all prior
representations, agreements and understandings (including any prior course
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->13<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">of dealings), both written and oral, relating to any employment of the Executive by the
Company or any of its Affiliates including, without limitation, the First Amended and Restated
Agreement and the Second Amended and Restated Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.10. <U>Counterparts</U>. This Employment Agreement may be executed in any number of
counterparts, each of which shall be deemed an original, but all such counterparts shall together
constitute one and the same instrument.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.11. <U>Binding Effect</U>. This Employment Agreement shall inure to the benefit of, and be
binding on, the successors and assigns of each of the parties, including, without limitation, the
Executive&#146;s heirs and the personal representatives of the Executive&#146;s estate and any successor to
all or substantially all of the business and/or assets of the Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.12. <U>General Interpretive Principles</U>. The name assigned this Employment Agreement
and headings of the sections, paragraphs, subparagraphs, clauses and subclauses of this Employment
Agreement are for convenience of reference only and shall not in any way affect the meaning or
interpretation of any of the provisions hereof. Words of inclusion shall not be construed as terms
of limitation herein, so that references to &#147;include&#148;, &#147;includes&#148; and &#147;including&#148; shall not be
limiting and shall be regarded as references to non-exclusive and non-characterizing illustrations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.13. <U>Mitigation</U>. Notwithstanding any other provision of this Employment Agreement,
(a)&nbsp;the Executive will have no obligation to mitigate damages for any breach or termination of this
Employment Agreement by the Company, whether by seeking employment or otherwise and (b)&nbsp;except for
Welfare Benefits provided pursuant to Section&nbsp;3.2(a) or Section&nbsp;3.2(b), the amount of any payment
or benefit due the Executive after the date of such breach or termination will not be reduced or
offset by any payment or benefit that the Executive may receive from any other source.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.14. <U>Company Actions</U>. Any actions, approvals, decisions, or determinations to be
made by the Company under this Employment Agreement shall be made by the Company&#146;s Board, except as
otherwise expressly provided herein. For purposes of any references herein to the Board&#146;s
designee, any such reference shall be deemed to include the Chief Executive Officer of the Company
and such other or additional officers, or committees of the Board, as the Board may expressly
designate from time to time for such purpose.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">&#091;signature page follows&#093;
</DIV>



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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS WHEREOF, the parties have executed this Employment Agreement as of the date first
written above.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
</TR>
<TR></TR>
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<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" colspan="3"><B>CVR ENERGY, INC.</B></TD>
</TR>
<TR valign="bottom">
    <TD colspan="7">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" colspan="3" style="border-bottom: 1px solid #000000">/s/ Edmund S. Gross</TD>
    <TD>&nbsp;</TD>
    <TD align="left">By:&nbsp;</TD>
    <TD colspan="2" align="left" style="border-bottom: 1px solid #000000">  /s/ John J. Lipinski</TD>
</TR>
<TR valign="bottom">
    <TD align="left" colspan="3"><B>EDMUND S. GROSS</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Name:&nbsp;</TD>
    <TD valign="top" align="left"> John J. Lipinski</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Title:</TD>
    <TD valign="top" align="left"> Chief Executive Officer and President</TD>
</TR>
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</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">
[Signature Page to Third Amended and Restated Employment Agreement]
</DIV>


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<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U><B>APPENDIX A</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Change in Control</U>&#148; means the occurrence of any of the following:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;An acquisition (other than directly from the Company) of any voting securities of the
Company (the &#147;<U>Voting Securities</U>&#148;) by any &#147;Person&#148; (as the term &#147;person&#148; is used for
purposes of Section 13(d) or 14(d) of the Securities Exchange Act of 1934, as amended (the
&#147;<U>Exchange Act</U>&#148;)), immediately after which such Person has &#147;Beneficial Ownership&#148; (within
the meaning of Rule&nbsp;13d-3 promulgated under the Exchange Act) of more than thirty percent (30%) of
(i)&nbsp;the then-outstanding Shares or (ii)&nbsp;the combined voting power of the Company&#146;s then-outstanding
Voting Securities; provided, however, that in determining whether a Change in Control has occurred
pursuant to this paragraph (a), the acquisition of Shares or Voting Securities in a Non-Control
Acquisition (as hereinafter defined) shall not constitute a Change in Control. A &#147;<U>Non-Control
Acquisition</U>&#148; shall mean an acquisition by (i)&nbsp;an employee benefit plan (or a trust forming a
part thereof) maintained by (A)&nbsp;the Company or (B)&nbsp;any corporation or other Person the majority of
the voting power, voting equity securities or equity interest of which is owned, directly or
indirectly, by the Company (for purposes of this definition, a &#147;<U>Related Entity</U>&#148;), (ii)&nbsp;the
Company, any Principal Stockholder or any Related Entity, or (iii)&nbsp;any Person in connection with a
Non-Control Transaction (as hereinafter defined);
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The consummation of:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;A merger, consolidation or reorganization (x)&nbsp;with or into the Company or (y)&nbsp;in which
securities of the Company are issued (a &#147;<U>Merger</U>&#148;), unless such Merger is a &#147;Non-Control
Transaction.&#148; A &#147;<U>Non-Control Transaction</U>&#148; shall mean a Merger in which:
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the shareholders of the Company immediately before such Merger own directly or indirectly
immediately following such Merger at least a majority of the combined voting power of the
outstanding voting securities of (1)&nbsp;the corporation resulting from such Merger (the &#147;<U>Surviving
Corporation</U>&#148;), if fifty percent (50%) or more of the combined voting power of the then
outstanding voting securities by the Surviving Corporation is not Beneficially Owned, directly or
indirectly, by another Person (a &#147;<U>Parent Corporation</U>&#148;) or (2)&nbsp;if there is one or more than
one Parent Corporation, the ultimate Parent Corporation;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the individuals who were members of the Board immediately prior to the execution of the
agreement providing for such Merger constitute at least a majority of the members of the board of
directors of (1)&nbsp;the Surviving Corporation, if there is no Parent Corporation, or (2)&nbsp;if there is
one or more than one Parent Corporation, the ultimate Parent Corporation; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) no Person other than (1)&nbsp;the Company or another corporation that is a party to the
agreement of Merger, (2)&nbsp;any Related Entity, (3)&nbsp;any employee benefit plan (or any trust forming a
part thereof) that, immediately prior to the Merger, was maintained by the Company or any Related
Entity, or (4)&nbsp;any Person who, immediately prior to the Merger, had Beneficial Ownership of thirty
percent (30%) or more of the then outstanding Shares or Voting Securities, has Beneficial
Ownership, directly or indirectly, of thirty percent (30%) or more of
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">the combined voting power of the outstanding voting securities or common stock of (x)&nbsp;the
Surviving Corporation, if there is no Parent Corporation, or (y)&nbsp;if there is one or more than one
Parent Corporation, the ultimate Parent Corporation.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;A complete liquidation or dissolution of the Company; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;The sale or other disposition of all or substantially all of the assets of the Company
and its Subsidiaries taken as a whole to any Person (other than (x)&nbsp;a transfer to a Related Entity
or (y)&nbsp;the distribution to the Company&#146;s shareholders of the stock of a Related Entity or any other
assets).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding the foregoing, a Change in Control shall not be deemed to occur solely because
any Person (the &#147;<U>Subject Person</U>&#148;) acquired Beneficial Ownership of more than the permitted
amount of the then outstanding Shares or Voting Securities as a result of the acquisition of Shares
or Voting Securities by the Company which, by reducing the number of Shares or Voting Securities
then outstanding, increases the proportional number of shares Beneficially Owned by the Subject
Persons; provided that if a Change in Control would occur (but for the operation of this sentence)
as a result of the acquisition of Shares or Voting Securities by the Company and, after such share
acquisition by the Company, the Subject Person becomes the Beneficial Owner of any additional
Shares or Voting Securities and such Beneficial Ownership increases the percentage of the then
outstanding Shares or Voting Securities Beneficially Owned by the Subject Person, then a Change in
Control shall occur.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For purposes of this definition: (i) &#147;<U>Shares</U>&#148; means the common stock, par value $.01
per share, of the Company and any other securities into which such shares are changed or for which
such shares are exchanged and (ii) &#147;<U>Principal Stockholder</U>&#148; means each of Kelso Investment
Associates VII, L.P., a Delaware limited partnership, KEP VI, LLC, a Delaware limited liability
company, GS Capital Partners V Fund, L.P., a Delaware limited partnership, GS Capital Partners V
Offshore Fund, L.P., a Cayman Islands exempted limited partnership, GS Capital Partners V
Institutional, L.P., a Delaware limited partnership and GS Capital Partners V GmbH &#038; Co. KG, a
German limited partnership.
</DIV>


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<TYPE>EX-10.5
<SEQUENCE>6
<FILENAME>y91213exv10w5.htm
<DESCRIPTION>EX-10.5
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<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;10.5</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U><B>THIRD AMENDED AND RESTATED </B></U><BR>
<U><B>EMPLOYMENT AGREEMENT</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THIRD AMENDED AND RESTATED EMPLOYMENT AGREEMENT, dated as of January&nbsp;1, 2011 (the
&#147;<U>Employment Agreement</U>&#148;), by and between <B>CVR ENERGY, INC.</B>, a Delaware corporation (the
&#147;<U>Company</U>&#148;), and <B>ROBERT W. HAUGEN </B>(the &#147;<U>Executive</U>&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, the Company and the Executive entered into an amended and restated employment
agreement dated December&nbsp;29, 2007 (the &#147;<U>First Amended and Restated Agreement</U>&#148;) and an
amended and restated employment agreement dated January&nbsp;1, 2010 (the &#147;<U>Second Amended and
Restated Agreement</U>&#148;);
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, the Company and the Executive desire to further amend and restate the Second Amended
and Restated Agreement in its entirety as provided for herein;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOW, THEREFORE, in consideration of the mutual covenants contained herein and other valid
consideration the sufficiency of which is acknowledged, the parties hereto agree as follows:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;1.</U> <U>Employment</U>.

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1. <U>Term</U>. The Company agrees to employ the Executive, and the Executive agrees to be
employed by the Company, in each case pursuant to this Employment Agreement, for a period
commencing on January&nbsp;1, 2011 (the &#147;<U>Commencement Date</U>&#148;) and ending on the earlier of (i)
the third (3rd) anniversary of the Commencement Date and (ii)&nbsp;the termination or resignation of the
Executive&#146;s employment in accordance with Section&nbsp;3 hereof (the &#147;<U>Term</U>&#148;).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2. <U>Duties</U>. During the Term, the Executive shall serve as Executive Vice President,
Refining Operations of the Company and such other or additional positions as an officer or director
of the Company, and of such direct or indirect affiliates of the Company (&#147;<U>Affiliates</U>&#148;), as
the Executive and the board of directors of the Company (the &#147;<U>Board</U>&#148;) or its designee shall
mutually agree from time to time. In such positions, the Executive shall perform such duties,
functions and responsibilities during the Term commensurate with the Executive&#146;s positions as
reasonably directed by the Board.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3. <U>Exclusivity</U>. During the Term, the Executive shall devote substantially all of
Executive&#146;s working time and attention to the business and affairs of the Company and its
Affiliates, shall faithfully serve the Company and its Affiliates, and shall in all material
respects conform to and comply with the lawful and reasonable directions and instructions given to
Executive by the Board, or its designee, consistent with Section&nbsp;1.2 hereof. During the Term, the
Executive shall use Executive&#146;s best efforts during Executive&#146;s working time to promote and serve
the interests of the Company and its Affiliates and shall not engage in any other business
activity, whether or not such activity shall be engaged in for pecuniary profit. The provisions of
this Section&nbsp;1.3 shall not be construed to prevent the Executive from investing Executive&#146;s
personal, private assets as a passive investor in such form or manner as will not require any
active services on the part of the Executive in the management or operation of the
</DIV>




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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">affairs of the companies, partnerships, or other business entities in which any such passive
investments are made.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;2.</U> <U>Compensation</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1. <U>Salary</U>. As compensation for the performance of the Executive&#146;s services
hereunder, during the Term, the Company shall pay to the Executive a salary at an annual rate of
$275,000 which annual salary shall be prorated for any partial year at the beginning or end of the
Term and shall accrue and be payable in accordance with the Company&#146;s standard payroll policies, as
such salary may be adjusted upward by the Compensation Committee of the Board in its discretion (as
adjusted, the &#147;<U>Base Salary</U>&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2. <U>Annual Bonus</U>. For each completed fiscal year occurring during the Term, the
Executive shall be eligible to receive an annual cash bonus (the &#147;<U>Annual Bonus</U>&#148;).
Commencing with fiscal year 2011, the target Annual Bonus shall be 120% of the Executive&#146;s Base
Salary as in effect at the beginning of the Term in fiscal year 2011 and at the beginning of each
such fiscal year thereafter during the Term, the actual Annual Bonus to be based upon such
individual and/or Company performance criteria established for each such fiscal year by the
Compensation Committee of the Board. The Annual Bonus, if any, payable to Executive for a fiscal
year will be paid by the Company to the Executive on the last scheduled payroll payment date during
such fiscal year; provided, however, that if the Annual Bonus is payable pursuant to a plan that is
intended to provide for the payment of bonuses that constitute &#147;performance-based compensation&#148;
within the meaning of Section 162(m) of the Internal Revenue Code of 1986, as amended (the &#147;Code&#148;),
the Annual Bonus shall be paid at such time as is provided in the applicable plan.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3. <U>Employee Benefits</U>. During the Term, the Executive shall be eligible to
participate in such health, insurance, retirement, and other employee benefit plans and programs of
the Company as in effect from time to time on the same basis as other senior executives of the
Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4. <U>Paid Time Off</U>. During the Term, the Executive shall be entitled to twenty-five
(25)&nbsp;days of paid time off (&#147;<U>PTO</U>&#148;) each year.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5. <U>Business Expenses</U>. The Company shall pay or reimburse the Executive for all
commercially reasonable business out-of-pocket expenses that the Executive incurs during the Term
in performing Executive&#146;s duties under this Employment Agreement upon presentation of documentation
and in accordance with the expense reimbursement policy of the Company as approved by the Board and
in effect from time to time. Notwithstanding anything herein to the contrary or otherwise, except
to the extent any expense or reimbursement described in this Employment Agreement does not
constitute a &#147;deferral of compensation&#148; within the meaning of Section&nbsp;409A of the Code and the
Treasury regulations and other guidance issued thereunder, any expense or reimbursement described
in this Employment Agreement shall meet the following requirements: (i)&nbsp;the amount of expenses
eligible for reimbursement provided to the Executive during any calendar year will not affect the
amount of expenses eligible for reimbursement to the Executive in any other calendar year; (ii)&nbsp;the
reimbursements for expenses for which the Executive is entitled to be reimbursed shall be made on
or before the last day of the
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">calendar year following the calendar year in which the applicable expense is incurred; (iii)
the right to payment or reimbursement or in-kind benefits hereunder may not be liquidated or
exchanged for any other benefit; and (iv)&nbsp;the reimbursements shall be made pursuant to objectively
determinable and nondiscretionary Company policies and procedures regarding such reimbursement of
expenses.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;3.</U> <U>Employment Termination</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1. <U>Termination of Employment</U>. The Company may terminate the Executive&#146;s employment
for any reason during the Term, and the Executive may voluntarily resign Executive&#146;s employment for
any reason during the Term, in each case (other than a termination by the Company for Cause) at any
time upon not less than thirty (30)&nbsp;days&#146; notice to the other party. Upon the termination or
resignation of the Executive&#146;s employment with the Company for any reason (whether during the Term
or thereafter), the Executive shall be entitled to any Base Salary earned but unpaid through the
date of termination or resignation, any earned but unpaid Annual Bonus for completed fiscal years,
any unused accrued PTO and any unreimbursed expenses in accordance with Section&nbsp;2.5 hereof
(collectively, the &#147;<U>Accrued Amounts</U>&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2. <U>Certain Terminations</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;<U>Termination by the Company Other Than For Cause or Disability; Resignation by the
Executive for Good Reason</U>. If during the Term (i)&nbsp;the Executive&#146;s employment is terminated by
the Company other than for Cause or Disability or (ii)&nbsp;the Executive resigns for Good Reason, then
in addition to the Accrued Amounts the Executive shall be entitled to the following payments and
benefits: (x)&nbsp;the continuation of Executive&#146;s Base Salary at the rate in effect immediately prior
to the date of termination or resignation (or, in the case of a resignation for Good Reason, at the
rate in effect immediately prior to the occurrence of the event constituting Good Reason, if
greater) for a period of twelve (12)&nbsp;months (or, if earlier, until and including the month in which
the Executive attains age 70) (the &#147;<U>Severance Period</U>&#148;) and (y)&nbsp;a Pro-Rata Bonus and (z)&nbsp;to
the extent permitted pursuant to the applicable plans, the continuation on the same terms as an
active employee (including, where applicable, coverage for the Executive and the Executive&#146;s
dependents) of medical, dental, vision and life insurance benefits (&#147;<U>Welfare Benefits</U>&#148;) the
Executive would otherwise be eligible to receive as an active employee of the Company for twelve
(12)&nbsp;months or, if earlier, until such time as the Executive becomes eligible for Welfare Benefits
from a subsequent employer (the &#147;<U>Welfare Benefit Continuation Period</U>&#148;); (such payments, the
&#147;<U>Severance Payments</U>&#148;). If the Executive is not permitted to continue participation in the
Company&#146;s Welfare Benefit plans pursuant to the terms of such plans or pursuant to a determination
by the Company&#146;s insurance providers or such continued participation in any plan would result in
the imposition of an excise tax on the Company pursuant to Section&nbsp;4980D of the Code, the Company
shall use reasonable efforts to obtain individual insurance policies providing the Welfare Benefits
to the Executive during the Welfare Benefit Continuation Period, but shall only be required to pay
for such policies an amount equal to the amount the Company would have paid had the Executive
continued participation in the Company&#146;s Welfare Benefits plans; <U>provided</U>, <U>that</U>, if
such coverage cannot be obtained, the Company shall pay to the Executive monthly during the Welfare
Benefit Continuation Period an amount equal to the amount the Company would have paid had the
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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Executive continued participation in the Company&#146;s Welfare Benefits plans. The Company&#146;s
obligations to make the Severance Payments shall be conditioned upon: (i)&nbsp;the Executive&#146;s continued
compliance with Executive&#146;s obligations under Section&nbsp;4 of this Employment Agreement and (ii)&nbsp;the
Executive&#146;s execution, delivery and non-revocation of a valid and enforceable release of claims
arising in connection with the Executive&#146;s employment and termination or resignation of employment
with the Company (the &#147;<U>Release</U>&#148;) in a form reasonably acceptable to the Company and the
Executive that becomes effective not later than forty-five (45)&nbsp;days after the date of such
termination or resignation of employment. In the event that the Executive breaches any of the
covenants set forth in Section&nbsp;4 of this Employment Agreement, the Executive will immediately
return to the Company any portion of the Severance Payments that have been paid to the Executive
pursuant to this Section&nbsp;3.2(a). Subject to the foregoing and Section&nbsp;3.2(e), the Severance
Payments will commence to be paid to the Executive on the forty-fifth (45<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP>) day
following the Executive&#146;s termination of employment, except that the Pro Rata Bonus shall be paid
at the time when annual bonuses are paid generally to the Company&#146;s senior executives for the year
in which the Executive&#146;s termination of employment occurs.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;<U>Change in Control Termination</U>. If (A) (i)&nbsp;the Executive&#146;s employment is
terminated by the Company other than for Cause or Disability, or (ii)&nbsp;the Executive resigns for
Good Reason, and such termination or resignation described in (i)&nbsp;or (ii)&nbsp;of this Clause (A)&nbsp;occurs
within the one (1)&nbsp;year period following a Change in Control, or (B)&nbsp;the Executive&#146;s termination or
resignation is a Change in Control Related Termination, then, in addition to the Severance Payments
described in Section&nbsp;3.2(a), the Executive shall also be entitled to a payment each month during
the Severance Period equal to one-twelfth (1/12<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP>) of the target Annual Bonus for the
year in which the Executive&#146;s termination or resignation occurs (determined without regard to any
reduction in Base Salary or target Annual Bonus percentage subsequent to the Change in Control or
in connection with the Change in Control Related Termination) and such amounts shall be deemed to
be included in the Severance Payments for purposes of this Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;<U>Retirement</U>. Upon Retirement, the Executive, whether or not Section&nbsp;3.2(a) also
applies but without duplication of benefits, shall be entitled to
(i)&nbsp;a Pro-Rata Bonus and (ii)&nbsp;to
the extent permitted pursuant to the applicable plans, continuation on the same terms as an active
employee of Welfare Benefits the Executive would otherwise be eligible to receive as an active
employee of the Company for twenty-four (24)&nbsp;months following the date of the Executive&#146;s
Retirement or, if earlier, until such time as the Executive becomes eligible for Welfare Benefits
from a subsequent employer and, thereafter, shall be eligible to continue participation in the
Company&#146;s Welfare Benefits plans, provided that such continued participation shall be entirely at
the Executive&#146;s expense and shall cease when the Executive becomes eligible for Welfare Benefits
from a subsequent employer. Notwithstanding the foregoing, (x)&nbsp;if the Executive is not permitted
to continue participation in the Company&#146;s Welfare Benefit plans pursuant to the terms of such
plans or pursuant to a determination by the Company&#146;s insurance providers or such continued
participation in any plan would result in the plan being discriminatory within the meaning of
Section&nbsp;4980D of the Code, the Company shall use reasonable efforts to obtain individual insurance
policies providing the Welfare Benefits t<U>o</U>the Executive for such twenty-four (24)&nbsp;months,
but shall only be required to pay for such policies an amount equal to the amount the Company would
have paid had the Executive
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">continued participation in the Company&#146;s Welfare Benefit plans; <U>provided</U>,
<U>that</U>, if such coverage cannot be obtained, the Company shall pay to the Executive monthly
for such twenty-four (24)&nbsp;months an amount equal to the amount the Company would<SUP style="FONT-size: 85%; vertical-align: text-top"> </SUP>have
paid had the Executive continued participation in the Company&#146;s Welfare Benefits plans and (y)&nbsp;any
Welfare Benefits coverage provided pursuant to this Section&nbsp;3.2(b), whether through the Company&#146;s
Welfare Benefit plans or through individual insurance policies, shall be supplemental to any
benefits for which the Executive becomes eligible under Medicare, whether or not the Executive
actually obtains such Medicare coverage. The Pro-Rata Bonus shall be paid at the time when annual
bonuses are paid generally to the Company&#146;s senior executives for the year in which the Executive&#146;s
Retirement occurs.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;<U>Definitions</U>. For purposes of this Section&nbsp;3.2, the following terms shall have the
following meanings:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;A resignation for &#147;<U>Good Reason</U>&#148; shall mean a resignation by the Executive within
thirty (30)&nbsp;days following the date on which the Company has engaged in any of the following: (i)
the assignment of duties or responsibilities to the Executive that reflect a material diminution of
the Executive&#146;s position with the Company; (ii)&nbsp;a relocation of the Executive&#146;s principal place of
employment that increases the Executive&#146;s commute by more than fifty (50)&nbsp;miles; or (iii)&nbsp;a
reduction in the Executive&#146;s Base Salary, other than across-the-board reductions applicable to
similarly situated employees of the Company; <U>provided</U>, <U>however</U>, that the Executive
must provide the Company with notice promptly following the occurrence of any of the foregoing and
at least thirty (30)&nbsp;days to cure.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&#147;<U>Cause</U>&#148; shall mean that the Executive has engaged in any of the following: (i)
willful misconduct or breach of fiduciary duty; (ii)&nbsp;intentional failure or refusal to perform
reasonably assigned duties after written notice of such willful failure or refusal and the failure
or refusal is not corrected within ten (10)&nbsp;business days; (iii)&nbsp;the indictment for, conviction of
or entering a plea of guilty or nolo contendere to a crime constituting a felony (other than a
traffic violation or other offense or violation outside of the course of employment which does not
adversely affect the Company and its Affiliates or their reputation or the ability of the Executive
to perform Executive&#146;s employment-related duties or to represent the Company and its Affiliates);
provided, however, that (A)&nbsp;if the Executive is terminated for Cause by reason of Executive&#146;s
indictment pursuant to this clause (iii)&nbsp;and the indictment is subsequently dismissed or withdrawn
or the Executive is found to be not guilty in a court of law in connection with such indictment,
then the Executive&#146;s termination shall be treated for purposes of this Employment Agreement as a
termination by the Company other than for Cause, and the Executive will be entitled to receive
(without duplication of benefits and to the extent permitted by law and the terms of the
then-applicable Welfare Benefits plans) the payments and benefits set forth in Section&nbsp;3.2(a) and,
to the extent either or both are applicable, Section&nbsp;3.2(b) and Section&nbsp;3.2(c), following such
dismissal, withdrawal or finding, payable in the manner and subject to the conditions set forth in
such Sections and (B)&nbsp;if such indictment relates to environmental matters and does not allege that
the Executive was directly involved in or directly supervised the action(s) forming the basis of
the indictment, Cause shall not be deemed to exist under this Employment Agreement by reason of
such indictment until the Executive is convicted or enters a plea of guilty or nolo contendere in
connection with such indictment; or (iv)&nbsp;material breach of the Executive&#146;s covenants in Section&nbsp;4
of this Employment Agreement or any
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">material
written policy of the Company or any Affiliate after written notice <U>of such</U>
b<U>reach</U> and failure by the Executive to correct such breach within ten (10)&nbsp;business days,
provided that no notice of, nor opportunity to correct, such breach shall be required hereunder if
such breach cannot be cured by the Executive.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&#147;<U>Change in Control</U>&#148; shall have the meaning set forth on Appendix&nbsp;A.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;&#147;<U>Change in Control Related Termination</U>&#148; shall mean a termination of the
Executive&#146;s employment by the Company other than for Cause or Executive&#146;s resignation for Good
Reason, in each case at any time prior to the date of a Change in Control and (A)&nbsp;the Executive
reasonably demonstrates that such termination or the basis for resignation for Good Reason occurred
in anticipation of a transaction that, if consummated, would constitute a Change in Control, (B)
such termination or the basis for resignation for Good Reason occurred after the Company entered
into a definitive agreement, the consummation of which would constitute a Change in Control or (C)
the Executive reasonably demonstrates that such termination or the basis for resignation for Good
Reason was implemented at the request of a third party who has indicated an intention or has taken
steps reasonably calculated to effect a Change in Control.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)&nbsp;&#147;<U>Disability</U>&#148; shall mean the Executive&#146;s inability, due to physical or mental ill
health, to perform the essential functions of the Executive&#146;s job, with or without a reasonable
accommodation, for 180&nbsp;days during any 365&nbsp;day period irrespective of whether such days are
consecutive.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)&nbsp;&#147;<U>Pro-Rata Bonus</U>&#148; shall mean, the product of (A)&nbsp;a fraction, the numerator of which
is the number of days the Executive is employed by the Company during the year in which the
Executive&#146;s employment terminates pursuant to Section&nbsp;3.2(a) or (c)&nbsp;prior to and including the date
of the Executive&#146;s termination and the denominator of which is 365 and (B)(i) if the Annual Bonus
is payable pursuant to a plan that is intended to provide for the payment of bonuses that
constitute &#147;performance-based compensation&#148; within the meaning of Section 162(m) of the Code, an
amount for that year equal to the Annual Bonus the Executive would have been entitled to receive
had his employment not terminated, based on the actual performance of the Company or the Executive,
as applicable, for the full year, or (ii)&nbsp;if the Annual Bonus is not payable pursuant to a plan
that is intended to provide for the payment of bonuses that constitute &#147;performance-based
compensation&#148;, the target Annual Bonus for that year.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7)&nbsp;&#147;<U>Retirement</U>&#148; shall mean the Executive&#146;s termination or resignation of employment
for any reason (other than by the Company for Cause or by reason of the Executive&#146;s death)
following the date the Executive attains age 62.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;<U>Section&nbsp;409A</U>. To the extent applicable, this Employment Agreement shall be
interpreted, construed and operated in accordance with Section&nbsp;409A of the Code and the Treasury
regulations and other guidance issued thereunder. If on the date of the Executive&#146;s separation from
service (as defined in Treasury Regulation &#167;1.409A-1(h)) with the Company the Executive is a
specified employee (as defined in Code Section&nbsp;409A and Treasury
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Regulation &#167;1.409A-1(i)), no payment constituting the &#147;deferral of compensation&#148; within the
meaning of Treasury Regulation &#167;1.409A-1(b) and after application of the exemptions provided in
Treasury Regulation &#167;&#167;1.409A-1(b)(4) and 1.409A-1(b)(9)(iii) shall be made to Executive at any time
during the six (6)&nbsp;month period following the Executive&#146;s separation from service, and any such
amounts deferred such six (6)&nbsp;months shall instead be paid in a lump sum on the first payroll
payment date following expiration of such six (6)&nbsp;month period. For purposes of conforming this
Employment Agreement to Section&nbsp;409A of the Code, the parties agree that any reference to
termination of employment, severance from employment, resignation from employment or similar terms
shall mean and be interpreted as a &#147;separation from service&#148; as defined in Treasury Regulation
&#167;1.409A-1(h).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3. <U>Exclusive Remedy</U>. The foregoing payments upon termination or resignation of the
Executive&#146;s employment shall constitute the exclusive severance payments due the Executive upon a
termination or resignation of Executive&#146;s employment under this Employment Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4. <U>Resignation from All Positions</U>. Upon the termination or resignation of the
Executive&#146;s employment with the Company for any reason, the Executive shall be deemed to have
resigned, as of the date of such termination or resignation, from and with respect to all positions
the Executive then holds as an officer, director, employee and member of the Board of Directors
(and any committee thereof) of the Company and any of its Affiliates.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5. <U>Cooperation</U>. For one (1)&nbsp;year following the termination or resignation of the
Executive&#146;s employment with the Company for any reason, the Executive agrees to reasonably
cooperate with the Company upon reasonable request of the Board and to be reasonably available to
the Company with respect to matters arising out of the Executive&#146;s services to the Company and its
Affiliates, provided, however, such period of cooperation shall be for three (3)&nbsp;years, following
any such termination or resignation of Executive&#146;s employment for any reason, with respect to tax
matters involving the Company or any of its Affiliates. The Company shall reimburse the Executive
for expenses reasonably incurred in connection with such matters as agreed by the Executive and the
Board and the Company shall compensate the Executive for such cooperation at an hourly rate based
on the Executive&#146;s most recent base salary rate assuming two thousand (2,000) working hours per
year; <U>provided</U>, that if the Executive is required to spend more than forty (40)&nbsp;hours in
any month on Company matters pursuant to this Section&nbsp;3.5, the Executive and the Board shall
mutually agree to an appropriate rate of compensation for the Executive&#146;s time over such forty (40)
hour threshold.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;4.</U> <U>Unauthorized Disclosure; Non-Competition; Non-Solicitation;
Proprietary Rights</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1. <U>Unauthorized Disclosure</U>. The Executive agrees and understands that in the
Executive&#146;s position with the Company and any Affiliates, the Executive has been and will be
exposed to and has and will receive information relating to the confidential affairs of the Company
and its Affiliates, including, without limitation, technical information, intellectual property,
business and marketing plans, strategies, customer information, software, other information
concerning the products, promotions, development, financing, expansion plans, business policies and
practices of the Company and its Affiliates and other forms of information
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">considered by the Company and its Affiliates to be confidential and in the nature of trade
secrets (including, without limitation, ideas, research and development, know-how, formulas,
technical data, designs, drawings, specifications, customer and supplier lists, pricing and cost
information and business and marketing plans and proposals) (collectively, the &#147;<U>Confidential
Information</U>&#148;); <U>provided</U>, however, that Confidential Information shall not include
information which (i)&nbsp;is or becomes generally available to the public not in violation of this
Employment Agreement or any written policy of the Company; or (ii)&nbsp;was in the Executive&#146;s
possession or knowledge on a non-confidential basis prior to such disclosure. The Executive agrees
that at all times during the Executive&#146;s employment with the Company and thereafter, the Executive
shall not disclose such Confidential Information, either directly or indirectly, to any individual,
corporation, partnership, limited liability company, association, trust or other entity or
organization, including a government or political subdivision or an agency or instrumentality
thereof (each, for purposes of this Section&nbsp;4, a &#147;<U>Person</U>&#148;) without the prior written
consent of the Company and shall not use or attempt to use any such information in any manner other
than in connection with Executive&#146;s employment with the Company, unless required by law to disclose
such information, in which case the Executive shall provide the Company with written notice of such
requirement as far in advance of such anticipated disclosure as possible. Executive&#146;s
confidentiality covenant has no temporal, geographical or territorial restriction. Upon
termination or resignation of the Executive&#146;s employment with the Company, the Executive shall
promptly supply to the Company all property, keys, notes, memoranda, writings, lists, files,
reports, customer lists, correspondence, tapes, disks, cards, surveys, maps, logs, machines,
technical data and any other tangible product or document which has been produced by, received by
or otherwise submitted to the Executive during or prior to the Executive&#146;s employment with the
Company, and any copies thereof in Executive&#146;s (or capable of being reduced to Executive&#146;s)
possession.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2. <U>Non-Competition</U>. By and in consideration of the Company&#146;s entering into this
Employment Agreement and the payments to be made and benefits to be provided by the Company
hereunder, and in further consideration of the Executive&#146;s exposure to the Confidential Information
of the Company and its Affiliates, the Executive agrees that the Executive shall not, during the
Term and for a period of twelve (12)&nbsp;months thereafter (the &#147;<U>Restriction Period</U>&#148;), directly
or indirectly, own, manage, operate, join, control, be employed by, or participate in the
ownership, management, operation or control of, or be connected in any manner with, including,
without limitation, holding any position as a stockholder, director, officer, consultant,
independent contractor, employee, partner, or investor in, any Restricted Enterprise (as defined
below); <U>provided</U>, that in no event shall ownership of one percent (1%) or less of the
outstanding securities of any class of any issuer whose securities are registered under the
Securities Exchange Act of 1934, as amended (the &#147;<U>Exchange Act</U>&#148;), standing alone, be
prohibited by this Section&nbsp;4.2, so long as the Executive does not have, or exercise, any rights to
manage or operate the business of such issuer other than rights as a stockholder thereof. For
purposes of this paragraph, &#147;<U>Restricted Enterprise</U>&#148; shall mean any Person that is actively
engaged in any business which is either (i)&nbsp;in competition with the business of the Company or any
of its Affiliates conducted during the preceding twelve (12)&nbsp;months (or following the Term, the
twelve (12)&nbsp;months preceding the last day of the Term), or (ii)&nbsp;proposed to be conducted by the
Company or any of its Affiliates in the Company&#146;s or Affiliate&#146;s business plan as in effect at that
time (or following the Term, the business plan as in effect as of the last day of the Term);
<U>provided</U>, that (x)&nbsp;with respect to any Person that is actively engaged in the refinery
business, a Restricted Enterprise shall only include such a Person that operates or markets in any
geographic
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">area in which the Company or any of its Affiliates operates or markets with respect to its
refinery business and (y)&nbsp;with respect to any Person that is actively engaged in the fertilizer
business, a Restricted Enterprise shall only include such a Person that operates or markets in any
geographic area in which the Company or any of its Affiliates operates or markets with respect to
its fertilizer business. During the Restriction Period, upon request of the Company, the Executive
shall notify the Company of the Executive&#146;s then-current employment status. For the avoidance of
doubt, a Restricted Enterprise shall not include any Person or division thereof that is engaged in
the business of supplying (but not refining) crude oil or natural gas.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3. <U>Non-Solicitation of Employees</U>. During the Restriction Period, the Executive
shall not directly or indirectly contact, induce or solicit (or assist any Person to contact,
induce or solicit) for employment any person who is, or within twelve (12)&nbsp;months prior to the date
of such solicitation was, an employee of the Company or any of its Affiliates.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4. <U>Non-Solicitation of Customers/Suppliers</U>. During the Restriction Period, the
Executive shall not (i)&nbsp;contact, induce or solicit (or assist any Person to contact, induce or
solicit) any Person which has a business relationship with the Company or of any of its Affiliates
in order to terminate, curtail or otherwise interfere with such business relationship or (ii)
solicit, other than on behalf of the Company and its Affiliates, any Person that the Executive
knows or should have known (x)&nbsp;is a current customer of the Company or any of its Affiliates in any
geographic area in which the Company or any of its Affiliates operates or markets or (y)&nbsp;is a
Person in any geographic area in which the Company or any of its Affiliates operates or markets
with respect to which the Company or any of its Affiliates has, within the twelve (12)&nbsp;months prior
to the date of such solicitation, devoted more than de minimis resources in an effort to cause such
Person to become a customer of the Company or any of its Affiliates in that geographic area. For
the avoidance of doubt, the foregoing does not preclude the Executive from soliciting, outside of
the geographic areas in which the Company or any of its Affiliates operates or markets, any Person
that is a customer or potential customer of the Company or any of its Affiliates in the geographic
areas in which it operates or markets.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5. <U>Extension of Restriction Period</U>. The Restriction Period shall be extended for a
period of time equal to any period during which the Executive is in breach of any of Sections&nbsp;4.2,
4.3 or 4.4 hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6. <U>Proprietary Rights</U>. The Executive shall disclose promptly to the Company any and
all inventions, discoveries, and improvements (whether or not patentable or registrable under
copyright or similar statutes), and all patentable or copyrightable works, initiated, conceived,
discovered, reduced to practice, or made by Executive, either alone or in conjunction with others,
during the Executive&#146;s employment with the Company and related to the business or activities of the
Company and its Affiliates (the &#147;<U>Developments</U>&#148;). Except to the extent any rights in any
Developments constitute a work made for hire under the U.S. Copyright Act, 17 U.S.C. &#167; 101 et seq.
that are owned ab initio by the Company and/or its applicable Affiliates, the Executive assigns all
of Executive&#146;s right, title and interest in all Developments (including all intellectual property
rights therein) to the Company or its nominee without further compensation, including all rights or
benefits therefor, including without limitation the right to sue and recover for past and future
infringement. The Executive acknowledges that any rights in any developments constituting a work
made for hire under the U.S. Copyright Act, 17 U.S.C &#167;
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">101 et seq. are owned upon creation by the Company and/or its applicable Affiliates as the
Executive&#146;s employer. Whenever requested to do so by the Company, the Executive shall execute any
and all applications, assignments or other instruments which the Company shall deem necessary to
apply for and obtain trademarks, patents or copyrights of the United States or any foreign country
or otherwise protect the interests of the Company and its Affiliates therein. These obligations
shall continue beyond the end of the Executive&#146;s employment with the Company with respect to
inventions, discoveries, improvements or copyrightable works initiated, conceived or made by the
Executive while employed by the Company, and shall be binding upon the Executive&#146;s employers,
assigns, executors, administrators and other legal representatives. In connection with Executive&#146;s
execution of this Employment Agreement, the Executive has informed the Company in writing of any
interest in any inventions or intellectual property rights that Executive holds as of the date
hereof. If the Company is unable for any reason, after reasonable effort, to obtain the
Executive&#146;s signature on any document needed in connection with the actions described in this
Section&nbsp;4.6, the Executive hereby irrevocably designates and appoints the Company, its Affiliates,
and their duly authorized officers and agents as the Executive&#146;s agent and attorney in fact to act
for and in the Executive&#146;s behalf to execute, verify and file any such documents and to do all
other lawfully permitted acts to further the purposes of this Section with the same legal force and
effect as if executed by the Executive.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.7. <U>Confidentiality of Agreement</U>. Other than with respect to information required to
be disclosed by applicable law, the parties hereto agree not to disclose the terms of this
Employment Agreement to any Person; provided the Executive may disclose this Employment Agreement
and/or any of its terms to the Executive&#146;s immediate family, financial advisors and attorneys.
Notwithstanding anything in this Section&nbsp;4.7 to the contrary, the parties hereto (and each of their
respective employees, representatives, or other agents) may disclose to any and all Persons,
without limitation of any kind, the tax treatment and tax structure of the transactions
contemplated by this Employment Agreement, and all materials of any kind (including opinions or
other tax analyses) related to such tax treatment and tax structure; provided that this sentence
shall not permit any Person to disclose the name of, or other information that would identify, any
party to such transactions or to disclose confidential commercial information regarding such
transactions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.8. <U>Remedies</U>. The Executive agrees that any breach of the terms of this Section&nbsp;4
would result in irreparable injury and damage to the Company and its Affiliates for which the
Company and its Affiliates would have no adequate remedy at law; the Executive therefore also
agrees that in the event of said breach or any threat of breach, the Company and its Affiliates
shall be entitled to an immediate injunction and restraining order to prevent such breach and/or
threatened breach and/or continued breach by the Executive and/or any and all Persons acting for
and/or with the Executive, without having to prove damages, in addition to any other remedies to
which the Company and its Affiliates may be entitled at law or in equity, including, without
limitation, the obligation of the Executive to return any Severance Payments made by the Company to
the Company. The terms of this paragraph shall not prevent the Company or its Affiliates from
pursuing any other available remedies for any breach or threatened breach hereof, including,
without limitation, the recovery of damages from the Executive. The Executive and the Company
further agree that the provisions of the covenants contained in this Section&nbsp;4 are reasonable and
necessary to protect the businesses of the
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Company and its Affiliates because of the Executive&#146;s access to Confidential Information and
Executive&#146;s material participation in the operation of such businesses.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;5.</U> <U>Representation</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Executive represents and warrants that (i)&nbsp;Executive is not subject to any contract,
arrangement, policy or understanding, or to any statute, governmental rule or regulation, that in
any way limits Executive&#146;s ability to enter into and fully perform Executive&#146;s obligations under
this Employment Agreement and (ii)&nbsp;Executive is not otherwise unable to enter into and fully
perform Executive&#146;s obligations under this Employment Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;6.</U> <U>Withholding</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All amounts paid to the Executive under this Employment Agreement during or following the Term
shall be subject to withholding and other employment taxes imposed by applicable law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;7.</U> <U>Effect of Section&nbsp;280G of the Code</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1. <U>Payment Reduction</U>. Notwithstanding anything contained in this Employment
Agreement to the contrary, (i)&nbsp;to the extent that any payment or distribution of any type to or for
the Executive by the Company, any affiliate of the Company, any Person who acquires ownership or
effective control of the Company or ownership of a substantial portion of the Company&#146;s assets
(within the meaning of Section&nbsp;280G of the Code and the regulations thereunder), or any affiliate
of such Person, whether paid or payable or distributed or distributable pursuant to the terms of
this Employment Agreement or otherwise (the &#147;<U>Payments</U>&#148;) constitute &#147;parachute payments&#148;
(within the meaning of Section&nbsp;280G of the Code), and if (ii)&nbsp;such aggregate would, if reduced by
all federal, state and local taxes applicable thereto, including the excise tax imposed under
Section&nbsp;4999 of the Code (the &#147;<U>Excise Tax</U>&#148;), be less than the amount the Executive would
receive, after all taxes, if the Executive received aggregate Payments equal (as valued under
Section&nbsp;280G of the Code) to only three times the Executive&#146;s &#147;base amount&#148; (within the meaning of
Section&nbsp;280G of the Code), less $1.00, then (iii)&nbsp;such Payments shall be reduced (but not below
zero) if and to the extent necessary so that no Payments to be made or benefit to be provided to
the Executive shall be subject to the Excise Tax; <U>provided</U>, <U>however</U>, that the
Company shall use its reasonable best efforts to obtain shareholder approval of the Payments
provided for in this Employment Agreement in a manner intended to satisfy requirements of the
&#147;shareholder approval&#148; exception to Section&nbsp;280G of the Code and the regulations promulgated
thereunder, such that payment may be made to the Executive of such Payments without the application
of an Excise Tax. If the Payments are so reduced, the Company shall reduce or eliminate the
Payments (x)&nbsp;by first reducing or eliminating the portion of the Payments which are not payable in
cash (other than that portion of the Payments subject to clause (z)&nbsp;hereof), (y)&nbsp;then by reducing
or eliminating cash payments (other than that portion of the Payments subject to clause (z)&nbsp;hereof)
and (z)&nbsp;then by reducing or eliminating the portion of the Payments (whether payable in cash or not
payable in cash) to which Treasury Regulation &#167; 1.280G-1 Q/A 24(c) (or successor thereto) applies,
in each case in reverse order beginning with payments or benefits which are to be paid the farthest
in time.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2. <U>Determination of Amount of Reduction (if any)</U>. The determination of whether the
Payments shall be reduced as provided in Section&nbsp;7.1 and the amount of such reduction shall be made
at the Company&#146;s expense by an accounting firm selected by the Company from among the four (4)
largest accounting firms in the United States (the &#147;<U>Accounting Firm</U>&#148;). The Accounting Firm
shall provide its determination (the &#147;<U>Determination</U>&#148;), together with detailed supporting
calculations and documentation, to the Company and the Executive within ten (10)&nbsp;days after the
Executive&#146;s final day of employment. If the Accounting Firm determines that no Excise Tax is
payable by the Executive with respect to the Payments, it shall furnish the Executive with an
opinion reasonably acceptable to the Executive that no Excise Tax will be imposed with respect to
any such payments and, absent manifest error, such Determination shall be binding, final and
conclusive upon the Company and the Executive.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;8.</U> <U>Miscellaneous</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1. <U>Amendments and Waivers</U>. This Employment Agreement and any of the provisions
hereof may be amended, waived (either generally or in a particular instance and either
retroactively or prospectively), modified or supplemented, in whole or in part, only by written
agreement signed by the parties hereto; <U>provided</U>, that, the observance of any provision of
this Employment Agreement may be waived in writing by the party that will lose the benefit of such
provision as a result of such waiver. The waiver by any party hereto of a breach of any provision
of this Employment Agreement shall not operate or be construed as a further or continuing waiver of
such breach or as a waiver of any other or subsequent breach, except as otherwise explicitly
provided for in such waiver. Except as otherwise expressly provided herein, no failure on the part
of any party to exercise, and no delay in exercising, any right, power or remedy hereunder, or
otherwise available in respect hereof at law or in equity, shall operate as a waiver thereof, nor
shall any single or partial exercise of such right, power or remedy by such party preclude any
other or further exercise thereof or the exercise of any other right, power or remedy.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2. <U>Indemnification</U>. To the extent provided in the Company&#146;s Certificate of
Incorporation or Bylaws, as in effect from time to time, and subject to any separate agreement (if
any) between the Company and the Executive regarding indemnification, the Company shall indemnify
the Executive for losses or damages incurred by the Executive as a result of causes of action
arising from the Executive&#146;s performance of duties for the benefit of the Company, whether or not
the claim is asserted during the Term.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3. <U>Assignment</U>. This Employment Agreement, and the Executive&#146;s rights and
obligations hereunder, may not be assigned by the Executive, and any purported assignment by the
Executive in violation hereof shall be null and void.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4. <U>Payments Following Executive&#146;s Death</U>. Any amounts payable to the Executive
pursuant to this Employment Agreement that remain unpaid at the Executive&#146;s death shall be paid to
the Executive&#146;s estate.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.5. <U>Notices</U>. Unless otherwise provided herein, all notices, requests, demands,
claims and other communications provided for under the terms of this Employment
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Agreement shall be in writing. Any notice, request, demand, claim or other communication
hereunder shall be sent by (i)&nbsp;personal delivery (including receipted courier service) or overnight
delivery service, (ii)&nbsp;facsimile during normal business hours, with confirmation of receipt, to the
number indicated, (iii)&nbsp;reputable commercial overnight delivery service courier or (iv)&nbsp;registered
or certified mail, return receipt requested, postage prepaid and addressed to the intended
recipient as set forth below:
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="20%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="79%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If to
the Company:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CVR Energy, Inc.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">10 E. Cambridge Circle, Suite&nbsp;250</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Kansas City, KS 66103</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Attention: General Counsel</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Facsimile: (913)&nbsp;982-5651</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;with a copy to:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Fried, Frank, Harris, Shriver &#038; Jacobson LLP</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">One New York Plaza</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">New York, NY 10004</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Attention: Donald P. Carleen, Esq.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Facsimile: (212)&nbsp;859-4000</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If to the
Executive:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Robert W. Haugen</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2277 Plaza Drive, Suite&nbsp;500</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Sugar Land, TX 77479</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Facsimile: (281)&nbsp;207-3501</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All such notices, requests, consents and other communications shall be deemed to have been
given when received. Any party may change its facsimile number or its address to which notices,
requests, demands, claims and other communications hereunder are to be delivered by giving the
other parties hereto notice in the manner then set forth.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.6. <U>Governing Law</U>. This Employment Agreement shall be construed and enforced in
accordance with, and the rights and obligations of the parties hereto shall be governed by, the
laws of the State of Texas, without giving effect to the conflicts of law principles thereof. Each
of the parties hereto irrevocably and unconditionally consents to submit to the exclusive
jurisdiction of the courts of Texas (collectively, the &#147;<U>Selected Courts</U>&#148;) for any action or
proceeding relating to this Employment Agreement, agrees not to commence any action or proceeding
relating thereto except in the Selected Courts, and waives any forum or venue objections to the
Selected Courts.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.7. <U>Severability</U>. Whenever possible, each provision or portion of any provision of
this Employment Agreement, including those contained in Section&nbsp;4 hereof, will be interpreted in
such manner as to be effective and valid under applicable law but the invalidity or
unenforceability of any provision or portion of any provision of this Employment Agreement in any
jurisdiction shall not affect the validity or enforceability of the remainder of this Employment
Agreement in that jurisdiction or the validity or enforceability of this Employment Agreement,
including that provision or portion of any provision, in any other jurisdiction. In addition,
should a court or arbitrator determine that any provision or portion of any provision of this
Employment Agreement, including those contained in Section&nbsp;4 hereof, is not reasonable or
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">valid, either in period of time, geographical area, or otherwise, the parties hereto agree
that such provision should be interpreted and enforced to the maximum extent which such court or
arbitrator deems reasonable or valid.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.8. <U>Entire Agreement</U>. From and after the Commencement Date, this Employment
Agreement constitutes the entire agreement between the parties hereto, and supersedes all prior
representations, agreements and understandings (including any prior course of dealings), both
written and oral, relating to any employment of the Executive by the Company or any of its
Affiliates including, without limitation, the First Amended and Restated Agreement and the Second
Amended and Restated Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.9. <U>Counterparts</U>. This Employment Agreement may be executed in any number of
counterparts, each of which shall be deemed an original, but all such counterparts shall together
constitute one and the same instrument.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.10. <U>Binding Effect</U>. This Employment Agreement shall inure to the benefit of, and be
binding on, the successors and assigns of each of the parties, including, without limitation, the
Executive&#146;s heirs and the personal representatives of the Executive&#146;s estate and any successor to
all or substantially all of the business and/or assets of the Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.11. <U>General Interpretive Principles</U>. The name assigned this Employment Agreement
and headings of the sections, paragraphs, subparagraphs, clauses and subclauses of this Employment
Agreement are for convenience of reference only and shall not in any way affect the meaning or
interpretation of any of the provisions hereof. Words of inclusion shall not be construed as terms
of limitation herein, so that references to &#147;include&#148;, &#147;includes&#148; and &#147;including&#148; shall not be
limiting and shall be regarded as references to non-exclusive and non-characterizing illustrations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.12. <U>Mitigation</U>. Notwithstanding any other provision of this Employment Agreement,
(a)&nbsp;the Executive will have no obligation to mitigate damages for any breach or termination of this
Employment Agreement by the Company, whether by seeking employment or otherwise and (b)&nbsp;except for
Welfare Benefits provided pursuant to Section&nbsp;3.2(a) or Section&nbsp;3.2(b), the amount of any payment
or benefit due the Executive after the date of such breach or termination will not be reduced or
offset by any payment or benefit that the Executive may receive from any other source.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.13. <U>Company Actions</U>. Any actions, approvals, decisions, or determinations to be
made by the Company under this Employment Agreement shall be made by the Company&#146;s Board, except as
otherwise expressly provided herein. For purposes of any references herein to the Board&#146;s
designee, any such reference shall be deemed to include the Chief Executive Officer of the Company
and such other or additional officers, or committees of the Board, as the Board may expressly
designate from time to time for such purpose.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">&#091;signature page follows&#093;
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->14<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS WHEREOF, the parties have executed this Employment Agreement as of the date first
written above.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left"><B>CVR ENERGY, INC.</B><br>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Robert W. Haugen
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ John J. Lipinski</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>ROBERT W. HAUGEN</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name: John J. Lipinski <br>
Title: &nbsp;&nbsp;Chief Executive Officer and President</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">&#091;Signature Page to Third Amended and Restated Employment Agreement&#093;
</DIV>




<P align="center" style="font-size: 10pt"><!-- Folio --><!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U><B>APPENDIX A</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<U>Change in Control</U>&#148; means the occurrence of any of the following:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;An acquisition (other than directly from the Company) of any voting securities of the
Company (the &#147;<U>Voting Securities</U>&#148;) by any &#147;Person&#148; (as the term &#147;person&#148; is used for
purposes of Section 13(d) or 14(d) of the Exchange Act), immediately after which such Person has
&#147;Beneficial Ownership&#148; (within the meaning of Rule&nbsp;13d-3 promulgated under the Exchange Act) of
more than thirty percent (30%) of (i)&nbsp;the then-outstanding Shares or (ii)&nbsp;the combined voting power
of the Company&#146;s then-outstanding Voting Securities; provided, however, that in determining whether
a Change in Control has occurred pursuant to this paragraph (a), the acquisition of Shares or
Voting Securities in a Non-Control Acquisition (as hereinafter defined) shall not constitute a
Change in Control. A &#147;<U>Non-Control Acquisition</U>&#148; shall mean an acquisition by (i)&nbsp;an
employee benefit plan (or a trust forming a part thereof) maintained by (A)&nbsp;the Company or (B)&nbsp;any
corporation or other Person the majority of the voting power, voting equity securities or equity
interest of which is owned, directly or indirectly, by the Company (for purposes of this
definition, a &#147;<U>Related Entity</U>&#148;), (ii)&nbsp;the Company, any Principal Stockholder or any Related
Entity, or (iii)&nbsp;any Person in connection with a Non-Control Transaction (as hereinafter defined);
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The consummation of:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;A merger, consolidation or reorganization (x)&nbsp;with or into the Company or (y)&nbsp;in which
securities of the Company are issued (a &#147;<U>Merger</U>&#148;), unless such Merger is a &#147;Non-Control
Transaction.&#148; A &#147;<U>Non-Control Transaction</U>&#148; shall mean a Merger in which:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)&nbsp;the shareholders of the Company immediately before such Merger own directly or indirectly
immediately following such Merger at least a majority of the combined voting power of the
outstanding voting securities of (1)&nbsp;the corporation resulting from such Merger (the &#147;<U>Surviving
Corporation</U>&#148;), if fifty percent (50%) or more of the combined voting power of the then
outstanding voting securities by the Surviving Corporation is not Beneficially Owned, directly or
indirectly, by another Person (a &#147;<U>Parent Corporation</U>&#148;) or (2)&nbsp;if there is one or more than
one Parent Corporation, the ultimate Parent Corporation;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)&nbsp;the individuals who were members of the Board immediately prior to the execution of the
agreement providing for such Merger constitute at least a majority of the members of the board of
directors of (1)&nbsp;the Surviving Corporation, if there is no Parent Corporation, or (2)&nbsp;if there is
one or more than one Parent Corporation, the ultimate Parent Corporation; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)&nbsp;no Person other than (1)&nbsp;the Company or another corporation that is a party to the
agreement of Merger, (2)&nbsp;any Related Entity, (3)&nbsp;any employee benefit plan (or any trust forming a
part thereof) that, immediately prior to the Merger, was maintained by the Company or any Related
Entity, or (4)&nbsp;any Person who, immediately prior to the Merger, had Beneficial Ownership of thirty
percent (30%) or more of the then outstanding Shares or Voting Securities, has Beneficial
Ownership, directly or indirectly, of thirty percent (30%) or more of
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio --><!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">the combined voting power of the outstanding voting securities or common stock of (x)&nbsp;the
Surviving Corporation, if there is no Parent Corporation, or (y)&nbsp;if there is one or more than one
Parent Corporation, the ultimate Parent Corporation.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;A complete liquidation or dissolution of the Company; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;The sale or other disposition of all or substantially all of the assets of the Company
and its Subsidiaries taken as a whole to any Person (other than (x)&nbsp;a transfer to a Related Entity
or (y)&nbsp;the distribution to the Company&#146;s shareholders of the stock of a Related Entity or any other
assets).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding the foregoing, a Change in Control shall not be deemed to occur solely because
any Person (the &#147;<U>Subject Person</U>&#148;) acquired Beneficial Ownership of more than the permitted
amount of the then outstanding Shares or Voting Securities as a result of the acquisition of Shares
or Voting Securities by the Company which, by reducing the number of Shares or Voting Securities
then outstanding, increases the proportional number of shares Beneficially Owned by the Subject
Persons; provided that if a Change in Control would occur (but for the operation of this sentence)
as a result of the acquisition of Shares or Voting Securities by the Company and, after such share
acquisition by the Company, the Subject Person becomes the Beneficial Owner of any additional
Shares or Voting Securities and such Beneficial Ownership increases the percentage of the then
outstanding Shares or Voting Securities Beneficially Owned by the Subject Person, then a Change in
Control shall occur.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For purposes of this definition: (i) &#147;<U>Shares</U>&#148; means the common stock, par value $.01
per share, of the Company and any other securities into which such shares are changed or for which
such shares are exchanged and (ii) &#147;<U>Principal Stockholder</U>&#148; means each of Kelso Investment
Associates VII, L.P., a Delaware limited partnership, KEP VI, LLC, a Delaware limited liability
company, GS Capital Partners V Fund, L.P., a Delaware limited partnership, GS Capital Partners V
Offshore Fund, L.P., a Cayman Islands exempted limited partnership, GS Capital Partners V
Institutional, L.P., a Delaware limited partnership and GS Capital Partners V GmbH &#038; Co. KG, a
German limited partnership.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio --><!-- /Folio -->
</DIV>



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.9
<SEQUENCE>7
<FILENAME>y91213exv10w9.htm
<DESCRIPTION>EX-10.9
<TEXT>
<HTML>
<HEAD>
<TITLE>exv10w9</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B><I>Exhibit&nbsp;10.9<BR>
Redacted Version</I></B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">PORTIONS OF THIS AGREEMENT DENOTED WITH THREE ASTERISKS (***) HAVE BEEN OMITTED<BR>
AND WILL BE SUBJECT TO A REQUEST FOR CONFIDENTIAL TREATMENT WITH<BR>
THE SECURITIES AND EXCHANGE COMMISSION
</DIV>


<DIV align="center" style="font-size: 14pt; margin-top: 72pt"><B>Crude Oil Supply Agreement</B>
</DIV>


<DIV align="center" style="font-size: 14pt; margin-top: 18pt"><B>Between</B>
</DIV>


<DIV align="center" style="font-size: 14pt; margin-top: 18pt"><B>Vitol Inc.</B>
</DIV>


<DIV align="center" style="font-size: 14pt; margin-top: 18pt"><B>And</B>
</DIV>


<DIV align="center" style="font-size: 14pt; margin-top: 18pt"><B>Coffeyville Resources Refining &#038; Marketing, LLC</B>
</DIV>


<DIV align="center" style="font-size: 14pt; margin-top: 18pt"><B>Dated March&nbsp;30, 2011</B>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>TABLE OF CONTENTS</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="84%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>Page No.</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" align="left">Article&nbsp;1</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">DEFINITIONS AND CONSTRUCTION</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1.1</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Definitions</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1.2</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Interpretation</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" align="left">Article&nbsp;2</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">TENOR OF THE AGREEMENT</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" align="left">Article&nbsp;3</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">TERM OF AGREEMENT</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">3.1</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Initial Term</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">3.2</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Renewal</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" align="left">Article&nbsp;4</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">SALE OF CRUDE OIL TO COFFEYVILLE</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.1</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Supply of Crude Oil</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.2</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Exclusive Use</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.3</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Exclusive Supplier</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.4</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Identification of Supply</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.5</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Acknowledgment</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" align="left">Article&nbsp;5</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">PURCHASE OF CRUDE OIL FROM COUNTERPARTIES</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">5.1</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Third Party Contracts</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">5.2</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Confirmations</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">5.3</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Payment Responsibility</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">5.4</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Crude Oil Gains and Losses</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">5.5</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Warranty of Title; Warranty Disclaimer</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">5.6</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Claims</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">5.7</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Insurance</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">5.8</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Additional Insurance Requirements</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" align="left">Article&nbsp;6</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">DELIVERY</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">6.1</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Delivery Point</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">6.2</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Alternate Delivery Point</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">6.3</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title and Risk of Loss</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">6.4</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Casualty and Other Losses</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">6.5</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Vessel Chartering</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">6.6</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Pipeline Nominations</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">6.7</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Purchase and Sale of Gathered Crude</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23</TD>
    <TD>&nbsp;</TD>
</TR>
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    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" align="left">Article&nbsp;7</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NOMINATIONS</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">7.1</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Monthly Nomination</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">7.2</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Daily Nomination</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">7.3</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Changes to Nominations</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
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<P align="center" style="font-size: 10pt"><!-- Folio -->i<!-- /Folio -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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    <TD width="2%">&nbsp;</TD>
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    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
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    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>Page No.</B></TD>
    <TD>&nbsp;</TD>
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    <TD valign="top">&nbsp;</TD>
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    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" align="left">Article&nbsp;8</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CRUDE OIL INSPECTION AND MEASUREMENT</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24</TD>
    <TD>&nbsp;</TD>
</TR>
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    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
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    <TD valign="top">&nbsp;</TD>
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    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
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    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
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    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="left" valign="top">8.1</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Delivered Volumes</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="left" valign="top">8.2</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Quality of Delivered Volumes</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="left" valign="top">8.3</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Inspector&#146;s Reports</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="left" valign="top">8.4</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Recalibration of Designated Tanks</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24</TD>
    <TD>&nbsp;</TD>
</TR>
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    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" align="left">Article&nbsp;9</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">PRICE AND PAYMENT FOR CRUDE OIL</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="left" valign="top">9.1</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Crude Oil Purchase Price</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="left" valign="top">9.2</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Provisional Invoice</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="left" valign="top">9.3</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Weekly True-Ups</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="left" valign="top">9.4</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Payment Terms Adjustment</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="left" valign="top">9.5</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Other Statements</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="left" valign="top">9.6</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Payment</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="left" valign="top">9.7</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Disputed Payments</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29</TD>
    <TD>&nbsp;</TD>
</TR>
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    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" align="left">Article&nbsp;10</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">TAXES</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29</TD>
    <TD>&nbsp;</TD>
</TR>
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    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" align="left">Article&nbsp;11</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">INFORMATION AND REQUESTS FOR ADEQUATE ASSURANCES</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29</TD>
    <TD>&nbsp;</TD>
</TR>
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    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">11.1</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Financial Information</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">11.2</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Notification of Certain Events</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">11.3</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Adequate Assurances</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">11.4</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Eligible Collateral</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">11.5</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Failure to Give Adequate Assurance</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">11.6</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Coffeyville&#146;s Right to Terminate</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31</TD>
    <TD>&nbsp;</TD>
</TR>
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    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" align="left">Article&nbsp;12</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">REFINERY TURNAROUND, MAINTENANCE AND CLOSURE</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31</TD>
    <TD>&nbsp;</TD>
</TR>
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    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
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    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">12.1</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Scheduled Maintenance</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">12.2</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Unscheduled Maintenance</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">12.3</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Failure to Accept Deliveries</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32</TD>
    <TD>&nbsp;</TD>
</TR>
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    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" align="left">Article&nbsp;13</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">COMPLIANCE WITH APPLICABLE LAWS</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32</TD>
    <TD>&nbsp;</TD>
</TR>
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    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">13.1</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Compliance With Laws</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">13.2</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Reports</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" align="left">Article&nbsp;14</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">FORCE MAJEURE</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32</TD>
    <TD>&nbsp;</TD>
</TR>
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    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">14.1</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Event of Force Majeure</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">14.2</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Notice</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">14.3</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Termination and Curtailment</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">14.4</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Resumption of Performance</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33</TD>
    <TD>&nbsp;</TD>
</TR>
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    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" align="left">Article&nbsp;15</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">MUTUAL REPRESENTATIONS, WARRANTIES AND COVENANTS</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" align="left">Article&nbsp;16</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">DEFAULT AND REMEDIES</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35</TD>
    <TD>&nbsp;</TD>
</TR>
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    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">16.1</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Events of Default</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->ii<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
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    <TD width="84%">&nbsp;</TD>
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    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>Page No.</B></TD>
    <TD>&nbsp;</TD>
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    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">16.2</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Remedies</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">37</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">16.3</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Instructions Concerning Operational Matters</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">37</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">16.4</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Forbearance Period</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">37</TD>
    <TD>&nbsp;</TD>
</TR>
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    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" align="left">Article&nbsp;17</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">FINAL SETTLEMENT AT TERMINATION</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38</TD>
    <TD>&nbsp;</TD>
</TR>
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    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
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    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">17.1</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Effects of Termination</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">17.2</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Close Out of Transactions Under the Agreement</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">17.3</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Payment of Termination Payment</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">17.4</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Close Out of Specified Transactions</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">17.5</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Non-Exclusive Remedy</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">17.6</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Indemnity</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">40</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" align="left">Article&nbsp;18</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">INDEMNIFICATION AND CLAIMS</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">40</TD>
    <TD>&nbsp;</TD>
</TR>
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    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
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    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">18.1</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Vitol&#146;s Duty to Indemnify</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">40</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">18.2</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Coffeyville&#146;s Duty to Indemnify</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">40</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">18.3</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Notice of Indemnity Claim</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">40</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">18.4</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Defense of Indemnity Claim</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">18.5</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Settlement of Indemnity Claim</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41</TD>
    <TD>&nbsp;</TD>
</TR>
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    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" align="left">Article&nbsp;19</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">LIMITATION ON DAMAGES</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41</TD>
    <TD>&nbsp;</TD>
</TR>
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    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" align="left">Article&nbsp;20</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">AUDIT RIGHTS</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42</TD>
    <TD>&nbsp;</TD>
</TR>
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    <TD align="left" valign="top">&nbsp;</TD>
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    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" align="left">Article&nbsp;21</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CONFIDENTIALITY</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42</TD>
    <TD>&nbsp;</TD>
</TR>
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    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
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    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">21.1</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Confidentiality Obligation</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">21.2</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Disclosure</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42</TD>
    <TD>&nbsp;</TD>
</TR>
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    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">21.3</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Tax Matters</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" align="left">Article&nbsp;22</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">GOVERNING LAW</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">22.1</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Choice of Law</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">22.2</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Jurisdiction</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">22.3</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Waiver</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" align="left">Article&nbsp;23</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">ASSIGNMENT</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">23.1</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Successors</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">23.2</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">No Assignment</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">23.3</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Null and Void</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">23.4</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Assignment of Claims</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">44</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" align="left">Article&nbsp;24</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NOTICES</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">44</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" align="left">Article&nbsp;25</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NO WAIVER, CUMULATIVE REMEDIES</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">45</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">25.1</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">No Waiver</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">45</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">25.2</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Cumulative Remedies</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">45</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->iii<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="84%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
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    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>Page No.</B></TD>
    <TD>&nbsp;</TD>
</TR>

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    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" align="left">Article&nbsp;26</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NATURE OF THE TRANSACTION AND RELATIONSHIP OF PARTIES</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">45</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">26.1</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">No Partnership</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">45</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">26.2</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Nature of the Transaction</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">45</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">26.3</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">No Authority</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46</TD>
    <TD>&nbsp;</TD>
</TR>
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    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" align="left">Article&nbsp;27</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">MISCELLANEOUS</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">27.1</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Severability</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">27.2</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Entire Agreement</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">27.3</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">No Representations</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">27.4</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Time of the Essence</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">27.5</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">No Third Party Beneficiary</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">27.6</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Survival</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">27.7</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Counterparts</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">27.8</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">FCPA</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">27.9</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Guarantees</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">47</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="7" align="left">SCHEDULES</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" align="left">Schedule&nbsp;A</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Designated Tanks</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" align="left">Schedule&nbsp;B</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Procedures for Crude Oil Shipments on the Spearhead Pipeline</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="7" align="left">EXHIBITS</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" align="left">Exhibit&nbsp;A</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Coffeyville Guaranty</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" align="left">Exhibit&nbsp;B</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Vitol Guaranty</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" align="left">Exhibit&nbsp;C</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Temporary Assignment</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
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</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->iv<!-- /Folio -->
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Crude Oil Supply Agreement</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Crude Oil Supply Agreement is entered into effective as of March&nbsp;30, 2011, between
Vitol Inc., a company incorporated under the laws of Delaware (<B>&#147;Vitol&#148;</B>), and Coffeyville Resources
Refining &#038; Marketing, LLC., a limited liability company formed under the laws of Delaware
(<B>&#147;Coffeyville&#148;</B>) (each referred to individually as a <B>&#147;Party&#148; </B>or collectively as <B>&#147;Parties&#148;</B>).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>WHEREAS </B>Coffeyville desires to have Vitol supply Crude Oil for processing at its Refinery
located in Coffeyville, Kansas beginning on the Commencement Date and throughout the Term of this
Agreement, and Vitol is willing to supply Crude Oil to Coffeyville pursuant to the terms hereof;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>NOW</B>, <B>THEREFORE</B>, in consideration of the premises and the respective promises, conditions,
terms and agreements contained herein, and other good and valuable consideration, the receipt and
adequacy of which are hereby acknowledged, Vitol and Coffeyville do hereby agree as follows:
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>ARTICLE 1<BR>
<U>DEFINITIONS AND CONSTRUCTION</U></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 <U>Definitions</U>. For purposes of this Agreement, including the foregoing recitals,
the following terms shall have the meanings indicated below:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Adequate Assurance&#148; </B>has the meaning set forth in <U>Section&nbsp;11.3</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Affiliate&#148; </B>means, in relation to any Person, any entity controlled, directly or indirectly,
by such Person, any entity that controls, directly or indirectly, such Person, or any entity
directly or indirectly under common control with such Person. For this purpose, &#147;control&#148; of any
entity or Person means ownership of a majority of the issued shares or voting power or control in
fact of the entity or Person.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Agreed Costs&#148; </B>means, for purposes of calculating the Transfer Price, any transportation or
other costs that the Parties mutually deem to apply with respect to the specified Transaction. It
is the intent of the Parties that Agreed Costs shall only be applicable with the consent of both
Parties.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Agreement&#148; or &#147;this Agreement&#148; </B>means this Crude Oil Supply Agreement, as may be amended,
modified, supplemented, extended, renewed or restated from time to time in accordance with the
terms hereof, including any Exhibits and Schedules attached hereto.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;API&#148; </B>means the American Petroleum Institute.
</DIV>

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</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Applicable Law&#148; </B>means (i)&nbsp;any law, statute, regulation, code, ordinance, license, decision,
order, writ, injunction, decision, directive, judgment, policy, decree and
any judicial or administrative interpretations thereof, (ii)&nbsp;any agreement, concession or
arrangement with any Governmental Authority or (iii)&nbsp;any applicable license, permit or compliance
requirement applicable to either Party, including Environmental Laws.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Bankrupt&#148; </B>means a Person that (i)&nbsp;is dissolved, other than pursuant to a consolidation,
amalgamation or merger, (ii)&nbsp;becomes insolvent or is unable to pay its debts or fails or admits in
writing its inability generally to pay its debts as they become due, (iii)&nbsp;makes a general
assignment, arrangement or composition with or for the benefit of its creditors, (iv)&nbsp;institutes or
has instituted against it a proceeding seeking a judgment of insolvency or bankruptcy or any other
relief under any bankruptcy or insolvency law or other similar law affecting creditor&#146;s rights, or
a petition is presented for its winding-up or liquidation, (v)&nbsp;has a resolution passed for its
winding-up, official management or liquidation, other than pursuant to a consolidation,
amalgamation or merger, (vi)&nbsp;seeks or becomes subject to the appointment of an administrator,
provisional liquidator, conservator, receiver, trustee, custodian or other similar official for all
or substantially all of its assets, (vii)&nbsp;has a secured party take possession of all or
substantially all of its assets, or has a distress, execution, attachment, sequestration or other
legal process levied, enforced or sued on or against all or substantially all of its assets, (viii)
causes or is subject to any event with respect to it which, under Applicable Law, has an analogous
effect to any of the events specified in clauses (i)&nbsp;through (vii)&nbsp;above, inclusive, or (ix)&nbsp;takes
any action in furtherance of, or indicating its consent to, approval of, or acquiescence in any of
the foregoing acts.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Bankruptcy Code&#148; </B>means Title 11, U.S. Code.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Barrel&#148; </B>means forty-two (42)&nbsp;net U.S. gallons, measured at 60&#176; F.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Base Interest Rate&#148; </B>means the lesser of (i)&nbsp;the applicable three&nbsp;-&nbsp;month LIBOR rate of
interest, as adjusted from time to time, and (ii)&nbsp;the maximum rate of interest permitted by
Applicable Law. LIBOR shall be established on the first day on which a determination of the Base
Interest Rate is to be made under this Agreement and shall be adjusted daily based on available
LIBOR quotes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;B/L Volumes&#148; </B>has the meaning set forth in <U>Section&nbsp;8.1</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Broome Station&#148; </B>means the pump station owned by CRCT located near Caney, Kansas,
approximately twenty-two (22)&nbsp;miles west of the Refinery where the Plains pipeline delivers crude
oil into the CRCT pipeline.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Business Day&#148; </B>means a twenty-four (24)-hour period ending at 5:00 p.m., at the prevailing
time in the Eastern Time zone, on a weekday on which banks are open for general commercial business
in New York City.
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Catastrophic Loss&#148; </B>means any loss of Crude Oil resulting from a spill, fire, explosion or
other casualty loss.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Coffeyville&#148; </B>has the meaning set forth in the preamble of this Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Coffeyville Guaranty&#148; </B>means the guaranty issued by Coffeyville&#146;s parent entity, CVR Energy,
Inc., in the form attached hereto as <U>Exhibit&nbsp;A</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Coffeyville&#146;s Operational Rights&#148; </B>means Coffeyville&#146;s rights and remedies with respect to the
movement and purchase of Crude Oil after an Event of Default by Vitol, which shall include the
right (i)&nbsp;to store Crude Oil in the Designated Tanks and (ii)&nbsp;to instruct Pipeline Operators and
Terminal Operators with respect to the delivery of Crude Oil to the Refinery.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Commencement Date&#148; </B>means the first date above written or such other date as is mutually
agreed by the Parties.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Confirmation&#148; </B>means a written communication confirming the terms of a Third Party Contract
between Vitol and a Counterparty, for the sale of Crude Oil, which shall specify the price, volume,
grade, quality, quantity, delivery point, date of delivery, identity of the Counterparty and
payment and performance terms.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Contract Price&#148; </B>shall mean the purchase price for Crude Oil specified in a Third Party
Contract.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Counterparty&#148; </B>means, with respect to a Third Party Contract, the third party suppliers of
Crude Oil to be purchased by Vitol and sold to Coffeyville pursuant to the terms hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Cover Exposure&#148; </B>has the meaning set forth in <U>Section&nbsp;11.4</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;CRCT&#148; </B>means Coffeyville Resources Crude Transportation, LLC, an Affiliate of Coffeyville.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Crude Oil&#148; </B>means all crude oil that Vitol purchases and sells to Coffeyville or for which
Vitol assumes the payment obligation pursuant to this Agreement. Crude Oil does not, however,
include Gathered Crude.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Crude Oil Gains and Losses&#148; </B>means any difference (positive or negative) for a stated period
between the volume of Crude Oil purchased by Vitol from one or more Counterparties and the
corresponding volume that is actually delivered to Coffeyville at the Delivery Point, which results
from in-transit gains and losses excluding any Catastrophic Loss.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Crude Oil Lot&#148; </B>shall mean (i)&nbsp;the discrete volume of Crude Oil acquired by Vitol from a
Counterparty pursuant to a Third Party Contract and (ii)&nbsp;any Crude Oil Lots
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">that Coffeyville elects
to pool and treat as a single Crude Oil Lot. For pricing purposes, Coffeyville may only pool Crude
Oil Lots that (x)&nbsp;are of the same grade, and (y)&nbsp;are based on the same WTI Contract month. For
ease of administration, pooled Crude Oil Lots will be volumetrically averaged and priced as a single Crude Oil Lot. The Parties acknowledge
and agree that a Crude Oil Lot may be comprised of more than one parcel (if multiple WTI Contracts
are selected) and that such individual parcels of a Crude Oil Lot shall be identified in a given
Crude Oil Withdrawal for pricing purposes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Crude Oil Withdrawal&#148; </B>has the meaning set forth in <U>Section&nbsp;7.2</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;CT&#148; </B>means the prevailing time in the Central Time zone.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Daily Capital Charge&#148; </B>has the meaning set forth in <U>Section&nbsp;9.4</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Day Charge&#148; </B>means the Base Interest Rate (***), calculated on the basis of a 360-day year.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Deemed L/C Fee&#148; </B>means the fee applicable to all letter of credit transactions entered into in
connection with Transactions. For ease of administration, the Parties deem such fee to be equal to
(***)% of the principal amount of the subject letter of credit.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Default&#148; </B>or <B>&#147;Event of Default&#148; </B>means an occurrence of the events or circumstances described
in <U>Article&nbsp;16</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Defaulting Party&#148; </B>has the meaning set forth in <U>Section&nbsp;16.2</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Delivery Point&#148; </B>means the outlet flange of the meter at the connection between the Plains
Pipeline System and the Broome Station storage facility.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Designated Affiliate&#148; </B>means Coffeyville Resources, LLC.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Designated Tanks&#148; </B>means the tanks set forth on <U>Schedule&nbsp;A</U> in Cushing, Oklahoma and
the pipeline connecting the Designated Tanks to the Delivery Point. The Designated Tanks shall
only contain Crude Oil
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Effective Date&#148; </B>means the date first written above, upon which this Agreement becomes binding
upon and enforceable against the Parties.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Eligible Collateral&#148; </B>means, at Coffeyville&#146;s discretion, (a)&nbsp;a Letter of Credit, for a
duration and in an amount sufficient to cover the Cover Exposure, (b)&nbsp;a prepayment in an amount
equal to the Cover Exposure, or (c)&nbsp;a surety instrument for a duration and in an amount reasonably
sufficient to cover a value up to the Cover Exposure, in form and substance reasonably satisfactory
to Vitol and issued by a financial institution or insurance company reasonably acceptable to Vitol.
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Environmental Law&#148; </B>means any existing or past Applicable Law, policy, judicial or
administrative interpretation thereof or any legally binding requirement that governs or purports
to govern the protection of persons, natural resources or the
environment (including the protection of ambient air, surface water, groundwater, land surface or
subsurface strata, endangered species or wetlands), occupational health and safety and the
manufacture, processing, distribution, use, generation, handling, treatment, storage, disposal,
transportation, release or management of solid waste, industrial waste or hazardous substances or
materials.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>FCPA</B>&#148; has the meaning set forth in <U>Section&nbsp;27.8</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Final Inventory&#148; </B>shall have the meaning set forth in <U>Section&nbsp;17.1</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Forbearance Period</B>&#148; has the meaning set forth in <U>Section&nbsp;16.4</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Force Majeure&#148; </B>means any cause or event reasonably beyond the control of a Party, including
fires, earthquakes, lightning, floods, explosions, storms, adverse weather, landslides and other
acts of natural calamity or acts of God; navigational accidents or maritime peril; vessel damage or
loss; strikes, grievances, actions by or among workers or lock-outs (whether or not such labor
difficulty could be settled by acceding to any demands of any such labor group of individuals and
whether or not involving employees of Coffeyville or Vitol); accidents at, closing of, or
restrictions upon the use of mooring facilities, docks, ports, pipelines, harbors, railroads or
other navigational or transportation mechanisms; disruption or breakdown of, explosions or
accidents to wells, storage plants, terminals, machinery or other facilities; acts of war,
hostilities (whether declared or undeclared), civil commotion, embargoes, blockades, terrorism,
sabotage or acts of the public enemy; any act or omission of any Governmental Authority; good faith
compliance with any order, request or directive of any Governmental Authority; curtailment,
interference, failure or cessation of supplies reasonably beyond the control of a Party; or any
other cause reasonably beyond the control of a Party, whether similar or dissimilar to those above
and whether foreseeable or unforeseeable, which, by the exercise of due diligence, such Party could
not have been able to avoid or overcome. For the avoidance of doubt, the termination or expiration
of any Terminal Agreement, unless caused by the fault of a Party, shall be an event of Force
Majeure provided that substantially similar substitute tankage has not been provided by
Coffeyville.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;GAAP&#148; </B>means generally accepted accounting principles in the United States, applied
consistently with prior practices.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Gathered Crude&#148; </B>means the crude oil acquired by Coffeyville in Kansas, Missouri, North
Dakota, Oklahoma, Wyoming and all states adjacent to Kansas, Missouri, North Dakota, Oklahoma and
Wyoming. Notwithstanding anything in this Agreement to the contrary, any crude oil which is
transported in whole or in part via railcar or truck shall be considered Gathered Crude for
purposes of this Agreement.
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Governmental Authority&#148; </B>means any federal, state, regional, local or municipal governmental
body, agency, instrumentality, authority or entity established or controlled by a government or
subdivision thereof, including any legislative, administrative or judicial body, or any person purporting to act therefor, and shall include NYMEX.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Indemnified Party&#148; </B>has the meaning set forth in <U>Section&nbsp;18.3</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Indemnifying Party&#148; </B>has the meaning set forth in <U>Section&nbsp;18.3</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Independent Inspector&#148; </B>means an independent third party inspection company that is generally
recognized in the petroleum industry as experienced in measuring the quantity and quality of
petroleum products. Unless specifically provided otherwise in this Agreement, the Parties shall
mutually appoint the Independent Inspector and the costs thereof shall be included in the
calculation of the Transfer Price.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Initial Term&#148; </B>has the meaning set forth in <U>Section&nbsp;3.1</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Keystone&#148; </B>means TransCanada Keystone Pipeline Limited Partnership (&#147;Keystone Canada&#148;) and
TransCanada Keystone Pipeline, LP (&#147;Keystone US&#148;) (collectively &#147;Keystone&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Keystone Agreement&#148; </B>has the meaning set forth in Section&nbsp;6.6(d).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Keystone Pipeline&#148; </B>means the crude oil pipeline systems of Keystone extending from Hardisty
(Alberta &#150; Canada) to Cushing (Oklahoma &#150; USA).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Letter of Credit&#148; </B>means an originally signed or telex of an irrevocable standby letter of
credit issued in favor of Vitol in form and substance satisfactory to Vitol by a bank acceptable to
Vitol and delivered to Vitol in an amount acceptable to Vitol, for which all costs incurred in the
issuance thereof have been or will be paid by Coffeyville.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Liabilities&#148; </B>means any losses, claims, charges, damages, deficiencies, assessments,
interests, penalties, costs and expenses of any kind (including reasonable attorneys&#146; fees and
other fees, court costs and other disbursements), directly or indirectly arising out of or related
to any claim, suit, proceeding, judgment, settlement or judicial or administrative order, including
any Liabilities with respect to Environmental Laws.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;LIBOR&#148; </B>means the London Interbank Offered Rate for three-month U.S. dollar deposits (rounded
upwards, if necessary, to the nearest 1/100 of 1%) appearing on Reuters Screen LIBOR01 Page ( or
any successor page) at approximately 11:00&nbsp;a.m. (London, England time), two (2)&nbsp;Business Days prior
to the first (1<SUP style="FONT-size: 85%; vertical-align: text-top">st</SUP>) day of such three-month period. If for any reason such rate is not
available, LIBOR shall be, for any specified period, the rate per annum reasonably determined by
Vitol as the rate of interest at which U.S. Dollar deposits in the approximate subject amount would
be offered by major banks in the London interbank Eurodollar market at their request at or about 10:00
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">a.m. (London, England time) two (2)&nbsp;Business Days prior to the first day of such period for a
term comparable to such period.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Liquidation Amount&#148; </B>has the meaning set forth in <U>Section&nbsp;17.2</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Monthly Crude Nomination&#148; </B>has the meaning set forth in <U>Section&nbsp;7.1</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Non-Merchantable Volumes&#148; </B>means the volume of crude oil below the low suction line in the
Designated Tanks.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;NYMEX&#148; </B>means the New York Mercantile Exchange.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Origination Fee&#148; </B>shall mean a fee payable by Coffeyville to Vitol in the amount of $(***) per
Barrel.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Party&#148; </B>or <B>&#147;Parties&#148; </B>has the meaning set forth in the preamble of this Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Payment Terms Adjustment&#148; </B>has the meaning set forth in <U>Section&nbsp;9.4</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Performing Party&#148; </B>has the meaning set forth in <U>Section&nbsp;16.2</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Person&#148; </B>means an individual, corporation, partnership, limited liability company, joint
venture, trust or unincorporated organization, joint stock company or any other private entity or
organization, Governmental Authority, court or any other legal entity, whether acting in an
individual, fiduciary or other capacity.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Pipeline Operator&#148; </B>means the entity that schedules and tracks Crude Oil in a Pipeline System.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Pipeline System&#148; </B>means the Seaway Pipeline System, the Plains Pipeline System or any other
pipeline system that may be used to transport Crude Oil to the Delivery Point.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Plains&#148; </B>means Plains Pipeline, L.P.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Plains Marketing&#148; </B>means Plains Marketing, L.P.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Plains Pipeline System&#148; </B>means the crude oil pipeline transportation system and related
facilities located between Cushing, Oklahoma and Broome Station that are owned and operated by
Plains, including the pipeline, injection stations, breakout storage tanks, crude oil receiving and
delivery facilities and any associated or adjacent facility.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Potential Event of Default&#148; </B>means any Event of Default with which notice or the passage of
time would constitute an Event of Default.
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Provisional Invoice&#148; </B>has the meaning set forth in <U>Section&nbsp;9.2(a)</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Provisional Transfer Price&#148; </B>has the meaning set forth in <U>Section&nbsp;9.2(b)</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Quality Factor</B>&#148; has the meaning set forth in <U>Section&nbsp;9.2(b)</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Refinery&#148; </B>means the Coffeyville, Kansas crude oil refinery and all of the related facilities
owned and operated by Coffeyville or its Affiliate, including the processing, storage, receiving,
loading and delivery facilities, piping and related facilities, together with existing or future
modifications or additions, and any associated or adjacent facility that is used by Coffeyville to
carry out the terms of this Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Renewal Term&#148; </B>has the meaning set forth in <U>Section&nbsp;3.2</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Scheduled Maintenance&#148; </B>means (i)&nbsp;regularly scheduled maintenance of the Refinery required or
suggested by manufacturers or operators in the refining industry and (ii)&nbsp;maintenance that is
otherwise prudent in accordance with standard industry operating and maintenance practices.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Seaway Pipeline System&#148; </B>means the crude oil pipeline transportation system and related
facilities located between Seaway Crude Pipeline Company&#146;s wharfage facilities in Freeport, Texas,
and Cushing, Oklahoma that are owned by Seaway Crude Pipeline Company and operated by TEPPCO Crude
Pipeline, L.P., including the pipeline, injection stations, breakout storage tanks, crude oil
receiving and delivery facilities and any associated or adjacent facility.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Spearhead Pipeline&#148; </B>means the pipeline system of that name that transports crude oil
originating in Canada to Cushing, Oklahoma.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;SEC&#148; </B>means the Securities and Exchange Commission.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Specified Indebtedness&#148; </B>means any obligation (whether present or future, contingent or
otherwise, as principal or surety or otherwise) of Coffeyville in respect of borrowed money.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Specified Transaction&#148; </B>means (i)&nbsp;any transaction (including an agreement with respect
thereto) now existing or hereafter entered into between Vitol (or any Designated Affiliate of
Vitol) and Coffeyville (or any Designated Affiliate of Coffeyville) (a)&nbsp;which is a rate swap
transaction, swap option, basis swap, forward rate transaction, commodity swap, commodity option,
commodity spot transaction, equity or equity index swap, equity or equity index option, bond
option, interest rate option, foreign exchange transaction, cap transaction, floor transaction,
collar transaction, currency swap transaction, cross-currency rate swap transaction, currency
option, weather swap, weather derivative, weather option, credit protection transaction, credit
swap, credit default swap, credit default option, total return swap, credit spread transaction,
repurchase transaction, reverse repurchase transaction, buy/sell-back transaction, securities
lending transaction, or forward purchase or sale of a security, commodity or other financial
instrument or
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">interest (including any option with respect to any of these transactions) or (b)
which is a type of transaction that is similar to any transaction referred to in clause (a)&nbsp;that is
currently, or in the future becomes, recurrently entered into the financial markets
(including terms and conditions incorporated by reference in such agreement) and that is a
forward, swap, future, option or other derivative on one or more rates, currencies, commodities,
equity securities or other equity instruments, debt securities or other debt instruments, or
economic indices or measures of economic risk or value, (ii)&nbsp;any combination of these transactions
and (iii)&nbsp;any other transaction identified as a Specified Transaction in this Agreement or the
relevant confirmation; <U>provided</U> <U>that</U>, without limiting the generality of the
foregoing, Specified Transaction shall include any &#147;Transaction&#148; that is subject to an ISDA Master
Agreement between Vitol and Coffeyville, including any confirmations subject thereto.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Specified Transaction Termination Amount&#148; </B>has the meaning set forth in <U>Section&nbsp;17.4</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Taxes&#148; </B>means any and all foreign, federal, state and local taxes (other than taxes on
income), duties, fees and charges of every description on or applicable to Crude Oil, including all
gross receipts, environmental, spill, ad valorem and sales and use taxes, however designated, paid
or incurred directly or indirectly with respect to the ownership, purchase, exchange, use,
transportation, resale, importation or handling of Crude Oil or related WTI Contracts, including
for any Tax, any interest, penalties or additions to tax attributable to any such Tax, including
penalties for the failure to file any tax return or report.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Temporary Assignment&#148; </B>means any of the agreements among Vitol, Coffeyville and a Terminal
Operator, pursuant to which any Terminal Agreement is temporarily assigned by Coffeyville to Vitol
in accordance with the terms of the Temporary Assignment, in the form attached hereto as
<U>Exhibit&nbsp;C</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Term&#148; </B>has the meaning set forth in <U>Section&nbsp;3.2</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Terminal Agreement&#148; </B>or <B>&#147;Terminal Agreements</B>&#148; means individually, or collectively, as the case
may be, the (i)&nbsp;Lease Storage Agreement between Enterprise Crude Pipeline, LLC and Coffeyville
dated March&nbsp;1, 2011; (ii)&nbsp;Terminalling Agreement dated as of October&nbsp;15, 2007 between Plains
Marketing and Coffeyville, and (iii)&nbsp;Amended and Restated Terminalling Agreement dated as of
October&nbsp;15, 2007 between Plains Marketing and Coffeyville.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Terminal Operator&#148; </B>or <B>&#147;Terminal Operators&#148; </B>means individually, or collectively, as the case
may be, Enterprise Crude Pipeline LLC and Plains Marketing.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Termination Date&#148; </B>has the meaning set forth in <U>Section&nbsp;17.2</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Termination Payment&#148; </B>has the meaning set forth in <U>Section&nbsp;17.2</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Third Party Claim&#148; </B>has the meaning set forth in <U>Section&nbsp;18.3</U>.
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Third Party Contract&#148; </B>means a contract entered into between Vitol and a Counterparty for the
supply of Crude Oil to Coffeyville.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Transactions&#148; </B>means any agreement by the Parties to purchase and sell Crude Oil pursuant to
the terms of this Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Transfer Price&#148; </B>has the meaning set forth in <U>Section&nbsp;9.1</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Transportation and Direct Costs&#148; </B>has the meaning set forth in <U>Section&nbsp;9.1(d)</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;True-Up Invoice&#148; </B>has the meaning set forth in <U>Section&nbsp;9.3</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;TSA&#148; </B>has the meaning set forth in Section&nbsp;6.6(d).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;UCC&#148; </B>means the New York Uniform Commercial Code.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Undrawn Letters of Credit&#148; </B>means, as of any date, the aggregate amount that Vitol may draw as
of such date under all outstanding standby letters of credit in form and substance reasonably
satisfactory to Vitol, in favor of Vitol, issued or confirmed by banks reasonably acceptable to
Vitol then held by Vitol as credit support for the performance of Coffeyville&#146;s obligations
hereunder; provided that, for purposes of this definition, the available amount under any
outstanding standby letter of credit that expires 30&nbsp;days or less after such date shall be deemed
to be zero.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Vitol&#148; </B>has the meaning set forth in the preamble to this Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Vitol Guaranty&#148; </B>means the guaranty issued by Vitol&#146;s parent entity, Vitol Holdings BV, in the
form attached hereto as <U>Exhibit&nbsp;B</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Weekly True-Up Payment&#148; </B>has the meaning set forth in <U>Section&nbsp;9.3</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Working Capital Balance&#148; </B>means for each day in the applicable Working Capital Period, the
cumulative balance during such Working Capital Period, calculated as the difference between (i)&nbsp;the
amount of cash received from Coffeyville for the purchase of Crude Oil and (ii)&nbsp;the amount of cash
expended by Vitol to purchase Crude Oil for Coffeyville during such Working Capital Period. It is
the intention of the Parties that the Working Capital Balance shall be calculated as a running
balance and that a negative balance shall indicate that more money was expended by Vitol during
such period than received, and conversely, a positive balance shall indicate that more money was
received by Vitol during such period than expended.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Working Capital Period&#148; </B>has the meaning set forth in <U>Section&nbsp;9.4</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Working Capital Statement&#148; </B>has the meaning set forth in <U>Section&nbsp;9.4</U>.
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;WTI&#148; </B>means West Texas Intermediate crude oil and any crude oil meeting the specifications of
the WTI NYMEX futures contract for delivery at Cushing, Oklahoma.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;WTI Contracts&#148; </B>means WTI NYMEX futures contracts on which the WTI Price component of the
Transfer Price is based.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;WTI Differential&#148; </B>has the meaning set forth in <U>Section&nbsp;9.1(c)</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;WTI Price&#148; </B>has the meaning set forth in <U>Section&nbsp;9.1(a)</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 <U>Interpretation</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All references in this Agreement to Exhibits, Schedules, Articles and Sections
refer to the corresponding Exhibits, Schedules, Articles and Sections of or to this
Agreement unless expressly provided otherwise. All headings herein are intended solely for
convenience of reference and shall not affect the meaning or interpretation of the
provisions of this Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All Exhibits and Schedules to this Agreement are attached hereto and by this
reference incorporated herein for all purposes.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Unless expressly provided otherwise, the words &#147;this Agreement,&#148; &#147;herein,&#148;
&#147;hereby,&#148; &#147;hereunder&#148; and &#147;hereof,&#148; and words of similar import, refer to this Agreement as
a whole and not to any particular Section. The words &#147;this Article&#148; and &#147;this Section,&#148;
and words of similar import, refer only to the Article or Section hereof in which such
words occur. The word &#147;including&#148; as used herein means &#147;including without limitation&#148; and
does not limit the preceding words or terms.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Parties acknowledge that they and their counsel have reviewed and revised this
Agreement and that no presumption of contract interpretation or construction shall apply to
the advantage or disadvantage of the drafter of this Agreement.
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>ARTICLE 2<BR>
<U>TENOR OF THE AGREEMENT</U></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During the Term of this Agreement, the Parties will enter into numerous transactions for the
purchase and sale of Crude Oil. The Transfer Price for Transactions shall be a floating price
based on the mutually agreed index of market prices (adjusted for contract differentials and index
rolls), plus Vitol&#146;s costs to acquire and deliver Crude Oil, and plus the Origination Fee, all as
more specifically set forth in <U>Article&nbsp;9</U>. It is the intention of the Parties that Vitol
shall employ its global crude oil supply and distribution organization in an endeavor to identify
and present to Coffeyville opportunities for Vitol to purchase for Coffeyville domestic, foreign
and Canadian crude oil. Notwithstanding the foregoing, Coffeyville shall also have the right to
identify and negotiate the terms and prices of Crude Oil to be acquired hereunder and present such
Transactions to Vitol for
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">execution thereof; <U>provided</U> <U>that</U>, such Transactions are
in accordance with the provisions of this Agreement. Vitol shall not include any assessments for
general marketing overhead to the Transfer Price. While Coffeyville intends to take responsibility to
acquire Gathered Crude in its own name and on its own behalf, Vitol shall retain the right to
present opportunities to Coffeyville for domestic Crude Oil. The Parties shall mutually cooperate
in coordinating such Crude Oil supply activities so as to avoid pricing and logistic disruptions
associated with both Coffeyville and Vitol approaching the same potential suppliers and shippers.
Coffeyville shall maintain the right to conduct market enquiries; however, regardless of whether
the opportunity is identified by Vitol or Coffeyville, all Crude Oil shall be purchased by Vitol
from the Counterparty and resold to Coffeyville pursuant to the terms of this Agreement. For
greater certainty, Vitol shall have the sole right to hold, transport and sell all of its Crude Oil
as it deems fit, and in no event shall Coffeyville be entitled to claim ownership rights in any
Crude Oil until purchased by Coffeyville in accordance with the terms of this Agreement.
Notwithstanding the foregoing, Vitol shall be obligated to supply Crude Oil of equal quantity and
of the same quality and grade at the applicable Transfer Price and at the time designated by
Coffeyville for any Crude Oil acquired or agreed to be dedicated in anticipation of supply to
Coffeyville pursuant to this Agreement; such obligation to supply being subject to Coffeyville&#146;s
compliance with nomination, payment and all other terms of this Agreement.
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>ARTICLE 3<BR>
<U>TERM OF AGREEMENT</U></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 <U>Initial Term</U>. This Agreement shall become effective on the Effective Date and
shall continue until December&nbsp;31, 2013 (<B>&#147;Initial Term&#148;</B>), unless (i)&nbsp;terminated earlier pursuant to
the terms of this Agreement or (ii)&nbsp;terminated by Coffeyville at its sole and absolute discretion
by written notice to Vitol provided on or before May&nbsp;1, 2012, which termination would be effective
December&nbsp;31, 2012.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 <U>Renewal</U>. Subject to the provisions of Section&nbsp;3.1 above, the Initial Term shall
automatically be extended for one or more one-year terms (each a <B>&#147;Renewal Term&#148; </B>and collectively
the <B>&#147;Renewal Terms&#148;</B>), unless either Party delivers notice of its desire to terminate not less than
one hundred eighty (180)&nbsp;days prior to the expiration of the Initial Term or the then current
Renewal Term, as the case may be. The Initial Term and the Renewal Terms, if any, shall constitute
the <B>&#147;Term&#148; </B>of this Agreement.
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>ARTICLE 4<BR>
<U>SALE OF CRUDE OIL TO COFFEYVILLE</U></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 <U>Supply of Crude Oil</U>. Beginning on the Commencement Date and subject to the
availability of supply, Vitol agrees to locate Crude Oil opportunities for Coffeyville consistent
with Coffeyville&#146;s nomination made pursuant to <U>Article&nbsp;7</U>. Vitol shall supply such Crude
Oil to Coffeyville and Coffeyville agrees to purchase such Crude Oil from Vitol pursuant to the
terms of this Agreement. In no event, however, shall Coffeyville have the right to claim an
ownership interest in any volumes of Crude Oil prior to the transfer of title thereof pursuant to
the provisions of <U>Section&nbsp;6.3</U>. At all times
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">prior to such transfer of title, Vitol shall
have the exclusive right to store, transport or resell such Crude Oil, as it deems fit.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 <U>Exclusive Use</U>. Subject to the provisions of this Agreement, Vitol will, during
the Term, have (a)&nbsp;the sole and exclusive right to store Crude Oil in the Designated Tanks, and (b)
the right to access the Designated Tanks to remove Crude Oil.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 <U>Exclusive Supplier</U>. Except for Gathered Crude, Vitol shall be the exclusive
supplier of crude oil to Coffeyville during the Term. Unless otherwise agreed by the Parties,
Crude Oil supplied under this Agreement shall be solely for use at the Refinery. Notwithstanding
anything to the contrary in this <U>Section&nbsp;4.3</U>, if Vitol does not supply Crude Oil to
Coffeyville in accordance with the Monthly Crude Nomination, for whatever reason, Coffeyville shall
have the full and complete right to acquire such volumes of Crude Oil from any Person for
processing in the Refinery and this Agreement shall not apply to such purchases by Coffeyville,
except that any Crude Oil so purchased by Coffeyville may not be commingled with any Crude Oil held
by Vitol other than in connection with the exercise of Coffeyville&#146;s Operational Rights.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4 <U>Identification of Supply</U>. Coffeyville and Vitol shall mutually cooperate to
identify and negotiate supply arrangements with Counterparties that are consistent with
Coffeyville&#146;s nomination made pursuant to <U>Article&nbsp;7</U>. Prior to the acquisition of any Crude
Oil Lots, the Parties shall agree to the quantity and quality of Crude Oil desired by Coffeyville.
In the event that such supply opportunities are identified by Coffeyville, Coffeyville shall
promptly inform Vitol of the opportunity and Vitol shall enter into one or more Third Party
Contracts on Coffeyville&#146;s behalf. Notwithstanding the foregoing, Vitol shall have the right to
reject such proposed opportunity if it determines, in its commercially reasonable discretion, that
such Third Party Contract (a)&nbsp;is not structured in accordance with standard industry practices or
on commercially marketable terms, (b)&nbsp;is not with a permissible Counterparty under Applicable Law,
or (c)&nbsp;exposes Vitol to unacceptable credit or performance risk. In the event that a supply
opportunity is identified by Vitol, Vitol will present the opportunity to Coffeyville for its
approval, and Coffeyville will promptly advise Vitol in writing (via facsimile or e-mail) whether
it accepts such opportunity. If Coffeyville fails to accept such opportunity within twenty-four
(24)&nbsp;hours of receipt of Vitol&#146;s notice, Coffeyville shall be deemed to have rejected such supply
opportunity. Vitol shall supply Coffeyville with the quantity, quality and grade, and on the
delivery schedule, all as specified by Coffeyville pursuant to this Agreement; provided, however,
that Coffeyville shall have no right to, or claim upon, any particular volume of Crude Oil held by
Vitol.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5 <U>Acknowledgment.</U> Coffeyville acknowledges and agrees that (a)&nbsp;Vitol is a merchant
of crude oil and may, from time to time, be dealing with prospective Counterparties, or pursuing
trading or hedging strategies, in connection with aspects of Vitol&#146;s business which are unrelated
hereto and that such dealings and such trading or hedging strategies may be different from or
opposite to those being pursued by or for Coffeyville; (b)&nbsp;Vitol may, in its sole discretion,
determine whether to advise Coffeyville of any potential transaction with a Counterparty and prior
to advising Coffeyville of any such potential transaction Vitol may, in its discretion, determine
not to pursue such
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">transaction or to pursue such transaction in connection with another aspect of
Vitol&#146;s business and Vitol shall have no liability of any nature to Coffeyville as a result of any
such determination; (c)&nbsp;Vitol has no fiduciary or trust obligations of any nature with
respect to the Refinery or Coffeyville, subject to the provisions herein regarding
confidentiality set forth in <U>Article&nbsp;21</U> and provided, however, that Vitol shall have the
obligation to keep confidential non-public information related to Crude Oil acquisitions by
Coffeyville, and the obligation to execute Third Party Contracts in a manner consistent with this
Agreement; (d)&nbsp;Vitol may enter into transactions and purchase crude oil for its own account or the
account of others at prices more favorable than those being paid by Coffeyville hereunder and (e)
nothing herein shall be construed to prevent Vitol, or any of its partners, officers, employees or
Affiliates, in any way from purchasing, selling or otherwise trading in crude oil or any other
commodity for its or their own account or for the account of others, whether prior to,
simultaneously with, or subsequent to any transaction under this Agreement.
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>ARTICLE 5<BR>
<U>PURCHASE OF CRUDE OIL FROM COUNTERPARTIES</U></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 <U>Third Party Contracts</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <I>Terms of Third Party Contracts</I>. The quantity and quality of Crude Oil sold and
delivered to Coffeyville shall conform in all material respects to such specifications as
agreed upon by Coffeyville prior to Vitol&#146;s contractual commitment to purchase a Crude Oil
Lot from a Counterparty. The terms and conditions of each Third Party Contract must
conform to standard industry practices unless otherwise specifically agreed to by Vitol.
All statements and representations made by Coffeyville&#146;s employees shall be made on behalf
of Coffeyville in its own capacity, and Coffeyville is not authorized to bind Vitol in
connection with the negotiation or execution of any Third Party Contract, nor to make any
representations to any Counterparty on behalf of Vitol. Unless expressly authorized by
Vitol in writing, any advice, recommendations, warranties or representations made to any
Counterparty by Coffeyville shall be the sole and exclusive responsibility of Coffeyville,
and Coffeyville shall be liable for all errors, omissions or misinformation that it
provides to Vitol or to any Counterparty.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <I>Conditional Acceptance</I>. Coffeyville shall have no authority to bind Vitol to, or
enter into on Vitol&#146;s behalf, any Third Party Contract. If Coffeyville has negotiated an
offer from a Counterparty for a quantity of Crude Oil that Coffeyville wishes to have Vitol
acquire, Coffeyville may indicate to such Counterparty the conditional acceptance of such
offer, which conditional acceptance shall be specifically subject to obtaining the
agreement of Vitol to such offer. Promptly after giving such conditional acceptance,
Coffeyville shall apprise Vitol in writing of the terms of such offer, and Vitol shall
promptly determine and advise Coffeyville as to whether Vitol agrees to accept such offer.
If Vitol indicates its desire to accept such offer, then Vitol shall promptly formally
communicate its acceptance of such offer directly to such Counterparty (with a
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">copy to
Coffeyville), resulting in a binding Third Party Contract between Vitol and such
Counterparty.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 <U>Confirmations</U>. For each transaction involving the purchase and sale of Crude Oil,
Vitol shall issue and send to Coffeyville a Confirmation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 <U>Payment Responsibility</U>. Vitol shall be responsible for paying Counterparty and
third party invoices for such Crude Oil and all Transportation and Direct Costs, which
Transportation and Direct costs shall be included in the Transfer Price pursuant to <U>Section
9.1(d)</U>. Vitol shall promptly provide Coffeyville with copies of all such Counterparty and
third party invoices. All refunds or adjustments of any type received by Vitol related to the
Transportation and Direct Costs shall be for the account of Coffeyville and a part of the Weekly
True-Up Payment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 <U>Crude Oil Gains and Losses</U>. All Crude Oil Gains and Losses not covered by a
Pipeline System tariff shall be for Coffeyville&#146;s account and shall be included in the Transfer
Price. With respect to Crude Oil Gains and Losses which are covered by a Pipeline System tariff,
Vitol shall pass through to Coffeyville the positive value of any such Crude Oil gains and the
negative value of any such Crude Oil losses provided for by the applicable Pipeline System tariff
by adding or deducting, as appropriate, such amount to or from the Weekly True-Up Payment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5 <U>WARRANTY OF TITLE; WARRANTY DISCLAIMER</U>. <FONT style="FONT-variant: SMALL-CAPS">Vitol fully and unconditionally
warrants that it has clear, good and merchantable title to all Crude Oil sold to Coffeyville
pursuant to this Agreement, and that Vitol will fully and completely indemnify Coffeyville from and
against any and all claims by any person or entity for liabilities arising from a breach of the
foregoing warranty of title. Except for the Warranty of the full and unconditional title to crude
oil sold pursuant to this agreement</FONT>, <FONT style="FONT-variant: SMALL-CAPS">Vitol makes no warranty, condition or other
representation, written or oral, express or implied, of merchantability, fitness or suitability of
crude oil for any particular purpose or otherwise. Further, Vitol makes no warranty or
representation that crude oil conforms to the specifications identified in Vitol&#146;s contract with
the counterparty. </FONT>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6 <U>Claims</U>. The Parties shall consult with each other and coordinate how to handle
and resolve any claims made by a Counterparty, a Pipeline Operator, Terminal Operator, vessel
owner, supplier or transporter against Vitol or any claims that Vitol may bring against any such
Person. In all instances wherein claims are made by a third party against Vitol which will be for
the account of Coffeyville, Coffeyville shall have the right to either direct Vitol to take
commercially reasonable actions in the handling of such claims or assume the handling of such claim
in the name of Vitol, all at Coffeyville&#146;s cost and expense. To the extent that Coffeyville
believes that any claim should be made by Vitol for the account of Coffeyville against any third
party (whether a Counterparty, terminal facility, pipeline, storage facility or otherwise), Vitol
will take any commercially reasonable actions as requested by Coffeyville either directly, or by
allowing Coffeyville to do so, to prosecute such claim all at Coffeyville&#146;s cost and expense and
all recoveries
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">resulting from the prosecution of such claim shall be for the account of
Coffeyville. Vitol shall, in a commercially reasonable manner, cooperate with Coffeyville in
prosecuting any such claim and shall be entitled to assist in the prosecution of such claim
at Coffeyville&#146;s expense. All costs, expenses and damages arising from such claim (including
demurrage) shall be solely for Coffeyville&#146;s account except to the extent arising from Vitol&#146;s
negligence or willful misconduct, it being the express intention of the Parties that Coffeyville
shall solely assume all performance and credit risk of such Person&#146;s default or nonperformance,
regardless of the reason therefore to the extent that such claims relate to the acquisition,
transportation or handling of Crude Oil. All amounts required to settle any claims pursuant
hereto, shall be included in the Transportation and Direct Costs component of the Transfer Price.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.7 <U>Insurance</U>. Vitol shall procure and maintain in full force and effect throughout
the term of this Agreement insurance coverages of the following types and amounts and with
insurance companies rated not less than A- by A.M. Best, or otherwise reasonably satisfactory to
Coffeyville in respect of Vitol&#146;s purchase of Crude Oil under this Agreement (provided the
foregoing shall not limit Coffeyville&#146;s obligation to reimburse any insurance costs pursuant to
<U>Article&nbsp;9</U>):
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Property (cargo)&nbsp;damage coverage on an &#147;all risk&#148; basis in an amount sufficient to
cover the market value or potential full replacement cost of all Crude Oil (including, but
not limited to Crude Oil cargoes and Crude Oil in transit in pipelines) to be delivered to
Coffeyville at the Delivery Point. In the event that the market value or potential full
replacement cost of all Crude Oil (Crude Oil cargoes and Crude Oil in transit in pipelines)
exceeds the insurance limits available or the insurance limits available at commercially
reasonable rates in the insurance marketplace, Vitol will maintain the highest insurance
limit available at commercially reasonable rates; provided, however, that Vitol will
promptly notify Coffeyville (and, in any event prior to the transportation of any Crude Oil
that would not be fully insured) of Vitol&#146;s inability to fully insure any Crude Oil and
provide full details of such inability. Notwithstanding anything to the contrary herein,
Coffeyville, may, at its option and expense, upon prior notice to Vitol, endeavor to
procure and provide such property damage coverage for the Crude Oil.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Comprehensive or commercial general liability coverage and umbrella or excess
liability coverage, which includes bodily injury, broad form property damage and
contractual liability, marine or charterers&#146; liability and &#147;sudden and accidental
pollution&#148; liability coverage in a minimum amount of $300,000,000 per occurrence and
$500,000,000 in the aggregate.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.8 <U>Additional Insurance Requirements</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The foregoing policies shall include an endorsement that the underwriters waive
all rights of subrogation against Coffeyville.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Vitol shall cause its insurance carriers to furnish Coffeyville with insurance
certificates, in a standard form and from a properly authorized party reasonably
satisfactory to Coffeyville, evidencing the existence of the coverages and endorsements
required. The certificates shall specify that no insurance will
be canceled during the term of this Agreement unless Coffeyville is given 30&nbsp;days
advance written notice prior to cancellation becoming effective. Vitol also shall provide
renewal certificates within thirty (30)&nbsp;days before expiration of the policy.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The mere purchase and existence of insurance does not reduce or release either
Party from any liability incurred or assumed under this Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Vitol shall comply with all notice and reporting requirements in the foregoing
policies and timely pay all premiums.
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>ARTICLE 6<BR>
<U>DELIVERY </U></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 <U>Delivery Point</U>. Unless specifically agreed otherwise by the Parties, all Crude
Oil shall be delivered to Coffeyville at the Delivery Point. All such deliveries shall be
evidenced by a meter ticket issued by Plains at the Delivery Point.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 <U>Alternate Delivery Point</U>. In certain cases due to operational constraints or
commercial concerns, Coffeyville may direct Vitol to sell or exchange Crude Oil on its behalf to a
third party purchaser and any gains or losses from such sales or exchanges shall be for the account
of Coffeyville. Any such amounts shall be included in the Provisional Invoice, unless the Parties
mutually agree to document any such transaction as a price roll, with respect to the WTI Price, in
accordance with common oil industry trading practices.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 <U>Title and Risk of Loss</U>. Title and risk of loss to the Crude Oil shall pass from
Vitol to Coffeyville at the Delivery Point, and Coffeyville shall assume custody of Crude Oil as it
passes the Delivery Point. Before custody transfer at the Delivery Point, Vitol shall be solely
responsible for compliance with all Applicable Laws, including all Environmental Laws, pertaining
to the possession, handling, use and processing of such Crude Oil and shall indemnify and hold
harmless Coffeyville, its Affiliates and their agents, representatives, contractors, employees,
directors and officers, for all Liabilities, directly or indirectly, arising therefrom, except to
the extent such Liabilities are caused by or attributable to any of the matters for which
Coffeyville is indemnifying Vitol pursuant to <U>Article&nbsp;18</U>. At and after custody transfer at
the Delivery Point, Coffeyville shall be solely responsible for compliance with all Applicable
Laws, including all Environmental Laws, pertaining to the possession, handling, use and processing
of such Crude Oil and shall indemnify and hold harmless Vitol, its Affiliates and their agents,
representatives, contractors, employees, directors and officers, for all Liabilities directly or
indirectly arising therefrom, except to the extent that such Liabilities are due to the negligence
or willful misconduct of Vitol.
</DIV>


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</DIV>




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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4 <U>Casualty and Other Losses</U>. If a Catastrophic Loss of Crude Oil occurs but prior
to the passage of title to Coffeyville any such Catastrophic Loss shall be for Vitol&#146;s account.
Conversely, any Catastrophic Loss of Crude Oil occurring on or after the passage of risk of loss
shall be for Coffeyville&#146;s account. Notwithstanding anything to
the contrary herein, any Crude Oil Gains and Losses shall be borne by and for the account of
Coffeyville and shall be included in the Transfer Price.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5 <U>Vessel Chartering</U>. Vitol shall be responsible for chartering all vessels required
hereunder upon commercially reasonable terms and conditions; Vitol shall make all nominations of
vessels and shall negotiate all chartering aspects with the relevant charterparties, including any
inspection rights and insurance provisions, and shall otherwise take any and all actions required
for the ocean transportation of Crude Oil. Notwithstanding anything to the contrary herein,
Coffeyville may recommend to Vitol from time to time particular vessel chartering opportunities
that become known to Coffeyville.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6 <U>Pipeline Nominations</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <I>Responsibility of Vitol. </I>Prior to the beginning of each month of the Term, Vitol
shall be responsible for making pipeline and terminal nominations for such month;
<U>provided</U> <U>that</U>, Vitol&#146;s obligation to make such nominations shall be
conditioned on its receiving from Coffeyville the Monthly Crude Nomination in time to
comply with the lead times required by such pipelines and terminals. Coffeyville shall
provide to Vitol information in a timely manner in order to make such nominations or other
scheduling actions. Vitol shall not be responsible if a Pipeline System is unable to
accept Vitol&#146;s nomination or if the Pipeline System must allocate Crude Oil among its
shippers, except to the extent that such non-acceptance is due to the negligence or willful
misconduct of Vitol.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <I>Responsibility of Coffeyville</I>. Coffeyville shall have direct contact with the
terminal and pipeline personnel and will direct, as Vitol&#146;s agent, the daily transportation
and blending of Crude Oil in such terminal. Coffeyville shall indemnify and hold harmless
Vitol for any and all Liabilities related to or arising out of such agency, and the Parties
acknowledge and agree that the scope of such agency is strictly limited to the terms
hereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <I>Spearhead Pipeline Procedures. </I>Notwithstanding anything to the contrary herein,
all shipments of Crude Oil on the Spearhead Pipeline shall be subject to the procedures set
forth in <U>Schedule&nbsp;B</U>. The Spearhead Pipeline capacity that is subject to this
Agreement shall only be used by Vitol for the benefit of Coffeyville.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <I>TransCanada Keystone Pipeline</I>. Coffeyville and Vitol have entered into the
following agreement with Keystone dated &#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;, to wit: Notice and Acknowledgment of
Authorization to Act (Keystone Pipeline System) (the &#147;Keystone Agreement&#148;), authorizing
Vitol to act for and on behalf of Coffeyville regarding certain transactions on the
Keystone Pipeline, including
</DIV>

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</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">transportation pursuant to Coffeyville&#146;s Transportation
Services Agreement (&#147;TSA&#148;) with respect to the Keystone Pipeline. Vitol agrees that it
shall only utilize such Keystone Pipeline transportation capacity for the benefit of
Coffeyville, and that all rights related to the use of such Keystone Pipeline
capacity (including but not limited to Keystone Pipeline allocation rights) shall be
the sole and exclusive property of Coffeyville. Coffeyville and Vitol agree that the
Keystone Agreement shall terminate and be of no further force and effect thirty (30)&nbsp;days
after the date that Keystone receives written notice of termination from either Coffeyville
or Vitol; provided that, the Party giving such notice simultaneously provides notice
thereof to the other Party. All Crude Oil injected into the Keystone Pipeline by Vitol
shall be owned exclusively by Vitol and Coffeyville agrees and acknowledges that Vitol
shall have no obligation to Keystone, and assumes no liability with respect to any minimum
throughput, deficiency fees, or similar obligations of Coffeyville to Keystone; provided,
however, that Vitol shall fully and completely indemnify and hold harmless Coffeyville for
any such Liabilities to Keystone to the extent, but only to the extent, caused by an Event
of Default by Vitol under this Agreement or the failure of Vitol to comply with the terms
of the Keystone tariff or the TSA.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.7 <U>Purchase and Sale of Gathered Crude</U>. Coffeyville and Vitol agree that upon the
request of Coffeyville, Vitol shall enter into a purchase agreement to purchase Gathered Crude from
Coffeyville at Cushing, Oklahoma and resell such Gathered Crude to Coffeyville at the Delivery
Point. The sale price for such described purchase and sale transaction shall be the same and no
Origination Fee shall be added thereto.
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>ARTICLE 7<BR>
<U>NOMINATIONS</U></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 <U>Monthly Nomination</U>. No later than the first (1<SUP style="FONT-size: 85%; vertical-align: text-top">st</SUP>) day of each month of
the Term, Coffeyville shall provide a preliminary nomination, via facsimile to Vitol, of the volume
of Crude Oil it desires Vitol to purchase from Counterparties for the following month. Such
nomination shall specify the anticipated delivery of Crude Oil by volume and grade. In addition,
by the twenty-fifth (25<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP>) day of each month during the Term, Coffeyville will advise
Vitol via facsimile of its crude requirements for the Refinery for the following month (each, the <B>&#147;Monthly Crude Nomination&#148;</B>). The Monthly Crude Nomination shall be consistent with the blending
program established by Coffeyville with the Terminal Operators.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 <U>Daily Nomination</U>. By 9:00 a.m. CT of each Business Day, Coffeyville shall provide
Vitol and the Terminal Operator with a nomination for Crude Oil to be delivered from that Business
Day until the end of the next succeeding Business Day (the <B>&#147;Crude Oil Withdrawal&#148;</B>). The Parties
acknowledge that for pricing purposes a Crude Oil Withdrawal may be comprised of multiple Crude Oil
Lots or portions thereof. Coffeyville shall nominate the oldest Crude Oil Lot in the event that
there are two (2)&nbsp;or more Crude Oil Lots of the same crude oil grade available for delivery.
</DIV>

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</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3 <U>Changes to Nominations</U>. Coffeyville shall notify Vitol promptly upon learning of
any material change in any previously provided projections or if it is necessary to reschedule any
pipeline nominations confirmed by the applicable Terminal Operator. Vitol shall schedule any changes in nominations through the applicable Terminal
Operator, as necessary, and all costs associated therewith shall be for Coffeyville&#146;s account,
including any costs associated with resetting the applicable WTI Contracts to reflect such changes
to the nominated volumes.
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>ARTICLE 8<BR>
<U>CRUDE OIL INSPECTION AND MEASUREMENT</U></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 <U>Delivered Volumes</U>. The volume of all Crude Oil purchased and sold under this
Agreement shall be based on the bill of lading volumes (the <B>&#147;B/L Volumes&#148;</B>) under the applicable
Third Party Contracts. Specifically, the B/L Volumes shall be equal to (a)&nbsp;in the case of FOB
marine deliveries based on load port volumes, the quantity of Crude Oil specified in the applicable
bill of lading, as determined by the Independent Inspector designated in the Third Party Contract,
(b)&nbsp;in the case of marine deliveries based on delivered volumes, the quantity of Crude Oil
discharged into shore tanks, as determined by the Independent Inspector designated in the Third
Party Contract, and (c)&nbsp;in the case of pipeline deliveries, the pipeline meter ticket volumes
received by Vitol under the applicable Third Party Contract. The actual volume of Crude Oil
delivered to Coffeyville at the Delivery Point shall be based on the pipeline meter ticket at the
flange connection between the Plains Pipeline System and the pipeline connector at Broome Station.
Any differences between the applicable B/L Volumes and the actual volumes delivered to Coffeyville
at the Delivery Point shall be accounted for as Crude Oil Gains and Losses.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 <U>Quality of Delivered Volumes</U>. The quality of all volumes of Crude Oil delivered
to Coffeyville hereunder shall be based on the determination of the Independent Inspector pursuant
to the applicable Third Party Contract. Vitol shall promptly deliver to Coffeyville a copy of each
such Independent Inspector&#146;s report.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3 <U>Inspector&#146;s Reports</U>. Certificates of quality and quantity countersigned by the
Independent Inspector shall be final and binding on both Parties, absent manifest error or fraud.
Coffeyville shall instruct the Independent Inspector to retain samples of Crude Oil for a period of
ninety (90)&nbsp;days from and after the date of each measurement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4 <U>Recalibration of Designated Tanks</U>. Vitol may, acting reasonably, require at any
time that the Designated Tanks be recalibrated in accordance with the procedures set forth in this
<U>Section&nbsp;8.4</U>. Notwithstanding the foregoing, the Parties agree that not less than once each
calendar year, the Parties shall instruct the Independent Inspector to calibrate the Designated
Tanks and measure the volume of Crude Oil contained therein. The Independent Inspector&#146;s report
shall be distributed to each Party and the results therein shall be final and binding on the
Parties, absent fraud or manifest error. The Parties shall thereafter adjust its books and records
to reflect the actual volumes of Crude Oil reflected in the Independent Inspector&#146;s report. If
such volumes are not consistent with the B/L Volumes, any surplus or shortfall shall be accounted
for as Crude Oil Gains
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">and Losses. All costs and fees related to the recalibration of the
Designated Tanks shall be for Coffeyville&#146;s account.
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>ARTICLE 9<BR>
<U>PRICE AND PAYMENT FOR CRUDE OIL</U></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 <U>Crude Oil Purchase Price</U>. For each Crude Oil Lot to be delivered to the Delivery
Point, Coffeyville shall pay Vitol an amount equal to the transfer price (the <B>&#147;Transfer Price&#148;</B>),
which shall be equal to (***). The provisions of this <U>Article&nbsp;9</U> are intended to apply only
for pricing purposes and shall not be deemed or construed to alter the intention of the Parties
that all Crude Oil shall be owned exclusively by Vitol until the passage of title occurs consistent
with the provisions of <U>Section&nbsp;6.3</U>. Notwithstanding anything to the contrary herein, the
Transfer Price for Transactions shall be a floating price based on the mutually agreed index of
market prices (adjusted for contract differentials and WTI Price Rolls) plus Vitol&#146;s costs to
acquire and deliver Crude Oil, and plus the Origination Fee, all as more specifically set forth in
Article&nbsp;9, including but not limited to <U>Section&nbsp;9.2(c)</U>. For purposes of such calculations,
the following provisions shall apply:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <I>WTI Price. </I>Not later than one (1)&nbsp;Business Day prior to the first
(1<SUP style="FONT-size: 85%; vertical-align: text-top">st</SUP>) day that the applicable Third Party Contract(s) commences pricing in
accordance with the terms thereof, Coffeyville may nominate one or more WTI Contracts to be
included in the Transfer Price as the WTI price (the <B>&#147;WTI Price&#148;</B>). In the event that
Coffeyville nominates more than one WTI Contract, Coffeyville will designate the percentage
of the Crude Oil Lot applicable to each WTI Contract, with the total of all such
percentages to equal one hundred percent (100%). If Coffeyville fails to nominate any WTI
Contracts within such time frame, the second-line WTI Contract shall be deemed to be the
WTI Price for the subject Crude Oil Lot. The actual WTI Price used in calculating the
Transfer Price shall be the settlement value published the first day following the date of
delivery of the applicable Crude Oil Withdrawal.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <I>WTI Price Rolls</I>. Coffeyville may at any time change a WTI Contract by notifying
Vitol of the new WTI Contract. The Parties shall mutually agree to the values applicable
to any such changes to the applicable WTI Contract(s). For the avoidance of doubt, the
Parties acknowledge that Vitol shall not be required to enter into any such WTI Contracts
on Coffeyville&#146;s behalf or to deliver evidence of any such WTI Contracts to Coffeyville.
Rather, it is the intent of the Parties that any applicable rolls of WTI Contracts shall be
accounted for in the valuation process of the WTI Differential. Absent any instructions
from Coffeyville to the contrary, the Parties agree that an expiring WTI Contract will roll
to the next succeeding month contract, effective on the first (1<SUP style="FONT-size: 85%; vertical-align: text-top">st</SUP>) Business Day
prior to the day of expiration of such WTI Contract. WTI rolls contemplated by this
Section shall be executed at values mutually agreed to by the Parties.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <I>WTI Differential</I>. The WTI differential (the <B>&#147;WTI Differential&#148;</B>) shall be equal to
the difference between the Contract Price and the weighted
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">average of the WTI Contract(s)
corresponding to the subject Crude Oil Lot, or portion thereof, where the WTI Contract
prices are the settlement prices over the days the Contract Price is determined. The WTI
Differential shall be amended, as necessary, to reflect the substitution or replacement of any WTI Contracts, to
include, but not be limited to, WTI Price rolls pursuant to <U>Section&nbsp;9.1(b)</U>, and
grade exchange differentials, if any. All actual or deemed costs and fees related to any
substitution or replacement of any WTI Contracts shall be for Coffeyville&#146;s account.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <I>Transportation and Direct Costs</I>. Transportation and direct costs (<B>&#147;Transportation
and Direct Costs&#148;</B>) shall include all actual direct and indirect third party expenses and/or
Agreed Costs associated with acquiring and moving Crude Oil from the acquisition point to
the Delivery Point, including, but not limited to, freight, lightering, inspection fees,
insurance, wharfage and dock fees, canal fees, port expenses and ship&#146;s agent fees, export
charges, customs duties and user fees, tariffs, Taxes (including harbor maintenance Taxes),
any charges imposed by a Governmental Authority, tankage and throughput charges, broker&#146;s
fees, demurrage, pipeline loss allowances, terminal fees, Deemed L/C Fees. For the sake of
greater clarity and without limiting the previous sentence, Transportation and Direct Costs
includes all actual direct and indirect third party expenses and/or Agreed Costs associated
with the settlement or discharge of crude oil contracts for physical delivery where such
physical contracts arise as a necessary and direct consequence of a Crude Oil Lot,
including but not limited to exchange for difference contracts, location exchange
contracts, and WTS-WTI buy-sell contracts.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2 <U>Provisional Invoice</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <I>Invoiced Dates</I>. On the day of each Crude Oil Withdrawal, Vitol shall prepare and
deliver to Coffeyville a provisional invoice (each, the <B>&#147;Provisional Invoice&#148;</B>), which
Provisional Invoice shall be due and payable in full on such day. The Provisional Invoice
shall include: (i)&nbsp;any corrections to volumes forecasted in a prior invoice for delivery on
such date, (ii)&nbsp;any corrections to the WTI Prices forecasted in a prior invoice for volumes
delivered, (iii)&nbsp;any volumes resold or exchanged, if applicable, and (iv)&nbsp;volumes
forecasted for delivery up to and including the immediately subsequent Business Day.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <I>Invoice Calculations</I>. The purchase price set forth in the Provisional Invoice
(the <B>&#147;Provisional Transfer Price&#148;</B>) shall be equal to the Transfer Price for the specified
Crude Oil Withdrawal plus a Crude Oil quality factor (the <B>&#147;Quality Factor&#148;</B>) equal to (***).
For purposes of calculating the initial Quality Factor under the Agreement, and in lieu of
and in substitution for such (***), the Parties agree that the amount of the Quality Factor
shall initially be deemed to be equal to (***) and that such amount shall be posted by
Coffeyville, at its election, in cash or in the form of a standby letter of credit in form
and substance reasonably acceptable to Vitol. Either Party may request that the amount of
the Quality Factor be recomputed at any time based on the best
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">available information,
provided that, (i)&nbsp;a Party may make such request no more frequently than once each week,
and (ii)&nbsp;any adjustment to the Quality Factor shall be in increments of not less than
$100,000 and shall be rounded up to the next nearest $100,000. Vitol, acting reasonably, shall use its best estimates for
calculating the Transportation and Direct Costs applicable to such Crude Oil Withdrawal to
the extent that such amounts are not yet ascertainable. Each Crude Oil Lot, or portion
thereof, included in a Crude Oil Withdrawal shall be allocated on a first-in, first-out
basis, and the Provisional Invoice shall be based on the Transfer Price applicable, on a
volumetric basis, to each such Crude Oil Lot, or portion thereof. Vitol shall use its best
estimate of the trading price for purposes of calculating the WTI Price component of the
Transfer Price. In the event that two or more WTI Contracts apply to a Crude Oil Lot, the
Provisional Transfer Price shall be computed using the WTI Contracts in sequential order
beginning with the most prompt contract first. The Parties acknowledge that the
Provisional Transfer Price will be trued-up (including any adjustment to the Quality
Factor) in accordance with <U>Section&nbsp;9.3</U> to reflect the actual Transfer Price based
on the actual components set forth in <U>Section&nbsp;9.1</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <I>Components of Transfer Price</I>. Prior to a Crude Oil Withdrawal of a Crude Oil Lot,
or portion thereof, Vitol shall continuously update its books and records to reflect the
best information available with respect to each component of the Transfer Price for such
Crude Oil Lot, or portion thereof, including volume and costs. Upon the occurrence of the
first Crude Oil Withdrawal with respect to a Crude Oil Lot, or portion thereof, the
Transportation and Direct Costs component of the Transfer Price for purposes of the
Provisional Invoice shall be established and any subsequent revisions to the Transfer Price
as a result of obtaining more accurate information with respect to the Transportation and
Direct Costs shall be addressed in the weekly true-up calculations pursuant to <U>Section
9.3</U>. All other components of the Transfer Price (other than the Transportation and
Direct Costs and the Origination Fee) shall be continually updated by Vitol and the best
available information shall be used for purposes of calculating the Provisional Invoice.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3 <U>Weekly True-Ups</U>. On the third (3<SUP style="FONT-size: 85%; vertical-align: text-top">rd</SUP>) Business Day of each week during
the Term, Vitol shall prepare and deliver to Coffeyville an invoice (the <B>&#147;True-Up Invoice&#148;</B>) that
corrects the Provisional Invoices issued since the date of the last True-Up Invoice to reflect the
actual prices and actual volumes applicable to each component of the Transfer Price for each Crude
Oil Withdrawal. Vitol shall have the right to issue additional True-Up Invoices until all numbers
are final and accurate. In addition, if the actual volume of a Crude Oil Lot differs from the
volumes used in calculating the Provisional Invoices, then the true-up for such volume correction
shall use the Transfer Prices applicable to such Crude Oil Lot. In the event that the sum set
forth in the True-Up Invoice is greater than the sum set forth in the Provisional Invoice, the
difference shall be paid by Coffeyville to Vitol; <U>however</U>, if the sum set forth in the
Provisional Invoice exceeds the sum set forth in the True-Up Invoice, the difference shall be paid
by Vitol to Coffeyville. All amounts due and owing hereunder (the <B>&#147;Weekly True-Up</B>
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Payment&#148;</B>) shall
be paid by the owing Party to the other Party on the next Business Day following Coffeyville&#146;s
receipt of the corrected invoice.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.4 <U>Payment Terms Adjustment</U>. Vitol will compute an adjustment to the Transfer Price
to give Coffeyville the equivalent economic benefit of standard industry payment terms for Crude
Oil acquired by Coffeyville (the <B>&#147;Payment Terms Adjustment&#148;</B>). The Parties anticipate the Payment
Terms Adjustment will generally be a credit in favor of Coffeyville against amounts otherwise due,
as provided herein below. The Parties, however, further acknowledge that depending on the timing
of payments by Vitol for Crude Oil and the timing of payments from Coffeyville, the Payment Terms
Adjustment could be a debit (additional charge) added to the Transfer Price and payable to Vitol.
On the first (1<SUP style="FONT-size: 85%; vertical-align: text-top">st</SUP>) Business Day following the nineteenth (19<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP>) day of each
month, Vitol shall compute the Payment Terms Adjustment for the period from the nineteenth
(19<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP>) day of the previous month until the eighteenth (18<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP>) day of such
current month (the <B>&#147;Working Capital Period&#148;</B>), and shall deliver to Coffeyville a working capital
statement in sufficient detail (the <B>&#147;Working Capital Statement&#148;</B>). The Payment Terms Adjustment
shall be equal to (***) for each day in the Working Capital Period. The Daily Capital Charge shall
be equal to (***). Any payments due under this <U>Section&nbsp;9.4</U>, shall be payable on the fifth
(5th) Business Day following Vitol&#146;s delivery of the Working Capital Statement to Coffeyville but,
in no event, later than the last day of the calendar month which immediately follows the calendar
month to which such payment applies.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.5 <U>Other Statements</U>. If any other amount is due from one Party to the other
hereunder (not including the Transfer Price), and if provision for the invoicing of that amount due
is not made elsewhere in this Agreement, then the Party to whom such amount is due shall furnish a
statement therefore to the other Party, along with pertinent information showing the basis for the
calculation thereof. Upon request, the Party who issued a statement under this <U>Section&nbsp;9.5</U>
shall provide reasonable supporting documentation to substantiate any amount claimed to be due.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.6 <U>Payment</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <I>Form of Payment</I>. Each Party shall pay, or cause to be paid, by telegraphic
transfer of same day funds in U.S. Dollars, all amounts that become due and payable by such
Party to a bank account or accounts designated by and in accordance with instructions
issued by the other Party. Each payment of undisputed amounts (the disputed portion of
which is addressed under <U>Section&nbsp;9.7</U>) owing hereunder shall be in the full amount
due without reduction or offset for any reason (except as expressly allowed under this
Agreement), including Taxes, exchange charges or bank transfer charges. Notwithstanding
the immediately preceding sentence, the paying Party shall not be responsible for a
designated bank&#146;s disbursement of amounts remitted to such bank, and a deposit in same day
funds of the full amount of each statement with such bank shall constitute full discharge
and satisfaction of such statement.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <I>Payment Date</I>. If any payment due date should fall on a Saturday or non-Monday
weekday that is not a Business Day in New York City, payment is to be made on the
immediately preceding Business Day. If the payment due date should fall on a Sunday or Monday which is not a Business Day in New York City,
payment is to be made on the immediately following Business Day.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <I>Interest</I>. All payments under this Agreement not paid by the due date as defined
herein shall accrue interest at the Base Interest Rate. Interest shall run from, and
including, the applicable due date of the payment to, but excluding, the date that payment
is received.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.7 <U>Disputed Payments</U>. In the event of a disagreement concerning any statement or
invoice issued pursuant hereto, the owing Party shall make provisional payment of the total amount
owing and shall promptly notify the receiving Party of the reasons for such disagreement, except
that in the case of an obvious error in computation, the owing Party shall pay the correct amount
disregarding such error. Statements may be contested by a Party only if, within a period of one
(1)&nbsp;year after a Party&#146;s receipt thereof, the owing Party serves on the receiving Party notice
questioning their correctness. If no such notice is served, statements shall be deemed correct and
accepted by all Parties. The Parties shall cooperate in resolving any dispute expeditiously.
Within five (5)&nbsp;Business Days after resolution of any dispute as to a statement, the Party owing a
disputed amount, if any, shall pay such amount, with interest at the Base Interest Rate from the
original due date to but not including the date of payment.
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>ARTICLE 10<BR>
<U>TAXES</U></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coffeyville shall be liable for (i)&nbsp;all Taxes imposed on Crude Oil as a result of the
transportation, storage, importation or transfer of title of such Crude Oil from Vitol to
Coffeyville at the Delivery Point, and (ii)&nbsp;all Taxes imposed after delivery of such Crude Oil to
Coffeyville at the Delivery Point.
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>ARTICLE 11<BR>
<U>INFORMATION AND REQUESTS FOR ADEQUATE ASSURANCES</U></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1 <U>Financial Information</U>. Coffeyville shall provide Vitol (a)&nbsp;within ninety (90)
days following the end of each of its fiscal years (or such later date on which the annual report
is delivered by Coffeyville or its Affiliates to the SEC), a copy of its annual report, containing
audited consolidated financial statements for such fiscal year certified by independent certified
public accountants, (b)&nbsp;within forty-five (45)&nbsp;days after the end of its first three (3)&nbsp;fiscal
quarters of each fiscal year (or such later date on which the applicable quarterly report is
delivered by Coffeyville or its Affiliates to the SEC), a copy of its quarterly report, containing
unaudited consolidated financial statements for such fiscal quarter and (c)&nbsp;within forty (40)&nbsp;days
after the end of each month, a monthly income statement, balance sheet and cash flow statement
prepared consistently with prior practices. In all cases the statements shall be for the most
recent accounting period and the annual and quarterly statements shall be prepared in accordance
with GAAP;
</DIV>

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</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U>provided</U>, <U>however</U>, that should any such statements not be timely
available due to a delay in preparation or certification, such delay shall not be considered an
Event of Default so long as Coffeyville or its Affiliates diligently pursues the preparation, certification and
delivery of such statements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2 <U>Notification of Certain Events</U>. Each Party shall notify the other Party at least
one Business Day prior to any of the following events, as applicable:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) As to Coffeyville, it or any of its Affiliates&#146; binding agreement to sell, lease,
sublease, transfer or otherwise dispose of, or grant any Person (including an Affiliate) an
option to acquire, in one transaction or a series of related transactions, all or a
material portion of the Refinery assets; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) As to either Party, its or any of its Affiliates&#146; binding agreement to consolidate
or amalgamate with, merge with or into, or transfer all or substantially all of its assets
to, another entity (including an Affiliate).
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For purposes of this <U>Section&nbsp;11.2</U>, an Affiliate of Coffeyville shall include entities up to
the level of CVR Energy, Inc., but not above CVR Energy, Inc., and an Affiliate of Vitol shall
include only Vitol Holdings BV. In addition, this <U>Section&nbsp;11.2</U> shall not apply to any
future public offering of stock (or partnership units) of Coffeyville or any of its Affiliates,
including, but not limited to CVR Partners, LP, or to an internal corporate reorganization where
the ultimate beneficial ownership of such party does not change.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.3 <U>Adequate Assurances</U>. Vitol may, in its sole discretion and upon notice to
Coffeyville, require that Coffeyville provide it with satisfactory security for or adequate
assurance (<B>&#147;Adequate Assurance&#148;</B>) of Coffeyville&#146;s performance within three (3)&nbsp;Business Days of
giving such notice if:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Vitol reasonably determines that reasonable grounds for insecurity exist with
respect to Coffeyville&#146;s ability to perform its obligations hereunder; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Coffeyville defaults with respect to any payment hereunder (after giving effect to
any applicable grace period).
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Vitol&#146;s right to request Adequate Assurance pursuant to <U>Section&nbsp;11.3(a)</U> shall include, but
not be limited, the occurrence of a spin-off of CVR Partners, LP to the stockholders of CVR Energy,
Inc. and/or any internal corporate reorganization where Coffeyville or CVR Energy, Inc., as the
case may be, is not as creditworthy following such transaction as prior thereto.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In the event Vitol gives such a notice pursuant to <U>Section&nbsp;11.3(a)</U> above, such notice shall
include a summary of the information upon which Vitol has based its determination that such
reasonable grounds for insecurity exist. Such summary shall be in sufficient detail to reasonably
communicate Vitol&#146;s grounds that insecurity exists; however, in no event shall the nature of
Vitol&#146;s notice relieve Coffeyville of its obligation to provide Adequate Assurance hereunder.
</DIV>



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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.4 <U>Eligible Collateral</U>. Any requirement for Adequate Assurance shall be satisfied
only by Coffeyville&#146;s delivery of Eligible Collateral. Eligible Collateral shall be posted in an amount equal to not less than Vitol&#146;s financial exposure under this Agreement
(the <B>&#147;Cover Exposure&#148;</B>). Cover Exposure shall mean the amount, either positive or negative, that is
the difference between the Crude Oil valued at the applicable Provisional Transfer Prices and the
fair market value of the Crude Oil, which shall reflect any adjustments for the quality of the
Crude Oil as compared to WTI. (For the avoidance of doubt, Crude Oil shall mean the total
aggregate volume of all Crude Oil held by Vitol on the date of such calculations). In addition, in
order to continue to satisfy any requirement for Adequate Assurance, the amount of any Eligible
Collateral shall be adjusted from time to time so that it is sufficient to satisfy the Cover
Exposure, as it may fluctuate from time to time. Vitol shall, from time to time, compute the Cover
Exposure in a commercially reasonable manner.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.5 <U>Failure to Give Adequate Assurance</U>. Without prejudice to any other legal
remedies available to Vitol and without Vitol incurring any Liabilities (whether to Coffeyville or
to a third party), Vitol may, at its sole discretion, take any or all of the following actions if
Coffeyville fails to give Adequate Assurance as required pursuant to <U>Section&nbsp;11.3</U>: (a)
withhold or suspend its obligations, including payment obligations, under this Agreement, (b)
proceed against Coffeyville for damages occasioned by Coffeyville&#146;s failure to perform or (c)
exercise its termination rights under <U>Article&nbsp;17</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.6 <U>Coffeyville Right to Terminate</U>. Notwithstanding anything to the contrary herein,
Coffeyville may, within sixty (60)&nbsp;days of its providing Adequate Assurance hereunder and upon five
(5)&nbsp;days prior written notice to Vitol, terminate this Agreement. Such termination by Coffeyville
shall not be a default hereunder and shall be deemed a termination pursuant to <U>Article&nbsp;17</U>;
provided that nothing in this <U>Section&nbsp;11.6</U> shall limit any of Vitol&#146;s rights in the event
Coffeyville fails to maintain Adequate Assurance or any other Event of Default with respect to
Coffeyville occurs.
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>ARTICLE 12<BR>
<U>REFINERY TURNAROUND, MAINTENANCE AND CLOSURE</U></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1 <U>Scheduled Maintenance</U>. Coffeyville shall provide to Vitol on the Commencement
Date and on an annual basis thereafter, at least thirty (30)&nbsp;days prior to the beginning of each
calendar year during the Term, its anticipated timing of Scheduled Maintenance during the upcoming
year, and shall update such schedule as soon as practical following any change to the maintenance
schedule. The Parties shall cooperate with each other in establishing maintenance and turnaround
schedules that do not unnecessarily interfere with the receipt of Crude Oil that Vitol has
committed to purchase.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2 <U>Unscheduled Maintenance</U>. Coffeyville shall immediately notify Vitol orally
(followed by prompt written notice) of any previously unscheduled downtime, maintenance or
turnaround and the expected duration of such unscheduled downtime, maintenance or turnaround.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.3 <U>Failure to Accept Deliveries</U>. In the event that the Refinery is unable, for
whatever reason other than Scheduled Maintenance, to accept deliveries of Crude Oil for a period of thirty (30)&nbsp;consecutive days, consistent with prior practices, then Vitol shall be
entitled to suspend deliveries of Crude Oil until such time as the Refinery has resumed its normal
receipt schedule. During such period of suspension, Vitol, at its option and its sole discretion,
shall be entitled to (a)&nbsp;deliver the Crude Oil to an alternate location in accordance with
instructions received from Coffeyville and demand immediate payment from Coffeyville for such Crude
Oil, or (b)&nbsp;sell such Crude Oil to a third party, in which case Coffeyville shall be liable to
Vitol for any shortfall, or Vitol shall be liable to Coffeyville for any excess, between (i)&nbsp;the
revenues received by Vitol from such third party sale and (ii)&nbsp;the price that Coffeyville would
have paid Vitol pursuant to this Agreement, <I>plus </I>all direct and indirect costs of cover and
documented hedge expenses. Any amount owed to a Party pursuant to this <U>Section&nbsp;12.3</U> shall
be included in the next Weekly True-Up Payment.
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>ARTICLE 13<BR>
<U>COMPLIANCE WITH APPLICABLE LAWS</U></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1 <U>Compliance With Laws</U>. Each Party shall, in the performance of its duties under
this Agreement, comply in all material respects with all Applicable Laws. Each Party shall
maintain the records required to be maintained by Environmental Laws and shall make such records
available to the other Party upon request.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2 <U>Reports</U>. All reports or documents rendered by either Party to the other Party
shall, to the best of such rendering Party&#146;s knowledge and belief, accurately and completely
reflect the facts about the activities and transactions to which they relate. Each Party shall
promptly notify the other Party if at any time such rendering Party has reason to believe that the
records or documents previously furnished to such other Party are no longer accurate or complete in
any material respect.
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>ARTICLE 14<BR>
<U>FORCE MAJEURE</U></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.1 <U>Event of Force Majeure</U>. Neither Party shall be liable to the other Party if it
is rendered unable by an event of Force Majeure to perform in whole or in part any of its
obligations hereunder, for so long as the event of Force Majeure exists and to the extent that
performance is hindered by the event of Force Majeure; <U>provided</U>, <U>however</U>, that the
Party unable to perform shall use all commercially reasonable efforts to avoid or remove the event
of Force Majeure. During the period that performance by one of the Parties of a part or whole of
its obligations has been suspended by reason of an event of Force Majeure, the other Party likewise
may suspend the performance of all or a part of its obligations to the extent that such suspension
is commercially reasonable, except for any payment and indemnification obligations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.2 <U>Notice</U>. The Party rendered unable to perform its obligations hereunder shall
give notice to the other Party within twenty-four (24)&nbsp;hours after receiving notice of the
occurrence of an event of Force Majeure, including, to the extent feasible, the details
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">and the expected duration of the event of Force Majeure and the volume of Crude Oil
affected. Such Party shall promptly notify the other Party when the event of Force Majeure is
terminated.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.3 <U>Termination and Curtailment</U>. In the event that a Party&#146;s performance is
suspended due to an event of Force Majeure in excess of ninety (90)&nbsp;consecutive days from the date
that notice of such event is given, and so long as such event is continuing, the non-claiming
Party, in its sole discretion, may terminate or curtail its obligations under this Agreement by
notice to the other Party, and neither Party shall have any further liability to the other Party in
respect of this Agreement except for the rights and remedies previously accrued under this
Agreement, including any payment and indemnification obligations by either Party under this
Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.4 <U>Resumption of Performance</U>. If this Agreement is not terminated pursuant to this
<U>Article&nbsp;14</U> or any other provision of this Agreement, performance of this Agreement shall
resume to the extent made possible by the end or amelioration of the event of Force Majeure in
accordance with the terms of this Agreement; <U>provided</U>, <U>however</U>, that the Term of
this Agreement shall not be extended for the period of any event of Force Majeure.
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>ARTICLE 15<BR>
<U>MUTUAL REPRESENTATIONS, WARRANTIES AND COVENANTS</U></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U></U> Each Party represents and warrants to the other Party as of the Effective Date of
this Agreement and as of the date of each purchase and sale of Crude Oil hereunder, that:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) It is an &#147;Eligible Contract Participant&#148; as defined in Section&nbsp;1a (12)&nbsp;of the
Commodity Exchange Act, as amended.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) It is a &#147;forward contract merchant&#148; in respect of this Agreement and each sale of
Crude Oil hereunder is a forward contract for purposes of the United States Bankruptcy
Code, 11 U.S.C. &#167;&#167; 101 et seq., as amended from time to time.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) It is duly organized and validly existing under the laws of the jurisdiction of
its organization or incorporation and in good standing under such laws.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) It has the corporate, governmental or other legal capacity, authority and power to
execute this Agreement, to deliver this Agreement and to perform its obligations under this
Agreement, and has taken all necessary action to authorize the foregoing.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The execution, delivery and performance in the preceding paragraph (d)&nbsp;do not
violate or conflict with any Applicable Law, any provision of its constitutional documents,
any order or judgment of any court or Governmental Authority applicable to it or any of its
assets or any contractual restriction binding on or affecting it or any of its assets.
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) All governmental and other authorizations, approvals, consents, notices and
filings that are required to have been obtained or submitted by it with respect to this
Agreement have been obtained or submitted and are in full force and effect, and all
conditions of any such authorizations, approvals, consents, notices and filings have been
complied with.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Its obligations under this Agreement constitute its legal, valid and binding
obligations, enforceable in accordance with its terms (subject to applicable bankruptcy,
reorganization, insolvency, moratorium, fraudulent conveyance or similar laws affecting
creditors&#146; rights generally and subject, as to enforceability, to equitable principles of
general application regardless of whether enforcement is sought in a proceeding in equity
or at law and an implied covenant of good faith and fair dealing).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) No Event of Default under <U>Article&nbsp;16</U> with respect to it has occurred and
is continuing, and no such event or circumstance would occur as a result of its entering
into or performing its obligations under this Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) There is not pending or, to its knowledge, threatened against it any action, suit
or proceeding at law or in equity or before any court, tribunal, Governmental Authority,
official or any arbitrator that is likely to affect the legality, validity or
enforceability against it of this Agreement or its ability to perform its obligations under
this Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) It is not relying upon any representations of the other Party, other than those
expressly set forth in this Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) It has entered into this Agreement as principal (and not as advisor, agent, broker
or in any other capacity, fiduciary or otherwise), with a full understanding of the
material terms and risks of the same, and is capable of assuming those risks.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) It has made its trading and investment decisions (including their suitability)
based upon its own judgment and any advice from its advisors as it has deemed necessary,
and not in reliance upon any view expressed by the other Party.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) The other Party (i)&nbsp;is acting solely in the capacity of an arm&#146;s-length
contractual counterparty with respect to this Agreement, (ii)&nbsp;is not acting as a financial
advisor or fiduciary or in any similar capacity with respect to this Agreement and (iii)
has not given to it any assurance or guarantee as to the expected performance or result of
this Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) Neither it nor any of its Affiliates has been contacted by or negotiated with any
finder, broker or other intermediary in connection with the sale of Crude Oil hereunder who
is entitled to any compensation with respect thereto (other than brokers&#146; fees agreed upon
by the Parties).
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) None of its directors, officers, employees or agents or those of its Affiliates
has received or will receive any commission, fee, rebate, gift or entertainment of
significant value in connection with this Agreement.
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>ARTICLE 16<BR>
<U>DEFAULT AND REMEDIES</U></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.1 <U>Events of Default</U>. Notwithstanding any other provision of this Agreement, an
Event of Default shall be deemed to occur with respect to a Party when:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Such Party fails to make payment when due under this Agreement, within one (1)
Business Day of a written demand therefor.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Other than a Default described in <U>Sections&nbsp;16.1(a)</U> and <U>(c)</U>, such
Party fails to perform any obligation or covenant to the other Party under this Agreement,
which failure is not cured to the satisfaction of the other Party (in its sole discretion)
within five (5)&nbsp;Business Days from the date that such Party receives written notice that
corrective action is needed.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Such Party breaches any material representation or material warranty made or
repeated or deemed to have been made or repeated in this Agreement by such Party, or any
warranty or representation in this Agreement proves to have been incorrect or misleading in
any material respect when made or repeated or deemed to have been made or repeated under
this Agreement; <U>provided</U>, <U>however</U>, that if such breach is curable, it is
only an Event of Default if such breach is not cured to the reasonable satisfaction of the
other Party (in its sole discretion) within ten (10)&nbsp;Business Days from the date that such
Party receives notice that corrective action is needed.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Such Party or its Designated Affiliate (i)&nbsp;defaults under a Specified Transaction
and, after giving effect to any applicable notice requirement or grace period, there occurs
a liquidation of, an acceleration of obligations under, or any early termination of, such
Specified Transaction, (ii)&nbsp;defaults, after giving effect to any applicable notice
requirement or grace period, in making any payment or delivery due on the last payment,
delivery or exchange date of, or any payment on early termination of, a Specified
Transaction (or such default continues for at least three (3)&nbsp;Business Days if there is no
applicable notice requirement or grace period) or (iii)&nbsp;disaffirms, disclaims, repudiates
or rejects, in whole or in part, a Specified Transaction (or such action is taken by any
Person appointed or empowered to operate it or act on its behalf).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Such Party becomes Bankrupt.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Coffeyville fails to provide Adequate Assurance in accordance with <U>Section
11.3</U>.
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Coffeyville or any of its Affiliates sells, leases, subleases, transfers or
otherwise disposes of, in one transaction or a series of related transactions, all or a
material portion of the assets of the Refinery.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) There shall occur either (i)&nbsp;a default, event of default or other similar
condition or event (however described) in respect of Coffeyville or any of its Affiliates
under one or more agreements or instruments relating to any Specified Indebtedness in an
aggregate amount of not less than $20,000,000 which has resulted in such Specified
Indebtedness becoming due and payable under such Specified Indebtedness and instruments
before it would have otherwise been due and payable or (ii)&nbsp;a default by Coffeyville or any
of its Affiliates (individually or collectively) in making one or more payments on the due
date thereof in an aggregate amount of not less than $10,000,000 under such agreements or
instruments relating to any Specified Indebtedness (after giving effect to any applicable
notice requirement or grace period), provided that a default under clause (ii)&nbsp;above shall
not constitute an Event of Default if (a)&nbsp;the default was caused solely by error or
omission of an administrative or operational nature; (b)&nbsp;funds were available to enable
Coffeyville or its Affiliate, as the case may be, to make the payment when due; and (c)&nbsp;the
payment is made within two (2)&nbsp;Business Days of such Coffeyville&#146;s or its Affiliates, as
the case may be, receipt of written notice of its failure to pay.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Coffeyville or CVR Energy, Inc. (i)&nbsp;consolidates or amalgamates with, merges with
or into, or transfers all or substantially all of its assets to, another entity (including
an Affiliate) or any such consolidation, amalgamation, merger or transfer is consummated,
and (ii)&nbsp;the successor entity resulting from any such consolidation, amalgamation or merger
or the Person that otherwise acquires all or substantially all of the assets of Coffeyville
or CVR Energy, Inc. (a)&nbsp;does not assume, in a manner reasonably satisfactory to Vitol, all
of Coffeyville&#146;s obligations hereunder, or (b)&nbsp;has an &#147;issuer credit&#148; rating below BBB- by
Standard and Poor&#146;s Ratings Group or Baa3 by Moody&#146;s Investors Service, Inc. (or an
equivalent successor rating classification).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">A future public offering of stock of Coffeyville or any of its Affiliates (including, but
not limited to CVR Energy, Inc.) or a future public offering of units of CVR Partners, LP
shall not result in an Event of Default under this Agreement pursuant to clauses (g)&nbsp;and
(i)&nbsp;above. In addition, a spin-off of CVR Partners, LP to the stockholders of CVR Energy,
Inc. and/or an internal corporate reorganization where the ultimate beneficial ownership of
such Party does not change shall not result in an Event of Default under this Agreement
pursuant to clauses (g)&nbsp;and (i)&nbsp;above.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">Coffeyville shall be the Defaulting Party upon the occurrence of any of the events
described in clauses (f), (g), (h)&nbsp;and (i)&nbsp;above.
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.2 <U>Remedies</U>. Notwithstanding any other provision of this Agreement, upon the
occurrence of an Event of Default with respect to either Party (the <B>&#147;Defaulting Party&#148;</B>), the other
Party (the <B>&#147;Performing Party&#148;</B>) shall in its sole discretion, in addition to all other remedies
available to it and without incurring any Liabilities to the Defaulting Party or to third parties,
be entitled to do one or more of the following: (a)&nbsp;suspend its performance under this Agreement
without prior notice to the Defaulting Party, (b)&nbsp;proceed against the Defaulting Party for damages
occasioned by the Defaulting Party&#146;s failure to perform, (c)&nbsp;upon one (1)&nbsp;Business Day&#146;s notice to
the Defaulting Party, immediately terminate and liquidate all Transactions between the Parties by
calculating a Termination Payment, in the manner set forth in <U>Section&nbsp;17.2</U>, and (iv)
exercise its rights of liquidation and setoff with respect to all Specified Transactions as set
forth in <U>Section&nbsp;17.4</U>. Notwithstanding the foregoing, in the case of an Event of Default
described in <U>Section&nbsp;16.1(e)</U>, no prior notice shall be required.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.3 <U>Instructions Concerning Operational Matters</U>. At any time upon an Event of
Default by Coffeyville, Vitol may instruct (a)&nbsp;the Terminal Operators to cancel any Crude Oil
nominations scheduled for delivery from Vitol to Coffeyville and re-nominate such Crude Oil to
Vitol&#146;s consignee as Vitol may direct and (b)&nbsp;the relevant Pipeline Systems that Vitol will be
using Coffeyville&#146;s nominated shipping capacity to ship Crude Oil that otherwise would be sold to
Coffeyville to Vitol&#146;s consignee as Vitol may direct. It is the Parties&#146; understanding that all
Crude Oil shall be exclusively owned and controlled by Vitol until delivered to Coffeyville at the
Delivery Point.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.4 <U>Forbearance Period.</U> If an Event of Default of the type referred to in<U>
Section&nbsp;16.1(h)</U> occurs, Vitol agrees that, for a period of up to sixty (60)&nbsp;consecutive
calendar days thereafter (the <B>&#147;Forbearance Period&#148;</B>), it shall forbear from exercising its rights
and remedies under <U>Section&nbsp;16.2</U> to the extent it is otherwise entitled to do so based on
such occurrence; provided that:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) at all times during the Forbearance Period, either the Cover Exposure shall equal
zero or the aggregate amount of Undrawn Letters of Credit shall exceed the Cover Exposure;
and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) at no time during the Forbearance Period shall any other Event of Default have
occurred.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Forbearance Period shall end on the earlier to occur of (i)&nbsp;the sixtieth (60th) day following
the occurrence of the Specified Indebtedness Event of Default or (ii)&nbsp;the time as of which the
condition in either clause (a)&nbsp;or (b)&nbsp;of <U>Section&nbsp;16.4</U> is no longer satisfied. During the
Forbearance Period, Vitol shall continue to supply Crude Oil to Coffeyville pursuant to the
provisions hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">From and after the end of the Forbearance Period, Vitol shall be entitled to exercise any and all
of the rights and remedies it may have (including without limitation under <U>Section&nbsp;16.2</U>)
based on the occurrence of such Event of Default as if no Forbearance Period had occurred
(regardless of whether such Event of Default has been remedied or waived during such Forbearance
Period).
</DIV>





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<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>ARTICLE 17<BR>
<U>FINAL SETTLEMENT AT TERMINATION</U></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.1 <U>Effects of Termination</U>. Upon the termination or expiration of this Agreement,
Coffeyville shall acquire (a)&nbsp;all Crude Oil located in the Designated Tanks and (b)&nbsp;all Crude Oil
in transit by vessel or in pipelines to be delivered into the Designated Tanks (collectively, the
<B>&#147;Final Inventory&#148;</B>), all of which shall be purchased by Coffeyville at the Transfer Price effective
as of the date of termination or expiration. Such final purchase and sale Transactions shall be
invoiced by Vitol and paid for by Coffeyville in accordance with the procedures set forth in
<U>Article&nbsp;9</U>, except that (i)&nbsp;Coffeyville shall pay one hundred percent (100%) of the Transfer
Price (***) and (ii)&nbsp;Vitol may prepare and deliver to Coffeyville True-Up Invoices as soon as the
necessary information becomes available. The Final Inventory volumes shall be the sum of the
following: (i)&nbsp;the volume of Crude Oil in the Designated Tanks as determined by the records of
each Designated Tank operator and (ii)&nbsp;the volume of Crude Oil in transit by vessel or pipeline as
determined by the records of each vessel or pipeline operator. In the event that Coffeyville fails
to purchase such Crude Oil in accordance with the terms of this <U>Section&nbsp;17.1</U>, Vitol shall
be entitled to sell the Crude Oil and recover from Coffeyville any and all cover damages (including
breakage costs) resulting therefrom.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.2 <U>Close Out of Transactions Under the Agreement</U>. Upon the occurrence of an Event
of Default, the Performing Party shall, in its sole discretion, in addition to all other remedies
available to it and without incurring any Liabilities to the Defaulting Party or to third parties,
be entitled to designate a date not earlier than the date of such notice (the <B>&#147;Termination Date&#148;</B>)
on which all Transactions shall terminate. The Performing Party shall be entitled to close out and
liquate each Transaction at its market price, as determined by the Performing Party in a
commercially reasonable manner as of the Termination Date, and to calculate an amount equal to the
difference, if any, between the market price and the Transfer Price for each Transaction. The
Performing Party shall aggregate the net gain or loss with respect to all terminated Transactions
as of the Termination Date to a single dollar amount (the <B>&#147;Liquidation Amount&#148;</B>). The Performing
Party shall notify the Defaulting Party of the Liquidation Amount due from or due to the Defaulting
Party, after taking into account any collateral or margin held by either Party (the <B>&#147;Termination
Payment&#148;</B>).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.3 <U>Payment of Termination Payment</U>. As soon as reasonably practicable after the
Termination Date, the Performing Party shall provide the Defaulting Party with a statement showing,
in reasonable detail, the calculation of the Liquidation Amount and the Termination Payment. If
the Defaulting Party owes the Termination Payment to the Performing Party, the Defaulting Party
shall pay the Termination Payment on the first (1<SUP style="FONT-size: 85%; vertical-align: text-top">st</SUP>) Business Day after it receives the
statement. If the Performing Party owes the Termination Payment to the Defaulting Party, the
Performing Party shall pay the Termination Payment once it has reasonably determined all amounts
owed by the Defaulting Party to it under all Transactions and its rights of setoff under
<U>Section&nbsp;17.4</U>.
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.4 <U>Close Out of Specified Transactions</U>. An Event of Default under this Agreement
shall constitute a material breach and an event of default, howsoever described, under all
Specified Transactions. The Performing Party (or any of its Affiliates) may, by giving a notice to
the Defaulting Party, designate a Termination Date for all Specified Transactions and, upon such
designation, terminate, liquidate and otherwise close out all Specified Transactions. If the
Performing Party elects to designate a Termination Date under this <U>Section&nbsp;17.4</U> for
Specified Transactions, the Performing Party shall calculate, in accordance with the terms set
forth in such Specified Transactions, the amounts, whether positive or negative, due upon early
termination under each Specified Transaction and shall determine in good faith and fair dealing the
aggregate sum of such amounts, whether positive or negative <B>(&#147;Specified Transaction Termination
Amount&#148;</B>). If a particular Specified Transaction does not provide a method for determining what is
owed upon termination, then the amount due upon early termination shall be determined pursuant to
<U>Section&nbsp;17.2</U>, as if the Specified Transaction was a Transaction. On the Termination Date
or as soon as reasonably practicable thereafter, the Performing Party shall provide the Defaulting
Party with a statement showing, in reasonable detail, the calculation of the Specified Transaction
Termination Amount. If the Specified Transaction Termination Amount is a negative number, and the
Performing Party owes a Termination Payment to the Defaulting Party, the Performing Party shall pay
the Defaulting Party the Specified Transaction Termination Amount at the time of its payment of the
Termination Payment under <U>Section&nbsp;17.2</U>. If the Specified Transaction Termination Amount is
a positive number, the Defaulting Party shall pay the Performing Party such Specified Transaction
Termination Amount on demand; <U>provided</U>, <U>however</U>, that the Performing Party, at its
election, may setoff any Termination Payment owed by the Defaulting Party to the Performing Party
pursuant to <U>Section&nbsp;17.2</U> against any Specified Transaction Termination Amount owed by the
Performing Party to the Defaulting Party and may setoff any Specified Transaction Termination
Amount owed to the Performing Party by the Defaulting Party against any Termination Payment owed by
the Performing Party to the Defaulting Party pursuant to <U>Section&nbsp;17.2</U>. The Performing
Party shall notify the Defaulting Party of any setoff affected under this <U>Section&nbsp;17.4</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.5 <U>Non-Exclusive Remedy</U>. The Performing Party&#146;s rights under this <U>Article
17</U> shall be in addition to, and not in limitation or exclusion of, any other rights that it may
have (whether by agreement, operation of law or otherwise), including any rights and remedies under
the UCC; <U>provided</U>, <U>however</U>, that (a)&nbsp;if the Performing Party elects to exercise its
rights under <U>Section&nbsp;17.2</U>, it shall do so with respect to all Transactions, and (b)&nbsp;if the
Performing Party elects to exercise its rights under <U>Section&nbsp;17.4</U>, it shall do so with
respect to all Specified Transactions. The Performing Party may enforce any of its remedies under
this Agreement successively or concurrently at its option. No delay or failure on the part of a
Performing Party to exercise any right or remedy to which it may become entitled on account of an
Event of Default shall constitute an abandonment of any such right, and the Performing Party shall
be entitled to exercise such right or remedy at any time during the continuance of an Event of
Default. All of the remedies and other provisions of this <U>Article&nbsp;17</U> shall be without
prejudice and in addition to any right of setoff, recoupment, combination of accounts, lien or
other right to which any Party is at any time otherwise entitled (whether by operation of law, in
equity, under contract or otherwise).
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.6 <U>Indemnity</U>. The Defaulting Party shall indemnify and hold harmless the Performing
Party for all Liabilities incurred as a result of the Default or in the exercise of any remedies
under this <U>Article&nbsp;17</U>, including any damages, losses and expenses incurred in obtaining,
maintaining or liquidating commercially reasonable hedges relating to any Crude Oil sold and WTI
Contracts entered into hereunder, all as determined in a commercially reasonable manner by the
Performing Party.
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>ARTICLE 18<BR>
<U>INDEMNIFICATION AND CLAIMS</U></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.1 <U>Vitol&#146;s Duty to Indemnify</U>. To the fullest extent permitted by Applicable Law and
except as specified otherwise elsewhere in this Agreement, Vitol shall defend, indemnify and hold
harmless Coffeyville, its Affiliates, and their directors, officers, employees, representatives,
agents and contractors for and against any Liabilities directly or indirectly arising out of (i)
any breach by Vitol of any covenant or agreement contained herein or made in connection herewith or
any representation or warranty of Vitol made herein or in connection herewith proving to be false
or misleading, (ii)&nbsp;Vitol&#146;s handling, storage or refining of any Crude Oil or the products thereof,
(iii)&nbsp;any failure by Vitol to comply with or observe any Applicable Law, (iv)&nbsp;Vitol&#146;s negligence or
willful misconduct, or (v)&nbsp;injury, disease, or death of any person or damage to or loss of any
property, fine or penalty, as well as any Liabilities directly or indirectly arising out of or
relating to environmental losses such as oil discharges or violations of Environmental Law before
the Delivery Point in performing its obligations under this Agreement, except to the extent that
such injury, disease, death, or damage to or loss of property was caused by the negligence or
willful misconduct on the part of Coffeyville, its Affiliates or any of their respective employees,
representatives, agents or contractors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.2 <U>Coffeyville&#146;s Duty to Indemnify</U>. To the fullest extent permitted by Applicable
Law and except as specified otherwise elsewhere in this Agreement, Coffeyville shall defend,
indemnify and hold harmless Vitol, its Affiliates, and their directors, officers, employees,
representatives, agents and contractors for and against any Liabilities directly or indirectly
arising out of (i)&nbsp;any breach by Coffeyville of any covenant or agreement contained herein or made
in connection herewith or any representation or warranty of Coffeyville made herein or in
connection herewith proving to be false or misleading, (ii)&nbsp;Coffeyville&#146;s handling, storage or
refining of any Crude Oil or the products thereof, (iii)&nbsp;Coffeyville&#146;s negligence or willful
misconduct, (iv)&nbsp;any failure by Coffeyville to comply with or observe any Applicable Law, or (v)
injury, disease, or death of any person or damage to or loss of any property, fine or penalty, any
of which is caused by Coffeyville or its employees, representatives, agents or contractors in the
exercise of any of the rights granted hereunder, except to the extent that such injury, disease,
death, or damage to or loss of property was caused by the negligence or willful misconduct on the
part of Vitol, its Affiliates or any of their respective employees, representatives, agents or
contractors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.3 <U>Notice of Indemnity Claim</U>. The Party to be indemnified (the <B>&#147;Indemnified Party&#148;</B>)
shall notify the other Party (the <B>&#147;Indemnifying Party&#148;</B>) as soon as practicable after receiving
notice of any claim, demand, suit or proceeding brought
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">against it which may give rise to the Indemnifying Party&#146;s obligations under this Agreement
(such claim, demand, suit or proceeding, a <B>&#147;Third Party Claim&#148;</B>), and shall furnish to the
Indemnifying Party the complete details within its knowledge. Any delay or failure by the
Indemnified Party to give notice to the Indemnifying Party shall not relieve the Indemnifying Party
of its obligations except to the extent, if any, that the Indemnifying Party shall have been
materially prejudiced by reason of such delay or failure.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.4 <U>Defense of Indemnity Claim</U>. The Indemnifying Party shall have the right to
assume the defense, at its own expense and by its own counsel, of any Third Party Claim;
<U>provided</U>, <U>however</U>, that such counsel is reasonably acceptable to the Indemnified
Party. Notwithstanding the Indemnifying Party&#146;s appointment of counsel to represent an Indemnified
Party, the Indemnified Party shall have the right to employ separate counsel, and the Indemnifying
Party shall bear the reasonable fees, costs and expenses of such separate counsel if (i)&nbsp;the use of
counsel chosen by the Indemnifying Party to represent the Indemnified Party would present a
conflict of interest or (ii)&nbsp;the Indemnifying Party shall not have employed counsel to represent
the Indemnified Party within a reasonable time after notice of the institution of such Third Party
Claim. If requested by the Indemnifying Party, the Indemnified Party agrees to reasonably
cooperate with the Indemnifying Party and its counsel in contesting any claim, demand or suit that
the Indemnifying Party defends, including, if appropriate, making any counterclaim or
cross-complaint. All costs and expenses incurred in connection with the Indemnified Party&#146;s
cooperation shall be borne by the Indemnifying Party.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.5 <U>Settlement of Indemnity Claim</U>. No Third Party Claim may be settled or
compromised (i)&nbsp;by the Indemnified Party without the consent of the Indemnifying Party or (ii)&nbsp;by
the Indemnifying Party without the consent of the Indemnified Party. Notwithstanding the
foregoing, an Indemnifying Party shall not be entitled to assume responsibility for and control of
any judicial or administrative proceedings if such proceedings involves an Event of Default by the
Indemnifying Party which shall have occurred and be continuing. The mere purchase and existence of
insurance does not reduce or release either Party from any liability incurred or assumed under this
Agreement.
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>ARTICLE 19<BR>
<U>LIMITATION ON DAMAGES</U></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as otherwise expressly provided in this Agreement, the Parties&#146; liability for
damages is limited to direct, actual damages only, and neither Party shall be liable for specific
performance, lost profits or other business interruption damages, or special, consequential,
incidental, punitive, exemplary or indirect damages, in tort, contract or otherwise, of any kind,
arising out of or in any way connected with the performance, the suspension of performance, the
failure to perform or the termination of this Agreement. Each Party acknowledges the duty to
mitigate damages hereunder.
</DIV>

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<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>ARTICLE 20<BR>
<U>AUDIT RIGHTS</U></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During the Term, either Party and its duly authorized representatives, upon
reasonable notice and during normal working hours, shall have access to the accounting records and
other documents maintained by the other Party that relate to this Agreement. Notwithstanding the
foregoing, in no event shall either Party have any obligation to share with the other Party any
books and records for transactions other than Transactions under this Agreement.
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>ARTICLE 21<BR>
<U>CONFIDENTIALITY</U></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.1 <U>Confidentiality Obligation</U>. The Parties agree that the specific terms and
conditions of this Agreement and any information exchanged between the Parties under this Agreement
are confidential and shall not disclose them to any third party, except (a)&nbsp;as may be required by
court order, Applicable Laws or a Governmental Authority or (b)&nbsp;to such Party&#146;s or its Affiliates&#146;
employees, auditors, directors, consultants, banks, financial advisors, rating agencies, insurance
companies, insurance brokers and legal advisors. All information subject to this confidentiality
obligation shall only be used for purposes of and with regard to this Agreement and shall not be
used by either Coffeyville or Vitol for any other purpose. Vitol acknowledges that pursuant to
this Agreement it will be receiving material nonpublic information with regard to CVR Energy, Inc.
and will be prohibited from trading in CVR Energy&#146;s, Inc. shares while in possession of such
information, as U.S. securities laws prohibit trading shares of a company while in possession of
material nonpublic information. Coffeyville&#146;s Affiliates shall include Kelso &#038; Company solely for
the purposes of this Section. The confidentiality obligations under this Agreement shall survive
termination of this Agreement for a period of one (1)&nbsp;year following the Termination Date. Notwithstanding anything to the contrary herein, the Parties agree that
this Agreement may be filed at the SEC with any redactions therein, that may be requested by
Coffeyville (after consultation with Vitol) and accepted by the SEC.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.2 <U>Disclosure</U>. In the case of disclosure covered by <U>Section&nbsp;21.1(a)</U> and if
the disclosing Party&#146;s counsel advises that it is permissible to do so, the disclosing Party shall
notify the other Party in writing of any proceeding of which it is aware that may result in
disclosure, and use reasonable efforts to prevent or limit such disclosure. The Parties shall be
entitled to all remedies available at law, or in equity, to enforce or seek relief in connection
with the confidentiality obligations contained herein.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.3 <U>Tax Matters</U>. Notwithstanding the foregoing, each Party agrees that it and its
parent, subsidiaries and their directors, officers, employees, agents or attorneys may disclose to
any and all persons the structure and any of the tax aspects of this Agreement transaction that are
necessary to describe or support any U.S. federal income tax benefits that may result therefrom, or
any materials relating thereto, that either Party has provided or will provide to the other Party
and its subsidiaries and their directors, officers,
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">employees, agents or attorneys in connection with this Agreement, except where confidentiality
is reasonably necessary to comply with Applicable Laws.
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>ARTICLE 22<BR>
<U>GOVERNING LAW</U></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.1 <U>Choice of Law</U>. <FONT style="FONT-variant: SMALL-CAPS">This Agreement shall be governed by, construed and enforced
under the laws of the State of New York without giving effect to its conflicts of laws principles.
</FONT>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.2 <U>Jurisdiction</U>. <FONT style="FONT-variant: SMALL-CAPS">Each of the Parties hereby irrevocably submits to the
non-exclusive jurisdiction of any federal court of competent jurisdiction situated in the Borough
of Manhattan, New York, or, if any federal court declines to exercise or does not have
jurisdiction, in any New York state court in the Borough of Manhattan (without recourse to
arbitration unless both Parties agree in writing), and to service of process by certified mail,
delivered to the Party at the address indicated below. Each Party hereby irrevocably waives, to
the fullest extent permitted by Applicable Law, any objection to personal jurisdiction, whether on
grounds of venue, residence or domicile.</FONT>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.3 <U>Waiver</U>. <FONT style="FONT-variant: SMALL-CAPS">Each Party waives, to the fullest extent permitted by applicable
law, any right it may have to a trial by jury in respect of any proceedings relating to this
agreement.</FONT>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>ARTICLE 23<BR>
<U>ASSIGNMENT</U></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.1 <U>Successors</U>. This Agreement shall inure to the benefit of and be binding upon the
Parties, their respective successors and permitted assigns.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.2 <U>No Assignment</U>. Neither Party shall assign this Agreement or its rights or
interests hereunder in whole or in part, or delegate its obligations hereunder in whole or in part,
without the express written consent, which consent shall not be unreasonably withheld, of the other
Party except in the case of assignment to an Affiliate if (a)&nbsp;such Affiliate assumes in writing all
of the obligations of the assignor and (b)&nbsp;the assignor provides the other Party with evidence of
the Affiliate&#146;s financial responsibility at least equal to that of the assignor. Further, no
consent shall be required for transfer of an interest in this Agreement by merger provided that the
transferee entity (x)&nbsp;assumes in writing all of the obligations of the transferor and (y)&nbsp;provides
the other Party with evidence of financial responsibility at least equal to that of the transferor.
If written consent is given for any assignment, the assignor shall remain jointly and severally
liable with the assignee for the full performance of the assignor&#146;s obligations under this
Agreement, unless the Parties otherwise agree in writing.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.3 <U>Null and Void</U>. Any attempted assignment in violation of this <U>Article&nbsp;23</U>
shall be null and void <I>ab initio </I>and the non-assigning Party shall have the right, without
prejudice to any other rights or remedies it may have hereunder or otherwise, to terminate
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">this Agreement effective immediately upon notice to the Party attempting such assignment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.4 <U>Assignment of Claims</U>. If a dispute, claim or controversy should arise hereunder
between Vitol and any Counterparty and Vitol is unwilling to contest or litigate such matter, the
Parties shall agree to an assignment of Vitol&#146;s rights and interests as necessary to allow
Coffeyville to contest, litigate or resolve such matter by a mutually acceptable alternative means
that will allow Coffeyville to pursue the claim.
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>ARTICLE 24<BR>
<U>NOTICES</U></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All invoices, notices, requests and other communications given pursuant to this Agreement
shall be in writing and sent by facsimile, electronic mail or overnight courier. A notice shall be
deemed to have been received when transmitted (if confirmed by the notifying Party&#146;s transmission
report), or on the following Business Day if received after 5:00 p.m. EST, at the respective
Party&#146;s address set forth below and to the attention of the person or department indicated. A
Party may change its address, facsimile number or electronic mail address by giving written notice
in accordance with this <U>Article&nbsp;24</U>, which notice is effective upon receipt.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">If to Coffeyville to:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">Coffeyville Resources Refining &#038; Marketing, LLC<BR>
2277 Plaza Drive, Suite&nbsp;500<BR>
Sugar Land, Texas 77479<BR>
Attn: Chief Executive Officer<BR>
Fax: (281)&nbsp;207- 3505<BR>
E-Mail: jjlipinski@cvrenergy.com
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">With a copy to:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">Coffeyville Resources Refining &#038; Marketing, LLC<BR>
10 East Cambridge Circle Drive, Suite&nbsp;250<BR>
Kansas City, Kansas 66103<BR>
Attn: General Counsel<BR>
Fax: (913)&nbsp;982-5651<BR>
E-Mail: esgross@cvrenergy.com
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">If to VITOL to:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">Vitol Inc.<BR>
1100 Louisiana Street, Suite&nbsp;55<BR>
Houston, Texas 77002<BR>
Attn: James Dyer, IV<BR>
Fax: 713-230-1111<BR>
E-Mail: jcd@vitol.com
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">With a copy to:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">Robbi Rossi<BR>
8904 FM 2920<BR>
Spring, Texas 77379<BR>
Fax: 281-251-7416<BR>
E-Mail: robbi@robbirossi.com
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>ARTICLE 25<BR>
<U>NO WAIVER, CUMULATIVE REMEDIES</U></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.1 <U>No Waiver</U>. The failure of a Party hereunder to assert a right or enforce an
obligation of the other Party shall not be deemed a waiver of such right or obligation. The waiver
by any Party of a breach of any provision of, Event of Default or Potential Event of Default under
this Agreement shall not operate or be construed as a waiver of any other breach of that provision
or as a waiver of any breach of another provision of, Event of Default or Potential Event of
Default under this Agreement, whether of a like kind or different nature.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.2 <U>Cumulative Remedies</U>. Each and every right granted to the Parties under this
Agreement or allowed to the Parties by law or equity, shall be cumulative and may be exercised from
time to time in accordance with the terms thereof and applicable law.
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>ARTICLE 26<BR>
<U>NATURE OF THE TRANSACTION AND RELATIONSHIP OF PARTIES</U></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.1 <U>No Partnership</U>. This Agreement shall not be construed as creating a partnership,
association or joint venture between the Parties. It is understood that Coffeyville is an
independent contractor with complete charge of its employees and agents in the performance of its
duties hereunder, and, except as specifically set forth in <U>Section&nbsp;6.6(b)</U>, nothing herein
shall be construed to make Coffeyville, or any employee or agent of Coffeyville, an agent or
employee of Vitol.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.2 <U>Nature of the Transaction</U>. Although the Parties intend and expect that the
transactions contemplated hereunder constitute purchases and sales of Crude Oil between them, in
the event that any transaction contemplated hereunder is reconstrued by any court, bankruptcy
trustee or similar authority to constitute a loan from Vitol to Coffeyville, then Coffeyville shall
be deemed to have pledged all Crude Oil (until such time as payment in respect of such Crude Oil
has been made in accordance with the terms of this Agreement) as security for the performance of
Coffeyville&#146;s obligations under this Agreement, and shall be deemed to have granted to Vitol a
first priority lien and security interest in such Crude Oil and all the proceeds thereof.
Coffeyville hereby authorizes Vitol to file a UCC financing statement with respect to all Crude
Oil, whether now owned or hereafter acquired, and all proceeds thereof. Notwithstanding the
foregoing, the filing of any UCC financing statements made pursuant to this Agreement shall in no
way be construed as being contrary to the intent of the Parties that the transactions evidenced by
this Agreement be treated as sales of Crude Oil by Vitol to Coffeyville.
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.3 <U>No Authority</U>. Neither Party shall have the right or authority to negotiate,
conclude or execute any contract or legal document with any third person on behalf of the other
Party, to assume, create, or incur any liability of any kind, express or implied, against or in the
name of the other Party, or to otherwise act as the representative of the other Party, unless
expressly authorized in writing by the other Party.
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>ARTICLE 27<BR>
<U>MISCELLANEOUS</U></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.1 <U>Severability</U>. If any Article, Section or provision of this Agreement shall be
determined to be null and void, voidable or invalid by a court of competent jurisdiction, then for
such period that the same is void or invalid, it shall be deemed to be deleted from this Agreement and the remaining portions of this
Agreement shall remain in full force and effect.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.2 <U>Entire Agreement</U>. The terms of this Agreement constitute the entire agreement
between the Parties with respect to the matters set forth in this Agreement, and no representations
or warranties shall be implied or provisions added in the absence of a written agreement to such
effect between the Parties. This Agreement shall not be modified or changed except by written
instrument executed by a duly authorized representative of each Party.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.3 <U>No Representations</U>. No promise, representation or inducement has been made by
either Party that is not embodied in this Agreement, and neither Party shall be bound by or liable
for any alleged representation, promise or inducement not so set forth.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.4 <U>Time of the Essence</U>. Time is of the essence with respect to all aspects of each
Party&#146;s performance of any obligations under this Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.5 <U>No Third Party Beneficiary</U>. Nothing expressed or implied in this Agreement is
intended to create any rights, obligations or benefits under this Agreement in any Person other
than the Parties and their successors and permitted assigns.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.6 <U>Survival</U>. All confidentiality, payment and indemnification obligations
(including the payment and indemnification obligations that arise out of termination) shall survive
the expiration or termination of this Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.7 <U>Counterparts</U>. This Agreement may be executed by the Parties in separate
counterparts and initially delivered by facsimile transmission or otherwise, with original
signature pages to follow and all such counterparts shall together constitute one and the same
instrument.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.8 <U>FCPA</U>. Each Party will comply strictly with the United States Foreign Corrupt
Practices Act (the <B>&#147;FCPA&#148;</B>) and all anti-corruption laws and regulations of any country in which a
Party performs obligations related to this Agreement. In furtherance of each Party&#146;s FCPA
compliance obligations, at no time during the continuance of this Agreement, will either Party pay,
offer, give or promise to pay or give, any monies or any other thing of value, directly or
indirectly to: (a)&nbsp;any officer or employee of any
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->46<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">government, or any department, agency or instrumentality of any government; (b)&nbsp;any other
person acting for, or on behalf of, any government, or any department, agency or instrumentality of
any government; (c)&nbsp;any political party or any official of a political party; (d)&nbsp;any candidate for
political office; (e)&nbsp;any officer, employee or other person acting for, or on behalf of, any public
international organization; or (f)&nbsp;any other person, firm, corporation or other entity at the
suggestion, request or direction of, or for the benefit of, any of the foregoing persons. Each
Party represents and warrants that: (i)&nbsp;it is not owned or controlled by, or otherwise affiliated with, any government, or any department,
agency or instrumentality of any government; and (ii)&nbsp;none of its officers, directors, principal
shareholders or owners is an official or employee of any government or any department, agency or
instrumentality of any government. Each Party acknowledges and agrees that breach of this section
by one Party will be grounds for termination of this Agreement by the other Party.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.9 <U>Guaranties</U>. On or before the effective date of this Agreement as first set forth
above, Coffeyville shall deliver to Vitol the Coffeyville Guaranty in the form set form and
attached hereto as Exhibit&nbsp;A and Vitol shall deliver to Coffeyville the Vitol Guaranty in the form
set forth and attached hereto as Exhibit&nbsp;B.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->47<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>IN WITNESS WHEREOF, </B>each Party has caused this Agreement to be executed by its duly authorized
representative, effective as of the Effective Date.
</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<TR>
    <TD colspan="3" align="left"><B>Vitol Inc.</B><BR>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="left">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ M.A. Loya&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD>Title:&nbsp;&nbsp;</TD>
    <TD colspan="2" align="left" style="border-bottom: 1px solid #000000">President&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD align="left">Date:&nbsp;</TD>
    <TD colspan="2" align="left" style="border-bottom: 1px solid #000000">March 30, 2011&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD colspan="3" align="left"><B>Coffeyville Resources Refining &#038; Marketing, LLC</B><BR>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="left">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ John J. Lipinski&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD align="left">Title:&nbsp;</TD>
    <TD colspan="2" align="left" style="border-bottom: 1px solid #000000">CEO&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD align="left">Date:&nbsp;</TD>
    <TD colspan="2" align="left" style="border-bottom: 1px solid #000000">March 30, 2011&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">2011 Crude Oil Supply Agreement Signature Page
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->48<!-- /Folio -->
</DIV>




</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-31.1
<SEQUENCE>8
<FILENAME>y91213exv31w1.htm
<DESCRIPTION>EX-31.1
<TEXT>
<HTML>
<HEAD>
<TITLE>exv31w1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="right" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Exhibit&#160;31.1</FONT></B>
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Certification
    by Chief Executive Officer Pursuant to<BR>
    <FONT style="white-space: nowrap">Rule&#160;13a-14(a)</FONT>
    or 15d-14(a) under the Securities Exchange Act of 1934,<BR>
    As Adopted Pursuant to Section&#160;302 of the Sarbanes-Oxley
    Act of 2002</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    I, John J. Lipinski, certify that:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    1.&#160;I have reviewed this Report on
    <FONT style="white-space: nowrap">Form&#160;10-Q</FONT>
    of CVR Energy, Inc.;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    2.&#160;Based on my knowledge, this report does not contain any
    untrue statement of a material fact or omit to state a material
    fact necessary to make the statements made, in light of the
    circumstances under which such statements were made, not
    misleading with respect to the period covered by this report;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    3.&#160;Based on my knowledge, the financial statements, and
    other financial information included in this report, fairly
    present in all material respects the financial condition,
    results of operations and cash flows of the registrant as of,
    and for, the periods presented in this report;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    4.&#160;The registrant&#146;s other certifying officer and I are
    responsible for establishing and maintaining disclosure controls
    and procedures (as defined in Exchange Act
    <FONT style="white-space: nowrap">Rules&#160;13a-15(e)</FONT>
    and
    <FONT style="white-space: nowrap">15d-15(e))</FONT>
    and internal control over financial reporting (as defined in
    Exchange Act
    <FONT style="white-space: nowrap">Rules&#160;13a-15(f)</FONT>
    and
    <FONT style="white-space: nowrap">15d-15(f))</FONT>
    for the registrant and have:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    a)&#160;designed such disclosure controls and procedures, or
    caused such disclosure controls and procedures to be designed
    under our supervision, to ensure that material information
    relating to the registrant, including its consolidated
    subsidiaries, is made known to us by others within those
    entities, particularly during the period in which this report is
    being prepared;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    b)&#160;designed such internal control over financial reporting,
    or caused such internal control over financial reporting to be
    designed under our supervision, to provide reasonable assurance
    regarding the reliability of financial reporting and the
    preparation of financial statements for external purposes in
    accordance with generally accepted accounting principles;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    c)&#160;evaluated the effectiveness of the registrant&#146;s
    disclosure controls and procedures and presented in this report
    our conclusions about the effectiveness of the disclosure
    controls and procedures, as of the end of the period covered by
    this report based on such evaluation;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    d)&#160;disclosed in this report any change in the
    registrant&#146;s internal control over financial reporting that
    occurred during the registrant&#146;s most recent fiscal quarter
    (the registrant&#146;s fourth fiscal quarter in the case of an
    annual report) that has materially affected, or is reasonably
    likely to materially affect, the registrant&#146;s internal
    control over financial reporting;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    5.&#160;The registrant&#146;s other certifying officer and I
    have disclosed, based on our most recent evaluation of internal
    control over financial reporting, to the registrant&#146;s
    auditors and the audit committee of the registrant&#146;s board
    of directors (or persons performing the equivalent functions):
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    a)&#160;all significant deficiencies and material weaknesses in
    the design or operation of internal control over financial
    reporting which are reasonably likely to adversely affect the
    registrant&#146;s ability to record, process, summarize and
    report financial information;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    b)&#160;any fraud, whether or not material, that involves
    management or other employees who have a significant role in the
    registrant&#146;s internal control over financial reporting.
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="49%"></TD>
    <TD width="4%"></TD>
    <TD width="47%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    By:&#160;
</TD>
    <TD align="left">
    <DIV style="display:inline; text-align:left;">/s/&#160;&#160;<FONT style="font-variant: SMALL-CAPS">John
    J. Lipinski</FONT></DIV>
</TD>
</TR>

</TABLE>

<DIV style="font-size: 2pt; margin-left: 53%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV align="left" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    John J. Lipinski
</DIV>

<DIV align="left" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Chief Executive Officer
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Date: May 10, 2011
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV><!-- END PAGE WIDTH -->
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-31.2
<SEQUENCE>9
<FILENAME>y91213exv31w2.htm
<DESCRIPTION>EX-31.2
<TEXT>
<HTML>
<HEAD>
<TITLE>exv31w2</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="right" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Exhibit&#160;31.2</FONT></B>
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Certification
    of Chief Financial Officer Pursuant to<BR>
    <FONT style="white-space: nowrap">Rule&#160;13a-14(a)</FONT>
    or 15d-14(a) under the Securities Exchange Act of 1934,<BR>
    As Adopted Pursuant to Section&#160;302 of the Sarbanes-Oxley
    Act of 2002</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    I, Edward Morgan, certify that:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    1.&#160;I have reviewed this Report on
    <FONT style="white-space: nowrap">Form&#160;10-Q</FONT>
    of CVR Energy, Inc.;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    2.&#160;Based on my knowledge, this report does not contain any
    untrue statement of a material fact or omit to state a material
    fact necessary to make the statements made, in light of the
    circumstances under which such statements were made, not
    misleading with respect to the period covered by this report;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    3.&#160;Based on my knowledge, the financial statements, and
    other financial information included in this report, fairly
    present in all material respects the financial condition,
    results of operations and cash flows of the registrant as of,
    and for, the periods presented in this report;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    4.&#160;The registrant&#146;s other certifying officer and I are
    responsible for establishing and maintaining disclosure controls
    and procedures (as defined in Exchange Act
    <FONT style="white-space: nowrap">Rules&#160;13a-15(e)</FONT>
    and
    <FONT style="white-space: nowrap">15d-15(e))</FONT>
    and internal control over financial reporting (as defined in
    Exchange Act
    <FONT style="white-space: nowrap">Rules&#160;13a-15(f)</FONT>
    and
    <FONT style="white-space: nowrap">15d-15(f))</FONT>
    for the registrant and have:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    a)&#160;designed such disclosure controls and procedures, or
    caused such disclosure controls and procedures to be designed
    under our supervision, to ensure that material information
    relating to the registrant, including its consolidated
    subsidiaries, is made known to us by others within those
    entities, particularly during the period in which this report is
    being prepared;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    b)&#160;designed such internal control over financial reporting,
    or caused such internal control over financial reporting to be
    designed under our supervision, to provide reasonable assurance
    regarding the reliability of financial reporting and the
    preparation of financial statements for external purposes in
    accordance with generally accepted accounting principles;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    c)&#160;evaluated the effectiveness of the registrant&#146;s
    disclosure controls and procedures and presented in this report
    our conclusions about the effectiveness of the disclosure
    controls and procedures, as of the end of the period covered by
    this report based on such evaluation;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    d)&#160;disclosed in this report any change in the
    registrant&#146;s internal control over financial reporting that
    occurred during the registrant&#146;s most recent fiscal quarter
    (the registrant&#146;s fourth fiscal quarter in the case of an
    annual report) that has materially affected, or is reasonably
    likely to materially affect, the registrant&#146;s internal
    control over financial reporting;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    5.&#160;The registrant&#146;s other certifying officer and I
    have disclosed, based on our most recent evaluation of internal
    control over financial reporting, to the registrant&#146;s
    auditors and the audit committee of the registrant&#146;s board
    of directors (or persons performing the equivalent functions):
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    a)&#160;all significant deficiencies and material weaknesses in
    the design or operation of internal control over financial
    reporting which are reasonably likely to adversely affect the
    registrant&#146;s ability to record, process, summarize and
    report financial information;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    b)&#160;any fraud, whether or not material, that involves
    management or other employees who have a significant role in the
    registrant&#146;s internal control over financial reporting.
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="49%"></TD>
    <TD width="4%"></TD>
    <TD width="47%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    By:&#160;
</TD>
    <TD align="left">
    <DIV style="display:inline; text-align:left;">/s/&#160;&#160;<FONT style="font-variant: SMALL-CAPS">Edward
    Morgan</FONT></DIV>
</TD>
</TR>

</TABLE>

<DIV style="font-size: 2pt; margin-left: 53%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV align="left" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Edward Morgan
</DIV>

<DIV align="left" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Chief Financial Officer
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Date: May 10, 2011
</DIV>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-32.1
<SEQUENCE>10
<FILENAME>y91213exv32w1.htm
<DESCRIPTION>EX-32.1
<TEXT>
<HTML>
<HEAD>
<TITLE>exv32w1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="right" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Exhibit&#160;32.1</FONT></B>
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Certification
    of the Company&#146;s Chief Executive Officer<BR>
    Pursuant to 18&#160;U.S.C. Section&#160;1350, as adopted
    pursuant to Section&#160;906 of the Sarbanes-Oxley Act of
    2002</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In connection with the filing of the Quarterly Report of CVR
    Energy, Inc., a Delaware corporation (the &#147;Company&#148;)
    on
    <FONT style="white-space: nowrap">Form&#160;10-Q</FONT>
    for the fiscal quarter ended March&#160;31, 2011, as filed with
    the Securities and Exchange Commission on the date hereof (the
    &#147;Report&#148;),&#160;I, John J. Lipinski, Chief Executive
    Officer of the Company, certify, pursuant to 18&#160;U.S.C.
    Section&#160;1350 as adopted pursuant to Section&#160;906 of the
    <FONT style="white-space: nowrap">Sarbanes-Oxley</FONT>
    Act of 2002, that, to the best of my knowledge and belief:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    1.&#160;The Report fully complies with the requirements of
    Section&#160;13(a) or 15(d) of the Securities Exchange Act of
    1934;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    2.&#160;The information contained in the Report fairly presents,
    in all material respects, the financial condition and results of
    operations of the Company as of the dates and for the periods
    expressed in the Report.
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="49%"></TD>
    <TD width="4%"></TD>
    <TD width="47%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    By:&#160;
</TD>
    <TD align="left">
    <DIV style="display:inline; text-align:left;">/s/&#160;&#160;<FONT style="font-variant: SMALL-CAPS">John
    J. Lipinski</FONT></DIV>
</TD>
</TR>

</TABLE>

<DIV style="font-size: 2pt; margin-left: 53%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV align="left" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    John J. Lipinski
</DIV>

<DIV align="left" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Chief Executive Officer
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Dated: May 10, 2011
</DIV>
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</DIV><!-- END PAGE WIDTH -->
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-32.2
<SEQUENCE>11
<FILENAME>y91213exv32w2.htm
<DESCRIPTION>EX-32.2
<TEXT>
<HTML>
<HEAD>
<TITLE>exv32w2</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="right" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Exhibit&#160;32.2</FONT></B>
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Certification
    of the Company&#146;s Chief Financial Officer<BR>
    Pursuant to 18&#160;U.S.C. Section&#160;1350, as adopted
    pursuant to Section&#160;906 of the Sarbanes-Oxley Act of
    2002</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In connection with the filing of the Quarterly Report of CVR
    Energy, Inc., a Delaware corporation (the &#147;Company&#148;)
    on
    <FONT style="white-space: nowrap">Form&#160;10-Q</FONT>
    for the fiscal quarter ended March&#160;31, 2011, as filed with
    the Securities and Exchange Commission on the date hereof (the
    &#147;Report&#148;),&#160;I, Edward Morgan, Chief Financial
    Officer of the Company, certify, pursuant to 18&#160;U.S.C.
    Section&#160;1350 as adopted pursuant to Section&#160;906 of the
    Sarbanes-Oxley Act of 2002, that, to the best of my knowledge
    and belief:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    1.&#160;The Report fully complies with the requirements of
    Section&#160;13(a) or 15(d) of the Securities Exchange Act of
    1934;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    2.&#160;The information contained in the Report fairly presents,
    in all material respects, the financial condition and results of
    operations of the Company as of the dates and for the periods
    expressed in the Report.
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="49%"></TD>
    <TD width="4%"></TD>
    <TD width="47%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    By:&#160;
</TD>
    <TD align="left">
    <DIV style="display:inline; text-align:left;">/s/&#160;&#160;<FONT style="font-variant: SMALL-CAPS">Edward
    Morgan</FONT></DIV>
</TD>
</TR>

</TABLE>

<DIV style="font-size: 2pt; margin-left: 53%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV align="left" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Edward Morgan
</DIV>

<DIV align="left" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Chief Financial Officer
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Dated: May 10, 2011
</DIV>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>12
<FILENAME>y91213exv99w1.htm
<DESCRIPTION>EX-99.1
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99w1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="right" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Exhibit&#160;99.1</FONT></B>
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Risks
    Related to the Petroleum Business</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">The
    price volatility of crude oil, other feedstocks and refined
    products may have a material adverse effect on our earnings,
    profitability and cash flows.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Our petroleum business&#146; financial results are primarily
    affected by the relationship, or margin, between refined product
    prices and the prices for crude oil and other feedstocks. When
    the margin between refined product prices and crude oil and
    other feedstock prices narrows, our earnings, profitability and
    cash flows are negatively affected. Refining margins
    historically have been volatile and are likely to continue to be
    volatile, as a result of a variety of factors including
    fluctuations in prices of crude oil, other feedstocks and
    refined products. Continued future volatility in refining
    industry margins may cause a decline in our results of
    operations, since the margin between refined product prices and
    feedstock prices may decrease below the amount needed for us to
    generate net cash flow sufficient for our needs. Although an
    increase or decrease in the price for crude oil generally
    results in a similar increase or decrease in prices for refined
    products, there is normally a time lag in the realization of the
    similar increase or decrease in prices for refined products. The
    effect of changes in crude oil prices on our results of
    operations therefore depends in part on how quickly and how
    fully refined product prices adjust to reflect these changes. A
    substantial or prolonged increase in crude oil prices without a
    corresponding increase in refined product prices, or a
    substantial or prolonged decrease in refined product prices
    without a corresponding decrease in crude oil prices, could have
    a significant negative impact on our earnings, results of
    operations and cash flows.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Our profitability is also impacted by the ability to purchase
    crude oil at a discount to benchmark crude oils, such as WTI, as
    we do not produce any crude oil and must purchase all of the
    crude oil we refine. These crude oils include, but are not
    limited to, crude oil from our gathering system. Crude oil
    differentials can fluctuate significantly based upon overall
    economic and crude oil market conditions. Declines in crude oil
    differentials can adversely impact refining margins, earnings
    and cash flows.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Refining margins are also impacted by domestic and global
    refining capacity. Continued downturns in the economy impact the
    demand for refined fuels and, in turn, generate excess capacity.
    In addition, the expansion and construction of refineries
    domestically and globally can increase refined fuel production
    capacity. Excess capacity can adversely impact refining margins,
    earnings and cash flows.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Volatile prices for natural gas and electricity affect our
    manufacturing and operating costs. Natural gas and electricity
    prices have been, and will continue to be, affected by supply
    and demand for fuel and utility services in both local and
    regional markets.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Our
    internally generated cash flows and other sources of liquidity
    may not be adequate for our capital needs.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If we cannot generate adequate cash flow or otherwise secure
    sufficient liquidity to meet our working capital needs or
    support our short-term and long-term capital requirements, we
    may be unable to meet our debt obligations, pursue our business
    strategies or comply with certain environmental standards, which
    would have a material adverse effect on our business and results
    of operations. As of March&#160;31, 2011, we had cash and cash
    equivalents of $165.9&#160;million and $208.4&#160;million
    available under our asset-backed revolving credit facility
    (&#147;ABL credit facility&#148;). Our availability under the
    ABL credit facility is reduced by outstanding letters of credit.
    Crude oil price volatility can significantly impact working
    capital on a
    <FONT style="white-space: nowrap">week-to-week</FONT>
    and
    <FONT style="white-space: nowrap">month-to-month</FONT>
    basis.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We have short-term and long-term capital needs. Our short-term
    working capital needs are primarily crude oil purchase
    requirements, which fluctuate with the pricing and sourcing of
    crude oil. Our long-term capital needs include capital
    expenditures we are required to make to comply with Tier&#160;II
    gasoline standards and the Consent Decree. The remaining costs
    of complying with the Consent Decree are expected to be
    approximately $49&#160;million, of which approximately
    $47&#160;million is expected to be capital expenditures. We also
    have budgeted capital expenditures for turnarounds at each of
    our facilities, and from time to time we are
</DIV>
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    <BR>
    1
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    required to spend significant amounts for repairs when one or
    more facilities experiences temporary shutdowns. We also have
    significant debt service obligations. Our liquidity position
    will affect our ability to satisfy any of these needs.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">If we
    are required to obtain our crude oil supply without the benefit
    of a crude oil supply agreement, our exposure to the risks
    associated with volatile crude oil prices may increase and our
    liquidity may be reduced.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We currently obtain the majority of our crude oil supply through
    the Supply Agreement with Vitol, which was entered into on
    March&#160;30, 2011 to replace an existing supply agreement with
    Vitol. The Supply Agreement, whose initial term expires on
    December&#160;31, 2013, minimizes the amount of in-transit
    inventory and mitigates crude oil pricing risks by ensuring
    pricing takes place extremely close to the time when the crude
    oil is refined and the yielded products are sold. If we were
    required to obtain our crude oil supply without the benefit of
    an intermediation agreement, our exposure to crude oil pricing
    risks may increase, despite any hedging activity in which we may
    engage, and our liquidity would be negatively impacted due to
    the increased inventory and the negative impact of market
    volatility.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Disruption
    of our ability to obtain an adequate supply of crude oil could
    reduce our liquidity and increase our costs.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In addition to the crude oil we gather locally in Kansas,
    Oklahoma, Missouri, and Nebraska, we purchase an additional
    85,000 to 100,000&#160;bpd of crude oil to be refined into
    liquid fuel. We obtain a portion of our non-gathered crude oil,
    approximately 16% in 2010, from foreign sources. The majority of
    these non-gathered foreign sourced crude oil barrels were
    derived from Canada. In addition to Canadian crude oil, we have
    access to crude oils from Latin America, South America, the
    Middle East, West Africa and the North Sea. The actual amount of
    foreign crude oil we purchase is dependent on market conditions
    and will vary from year to year. We are subject to the
    political, geographic, and economic risks attendant to doing
    business with suppliers located in those regions. Disruption of
    production in any of such regions for any reason could have a
    material impact on other regions and our business. In the event
    that one or more of our traditional suppliers becomes
    unavailable to us, we may be unable to obtain an adequate supply
    of crude oil, or we may only be able to obtain our crude oil
    supply at unfavorable prices. As a result, we may experience a
    reduction in our liquidity and our results of operations could
    be materially adversely affected.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Severe weather, including hurricanes along the U.S.&#160;Gulf
    Coast, have in the past and could in the future interrupt our
    supply of crude oil. Supplies of crude oil to our refinery are
    periodically shipped from U.S.&#160;Gulf Coast production or
    terminal facilities, including through the Seaway Pipeline from
    the U.S.&#160;Gulf Coast to Cushing, Oklahoma. U.S.&#160;Gulf
    Coast facilities could be subject to damage or production
    interruption from hurricanes or other severe weather in the
    future which could interrupt or materially adversely affect our
    crude oil supply. If our supply of crude oil is interrupted, our
    business, financial condition and results of operations could be
    materially adversely impacted.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">If our
    access to the pipelines on which we rely for the supply of our
    feedstock and the distribution of our products is interrupted,
    our inventory and costs may increase and we may be unable to
    efficiently distribute our products.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If one of the pipelines on which we rely for supply of our crude
    oil becomes inoperative, we would be required to obtain crude
    oil for our refinery through an alternative pipeline or from
    additional tanker trucks, which could increase our costs and
    result in lower production levels and profitability. Similarly,
    if a major refined fuels pipeline becomes inoperative, we would
    be required to keep refined fuels in inventory or supply refined
    fuels to our customers through an alternative pipeline or by
    additional tanker trucks from the refinery, which could increase
    our costs and result in a decline in profitability.
</DIV>
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    <BR>
    2
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Our
    petroleum business&#146; financial results are seasonal and
    generally lower in the first and fourth quarters of the year,
    which may cause volatility in the price of our common
    stock.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Demand for gasoline products is generally higher during the
    summer months than during the winter months due to seasonal
    increases in highway traffic and road construction work. As a
    result, our results of operations for the first and fourth
    calendar quarters are generally lower than for those for the
    second and third quarters. Further, reduced agricultural work
    during the winter months somewhat depresses demand for diesel
    fuel in the winter months. In addition to the overall
    seasonality of our business, unseasonably cool weather in the
    summer months
    <FONT style="white-space: nowrap">and/or</FONT>
    unseasonably warm weather in the winter months in the markets in
    which we sell our petroleum products could have the effect of
    reducing demand for gasoline and diesel fuel which could result
    in lower prices and reduce operating margins.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">We
    face significant competition, both within and outside of our
    industry. Competitors who produce their own supply of
    feedstocks, have extensive retail outlets, make alternative
    fuels or have greater financial resources than we do may have a
    competitive advantage over us.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The refining industry is highly competitive with respect to both
    feedstock supply and refined product markets. We may be unable
    to compete effectively with our competitors within and outside
    of our industry, which could result in reduced profitability. We
    compete with numerous other companies for available supplies of
    crude oil and other feedstocks and for outlets for our refined
    products. We are not engaged in the petroleum exploration and
    production business and therefore we do not produce any of our
    crude oil feedstocks. We do not have a retail business and
    therefore are dependent upon others for outlets for our refined
    products. We do not have any long-term arrangements (those
    exceeding more than a twelve-month period) for much of our
    output. Many of our competitors in the United States as a whole,
    and one of our regional competitors, obtain significant portions
    of their feedstocks from company-owned production and have
    extensive retail outlets. Competitors that have their own
    production or extensive retail outlets with brand-name
    recognition are at times able to offset losses from refining
    operations with profits from producing or retailing operations,
    and may be better positioned to withstand periods of depressed
    refining margins or feedstock shortages.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    A number of our competitors also have materially greater
    financial and other resources than us. These competitors may
    have a greater ability to bear the economic risks inherent in
    all aspects of the refining industry. An expansion or upgrade of
    our competitors&#146; facilities, price volatility,
    international political and economic developments and other
    factors are likely to continue to play an important role in
    refining industry economics and may add additional competitive
    pressure on us.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In addition, we compete with other industries that provide
    alternative means to satisfy the energy and fuel requirements of
    our industrial, commercial and individual consumers. The more
    successful these alternatives become as a result of governmental
    incentives or regulations, technological advances, consumer
    demand, improved pricing or otherwise, the greater the negative
    impact on pricing and demand for our products and our
    profitability. There are presently significant governmental
    incentives and consumer pressures to increase the use of
    alternative fuels in the United States.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Changes
    in our credit profile may affect our relationship with our
    suppliers, which could have a material adverse effect on our
    liquidity and our ability to operate our refineries at full
    capacity.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Changes in our credit profile may affect the way crude oil
    suppliers view our ability to make payments and may induce them
    to shorten the payment terms for our purchases or require us to
    post security prior to payment. Given the large dollar amounts
    and volume of our crude oil and other feedstock purchases, a
    burdensome change in payment terms may have a material adverse
    effect on our liquidity and our ability to make payments to our
    suppliers. This, in turn, could cause us to be unable to operate
    our refineries at full capacity. A failure to operate our
    refinery at full capacity could adversely affect our
    profitability and cash flows.
</DIV>
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    <B><I><FONT style="font-family: 'Times New Roman', Times">The
    recent adoption of derivatives legislation by the U.S. Congress
    could have an adverse effect on our ability to hedge risks
    associated with our business.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The U.S.&#160;Congress adopted comprehensive financial reform
    legislation, known as the Dodd-Frank Act, that establishes
    federal oversight and regulation of the
    <FONT style="white-space: nowrap">over-the-counter</FONT>
    derivatives market and entities that participate in that market.
    The Dodd-Frank Act was signed into law by the President on
    July&#160;21, 2010, and requires the Commodities Futures Trading
    Commission (&#147;CFTC&#148;) and the SEC to promulgate rules
    and regulations implementing the new legislation within
    360&#160;days from the date of enactment. The act also requires
    the CFTC to institute broad new position limits for futures and
    options traded on regulated exchanges. Although certain of the
    rules and regulations may be delayed, and we cannot predict the
    ultimate outcome of the rulemakings, new regulations in this
    area may result in increased costs and cash collateral for
    derivative instruments we may use to hedge and otherwise manage
    our financial risks related to volatility in oil and gas
    commodity prices.
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Risks
    Related to the Nitrogen Fertilizer Business</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">The
    nitrogen fertilizer business is, and nitrogen fertilizer prices
    are, cyclical and highly volatile, and the nitrogen fertilizer
    business has experienced substantial downturns in the past.
    Cycles in demand and pricing could potentially expose the
    nitrogen fertilizer business to significant fluctuations in its
    operating and financial results, and have a material adverse
    effect on our earnings, profitability and cash
    flows.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The nitrogen fertilizer business is exposed to fluctuations in
    nitrogen fertilizer demand in the agricultural industry. These
    fluctuations historically have had and could in the future have
    significant effects on prices across all nitrogen fertilizer
    products and, in turn, our results of operations, financial
    condition and cash flows.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Nitrogen fertilizer products are commodities, the price of which
    can be highly volatile. The prices of nitrogen fertilizer
    products depend on a number of factors, including general
    economic conditions, cyclical trends in end-user markets, supply
    and demand imbalances, and weather conditions, which have a
    greater relevance because of the seasonal nature of fertilizer
    application. If seasonal demand exceeds the projections on which
    we base production, customers may acquire nitrogen fertilizer
    products from competitors, and the profitability of the nitrogen
    fertilizer business will be negatively impacted. If seasonal
    demand is less than expected, the nitrogen fertilizer business
    will be left with excess inventory that will have to be stored
    or liquidated.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Demand for nitrogen fertilizer products is dependent on demand
    for crop nutrients by the global agricultural industry.
    Nitrogen-based fertilizers are currently in high demand, driven
    by a growing world population, changes in dietary habits and an
    expanded use of corn for the production of ethanol. Supply is
    affected by available capacity and operating rates, raw material
    costs, government policies and global trade. A decrease in
    nitrogen fertilizer prices would have a material adverse effect
    on our results of operations, financial condition and cash flows.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">The
    costs associated with operating the nitrogen fertilizer plant
    are largely fixed. If nitrogen fertilizer prices fall below a
    certain level, the nitrogen fertilizer business may not generate
    sufficient revenue to operate profitably or cover its
    costs.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The nitrogen fertilizer plant has largely fixed costs compared
    to natural gas-based nitrogen fertilizer plants. As a result,
    downtime, interruptions or low productivity due to reduced
    demand, adverse weather conditions, equipment failure, a
    decrease in nitrogen fertilizer prices or other causes can
    result in significant operating losses. Declines in the price of
    nitrogen fertilizer products could have a material adverse
    effect on our results of operations and financial condition.
    Unlike its competitors, whose primary costs are related to the
    purchase of natural gas and whose costs are therefore largely
    variable, the nitrogen fertilizer business has largely fixed
    costs that are not dependent on the price of natural gas because
    it uses pet coke as the primary feedstock in its nitrogen
    fertilizer plant.
</DIV>
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    <BR>
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    <B><I><FONT style="font-family: 'Times New Roman', Times">A
    decline in natural gas prices could impact the nitrogen
    fertilizer business&#146; relative competitive position when
    compared to other nitrogen fertilizer producers.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Most nitrogen fertilizer manufacturers rely on natural gas as
    their primary feedstock, and the cost of natural gas is a large
    component of the total production cost for natural gas-based
    nitrogen fertilizer manufacturers. The dramatic increase in
    nitrogen fertilizer prices in recent years was not the direct
    result of an increase in natural gas prices, but rather the
    result of increased demand for nitrogen-based fertilizers due to
    historically low stocks of global grains and a surge in the
    prices of corn and wheat, the primary crops in the nitrogen
    fertilizer business&#146; region. This increase in demand for
    nitrogen-based fertilizers has created an environment in which
    nitrogen fertilizer prices have disconnected from their
    traditional correlation with natural gas prices. A decrease in
    natural gas prices would benefit the nitrogen fertilizer
    business&#146; competitors and could disproportionately impact
    our operations by making the nitrogen fertilizer business less
    competitive with natural gas-based nitrogen fertilizer
    manufacturers. A decline in natural gas prices could impair the
    nitrogen fertilizer business&#146; ability to compete with other
    nitrogen fertilizer producers who utilize natural gas as their
    primary feedstock, and therefore have a material adverse impact
    on the cash flows of the nitrogen fertilizer business. In
    addition, if natural gas prices in the United States were to
    decline to a level that prompts those U.S.&#160;producers who
    have permanently or temporarily closed production facilities to
    resume fertilizer production, this would likely contribute to a
    global supply/demand imbalance that could negatively affect
    nitrogen fertilizer prices and therefore have a material adverse
    effect on our results of operations, financial condition and
    cash flows.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Any
    decline in U.S. agricultural production or limitations on the
    use of nitrogen fertilizer for agricultural purposes could have
    a material adverse effect on the market for nitrogen fertilizer,
    and on our results of operations, financial condition and cash
    flows.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Conditions in the U.S.&#160;agricultural industry significantly
    impact the operating results of the nitrogen fertilizer
    business. The U.S.&#160;agricultural industry can be affected by
    a number of factors, including weather patterns and field
    conditions, current and projected grain inventories and prices,
    domestic and international demand for U.S.&#160;agricultural
    products and U.S.&#160;and foreign policies regarding trade in
    agricultural products.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    State and federal governmental policies, including farm and
    biofuel subsidies and commodity support programs, as well as the
    prices of fertilizer products, may also directly or indirectly
    influence the number of acres planted, the mix of crops planted
    and the use of fertilizers for particular agricultural
    applications. Developments in crop technology, such as nitrogen
    fixation, the conversion of atmospheric nitrogen into compounds
    that plants can assimilate, could also reduce the use of
    chemical fertilizers and adversely affect the demand for
    nitrogen fertilizer. In addition, from time to time various
    state legislatures have considered limitations on the use and
    application of chemical fertilizers due to concerns about the
    impact of these products on the environment.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">A
    major factor underlying the current high level of demand for
    nitrogen-based fertilizer products is the expanding production
    of ethanol. A decrease in ethanol production, an increase in
    ethanol imports or a shift away from corn as a principal raw
    material used to produce ethanol could have a material adverse
    effect on our results of operations, financial condition and
    cash flows.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    A major factor underlying the current high level of demand for
    nitrogen-based fertilizer products produced by the nitrogen
    fertilizer business is the expanding production of ethanol in
    the United States and the expanded use of corn in ethanol
    production. Ethanol production in the United States is highly
    dependent upon a myriad of federal and state legislation and
    regulations, and is made significantly more competitive by
    various federal and state incentives. Such incentive programs
    may not be renewed, or if renewed, they may be renewed on terms
    significantly less favorable to ethanol producers than current
    incentive programs. Studies showing that expanded ethanol
    production may increase the level of greenhouse gases in the
    environment may reduce political support for ethanol production.
    The elimination or significant reduction in ethanol incentive
    programs, such as the 45 cents per gallon ethanol tax credit and
    the 54 cents per gallon ethanol import tariff, could have a
    material adverse effect on our results of operations, financial
    condition and cash flows.
</DIV>
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    <BR>
    5
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Further, most ethanol is currently produced from corn and other
    raw grains, such as milo or sorghum&#160;&#151; especially in
    the Midwest. The current trend in ethanol production research is
    to develop an efficient method of producing ethanol from
    cellulose-based biomass, such as agricultural waste, forest
    residue, municipal solid waste and energy crops (plants grown
    for use to make biofuels or directly exploited for their energy
    content). This trend is driven by the fact that cellulose-based
    biomass is generally cheaper than corn, and producing ethanol
    from cellulose-based biomass would create opportunities to
    produce ethanol in areas that are unable to grow corn. Although
    current technology is not sufficiently efficient to be
    competitive, new conversion technologies may be developed in the
    future. If an efficient method of producing ethanol from
    cellulose-based biomass is developed, the demand for corn may
    decrease significantly, which could reduce demand for nitrogen
    fertilizer products and have a material adverse effect on our
    results of operations, financial condition and cash flows.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Nitrogen
    fertilizer products are global commodities, and the nitrogen
    fertilizer business faces intense competition from other
    nitrogen fertilizer producers.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The nitrogen fertilizer business is subject to intense price
    competition from both U.S.&#160;and foreign sources, including
    competitors operating in the Persian Gulf, the Asia-Pacific
    region, the Caribbean, Russia and the Ukraine. Fertilizers are
    global commodities, with little or no product differentiation,
    and customers make their purchasing decisions principally on the
    basis of delivered price and availability of the product.
    Furthermore, in recent years the price of nitrogen fertilizer in
    the United States has been substantially driven by pricing in
    the global fertilizer market. The nitrogen fertilizer business
    competes with a number of U.S.&#160;producers and producers in
    other countries, including state-owned and government-subsidized
    entities. Some competitors have greater total resources and are
    less dependent on earnings from fertilizer sales, which makes
    them less vulnerable to industry downturns and better positioned
    to pursue new expansion and development opportunities. The
    nitrogen fertilizer business&#146; competitive position could
    suffer to the extent it is not able to expand its resources
    either through investments in new or existing operations or
    through acquisitions, joint ventures or partnerships. An
    inability to compete successfully could result in the loss of
    customers, which could adversely affect the sales, profitability
    and the cash flows of the nitrogen fertilizer business and
    therefore have a material adverse effect on our results of
    operations, financial condition and cash flows.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Adverse
    weather conditions during peak fertilizer application periods
    may have a material adverse effect on our results of operations,
    financial condition and cash flows, because the agricultural
    customers of the nitrogen fertilizer business are geographically
    concentrated.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The nitrogen fertilizer business&#146; sales to agricultural
    customers are concentrated in the Great Plains and Midwest
    states and are seasonal in nature. For example, the nitrogen
    fertilizer business generates greater net sales and operating
    income in the first half of the year, which is referred to
    herein as the planting season, compared to the second half of
    the year. Accordingly, an adverse weather pattern affecting
    agriculture in these regions or during the planting season could
    have a negative effect on fertilizer demand, which could, in
    turn, result in a material decline in the nitrogen fertilizer
    business&#146; net sales and margins and otherwise have a
    material adverse effect on our results of operations, financial
    condition and cash flows. The nitrogen fertilizer business&#146;
    quarterly results may vary significantly from one year to the
    next due largely to weather-related shifts in planting schedules
    and purchase patterns. As a result, it is expected that the
    nitrogen fertilizer business&#146; distributions to holders of
    its common units (including us) will be volatile and will vary
    quarterly and annually.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">The
    nitrogen fertilizer business is seasonal, which may result in it
    carrying significant amounts of inventory and seasonal
    variations in working capital. Our inability to predict future
    seasonal nitrogen fertilizer demand accurately may result in
    excess inventory or product shortages.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The nitrogen fertilizer business is seasonal. Farmers tend to
    apply nitrogen fertilizer during two short application periods,
    one in the spring and the other in the fall. The strongest
    demand for nitrogen fertilizer products typically occurs during
    the planting season. In contrast, the nitrogen fertilizer
    business and other nitrogen fertilizer producers generally
    produce products throughout the year. As a result, the nitrogen
    fertilizer
</DIV>
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    <BR>
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    business and its customers generally build inventories during
    the low demand periods of the year in order to ensure timely
    product availability during the peak sales seasons. The
    seasonality of nitrogen fertilizer demand results in sales
    volumes and net sales being highest during the North American
    spring season and working capital requirements typically being
    highest just prior to the start of the spring season.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If seasonal demand exceeds projections, the nitrogen fertilizer
    business will not have enough product and its customers may
    acquire products from its competitors, which would negatively
    impact profitability. If seasonal demand is less than expected,
    the nitrogen fertilizer business will be left with excess
    inventory and higher working capital and liquidity requirements.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The degree of seasonality of the nitrogen fertilizer business
    can change significantly from year to year due to conditions in
    the agricultural industry and other factors. As a consequence of
    such seasonality, it is expected that the distributions we
    receive from the nitrogen fertilizer business will be volatile
    and will vary quarterly and annually.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">The
    nitrogen fertilizer business&#146; operations are dependent on
    third party suppliers, including Linde, which owns an air
    separation plant that provides oxygen, nitrogen and compressed
    dry air to its gasifiers, and the City of Coffeyville, which
    supplies the nitrogen fertilizer business with electricity. A
    deterioration in the financial condition of a third party
    supplier, a mechanical problem with the air separation plant, or
    the inability of a third party supplier to perform in accordance
    with its contractual obligations could have a material adverse
    effect on our results of operations, financial condition and
    cash flows.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The operations of the nitrogen fertilizer business depend in
    large part on the performance of third party suppliers,
    including Linde for the supply of oxygen, nitrogen and
    compressed dry air, and the City of Coffeyville for the supply
    of electricity. With respect to Linde, operations could be
    adversely affected if there were a deterioration in Linde&#146;s
    financial condition such that the operation of the air
    separation plant located adjacent to the nitrogen fertilizer
    plant was disrupted. Additionally, this air separation plant in
    the past has experienced numerous short-term interruptions,
    causing interruptions in gasifier operations. With respect to
    electricity, we recently settled litigation with the City of
    Coffeyville regarding the price they sought to charge the
    nitrogen fertilizer business for electricity and entered into an
    amended and restated electric services agreement which gives the
    nitrogen fertilizer business an option to extend the term of
    such agreement through June&#160;30, 2024. Should Linde, the
    City of Coffeyville or any of its other third party suppliers
    fail to perform in accordance with existing contractual
    arrangements, operations could be forced to halt. Alternative
    sources of supply could be difficult to obtain. Any shutdown of
    operations at the nitrogen fertilizer plant, even for a limited
    period, could have a material adverse effect on our results of
    operations, financial condition and cash flows.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">The
    nitrogen fertilizer business&#146; results of operations,
    financial condition and cash flows may be adversely affected by
    the supply and price levels of pet coke.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The profitability of the nitrogen fertilizer business is
    directly affected by the price and availability of pet coke
    obtained from our crude oil refinery pursuant to a long-term
    agreement and pet coke purchased from third parties, both of
    which vary based on market prices. Pet coke is a key raw
    material used by the nitrogen fertilizer business in the
    manufacture of nitrogen fertilizer products. If pet coke costs
    increase, the nitrogen fertilizer business may not be able to
    increase its prices to recover these increased costs, because
    market prices for nitrogen fertilizer products are not
    correlated with pet coke prices.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The nitrogen fertilizer business may not be able to maintain an
    adequate supply of pet coke. In addition, it could experience
    production delays or cost increases if alternative sources of
    supply prove to be more expensive or difficult to obtain. The
    nitrogen fertilizer business currently purchases 100% of the pet
    coke the refinery produces. Accordingly, if the nitrogen
    fertilizer business increases production, it will be more
    dependent on pet coke purchases from third party suppliers at
    open market prices. There is no assurance that the nitrogen
    fertilizer business would be able to purchase pet coke on
    comparable terms from third parties or at all.
</DIV>
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    7
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<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">The
    nitrogen fertilizer business relies on third party providers of
    transportation services and equipment, which subjects it to
    risks and uncertainties beyond its control that may have a
    material adverse effect on our results of operations, financial
    condition and cash flows.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The nitrogen fertilizer business relies on railroad and trucking
    companies to ship finished products to its customers. The
    nitrogen fertilizer business also leases railcars from railcar
    owners in order to ship its finished products. These
    transportation operations, equipment and services are subject to
    various hazards, including extreme weather conditions, work
    stoppages, delays, spills, derailments and other accidents and
    other operating hazards.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    These transportation operations, equipment and services are also
    subject to environmental, safety and other regulatory oversight.
    Due to concerns related to terrorism or accidents, local, state
    and federal governments could implement new regulations
    affecting the transportation of the nitrogen fertilizer
    business&#146; finished products. In addition, new regulations
    could be implemented affecting the equipment used to ship its
    finished products.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Any delay in the nitrogen fertilizer business&#146; ability to
    ship its finished products as a result of these transportation
    companies&#146; failure to operate properly, the implementation
    of new and more stringent regulatory requirements affecting
    transportation operations or equipment, or significant increases
    in the cost of these services or equipment could have a material
    adverse effect on our results of operations, financial condition
    and cash flows.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">The
    nitrogen fertilizer business&#146; results of operations are
    highly dependent upon and fluctuate based upon business and
    economic conditions and governmental policies affecting the
    agricultural industry. These factors are outside of our control
    and may significantly affect our profitability.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The nitrogen fertilizer business&#146; results of operations are
    highly dependent upon business and economic conditions and
    governmental policies affecting the agricultural industry, which
    we cannot control. The agricultural products business can be
    affected by a number of factors. The most important of these
    factors, for U.S.&#160;markets, are:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    weather patterns and field conditions (particularly during
    periods of traditionally high nitrogen fertilizer consumption);
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    quantities of nitrogen fertilizers imported to and exported from
    North America;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    current and projected grain inventories and prices, which are
    heavily influenced by U.S.&#160;exports and world-wide grain
    markets;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    U.S.&#160;governmental policies, including farm and biofuel
    policies, which may directly or indirectly influence the number
    of acres planted, the level of grain inventories, the mix of
    crops planted or crop prices.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    International market conditions, which are also outside of our
    control, may also significantly influence the nitrogen
    fertilizer business&#146; operating results. The international
    market for nitrogen fertilizers is influenced by such factors as
    the relative value of the U.S.&#160;dollar and its impact upon
    the cost of importing nitrogen fertilizers, foreign agricultural
    policies, the existence of, or changes in, import or foreign
    currency exchange barriers in certain foreign markets, changes
    in the hard currency demands of certain countries and other
    regulatory policies of foreign governments, as well as the laws
    and policies of the United States affecting foreign trade and
    investment.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Ammonia
    can be very volatile and extremely hazardous. Any liability for
    accidents involving ammonia that cause severe damage to property
    or injury to the environment and human health could have a
    material adverse effect on our results of operations, financial
    condition and cash flows. In addition, the costs of transporting
    ammonia could increase significantly in the
    future.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The nitrogen fertilizer business manufactures, processes,
    stores, handles, distributes and transports ammonia, which can
    be very volatile and extremely hazardous. Major accidents or
    releases involving ammonia
</DIV>
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    <BR>
    8
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    could cause severe damage or injury to property, the environment
    and human health, as well as a possible disruption of supplies
    and markets. Such an event could result in civil lawsuits,
    fines, penalties and regulatory enforcement proceedings, all of
    which could lead to significant liabilities. Any damage to
    persons, equipment or property or other disruption of the
    ability of the nitrogen fertilizer business to produce or
    distribute its products could result in a significant decrease
    in operating revenues and significant additional cost to replace
    or repair and insure its assets, which could have a material
    adverse effect on our results of operations, financial condition
    and cash flows. The nitrogen fertilizer facility periodically
    experiences minor releases of ammonia related to leaks from its
    equipment. It experienced more significant ammonia releases in
    August 2007 due to the failure of a high-pressure pump and in
    August and September 2010 due to a heat exchanger leak and a UAN
    vessel rupture. Similar events may occur in the future.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In addition, the nitrogen fertilizer business may incur
    significant losses or costs relating to the operation of
    railcars used for the purpose of carrying various products,
    including ammonia. Due to the dangerous and potentially toxic
    nature of the cargo, in particular ammonia, onboard railcars, a
    railcar accident may result in fires, explosions and pollution.
    These circumstances may result in sudden, severe damage or
    injury to property, the environment and human health. In the
    event of pollution, the nitrogen fertilizer business may be held
    responsible even if it is not at fault and it complied with the
    laws and regulations in effect at the time of the accident.
    Litigation arising from accidents involving ammonia may result
    in the nitrogen fertilizer business or us being named as a
    defendant in lawsuits asserting claims for large amounts of
    damages, which could have a material adverse effect on our
    results of operations, financial condition and cash flows.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Given the risks inherent in transporting ammonia, the costs of
    transporting ammonia could increase significantly in the future.
    Ammonia is most typically transported by railcar. A number of
    initiatives are underway in the railroad and chemical industries
    that may result in changes to railcar design in order to
    minimize railway accidents involving hazardous materials. If any
    such design changes are implemented, or if accidents involving
    hazardous freight increase the insurance and other costs of
    railcars, freight costs of the nitrogen fertilizer business
    could significantly increase.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Environmental
    laws and regulations on fertilizer end-use and application and
    numeric nutrient water quality criteria could have a material
    adverse impact on fertilizer demand in the future.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Future environmental laws and regulations on the end-use and
    application of fertilizers could cause changes in demand for the
    nitrogen fertilizer business&#146; products. In addition, future
    environmental laws and regulations, or new interpretations of
    existing laws or regulations, could limit the ability of the
    nitrogen fertilizer business to market and sell its products to
    end users. From time to time, various state legislatures have
    proposed bans or other limitations on fertilizer products. In
    addition, a number of states have adopted or proposed numeric
    nutrient water quality criteria that could result in decreased
    demand for fertilizer products in those states. Similarly, a new
    final EPA rule establishing numeric nutrient criteria for
    certain Florida water bodies may require farmers to implement
    best management practices, including the reduction of fertilizer
    use, to reduce the impact of fertilizer on water quality. Any
    such laws, regulations or interpretations could have a material
    adverse effect on our results of operations, financial condition
    and cash flows.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">The
    nitrogen fertilizer business&#146; plans to address its
    CO<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB>&#160;production
    may not be successful.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The nitrogen fertilizer business has signed an agreement to sell
    all of the high purity
    CO<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB>
    produced by the nitrogen fertilizer plant (currently
    approximately 850,000 tons per year) to an oil and gas
    exploration and production company for purposes of enhanced oil
    recovery. There can be no guarantee that this proposed
    CO<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB>
    capture and storage system will be constructed successfully or
    at all or, if constructed, that it will provide an economic
    benefit and will not result in economic losses or additional
    costs that may have a material adverse effect on our results of
    operations, financial condition and cash flows.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">If
    licensed technology were no longer available, the nitrogen
    fertilizer business may be adversely affected.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The nitrogen fertilizer business has licensed, and may in the
    future license, a combination of patent, trade secret and other
    intellectual property rights of third parties for use in its
    business. In particular, the gasification
</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    process it uses to convert pet coke to high purity hydrogen for
    subsequent conversion to ammonia is licensed from General
    Electric. The license, which is fully paid, grants the nitrogen
    fertilizer business perpetual rights to use the pet coke
    gasification process on specified terms and conditions and is
    integral to the operations of the nitrogen fertilizer facility.
    If this, or any other license agreements on which the nitrogen
    fertilizer business&#146; operations rely were to be terminated,
    licenses to alternative technology may not be available, or may
    only be available on terms that are not commercially reasonable
    or acceptable. In addition, any substitution of new technology
    for currently-licensed technology may require substantial
    changes to manufacturing processes or equipment and may have a
    material adverse effect on our results of operations, financial
    condition and cash flows.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">The
    nitrogen fertilizer business may face third party claims of
    intellectual property infringement, which if successful could
    result in significant costs.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Although there are currently no pending claims relating to the
    infringement of any third party intellectual property rights, in
    the future the nitrogen fertilizer business may face claims of
    infringement that could interfere with its ability to use
    technology that is material to its business operations. Any
    litigation of this type, whether successful or unsuccessful,
    could result in substantial costs and diversions of resources,
    which could have a material adverse effect on our results of
    operations, financial condition and cash flows. In the event a
    claim of infringement against the nitrogen fertilizer business
    is successful, it may be required to pay royalties or license
    fees for past or continued use of the infringing technology, or
    it may be prohibited from using the infringing technology
    altogether. If it is prohibited from using any technology as a
    result of such a claim, it may not be able to obtain licenses to
    alternative technology adequate to substitute for the technology
    it can no longer use, or licenses for such alternative
    technology may only be available on terms that are not
    commercially reasonable or acceptable. In addition, any
    substitution of new technology for currently licensed technology
    may require the nitrogen fertilizer business to make substantial
    changes to its manufacturing processes or equipment or to its
    products, and could have a material adverse effect on our
    results of operations, financial condition and cash flows.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">There
    can be no assurance that the transportation costs of the
    nitrogen fertilizer business&#146; competitors will not
    decline.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Our nitrogen fertilizer plant is located within the
    U.S.&#160;farm belt, where the majority of the end users of our
    nitrogen fertilizer products grow their crops. Many of our
    competitors produce fertilizer outside of this region and incur
    greater costs in transporting their products over longer
    distances via rail, ships and pipelines. There can be no
    assurance that our competitors&#146; transportation costs will
    not decline or that additional pipelines will not be built,
    lowering the price at which our competitors can sell their
    products, which would have a material adverse effect on our
    results of operations and financial condition.
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Risks
    Related to Our Entire Business</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Instability
    and volatility in the capital, credit and commodity markets in
    the global economy could negatively impact our business,
    financial condition, results of operations and cash
    flows.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The global capital and credit markets experienced extreme
    volatility and disruption over the past two years. Our business,
    financial condition and results of operations could be
    negatively impacted by difficult conditions and extreme
    volatility in the capital, credit and commodities markets and in
    the global economy. These factors, combined with volatile oil
    prices, declining business and consumer confidence and increased
    unemployment, precipitated an economic recession in the
    U.S.&#160;and globally during 2009 and 2010. The difficult
    conditions in these markets and the overall economy affect us in
    a number of ways. For example:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Although we believe we have sufficient liquidity under our ABL
    credit facility, and that the nitrogen fertilizer business has
    sufficient liquidity under its revolving credit facility, to run
    the refinery and nitrogen fertilizer businesses, under extreme
    market conditions there can be no assurance that such
</TD>
</TR>

</TABLE>
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    <BR>
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    <TD width="6%"></TD>
    <TD width="2%"></TD>
    <TD width="92%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>
</TD>
    <TD align="left">
    funds would be available or sufficient, and in such a case, we
    may not be able to successfully obtain additional financing on
    favorable terms, or at all.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Market volatility could exert downward pressure on our stock
    price, which may make it more difficult for us to raise
    additional capital and thereby limit our ability to grow.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Our ABL credit facility and the nitrogen fertilizer
    business&#146; revolving credit facility contain various
    covenants that must be complied with, and if we or the
    Partnership are not in compliance, there can be no assurance
    that we or the Partnership would be able to successfully amend
    the agreement in the future. Further, any such amendment could
    be very expensive.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Market conditions could result in our significant customers
    experiencing financial difficulties. We are exposed to the
    credit risk of our customers, and their failure to meet their
    financial obligations when due because of bankruptcy, lack of
    liquidity, operational failure or other reasons could result in
    decreased sales and earnings for us.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Our
    refinery and nitrogen fertilizer facilities face operating
    hazards and interruptions, including unscheduled maintenance or
    downtime. We could face potentially significant costs to the
    extent these hazards or interruptions cause a material decline
    in production and are not fully covered by our existing
    insurance coverage. Insurance companies that currently insure
    companies in the energy industry may cease to do so, may change
    the coverage provided or may substantially increase premiums in
    the future.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Our operations, located primarily in a single location, are
    subject to significant operating hazards and interruptions. If
    any of our facilities, including our refinery and the nitrogen
    fertilizer plant, experiences a major accident or fire, is
    damaged by severe weather, flooding or other natural disaster,
    or is otherwise forced to significantly curtail its operations
    or shut down, we could incur significant losses which could have
    a material adverse effect on our results of operations,
    financial condition and cash flows. Conducting all of our
    refining operations and fertilizer manufacturing at a single
    location compounds such risks.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Operations at our refinery and the nitrogen fertilizer plant
    could be curtailed or partially or completely shut down,
    temporarily or permanently, as the result of a number of
    circumstances, most of which are not within our control, such as:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    unscheduled maintenance or catastrophic events such as a major
    accident or fire, damage by severe weather, flooding or other
    natural disaster;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    labor difficulties that result in a work stoppage or slowdown;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    environmental proceedings or other litigation that compel the
    cessation of all or a portion of the operations;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    increasingly stringent environmental regulations.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The magnitude of the effect on us of any shutdown will depend on
    the length of the shutdown and the extent of the plant
    operations affected by the shutdown. Our refinery requires a
    scheduled maintenance turnaround every four to five years for
    each unit, and the nitrogen fertilizer plant requires a
    scheduled maintenance turnaround every two years. A major
    accident, fire, flood, or other event could damage our
    facilities or the environment and the surrounding community or
    result in injuries or loss of life. For example, the flood that
    occurred during the weekend of June&#160;30, 2007 shut down our
    refinery for seven weeks, shut down the nitrogen fertilizer
    facility for approximately two weeks and required significant
    expenditures to repair damaged equipment. In addition, the
    nitrogen fertilizer business&#146; UAN plant was out of service
    for approximately six weeks after the rupture of a high pressure
    vessel in September 2010, which required significant
    expenditures to repair. Our refinery experienced an equipment
    malfunction and small fire in connection with its fluid
    catalytic cracking unit on December&#160;28, 2010, which led to
    reduced crude throughput and required significant expenditures
    to repair. The refinery returned to full operations on
    January&#160;26, 2011. Scheduled and unscheduled maintenance
    could reduce our net income and cash flows during the period of
    time that any of our units is not operating. Any unscheduled
    future downtime could have a material adverse effect on our
    results of operations, financial condition and cash flows.
</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If we experience significant property damage, business
    interruption, environmental claims or other liabilities, our
    business could be materially adversely affected to the extent
    the damages or claims exceed the amount of valid and collectible
    insurance available to us. Our property and business
    interruption insurance policies have a $1.0&#160;billion limit,
    with a $2.5&#160;million deductible for physical damage and a
    <FONT style="white-space: nowrap">45-day</FONT>
    waiting period before losses resulting from business
    interruptions are recoverable. The policies also contain
    exclusions and conditions that could have a materially adverse
    impact on our ability to receive indemnification thereunder, as
    well as customary
    <FONT style="white-space: nowrap">sub-limits</FONT>
    for particular types of losses. For example, the current
    property policy contains a specific
    <FONT style="white-space: nowrap">sub-limit</FONT> of
    $150.0&#160;million for damage caused by flooding. We are fully
    exposed to all losses in excess of the applicable limits and
    <FONT style="white-space: nowrap">sub-limits</FONT>
    and for losses due to business interruptions of fewer than
    45&#160;days.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The energy and nitrogen fertilizer industries are highly capital
    intensive, and the entire or partial loss of individual
    facilities can result in significant costs to both industry
    participants, such as us, and their insurance carriers. In
    recent years, several large energy industry claims have resulted
    in significant increases in the level of premium costs and
    deductible periods for participants in the energy industry. For
    example, during 2005, Hurricanes Katrina and Rita caused
    significant damage to several petroleum refineries along the
    U.S.&#160;Gulf Coast, in addition to numerous oil and gas
    production facilities and pipelines in that region. As a result
    of large energy industry insurance claims, insurance companies
    that have historically participated in underwriting energy
    related facilities could discontinue that practice or demand
    significantly higher premiums or deductibles to cover these
    facilities. Although we currently maintain significant amounts
    of insurance, insurance policies are subject to annual renewal.
    If significant changes in the number or financial solvency of
    insurance underwriters for the energy industry occur, we may be
    unable to obtain and maintain adequate insurance at a reasonable
    cost or we might need to significantly increase our retained
    exposures.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Environmental
    laws and regulations could require us to make substantial
    capital expenditures to remain in compliance or to remediate
    current or future contamination that could give rise to material
    liabilities.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Our operations are subject to a variety of federal, state and
    local environmental laws and regulations relating to the
    protection of the environment, including those governing the
    emission or discharge of pollutants into the environment,
    product specifications and the generation, treatment, storage,
    transportation, disposal and remediation of solid and hazardous
    waste and materials. Violations of these laws and regulations or
    permit conditions can result in substantial penalties,
    injunctive orders compelling installation of additional
    controls, civil and criminal sanctions, permit revocations
    <FONT style="white-space: nowrap">and/or</FONT>
    facility shutdowns.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In addition, new environmental laws and regulations, new
    interpretations of existing laws and regulations, increased
    governmental enforcement of laws and regulations or other
    developments could require us to make additional unforeseen
    expenditures. Many of these laws and regulations are becoming
    increasingly stringent, and the cost of compliance with these
    requirements can be expected to increase over time. The
    requirements to be met, as well as the technology and length of
    time available to meet those requirements, continue to develop
    and change. These expenditures or costs for environmental
    compliance could have a material adverse effect on our results
    of operations, financial condition and profitability.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Our facilities operate under a number of federal and state
    permits, licenses and approvals with terms and conditions
    containing a significant number of prescriptive limits and
    performance standards in order to operate. Our facilities are
    also required to comply with prescriptive limits and meet
    performance standards specific to refining
    <FONT style="white-space: nowrap">and/or</FONT>
    chemical facilities as well as to general manufacturing
    facilities. All of these permits, licenses, approvals and
    standards require a significant amount of monitoring, record
    keeping and reporting in order to demonstrate compliance with
    the underlying permit, license, approval or standard. Incomplete
    documentation of compliance status may result in the imposition
    of fines, penalties and injunctive relief. Additionally, due to
    the nature of our manufacturing and refining processes, there
    may be times when we are unable to meet the standards and terms
    and conditions of these permits and licenses due to operational
    upsets or malfunctions, which may lead to the imposition of
    fines and penalties or operating restrictions that may have a
    material adverse effect on our ability to operate our facilities
    and accordingly our financial performance.
</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Our businesses are subject to accidental spills, discharges or
    other releases of petroleum or hazardous substances into the
    environment. Past or future spills related to any of our current
    or former operations, including our refinery, pipelines, product
    terminals, fertilizer plant or transportation of products or
    hazardous substances from those facilities, may give rise to
    liability (including strict liability, or liability without
    fault, and potential cleanup responsibility) to governmental
    entities or private parties under federal, state or local
    environmental laws, as well as under common law. For example, we
    could be held strictly liable under the Comprehensive
    Environmental Response, Compensation and Liability Act, or
    CERCLA, and similar state statutes for past or future spills
    without regard to fault or whether our actions were in
    compliance with the law at the time of the spills. Pursuant to
    CERCLA and similar state statutes, we could be held liable for
    contamination associated with facilities we currently own or
    operate, facilities we formerly owned or operated (if any) and
    facilities to which we transported or arranged for the
    transportation of wastes or byproducts containing hazardous
    substances for treatment, storage, or disposal.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The potential penalties and cleanup costs for past or future
    releases or spills, liability to third parties for damage to
    their property or exposure to hazardous substances, or the need
    to address newly discovered information or conditions that may
    require response actions could be significant and could have a
    material adverse effect on our results of operations, financial
    condition and cash flows. In addition, we may incur liability
    for alleged personal injury or property damage due to exposure
    to chemicals or other hazardous substances located at or
    released from our facilities. We may also face liability for
    personal injury, property damage, natural resource damage or for
    cleanup costs for the alleged migration of contamination or
    other hazardous substances from our facilities to adjacent and
    other nearby properties.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In March 2004, CRRM and CRT entered into a Consent Decree to
    address certain allegations of Clean Air Act violations by
    Farmland (the prior owner) at our Coffeyville refinery and
    Phillipsburg terminal facility in order to address the alleged
    violations and eliminate liabilities going forward. The
    remaining costs of complying with the Consent Decree are
    expected to be approximately $49&#160;million, which does not
    include the cleanup obligations for historic contamination at
    the site that are being addressed pursuant to administrative
    orders issued under RCRA and described in Item&#160;1
    Business&#160;&#151; &#147;Environmental Matters&#160;&#151;
    RCRA&#160;&#151; Impacts of Past Manufacturing&#148; in our
    Annual Report on
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    for the year ended December&#160;31, 2010. To date, CRRM and CRT
    have materially complied with the Consent Decree and have not
    had to pay any stipulated penalties, which are required to be
    paid for failure to comply with various terms and conditions of
    the Consent Decree. As described in &#147;Environmental, Health
    and Safety (&#147;EHS&#148;) Matters&#148; and &#147;The Federal
    Clean Air Act,&#148; CRRM and the EPA agreed to extend the
    refinery&#146;s deadline under the Consent Decree to install
    certain air pollution controls on its FCCU due to delays caused
    by the June/July 2007 flood. Pursuant to this agreement, CRRM
    would offset any incremental emissions resulting from the delay
    by providing additional controls to existing emission sources
    over a set timeframe. A number of factors could affect our
    ability to meet the requirements imposed by the Consent Decree
    and have a material adverse effect on our results of operations,
    financial condition and profitability.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Two of our facilities, including our Coffeyville crude oil
    refinery and the Phillipsburg terminal (which operated as a
    refinery until 1991), have environmental contamination. We have
    assumed Farmland&#146;s responsibilities under certain RCRA
    administrative orders related to contamination at or that
    originated from the refinery (which includes portions of the
    nitrogen fertilizer plant) and the Phillipsburg terminal. If
    significant unknown liabilities that have been undetected to
    date by our soil and groundwater investigation and sampling
    programs arise in the areas where we have assumed liability for
    the corrective action, that liability could have a material
    adverse effect on our results of operations and financial
    condition and may not be covered by insurance.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We may incur future costs relating to the off-site disposal of
    hazardous wastes. Companies that dispose of, or arrange for the
    transportation or disposal of, hazardous substances at off-site
    locations may be held jointly and severally liable for the costs
    of investigation and remediation of contamination at those
    off-site locations, regardless of fault. We could become
    involved in litigation or other proceedings involving off-site
    waste disposal and the damages or costs in any such proceedings
    could be material.
</DIV>
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<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">We may
    be unable to obtain or renew permits necessary for our
    operations, which could inhibit our ability to do
    business.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We hold numerous environmental and other governmental permits
    and approvals authorizing operations at our facilities. Future
    expansion of our operations is also predicated upon securing the
    necessary environmental or other permits or approvals. A
    decision by a government agency to deny or delay issuing a new
    or renewed material permit or approval, or to revoke or
    substantially modify an existing permit or approval, could have
    a material adverse effect on our ability to continue operations
    and on our financial condition, results of operations and cash
    flows.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Climate
    change laws and regulations could have a material adverse effect
    on our results of operations, financial condition, and cash
    flows.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Currently, various legislative and regulatory measures to
    address greenhouse gas emissions (including
    CO<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB>,
    methane and nitrous oxides) are in various phases of discussion
    or implementation. At the federal legislative level, Congress
    could adopt some form of federal mandatory greenhouse gas
    emission reduction laws, although the specific requirements and
    timing of any such laws are uncertain at this time. In June
    2009, the U.S.&#160;House of Representatives passed a bill that
    would have created a nationwide
    <FONT style="white-space: nowrap">cap-and-trade</FONT>
    program designed to regulate emissions of
    CO<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB>,
    methane and other greenhouse gases. A similar bill was
    introduced in the U.S.&#160;Senate, but was not voted upon.
    Congressional passage of such legislation does not appear likely
    at this time, though it could be adopted at a future date. It is
    also possible that Congress may pass alternative climate change
    bills that do not mandate a nationwide
    <FONT style="white-space: nowrap">cap-and-trade</FONT>
    program and instead focus on promoting renewable energy and
    energy efficiency.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In the absence of congressional legislation on greenhouse gas
    emissions, the EPA is moving ahead administratively under its
    Clean Air Act authority. On December&#160;7, 2009, the EPA
    finalized its &#147;endangerment finding&#148; that greenhouse
    gas emissions, including
    CO<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB>,
    pose a threat to human health and welfare. In October 2009, the
    EPA finalized a rule requiring certain large emitters of
    greenhouse gases to inventory and report their greenhouse gas
    emissions to the EPA. In accordance with the rule, we have begun
    monitoring our greenhouse gas emissions and will report the
    emissions to the EPA beginning this year. In May 2010, the EPA
    finalized the &#147;Greenhouse Gas Tailoring Rule,&#148; which
    established new greenhouse gas emissions thresholds that
    determine when stationary sources, such as our refinery and the
    nitrogen fertilizer plant, must obtain permits under Prevention
    of Significant Deterioration, or PSD, and Title&#160;V programs
    of the federal Clean Air Act. The significance of the permitting
    requirement is that, in cases where a new source is constructed
    or an existing source undergoes a major modification, the
    facility would need to evaluate and install best available
    control technology, or BACT, to control greenhouse gas
    emissions. Phase-in permit requirements will begin for the
    largest stationary sources in 2011. We do not currently
    anticipate that the nitrogen fertilizer business&#146;
    previously announced UAN expansion project or any other
    currently anticipated projects will result in a significant
    increase in greenhouse gas emissions triggering the need to
    install BACT. However, beginning in July 2011, a major
    modification resulting in a significant expansion of production
    at our facilities resulting in a significant increase in
    greenhouse gas emissions may require the installation of BACT
    controls. The EPA&#146;s endangerment finding, Greenhouse Gas
    Tailoring Rule and certain other greenhouse gas emission rules
    have been challenged and will likely be subject to extensive
    litigation. In addition, a number of Congressional bills to
    overturn or bar the EPA from regulating greenhouse gas
    emissions, or at least to defer such action by the EPA under the
    federal Clean Air Act, have been proposed, although President
    Obama has announced his intention to veto any such bills, if
    passed. In the meantime, in December 2010, the EPA reached
    settlement agreements with numerous parties under which it
    agreed to promulgate final decisions on New Source Performance
    Standards (NSPS) for petroleum refineries by November 2012.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In addition to federal regulations, a number of states have
    adopted regional greenhouse gas initiatives to reduce
    CO<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB>
    and other greenhouse gas emissions. In 2007, a group of Midwest
    states, including Kansas (where our refinery and the nitrogen
    fertilizer facility are located), formed the Midwestern
    Greenhouse Gas Reduction Accord, which calls for the development
    of a
    <FONT style="white-space: nowrap">cap-and-trade</FONT>
    system to control greenhouse gas emissions and for the inventory
    of such emissions. However, the individual states that have
    signed on to the accord must
</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    adopt laws or regulations implementing the trading scheme before
    it becomes effective, and the timing and specific requirements
    of any such laws or regulations in Kansas are uncertain at this
    time.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The implementation of EPA greenhouse gas regulations will result
    in increased costs to (i)&#160;operate and maintain our
    facilities, (ii)&#160;install new emission controls on our
    facilities and (iii)&#160;administer and manage any greenhouse
    gas emissions program. Increased costs associated with
    compliance with any future legislation or regulation of
    greenhouse gas emissions, if it occurs, may have a material
    adverse effect on our results of operations, financial condition
    and cash flows.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In addition, climate change legislation and regulations may
    result in increased costs not only for our business but also
    users of our refined and fertilizer products, thereby
    potentially decreasing demand for our products. Decreased demand
    for our products may have a material adverse effect on our
    results of operations, financial condition and cash flows.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">We are
    subject to strict laws and regulations regarding employee and
    process safety, and failure to comply with these laws and
    regulations could have a material adverse effect on our results
    of operations, financial condition and
    profitability.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We are subject to the requirements of the Federal Occupational
    Safety and Health Act, or OSHA, and comparable state statutes
    that regulate the protection of the health and safety of
    workers. In addition, OSHA requires that we maintain information
    about hazardous materials used or produced in our operations and
    that we provide this information to employees, state and local
    governmental authorities, and local residents. Failure to comply
    with OSHA requirements, including general industry standards,
    record keeping requirements and monitoring and control of
    occupational exposure to regulated substances, could have a
    material adverse effect on our results of operations, financial
    condition and the cash flows if we are subjected to significant
    fines or compliance costs.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Both
    the petroleum and nitrogen fertilizer businesses depend on
    significant customers and the loss of one or several significant
    customers may have a material adverse impact on our results of
    operations and financial condition.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The petroleum and nitrogen fertilizer businesses both have a
    high concentration of customers. Our five largest customers in
    the petroleum business represented 47.6% of our petroleum sales
    for the year ended December&#160;31, 2010. Further in the
    aggregate, the top five ammonia customers of the nitrogen
    fertilizer business represented 44.2% of its ammonia sales for
    the year ended December&#160;31, 2010 and the top five UAN
    customers of the nitrogen fertilizer business represented 43.3%
    of its UAN sales for the same period. Several significant
    petroleum, ammonia and UAN customers each account for more than
    10% of sales of petroleum, ammonia and UAN, respectively. Given
    the nature of our business, and consistent with industry
    practice, we do not have long-term minimum purchase contracts
    with any of our customers. The loss of one or several of these
    significant customers, or a significant reduction in purchase
    volume by any of them, could have a material adverse effect on
    our results of operations, financial condition and cash flows.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">The
    acquisition and expansion strategy of our petroleum business and
    the nitrogen fertilizer business involves significant
    risks.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Both our petroleum business and the nitrogen fertilizer business
    will consider pursuing acquisitions and expansion projects in
    order to continue to grow and increase profitability. However,
    acquisitions and expansions involve numerous risks and
    uncertainties, including intense competition for suitable
    acquisition targets, the potential unavailability of financial
    resources necessary to consummate acquisitions and expansions,
    difficulties in identifying suitable acquisition targets and
    expansion projects or in completing any transactions identified
    on sufficiently favorable terms and the need to obtain
    regulatory or other governmental approvals that may be necessary
    to complete acquisitions and expansions. In addition, any future
    acquisitions and expansions may entail significant transaction
    costs and risks associated with entry into new markets and lines
    of business.
</DIV>
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    15
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The nitrogen fertilizer business has announced that it intends
    to move forward with an expansion of its nitrogen fertilizer
    plant using a portion of the proceeds from the
    Partnership&#146;s April 2011 initial public offering, which
    will allow it the flexibility to upgrade all of its ammonia
    production to UAN. This expansion is premised in large part on
    the historically higher margin that it has received for UAN
    compared to ammonia. If the premium that UAN currently earns
    over ammonia decreases, this expansion project may not yield the
    economic benefits and accretive effects that are currently
    anticipated.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In addition to the risks involved in identifying and completing
    acquisitions described above, even when acquisitions are
    completed, integration of acquired entities can involve
    significant difficulties, such as:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    unforeseen difficulties in the acquired operations and
    disruption of the ongoing operations of our petroleum business
    and the nitrogen fertilizer business;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    failure to achieve cost savings or other financial or operating
    objectives with respect to an acquisition;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    strain on the operational and managerial controls and procedures
    of our petroleum business and the nitrogen fertilizer business,
    and the need to modify systems or to add management resources;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    difficulties in the integration and retention of customers or
    personnel and the integration and effective deployment of
    operations or technologies;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    assumption of unknown material liabilities or regulatory
    non-compliance issues;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    amortization of acquired assets, which would reduce future
    reported earnings;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    possible adverse short-term effects on our cash flows or
    operating results;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    diversion of management&#146;s attention from the ongoing
    operations of our business.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In addition, in connection with any potential acquisition or
    expansion project involving the nitrogen fertilizer business,
    the nitrogen fertilizer business will need to consider whether
    the business it intends to acquire or expansion project it
    intends to pursue (including the
    CO<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB>
    sequestration or sale project) could affect the nitrogen
    fertilizer business&#146; tax treatment as a partnership for
    federal income tax purposes. If the nitrogen fertilizer business
    is otherwise unable to conclude that the activities of the
    business being acquired or the expansion project would not
    affect the Partnership&#146;s treatment as a partnership for
    federal income tax purposes, the nitrogen fertilizer business
    may elect to seek a ruling from the Internal Revenue Service
    (&#147;IRS&#148;). Seeking such a ruling could be costly or, in
    the case of competitive acquisitions, place the nitrogen
    fertilizer business in a competitive disadvantage compared to
    other potential acquirers who do not seek such a ruling. If the
    nitrogen fertilizer business is unable to conclude that an
    activity would not affect its treatment as a partnership for
    federal income tax purposes, the nitrogen fertilizer business
    may choose to acquire such business or develop such expansion
    project in a corporate subsidiary, which would subject the
    income related to such activity to entity-level taxation.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Failure to manage these acquisition and expansion growth risks
    could have a material adverse effect on our results of
    operations, financial condition and cash flows. There can be no
    assurance that we will be able to consummate any acquisitions or
    expansions, successfully integrate acquired entities, or
    generate positive cash flow at any acquired company or expansion
    project.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">We are
    a holding company and depend upon our subsidiaries for our cash
    flow.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We are a holding company. Our subsidiaries conduct all of our
    operations and own substantially all of our assets.
    Consequently, our cash flow and our ability to meet our
    obligations or to pay dividends or make other distributions in
    the future will depend upon the cash flow of our subsidiaries
    and the payment of funds by our subsidiaries to us in the form
    of dividends, tax sharing payments or otherwise. In addition,
    CRLLC, our indirect subsidiary, which is the primary obligor
    under our ABL credit facility, is a holding company and its
    ability to meet its debt service obligations depends on the cash
    flow of its subsidiaries (including the Partnership).
    Furthermore, in future periods, as a result of the April 2011
    initial public offering of the Partnership, public unitholders
    will be entitled to approximately 30% of the available cash
    generated by the nitrogen fertilizer business. The ability of
    our subsidiaries to make any payments to us will depend on their
</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    earnings, the terms of their indebtedness, including the terms
    of our ABL credit facility, the Partnership&#146;s revolving
    credit facility, tax considerations and legal restrictions. In
    particular, our ABL credit facility and the Partnership&#146;s
    revolving credit facility currently impose significant
    limitations on the ability of our subsidiaries to make
    distributions to us and consequently our ability to pay
    dividends to our stockholders.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Our
    significant indebtedness may affect our ability to operate our
    business, and may have a material adverse effect on our
    financial condition and results of operations.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    As of May&#160;6, 2011, CRLLC had senior secured notes
    outstanding with an aggregate principal balance of
    $472.5&#160;million, $31.6&#160;million in letters of credit
    outstanding and borrowing availability of $218.4&#160;million
    available under the ABL credit facility, and CRNF, our
    subsidiary that operates the nitrogen fertilizer business, had
    $125.0&#160;million in term loan borrowings outstanding and
    borrowing availability of $25.0&#160;million under its revolving
    credit facility. We and our subsidiaries may be able to incur
    significant additional indebtedness in the future. If new
    indebtedness is added to our current indebtedness, the risks
    described below could increase. Our high level of indebtedness
    could have important consequences, such as:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    limiting our ability to obtain additional financing to fund our
    working capital needs, capital expenditures, debt service
    requirements or for other purposes;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    limiting our ability to use operating cash flow in other areas
    of our business because we must dedicate a substantial portion
    of these funds to service debt;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    limiting our ability to compete with other companies who are not
    as highly leveraged, as we may be less capable of responding to
    adverse economic and industry conditions;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    placing restrictive financial and operating covenants in the
    agreements governing our and our subsidiaries&#146; long-term
    indebtedness and bank loans, including, in the case of certain
    indebtedness of subsidiaries, certain covenants that restrict
    the ability of subsidiaries to pay dividends or make other
    distributions to us;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    exposing us to potential events of default (if not cured or
    waived) under financial and operating covenants contained in our
    or our subsidiaries&#146; debt instruments that could have a
    material adverse effect on our business, financial condition and
    operating results;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    increasing our vulnerability to a downturn in general economic
    conditions or in pricing of our products;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    limiting our ability to react to changing market conditions in
    our industry and in our customers&#146; industries.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In addition, borrowings under our ABL credit facility and the
    Partnership&#146;s revolving credit facility bear interest at
    variable rates. If market interest rates increase, such
    variable-rate debt will create higher debt service requirements,
    which could adversely affect our cash flow.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Changes in our credit ratings may affect the way crude oil and
    feedstock suppliers view our ability to make payments and may
    induce them to shorten the payment terms of their invoices.
    Given the large dollar amounts and volume of our feedstock
    purchases, a change in payment terms may have a material adverse
    effect on our liability and our ability to make payments to our
    suppliers.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In addition to our debt service obligations, our operations
    require substantial investments on a continuing basis. Our
    ability to make scheduled debt payments, to refinance our
    obligations with respect to our indebtedness and to fund capital
    and non-capital expenditures necessary to maintain the condition
    of our operating assets, properties and systems software, as
    well as to provide capacity for the growth of our business,
    depends on our financial and operating performance, which, in
    turn, is subject to prevailing economic conditions and
    financial, business, competitive, legal and other factors. In
    addition, we are and will be subject to covenants contained in
    agreements governing our present and future indebtedness. These
    covenants include, and will likely include, restrictions on
    certain payments, the granting of liens, the incurrence of
    additional indebtedness, dividend restrictions affecting
    subsidiaries, asset sales, transactions with affiliates and
    mergers
</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    and consolidations. Any failure to comply with these covenants
    could result in a default under our ABL credit facility and the
    Partnership&#146;s revolving credit facility. Upon a default,
    unless waived, the lenders under our ABL credit facility and the
    Partnership&#146;s revolving credit facility would have all
    remedies available to a secured lender, and could elect to
    terminate their commitments, cease making further loans,
    institute foreclosure proceedings against our or our
    subsidiaries&#146; assets, and force us and our subsidiaries
    into bankruptcy or liquidation. In addition, any defaults could
    trigger cross defaults under other or future credit agreements.
    Our operating results may not be sufficient to service our
    indebtedness or to fund our other expenditures and we may not be
    able to obtain financing to meet these requirements.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">A
    substantial portion of our workforce is unionized and we are
    subject to the risk of labor disputes and adverse employee
    relations, which may disrupt our business and increase our
    costs.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    As of December&#160;31, 2010, approximately 39% of our
    employees, all of whom work in our petroleum business, were
    represented by labor unions under collective bargaining
    agreements. Our collective bargaining agreement with the United
    Steelworkers will expire in March 2012 and our collective
    bargaining agreement with the Metal Trades Unions will expire in
    March 2013. We may not be able to renegotiate our collective
    bargaining agreements when they expire on satisfactory terms or
    at all. A failure to do so may increase our costs. In addition,
    our existing labor agreements may not prevent a strike or work
    stoppage at any of our facilities in the future, and any work
    stoppage could negatively affect our results of operations and
    financial condition.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Our
    business may suffer if any of our key senior executives or other
    key employees discontinues employment with us. Furthermore, a
    shortage of skilled labor or disruptions in our labor force may
    make it difficult for us to maintain labor
    productivity.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Our future success depends to a large extent on the services of
    our key senior executives and key senior employees. Our business
    depends on our continuing ability to recruit, train and retain
    highly qualified employees in all areas of our operations,
    including accounting, business operations, finance and other key
    back-office and mid-office personnel. Furthermore, our
    operations require skilled and experienced employees with
    proficiency in multiple tasks. In particular, the nitrogen
    fertilizer facility relies on gasification technology that
    requires special expertise to operate efficiently and
    effectively. The competition for these employees is intense, and
    the loss of these executives or employees could harm our
    business. If any of these executives or other key personnel
    resign or become unable to continue in their present roles and
    are not adequately replaced, our business operations could be
    materially adversely affected. We do not maintain any &#147;key
    man&#148; life insurance for any executives.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">New
    regulations concerning the transportation of hazardous
    chemicals, risks of terrorism and the security of chemical
    manufacturing facilities could result in higher operating
    costs.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The costs of complying with regulations relating to the
    transportation of hazardous chemicals and security associated
    with the refining and nitrogen fertilizer facilities may have a
    material adverse effect on our results of operations, financial
    condition and cash flows. Targets such as refining and chemical
    manufacturing facilities may be at greater risk of future
    terrorist attacks than other targets in the United States. As a
    result, the petroleum and chemical industries have responded to
    the issues that arose due to the terrorist attacks on
    September&#160;11, 2001 by starting new initiatives relating to
    the security of petroleum and chemical industry facilities and
    the transportation of hazardous chemicals in the United States.
    Future terrorist attacks could lead to even stronger, more
    costly initiatives. Simultaneously, local, state and federal
    governments have begun a regulatory process that could lead to
    new regulations impacting the security of refinery and chemical
    plant locations and the transportation of petroleum and
    hazardous chemicals. Our business could be materially adversely
    affected by the cost of complying with new regulations.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Compliance
    with and changes in the tax laws could adversely affect our
    performance.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We are subject to extensive tax liabilities, including United
    States and state income taxes and transactional taxes such as
    excise, sales/use, payroll, and franchise and withholding. New
    tax laws and regulations are continuously being enacted or
    proposed that could result in increased expenditures for tax
    liabilities in the future.
</DIV>
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    <B><FONT style="font-family: 'Times New Roman', Times">Risks
    Related to Our Common Stock</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Shares
    eligible for future sale may cause the price of our common stock
    to decline.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Sales of substantial amounts of our common stock in the public
    market, or the perception that these sales may occur, could
    cause the market price of our common stock to decline. This
    could also impair our ability to raise additional capital
    through the sale of our equity securities. Under our amended and
    restated certificate of incorporation, we are authorized to
    issue up to 350,000,000&#160;shares of common stock, of which
    86,413,781&#160;shares of common stock were outstanding as of
    May&#160;1, 2011. Of these shares, CALLC currently owns
    7,988,179&#160;shares and has registration rights with respect
    to the remainder of their shares that would allow them to be
    sold in a secondary public offering.
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Risks
    Related to the Limited Partnership Structure Through Which<BR>
    We Currently Hold Our Interest in the Nitrogen Fertilizer
    Business</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">The
    board of directors of the Partnership&#146;s general partner has
    adopted a policy to distribute all of the available cash the
    nitrogen fertilizer business generates each quarter, which could
    limit its ability to grow and make acquisitions.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The board of directors of the Partnership&#146;s general partner
    has adopted a policy to distribute all of the available cash the
    Partnership generates each quarter to its unitholders, beginning
    with the quarter ending June&#160;30, 2011. As a result, the
    Partnership&#146;s general partner will rely primarily upon
    external financing sources, including commercial bank borrowings
    and the issuance of debt and equity securities, to fund
    acquisitions and expansion capital expenditures at the nitrogen
    fertilizer business. To the extent it is unable to finance
    growth externally, the Partnership&#146;s cash distribution
    policy will significantly impair its ability to grow. As of the
    closing of the Partnership&#146;s initial public offering in
    April 2011, we owned approximately 70% of the Partnership&#146;s
    outstanding common units, and public unitholders owned the
    remaining 30% of the Partnership&#146;s common units.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In addition, because the board of directors of the
    Partnership&#146;s general partner will adopt a policy to
    distribute all of the available cash it generates each quarter,
    growth may not be as fast as that of businesses that reinvest
    their available cash to expand ongoing operations. To the extent
    the Partnership issues additional units in connection with any
    acquisitions or expansion capital expenditures, the payment of
    distributions on those additional units will decrease the amount
    the Partnership distributes on each outstanding unit. There are
    no limitations in the partnership agreement on the
    Partnership&#146;s ability to issue additional units, including
    units ranking senior to the common units that we own. The
    incurrence of additional commercial borrowings or other debt to
    finance the Partnership&#146;s growth strategy would result in
    increased interest expense, which, in turn, would reduce the
    available cash that the Partnership has to distribute to
    unitholders, including us.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">The
    Partnership may not have sufficient available cash to pay any
    quarterly distribution on its common units.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Partnership may not have sufficient available cash each
    quarter to pay any distributions to its common unitholders,
    including us. Furthermore, the partnership agreement does not
    require it to pay distributions on a quarterly basis or
    otherwise. The amount of cash the Partnership will be able to
    distribute on its common units principally depends on the amount
    of cash it generates from operations, which is directly
    dependent upon operating margins, which have been volatile
    historically. Operating margins at the nitrogen fertilizer
    business are significantly affected by the market-driven UAN and
    ammonia prices it is able to charge customers and pet coke-based
    gasification production costs, as well as seasonality, weather
    conditions, governmental regulation, unscheduled maintenance or
    downtime at the nitrogen fertilizer plant and global and
    domestic demand for nitrogen fertilizer products, among other
    factors. In addition:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    The Partnership&#146;s revolving credit facility, and any credit
    facility or other debt instruments it may enter into in the
    future, may limit the distributions that the Partnership can
    make. The revolving credit facility provides that the
    Partnership can make distributions to holders of common units
    only if it is in compliance with leverage ratio and interest
    coverage ratio covenants on a pro forma basis after giving
    effect to any distribution, and there is no default or event of
    default under the facility. In addition, any future credit
</TD>
</TR>

</TABLE>
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<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>
</TD>
    <TD align="left">
    facility may contain other financial tests and covenants that
    must be satisfied. Any failure to comply with these tests and
    covenants could result in the lenders prohibiting Partnership
    distributions.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    The amount of available cash for distribution to unitholders
    depends primarily on cash flow, and not solely on the
    profitability of the nitrogen fertilizer business, which is
    affected by non-cash items. As a result, the Partnership may
    make distributions during periods when it records losses and may
    not make distributions during periods when it records net income.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    The actual amount of available cash will depend on numerous
    factors, some of which are beyond the Partnership&#146;s
    control, including UAN and ammonia prices, operating costs,
    global and domestic demand for nitrogen fertilizer products,
    fluctuations in working capital needs, and the amount of fees
    and expenses incurred by us.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Increases
    in interest rates could adversely impact our unit price and the
    Partnership&#146;s ability to issue additional equity to make
    acquisitions, incur debt or for other purposes.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We expect that the price of the Partnership&#146;s common units
    will be impacted by the level of the Partnership&#146;s
    quarterly cash distributions and implied distribution yield. The
    distribution yield is often used by investors to compare and
    rank related yield-oriented securities for investment
    decision-making purposes. Therefore, changes in interest rates
    may affect the yield requirements of investors who invest in the
    Partnership&#146;s common units, and a rising interest rate
    environment could have a material adverse impact on the
    Partnership&#146;s unit price (and therefore the value of our
    investment in the Partnership) as well as the Partnership&#146;s
    ability to issue additional equity to make acquisitions or to
    incur debt.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">We may
    have liability to repay distributions that are wrongfully
    distributed to us.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Under certain circumstances, we may, as a holder of common units
    in the Partnership, have to repay amounts wrongfully returned or
    distributed to us. Under the Delaware Revised Uniform Limited
    Partnership Act, the Partnership may not make a distribution to
    unitholders if the distribution would cause its liabilities to
    exceed the fair value of its assets. Delaware law provides that
    for a period of three years from the date of an impermissible
    distribution, limited partners who received the distribution and
    who knew at the time of the distribution that it violated
    Delaware law will be liable to the company for the distribution
    amount.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Public
    investors own approximately 30% of the nitrogen fertilizer
    business as a result of the Partnership&#146;s April 2011
    initial public offering. Although we own the majority of the
    Partnership&#146;s common units and the nitrogen fertilizer
    business&#146; general partner, the general partner owes a duty
    of good faith to public unitholders, which could cause it to
    manage the nitrogen fertilizer business differently than if
    there were no public unitholders.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    As a result of the initial public offering of the
    Partnership&#146;s common units which closed in April 2011,
    public investors own approximately 30% of the nitrogen
    fertilizer business&#146; common units. As a result of this
    offering, we are no longer entitled to receive all of the cash
    generated by the nitrogen fertilizer business or freely borrow
    money from the nitrogen fertilizer business to finance
    operations at the refinery, as we have in the past. Furthermore,
    although we own the Partnership&#146;s general partner and
    continue to own the majority of the Partnership&#146;s common
    units, the Partnership&#146;s general partner is subject to
    certain fiduciary duties, which may require the general partner
    to manage the nitrogen fertilizer business in a way that may
    differ from our best interests.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">The
    nitrogen fertilizer business will incur increased costs as a
    result of being a publicly traded partnership.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    As a subsidiary of a publicly traded partnership, the nitrogen
    fertilizer business will incur significant legal, accounting and
    other expenses that it did not incur prior to any such offering.
    In addition, the Sarbanes-Oxley Act of 2002 and the Dodd-Frank
    Act of 2010, as well as rules implemented by the SEC and the
    New&#160;York Stock Exchange, require, or will require, publicly
    traded entities to adopt various corporate governance practices
    that will further increase its costs. Before it is able to make
    distributions to us, it must first pay its expenses, including
    the costs of being a public company and other operating
    expenses. As a result,
</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    the amount of cash it has available for distribution to us will
    be affected by its expenses, including the costs associated with
    being a publicly traded partnership. It is estimated that the
    nitrogen fertilizer business will incur approximately
    $3.5&#160;million of estimated incremental costs per year, some
    of which will be direct charges associated with being a publicly
    traded partnership, and some of which will be allocated to the
    nitrogen fertilizer business by us; however, it is possible that
    the actual incremental costs of being a publicly traded
    partnership will be higher than we currently estimate.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    As a result of CVR Partners&#146; initial public offering, which
    closed in April 2011, the nitrogen fertilizer business is now
    subject to the public reporting requirements of the Securities
    Exchange Act of 1934, as amended (the &#147;Exchange Act&#148;).
    These requirements will increase legal and financial compliance
    costs and will make compliance activities more time-consuming
    and costly. For example, as a result of becoming a publicly
    traded partnership, the board of directors of the general
    partner of the Partnership will be required to have at least
    three independent directors by April&#160;7, 2012 (it currently
    has two). In addition, the Partnership will be required to adopt
    policies regarding internal controls and disclosure controls and
    procedures, including the preparation of reports on internal
    control over financial reporting.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">As a
    stand-alone public company, the nitrogen fertilizer business
    will be exposed to risks relating to evaluations of controls
    required by Section&#160;404 of the Sarbanes-Oxley
    Act.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The nitrogen fertilizer business is in the process of evaluating
    its internal controls systems to allow management to report on,
    and our independent auditors to audit, its internal control over
    financial reporting. It will be performing the system and
    process evaluation and testing (and any necessary remediation)
    required to comply with the management certification and auditor
    attestation requirements of Section&#160;404 of the
    <FONT style="white-space: nowrap">Sarbanes-Oxley</FONT>
    Act, and under current rules will be required to comply with
    Section&#160;404 for the year ended December&#160;31, 2012.
    Furthermore, upon completion of this process, the nitrogen
    fertilizer business may identify control deficiencies of varying
    degrees of severity under applicable SEC and Public Company
    Accounting Oversight Board, or PCAOB, rules and regulations that
    remain unremediated. Although the nitrogen fertilizer business
    produces financial statements in accordance with
    U.S.&#160;Generally Accepted Accounting Principles
    (&#147;GAAP&#148;), internal accounting controls may not
    currently meet all standards applicable to companies with
    publicly traded securities. As a publicly traded partnership, it
    will be required to report, among other things, control
    deficiencies that constitute a &#147;material weakness&#148; or
    changes in internal controls that, or that are reasonably likely
    to, materially affect internal control over financial reporting.
    A &#147;material weakness&#148; is a deficiency, or a
    combination of deficiencies, in internal control over financial
    reporting, such that there is a reasonable possibility that a
    material misstatement of the annual or interim financial
    statements will not be prevented or detected on a timely basis.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If the nitrogen fertilizer business fails to implement the
    requirements of Section&#160;404 in a timely manner, it might be
    subject to sanctions or investigation by regulatory authorities
    such as the SEC. If it does not implement improvements to its
    disclosure controls and procedures or to its internal controls
    in a timely manner, its independent registered public accounting
    firm may not be able to certify as to the effectiveness of its
    internal control over financial reporting pursuant to an audit
    of its internal control over financial reporting. This may
    subject the nitrogen fertilizer business to adverse regulatory
    consequences or a loss of confidence in the reliability of its
    financial statements. It could also suffer a loss of confidence
    in the reliability of its financial statements if its
    independent registered public accounting firm reports a material
    weakness in its internal controls, if it does not develop and
    maintain effective controls and procedures or if it is otherwise
    unable to deliver timely and reliable financial information. Any
    loss of confidence in the reliability of its financial
    statements or other negative reaction to its failure to develop
    timely or adequate disclosure controls and procedures or
    internal controls could result in a decline in the price of its
    common units, which would reduce the value of our investment in
    the nitrogen fertilizer business. In addition, if the nitrogen
    fertilizer business fails to remedy any material weakness, its
    financial statements may be inaccurate, it may face restricted
    access to the capital markets and the price of its common units
    may be adversely affected, which would reduce the value of our
    investment in the nitrogen fertilizer business.
</DIV>
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