Fourth quarter of 2017 ○ CDU (“Crude Disti

Fourth quarter of 2017

○ CDU (“Crude Distillation Unit”) TCEQ PERMIT ISSUED
○ CDU FRONT END ENGINNERING AND DESIGN (“FEED”) STUDY COMMENCED
○ CDU CRUDE SUPPLY AND OFFTAKE AGREEMENTS SIGNED
○ CDU FINANCING CLOSED
○ CDU CONSTRUCTION GROUND BREAKING
○ LARGE SCALE REFINERY FEED STUDY COMMENCED
○ LARGE SCALE REFINERY TCEQ PERMIT APPLICATION FILED

1 st half of 2018

○ CDU CONSTRUCTION CONTINUING
○ TEXAS PACIFICO RR NEGOTIATIONS FOR UPGRADE OF RR FROM FORT STOCKTON TO PRESIDIO
○ RAIL RATES FROM PROJECT TO MEXICO AND TEXAS GULF COAST DETERMINED
○ LARGE SCALE TCEQ PERMIT NOTICES AND PUBLIC HEARINGS HELD

2 nd Half of 2018

○ CDU CONSTRUCTION COMPLETED
○ CDU COMMERICAL OPERATIONS
○ LARGE SCALE REFINERY FINANCING CIRCLED PENDING TCEQ PERMIT
○ TEXAS PACIFICO BRIDGE AT PRESIDIO-OJINAGA COMPLETED.
○ LARGE SCALE REFINERY CRUDE SUPPLY AND OFF-TAKE AGREEMENTS SIGNED.

2019

○ LARGE SCALE REFINERY TCEQ PERMIT ISSUED
○ LARGE SCALE REFINERY FINANCING COMPLETED
○ LARGE SCALE REFINERY CONSTRUCTION GROUND BREAKING

2020

○ LARGE SCALE REFINERY COMMERCIAL OPERATIONS