Several honourable members who post on this board in their analysis of the 2008 Final Report compared the MRC refinery's results to the Q4 Industry Benchmark Average. In my view this serves no useful purpose for the following reasons.

The MRC refinery has been called one of the most sophisticated refineries in the USA in terms of the feedstock that it processes and the diverse products that it produces: asphalt, jet fuel, diesel, gas, low sulphur diesel. It is also the smallest refinery in the USA and therefore does not benefit from the economies of scale that all of the larger refineries do and therefore will always not be as economic as they are in terms of their profit margins. The MRC refinery is also isolated in Montana and serves a local niche market. For it to transport its products to centres farther afield adds exponentially to the cost of shipping its products to distant markets. So I fail to see how the MRC refinery's performance can be determined by comparing its financial results to the Q4 Benchmark Average as other refineries of 200,000 barrels have differing feedstocks and product mixes and are often closer to large metropolitan markets or port facilities which purchase their products. The MRC refinery is therefore unique and must only be evaluated based on its current to previous product volumes and how it fits into Connacher's strategic overall plan. It cannot in my view be compared to the Q4 Benchmark Average as this serves no reliable purpose.

Best Wishes; Scott