Notes

Slide Show

Outline

1	"Holly Corporation" Holly Corporation Fall 2005 Company Overview
2	Disclosure Statement
3	Experienced management team Executive officer group averages over 25 years of industry experience Holly & subsidiary officer group averages over 20 years of industry experience Holly directors average over 25 years of industry experience
4	Strong peer track record
5	Strong peer track record
6	Strong peer track record
7	Disciplined focused growth objective—late ’90’s to 2004:
8	Disciplined focused growth objective— 2004--2007:
9	Disciplined focused growth objective—late 90’s to 2007:
10	Company Operations
11	Holly & HEP Assets
12	High Margin Refining Region
13	Refining Margins by Refinery
14	NRC Refining Margins
15	Woods Cross Refining Margins
16	MRC Refining Margins
17	Recent Initiatives adding to base EBITDA
18	Previous guidance for Mid-Cycle* EBITDA for Company operations *Mid-cycle EBITDA for the refinery operations was calculated by subtracting 2004 operating expenses excluding depreciation from mid-cycle refinery gross margin. Estimated mid-cycle refinery gross margin was calculated by applying the trailing three year average (’02-’04) product values and raw material costs to 2004’s actual raw materials charge and product yields.
19	Increase Capacity of Sour Grades of Crude
20	Improve Refining Yields
21	Increase Refinery Runs
22	Summary of Mid-Cycle EBITDA additions from 2005 Refinery initiatives:
23	Capital Projects Plan
24	2005 Refinery Capital Spending Program—Major Projects
25	2005 Refinery Capital Spending Program—Major Projects
26	2005 Refinery Capital Spending Program—Major Projects
27	Anticipated Refinery Capital Spending
28	Forward EBITDA Estimates
29	Estimate of mid-cycle EBITDA
30	Definitions
31	Definitions
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