Notes

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Outline

1	"Holly Corporation" Holly Corporation Spring 2005 Company Overview
2	Disclosure Statement
3	Management Focus & Strategy Manage business for the ‘long haul’ Focus on ‘top’ & ‘bottom line’ growth Focused on organic and acquisition growth opportunities Disciplined growth objective (reasonable prices) Company advantage because of Holly & HEP relationship Strong Balance Sheet & Cash Flows Financial flexibility to pursue growth opportunities
4	Strong Balance Sheet & Income Statement Performance
5	Strong Balance Sheet & Income Statement: 12 months ended December, 2004
6	Strong Balance Sheet & Income Statement: 5-Year Average
7	Company Operations
8	Holly & HEP Assets
9	High Margin Refining Region
10	Refining Margins by Refinery
11	NRC Refining Margins
12	Woods Cross Refining Margins
13	MRC Refining Margins
14	Recent Initiatives adding to base EBITDA
15	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. Mid-cycle refinery gross margin was calculated by applying the trailing three year average product values and raw material costs to 2004’s actual raw materials charge and product yields.
16	Increase Capacity of Sour Grades of Crude
17	Improve Refining Yields
18	Increase Refinery Runs
19	Summary of EBITDA from 2005 Refinery initiatives:
20	Capital Projects Plan
21	2005 Refinery Capital Spending Program—Major Projects
22	2005 Refinery Capital Spending Program—Major Projects
23	2005 Refinery Capital Spending Program—Major Projects
24	Anticipated Refinery Capital Spending
25	Forward EBITDA Estimates
26	Estimate of mid-cycle EBITDA
27	Definitions
28	Definitions
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