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COMPANY OVERVIEW

Western Refining, Inc. is an independent oil refiner and marketer headquartered in El Paso, Texas. As one of the small business refiners in the United States, the company operates primarily in the Southwestern and Mid-Atlantic regions of the United States. Western Refining, Inc. (WNR) has been publicly traded on the New York Stock Exchange since January, 2006.

Their refineries are located in El Paso, Texas and in Yorktown, Virginia. These refineries have a combined crude oil processing capacity of approximately 235,000 barrels per day. A majority of products produced at these refineries are high-value light products, consisting of gasoline, diesel, and jet fuel. All four refineries have truck racks or marketing terminals. The El Paso refinery delivers to a number of other markets by pipeline, and the Yorktown refinery has waterborne access and receives and delivers by barge and ship.


Western Refining, Inc. owns and operates a wholesale division that compliments the refining operations. Through their refineries and these affiliated companies, they serve a broad customer base in Arizona, southern California, Colorado, Nevada, New Mexico, western Texas, Utah, northern Chihuahua, Mexico, and the central East Coast region.

Western Refining, Inc. owns and operates approximately 160 convenience stores and gas stations located in New Mexico, Arizona, and Colorado. The company markets under its own brands of Giant, Mustang, and Sundial, and a number of locations feature the brands of other oil companies. They also license Western Refining branded fuel to other retail stores.

Western Refining, Inc. has invested a significant amount of capital – and will continue to invest – in refinery initiatives that will allow them to continually improve their operations and their commitment to a safe and healthy environment. Western Refining, Inc. strives to be a leader in their industry, as well as in the civic and charitable causes important to the communities it serves.


FINANCIAL OVERVIEW

In 2010 the Company generated revenues of approximately $8 billion for the year ending December 31, 2010 with an EBITDA of $63 million. Additionally, the Company generated $135 million in cash flow from operations in 2010. As of March, 31, 2011, the Company had quarterly revenues of $1.84 billion with a net profit of $12.2 million; however, they reported EBITDA of $95 million. At the end of the first quarter of 2011, the company had a tangible net worth of approximately $634 million. On the list of the 500 largest corporations published by “Fortune Magazine”, Western Refining, Inc. was rated 298 in 2011. More information regarding Western Refining, Inc. can be found in Exhibit E as well as by visiting www.westernrefining.com.


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