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November 21, 2012

ATTENTION Investors and Finance Professionals:

If you are reading this you should sign up for ValuEngine's award-winning stock valuation and forecastservice at the low price of $19.95/month!NO OBLIGATION, 14 Day FREE TRIAL!

Feeling FineWestern Refining (WNR) Jumps for VE View Newsletter

Western Refining, Inc. is an independent crude oil refiner and marketer ofrefined products headquartered in El Paso, Texas, and operates primarily in the

Southwestern region of the United States, including Arizona, New Mexico, and WestTexas. They have invested a significant amount of capital in refinery initiatives that willallow us to improve our crude oil processing flexibility, expand refinery capacity,

increase production of higher-value refined products and satisfy certain regulatoryrequirements.

We re-balanced ourVE View Newsletter portfolio on Monday and already theportfolio is up by 3% and beating the S&P 500 benchmark by more than 100 bps.Currently, Western Refining is leading the way with a gain of more than 9% in just

three days.

ValuEngine has issued a STRONG BUY recommendation for WESTERN REFING onNov. 21, 2012. Based on the information we have gathered and our resulting

research, we feel that WESTERN REFING has the probability to OUTPERFORM averagemarket performance for the next year. The company exhibits ATTRACTIVEmomentum, P/E ratio and price/sales ratio.

Based on available data as of Nov. 21, 2012, we believe that WNR should be

trading at $23.87. This makes WNR 13.76% overvalued. Fair Value indicates what webelieve the stock should be trading at today if the stock market were perfectlyefficient and everything traded at its true worth. For WNR, we base this on actualearnings per share (EPS) for the previous four quarters of $4.82, forecasted EPS for the

next four quarters of $4.09, and correlations to the 30-year Treasury bond yield of2.81%.

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ValuEngine Forecast

Target Price Expected Return

1-Month 27.75 2.22%

3-Month 28.38 4.54%

6-Month 29.27 7.81%

1-Year 30.71 13.13%

2-Year 31.63 16.49%

3-Year 33.1 21.90%

Valuation & Rankings

Valuation 13.76% overvalued Valuation Rank 16

1-M Forecast Return 2.22% 1-M Forecast Return Rank 98

12-M Return 119.66% Momentum Rank 98

Sharpe Ratio -0.02 Sharpe Ratio Rank 65

5-Y Avg Annual Return -1.25% 5-Y Avg Annual Rtn Rank 63

Volatility 69.52% Volatility Rank 29

Expected EPS Growth -15.04% EPS Growth Rank 9

Market Cap (billions) 2.47 Size Rank 82

Trailing P/E Ratio 5.64 Trailing P/E Rank 97

Forward P/E Ratio 6.64 Forward P/E Ratio Rank 92

PEG Ratio n/a PEG Ratio Rank n/a

Price/Sales 0.26 Price/Sales Rank 85

Market/Book 2.57 Market/Book Rank 35

Beta 0.96 Beta Rank 59

Alpha 1.06 Alpha Rank 98

http://www.valuengine.com/charts/pricerating/WNR.jpg

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Free Weekly Newsletter Subscribers can download a FREE DetailedValuation Report on

WNRHERE.

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Market Overview

Summary of VE Stock Universe

Stocks Undervalued 65.50%

Stocks Overvalued 34.50%

Stocks Undervalued by 20% 27.65%

Stocks Overvalued by 20% 11.92%

Sector Overview

Sector Change MTD YTD Valuation Last 12-MReturn

P/ERatio

Aerospace 0.58% -3.73% 0.04% 1.28% overvalued -0.15% 14.9

Auto-Tires-Trucks 0.13% 0.45% 1.27% 8.26% undervalued 3.87% 12.32

Basic Materials -0.32% -5.32% 0.86% 5.50% undervalued -21.62% 31.56

Business Services 0.06% -2.75% 4.34% 0.66% overvalued 4.97% 23.04

Computer and Technology -0.12% -3.56% 1.82% 0.29% undervalued -2.30% 41.58

Construction 1.04% -0.80% 104.13% 12.63% overvalued 28.35% 44.54

Consumer Discretionary 0.11% -2.23% 12.23% 4.11% undervalued 6.92% 28.21

Consumer Staples 0.26% -0.44% 16.86% 11.82% overvalued 9.99% 22.73

Finance 0.17% -1.73% 27.90% 6.88% overvalued 15.08% 18.16

Industrial Products 0.18% -2.62% 5.77% 3.31% overvalued 1.84% 23.46

Medical 0.03% -1.50% 22.58% 5.95% overvalued 7.52% 32.22

Multi-Sector Conglomerates 0.33% -4.46% 7.66% 10.18% undervalued 6.67% 13.69

Oils-Energy -0.27% -5.45% -12.10% 5.35% undervalued -14.61% 34.59

Retail-Wholesale 0.15% 0.60% 20.80% 5.40% overvalued 19.59% 25.19

Transportation 0.08% -3.20% 8.29% 4.17% overvalued -0.98% 23.84

Utilities 0.18% -4.94% -0.24% 1.87% overvalued -0.52% 17.54

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