Dean Petersen

Holly Energy Partners, L.P. ("HEP")

HOLLY ENERGY PARTNERS (NYSE: HEP) Holly Energy Partners, L.P. ("HEP") is a Delaware limited partnership formed in early 2004 by HollyFrontier and is headquartered in Dallas, Texas. HEP provides petroleum product and crude oil transportation, terminalling, storage and throughput services to the petroleum industry, including subsidiaries of HF Sinclair Corporation. HEP, through its subsidiaries and joint ventures, owns and/or operates petroleum product and crude pipelines, tankage and terminals in Colorado, Idaho, Iowa, Kansas, Missouri, Nevada, New Mexico, Oklahoma, Texas, Utah, Washington and Wyoming, as well as refinery processing units in Kansas and Utah. Business Highlights: - Our assets are located in attractive high-growth markets - Revenues are mainly fee based revenues with limited commodity risk - A substantial part of our business operates under long-term contracts with minimum volume commitments - Strategic relationship with HF Sinclair - Experienced management team with a proven track record HF Sinclair owns a 47% limited partner interest and a non-economic general partner interest in HEP, a master limited partnership.