Investor Presentaiton

16 Rack Forward Multiple Up-Lift Segment(s) Multiple (EV/EBITDA) Margin Profile Peer Group Refining & 5-7x Variable Rack Back MLP 6-9x Stable Integrateds: BP, CVX, SHEL, XOM Refiners: CLMT, CVI, DK, MPC, PBF, PSX, VLO DKL, MPLX, PBFX Rack Forward 10-13x Stable FPE GY, IOSP, KWR, NEU, VVV HF Sinclair Note: Multiple represents range of Enterprise Value (EV)/EBITDA multiples for the referenced peer group, which are sourced from Bloomberg. EV/EBITDA is not a financial measure prepared in accordance with GAAP and should not be viewed as an alternative to GAAP measures of performance. See definition in Appendix.

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