Investor Presentaiton

HEP Avenues for Growth H HOLLY ENERGY PAR ORGANIC Leverage HEP'S existing footprint to capitalize on commercial opportunities Contractual EXTERNAL TRANSACTIONS ■ PPI/FERC escalators ■ ■ Pursue logistics assets in HEP's current geographic region Replace incumbent HF Sinclair service providers with HEP Leverage HF Sinclair refining and commercial footprint Participate in expected MLP sector consolidation OPPORTUNITIES WITH HF SINCLAIR Partnering with HF Sinclair to build and/or acquire new assets/businesses Target high tax basis assets with durable cash flow characteristics that also add to HF Sinclair EBITDA1 Example: Frontier Pipeline Expansion Example: Sinclair Transportation Acquisition Example: Cushing Connect Joint Venture HF Sinclair 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 and reconciliation in Appendix. 20 1.

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