HollyFrontier : Simmons & Company Energy Conference

HOLLYFRONTIER

INVESTOR PRESENTATION

February 2019

Disclosure Statement

Statements made during the course of this presentation that are not historical facts are"forward-lookingstatements"within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are inherently uncertain and necessarily involve risks that may affect the business prospects and performance of HollyFrontier Corporation and/or Holly Energy Partners, L.P., and actual results may differ materially from those discussed during the presentation. Such risks and uncertainties include but are not limited to risks and uncertainties with respect to the actions of actual or potential competitive suppliers and transporters of refined petroleum products in

HollyFrontier'sand Holly EnergyPartners'markets, the demand for and supply of crude oil and refined products, the spread between market

prices for refined products and market prices for crude oil, the possibility of constraints on the transportation of refined products, the possibility of inefficiencies or shutdowns in refinery operations or pipelines, effects of governmental regulations and policies, the availability and cost of financing to HollyFrontier and Holly Energy Partners, the effectiveness ofHollyFrontier'sand Holly EnergyPartners'capital investments and marketing strategies, HollyFrontier's and Holly EnergyPartners'efficiency in carrying out construction projects, HollyFrontier's ability to acquire refined product operations or pipeline and terminal operations on acceptable terms and to integrate any existing or future acquired operations, the possibility of terrorist attacks and the consequences of any such attacks, and general economic conditions. Additional

information on risks and uncertainties that could affect the business prospects and performance of HollyFrontier and Holly Energy Partners isprovided in the most recent reports of HollyFrontier and Holly Energy Partners filed with the Securities and Exchange Commission. All forward-looking statements included in this presentation are expressly qualified in their entirety by the foregoing cautionary statements. The forward-looking statements speak only as of the date hereof and, other than as required by law, HollyFrontier and Holly Energy Partners undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Executive Summary

Positioned for Value Creation Across all Segments

REFINING

• Inland merchant refiner

• 5 refineries in the Mid Continent, Southwest and Rockies regions

• Flexible refining system with fleet wide discount to WTI

• Premium niche product markets versus Gulf Coast

• Organic initiatives to drive growth and enhance returns

• Disciplined capital structure & allocation

MIDSTREAM

• Operate Crude and Product Pipelines, loading racks, terminals and tanks in andaround HFC's refining assets

• HFC owns 57% of the LP Interest in HEP and the non-economic GP interest

• IDR simplification transaction lowersHEP's cost of capital

• Over 75% of revenues tied to long term contracts and minimum volume commitments

SPECIALTY LUBRICANTS

• Integrated specialty lubricants producer with 34,000 barrels per day of production capacity

• Sells finished lubricants & specialty products in over 80 countries under the Petro-Canada Lubricants & Sonneborn product lines

• Production facilities in Mississauga, Ontario, Tulsa, Oklahoma, Petrolia, Pennsylvania & the Netherlands

• HollyFrontier Lubricants & Specialty Products is the largest North American white oil & group III base oil producer

HollyFrontier Asset Footprint

15% Increase in Refining Capacity Since 2015

Mid-Con

Southwest

CRUDE CHARGE CAPACITY

El Dorado

• Improved FCC Yield

• Naphtha Fractionation Project for Improved Light Product Yields

Tulsa

• Improved Rate & Yield on FCC

• Improved Rate & Yield on Reformer

• Improved High Value Heavy Oils Production Capability

• Improved Diesel Recovery

CRUDE CHARGE CAPACITY

Navajo

• Improved Diesel Recovery

• Eliminated Naphtha Recycle Streams at Artesia Crude Unit

• Debottlenecked Naphtha Hydrotreaters/Diesel Hydrotreater/FCC/Gasoil Hydrocracker

• Debottlenecked Finished Product Pipeline Capacity

Rockies

CRUDE CHARGE CAPACITY

Barrels Per Day

100,000

90,000

80,000

70,000

Woods Cross

• Added 2nd Crude / FCC Units

• Added Poly Gasoline Unit

• Expanded ULSD capability

• Added Gasoil Export Capability

Cheyenne

• Increased Heavy Oils Export Capabilities

• Invested in New Hydrogen Plant to Increase Heavy Crude to ~70%