Holly Energy Partners

HOLLY ENERGY PARTNERS, L.P. (“HOLLY ENERGY”) (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 HollyFrontier Corporation subsidiaries. The Partnership, through its subsidiaries and joint ventures, owns and/or operates petroleum product and crude gathering pipelines, tankage and terminals in Texas, New Mexico, Washington, Idaho, Oklahoma, Utah, Nevada, Wyoming and Kansas 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
• Track record of increasing the quarterly distribution every quarter since our initial public offering in 2004
• Strategic relationship with HollyFrontier
• Experienced management team with a proven track record