On October 26, 2012, Matthew P. Clifton notified the Board of Directors of Holly Energy Partners L.P that he will resign as President of the company effective November 1, 2012. As a result of Mr. Clifton's resignation, on October 26, 2012, the Board appointed Bruce R. Shaw as the President of the company effective November 1, 2012. Shaw, 45, was appointed Senior Vice President and Chief Financial Officer of the company in December 2011 and will serve in that position until November 1, 2012.

Shaw has also served in various capacities at the company, including Senior Vice President, Strategy and Corporate Development from July 2011 until December 2011, Senior Vice President and Chief Financial Officer from January 2008 until July 2011, and Vice President, Corporate Development from August 2004 to January 2007. Shaw currently serves as Senior Vice President, Strategy and Corporate Development of HollyFrontier Corporation, a position he has held since July 2011, and will resign from such position effective January 1, 2013. Mr. Shaw also served in various capacities at Holly Corporation prior to the merger of Holly Corporation and Frontier Oil Corporation in July 2011, including Senior Vice President and Chief Financial Officer from 2008 until the effective time of the merger between Holly Corporation and Frontier Oil Corporation, Vice President, Special Projects from September 2007 to December 2007, and Vice President, Corporate Development from January 2007 to June 2007.

In addition, on October 26, 2012, the Board appointed Douglas S. Aron as the Executive Vice President and Chief Financial Officer of the company effective November 1, 2012. Mr. Aron, 39, served as Executive Vice President and Chief Financial Officer of the Company from July 2011 to December 2011. Mr. Aron currently also serves as Executive Vice President and Chief Financial Officer of HFC, a position he has held since the merger of Holly Corporation and Frontier Oil Corporation in July 2011.

Prior to joining HFC, he was Executive Vice President and Chief Financial Officer of Frontier Oil Corporation from 2009 until 2011.