On December 4, 2023 (the ?Settlement Date?), HF Sinclair Corporation (?HF Sinclair?) announced the completion of the previously announced (a) private offers to exchange (collectively, the ?Exchange Offers?) any and all outstanding (i) 6.375% Senior Notes due 2027 (the ?HEP 2027 Notes?) and (ii) 5.000% Senior Notes due 2028 (the ?HEP 2028 Notes? and, together with the HEP 2027 Notes, the ?HEP Notes?) issued by Holly Energy Partners, L.P. (?HEP?) and Holly Energy Finance Corp. (?Finance Corp,?

and, together with HEP, the ?HEP Issuers?) for New Notes (as defined below) to be issued by HF Sinclair, with registration rights, and cash, and (b) consent solicitations (collectively, the ?Consent Solicitations?) to adopt the Proposed Amendments to the HEP Indentures governing each series of HEP Notes, commenced by HF Sinclair, on October 30, 2023. Prior to settlement of the Exchange Offers and Consent Solicitations and upon receipt of the requisite consents to adopt the Proposed Amendments with respect to each series of HEP Notes, the HEP Issuers entered into (i) a Second Supplemental Indenture (the ?HEP 2027 Notes Second Supplemental Indenture?) among the HEP Issuers, as issuers, the other subsidiary guarantors party thereto (the ?Guarantors?) and U.S. Bank Trust Company, National Association, as trustee (the ?HEP Trustee?), to that certain Indenture, dated as of April 8, 2022 (as supplemented by the First Supplemental Indenture, dated May 22, 2022, the ?HEP Existing 2027 Notes Indenture? and, as further supplemented by the HEP 2027 Notes Second Supplemental Indenture, the ?HEP 2027 Notes Indenture?), among the HEP Issuers, as issuers, the Guarantors and the HEP Trustee, as trustee, relating to the HEP Issuers?

HEP 2027 Notes and (ii) a Third Supplemental Indenture (the ?HEP 2028 Notes Third Supplemental Indenture,? and, together with the HEP 2027 Notes Second Supplemental Indenture, the ?HEP Supplemental Indentures?) among the HEP Issuers, as issuers, the Guarantors and the HEP Trustee, as trustee, to that certain Indenture, dated as of February 4, 2020 (as supplemented by the First Supplemental Indenture, dated March 14, 2022 and as further supplemented by the Second Supplemental Indenture, dated May 22, 2022, the ?HEP Existing 2028 Notes Indenture? and, as further supplemented by the HEP 2028 Notes Third Supplemental Indenture, the ?HEP 2028 Notes Indenture?

and, together with the HEP 2027 Notes Indenture, the ?HEP Indentures?), among the HEP Issuers, as issuers, the Guarantors and the HEP Trustee (as successor to U.S. Bank, National Association), as trustee, relating to the HEP Issuers? HEP 2028 Notes . The HEP Supplemental Indentures became operative on the Settlement Date and amended each respective HEP Indenture to, among other things, eliminate from each HEP Indenture, as it relates to each series of HEP Notes (i) substantially all of the restrictive covenants, (ii) certain of the events which may lead to an ?Event of Default?, (iii) the U.S. Securities and Exchange Commission reporting covenant and (iv) the requirement of HEP to offer to purchase the HEP Notes upon a change of control (collectively, the ?Proposed Amendments?).