FOOTPRINT OF HOLLYFRONTIER AND HOLLY ENERGY PARTNERS*

Pure play inland refining company with 443,000 barrels

per day of crude capacity

Proximity to North American crude production and attractive niche product markets

Collaboration with HEP

provides strategic growth

opportunities in logistics and

marketing operations

•

•

••••

•

•

*As of 9/30/2015

Financial Highlights

($ in thousands,) 2015 2014 2013

Revenues $13,236,501 $19,794,327 $20,160,560

Net Income 804,634 723,806 767,823

Cash & Mkt Securities 210,552 1,042,095 1,665,263

Shareholder Equity 5,253,415 5,523,584 5,999,620

- $1 Billion Senior Unsecured Credit Facility

- Investment Grade Ratings: Moody’s Baa3 (Stable Outlook), S&P BBB- (Stable Outlook)

- $250 Million Senior Notes – 10 year 5.875% due 2026 (issued March 2016)

Financial Highlights

($ in thousands,) 2015 2014 2013

Revenues $358,875 $332,545 $305,182

Net Income 137,208 105,525 79,449

Cash & Mkt Securities 15,013 2,830 6,352

Shareholder Equity 383,101 449,821 466,934

- $400 Million Senior Notes – 8 year 6% due 2024 (issued July 2016)

- $1.2 Billion Revolving Credit Facility (upsized from $850 million in March 2016)

- Investment Ratings: Moody’s Ba1 (Stable Outlook), S&P BB+ (Stable Outlook)

- $300 Million Senior Notes – 18 year 6.50% due 2020

Treasury Department

Vice President & Treasurer

Manager Cash & Treasury

Operations

Treasury Analyst II

Manager Credit & Collections

Credit Analyst III

Credit Analyst III

Credit Analyst II

Manager Risk Management

Investment Policy

Investment Concerns

-Preservation of Capital

-Need for Daily Liquidity

-Constant NAV required in current IP

SCOPE

-This policy shall apply to Holly Frontier Corporation and all subsidiaries.

-Applies to cash managed in-house and cash with external managers, if any.

- Not applicable for benefit/retirement plan related investments.

OBJECTIVES (in order of priority)

- Safety of principal is foremost.

- Maintain liquidity sufficient to meet company’s projected cash requirements.

- Maximize after-tax return (net of fees) consistent with safety of principal and liquidity objectives.

PARAMETERS

- Permitted Investments

- Credit Quality

- Diversification / Concentration

-Maturity Restrictions

*The investment policy must be reviewed at least annually by the Treasurer and Treasury Manager, updated as appropriate with concurrence by the CFO and approval of the revised policy by the CEO.

Use this title slide for presentations that have themes of Intelligence, Strategy, Leadership.

GCB-1083

Will Goldthwait SSGA Portfolio Strategist

Matthew Roush HollyFrontier Corporation

September 20, 2016

For Investment Professional Use Only. Not to be distributed to the public. All the information contained in this presentation is as of date indicated unless otherwise noted.

Critical Updates to Your Investment Policy Statement

Investment Policy Statements: Check List

1. NRSRO Ratings restrictions — Overall or by Asset Type, How many required ratings

2. VNAV, CNAV: Total Return. Permissible Loss.

3. Liquidity Fees, Redemption Gates

4. Liquidity — How much is enough, What is the true definition of liquidity

5. Size of MMF, total AUM and % Ownership, Ratings

6. Registered MMF, Private Fund

7. Diversification: Fund, Bank, Credit Exposure, Per Asset Concentration

8. Permissible Investments: When do guidelines get too complicated

9. Key Language: “including but not limited to” & “at the time of purchase”

10. Should you have benchmark returns, what is performance? Yield? Liquidity?

11. Market Risk Indicators: Equity Indices, Fixed Income Rates, CDS, Volatility, Economic Data, Fund Flows

7 GCB-1083

Ratings on Financial Institutions, Overall, are Lower

8 GCB-1083

Source: Barclays Point as of December 31, 2015, Ratings an average of Moody’s and S&P, Totals Might not add to 100% due to rounding.

• Industrial ratings have remained relatively stable

• Aaa up 1%, Aa up 3% and Baa up 5%

• A decreases 9%

2% 2% 2% 1% 2% 2% 2% 2% 2% 3%

6% 8% 7% 11% 11% 9% 10% 10% 10% 9%

42% 40% 45% 41% 41% 44%

40% 37%

36%

33%

50% 50% 45% 47% 46% 45%

49% 51% 52% 55%

Industrial Companies

Aaa Aa A Baa

8% 8% 10%

0% 0% 0% 0% 0% 0% 0%

38%

42%

21% 27%

30%

22%

8% 10% 8% 8%

43%

39%

59% 57% 54% 56%

64% 63% 64%

53%

11% 11% 10% 16%

16%

27% 28% 28%

39%

Financial Institutions

Aaa Aa A Baa

• Financial Institutions have seen large downgrades

• Aa down 30%, Aaa down 8%

• Baa up 28% and A up 16%

Lower Rated Highly Capitalized Banks

• Banks with assets of greater than $250 billion are holding more capital than they have in the past 10 years

0

2

4

6

8

10

12

14

Pe

rce

nt

GCB-1083

Tier 1 Risk Based Capital Ratio

Source: FDIC, Bloomberg Finance L.P. as of September 2, 2016.

9

Commercial Paper Ratings

$0

$200

$400

$600

$800

$1,000

$1,200

$1,400

$M

illio

n

Total CP Outstanding CP Outstanding (A-1/P1) CP Outstanding (A-2/P2)

Source: Ratings represented by Moody’s and S&P, Data provided by Bloomberg Finance, L.P., Federal Reserve as of September 1 , 2016.

10 GCB-1083

• Tier I Rated CP was a much larger part of the overall CP market

• Ratings down grades have contributed to a large decline in Tier I commercial paper outstanding debt

• Outstanding balances of Tier II Rated CP has remained relatively constant over this time period

• Split Rated CP (CP with one Tier II rating) has increased

Variable NAV: Can Cash Be Total Return?

11 GCB-1064

Source: SSGA, as of August 22, 2016. Information contained on this page is for illustrative purposes only. * Please see Fund Fact Sheet in Appendix A. Past performance is not a guarantee of future results.

Example

• Client invests $50 million in a prime money market fund

• Prime fund yield is 35 basis points over a government money market fund yield

• Client sells prime fund after 90 days for a 3 basis point NAV loss (1.0002 versus 0.9999)

• Client records $15,000 loss on the sale and $43,758.75 in earned interest

• The total return on the investment is $38,758.75 over what would have been earned during the same period in a stable NAV government money market fund

• Thus a total % return of 0.23%

Mark to Market NAV of Institutional Liquid Reserves Money Market Fund*

0.9997

0.9998

0.9999

1.0000

1.0001

1.0002

1.0003

10

/19

/20

15

11

/02

/20

15

11

/17

/20

15

12

/02

/20

15

12

/16

/20

15

12

/31

/20

15

01

/15

/20

16

02

/01

/20

16

02

/16

/20

16

03

/01

/20

16

03

/15

/20

16

03

/30

/20

16

04

/13

/20

16

04

/27

/20

16

05

/11

/20

16

05

/25

/20

16

06

/09

/20

16

6/2

3/2

01

6

7/8

/20

16

7/2

2/2

01

6

8/5

/20

16

8/1

9/2

01

6

Yield Spread 0.35%

Purchase 50,000,000.00 $1.0002 $50,010,000.00

Days Held 90

Sold 50,000,000.00 $0.9999 $49,995,000.00

Principle Gain/Loss $(15,000.00)

Interest $43,758.75

Total Net Proceeds $50,038,758.75

Total % Return 0.23%

Prime and Government MMF Liquidity has Grown

12 GCB-1083

Source: SEC 2a–7 Weekly Liquid Assets Percent as reported by iMoney as of August 31, 2016.

The information contained above is for illustrative purposes only. ** Holds 98% Weekly Liquidity.

0% 10% 20% 30% 40% 50% 60% 70% 80%

Federated

Fidelity

Goldman

Morgan Stanley

State Street

Wells Fargo

Blackrock

0% 10% 20% 30% 40% 50% 60% 70% 80%

Federated

Fidelity

Goldman**

Morgan Stanley

State Street

Wells Fargo

Blackrock

Prime Funds

Government Funds

• Prime Money Market Funds (MMF) have moved to extreme levels of liquidity

• SSGA remains focused on liquidity and has been in constant communication with our shareholder base regarding cash flow activity

• Some prime MMF are set up for extreme redemptions

Required Liquidity

Money Market Fund Assets on the move

Graph Source: ICI, Bloomberg Finance, L.P., as of August 31, 2016.

13 GCB-1064

$250

$300

$350

$400

$450

$500

$550

3/16/2016 4/16/2016 5/16/2016 6/16/2016 7/16/2016 8/16/2016

Bill

ion

s

Retail Prime Retail Gov

$400

$500

$600

$700

$800

$900

$1,000

$1,100

$1,200

$1,300

Bill

ion

s

Institutional Prime Institutional Gov

0

500

1,000

1,500

2,000

2,500

Bill

ion

s

Prime Funds Government Funds

The Fed’s Reverse Repo Program (RRP)

0

50

100

150

200

250

300

350

400

450

500

10

/8/2

01

3

11

/8/2

01

3

12

/8/2

01

3

1/8

/20

14

2/8

/20

14

3/8

/20

14

4/8

/20

14

5/8

/20

14

6/8

/20

14

7/8

/20

14

8/8

/20

14

9/8

/20

14

10

/8/2

01

4

11

/8/2

01

4

12

/8/2

01

4

1/8

/20

15

2/8

/20

15

3/8

/20

15

4/8

/20

15

5/8

/20

15

6/8

/20

15

7/8

/20

15

8/8

/20

15

9/8

/20

15

10

/8/2

01

5

11

/8/2

01

5

12

/8/2

01

5

1/8

/20

16

2/8

/20

16

3/8

/20

16

4/8

/20

16

5/8

/20

16

6/8

/20

16

7/8

/20

16

8/8

/20

16

Fed's RRP Overnight Balance Fed's RRP Term Balance

14 GCB-1083

Source: Federal Reserve and Bloomberg Finance, L.P., as of September 2, 2016.

$ B

illio

ns

• The RRP has been instrumental in supporting the lower bound of the Fed Funds Target Range and attempting to keeping a “floor” under some short term rates

• As some clients migrate out of Prime MMF and into Government MMF the demand for Government assets might increase

• This increased demand could cause an increase in the utilization of the RRP

US Treasury Bills and Government Agency Discount Notes

15 GCB-1064

Source: Bloomberg Finance, L.P., Federal Reserve as of September 2, 2016. FNMA = Federal National Mortgage Association ‘Fannie Mae’, FHLMC = Federal Home Loan Mortgage Association ‘Freddie Mac’, FHLB = Federal Home Loan Bank.

0%

5%

10%

15%

20%

25%

30%

35%

40%

Treasury Bills as a % of Total Treasury Debt

• Treasury Bill issuance (left) has remained relatively flat over the past 5 years

• Treasury Bills as a percent of Total Treasury Debt (below) is close to a 15 year low

• Government Agency Discount note (bottom left) issuance has seen both increased issuance (HL) and a decline in issuance (FN, MC)

1,200

1,300

1,400

1,500

1,600

1,700

1,800

1,900

2,000

Treasury Bill Outstandings

Mill

ion

s

0

100

200

300

400

500

600

FNMA FHLMC FHLB

Mill

ion

s

Private Fund or Public Fund

Private “Money Market” Funds

• Specific Manager Defined Guidelines

• Limited Ownership

• Book Value Accounting

• Limited Disclosure

• Customized Duration Limits

• Customized Liquidity Limits

• Specific Asset Type purchases, including illiquid investments

Public Money Market Mutual Funds

• Governed by prospectus

• Public disclosure

• Daily monitoring of risk attributes (website disclosure)

• Standard and defined Duration Limits

• Standard and defined Liquidity Limits

16 GCB-1083

Source: SSGA, as of September 2, 2016

Diversification

• Typically a prime MMF portfolio manager will own 3%–4% in a single credit name

• This would exclude repurchase agreements backed by high quality liquid collateral (UST, GSE)

• So a typical portfolio might own 20–35 individual credit names

• Bank Deposits show single counterparty credit risk

• Reliance on Bank regulation to ensure solid counter party risk

• Significantly Important Financial Institution rules ensure deposits remain at the top of the liability capital structure

SEC mandates no single credit concentration of >5% in prime money market funds. In the below example we used 4% exposure to individual credits in a prime fund versus single credit exposure in a bank deposit.

Source: SSGA, as of September 2, 2016. For illustrative purposes only, not representative of portfolio structure .

Money Market Fund Bank Deposit

GCB-1083 17

Opportunity in Prime Assets?

Money Fund Investors are adjusting to the new rules governing SEC 2a-7 Money Market Funds and we believe opportunities abound:

The Libor Curve has steepened

Short term credit investments have cheapened and have value to cash investors

Separately managed accounts and comingled funds not impacted reform can be a great buying opportunity

Liquidity rules that govern MMFs will provide a level of opportunity loss that non-MMF investors may be able to take advantage of

Understanding your corporation’s cash flows is so valuable

Short Term Investment Funds or Separately Managed Accounts may offer a good balance of yield and liquidity

18 GCB-1064

Short Term Yield Curves Flatten with Market Volatility

19 GCB-1064

Source: Bloomberg Finance, L.P., as of September 2, 2016. Past performance is not a guarantee of future results.

• The yield curve has steepened due to pending rule changes and the demand for short term debt (1 month) and lack of demand for longer term debt (>2 months)

• Prime Funds continue to increase short term Liquidity and “bid up” short term debt

0.000.050.100.150.200.250.300.350.400.450.50

T-Bill Spread OIS Spread

• As the demand for government and treasury assets increase the yield curve remains relatively flat

• Although it has come off the early summer lows

Yie

ld

Yie

ld

0.00

0.10

0.20

0.30

0.40

0.50

0.60

0.70

0.80

CP Spread Libor Spread

Bank Spreads and Commercial Paper

There has been a significant spread widening in Bank Floating Rate Notes

+3 +3 +6 +4 +6

+10 +16

+30

+33 +35

+55

+9 +10 +11 +12 +13

+19 +21

+36

+42 +44

+70

0

10

20

30

40

50

60

70

80

Mar-14 Jun-14 Sep-14 Dec-14 Mar-15 Jun-15 Sep-15 Dec-15 Mar-16 Jun-16

Benchmark banks Wider-trading banks

20 GCB-1064

Source: JP Morgan July 31, 2016. Benchmark Banks represent higher quality, more liquid banks trading at the tighter end of the range. Wider-trading banks represent lower quality, less liquid banks trading at the wider end of the trading range.

6 month Floating Rate Note issuance levels spread to 1 month Libor

6-month maturities go over MMF reform deadline

3-month maturities go over MMF reform deadline

• Bank floating rate notes are a good indicator of credit conditions in the short term fixed income market • Historically, post crisis, bank floating rate note spreads have traded close to Libor • Because of the shortening of WAMs and WALs in Prime MMF there has been little demand for these

notes and thus significant increase in their spread to Libor • Fundamental bank credit conditions continue to be strong but MMF technicals are causing the

spread to widen • Investors not affected by the SEC’s MMF reform are benefitting from the increase in spreads

Bas

is P

oin

ts

The Spread Between Prime Money Market Fund Yields and Government Money Market Fund Yields

0.00

0.10

0.20

0.30

0.40

0.50

0.60

10

/6/2

01

5

11

/6/2

01

5

12

/6/2

01

5

1/6

/20

16

2/6

/20

16

3/6

/20

16

4/6

/20

16

5/6

/20

16

6/6

/20

16

7/6

/20

16

8/6

/20

16

9/6

/20

16

10

/6/2

01

6

11

/6/2

01

6

12

/6/2

01

6

1/6

/20

17

2/6

/20

17

3/6

/20

17

4/6

/20

17

Prime and Government Yield Spread Upper Projected Yield Spread Path

Middle Projected Yield Spread Path Lower Projected Yield Spread Path

21 GCB-1064

Source: SSGA, iMoney Net as of August 17, 2016. Past performance is not a guarantee of future results. The above projected yields are estimates based on certain assumptions and analysis made by SSGA. There is no guarantee that the estimates will be achieved.

• Many US Investors are watching to see how wide the spread in yield will go before they make their investment decision

• Some prime and government fund yield spreads got as wide as 20–25 basis points

• The average was 17 basis points before it began to compress due to increased weekly liquidity and shortening WAM and WAL

• Some investors are showing renewed interest in prime fund strategies due to the increase in the yield spread over government strategies

Appendix A: Important Disclosures

22 GCB-1083

Important Disclosures

For Investment Professional Use Only. Not for Use with the Public.

Investing involves risk including the risk of loss of principal.

The whole or any part of this work may not be reproduced, copied or transmitted or any of its contents disclosed to third parties without SSGA’s express written consent.

The views expressed in this material are the views of Goldthwait, William through the period ended August 29, 2016 and are subject to change based on market and other conditions. This document contains certain statements that may be deemed forward-looking statements. Please note that any such statements are not guarantees of any future performance and actual results or developments may differ materially from those projected.

All material has been obtained from sources believed to be reliable. There is no representation or warranty as to the accuracy of the information and State Street shall have no liability for decisions based on such information.

Equity securities may fluctuate in value in response to the activities of individual companies and general market and economic conditions.

These investments may have difficulty in liquidating an investment position without taking a significant discount from current market value, which can be a significant problem with certain lightly traded securities.

Investments in asset backed and mortgage backed securities are subject to prepayment risk which can limit the potential for gain during a declining interest rate environment and increases the potential for loss in a rising interest rate environment.

Treasury bills are insured and guaranteed by the US government. US Treasury Bills maintain a stable value if held to maturity, but returns are generally only slightly above the inflation rate.

An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund.

Distributor: State Street Global Markets, LLC, member FINRA, SIPC, a wholly owned subsidiary of State Street Corporation. References to State Street may include State Street Corporation and its affiliates. The SSGA Funds pay State Street Bank and Trust Company for its services as custodian, transfer agent and shareholder servicing agent and pays SSGA Funds Management, Inc. for investment advisory services.

Before investing, carefully consider a fund’s investment objectives, risks, charges and expenses. To obtain a prospectus or summary prospectus which contains this and other information, call +1 877 521 4083 or visit ssga.com/cash. Read it carefully before investing.

© 2016 State Street Corporation — All Rights Reserved.

Tracking Code: GCB-1083

Expiration Date: October 31, 2016

23 GCB-1083

Appendix B: Biographies

24 GCB-1083

Biographies

Will Goldthwait Matthew Roush

Will is a Vice President, Portfolio Strategist at State Street Global Advisors.

He is a member of the Global Cash and Global Fixed Income Investment

Management Teams. Will is responsible for the communication of cash and fixed

income investment strategy and performance to clients, consultants and prospects.

He covers multiple sectors and vehicles, including both active and indexed

fixed income.

Prior to joining SSGA in 2014, Will spent time on both the advisory and brokerage

side of the business. Most recently he was part of Royal Bank of Scotland's

Institutional Fixed Income Sales team and Merrill Lynch's Institutional Money

Market Sales Team. Prior to Merrill Lynch will worked as a Money Market

Portfolio Manager and Fixed Income Trader for Columbia Management

and Fleet Investment Advisors.

Will received his BA from Roanoke College and has his Series 7 and 63

Securities License.

Matthew Roush is Manager of Cash & Treasury Operations at The

HollyFrontier Companies (NYSE: HFC, HEP). He has worked in various

Treasury and Credit roles within the company since 2010. Prior to joining

HollyFrontier, Matthew served in various Credit roles at both Leggett & Platt,

Inc. in Carthage Missouri and Love’s Travel Stops and Country Stores

headquartered in Oklahoma City.

Matthew earned his Certified Treasury Professional (CTP) credential in

January 2015. He graduated from Missouri Southern State University with a

BSBA and earned his MBA degree from Missouri State University in

Springfield, Missouri. He has been active with the Dallas Association for

Financial Professionals since 2013 where he currently serves on the Board.

Matthew is based at HollyFrontier’s corporate office located in Dallas, TX.

25 GCB-1083