2. 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

3. 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

4. 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

5. 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.

6. 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

7. 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
7GCB-1083

8. Ratings on Financial Institutions, Overall, are Lower
8GCB-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%

9. 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
Percent
GCB-1083
Tier 1 Risk Based Capital Ratio
Source: FDIC, Bloomberg Finance L.P. as of September 2, 2016.
9

10. Commercial Paper Ratings
$0
$200
$400
$600
$800
$1,000
$1,200
$1,400
$Million
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.
10GCB-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

11. Variable NAV: Can Cash Be Total Return?
11GCB-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
10/19/2015
11/02/2015
11/17/2015
12/02/2015
12/16/2015
12/31/2015
01/15/2016
02/01/2016
02/16/2016
03/01/2016
03/15/2016
03/30/2016
04/13/2016
04/27/2016
05/11/2016
05/25/2016
06/09/2016
6/23/2016
7/8/2016
7/22/2016
8/5/2016
8/19/2016
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%

12. Prime and Government MMF Liquidity has Grown
12GCB-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

13. Money Market Fund Assets on the move
Graph Source: ICI, Bloomberg Finance, L.P., as of August 31, 2016.
13GCB-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
Billions
Retail Prime Retail Gov
$400
$500
$600
$700
$800
$900
$1,000
$1,100
$1,200
$1,300
Billions
Institutional Prime Institutional Gov
0
500
1,000
1,500
2,000
2,500
Billions
Prime Funds Government Funds

14. The Fed’s Reverse Repo Program (RRP)
0
50
100
150
200
250
300
350
400
450
500
10/8/2013
11/8/2013
12/8/2013
1/8/2014
2/8/2014
3/8/2014
4/8/2014
5/8/2014
6/8/2014
7/8/2014
8/8/2014
9/8/2014
10/8/2014
11/8/2014
12/8/2014
1/8/2015
2/8/2015
3/8/2015
4/8/2015
5/8/2015
6/8/2015
7/8/2015
8/8/2015
9/8/2015
10/8/2015
11/8/2015
12/8/2015
1/8/2016
2/8/2016
3/8/2016
4/8/2016
5/8/2016
6/8/2016
7/8/2016
8/8/2016
Fed's RRP Overnight Balance Fed's RRP Term Balance
14GCB-1083
Source: Federal Reserve and Bloomberg Finance, L.P., as of September 2, 2016.
$Billions
• 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

15. US Treasury Bills and Government Agency Discount Notes
15GCB-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
Millions
0
100
200
300
400
500
600
FNMA FHLMC FHLB
Millions

16. 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
16GCB-1083
Source: SSGA, as of September 2, 2016

17. 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

18. 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
18GCB-1064

19. Short Term Yield Curves Flatten with Market Volatility
19GCB-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
0.00
0.05
0.10
0.15
0.20
0.25
0.30
0.35
0.40
0.45
0.50
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
Yield
Yield
0.00
0.10
0.20
0.30
0.40
0.50
0.60
0.70
0.80
CP Spread Libor Spread

20. 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
20GCB-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
BasisPoints

21. 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
10/6/2015
11/6/2015
12/6/2015
1/6/2016
2/6/2016
3/6/2016
4/6/2016
5/6/2016
6/6/2016
7/6/2016
8/6/2016
9/6/2016
10/6/2016
11/6/2016
12/6/2016
1/6/2017
2/6/2017
3/6/2017
4/6/2017
Prime and Government Yield Spread Upper Projected Yield Spread Path
Middle Projected Yield Spread Path Lower Projected Yield Spread Path
21GCB-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

22. Appendix A: Important Disclosures
22GCB-1083

23. 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
23GCB-1083

24. Appendix B: Biographies
24GCB-1083

25. 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.
25GCB-1083