Intrepid further relied upon the assurances of management of the General Partner and HF Sinclair that they are not aware of any facts or circumstances that would make such information inaccurate,
incomplete or misleading. With respect to financial forecasts, projections and business plans of HEP and HF Sinclair provided to it, Intrepid relied, with the consent of the HEP Conflicts Committee, upon the assurances of management of the General
Partner and HF Sinclair, respectively, that such data had been reasonably prepared on bases reflecting the best currently available estimates and good faith judgments of such management as to the future financial performance of HEP and HF Sinclair,
under the assumptions reflected therein. Intrepid expresses no view as to such financial forecasts or any judgments, estimates or assumptions on which they were based. Intrepid relied upon, with the consent of the HEP Conflicts Committee, the
assessment of management of the General Partner and HF Sinclair as to: (i) the potential impact on HEP and HF Sinclair of market and other trends and prospects for, and governmental, regulatory and legislative matters relating to or otherwise
affecting, the refining and petroleum product and crude oil storage and transportation industries, and U.S. markets, (ii) the potential impact on the operations, results and prospects of HEP and HF Sinclair of the Merger, and
(iii) existing and future contracts and relationships, agreements and arrangements with related and third parties that are necessary or desirable for the operation of HEP and HF Sinclair. Intrepid did not undertake an independent analysis of
any potential or actual litigation, regulatory action, possible unasserted claims or other contingent liabilities to which HEP or HF Sinclair is or may be a party or is or may be subject. Intrepid also assumed that there were no material changes in
the liabilities, financial condition, results of operations, business or prospects of or relating to HEP and HF Sinclair since the date of the latest information relating to HEP or HF Sinclair, as applicable, made available to it. In arriving at its
opinion, Intrepid did not conduct a physical inspection of the properties and facilities of HEP or HF Sinclair and did not make or obtain any evaluations or appraisals of their respective assets or liabilities, nor has Intrepid been furnished with
any such evaluations or appraisals.
在發表意見時，Intreids假設(在各方面對其分析均具重大意義，並經Hep
衝突委員會同意)合併協議所載各方的陳述及保證均屬真實及正確，且各方將履行合併協議規定其須履行的所有契諾、承諾及協議，而合併將按合併協議所述條款完成，不會放棄或修改其中所載對其分析具有重大意義的任何條款或條件。INTERPID假定
它以草稿形式審查的所有文件的最終執行和交付版本在所有實質性方面都與它審查的最新草案一致。INTERPID假設，所有政府、監管或其他同意、批准或釋放，包括合夥協議項下的批准，以及完成合並所需的任何融資，將在沒有任何重大延遲、限制、限制或條件的情況下獲得，而這些延遲、限制、限制或條件將對合並或完成合並的各方產生不利影響，或大幅減少合併對HEP的好處。INTERPID假設HEP、普通合夥人和合並的其他各方的合併和業務將以符合所有適用的聯邦、州和地方法規、規則和法規的方式進行，並且已經
以這種方式進行。INTERPID假設HEP、普通合夥人和HEP衝突委員會在與合併有關的所有法律、財務報告、税務、會計、證券和監管事宜上依賴其律師、獨立會計師和其他顧問(INTERPID除外)的建議。
除了從財務角度看合併考慮是否公平外，Intrepid沒有被要求向HEP非關聯單位持有人傳遞任何事項，也沒有就任何事項發表任何意見。英勇並無就合併或任何協議的任何其他條款、條件、方面或影響、與此有關或其他方面訂立的安排或諒解，包括合併的結構、形式或時間、合併協議項下對交換比率及現金對價的任何可能調整，以及合併協議內合平及HF Sclair的契諾及承諾，並無就合併或任何協議的任何其他條款、條件、方面或影響發表任何意見，亦不發表任何意見。就其意見及分析而言，經HEP衝突委員會許可，合併代價定義見Intreid S意見，而Intreid
不會對合並協議所規定的合併代價的潛在調整作出任何影響或考慮。無畏S的意見沒有涉及與合併相關的任何融資交易。此外，Intreids
不會就合併與HEP可能參與的任何其他交易或業務策略相比的相對優點或相關決定的優點發表任何看法
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