Calumet Specialty Products Partners L P : Barclays Leveraged Finance Conference Presentation

Barclays Leveraged Finance Conference

May 24, 2022

© 2022 Calumet Specialty Products Partners, L.P. All Rights Reserved. Not to be copied, shared, or reproduced in any media without the express written permission of Calumet Specialty Products Partners, L.P.

Forward-LookingStatements

This Presentation has been prepared by Calumet Specialty Products Partners, L.P. (the "Company," "Calumet," "CLMT," "we," "our," or like terms) as of May 24, 2022. The information in this Presentation includes certain "forward-looking statements." These statements can be identified by the use of forward-looking terminology including "may," "believe," "expect," "anticipate," "estimate," "continue," "plan," "intend," "foresee," "should," "would," "could" or other similar expressions intended to identify forward-looking statements, although such words are not necessary. The statements discussed in this Presentation that are not purely historical data are forward-looking statements. These forward- looking statements discuss future expectations or state other "forward-looking" information and involve risks and uncertainties (some of which are beyond our control) and assumptions that could cause our actual results to differ materially from our historical experience and our present expectations or projections. We caution that these statements, including prospects for Montana Renewables, LLC ("MRL") or the Specialty Asphalt refinery, our ability to execute on strategies and realize expected benefits therefrom, future actions (including public market transactions), results of any Letter of Intent ("LOI"), future market values, expected access to markets, expense estimates, the comparability of enterprise value ("EV") to EBITDA multiples presented for companies with Renewable Diesel exposure, RINs liabilities, deleveraging, increasing shareholder value, projected EBITDA of MRL, and benefits of the proposed infrastructure bill are not guarantees of future performance or an indicator of future results, actual market value or future expected returns and you should not rely unduly on them, as they involve risks, uncertainties, and assumptions that we cannot predict. In addition, we have based many of these forward-looking statements on assumptions about future events that may prove to be inaccurate. While our management considers these assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond our control, including risks related to available capital, actions by third parties (including customers, regulators and financing sources), construction, transportation and feedstock costs, and commodity prices. Accordingly, our actual results may differ materially from the expected future performance that we have expressed or forecasted in our forward-looking statements. For additional information, please see our filings with the Securities and Exchange Commission ("SEC"), including the risk factors and other cautionary statements in our latest Annual Report on Form 10-K, subsequent Quarterly Reports on Form 10-Q and other filings with the SEC.

All subsequent written and oral forward-looking statements attributable to us or to persons acting on our behalf are expressly qualified in their entirety by the foregoing. Existing and prospective investors are cautioned not to place undue reliance on such forward-looking statements, which speak only as of the date of this Presentation. We undertake no obligation to publicly update or revise any forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise.

Non-GAAP Financial Measures

Adjusted EBITDA is a non-GAAP financial measure provided in this Presentation. During the first quarter of 2021, we changed how we calculate Adjusted EBITDA, which now excludes Renewable Identification Numbers ("RINs") mark-to-market adjustments. This measure has been revised for all periods presented to consistently reflect this change. Reconciliations to the most comparable GAAP financial measure are included in the Appendix to this Presentation. This non-GAAP financial measure is not defined by GAAP and should not be considered in isolation or as an alternative to net income (loss) or other financial measures prepared in accordance with GAAP. Management is not able to reconcile 2023E EBITDA for MRL provided in this Presentation to the most comparable GAAP financial measure without unreasonable effort.

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Calumet's Transformation

Specialties

Montana Renewables

➢ A leading Specialty Products company positioned to	➢ Pure-play Renewable Diesel - no biodiesel, no fossil
generate meaningful free cash flow this year	➢ 1st quartile asset, low capital investment cost
➢ Best-in-breed customer base built on decades of targeted	➢ Temperate Oil Seed Belt taps vast, new low CI markets for
development and lengthy customer approval cycles	feedstock supply
➢ Exceptional breadth of product offering built on unique and	➢ Geographically positioned for advantaged access into
integrated asset base	existing RD markets and emerging RD markets
➢ Respected brands targeting specific industries and end-	➢ Renewable hydrogen plant further lowers CI
uses	➢ Renewable Kerosene: SAF, Arctic Spec Diesel
➢ Portfolio of low risk, high return growth opportunities	➢ On path to the public markets - only pure-play public
	Renewable Diesel opportunity

Continuing to drive towards two best-of-breed businesses that create

significant unitholder value

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The Pivot To A New Calumet

• 1Q 2021: re-segmented Calumet into discrete growth platforms
• • Specialty Products & Solutions (SPS), Performance Brands (PB) and Montana/Renewables (MR)
  • Renewable Diesel (RD) verified as ultra-competitive growth project
• 2Q 2021: execution of new vision begins
• • Narrowed down the significant amount of investor interest in Montana partnership
  • Prioritized a world class financial partner in the selection process to minimize "pre-money" dilution
• 4Q 2021 and 1Q 2022
• • Oaktree announcement - $300MM investment in MRL
  • Stonebriar announcement - $50MM investment in MRL
  • 2027 Senior Unsecured Notes issuance - $325MM to refinance the 2023 Senior Notes
  • Amended and Extended ABL (through 2027)
• In Process:
• • Complete MRL project
  • MRL equitization process formally launched and progressing
  • Current specialty business margin environment providing additional organic de-levering opportunity

© 2022 Calumet Specialty Products Partners, L.P. | 4

Montana Renewables (MR)

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