Calumet Specialty Products Partners L P : January 2022 Investor Presentation

Investor Presentation

January 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 January 4, 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.

Contents

1. Company Overview

1. Montana Renewables (MRL)

III. Calumet Specialties Business

IV. Appendix - Calumet Specialty Products

1. Appendix - Montana Renewables

I. Company Overview

© 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.

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
  • Renewable Diesel (RD) verified as ultra-competitive growth project
• 2Q 2021: execution of new vision begins
• • Evaluated significant investor interest in Renewable Diesel partnership (strategic and financial)
  • Prioritized a world class financial partner in the selection process to minimize "pre-money" dilution
• 4Q 2021: implementation of new vision
• • Carve-outof Montana Renewables, LLC ("MRL") as a pure play Renewable Diesel company
  • Oaktree Capital Management, L.P.'s ("Oaktree") $300mm investment in November 2021, and other secondary partnerships:
  • • Established MRL as an unrestricted subsidiary
    • Funded the RD conversion project with a $300mm secured convertible loan, non-recourse to CLMT
    • Deleveraged CLMT Balance Sheet: $199mm of cash retained by CLMT, $80mm of which was used to redeem
      CLMT's 2022 Senior Notes, with potential for further material CLMT deleveraging
• The Calumet journey into separate exceptional businesses is well underway, with Calumet continuing to operate as an industry-leading specialty products company

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