Calumet Specialty Products Partners L P : MRL May 2022 Investor Presentation

Montana Renewables, LLC

Investor Presentation

May 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 LOOKING STATEMENTS

This Presentation has been prepared by Montana Renewables, LLC ("Montana Renewables", "MRL," "we," "our" or like terms) and Calumet Specialty Products Partners, L.P. ("Calumet") as of May 2, 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," "potential," "continue," "plan," "timeline," "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 estimates. We caution that these statements, including prospects for Montana Renewables, our ability to execute on strategies and realize expected benefits therefrom, future actions (including public market and other financing transactions), MRL's ability to become a stand-alone public company, future market values, expected access to markets or financing sources, capital spending estimates (which do not include any contingency spend estimates), expense estimates, the comparability of enterprise value ("EV") to EBITDA multiples presented for other Renewable Diesel companies, increasing shareholder value, and estimated EBITDA and EBITDA improvement opportunities for MRL 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, forecasted or estimated in our forward-looking statements. For additional information, please see Calumet's filings with the Securities and Exchange Commission ("SEC"), including the risk factors and other cautionary statements in Calumet's latest Annual Report on Form 10-K 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

EBITDA is a non-GAAP financial measure provided in 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. We have not reconciled estimated EBITDA or EBITDA improvement information to their most comparable GAAP measure because we do not provide guidance or estimates for the various reconciling items such as provision for income taxes and depreciation and amortization, as certain items that impact these measures are out of our control or cannot be reasonably predicted without unreasonable efforts.

This presentation contains financial forecasts and estimates with respect to MRL's estimated EBITDA and EBITDA improvement opportunities. Neither MRL's nor Calumet's independent auditors have audited, reviewed, compiled or performed any procedures with respect to these estimates for the purpose of their inclusion in this Presentation and accordingly, they do not express an opinion or provide any other form of assurance with respect thereto for the purpose of this Presentation. These estimates should not be relied upon as being necessarily indicative of future results. In addition, quantitative information provided under Section V of this Presentation is not intended to be a projection or forecast of future financial results or valuations.

CONTENTS

I.

SummaryII. Unique Energy Transition Opportunity + MRL Advantage

• III. Renewable Diesel Market Overview

• IV. Montana Renewables (MRL)

• V. Potential Value Proposition

• VI. Green Financing Framework

• VII. Appendix

I. Summary

SUMMARY

• • Montana Renewables is a renewable fuel business located in Great Falls, Montana. On November 18, 2021, Montana Renewables was separated both legally and commercially, and capitalized independently of Calumet. MRL was designated as an unrestricted subsidiary of Calumet as a part of the separation. MRL is modifying existing assets at the Great Falls facility to process up to 15,000 barrels per day ("bpd") of renewable feedstocks (such as seed oils, used cooking oil, and tallow) into l ow-emission sustainable alternatives that directly replace fossil fuel products. MRL intends to begin renewable feedstock processing in September 2022.

• • MRL facility will be largely powered by renewable energy (process fuel, steam, and power from renewable feedstocks and local hydroelectric dams). Montana Renewables is expected to significantly advance national efforts to address climate change and reduce greenhouse gas emissions across the transportation and aviation sectors in both the U.S. and abroad.

• • A first mover in renewable jet fuel for the Transpacific market

Renewable Fuel Production (bpd, unless noted)	2022YE Initial Run-rate	Expected 2024 Post-Expansion
Renewable Diesel	9,000	13,500
Renewable Jet/SAF(1)	2,000 / 6,000	3,000 / 9,000
Renewable Naphtha/Gasoline(2)	1,000 / 2,000	1,400 / 2,800
Renewable Hydrogen (thousand scf/d)	21,000	37,000

• (1) SAF volume based on a 30/70 blend of pure renewable jet fuel plus fossil jet fuel.

• (2) Renewable naphtha blendstock plus ethanol makes a 100% renewable E85 gasoline.