Calumet Specialty Products Partners L P : Montana Renewables Green Financing Framework

Summary of Contents

1. Introduction and Background.................................................................................................................. 3

Background and Sustainability Mission .................................................................................................... 3

2. Green Financing Framework .................................................................................................................... 6

Scope ......................................................................................................................................................... 6

Use of Proceeds ........................................................................................................................................ 6

Process for Project Evaluation and Selection ........................................................................................... 8

Management of Proceeds ......................................................................................................................... 8

Reporting ................................................................................................................................................... 8

Allocation Reporting ............................................................................................................................. 8

Impact Reporting .................................................................................................................................. 8

External Review ......................................................................................................................................... 9

Second Party Opinion ............................................................................................................................ 9

Verification ............................................................................................................................................ 9

Disclaimer ................................................................................................................................................ 10

1. Introduction and Background

Background and Sustainability Mission

Montana Renewables, LLC ("Montana Renewables" or "MRL") is a renewable fuel business located in Great Falls,

Montana. On November 18, 2021, Montana Renewables was separated both legally and commercially from Calumet Specialty Products Partners, L.P. ("Calumet," "we," or "our"), and 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 stream day ("bpsd") of renewable feedstocks (such as seed oils, used cooking oil, and tallow) into low-emission sustainable alternatives that directly replace fossil fuel products. MRL expects to begin renewable feedstock processing in September 2022.

MRL considers our highly refined, renewable fuels to be fully carbon neutral given that 100% of the feedstock is of natural origin and that the entire facility will be powered by renewable energy (process fuel, steam, and power are all from renewable feedstocks and 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.

Overview of Renewables Train:

Renewable Diesel

Sustainable Aviation Fuel

Renewable Naphtha

Renewable Hydrogen* Renewable Natural Gas*

* consumed internally

Montana Renewables Novel Flowsheet

Montana Renewables' novel flowsheet (graphic below) notably includes first-of-its-kind renewable hydrogen production, next-generation renewable feedstock pretreatment, and a single-stage hydrogenation/isomerization reactor. Montana Renewables' process represents a leap forward through lower capital costs, better product carbon intensity, better yield and greater speed to market. Each key technical element has been discretely demonstrated and the flowsheet combination is a first. We are filing for a process patent for this superior approach to fossil fuel replacement by renewable fuel.

Renewable Offgases

Renewable Naphtha

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Note:

Offgases = renewable natural gas, ethane and propane byproducts of process to convert renewable feedstocks into renewable products

Montana Renewables Production

Renewable Fuel Production, barrels per calendar day	2022 Initial Run-rate	Expected 2024 Post-Expansion
Renewable Diesel	9,000	13,500
Renewable Jet/SAF1	2,000/6,000	3,000/9,000
Renewable Naphtha/Gasoline2	1,000/2,000	1,400/2,800
Renewable Hydrogen (thousand standard cubic feet per day)	21,000	37,000

MRL's Strategic Location

Montana Renewables' production facility in Great Falls, Montana is strategically located close to major feedstock sources in both the U.S. and Canada, including the temperate oil seed growing zone along with large farm and ranch operations in Montana and the adjacent states and provinces. This strategic location significantly decreases the carbon emissions as well as transportation costs of both the renewable feedstock to MRL and the renewable fuel to product offtakers. The demand for renewable fuel is the highest in states and/or provinces which have enacted a Low Carbon Fuel Standard ("LCFS") portrayed by the graphic below. An additional emissions benefit is

• 1 Sustainable Aviation Fuel ("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

that the site's electrical power is physically sourced from the five hydroelectric dams immediately downstream of MRL's location on the upper Missouri River.

Regulatory Backdrop

LCFS Passed (In Effect)

LCFS Passed (2022 Implementation)

Likely Future Passage of LCFS

GHG Emission Goal

MRL Great Falls, MT

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Note: LCFS = Low Carbon Fuel Standard.

Renewable Feedstocks

Renewable feedstock is naturally occurring and is sourced from a wide variety of oil seed crops, byproducts from ethanol production, and waste byproducts from the food supply chain. With our feedstock pretreatment technology, MRL can run any renewable feedstock from anywhere in the world. MRL will optimize economically based upon netback margins; for recent and projected pricing, we are now sourcing an optimal feed slate as shown below. By using all feedstock groups, we will participate in a dynamic optimization driven by feedstock carbon intensity ("C.I."), price, shipping distance (which affects logistics costs and C.I.), and pretreatment costs. MRL believes that all feedstocks will "arbitrage" together based upon their netback to U.S. Gulf Coast ("USGC") biodiesel and renewable diesel producers. However, MRL's Montana location will benefit from the feedstock trade flows and will be significantly advantaged logistically vs. the USGC producers. This means that MRL will have preferred access to differentiated temperate oil seeds like Canola, while creating a future demand for non-food oils like Camelina. MRL expects the non-food oils to become an increasing percentage of our feed slate.