Cowen Next-Gen Fuel Summit: Renewable Diesel and SAF

Montana Renewables, LLC

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 June 16, 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.

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2022 STARTUP; SAF ADDED

• 2022 Startup
  o Pre-treat unit opens universe of feedstocks o Renewable hydrogen plant allows full rate
• 2023 Run-rate
  o 15,000 bpd capacity; 80% utilization in financial model
• 2024 Expansion
  o 20,000 bpd after hydraulic debottleneck; 90% utilization in financial model
• SAF
  o 2,000 bpd renewable kerosene initially
• • SAF sales
  • Arctic Spec Renewable Diesel

Mbpd			2023 Steady State 2024 Expansion	Max SAF Case
Renewable Diesel	9			12		2
Renewable Jet (100%)	2			4		15
Renewable Naphtha	1			1 ½		2 ½
Renewable Hydrogen	21			37		45
(mm scf/d)
(bpd)		Corn Oil			Tallow		Cooking Oil			Vegetable Oil			Canola
20,000												Expanded Production
18,000

16,000	Commission	andtreat-Pre	Hydrogen	andTAR	expansion
14,000				Production
12,000
10,000
8,000
6,000
4,000
2,000

0

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FEEDSTOCK:

GLOBAL AVAILABILITY OF 5 MILLION BPD

RD capacity addition points to marginal rearrangement of global trade flows

Global Pool:

1 MM BPD (50 million tonnes) low-CI tallow, grease, cooking oil 4 MM BPD (200 million tonnes) higher-CI vegetable oils

1. Renewable diesel announced projects call ~7% of the global feed pool 2021-2024-within native supply growth

1. USGC prices should "arb" based on delivered CI parity

1. Agricultural sector response to higher oil seed prices

1. Camelina and other non-food oil seeds grow well in high latitudes where they are used as switch crops against wheat; Montana is ideal and these future ~20 CI sources will show rapid growth

1. Majority of long term MRL feedstocks expected to be from non- food sources with attractive low CI

Global Vegetable Oil Production

Million tonnes

90
80
70
60
50
40
30
20
10
0
2013/14	2015/16	2017/18	2019/20	2021/22e

	Palm oil		Soybean oil		Rapeseed Oil		Sunflower oil

Source: USDA and Montana State University.

Note: e = estimate.

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MRL FEEDSTOCK -LOCAL SUPPLY LONG & GROWING

Backyard access to 117 mbpd of diverse feedstocks; close proximity gives advantaged pricing and visibility MRL's Feedstock and Rail Adjacencies Offer Short Supply Chains and Significant Competitive Advantages

	117,000 bpd advantaged feed
	69,000 bpd coming online
MRL in Great Falls, MT	188,000 bpd availability
Canola Growing Density
Cattle Ranching Density	Natural purchaser of
choice for canola oil,
Camelina Growing Density	local tallow and
Camelina oil
Soybean Growing Density

Mustard Seed / Industrial Hemp Growing Density

BNSF Northern Transcon Line (portion in MT is known as the Hi-Line)

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