#1Montana Renewables, LLC MONTANA/RENEWABLES#2FORWARD 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. 2#32022 STARTUP; SAF ADDED 2022 Startup Pre-treat unit opens universe of feedstocks Renewable hydrogen plant allows full rate Mbpd |2023 Steady State 2024 Expansion Max SAF Case 2023 Run-rate 15,000 bpd capacity; 80% utilization in financial model Renewable Diesel Renewable Jet (100%) Renewable Naphtha Renewable Hydrogen (mm scf/d) 9 12 2 2 4 15 1 1 ½ 2½ 21 37 45 (bpd) ■ Corn Oil Tallow ■ Cooking Oil Vegetable Oil 20,000 ⚫ 2024 Expansion Canola Expanded Production 18,000 20,000 bpd after hydraulic debottleneck; 90% utilization in financial model 16,000 Production 14,000 12,000 SAF 10,000 O 2,000 bpd renewable kerosene initially 8,000 • SAF sales 6,000 4,000 Commission Pre-treat and Hydrogen • Arctic Spec Renewable Diesel 2,000 0 Sep-22 Oct-22 Nov-22 Dec-22 Jan-23 Feb-23 Mar-23 Apr-23 May-23 Jun-23 Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 TAR and Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 expansion Nov-24 Dec-24 3#4FEEDSTOCK: 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 Million tonnes 90 80 Global Vegetable Oil Production Renewable diesel announced projects call ~7% of the global feed pool 2021-2024-within native supply growth USGC prices should "arb" based on delivered Cl parity Agricultural sector response to higher oil seed prices 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 Cl sources will show rapid growth Majority of long term MRL feedstocks expected to be from non-food sources with attractive low Cl 70 60 50 50 40 432 Source: USDA and Montana State University. Note: eestimate. 30 20 10 0 2013/14 2015/16 2017/18 2019/20 2021/22e ■ Palm oil ■Soybean oil ■Rapeseed Oil ■Sunflower oil 4#5MRL 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 Edmonton Calgary Saskatoon Regina Winnipeg Vancou Edmonton Saskatoon Regina 117,000 bpd advantaged feed 69,000 bpd coming online 188,000 bpd availability MRL in Great Falls, MT Canola Growing Density Cattle Ranching Density Camelina Growing Density Soybean Growing Density Natural purchaser of choice for canola oil, local tallow and Camelina oil Mustard Seed/ Industrial Hemp Growing Density BNSF Northern Transcon Line (portion in MT is known as the Hi-Line) Montreal 5 LO#6Supplier Supplier A Supplier B Tallow MRL FEEDSTOCK CONTRACTING 59 local point sources aggregated by blue chip suppliers Feedstock Type Industry Global Conglomerate Meat Processor Volume (bpd) 1,000 500 Supplier C Meat Processor 500 Supplier D Diversified Producer/Aggregator 500 Supplier A Global Conglomerate 1,000 Canola Supplier E Global Conglomerate 500 Supplier F Global Conglomerate 500 Supplier D SBO Diversified Producer/Aggregator 500 Supplier A Global Conglomerate 500 DCO Supplier G Diversified Producer/Aggregator 3,000 Supplier D Diversified Producer/Aggregator 3,000 (treated and untreated) Targeting a mix of term and spot supply to balance risk mitigation and value optimization O Geographic advantage makes sense to suppliers-5x oversubscribed on offers; prioritized subset of suppliers by geography and feedstock flexibility ○ Signed contracts for commissioning requirements (~5,000 bpd required at startup) • 2023 volume in late stages of negotiations 6#7PRODUCTS: MRL ACCESS TO CARBON-PREFERENCE MARKETS Opt-ins continuing Multiple local regulators drive renewable supply into the pool by a combination of mandates and incentives MRL has the shortest delivery routes into mandated markets North American distillate pool is ~5% renewables today and less than ~10% in 2025 based on announced projects Calumet Great Falls, MT Regulated markets Logistic Upside Compared to USGC | Carbon preference markets (2023) Rail Product Rail Rates $/bbl From Great From Falls USGC (1) | Future carbon preference markets GHG Emission Goal To Seattle $6.77 $15-17 To Vancouver, BC $7.47 $16-19 To Calgary, AB $2.93 $13-16 To San Francisco $10.00 $12-13 (1) Houston, Gesimar average. 7#8PRODUCTS: SUSTAINABLE AVIATION FUEL Announced projects insufficient to meet policy goals • IATA estimates 26.4 Million gallons of SAF produced worldwide in 2021 (less than 2 mbpd) Forward purchase agreements have been executed for 5.6 Billion gallons (365 mbpd) Perception that SAF production cost is higher than RD? • Next-generation catalyst systems mitigate this • Regulatory support mechanisms under consideration Key implication for supply balance • Bespoke supply & offtake activity is proceeding, in advance of regulatory solutions SAF competes for RD production capacity, important to long term balances MRL located on the great circle route, N. American west coast to Asia https://www.iata.org/en/programs/environment/sustainable-aviation-fuels/ 8#9MRL PRODUCT PLACEMENT Marketing process was oversubscribed Counterparty Volume Target End Market Product Status Jet Marketer A SAF + 2 mbpd West Coast Canada Agreed terms, final documentation Obligated Party B Renewable Diesel 2 mbpd Obligated Party C Renewable Diesel 3 mbpd West Coast Canada West Coast Canada Executed Executed Obligated Party D Renewable Diesel 3 mbpd West Coast Canada Agreed terms, final documentation Obligated Party E Renewable gasoline blendstock 1 mbpd West Coast Canada Contracting with global majors in support of their low carbon strategies Short list of finalists 9#1040 30 30 35 55 US BALANCES: RFS STATUTORY SHORTFALL OF 700 MBPD RFS: 36 billion gallons Statutory Demand in 2022 (15) billion gallons ethanol supply (capped) ( 6) billion gallons advanced biofuel supply (mostly biomass-based diesel) =15 billion gallons ethanol-equivalent shortfall vs statute; equates to 700,000 additional RD capacity required at 85% utilization RFS Statutory Demand billion gallons ethanol-equivalent Actual Supply billion gallons ethanol-equivalent 40 -----35 ■Statutory Advanced 25 ■Statutory Ethanol 20 20 15 10 5 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 32505 15 10 0 2022 U.S. BALANCE billion gallons ethanol-equivalent Statutory Actual Statutory Demand Supply Shortfall Advanced biofuel 21 6 15 ■Actual Advanced Ethanol 15 15 0 Actual Ethanol Total 36 21 15 SHORTFALL, MPBD R.D.-EQUIVALENT (1) 700 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 (1) 15 billion gallons of ethanol-equivalent requires 700 mbpd renewable diesel capacity at 85% utilization; excludes Canada. 10#11OUTLOOK: ADD CANADA, RFS SHORT, SAF, OPT-INS AND EXPORTS • US RFS statutory shortfall Canadian Federal program SAF growth Immediate supply can only come by cannibalizing RD capacity 2030 outlook assumes 70 mbpd of North American RD capacity is used for SAF Continuing opt-ins by carbon preference markets • Trans-Atlantic trade flows mbpd Supply BD production RD production 2020 2030 25 125 120 36 36 Plus capacity announced BD+RD supplied 310(1) 161 466 "Static" demand (current programs/geographies) RD to SAF 1 ~71 LCFS U.S. & Canada 75 300 RFS non-LCFS 85 95(2) Static Demand 161 466 Dynamic demand to address identified shortfall(s) RFS remaining statutory short (2022) 600(3) 285(4) RD opt-ins in new geographies 150(5) Export RD to EU (USGC producers) ~50 RD supply shortfall 600 485 RD capacity required, in addition to known 700 570 projects(6) €2000 (1) 365 mbpd currently announced projects assumed to all go forward; 85% utilization = 310 mbpd. EPA projected to increase the RVO as capacity comes online; adds 10 mbpd after SAF. NESCAUM likely; modeled assuming 10% Cl reduction in PADD 1 diesel pool. 2022 RFS ethanol-equivalent shortfall is 15.23 billion gallons = 600 mbpd RD (requires 700 mbpd capacity at 85% utilization). 600 less 310 projects plus 5 BD loss less 10 taken up in non-LCFS demand growth, note (2). 85% utilization. 11#12RD INDUSTRY: STABLE AND STRONG GROSS MARGIN Individual margin components are independently volatile, but collectively stable "Crack Spread" - A Gross Margin Index for the Renewable Diesel Industry LA Carb Diesel 1.7 x D4 RIN Crude SBO BTC Real Time Crude SBO Margin Low Diesel Prices: Avg Margin: $1.86/gal Commentary Industry margin stable/rising in the range of $1.50 - $2.00/gal "no matter what" - LCFS ($/gal) Retroactive BTC: Avg Margin: $1.44/gal+ $1/gal = $2.44/gal(1) $10.00 $8.00 $6.00 $4.00 $2.00 $- $(2.00) $(4.00) $(6.00) $(8.00) 2017 Low LCFS Prices Avg Margin: $1.58/gal 2018 2019 2020 2021 Low D4 RIN Prices: Avg Margin: $1.49/gal High SBO Costs: Avg Margin: $1.96/gal Source: Bloomberg, Jacobsen. (1) BTC was not in effect during this time period (2017-2020) but was applied retroactively when enacted. 2022 . MRL anticipates an additional ~$0.40/gallogistics advantage over USGC producers 12#13Source: Bloomberg, Jacobsen. $10.00 $8.00 $6.00 $4.00 $2.00 $- $(2.00) $(4.00) $(6.00) $(8.00) Jan-17 Mar-17 May-17 Jul-17 Sep-17 Nov-17 Jan-18 Mar-18 May-18 Jul-18 LA Carb Diesel 1.7 x D4 RIN Sep-18 Nov-18 MARGINS ARE RESILIENT TO RECENT EVENTS Individual margin components independently volatile, collectively stable Daily Gross Margin Index ($/gal) Jan-19 Mar-19 May-19 Jul-19 Sep-19 Nov-19 Jan-20 Mar-20 BTC Real Time LCFS May-20 Ukraine Crisis, Low LCFS, Inflation, Palm Oil Crisis did not impact stable RD margins Jul-20 Sep-20 Nov-20 Jan-21 Crude SBO Mar-21 May-21 Jul-21 Sep-21 Nov-21 Crude SBO Margin Jan-22 Mar-22 Jan-22 May-22 Feb-22 Mar-22 Apr-22 May-22 Jun-22 13 $(8.00) $(6.00) $(4.00) $(2.00) $2.00 $4.00 $6.00 $8.00 $10.00#14REASON FOR MARGIN STABILITY RD superior cost structure floats on BD marginal volume supply; Marginal volume to satisfy mandates: soybean-fed biodiesel Renewable diesel advantages in product quality, cash operating costs, scale, logistics and greater D4 RIN generation Biodiesel utilization is highly reactive to small dips in daily margin; BD output has been seen to fall 20-40% in a week which in turn causes a rapid shortfall in D4 and LCFS balances, which promptly respond to restore the BD margin ⚫ Hence the full margin stack is self-stabilizing Renewable Diesel Industry Margin (Soybean Oil), $/gal Biodiesel Industry Margin (Soybean Oil), $/gal $3.00 $3.00 $2.50 $2.50 $2.00 $2.00 $1.50 $1.00 $0.50 $- Jan Feb Mar Apr May Jun 5yr range 2021 Jul Aug Sep 2022 Oct Nov Dec - 5yr avg Source: Platts, EIA, Bloomberg Energy, Macrotrends, Jacobsen. Note: Data as of 5/27/22. $1.50 RD advantage > $1/gal $1.00 $0.50 Jan Feb 5yr range 2021 Mar Apr May Jun Jul Aug Sep Oct Nov 5yr avg Dec 2022 - 14#15MRL CANOLA FEEDSTOCK - IN BASE Overview Significance to MRL Canola as Feedstock ~100 mbpd Canola oil available, mostly from Canada (75% exported today) Canola is a ubiquitous oil seed grown ~90%+ in the Canadian provinces of Alberta, Saskatchewan and Manitoba and -10% in northern US states including North Dakota, Montana, Washington and Minnesota Canadian Canola: 20 million acres currently dedicated US Canola: 2010 = 1.4 million acres, 2020 1.8 million acres, 2022 2.1 million acres anticipated Canada is heavily investing to increase both Canola output and "crush" capabilities, adding incremental +40 mbpd of renewable diesel feedstock. The largest of multiple announced new crushers is directly connected to BNSF Latest Regulatory Update • EPA's proposed rulemaking announced; enjoys bipartisan support and expected to come in Summer 2022 Canola is already approved for LCFS program in British Columbia (currently active) and broader Canadian program (beginning Summer 2023) Source: EPA, Canola Council of Canada. CI Score Impact • Canola oil has a lower CI score than soybean oil Very long availability all around MRL Cl advantage adds ~$20 million to MRL EBITDA run-rate in 2023 and ~$35 million after de-bottlenecking in 2024 Supply Impact . MRL is uniquely positioned to benefit from rapid adoption of Canola given strategic position with immediate proximity to sources in Canada and nearby states and BNSF's Hi-Line Other Renewable Diesel producers (Gulf Coast and West Coast) would have to buy Canola that travels past MRL en route to their facilities Canola as a "baseload" feedstock would reduce impact of price and supply swings in other feedstocks and reduce reliance on soybean oil (highest Cl score) within broader feedstock mix One MRL offtaker has specifically requested that the renewable diesel they move to Canada be Canola-derived 15#16MRL CAMELINA FEEDSTOCK - UPSIDE Cover crop for winter; rotation crop for soil conditions; grows well in the high plains Camelina as Feedstock Overview ~20 mbpd potential supply in 2024 Attractive farm economics due to high oil content (30-40%) Grown on fallow land and as rotation crop; maximizes land utility without displacing food production acreage - Successfully grown in Montana, Colorado, Wyoming, Washington, Oregon and Canada Most commercial production is concentrated in Montana Significance to MRL CI Score Impact • Camelina oil has a low CI score on par with tallow and DCO No indirect land use charge in the LCFS models Supply Impact ⚫ MRL is uniquely positioned to benefit from Camelina supply given strategic position with immediate proximity to sources in Montana, nearby states and BNSF's Hi-Line Other Renewable Diesel producers (Gulf Coast and West Coast) would buy Camelina that travels past MRL en route to their facilities Source: AgMRC, ExxonMobil. 16#17GREEN FINANCING FRAMEWORK Montana Renewables' Green Financing Framework is aligned with the four core components of the Green Bond Principles and the Green Loan Principles as well as the key recommendations of the applicable principles regarding frameworks and external reviews Use of Proceeds Eligible Categories: Clean Transportation & Sustainable Water and Wastewater Management ■ Lookback Period: 12 Months(1) ■ UN Sustainability Goal Alignment: ◉ 6 CLEAN WATER AFFORDABLE AND AND SANITATION CLEAN ENERGY 11 AND COMMUNITIES 12 RESPONSIBLE CONSUMPTION 13 CLIMATE ACTION AND PRODUCTION Management of Proceeds Full allocation of net proceeds anticipated within three years of issuance Pending allocation, unallocated proceeds will be managed according to Montana Renewables' normal cash management practices ■ We will not knowingly allocate proceeds from any Green Financing to expenditures which received an allocation of proceeds under any other Green Financing S&P Global Ratings Process Evaluation and Selection ■ Montana Renewables will establish a Green Finance Committee of representatives from our Finance, Treasury, and ESG teams ■ Calumet's existing policies and procedures fully apply to MRL. In the second half of 2022, MRL plans to create our own standalone policies and procedures " These policies and procedures will help to mitigate environmental and/or social risks associated with Eligible Green Projects Reporting During the term of any Green Financing, the company will provide allocation and impact reporting at least annually until full allocation and as necessary thereafter Example Impact Metrics include: Annual GHG emissions reduced/avoided, Annual number of barrels of renewable fuel produced, annual standard cubic feet of renewable hydrogen produced "In our view, Montana Renewables Green Financing Framework, is aligned with the Green Bond Principles and the Green Loan Principles" (1) Expenditures look-back period limited to November 18, 2021, when Montana Renewables was established. 17#18www.montana-renewables.com www.clmt.com MONTANA RENEWABLES TM Calumet in Montana Renewable Feedstock Quick Facts Green Financing Resources Contact Energy Transition Overview Platform for the 21st Century PROCOR Project FAQS About the Project We are Proud to Lead Montana's Energy Transition Montana Renewables is a fast-paced renewable diesel project at a lower cost than comparable projects.