#1MONTANA RENEWABLEST TM 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.#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 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. 2#3CONTENTS I. Summary II. 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 3#4I. Summary 4#5I 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 low- 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 Renewable Jet/SAF(1) Renewable Naphtha/Gasoline (2) Renewable Hydrogen (thousand scf/d) 1,000/ 2,000 21,000 2,000 / 6,000 13,500 3,000/ 9,000 1,400/2,800 37,000 (1) SAF volume based on a 30/70 blend of pure renewable jet fuel plus fossil jet fuel. Renewable naphtha blendstock plus ethanol makes a 100% renewable E85 gasoline. (2) 5#6II. Unique Energy Transition Opportunity + MRL Advantage 6#7II UNIQUE OPPORTUNITY + MRL ADVANTAGE • Renewable Diesel (RD) plays a crucial role in the energy transition economy Dramatically lower carbon life cycle footprint than electric vehicles • RD volumes are legally mandated and growing Emerging role of Sustainable Aviation Fuel (SAF) • RD industry fundamentals create significant profitability and valuable returns • RD margins are very stable • MRL's economics at current market conditions indicate up to $350mm/yr in EBITDA • Montana Renewables is one of the most advantaged RD projects in North Americal Very low capital intensity Quick to market, expect to be fully operational during the fourth quarter of this year Unique and advantaged location for feedstock sourcing and product placement • Robust to downside stress case scenario 7#8III. Renewable Diesel Market Overview 00 8#9" WHAT IS RENEWABLE DIESEL? III Overview RD vs. Petroleum Diesel CI(1) RD is a cleaner, direct substitute for conventional diesel fuel RD demand is legally mandated and growing RD is chemically identical to petroleum diesel fuel (unlike biodiesel), which means it can be used as direct replacement up to 100% in distribution systems and engines High tech production process utilizes heat, pressure, hydrogen and catalysis to convert renewable feedstocks to clean products • Four primary renewable feedstocks / renewable sources: distiller's corn oil (DCO), animal fat/tallow, used cooking oil (UCO) and various food and non-food vegetable oils • RD produced from these renewable feedstocks offers lifecycle greenhouse gas emissions that are 50%-80% lower than conventional petroleum diesel Sustainable Aviation Fuel (SAF), a renewable alternative to conventional jet fuel, is also produced from MRL's process configuration 22 22 I Used Cooking Oil I I Market Acceptance RD Biodiesel 100% "drop in" fuel usable in all modern diesel engines Uses pipeline distribution and fueling infrastructure Does not require specialized storage tanks No limitation on blending percentage * Works well in cold temperatures 49 53 53 29 29 31 100 Animal Corn Oil Canola Oil Soybean Diesel Fats Oil Renewable Diesel ULSD Lower carbon intensity ("CI") feedstocks generate less lifecycle GHG emissions and result in greater LCFS credit value Source: CARB. (1) Carbon Intensity (CI) gms CO2/megajoule of energy 9#10ORD PREMIUM TO BD USGC Renewable Diesel Margin (Soybean Oil), $/gal $3.00 $2.50 $2.00 $1.50 $1.00 $0.50 $3.00 $2.50 USGC Biodiesel Margin (Soybean Oil), $/gal $2.00 $1.50 Exceeds ~$1/gal $1.00 $0.50 $- Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 5yr range 2021 2022 5yr avg Jan Feb Mar Apr May Jun 5yr range Jul Aug Sep Oct Nov Dec 2021 2022 5yr avg Consistent premium for RD margins versus BD margins driven by differences in cost structure Data Source: Pllatts, EIA, Bloomberg Energy, Macrotrends, Jacobsen; soybean oil is industry incremental feed 10#11ORD IS A GROWTH BUSINESS US & Canada Biomass-Based Diesel Demand (Billion Gallons) ■Biodiesel ■Renewable Diesel Renewable Diesel High tech catalysis High quality product Margin floats above traditional biodiesel Emergent high growth segment of the industry Volume growth is legally mandated 2.9 2.6 2.0 1.9 1.6 1.0 0.7 0.7 1.0 Biodiesel Low tech batch chemistry Low quality; can only be blended in 2.1 2.1 2.2 2.2 2.2 2.3 2.3 2.4 2.0 small volumes; cannot be used in SAF Sustained by regulatory policies 2017A 2018A 2019A 2020A 2021A 2022E 2023E 2024E 2025E RD production growth follows Federal, State and Provincial market requirements Source: Advanced Biofuels Canada, EIA, EPA, IEA, Navius, WAEES. Note: Total demand assumed to increase based on domestic production growth; assumes imports are held constant at 2020 levels. Biodiesel demand assumed to increase by 2% per annum in forecast. 11#12" RENEWABLE FUEL REGULATIONS AND INCENTIVES Incentive Issuer Illustrative Value (1) Renewable Fuels Standard Federal Government $2.34 Low Carbon Fuel Standards California, Oregon, Washington, Canada $1.30 Description . From 2007; Federal law stipulates amount of renewable fuel that must be blended into transportation fuel annually • Petroleum refiners are required to either: (1) blend biofuels or (2) buy credits (RINs) to cover deficits 1.7 D4 RINs are generated per gallon of RD produced (vs 1.5 D4 RINS per gallon of BD) 2011 (Calif), 2013 (British Columbia), 2016 (Oregon), 2023 (Washington and rest of Canada legislation is passed and being implemented) Laws each slightly different and require year over year reduction in Carbon Intensity ("CI") of fuel's lifecycle GHG emissions (equates to volume mandate that varies by feedstock) Blender's Tax Credit Federal Government $1.00 From 2005; annual Federal budget provides BTC (note: retroactive about half the time) Fixed $1.00 per gallon credit to blenders of Renewable Diesel & biodiesel Proposals are floated for $2.00 per gallon credit to blenders of Sustainable Aviation Fuel Regulatory credits allow RD to have a superior margin (on a per barrel basis) when compared to conventional diesel or BD (1) Recent actual credit per gallon of renewable diesel produced 12#13$8.00 $6.00 $4.00 $2.00 $0.00 ($2.00) ($4.00) ($6.00) ($8.00) Jan-17 " MARGIN NOT INFLUENCED BY COMPONENTS Industry Gross Margin Index and Components ($/gal) Mar-17 Jun-17 Sep-17 Dec-17 Stable $2/gallon margin under all conditions; removes commodity risk Mar-18 Jun-18 Aug-18 Nov-18 LA Carb Diesel 1.7 x D4 RIN BTC Real Time LCFS Crude SBO RD Crude SBO Margin Source: Bloomberg, Jacobsen The volume mandate ensures profitability, not the prices of individual credits Government mandated volume creates high correlation of feed price and environmental credits Industry gross margin is stable irrespective of individual components' volatilities Index does not include industry operating costs estimated at $0.35 - $0.50/gal fully burdened Falling LCFS prices don't impact gross margins, BTC doesn't influence gross margins Feb-19 May-19 Aug-19 Nov-19 Jan-20 Apr-20 Jul-20 Oct-20 Jan-21 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 13 $8.00 $6.00 $4.00 $2.00 $- $(2.00) $(4.00) $(6.00) $(8.00)#14$8.00 $6.00 $4.00 $2.00 $(2.00) $(4.00) $(6.00) $(8.00) ROBUST TO RECENT EVENTS Jan-17 Mar-17 Jun-17 Sep-17 Dec-17 Mar-18 Jun-18 Aug-18 Daily Gross Margin Index ($/gal) Nov-18 Feb-19 May-19 Aug-19 Nov-19 Jan-20 Apr-20 Jul-20 Oct-20 Jan-21 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 LA Carb Diesel 1.7 x D4 RIN BTC Real Time LCFS Crude SBO RD Crude SBO Margin Source: Bloomberg, Jacobsen Ukraine Crisis and Palm Oil Crisis did not impact stable RD margins $- $8.00 $6.00 $4.00 $2.00 $(2.00) $(4.00) $(6.00) $(8.00) Jan-22 Feb-22 Mar-22 Apr-22 Through April 25 14#15$8.00 $6.00 $4.00 $2.00 $0.00 ($2.00) ($4.00) ($6.00) ($8.00) Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 LA Carb Diesel 1.7 x D4 RIN Apr-18 Jul-18 Low LCFS Prices Avg Margin: $1.58/gal Source: Bloomberg, Jacobsen *BTC not prospectively in the Federal budget 2017-19 but was provided retroactively in 2020 budget, which would increase the average margin to $2.44 for the period shown. Low D4 RIN Prices: Avg Margin: $1.49/gal Oct-18 Jan-19 Apr-19 BTC Real Time Jul-19 Oct-19 LCFS No BTC: Avg Margin: $1.44/gal* "ORD MARGINS EXCEPTIONAL IN ALL REGIMES Index Based on Gross Margin Components ($/gal) Jan-20 Apr-20 Jul-20 Oct-20 Low Diesel Prices: Avg Margin: $1.86/gal $8.00 $6.00 $4.00 $2.00 $- $(2.00) $(4.00) $(6.00) $(8.00) Jan-21 Crude SBO RD Crude SBO Margin High Soybean Oil SBO Costs: Avg Margin: $1.96/gal 15 Jan-22#16" RENEWABLE DIESEL MARKET CONCLUSION Biofuels are a mandated product required to meet numerous growing LCFS and RFS statutes 。 Biodiesel: 2 billion gallons of biodiesel currently produced - no growth. 。 Renewable diesel: 1 billion gallons currently - but economically superior to biodiesel; capturing all the growth Feedstock costs, RIN prices, LCFS prices and the Blender's Tax Credit interact to ensure that the incremental biodiesel facility is profitable and can continue to generate mandated products • Thus, Renewable Diesel has incredibly strong and stable margins above the biodiesel base 16#17IV. Montana Renewables (MRL) 17#18IV M OVERVIEW OF MRL A uniquely advantaged Renewable Diesel conversion project in Western Montana Right location Geographically advantaged for both feedstock and product placement Right platform for conversion 。 Extremely low capital intensity RD conversion project Existing assets and infrastructure accelerates timeline Speed to market 。 Key permits received, construction started ahead of schedule and long-lead equipment procured 4Q2022 commissioning expected, nameplate capacity of 15,000 bpd 。 2024 expansion project planned, increases capacity to 18,000 bpd • Flexibility Initial yield of renewable jet can be increased operationally as that market continues to develop 18#19VINDUSTRY-LEADING LOW-COST RD CONVERSION MRL's existing facilities dramatically reduce capital requirements compared to other RD conversions • High quality assets; new hydrocracker and associated infrastructure installed in 2016 • Correct metallurgy already in place; proper steel alloy significantly reduces capital spend and accelerates project timeline ⚫ Speed to market advantage; scheduled to be operational before ~80% of announced RD capacity additions in N. America Capital Cost ($/capacity bbl)(1) 2022 2023 I 2024+ 2020 2021 $75,000 $60,000 $45,000 $30,000 $15,000 $0 ..... TBD? TBD? Dickinson MPC Rodeo PSX Norco VLO/DAR MRL Artesia Great Falls Wynnewood Cheyenne Bakersfield Mobile Port Arthur Martinez Great Falls Rodeo HFC CVR HFC GCEH Vertex VLO / DAR MPC/ MRL PSX NESTE Geismar REGI Port Baton Westward Rouge NEXT GRON Source: Wall Street research, public disclosure. (1) Capacity reflects feedstock rate. Low-cost planned expansion maintains advantage as industry matures 19#20IV DIVERSIFIED FEEDSTOCK & OPERATIONAL TIMELINE Expected Timing and Feedstock Mix (bpd) (bpd) ■Corn Oil ■ Tallow Fall 2022 20,000 Cooking Oil Vegetable Oil Canola Expanded Production О Commission and ramp up 18,000 O Renewable hydrogen plant 16,000 Feedstock pre-treat unit completely opens 14,000 universe of feedstocks 12,000 Capacity 15,000 bpd; conservative 80% 10,000 utilization in financial model 8,000 O 2,000 bpd renewable kerosene from the 6,000 outset Commission Hydrogen Pre-treat and 4,000 SAF sales 2,000 Arctic Spec Renewable Diesel 0 • 2024 Expansion O Hydraulic debottleneck expands MRL capacity to 18,000 bpd 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 Production Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 TAR and Apr-24 expansion ! May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 20 20#21IV FEEDSTOCK LOCATION ADVANTAGE Located within the temperate oil seed belt for immediate feedstock access and low-cost logistics 115,000+ bpd of feedstock within advantaged range - 10x coverage Edmonton in the "Saudi Arabia of renewable feedstocks" Feedstock access and logistics; MRL has truck and rail access to all major feedstocks on both sides of the border ⚫ All feedstocks are (1) naturally occurring triglycerides from plant or animal sources and (2) contaminated with organically bound metals and oxygen pretreatment is required (service available in the - market, but MRL will construct its own pretreater) ⚫ Feedstocks will have an EPA-approved pathway yielding D4 RINS • Canola approved for Canada RD already; EPA regulatory approval under way for RD Canola in the US ⚫ MRL enjoys a local sourcing advantage combined with a material logistics cost advantage, making MRL the natural purchaser of choice for: • Canadian Canola Oil (100+ kbd exported today) • Camelina Oil (an emerging high growth rate local non-food crop) Great Falls, MT Canola Growing Density Soybean Growing Density • Tallow (inedible byproduct of animal protein industry) Saskatoon Regina Winnipeg "Doorstep offtaker" for near- term Canola supply, animal waste and growing supply of temperate oilseeds Turorna Cattle Ranching Density Camelina Growing Density BNSF High Line (partial) Monteal 21#22MFEEDSTOCK SUPPLY: COMPLETING EXECUTION Feedstock Type Supplier Supplier A Supplier B Tallow Supplier C Industry Global Conglomerate Meat Processor Meat Processor Volume (bpd) 1,000 500 500 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 Diversified Producer/Aggregator 500 SBO Supplier A Global Conglomerate 500 DCO Supplier G Supplier D Diversified Producer/Aggregator Diversified Producer/Aggregator 3,000 3,000 (treated and untreated) Targeting a mix of term and spot supply to balance risk mitigation and value optimization MRL's geographic advantage makes sense to suppliers-oversubscribed on offers; prioritized subset of suppliers using C.I. optimization model (feed quality, geography and price) to optimize feedstock flexibility • Signed contracts for commissioning requirements • 2023 volume in late stages of negotiations 22 22#23IV PRODUCT LOCATION ADVANTAGE Expanding LCFS Markets California, Oregon and British Columbia have existing LCFS programs • Washington state and Canada (nationwide) LCFS programs launching now 23 states currently have some form of GHG reduction target, others considering British Columbia LCFS ⚫10% Cl reduction from 2010 levels by 2020 • 20% Cl reduction required by 2030 Washington (Passed) Signed into law May 17, 2021; Start Jan. 2023 10% Cl reduction from 2017 levels by 2028 • 20% Cl reduction by 2038 Oregon Clean Fuels Program Regulatory Backdrop Canada (Enacted) • Start in July 2023 ⚫12-point Cl reduction by 2030 New York (Proposed) • In senate Committee review MRL Product Advantages • Product off-take bids were 3x oversubscribed; deep and broad market demand for our renewables production • • Speed to customer advantage; shortest product route into LCFS mandated Pacific Northwest and Canada Truck delivery is viable; environmentally friendly alternative to rail within 500 miles of facility • Renewable Kerosene (RK) has premium pricing to RD; sold at the higher of SAF or renewable arctic spec diesel • Canadian uplift not included in MRL model; but is in some offtake agreements due to proximity of plant 23 23 10% Cl reduction from 2015 levels by 2025 Midwest (In Discussion) California LCFS 10% Cl reduction from 2010 levels by 2020 20% Cl reduction required by 2030 New Mexico (Proposed) ⚫10% Cl reduction from 2018 levels by 2030 .28% Cl reduction by 2040 Nevada (In Discussion) Colorado (In Discussion) • Deferred after recent review • 20% Cl reduction by 2030 Northeast U.S (Proposed) Proposed to start in 2022 • Up to 26% emissions reduction by 2032 Logistic Upside Compared to Peers Product Rail Rates ($/bbl) From Great From USGC (1) Falls To Seattle $6.77 $15-17 To Vancouver, BC $7.47 $16-19 To Calgary, AB $2.93 $13-16 LCFS Passed (In Effect) LCFS Passed (2022 Implementation) Future LCFS Proposed GHG Emission Goal To San Francisco $10.00 $12-13 Source: RBN Energy and Baker & O'Brien (1) Houston, Gesimar average.#24V 3X OVERSUBSCRIBED ON PRODUCT PLACEMENT IV Marketer / Obligated Party Product Volume Market Focus Negotiation Status Jet Marketer A SAF 2,000 PNW, West Coast Final Stage Obligated Party B RD 2,000 California, PNW, Canada Final Stage Obligated Party C RD 3,000 California, PNW, Canada Final Stage Obligated Party D RD 3,000 California, PNW, Canada Final Stage Renewable Gasoline Obligated Party E ~1,000 California, PNW, Canada Short list finalists Blendstock Focused on contracting with global majors in support of their low carbon strategies 24 24#25V. Potential Value Proposition 25#26✓ EBITDA POTENTIAL V ($mm/yr) $175-350 ~$125 ~$65 ~$35 $400-575 Estimated EBITDA without upsides (1) Upsides under way(2) 2024/2025 Expansion (3) Expansion upsides With estimated total opportunities (1) 2016-2021 EBITDA backcast for a range of feedstocks, actual market prices, and conservatively assuming all products sold into Southern California which reflects lowest netback (2) Montana Renewables is actively negotiating non-California product placement, SAF sales, and cost efficiencies estimated to be worth $65mm/yr above California product placement (3) Capacity expansion planned in late 2024 26 26#27✓ POTENTIAL VALUE PROPOSITION V MRL will become the only pure-play Renewable Diesel producer 16.0x Other RD producers are weighted with lower-multiple food, fossil, and biodiesel businesses 12.0x CVX is acquiring REGI in an all-cash offer at $3.1 Bn (plus ~$1B remaining capex costs for 2024 Geismar expansion) 8.0x EV/EBITDA Multiples Establishes 13x multiple for a predominantly-biodiesel operator 13.4x 11.9x Pure RD multiples likely to be higher based on better quality of earnings 4.0x 7.7x Implied MRL EV ranges from $2.6 to $4.2 Billion assuming 10-12x multiple and $260- 350MM EBITDA 0.0x RD plus Food (DAR) RD plus Fossil RD plus Biodiesel (Neste) (REGI) Source: Factset, Current Market Enterprise Value, 2023E Consensus EBITDA Projection (April 23, 2022). 27#28VI. Green Financing Framework 28#29VI GREEN FINANCING FRAMEWORK OVERVIEW 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 SUSTAINABLE CITIES AND COMMUNITIES 12 RESPONSIBLE CONSUMPTION AND PRODUCTION 13 CLIMATE ACTION 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. 29 29#30VMRL GREEN FINANCING FRAMEWORK GBP Eligible Project Category Clean Transportation Environmental Objective: Climate change mitigation Sustainable Water and Wastewater Management Environmental Objective: Natural resource conservation Eligibility Criteria and Example Expenditures Expenditures for the acquisition, development, construction, operation and maintenance of plants and facilities which either produce renewable fuels and renewable byproducts or will be converted to exclusively produce renewable fuels and renewable byproducts. " Renewable fuel is defined as liquid fuel derived from renewable feedstock that meets one or more of the following: Generates a Renewable Identification Number (RIN) Generates a Low Carbon Fuel Standard (LCFS) credit Used in SAF Montana Renewables has conservatively estimated that the renewable fuel we produce when compared to conventional fuel achieves a 64% reduction in carbon intensity(2). In reality, we expect that MRL will achieve a greater reduction once fully credited for the hydropower as well as offsets for the rail transportation advantages. Examples of eligible expenditures include: ☐ Renewable hydrogen production plants Next-generation renewable feedstock pretreatment units Single-stage hydrogenation/isomerization reactors Retrofits/modifications of hydrocrackers to use renewable feedstock Procurement of renewables feedstock such as vegetable oil, non-food crop oils, used cooking oil, and recycled tallows and greases Expenditures for the development, construction, operation and maintenance of facilities or equipment that improve water quality to meet or exceed the standard of the local regulatory body, which is determined by the end use of the water. Examples of eligible expenditures include: Water treatment plants for the water resulting from renewable feedstock processing (3) UN SDG Alignment(1) 7 AFFORDABLE AND CLEAN ENERGY 11 SUSTAINABLE CITIES AND COMMUNITIES CLEAN WATER AND SANITATION 13 CLIMATE ACTION 12 RESPONSIBLE CONSUMPTION AND PRODUCTION QO (1) https://sdgs.un.org/goals (2) This estimation is done using default California Air Resources Board Cl scores for MRL's optimized feedstock slate, which is conservative. (3) The renewable feedstocks contain approximately 12% oxygen, which the renewable process operation converts to water which MRL will treat and add to water supplies. 30 30#31VII. Appendix 31#32VII PRODUCT FLOW SHEET • Existing hydrocracker suitable for biomass feedstocks now; change catalyst (licensed from Haldor Topsoe) Construct No4 Renewable Hydrogen Plant (Technip) Construct Pretreatment Unit (licensed from ARA) Renewable Feedstocks Renewable Offgases Pretreatment Unit Renewable Diesel Feed Renewable Fuel Unit (Hydrocracker) Sustainable Aviation Fuel Hydrogen Production Renewable Hydrogen Renewable Naphtha 22 32#33VII CONSTRUCTION STATUS Small discrete projects commissioning sequentially during 2022 EPC execution by Burns McDonnell Independent project controls and tracking by Triten IAG Timeline of Individual Projects' Commissioning --Eng & Procurement -Total Spend 100% Timeline: April Logistics August September YE22 Growth Projects Hydrocracker Renewable Renewable Feedstock 80% Completion, % carveout (1) catalyst Diesel (2,3) hydrogen (4) pretreater Engineering 100 100 95 100 40 60% Procurement 100 Construction 100 100 n.a. (2) 85 60 20 40% 50 10 5 (1) This project splits the existing oil handling and asphalt blending assets from the standalone renewables logistics (2) Refinery shutdown scheduled July 25, perform hydrocracker normal maintenance turnaround and load Haldor Topsoe renewable diesel catalyst (no modifications are needed to the hydrocracker reactor) 20% (3) Modify refinery utility systems, process controls, water handling, flare headers, steam for railcar unloading, etc (4) Renewable hydrogen plant lump sum engineering and procurement contract with Technip Stone & Webster who are "cloning" a recently built hydrogen plant from another site (using the identical engineering design) 0% TritenIAG Apr-21 Jun-21 Aug-21 Oct-21 Dec-21 Feb-22 Apr-22 Jun-22 Aug-22 Oct-22 Dec-22 Excluding pretreater (specialized installation, awarded separately) 33#34VII CAPITALIZATION Engineering & Procurement % Spend Complete¹ ($ in millions) 3/31/22 Secured Debt - Oaktree Convertible Term Loan 304 $160 $140 Stonebriar Master Lease (Drawn) 14 Total Debt $317 Calumet Preferred Equity Investment 145 Total Debt + Equity $462 Liquidity Cash & Equivalents $46 Accounts Receivable (Tolling for March) MRL Liquidity Balance $120 $100 $80 $60 $40 3 Total Cash + AR $49 $20 Stonebriar Master Lease (Undrawn) 36 Total Current Liqudity $85 $- 0% 10% 20% 30% 40% 50% 60% Project Spend vs Plan, % Complete¹ Liquidity ($mm) Initial CLMT Equity Investment 0% $145 12/31/21 20% 94 3/31/22 52% 85 1 Excluding pretreater (specialized installation, awarded separately) 34 34#35MRL CONSTRUCTION PHOTOS Erns 35 35#36VII MRL CONSTRUCTION PHOTOS Governor Gianforte (left) cuts the ribbon on first rail car receipt of canola oil feedstock Ut ander Chambe ambe In Yo122 MONTANA RENEWABLES™ EDX 36 36#37VII OAKTREE CREDIT AGREEMENT SUMMARY Borrower: Pledgor: Facility: Collateral: Maturity: Pricing: Amortization: Conversion Feature: Montana Renewables, LLC Montana Renewables Holdings LLC $300 million Convertible Term Loan All Property of Borrower and the Capital Stock of Borrower owned by Pledgor November 18, 2024 8.00% cash; 10% PIK None • " " Loan Conversion: The Pledgor will deliver the Lenders the number of shares of Common Stock equal to the quotient of (i) 111% of the aggregate of the sum of the Called Principal and accrued and unpaid interest outstanding divided by (ii) the Loan Conversion Price Loan Conversion Price: For a conversion in connection with (i) a Permitted Additional Equity Raise, the price per share of Common Stock being utilized and (ii) an EOD, the implied price per common stock as determined by the board of directors In the event of (i) any EoD, the Lenders have the right to convert all or any portion of the Obligations into Common Stock of Pledgor at any time while such EOD is occurring and (ii) the consummation of any Permitted Additional Equity Raise, all of the Obligations shall automatically convert into Common Stock of Pledgor effective immediately prior to closing, unless at least 2 Business Days prior to execution, the Lenders elect in writing not to convert the Obligations EOD by the Borrower Mandatory Prepayments: " Any Change of Control (excludes Permitted Additional Equity Raises) " Limitations on Indebtedness: Any Equity Issuance (excludes Permitted Additional Equity Raises and Capital Lease Obligations related to any of the Specified Project Components) " General: Not to exceed $5 million " ◉ Pledgor: Other unsecured, non-convertible, subordinated debt not to exceed $25 million Sale Leasebacks: Any such lease in relation to (i) the Pretreatment Unit Project Component not to exceed $49.5mm, (ii) the Renewable hydrogen Plant Component not to exceed $50 million and (iii) the Wastewater Treatment Plant Component not to exceed $38.5 million Capital Lease Obligations: Not to exceed $5 million Purchase Money Obligations: Not to exceed $5 million " Permitted ABL Financing: Aggregate commitments not to exceed (i) if Borrower is not party to any Permitted Inventory Financing, $125 million and (ii) if Borrower is party to a Permitted Inventory Financing, $75 million Permitted Inventory Financing: Cash collateral / letters of credit not to exceed $20 million " General: Not to exceed $5 million " Capital Leases: Not to exceed $5 million Limitations on Liens: " Permitted ABL Financing " Permitted Inventory Financing " Restricted Payments: Special Distributions: Allowed if (i) after the Renewable Diesel Conversion Conditions Satisfaction Date, (ii) no EoD, (iii) PF Available Construction Funds are not less than aggregate unpaid Project Costs required to cause Conversion Completion and (iv) Debt/Equity ≤ 5.0x 37#38VII STONEBRIAR LEASE SUMMARY Lessee: Lessor: Montana Renewables, LLC Stonebriar Commercial Finance LLC Purpose: Amount: Security: Finance equipment for a new renewable hydrogen plant Up to $50 million Equipment Equipment: Cut-off Date: Exit Price: A hydrogen plant designed to produce at least 20 million sf³/day of 99% hydrogen supplied at 200-220 pounds per square inch gauge to the makeup compressors for the MRL renewable diesel project Earlier of (a) March 2, 2023 or (b) Event of Default or (c) equipment is accepted by Lessee or (d) Material Adverse Change in financial condition (a) Aggregate amount of the Advances made times (b) 102.89% Monthly Rental Rate: 1-month LIBOR + 770 bps LIBOR Floor: 25 bps Early Termination Options: ☐ Date: Upon payment of 108th monthly base rent Early Termination Purchase Price: 27.50% of equipment cost ESG Funding: Upon eligibility for ESG funding, Lessee can terminate at Exit Price 38#39VII CALUMET PREFERRED EQUITY SUMMARY Priority: Maturity: The Preferred Units will have a payment priority, liquidation preference and ranking senior to any other class or series of equity of the Pledgor. For the avoidance of doubt, the Term Loan Facility shall have payment priority, liquidation preference and ranking senior to the Preferred Units Three years and one day Initial Liquidity Preference: 100% Interest/Accretion of Liquidation Preference: 10% per annum as accretion of Liquidation Preference compounded on a quarterly basis Put Right: Conversion: Transfer Restrictions: Upon the closing of a Permitted Equity raise, each Preferred Unit holder may cause the Pledgor to redeem all or any of its Preferred Units, including payment in full of the Liquidation Preference in effect at such time The Preferred Units shall have the same rights of conversion as those provided under the Term Loan Facility as set forth in Annex Any transfer restriction will fall away after 3 years from the original closing 39#40VII CARBON MARKET DISTINCTIONS California's LCFS Program British Columbia LCFS Program Reduction in Carbon Intensity (%) 2011 2012 2013 2014 2015 2016 2017 2018 -5.97% -7.5% -8.75% -10% 11.25% ◆-12.5% 2019 2020 2021 2022 2023 2024 2025 2026 2027 Designed to reduce the carbon intensity of California's transportation fuel pool by 20% by 2030 2028 2029 2030 13.75% -15% +16.25% -17.5% 18.75% -20% -2% -4% -6% -8% -10% -12% -14% Historic Compliance Targets -16% Reported % CI Reduction -18% Future Compliance Targets -20% CI Reduction Driving LCFS Prices $250 $200 $150 $100 $50 $0 2016 2017 Average Credit Price ($/MT) Maximum Credit Price ($/MT) • 2018 2019 2020 2021 2022 Reduction in Carbon Intensity (%) 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 0% -2% -4% -6% -8% -10% -9.1% -12% -10.2% -11.3% -14% -12.4% -13.5% -16% -14.5% -15.6% -18% -20% -16.7% -17.8% -18.9% Addressable Market A-10% C.I. ramp-down requires 13-20% RD depending on feedstock More LCFS Programs Each political jurisdiction has a variation on its LCFS rules and timing For example Oregon (1) begins with a 2015 baseline already including 5% biodiesel, then requires additional 10% C.I. reduction by 2025-approximates 15% C.I. reduction on "California basis" The rest of Canada, and Washington State LCFS regs coming online in 2023 British Columbia vs. California LCFS Prices $154 $142 $208 $354 $191 $19$197 $187 . Statutes require larger decrease than that $127 $131 $104 State and Provincial C.I. ramp-downs are at different rates; steeper ramp creates differential LCFS price among markets which gives additional EBITDA uplift (conservatively not included in analysis) $88 2016A 2017A 2018A 2019A 2020A 2021A California LCFS ■ BC LCFS Source: CARB and British Columbia Government. BC LCFS credit converted using the average annual Canadian Dollar to USD rate in each of the respective years (1) https://www.oregon.gov/deq/FilterDocs/cfpoverview.pdf. 40#41VII CI AND FEEDSTOCK OPTIMIZATION FOR LCFS CREDIT Carbon Intensity (CI) penetration rate varies across the political geographies Cl Reduction Projections Year California Oregon BC Washington Canada Ex-BC 2020 7.50% 2.5% 10% 2021 8.75% 3.5% 11% 2022 10.00% 5.0% 12% 2023 11.25% 6.5% 13% 0.5% 3.9% 2024 12.50% 8.0% 14% 1.0% 5.2% 2025 13.75% 10.0% 15% 2.0% 6.5% • Cl reduction depends on feedstock; a 10% CI reduction requires 12-21% renewable diesel Renewable diesel feedstock Soy oil Canola Distillers Cooking oil Tallow corn oil (used) CI Score (Calif LCFS) 52.7 48.0 28.7 23.0 R.D percent in pool @ 10% Cl reduction 21% 19% 14% 13% 16.5 12% 41#42VII BACKCAST EBITDA EBITDA(1): Current Case 2023E ~$350mm Planning Case ~$260mm Stress Case ~$175mm ($/gal) $1.89 $0.40 $1.43 $0.98 $0.40 $0.40 $1.03 $1.03 $1.03 $0.46 ($0.45) MRL Logistics Cost Advantage ➤ Incremental ~$0.40/gal (5) advantage over USGC producers Adds $65mm EBITDA to Montana Renewables Unique to MRL's Montana location ✓ Logistics advantage into LCFS markets via truck/rail ✓ Cl advantage given transportation efficiency and proprietary renewable hydrogen ✓ Next-generation feedstock pretreater and local gathering strategy Renewable Diesel over Biodiesel Advantage ➤ $1.03/gal RD industry premium to biodiesel (4) Adds $180mm 2023E EBITDA to Montana Renewables ✓ Higher quality product Current(2) $0 BD Margin (3) Negative BD Margin(4) ✓ Increased RINS (1.7 vs 1.5) Biodiesel Margin Rewable Diesel Margin MRL Cost Advantage ✓ Lower operating costs ✓ No methanol co-feedstock (eliminates volume loss) Note: Projected financial results are based on management's estimates and actual results may be materially different. (1) Based on estimated 2023E RD production of ~12,000 bpd. (2) Based on Calumet estimates of 5yr historical USGC biodiesel profitability. (3) (4) Based on historical biodiesel to renewable diesel margin spread (assuming soybean oil). Please refer to immediately prior slide for details. Assumes Biodiesel runs at a loss and does not cover variable operating expense. Reflects management estimates for transportation costs. Gulf Coast transport costs reflect an illustrative Gulf Coast Renewable Diesel producer. ✓ Renewable co-products (natural gas, LPG, naphtha 42