Oaktree Transaction Overview & Montana Renewables Carveout

© 2021 Calumet Specialty Products Partners, L.P. | 15 . Great Falls Specialty Refinery (cont'd) 40% of carbon in crude oil is sequestered in the form of recyclable asphalt This is a 97% reduction versus refining-industry coking technology Industry-leading low carbon intensity per barrel at Great Falls 900 800 700 600 500 400 300 200 100 0 Asphalt Unit C02 (kg/m3) Coker Unit Source: Ramboll Environmental Consulting Process emissions and use stage emissions for bitumen, and gasoline and coke Asphalt Unit Coker Unit CH4 (g/m3) Process-Level Emissions N20 (g/m3) Use Phase Emissions Asphalt Unit Coker Unit Asphalt Unit CO2e (kg/m3) Coker Unit CALUMET SPECIALTY PRODUCTS PARTNERS, LP

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