Renewable Diesel Market Value Proposition

VII 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

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