Oaktree Transaction Overview & Montana Renewables Carveout

Great Falls Specialty Refinery Operations: 12,000bpd of production capacity 100% heavy Canadian crude diet Niche specialty asphalt production -40% of total volume Great Falls agrees to: Retain any preexisting environmental remediation obligations Provide a 90-year land lease Provide a Management Services Agreement Extend a tolling contract to MRL for the right to use MRL's hydrocracker in crude oil service prior to the 2022 conversion to renewable feedstock Great Falls Specialty Refinery © 2021 Calumet Specialty Products Partners, L.P. | 14 CALUMET SPECIALTY PRODUCTS PARTNERS, LP

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