Oaktree Transaction Overview & Montana Renewables Carveout

Cash Movements From Oaktree: $300 million convertible debt From Calumet: Montana Renewables, LLC (MRL) (retention of $101 million) $101 million cash plus $ 44 million prepaid capex $145 million preferred equity To Calumet: $300 million for hydrocracker & associated assets Uses: • $105 million to ABL $199 million to Calumet Pre-conversion, CMR tolling agreement pays MRL to operate hydrocracker in fossil service for Calumet's account; net $2.5 million/month above cost of services © 2021 Calumet Specialty Products Partners, L.P. | 13° Calumet Montana Refining, LLC (CMR) CALUMET SPECIALTY PRODUCTS PARTNERS, LP

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