Oaktree Transaction Overview & Montana Renewables Carveout
Montana Renewables Exceptional Value Proposition
•
Stable and strong industry margins - "self-compensating"
Individual margin components are independently volatile, but collectively stable
Montana Renewables - unparalleled location advantage
Feedstock - located on top of temperate oilseed belt
Renewable Diesel – proximity to multiple Low Carbon Fuel Standard ("LCFS") markets in the U.S. and Canada
Sustainable Aviation Fuel ("SAF") - located adjacent to the Trans-Pacific demand corridor
Result is a major logistics advantage over producers in the industry
•
Strong EV/EBITDA multiples even for companies with only partial Renewable Diesel exposure
Potential for higher public market valuation for a pure-play Renewable Diesel producer like Montana
Renewables
•
Montana Renewables broad set of organic and inorganic growth opportunities provide further
upside
© 2021 Calumet Specialty Products Partners, L.P. | 7
CALUMET
SPECIALTY PRODUCTS PARTNERS, LPView entire presentation