Renewable Diesel Market Value Proposition slide image

Renewable Diesel Market Value Proposition

VI GREEN FINANCING FRAMEWORK OVERVIEW Montana Renewables' Green Financing Framework is aligned with the four core components of the Green Bond Principles and the Green Loan Principles as well as the key recommendations of the applicable principles regarding frameworks and external reviews Use of Proceeds Eligible Categories: Clean Transportation & Sustainable Water and Wastewater Management ■ Lookback Period: 12 Months(1) ■ UN Sustainability Goal Alignment: ◉ 6 CLEAN WATER AFFORDABLE AND AND SANITATION CLEAN ENERGY 11 SUSTAINABLE CITIES AND COMMUNITIES 12 RESPONSIBLE CONSUMPTION AND PRODUCTION 13 CLIMATE ACTION Management of Proceeds Full allocation of net proceeds anticipated within three years of issuance Pending allocation, unallocated proceeds will be managed according to Montana Renewables' normal cash management practices ■ We will not knowingly allocate proceeds from any Green Financing to expenditures which received an allocation of proceeds under any other Green Financing S&P Global Ratings Process Evaluation and Selection ■ Montana Renewables will establish a Green Finance Committee of representatives from our Finance, Treasury, and ESG teams ■ Calumet's existing policies and procedures fully apply to MRL. In the second half of 2022, MRL plans to create our own standalone policies and procedures ■ These policies and procedures will help to mitigate environmental and/or social risks associated with Eligible Green Projects ■ Reporting During the term of any Green Financing, the company will provide allocation and impact reporting at least annually until full allocation and as necessary thereafter Example Impact Metrics include: Annual GHG emissions reduced/avoided, Annual number of barrels of renewable fuel produced, annual standard cubic feet of renewable hydrogen produced "In our view, Montana Renewables Green Financing Framework, is aligned with the Green Bond Principles and the Green Loan Principles" (1) Expenditures look-back period limited to November 18, 2021, when Montana Renewables was established. 29 29
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