Renewable Diesel Feedstock Perspective
FORWARD LOOKING STATEMENTS
This Presentation has been prepared by Montana Renewables, LLC ("Montana Renewables", "MRL," "we," "our" or like terms) and Calumet Specialty Products Partners, L.P. ("Calumet❞)
as of June 16, 2022. The information in this Presentation includes certain "forward-looking statements." These statements can be identified by the use of forward-looking terminology
including "may," "believe," "expect," "anticipate,” “estimate,” “potential," "continue,” “plan,” “timeline," "intend," "foresee," "should," "would," "could" or other similar expressions intended to
identify forward-looking statements, although such words are not necessary. The statements discussed in this Presentation that are not purely historical data are forward-looking
statements. These forward-looking statements discuss future expectations or state other "forward-looking" information and involve risks and uncertainties (some of which are beyond our
control) and assumptions that could cause our actual results to differ materially from our historical experience and our present expectations or estimates. We caution that these
statements, including prospects for Montana Renewables, our ability to execute on strategies and realize expected benefits therefrom, future actions (including public market and other
financing transactions), MRL's ability to become a stand-alone public company, future market values, expected access to markets or financing sources, capital spending estimates
(which do not include any contingency spend estimates), expense estimates, the comparability of enterprise value ("EV") to EBITDA multiples presented for other Renewable Diesel
companies, increasing shareholder value, and estimated EBITDA and EBITDA improvement opportunities for MRL are not guarantees of future performance or an indicator of future
results, actual market value or future expected returns and you should not rely unduly on them, as they involve risks, uncertainties, and assumptions that we cannot predict. In addition,
we have based many of these forward-looking statements on assumptions about future events that may prove to be inaccurate. While our management considers these assumptions to
be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict
and many of which are beyond our control, including risks related to available capital, actions by third parties (including customers, regulators and financing sources), construction,
transportation and feedstock costs, and commodity prices. Accordingly, our actual results may differ materially from the expected future performance that we have expressed, forecasted
or estimated in our forward-looking statements. For additional information, please see Calumet's filings with the Securities and Exchange Commission ("SEC"), including the risk factors
and other cautionary statements in Calumet's latest Annual Report on Form 10-K and other filings with the SEC.
All subsequent written and oral forward-looking statements attributable to us or to persons acting on our behalf are expressly qualified in their entirety by the foregoing. Existing and
prospective investors are cautioned not to place undue reliance on such forward-looking statements, which speak only as of the date of this Presentation. We undertake no obligation to
publicly update or revise any forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise.
Non-GAAP Financial Measures
EBITDA is a non-GAAP financial measure provided in this Presentation. This non-GAAP financial measure is not defined by GAAP and should not be considered in isolation or as an
alternative to net income (loss) or other financial measures prepared in accordance with GAAP. We have not reconciled estimated EBITDA or EBITDA improvement information to their
most comparable GAAP measure because we do not provide guidance or estimates for the various reconciling items such as provision for income taxes and depreciation and
amortization, as certain items that impact these measures are out of our control or cannot be reasonably predicted without unreasonable efforts.
This presentation contains financial forecasts and estimates with respect to MRL's estimated EBITDA and EBITDA improvement opportunities. Neither MRL's nor Calumet's
independent auditors have audited, reviewed, compiled or performed any procedures with respect to these estimates for the purpose of their inclusion in this Presentation and
accordingly, they do not express an opinion or provide any other form of assurance with respect thereto for the purpose of this Presentation. These estimates should not be relied upon
as being necessarily indicative of future results. In addition, quantitative information provided under Section V of this Presentation is not intended to be a projection or forecast of future
financial results or valuations.
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