Oaktree Transaction Overview & Montana Renewables Carveout
Overview
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A continuation of our strategy to de-hybridize and de-lever Calumet
Launching Montana Renewables, LLC ("MRL") has allowed focus on independent development of our two best-of-
breed businesses
Transactions establish MRL as an unrestricted, wholly-owned, pure-play renewables subsidiary
High multiple business and powerful growth platform
Partner selection process focused on deep financial resources and structuring capability
Oaktree Capital Management, L.P. ("Oaktree”) is a leading global investment management firm and brings a wealth
of expertise to the partnership
The next step towards recognizing a significant "post-money" valuation at MRL, potentially through the
public markets
Consistent with our strategy to de-lever our consolidated balance sheet
Issued notice of redemption for the remaining $80 million of our 2022 Senior Notes
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SPECIALTY PRODUCTS PARTNERS, LPView entire presentation