Renewable Diesel Feedstock Perspective

PRODUCTS: MRL ACCESS TO CARBON-PREFERENCE MARKETS Opt-ins continuing Multiple local regulators drive renewable supply into the pool by a combination of mandates and incentives MRL has the shortest delivery routes into mandated markets North American distillate pool is ~5% renewables today and less than ~10% in 2025 based on announced projects Calumet Great Falls, MT Regulated markets Logistic Upside Compared to USGC | Carbon preference markets (2023) Rail Product Rail Rates $/bbl From Great From Falls USGC (1) | Future carbon preference markets GHG Emission Goal To Seattle $6.77 $15-17 To Vancouver, BC $7.47 $16-19 To Calgary, AB $2.93 $13-16 To San Francisco $10.00 $12-13 (1) Houston, Gesimar average. 7

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