Oaktree Transaction Overview & Montana Renewables Carveout

Forward-Looking Statements This Presentation has been prepared by Calumet Specialty Products Partners, L.P. (the "Company," "Calumet," "we," "our," or like terms) as of November 2021. 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," "continue," "plan," "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 projections. We caution that these statements, including prospects for Montana Renewables or the Specialty Asphalt refinery, benefits of the transaction, future actions (including public market transactions), results of any Letter of Intent ("LOI"), future market values, expected access to markets, expense estimates, and enterprise value ("EV") to EBITDA multiples presented for companies with Renewable Diesel exposure 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, and commodity prices. Accordingly, our actual results may differ materially from the future performance that we have expressed or forecasted in our forward-looking statements. For additional information, please see our filings with the Securities and Exchange Commission ("SEC"), including the risk factors and other cautionary statements in our latest Annual Report on Form 10-K, subsequent Quarterly Reports on Form 10-Q 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. © 2021 Calumet Specialty Products Partners, L.P. | 2 CALUMET SPECIALTY PRODUCTS PARTNERS, LP

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