Renewable Diesel Market Value Proposition

✓ EBITDA POTENTIAL V ($mm/yr) $175-350 ~$125 ~$65 ~$35 $400-575 Estimated EBITDA without upsides (1) Upsides under way(2) 2024/2025 Expansion (3) Expansion upsides With estimated total opportunities (1) 2016-2021 EBITDA backcast for a range of feedstocks, actual market prices, and conservatively assuming all products sold into Southern California which reflects lowest netback (2) Montana Renewables is actively negotiating non-California product placement, SAF sales, and cost efficiencies estimated to be worth $65mm/yr above California product placement (3) Capacity expansion planned in late 2024 26 26

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