Renewable Diesel Feedstock Perspective

MRL CANOLA FEEDSTOCK - IN BASE Overview Significance to MRL Canola as Feedstock ~100 mbpd Canola oil available, mostly from Canada (75% exported today) Canola is a ubiquitous oil seed grown ~90%+ in the Canadian provinces of Alberta, Saskatchewan and Manitoba and -10% in northern US states including North Dakota, Montana, Washington and Minnesota Canadian Canola: 20 million acres currently dedicated US Canola: 2010 = 1.4 million acres, 2020 1.8 million acres, 2022 2.1 million acres anticipated Canada is heavily investing to increase both Canola output and "crush" capabilities, adding incremental +40 mbpd of renewable diesel feedstock. The largest of multiple announced new crushers is directly connected to BNSF Latest Regulatory Update • EPA's proposed rulemaking announced; enjoys bipartisan support and expected to come in Summer 2022 Canola is already approved for LCFS program in British Columbia (currently active) and broader Canadian program (beginning Summer 2023) Source: EPA, Canola Council of Canada. CI Score Impact • Canola oil has a lower CI score than soybean oil Very long availability all around MRL Cl advantage adds ~$20 million to MRL EBITDA run-rate in 2023 and ~$35 million after de-bottlenecking in 2024 Supply Impact . MRL is uniquely positioned to benefit from rapid adoption of Canola given strategic position with immediate proximity to sources in Canada and nearby states and BNSF's Hi-Line Other Renewable Diesel producers (Gulf Coast and West Coast) would have to buy Canola that travels past MRL en route to their facilities Canola as a "baseload" feedstock would reduce impact of price and supply swings in other feedstocks and reduce reliance on soybean oil (highest Cl score) within broader feedstock mix One MRL offtaker has specifically requested that the renewable diesel they move to Canada be Canola-derived 15

View entire presentation