Oaktree Transaction Overview & Montana Renewables Carveout

(2.00) (4.00) (6.00) 2017 Source: JPMorgan, company estimates © 2021 Calumet Specialty Products Partners, L.P. | 8 8.00 6.00 4.00 2.00 Stable and Strong Industry Margins Average Facility Renewable Diesel Gross Margin Components ($/gal) 2018 2019 Industry operating costs estimated at $0.35 - $0.50/gal fully burdened Diesel ID4 RIN BTC LCFS Crude SBO Gross Margin 2020 2021 CALUMET SPECIALTY PRODUCTS PARTNERS, LP

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