Oaktree Transaction Overview & Montana Renewables Carveout

Montana Renewables Location Advantage Montana Product Advantage Calumet Product: Best access to PNW, Canada $0.08-$0.12/gal (1) • Calumet Feedstock: $0.10-$0.30/gal (1) transportation cost into Great Falls Industry Feedstock: $0.25-$0.35/gal (1) feedstock transportation cost to GC LCFS Passed (In Effect) Future LCFS proposed • LCFS Passed (2022/2023 Implementation) GHG Emission Goal Industry Product: ~8,000 miles from Gulf Coast to PNW via the Panama Canal $0.35-$0.45/gal(1) Montana Feedstock Advantage Great Falls, MT Canola Growing Density Soybean Growing Density Cattle Ranching Density Sorghum Production Montana's feedstock and product logistics advantages combined are worth an estimated $65 million/year EBITDA (1) • • LCFS markets are on the West Coast; British Columbia LCFS credits trade at a premium Best access to Canadian markets for purchased feed and product placement Large future SAF call for Trans-Pacific service Camelina Growing Density Mustard Seed / Industrial Hemp Growing Density BNSF High Line (partial) © 2021 Calumet Specialty Products Partners, L.P. | 9 (1) Reflects management estimates for transportation costs. Gulf Coast transport costs reflect an illustrative Gulf Coast RD producer. CALUMET SPECIALTY PRODUCTS PARTNERS, LP

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