Oaktree Transaction Overview & Montana Renewables Carveout

Current MRL Capitalization. • $300 million convertible debt investment (Oaktree) Oaktree may convert into $330 million equity in NewCo upon "post-money” equity raise Calumet Specialty Products Partners, L.P. (NASDAQ: CLMT) $145 million preferred equity investment (Calumet) $101 million cash contribution $ 44 million project capex spend to-date Both instruments at 8% interest, 10% Payment-in- Kind at MRL option Calumet Montana Refining, LLC (100%) Other Calumet Subsidiaries © 2021 Calumet Specialty Products Partners, L.P. | 5 Montana Renewables, LLC ("MRL") Senior Secured Convertible Term Loan (Oaktree) CALUMET SPECIALTY PRODUCTS PARTNERS, LP

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