Cautionary Statements Calumet Specialty Products Partners, L.P. Forward-Looking Statements This Presentation
has been prepared by Calumet Specialty Products Partners, L.P. (the Company, Calumet, CLMT, we, our, or like terms) and Montana Renewables LLC (MRL) as of November 29, 2023. The
information in this Presentation includes cert ain forward-looking statements. These statements can be identified by the use of forward-looking terminology including may, intend, believe,
expect, anticipate, estimate, forecast, outlook, c ontinue or other similar words. The statements discussed in this Presentation that are not purely historical data are
forward-looking statements. These forward-looking statements discuss future expectations or state other forward-looking information and involve risks and uncertainties. W e caution that these statements, including prospects for MRL, our
ability to execute on strategies and realize expected benefits therefrom, future actions, deleveraging and estimated mid-cycle Adjusted EBITDA are not guarantees of future performance or an indicator of future results, actual market value or future
expected returns and you should not rely unduly on them, as they involve risks, uncertainties, and assumptions that we cannot predict. In addition, we have based many of these forward-looking statements on assumptions about future events that may
prove to be inaccurate. W hile our management considers these assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are
difficult to predi ct and many of which are beyond our control, including risks related to available capital, actions by third parties (including customers, regulators and financing sources), construction, transportation and feedstock costs, and
commodity prices. Accordingly, our actual results may differ materially from the expected future performance that we have expressed or estimated in our forward looking-statements. W hen considering forward-looking statements, you should keep in mind
the risk factors and other cautionary statements included in our most recent Annual Report on Form 10-K and other filings with the SEC. The risk factors and other factors noted in our most recent Annual Report on Form 10-K and other filings with the
SEC could cause our actual results to differ materially from those contained in any forward- looking statement. All subsequent written and oral forward-looking statements attributable to us or to persons acting on our behalf are expressly qualified
in their entirety by the foregoing. Existing and prospective investors are cautioned not to place undue reliance on such forward-looking statements, which speak only as of the date of this Presentation. W e undertake no obligation to publicly update
or revise any forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise. Additional Information and Where to Find It Portions of this Presentation relate to the proposed corporate
reorganization (the Transaction) between Calumet and a new Delaware corporation to be formed in connection with the Transaction (New Calumet or New CLMT). This Presentation may be deemed to be solicitation
material in respect of the proposed Transaction. The proposed Transaction will be submitted to Calumets unitholders for their consideration. In connection with the proposed Transaction, New Calumet is expected to file with the SEC a
registration statement on Form S-4 (the Form S-4) containing a proxy statement/prospectus (the Proxy Statement/Prospectus) to be distributed to Calumets unitholders in connection with Calumets solicitation of
proxies for the vote of Calumets unitholders in connection with the proposed Transaction and other matters as described in such Proxy Statement/Prospectus. The Proxy Statement/Prospectus will also serve as the prospectus relating to the offer
of the securities to be issued to Calumets equityholders in connection with the completion of the proposed Transaction. Calumet and New Calumet may file other relevant documents with the SEC regarding the proposed Transaction. The definitive
Proxy Statement/Prospectus will be mailed to Calumets unitholders when available. BEFORE MAKING ANY VOTING OR INVESTMENT DECISION W ITH RESPECT TO THE PROPOSED TRANSACTION, INVESTORS AND UNITHOLDERS AND OTHER INTERESTED PERSONS ARE URGED TO
READ THE DEFINITIVE PROXY STATEMENT/PROSPECTUS REGARDING THE PROPOSED TRANSACTION (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) AND OTHER RELEVANT MATERIALS CAREFULLY AND IN THEIR ENTIRETY W HEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN
IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. This Presentation does not constitute an offer to sell or the solicitation of an offer to buy any securities, or a solicitation of any vote or approval, nor shall there be any sale of securities
in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus
meeting the requirements of Section 10 of the Securities Act of 1933, as amended. The Proxy Statement/Prospectus, any amendments or supplements thereto and other relevant materials, and any other documents filed by Calumet or New Calumet with the
SEC, may be obtained once such documents are filed with the SEC free of charge at the SECs website at www.sec.gov or free of charge from Calumet at www.calumet.com or by directing a written request to Calumet at 2780 W aterfront Parkway East
Drive, Indianapolis, Indiana 46214. Participants in the Solicitation Calumet, Calumet GP, LLC, the general partner of Calumet (the General Partner), and certain of the General Partners executive officers, directors, other members
of management and employees may, under the rules of the SEC, be deemed to be participants in the solicitation of proxies in connection with the proposed Transaction. Information regarding the General Partners directors and
executive officers is available in Calumets Annual Report on Form 10-K for the year ended December 31, 2022, which was filed with the SEC on March 15, 2023 (the Annual Report). To the extent that holdings of Calumets
securities have changed from the amounts reported in the Annual Report, such changes have been or will be reflected on Statements of Changes in Beneficial Ownership on Form 4 filed with the SEC. These documents may be obtained free of charge from
the sources indicated above. Information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the Form S-4, the Proxy
Statement/Prospectus and other relevant materials relating to the proposed Transaction to be filed with the SEC when they become available. Unitholders and other investors should read the Proxy Statement/Prospectus carefully when it becomes
available before making any voting or investment decisions. Non-GAAP Financial Measures Adjusted EBITDA, Adjusted EBITDA margin, Adjusted gross profit (loss), and Adjusted gross profit (loss) per gallon are non-GAAP financial measures provided in
this Presentation. Reconciliations to the most comparable GAAP financial measures are included in the Appendix to this Presentation. These non-GAAP financial measures are not defined by GAAP and should not be considered in isolation or as an
alternative to net income (loss), net income margin, gross profit (loss), gross profit (loss) per gallon or other financial measures prepared in accordance with GAAP. Management is not able to reconcile estimated mid-cycle Adjusted EBITDA provided
in this presentation to the most comparable GAAP financial measure without unreasonable effort. © 2023 Calumet Specialty Products Partners, L.P.