Investor Presentation NOV EMBER 2015 Forward-Looking Statements - PowerPoint PPT Presentation

Investor Presentation NOV EMBER 2015

Forward-Looking Statements This Presentation has been prepared by Calumet Specialty Products Partners, L.P. (the “Company” or “Calumet”) as of November 9, 2015. The information in this Presentation includes certain “forward-looking statements”. These statements can be identifjed by the use of forward-looking terminology including “may,” “intend,” “believe,” “expect,” “anticipate,” “estimate,” “forecast,” “continue” 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 involved risks and uncertainties. When 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 Quarterly Reports on Form 10-Q. The risk factors and other factors noted in our most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q could cause our actual results to differ materially from those contained in any forward-looking statement. Our forward-looking statements are not guarantees of future performance, and actual results and future performance may differ materially from those suggested 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 qualifjed 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. We undertake no obligation to publicly release the results of any revisions to any such forward-looking statements that may be made to refmect events or circumstances after the date of this Presentation or to refmect the occurrence of unanticipated events. The information contained herein has been prepared to assist interested parties in making their own evaluation of the Company and does not purport to contain all of the information that an interested party may desire. In all cases, interested parties should conduct their own investigation and analysis of the Company, its assets, fjnancial condition and prospects and of the data set forth in this Presentation. This Presentation shall not be deemed an indication of the state of affairs of the Company, or its businesses described herein, at any time after the date of this Presentation nor an indication that there has been no change in such matters since the date of this Presentation. This Presentation and any other information which you may be given at the time of presentation, in whatever form, do not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for any securities of the Company, nor shall it or any part of it form the basis of, or be relied upon in connection with, any contract or commitment whatsoever. Neither this Presentation nor any information included herein should be construed as or constitute a part of a recommendation regarding the securities of the Company. Furthermore, no representation or warranty (express or implied) is made as to, and no reliance should be placed on, any information, including projections, estimates, targets and opinions contained herein, and no liability whatsoever is accepted as to any errors, omissions or misstatements contained herein. Neither the Company nor any of its offjcers or employees accepts any liability whatsoever arising directly or indirectly from the use of this Presentation. CLMT 1 TM L I S T E D

PARTNERSHIP OVERVIEW CLMT 2 TM L I S T E D

Calumet at a Glance GROWING ADJUSTED GEOGRAPHICALLY COMMITTED STEADY QUARTERLY MARKET LEADER EBITDA DIVERSE SPONSORS CASH DISTRIBUTION Fixed-distribution Approximately 14 production Produce nearly 5,000 Founding families Master Limited $482.0 million in facilities with specialty products own 100% of Partnership LTM Adjusted EBITDA* † approximately sold to ~6,400 General Partner; founded in 1990; and $4.7 billion 182,000 bpd global customers 22% of Limited IPO in 2006 in annual sales* of capacity Partner Units * LTM as of 9/30/15 † Excluding special items CLMT 3 TM L I S T E D

Our Geographic Footprint SPECIALTY PRODUCTS FUEL PRODUCTS OILFIELD SERVICES STORAGE SEGMENT SEGMENT SEGMENT In total, we have Ten specialty products Four fuel products More than 30 facilities serving approximately 13.2 million facilities that manufacture refjneries with access to ~ 300 E&P customers that operate barrels of aggregate storage more than 6,000 products for cost-advantaged Canadian in key shale plays in North capacity at our facilities and global customers and domestic shale-based America leased storage locations feedstocks CLMT 4 TM L I S T E D

Nearly 5,000 Specialty Products – Wide Variety of Applications PACKAGED & SYNTHETIC LUBRICATING OILS SOLVENTS WAXES FUELS & ASPHALT OILFIELD SERVICES OTHER SPECIALTY PRODUCTS of total production 1 Hydraulic oils Waterless hand cleaners Refrigeration compressor oils Paraffin waxes Gasoline Drilling fluids Low-temperature aviation oil Passenger car motor oils Alkyd resin diluents Positive displacement and FDA-compliant products Diesel Completion fluids Synthetic lubricants roto-dynamic compressor oils Railroad engine oils Automotive products Candles Jet fuel Production chemicals Commercial and military jet Cutting oils Calibration fluids Adhesives Marine diesel fuel Solids control engine oil Compressor oils Camping fuel Crayons Biodiesel Lubricating greases and gear oils Metalworking fluids Charcoal lighter fluids Floor care Ethanol Aviation hydraulic oils Transformer oils Chemical processing PVC Ethanol-free fuels High-performance small Rubber process oils Drilling fluids Paint strippers Fluid catalytic cracking engine fuels feedstock Industrial lubricants Printing inks Skin & hair care Two-cycle and four-stroke Asphalt vacuum residuals Gear oils and grease Water treatment Timber treatment engine oils Mixed butanes Automatic transmission fluids Paint and coatings Waterproofing High-performance auto Roofing engine oils Animal feed dedusting Stains Pharmaceuticals Paving High-performance Baby oils Cosmetics industrial lubricants Heavy fuel oils Bakery pan oils High-temp chain lubricants Catalyst carriers Food contact grade lubricants Gelatin capsule lubricants Charcoal lighter fluids Sunscreen Engine treatment additives CLMT 5 TM L I S T E D

Diverse Specialty Products Customer Base Long-term relationships; No single customer is High barriers to entry Offer a diverse range of low customer concentration more than 10% of sales specialty products Historical international sales CAGR in excess of 50% CLMT 6 TM L I S T E D

3Q15 PERFORMANCE SUMMARY CLMT 7 TM L I S T E D

Fifth Consecutive Quarter of Approximately $100+ Million of Adjusted EBITDA INCREASED OPERATIONAL RELIABILITY HAS SUPPORTED FIVE CONSECUTIVE QUARTERS OF APPROXIMATELY $100 MM+ ADJUSTED EBITDA (1) 150,000 $150 Record Third Quarter $136.1 Adjusted EBITDA, $131.7 $124.9 excluding special items $110.7 Adjusted EBITDA 100,000 $100 Barrels per Day $95.0 ($ in millions) 50,000 $50 0 $0 3Q14 (1) 4Q14 (1) 1Q15 2Q15 3Q15 (1) FUEL PRODUCTS PRODUCTION (BPD) SPECIALTY PRODUCTS PRODUCTION (BPD) ADJUSTED EBITDA ($MM), EXCLUDING SPECIAL ITEMS INCREASED CONTRIBUTIONS FROM FUEL PRODUCTS SEGMENT DROVE Y/Y IMPROVEMENT IN TOTAL ADJUSTED EBITDA ($MM) (1) $72.9 80 220 $64.1 $61.1 64 165 $131.7 $110.7 48 $29.3 110 32 $17.3 55 16 0 0 ($2.3) Specialty Products Fuel Products Oilfjeld Services Total Adjusted EBITDA 3Q14 3Q15 CLMT (1) Excludes special items 8 TM L I S T E D

Specialty Products Margins Benefit From Lower Crude Oil Prices NICHE MARKET ADVANTAGE – AVERAGE SALES PRICE PER SPECIALTY PRODUCTS BARREL SOLD LAGS PRICE DECLINE IN WTI ($ PER BARREL) 200 Avg. Sales Price Per Specialty Products Specialty Products Barrel 150 Demand Premium Pricing Avg. Sales Price Per Fuel Products Barrel 100 (Excluding Hedging) Avg. WTI per Barrel ($) 50 0 3Q14 4Q14 1Q15 2Q15 3Q15 SIGNIFICANT Y/Y INCREASE IN FUEL PRODUCTS MARGINS DRIVEN BY ELEVATED REFINED PRODUCT PRICES IN THE MID-CONTINENT ($ PER BARREL) $44.30 $42.53 3Q14 3Q15 $10.30 $10.22 $3.81 $3.29 Specialty Products Fuel Products Segment Fuel Products Segment Segment Gross Profjt Gross Profjt Per Barrel Gross Profjt Per Barrel Per Barrel (includes Hedging, (excludes Hedging (excludes LCM Inventory excludes LCM Inventory & LCM Inventory Adjustment) Adjustment) Adjustment) CLMT 9 TM L I S T E D