Deutsche Bank U.S. Independent Refiners Conference

January 9, 2014

Forward-Looking Statements This Presentation has been prepared by Calumet Specialty Products Partners, L.P. (the “Company” or “Calumet”) as of January 9, 2014. The information in this Presentation includes certain “forward-looking statements”. These statements can be identified 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 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. We undertake no obligation to publicly release the results of any revisions to any such forward-looking statements that may be made to reflect events or circumstances after the date of this Presentation or to reflect the occurrence of unanticipated events.

The information in this Presentation is strictly confidential and may not be reproduced or redistributed, in whole or in part, to any other person. 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, financial 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 officers or employees accepts any liability whatsoever arising directly or indirectly from the use of this Presentation.

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Partnership Overview

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Partnership Overview

About us

» Master Limited Partnership; founded in 1990; IPO in 2006;

Fortune 600 company; experienced management team

Our competency

» 160,000 bpd of petroleum-based specialty products and fuels

production capacity in 12 domestic production facilities

Our reach

» More than 4,900 active customers (no >10% customers); More

than 3,500 specialty products sold globally

Our business segments

» For the 9 mo. ended 9/30/13, Specialty Products = 59% of gross

profit, while Fuel Products = 41% of gross profit

Our sponsors

» Fehsenfeld and Grube families own 100% of GP and 26% of LP

Units; actively engaged in Partnership management

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Balanced Niche-Asset Portfolio

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Crude-Advantaged Production Assets

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Fuel Products Refining Facilities

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Specialty Products Refining Facilities

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Specialty Products Processing Facilities

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Specialty Products Blending & Packaging Facilities

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Diversified Production Slate

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Production mix across fuels and specialty products

Production slate breakdown (as a % of total production)

9 mo. ended 9/30/11

(1) “Other” includes waxes, packaged and synthetic specialty products and fuels

(1)

9 mo. ended 9/30/12 9 mo. ended 9/30/13

Fuels 43%

Specialty 57%

Fuels 56%

Specialty 44%

Fuels 62%

Specialty 38%

4% 4% 7% 8%

12% 14%

24% 27%

Other Jet fuels Heavy fuel oils Solvents Lubricating oils Asphalt Diesel Gasoline

9 mo. ended 9/30/11 9 mo. ended 9/30/12 9 mo. ended 9/30/13

Wide Array of Specialty Products Applications

Note: While Calumet does not produce or sell the consumer products pictured above, its finished products are components of such products. The logos,

trademarks and other intellectual property associated with the products pictured above are the intellectual property of those who own or license rights therein.

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Growth Opportunities

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Unlocking Value For Our Investors

Organic Growth Projects – Costs & Contributions

Estimated Total Cost and Adjusted EBITDA Uplift Resulting From Organic Growth Projects ($MM)(1)

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(1) Includes 50% of the total estimated Adjusted EBITDA that the Partnership expects to generate from its 50/50 joint venture with MDU

Resources with regard to the Dakota Prairie (North Dakota) refinery that is scheduled to come online during the fourth quarter 2014.

~$500-550 million

~$187-217 million

Capital Investment In Organic Growth Projects (2013-2015) Annual Adjusted EBITDA Resulting From Organic Growth Projects (UponCompletion)

Estimated Distribution of CAPEX on Organic Growth Projects By Year ($MM)

20%

50%

30%

2013

2014

2015

Organic Growth Projects Update

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Montana Refinery Expansion

Dakota Prairie Refinery (JV)

Missouri Esters Plant Expansion

San Antonio Fuels Blending Project

» Final engineering assessment completed; applying for permits

» Anticipated completion in 1Q16

» Est. cost = $400 million; Est. annual Adj. EBITDA = $130-140 million

» Focused on construction of refinery foundations and tanks

» Anticipated completion in 4Q14

» Est. cost = $75 million; Est. annual Adj. EBITDA = $35-45 million

» Phase 1: Blend 3,000 bpd of finished gasoline (completed in 3Q13)

» Phase 2: Blend 5,000 bpd of finished gasoline (completed by 1Q14)

» Est. cost = $5 million; Est. annual Adj. EBITDA = $7-12 million

» Warehouse loading and tank farm work is in progress

» Anticipated completion before year-end 2014

» Est. cost = $40 million; Est. annual Adj. EBITDA = $10 million

San Antonio Crude Unit Expansion

» Increase crude unit capacity from 14,500 bpd to 17,500 bpd

» Anticipated completion during 1Q14

» Est. cost = $9 million; Est. annual Adj. EBITDA = $5-10 million

Recent Developments

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Bel-Ray Acquisition Summary

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Expands our international sales

Expands our end markets

Expands our production capabilities

» More than 50% of Bel-Ray’s sales are made into int’l markets

» Less than 10% of our Branded/Packaged product sales are int’l

» Sales operations in the U.S., Chile, South Africa, Belgium, Australia

» Bel-Ray owns/operates a 32-acre manufacturing facility in NJ

» Convenient access to ports in New York, Newark and Philadelphia

» Provides East Coast manufacturing center with export capability

» Bel-Ray is an established player in Mining and Powersports markets

» Provides entry into the performance greases market

» We have no presence in these performance lubricants markets

Significant cross-selling opportunities

» Bel-Ray, Royal Purple and Penreco are complementary brands

» Cross-selling opportunities through expanded customer base

» Specific opportunities in international markets

Transaction Rationale

Transaction Overview

» Calumet acquired Bel-Ray Company, Inc. on December 10, 2013 – financial terms were not disclosed

» Bel-Ray is a privately-held, 70 year-old manufacturer of high performance synthetic lubricants based in New Jersey

» Bel-Ray sells ~1,000 products into more than 100 countries; focused on Industrial, Mining and Powersports markets

Crude Oil Discounts Support Improved Refining Margins

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Gulf Coast 2/1/1 Crack Spread Above “Normalized” 4Q Levels ($ Per Barrel)(1)

Key Grades of Crude Oil Trading At a Steep Discount To NYMEX West Texas Intermediate Crude Oil ($ Per Barrel)(1)

(1) Bloomberg, Platts; 4Q13 and December 2013 data as of 12/27/13

$10 $7

$5

$9

$23

$30

$16

4Q07 4Q08 4Q09 4Q10 4Q11 4Q12 4Q13

$0

$(4) $(5) $(8)

$(12) $(12) $(10)

$(20)

$(14) $(15)

$(20) $(25)

$(30)

$(38)

$(15)

$(19) $(24)

$(29) $(32)

$(35)

$(28)

$(45)

$(35)

$(25)

$(15)

$(5)

$5

$15

Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13

Bakken Bow River WCS

Declining Financial Impact From RFS

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Seeing Recent Decline In D6 Corn Ethanol RINs (Avg. price per RIN in $)

Source: Bloomberg; 4Q13 data as of 12/27/13

Renewable Fuels Standard (“RFS”) Update

» We regularly purchase RINs in the open market to cover our anticipated blending obligation under RFS

» Since July 2013, RINs prices have declined dramatically following an EPA pronouncement on the 2014 RVO

» Gross estimated RINs obligation is expected to be in the range of 20-25 million RINs for 4Q13

» Gross estimated RINs obligation is expected to be in the range of 85-95 million RINs for the full-year 2013

» Submitted petitions to EPA for hardship waivers at the Shreveport and San Antonio refineries in Oct. 2013

» On 11/15/13, EPA announced a proposed reduction to 2014 RFS blending volumes

$0.02 $0.04 $0.04

$0.40

$0.83 $0.86

$0.30

2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13

Financial Overview

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Consistent Cash Distribution, Compelling Yield

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(1) Dividend yield for Calumet was calculated based on the closing market price as of 1/7/14

(2) Distribution Coverage Ratio = Distributable Cash Flow / Cash Distributions

Annual Growth In Cash Distribution Per Unit

Planned Maintenance Impacted LTM Average Distribution Coverage Ratio During 2013(2)

1.2 x 1.4 x 1.5 x

1.4 x 1.4 x

1.8 x 2.0 x 1.9 x

1.6 x

0.9 x

0.3 x

1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13

Shreveport

Turnaround

Superior

Turnaround

Montana

Turnaround

$63 million in turnaround costs during the

nine months ended 9/30/13

Compelling Dividend Yield vs. Alerian MLP Index(1)

$1.80 $1.81 $1.84 $2.00

$2.42

$2.70

2008 2009 2010 2011 2012 LTM 9/30/13

5.9%

9.4%

Alerian MLP Index Yield CLMT Yield

Key Performance Metrics

Adjusted EBITDA ($MM)(1) Distributable Cash Flow ($MM)(1)

Cash Distributions ($MM) Distribution Coverage Ratio(2)

(1) Adjusted EBITDA and Distributable Cash Flow are non-GAAP financial measures. For a reconciliation of Adjusted EBITDA and

Distributable Cash Flow to their most directly comparable GAAP financial measure, please see “Non-GAAP Financial Measures - Calumet

Adjusted EBITDA Reconciliation”

(2) Distribution Coverage Ratio = Distributable Cash Flow / Cash Distributions

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$151 $138

$211

$405

$280

2009 2010 2011 2012 LTM(9/30/13)

$99 $76

$127

$281

$63

2009 2010 2011 2012 LTM(9/30/13)

$61 $66 $94

$149

$187

2009 2010 2011 2012 LTM(9/30/13)

1.6 x

1.2 x 1.4 x

1.9 x

0.3 x

2009 2010 2011 2012 LTM(9/30/13)

Key Credit Statistics

Debt to Capital Ratio Debt/LTM Adj. EBITDA (Leverage) Ratio

Revolver Availability ($MM) Fixed Charge Coverage Ratio

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50%

45%

49%

45%

50%

42%

YE 2008 YE 2009 YE 2010 YE 2011 YE 2012 9/30/13

3.7 x

2.7 x 2.7 x 2.8 x

2.2 x

3.1 x

YE 2008 YE 2009 YE 2010 YE 2011 YE 2012 9/30/13

$52 $107

$145

$341 $355

$477

YE 2008 YE 2009 YE 2010 YE 2011 YE 2012 9/30/13

3.8 x

4.4 x 4.3 x 4.3 x 4.7 x

2.8 x

YE 2008 YE 2009 YE 2010 YE 2011 YE 2012 9/30/13

Balanced Capital Structure

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(A) Pro forma reflects upsized $350 million 7.625% Senior Notes offering closed on 11/26/13. A portion of the net proceeds were used to

repurchase $100 million of 2019 Senior Notes

Actual Actual Actual Pro Forma (A)

$ Millions 12/31/11 12/31/12 9/30/13 9/30/13

Cash 0.1$ 32.2$ 133.9$ 356.7$

ABL Revolver Borrowings -$ -$ -$ -$

9.375% Senior Notes due 2019 600.0$ 600.0$ 600.0$ 500.0$

9.625% Senior Notes due 2020 -$ 275.0$ 275.0$ 275.0$

7.625% Senior Notes due 2022 -$ -$ -$ 350.0$

Capital Leases 0.8$ 5.5$ 4.9$ 4.9$

Total Debt 600.8$ 880.5$ 879.9$ 1,129.9$

Partners’ Capital 728.9$ 889.8$ 1,204.8$ 1,190.1$

Total Capitalization 1,329.7$ 1,770.3$ 2,084.7$ 2,320.0$

LTM Adjusted EBITDA $211.1 $404.6 $279.6 $279.6

Total Debt / LTM Adjusted EBITDA 2.8x 2.2x 3.1x 4.0x

Total Debt / Total Capitalization 45% 50% 42% 49%

Ample Liquidity To Support Growth

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$387 million

$611 million

$32 $134

$355

$477

12/31/2012 9/30/2013

Cash Revolver Availability

Active Hedging Program Helps Mitigates Commodity Price Volatility

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(1) As of Sept. 30, 2013

15,000 bpd @ $28.17/bbl

17,752 bpd @ $27.00/bbl

16,347 bpd @ $26.59/bbl

3,000 bpd @ $26.81/bbl

4Q13 2014 2015 2016

14.9 million barrels of fuels production hedged at an avg. implied crack spread of $26.93/bbl through 2016(1)

Our Partnership’s Hedging Strategy

» Hedge up to 75% of anticipated fuels production

» Opportunistically hedge crude oil differentials

» Opportunistically hedge natural gas requirements

Capital Spending (Historical/Forecast)

Replacement, Environmental & Turnaround-related Capital Spending ($MM)

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$28

$57

$15

$67

2012 2013 (est.)

Replacement & Environmental Turnarounds

$43 million

$124 million

Capital Spending Overview

» Completed significant turnarounds at Shreveport (1Q), Superior (2Q) and Montana (3Q) in 2013

» Expect turnaround spending to decline in 2014 (vs. 2013 levels)

» Estimate $50-60 million/year of “normalized” capital spending, including maintenance and environmental expenditures

Q&A

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Appendix

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Non-GAAP Financial Measures – Adj. EBITDA and DCF Reconciliation

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(1) Replacement capital expenditures are defined as those capital expenditures which do not increase operating capacity or reduce

operating costs and exclude turnaround costs. Note: Sum of individual line items may not equal subtotal or total amounts due to rounding.

LTM LTM LTM

$ in millions 2008 2009 2010 2011 2012 3/31/13 6/30/13 9/30/13

Sales 2,489$ 1,847$ 2,191$ 3,135$ 4,657$ 4,806$ 5,074$ 5,399$

Cost of sales 2,235 1,673 1,992 2,861 4,144 4,243 4,538 4,960

Gross profit 254 173 199 274 513 563 536 439

Selling, general and administrative 34 33 35 51 102 125 139 141

Transportation 85 68 85 94 108 116 125 131

Taxes other than income taxes 5 4 5 6 9 10 11 13

Insurance recoveries - - - (9) - - - -

Other 2 1 2 7 8 7 6 18

Total operating expenses 125 106 127 149 228 259 281 304 305

Operating income (loss) 129 67 71 125 286 305 255 136

Other expenses (income) 84 5 54 81 79 104 111 71 -

Income tax expense - - 1 1 1 1 1 1

Net income 44$ 62$ 17$ 43$ 206$ 200$ 142$ 65$

Interest expense and debt extinguishment costs 35 34 30 64 86 92 98 99

Depreciation and amortization 56 62 60 63 92 102 111 116

Income tax expense - - 1 1 1 1 1 1

EBITDA 135$ 157$ 108$ 171$ 384$ 394$ 352$ 280$

Hedging adjustments - non-cash (12) (14) 19 21 (1) (4) (11) (33)

3 8 12 19 22 25 22 33

Adjusted EBITDA 127$ 151$ 138$ 211$ 405$ 415$ 363$ 280$

Replacement and environmental capital expenditures (1)

(6) (16) (24) (24) (28) (39) (52) (61)

Cash interest expense (31) (30) (27) (45) (79) (85) (91) (91)

Turnaround costs (11) (7) (11) (14) (15) (21) (48) (64)

Income tax expense - - (1) (1) (1) (1) (1) (1)

Distributable Cash Flow 78$ 99$ 76$ 127$ 281$ 268$ 171$ 62$

Amortization of turnaround costs and non-cash equity

based compensation and other non-cash items

Year Ended December 31,

Partnership Overview

(1) Including the Heritage Group and the Fehsenfeld and Grube families or trusts established on their behalf.

(2) Owned by The Heritage Group (51%), Fred M. Fehsenfeld Jr. or trusts for the benefit of his family (19%) and Grube Grat, LLC (30%).

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For information, please contact:

Noel Ryan

Director, Investor/Media Relations

317-328-5660

noel.ryan@clmt.com

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