PowerPoint Presentationcalumetspecialty.investorroom.com/download/3Q19+Investor+Presentation.pdfThis Presentation has been prepared by Calumet Specialty Products Partners, L.P. (the

Investor Presentation

July 2019

2

Forward-Looking Statements

This Presentation has been prepared by Calumet Specialty Products Partners, L.P. (the “Company” or “Calumet”) as of July 23, 2019. 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 Report on Form 10-Q. The risk factors and other factors noted in our most recent Annual Report on Form 10-K and

Quarterly Report 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 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.

Today’s Presenters

Timothy Go – Chief Executive Officer

Started with the company in September 2015

VP of Operations, Flint Hills Resources, LP, 7+ years

Exxon Mobil Corporation, 18+ years

D. West Griffin – Executive Vice President & Chief

Financial Officer

Started with the company in January 2017

CFO, Energy XXI, 9 years

CFO, Alon USA, 1 year

Sandy Smith – Director, FP&A and Investor Relations

Started with the company in February 2017

Responsible for the corporate model, forecasting,

and asset profitability analysis

7+ years of Financial Modeling and Corporate

Finance experience

3

Jean-Pierre Breaux – Treasurer

Started with the company in November 2018

Responsible for strategic Treasury direction and

management of capital structure

8+ years of Treasury Management experience

Doyle Schrock – Assistant Treasurer

Started with the company in March 2013

Responsible for Treasury operations, cash and

liquidity management, inventory finance

arrangements and debt compliance

12+ years of Treasury Management experience

4

Agenda

1. Calumet Overview

A. Specialty Products

B. Fuel Products

2. Calumet’s Evolution

3. Financial Update

4. Appendix

Calumet Overview

5

6

Calumet at a Glance

Production and Manufacturing Footprint

(1) LTM ended March 31, 2019

(2) Based on 77.5 million LP units outstanding and unit price of $4.69 as of 7/19/2019.

(3) Defined as Pro Forma EBITDA excluding LCM/LIFO. See Appendix to this presentation for GAAP to Non GAAP, including LCM/LIFO adjustments.

Leading independent producer

of high-quality, specialty

hydrocarbon products

Core Specialty Products

EBITDA of ~$200 million,

representing ~2/3rds of total

EBITDA

Fuel Products refineries

benefit from cost-advantaged

crude feedstocks

~3,400 unique specialty

products available in ~50

countries

Segments LTM EBITDA(1,3)

$287mm

Market Capitalization(2) Enterprise Value(2)

~$360mm ~$1.8bn

Business Highlights

Calumet is first and foremost a Specialty lubricants and chemicals company

LTM Sales(1)

$3.5bn Specialty Products

Fuel Products

Production focused markets

serving customers who value

superior quality and service

7

Calumet Supports Things You Use Every Day

Manufacturer of key components and solutions for numerous branded products that consumers use every day

Highly customized formulations

Stringent certifications, approvals and qualification requirements

Very strong and sticky/loyal customer base

Proud to partner with the world’s best companies to help deliver some of the world’s most trusted products

NOTE: The above customer trademarks are the property of their respective owners.

8

Calumet Portfolio: Focus on Specialty Products

LTM EBITDA by Segment(1,2) LTM Specialty Sales by Product

Quality-

Driven

~40%

Price-

Driven

~40%

Brand-

Driven

~20%

“PRICE-DRIVEN” “QUALITY-DRIVEN” “BRAND-DRIVEN”

Solvents Base Oils Specialty Oils and Waxes Finished Lubricants & Chemicals

Specialty Solvents

Paraffinic Base Oils

Naphthenic Base Oils

White Oils

Petrolatums

Esters

Waxes

Finished Lubricants & Chemicals (Royal Purple,

Bel-Ray, TruFuel)

Cosmetic and Pharma white oils (Penreco)

Higher MarginLower MarginPrioritizing Higher Margin Products

Lower VolumeHigher Volume

Specialty Products

~63%Fuel

Products~37%

(1) LTM ended March 31, 2019

(2) Defined as Pro Forma EBITDA excluding LCM/LIFO. See Appendix to this presentation for GAAP to Non GAAP, including LCM/LIFO adjustments.

9

Specialty Products Value Chain

OIL

Calumet is one of the few producers that is fully integrated and realizes the full uplift from crude oil

VGOs(Vacuum Gas Oils)

Diesel

Gasoline

Asphalt

Base Oils

Solvents

Specialty Asphalt

Fuel Products Specialty Products

Finished Lubricants

& Chemicals

White Oils,

Petrolatums, Gels

Margins

10

Calumet Investment Summary

Specialty

Products

Focus

Strong Execution

Against

Turnaround

Strategy

“Self-Help”

Driving EBITDA

Improvement

Innovation to

Drive Future

Performance

Strong Earnings

Stability

1 2 3 4 5

Meaningful leverage

reduction and balance

sheet improvement

Resulted in one-notch

ratings upgrade at

Moody’s and S&P

Realigned

organizational

structure and rebuilt

culture around P&L

ownership /

accountability and

cash flow

Refocused company

around highly-valued

Specialty lubricants

and chemical assets

High margin, high

touch, tailored

products for long-term

customers

Leading position in

niche specialty

products drives

customer stickiness

and long-term

defensibility in

performance

Self-Help Phase II

goal of adding

$100MM in new

EBITDA by YE’21

Delivered $13.5MM in

1Q19; expecting to

capture $25-$40MM in

FY’19

Successful Self-Help

Phase I (‘16-18’)

added ~$182MM in

EBITDA

Utilizing Specialty

pedigree and

proprietary tech to

drive bespoke

customer solutions

Implemented ERP

system to enable data-

driven business

optimization

Launched state-of-the-

art Innovation Center

in Indianapolis

Expanded capacity to

grow high margin

Finished Lubricants &

Chemicals business

In process of

rationalizing low

margin SKUs across

Specialty Products

Margin improvement

from shift to higher

margin products and

raw material

optimization

Specialty Products

11

12

Strong Specialty Products Portfolio

Specialty Products Business Units (~2/3rds of Total EBITDA)

DescriptionFinished Lubricants

& ChemicalsSpecialty Oils & Waxes Solvents Base Oils

Selected

Markets /

Products

Royal Purple

High performance motor oil

Industrial lubricants

Compression and refrigeration oils

Bel-Ray

Mining and food grade lubricants

and greases

Powersports lubricants and related

products

TruFuel

Pre-mixed engineered fuel

Candles

Adhesives

Crayons

Ointments for pharmaceuticals

Sunscreen

Cosmetics

Food grade lubricating oils

Food grade process oils

Esters for synthetic aircraft turbine

oils

Esters for lubrication oil for

refrigeration

Vaseline

Body washes

Paint and coatings and stains

Clean drilling fluids

Water treatment chemicals

Waterless hand cleaners

Printer inks and alkyd resin diluents

Automotive aftermarket

Mining extraction solvents

Aluminum rolling oils

Hydraulic oils

Railroad engine oils

Cutting oils

Engine oils

Refrigeration oils

Transformer oils

Rubber process oils

Open gear lubricants

Two-cycle engine oils

Viscosity improvers

Defoamer oils

Consumer

Relationships

and

End Markets

Paintings and Coatings

Aluminum

Water Treatment

Oil and Gas

Hydraulic Oils

Cutting Oils

Motor Oils

Conversion to Greases

White Oils Upgrade

Automotive

Landscape

EquipmentMining

2018 volumes and margins

pressured by ERP

implantation and peak in the

multi-year turnaround cycle

0%

5%

10%

15%

20%

25%

1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19

Quarterly Margin % LTM Margin %

13

Specialty Products Segment Provides Stable EBITDA Margins

Typical margins of ~13-15% on a LTM basis, showing significant stability across the context of the full-year

After performance was impacted by ERP implementation and turnaround activity in 2017 and 2018, Specialty products margins are on

the uptrend, driven by run-rate benefits from self-help program and volume growth in higher-margin products

Quarterly Margin % LTM Margin %

Adjusted EBITDA (excl. LCM/LIFO)(1)

(1) See Appendix to this presentation for GAAP to Non GAAP, including LCM/LIFO adjustments.

14

Specialty Products EBITDA Driven by Predictable Factors

Core Specialty Products EBITDA of ~$200

million and growing, but variability on a

quarterly basis is impacted by two key

factors:

– % change in Light Louisiana Sweet (LLS)

– Inversely related to Adj. EBITDA

(excl. LCM/LIFO)(1)

– Pricing adjustments typically

have 8-12 week lag time

– Seasonality

– Q1 and Q2 generally the

strongest quarters in the year

– Q4 performance consistently

weaker

Adj. EBITDA (excl. LCM/LIFO)(1) Affected by Changes in LLS

Adj. EBITDA (excl. LCM/LIFO)(1) as a % of Quarterly Average

Adj. EBITDA (excl. LCM/LIFO)(1) Has Seasonality


(40%)

(20%)

0%

20%

40%$0

$25

$50

$75

$100

2Q15 4Q15 2Q16 4Q16 2Q17 4Q17 2Q18 4Q18

Adj. EBITDA (excl. LCM/LIFO) % Change in LLS (Inverted)

111% 110%

96%

80%

0%

50%

100%

150%

200%

Q1 Q2 Q3 Q42015 2016 2017 2018 2019

$ in millions

Fuel Products

15

16

Fuel Products Portfolio

Capacity: 60,000 bpd

Specialty & Fuels facility

Lower utilization rates as primary Specialty

facility in system

Shreveport, Louisiana


Fuels refinery; only remaining pure-play

fuels facility in the portfolio

Runs up to 100% cost-advantaged WCS-

priced crudes

Great Falls, Montana


Historically Fuels focused, becoming more

integrated as Specialty segment grows

San Antonio, Texas

Cost-Advantaged Crude Opportunities

− Three facilities: One pure-play fuels refinery & two integrated facilities (specialty chemicals and fuels products)

− Seasonally strongest in Q2 & Q3 (summer driving season)

− Focused on capturing cost-advantaged crude opportunities

• Heavy Canadian: Processing ~25,000 bpd of WCS-priced crudes

• Permian: Processing ~21,000 bpd of Midland-WTI priced crudes

Calumet’s Evolution

17

18

Our Transformation

Refocused operations on what Calumet does best – creating premium, specialty products

− Rationalized asset portfolio, reducing exposure to commodity-oriented and capital intensive businesses

− Initiated corporate culture change focused on cost and capital discipline to drive cash flow

Strengthened leadership across the company, from Executive Management to Plant & Product-level leaders

− Integrated in personnel with pedigree and experience initiating operational and organizational change across the industry

Restructured specialty segment to focus on four product lines

− Appointed dedicated general managers to drive P&L ownership / accountability and cash flow

− Supported by realigned sales teams, business development and analytical support

Completed three-year self-help program, delivering ~$182 million EBITDA vs. original 3-year goal of $150-$200 million

Refocused business on product innovation to grow EBITDA

ERP implementation enabling data-driven insights expected to drive further upside in both organic revenue and margin

Reset Self-Help & Turnaround Transform & Grow

M&A

Growth

Projects

Operational Excellence

Roadmap for Growth

Delivered $13.5 million in Self-Help in 1Q19

− Focused effort on improving margins at Shreveport and San Antonio

refineries, delivering 2/3 of Self-Help to date

− Rationalized low margin sales in base oils, white oils, and finished

lubricants businesses

− Lower material and transportation costs, leveraging focused procurement

and supply chain activities

− Improved product netbacks with loading rack projects and local

placements

Expecting to capture $25-$40 million of Self-Help in FY’19

− New Versagel unit in Karns City started up in April

− Further benefits from expected rationalization, supply chain and business

unit optimization initiatives

19

Self-Help in Action: Delivering Results Across the Portfolio

Self-Help Phase I

Delivered ~$182 million EBITDA (2016-18)

vs. original 3-year goal of $150-$200 million

Self-Help Phase II

Goal of capturing an incremental

$100 million in EBITDA by YE 2021

Completed Projects in 2018

New Quick Hit-Projects

Supply Chain Initiatives

Cost Reductions

Raw Material Optimization

Margin Enhancements

20

Self-Help Phase II: Driving Specialty Products EBITDA

Project Cost to Achieve Time to AchievePotential

Contribution(1) Description

Completed

Improvement

Projects

Completed in

20182019 $20-30 million

New packaging lines at Porter and Shreveport facilities to improve

operating costs and expand capacity

PDA modifications at Shreveport refinery to improve high value

specialty yields

San Antonio refinery ISOM and Great Falls refinery naphtha project

to upgrade commodity intermediate streams

New Quick-Hit

Projects$15-25 million 2019-2021 $30-35 million

New Versagel project in Karns City facility capitalizing on R&D

initiatives

Four debottlenecking projects at Cotton Valley's solvent facility

decreasing feed costs and improving specialty yield

Princeton facility vacuum tower project upgrading asphalt to specialty

products

BT commercialization project at Missouri esters plant

Supply Chain

Initiatives$10-15 million 2019-2021 $30-35 million

Leverage new ERP platform to drive transportation savings and

reduce procurement spend

Streamline business by reducing non-core, high cost offerings

Improve logistics infrastructure and reduce capital intensive off-sites

(1) Projected EBITDA contribution following completion of the projects

Financial Update

21

22

Increasing Contribution from Specialty Products

$1,252 $1,300 $1,382 $1,413

$1,541

$2,463 $2,115 $2,186

2016 2017 2018 LTM 3/31/19

Specialty Fuel

Pro Forma Revenue by Segment(1)

$ in millions

(1) Pro forma for sale of Anchor & Superior Assets. `

Specialty Products expected to grow in 2019 and onwards, driven by realization of benefits from

ERP implementation and Self-Help initiatives

23

Self-Help Driving Continued Profitability Improvement

LTM Pro Forma Profitability

$52

$171

$238

$285

$99

$162

$215

$287

$0

$50

$100

$150

$200

$250

$300

1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19

LTM Pro Forma Adj EBITDA LTM Pro Forma Adj. EBITDA (excl. LCM/LIFO)(1) (1)

(1) See Appendix to this presentation for GAAP to Non-GAAP, including LCM/LIFO adjustments.

Pro Forma for Sale of Anchor & Superior Refinery$ in millions

24

Consistent Free Cash Flow Generation

$73

$98 $89

$30

$72 $65

$57

$107

$60

$44 $45 $47 $47 $45 $38 $38 $35 $32

$12 $21 $19

$28 $23

$12 $21

$20

$11

$18

$32 $23

$4

$16

$52

$16

1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19

Adj. EBITDA (excl. LCM/LIFO) Interest Capex

Free cash flow (excluding working capital) has been mostly positive through recent quarters

Capital structure actions (redemption of Secured Notes, etc.) have improved interest burden on cash flows

($2)

Heavy turnaround activity across both

businesses

$114 million of free cash flow generated since 2017

Note: Free Cash Flow defined as Adjusted EBITDA (excl. LCM/LIFO) less Interest Expense & Capex.


(2) Includes capital improvement, replacement, environmental, and turnaround capital expenditures as reported. Excludes capital expenditures associated with JVs or acquisitions.

(2)

$ in millions

(1)

($46)

Overhang from ERP implementation

Divestments Impact

Net Debt to LTM Adj. EBITDA (Leverage) Ratio (As Reported)

25

Improving Credit Metrics

(1) Fixed Charge Coverage Ratio is defined as Adjusted EBITDA divided by consolidated interest expense (plus capitalized interest), neither of which has been pro-forma adjusted for acquisitions or refinancing activity .

(2) Excludes $350 million of restricted cash.

Significant improvement in credit metrics since 2016,

accelerated by divestment of non-core fuel assets (Superior,

Anchor & Dakota Prairie)

Strengthening profitability and focus on resilient Specialty

business has further driven down net leverage to current level

of 4.9x

Improvement in credit quality evidenced by upgrade to B3 by

Moody’s (July 2019) and B- by S&P (February 2018)

Liquidity Availability ($MM) Fixed Charge Coverage Ratio(1)

(2)(2)

26

2Q19 Outlook

Specialty Products

− Seasonally stronger quarter

− Continued weakness in base oil industry margins

− 10 day catalyst changeout at Shreveport paraffinic lubricants unit

− Further rationalization of low margin SKUs and products

Fuel Products

− Advantaged crude differentials starting to widen

− Status of RINs hardship applications

Corporate / Strategic

− Continue Self-Help Phase II initiatives

− Opportunistic bond repurchases

27

2021 Senior Notes Refinancing Strategy

Calumet has significantly reduced the minimum bond offering size through business performance and working cap optimization efforts

Given growth in excess liquidity (above $250MM minimum per internal policy), refinancing needs are currently ~$670MM

Currently exploring options to further optimize refinancing of 2021 notes

$850 $126

$57 $667

2021 Notes Cash Balance Excess Liquidity(above $250MM

minimum)

Min IssueProceeds

Other Initiatives Pro FormaMin IssueProceeds

(2)

(1) Pro forma for $26.8mm of 2021 Notes repurchased in April 2019.

(2) Excess liquidity as of 3/31/2019, calculated as $342.4 mm ABL borrowing base less $35.7mm outstanding standby letters of credit and no outstanding borrowings.

Potential to further reduce size of bond

issue through:

Use of cash flows to repurchase notes

Working capital improvements

Expansion of corporate revolver

Pro Forma 3/31/2019(1)

$ in millions

28

Summary and Key Takeaways

Strong execution against turnaround strategy, realigning portfolio towards higher-margin,

higher value Specialty Products

Commitment to continued balance sheet improvement

Cash flows poised to benefit from completed supply chain and raw material efficiencies, with

additional upside via “Self-Help Phase II” initiative

Leading integrated producer of high-quality, specialty hydrocarbon products

Strategic focus on product innovation and opportunistic growth projects to grow Specialty

Products EBITDA

Appendix

29

What We Do

Manufacture and sell finished lubricant, chemical and engineered fuel products to

consumer, commercial and industrial trade channels

Private label packaging

Automotive Landscape EquipmentMining

Specialty Lubricants

Performance Additives

Motor Oils/Filters

Transmission fluids

Gear Oil

Rust Preventives

Synthetic Lubricants

Bearing Greases

Gear Lubricants

Propel Lubricants

Hydraulic Oil

Precision-engineered

premixed fuel with synthetic

lubricants and advanced

stabilizers

Royal Purple is a premium, high

performance brand with proprietary

technology

Bel-Ray has a rich heritage in

performance greases, oils &

chemicals

TruFuel is a category innovator that

delivers superior performance and

convenience

Continue to be market leader in

engineered fuels and continue to

develop this key market

Focus efforts on SKU's in

growth markets

Focus on U.S. market and capture

further distribution and cost

advantages

Refocus on high value sales in

growth market segments

Simplify by shedding low margin

business (tolling, etc.)

Strategic InitiativesHow We Compete

Applications

Business StrategyOperational Footprint

30

Specialty Products – Finished Lubricants & Chemicals

What We Do

Provide superior customer service in meeting needs of customers

Develop custom blends and other products for customer’s unique needs

Products include:

− Penreco white oils, petrolatums and gels

− Waxes

− Esters

− Biosynthetic Technologies (BST)

Leverage unique new products for

customers (e.g. Versastique™)

Capitalize on our R&D and custom

blends to sell the value of product

Provide superior customer focus

and experience

Penreco brand recognition since

late 1800s

Leverage backwards integration

with other assets

Use system capacity to grow esters

business & develop

Biosynthetic market

Innovation & new products

(Versastique™)

Debottleneck Versagel

Improve supply chain in white

oils business


Customer Relationships


31

Specialty Products – Specialty Oils & Waxes

What We Do

Offer a wide range of solvents for the following markets:

− Aluminum rolling oils; Mining extraction; Oil Field applications; Water

Treatment; Consumer goods (auto aftermarket); Paints & Coatings

Primary products include specialty aliphatic solvents, and other branded solvents

such as Conosol®, Drakesol®, and Matgiesol®

Calumet solvents can be found in many household brands


and experience

Cotton Valley is only dedicated

solvents facility in US (others run

batch production inside larger

refineries)

Competitively advantaged as our

Cotton Valley facility uses crude oil

instead of diesel as a feedstock

Target high value-add markets

where there is less supply and

higher barriers to entry

Improve raw material flexibility for

advantaged crudes and feedstocks

Improve products with product

segregation projects


Customer Relationships


32

Specialty Products – Solvents

Aluminum Mining Oil & Gas

Water Treatment Consumer Paints & Coatings

What We Do

Offer extensive product line of both naphthenic base oils and paraffinic base oils

for the following markets:

− Passenger car engine oils; Heavy duty engine oils; Other automotive oils;

Marine oils; Rail oils; Industrial oils; Greases; Process oils; Shock

absorber oils

Refined in-house and are used in a wide variety of applications ranging from

aviation hydraulic fluids and heat transfer fluids to industrial lubricants

Calumet base oils can be found in many well-known brands:


and experience

Deliver product in size/container

and labeling that customer desires

High grade sales into markets that

value higher solvency and broad

viscosity ranges which tend to have

stickier customer relationships

Debottleneck paraffinic and

naphthenic capacity

Improve raw material flexibility for

advantaged crudes

Reduce costs through better

utilization and supply chain

efficiency


Key End Markets


33

Specialty Products – Base Oils

White oils upgrade

Conversion to

Greases

Motor Oils

Industrial Oils

Hydraulic Oils

Railroad Engine Oils

Shock Absorber Oils

Cutting Oils

34

Adjusted EBITDA(*) Bridge – 1Q19 vs. 1Q18 ($MM)

(1) Adjusted to remove $1.4 million from the divestiture of Anchor Drilling Fluids USA, LLC in 4Q17

(2) Includes plant operating and maintenance costs including RINs activities

(3) Includes transportation costs, hedging activities and 2017 RINs activities related to the Superior refinery in 1Q18

(*) See Appendix to this presentation for GAAP to Non-GAAP, including LCM/LIFO adjustments

35

Quarter-over-Quarter Cash Bridge ($MM)

(1) Includes proceeds from inventory financing obligations

36

Historical and Projected Capital Spending ($MM)

2019 Forecast

$80-$90

2019 CapEx forecast of $80-$90 million

1Q19

$276$304

$65

$20 $20

$49 $52

$34 $40

$55

2014 2015 2016 2017 2018

Growth Replacement Environmental Turnaround

37

Maintenance vs. Growth Capex Pro-Forma for Sale of Anchor & Superior Assets

Stay-in-business capital for Core Assets has historically averaged $34mm/yr

Stay in business capital for the Pro Forma company averages $46mm/yr

$37 $36 $39

$16 $10

$45 $41

$28 $27 $29

2014 2015 2016 2017 2018

$240$269

$27 $4 $9

$5 $11

$6 $13

$27

2014 2015 2016 2017 2018

Co

re A

sset

sN

on

-Co

re

Ass

ets

Tota

l Ass

ets

Note: Does not include capex associated with the divested assets (Anchor, Superior) and JVs. Numbers may not sum due to rounding.

$ in millions

38

Current Capitalization

(1) Pro forma for $26.8mm of 2021 Notes repurchased in April 2019.

Note: Adjusted EBITDA as reported.

($ in millions) 3/31/19 Principal Current Next Call

Current x Adj. EBITDA Issued Maturity Coupon Floor Ratings Call Price Date Price

Cash & Equivalents(1) $126

ABL Facility $0 $600 Feb-23 0.000% NR / NR / BB- - - -

Capital Lease Obligations 3

Secured Debt $3 0.0x

Senior Notes(1) $850 $900 Apr-21 6.500% - Caa1 / B- / B- 100.000 - -

Senior Notes 350 350 Jan-22 7.625% - Caa1 / B- / B- 101.906 Jan-20 100.000

Senior Notes 325 325 Apr-23 7.750% - Caa1 / B- / B- 103.875 Apr-20 101.938

Other Debt 5

Total Debt $1,533 5.4x

Market Capitalization $324

Total Capitalization $1,857 6.5x

Letters of Credit $36

Summary Financials LTM Credit Ratings Moody's S&P Fitch

Revenue $3,598 Corporate B3 B- B-

Adj. EBITDA 285 Senior Secured NR NR BB-

Interest Expense 136 Senior Unsecured Caa1 B- B-

Capital Expenditures 42 Outlook Stable Stable Stable

Last Action Jul-19 Feb-18 Apr-19

Credit Statistics LTM

Secured Debt / Adj. EBITDA 0.0x

Total Debt / Adj. EBITDA 5.4x

Net Debt / Adj. EBITDA 4.9x

Adj. EBITDA / Interest Expense 2.1x

Debt / Capitalization 83%

Liquidity Current

ABL Borrowing Base $342

Less: Revolver Borrowings -

Less: Revolver LC's (36)

Plus: Cash & Equivalents 126

Total Liquidity $433

39

EXHIBIT A: Reconciliation of Segment Adjusted EBITDA to Net

Income (Loss)

(1) In 2018, the Company and The Heritage Group formed Biosyn Holdings, LLC (“Biosyn”) for the purposes of acquiring Biosynthetic Technologies, LLC (“Biosynthetic Technologies”), a startup company which developed an intellectual property

portfolio for the manufacture of renewable-based and bioegradable esters. The initial cash investment of $3.8 million made by the Company into Biosyn was expensed in the period ended March 31, 2018 given Biosyn’s operations were all

related to research and development. The Company accounts for its ownership in Biosyn under the equity method of accounting. During March 2019, the Company sold its investment to The Heritage Group and recognized a gain of $5.0 million.

For comparability purposes, $3.8 million of the gain is included in Adjusted EBITDA for the period ended March 31, 2019

($ in millions) 3/31/17 6/30/17 9/30/17 12/31/17 3/31/18 06/30/18 09/30/18 12/31/18 03/31/19

Segment Adjusted EBITDA

Specialty products Adjusted EBITDA $ 45.6 $ 67.1 $ 43.0 $ 30.8 $ 37.7 $ 53.7 $ 37.0 $ 31.8 $ 56.3

Fuel products Adjusted EBITDA 36.8 34.0 46.3 10.7 38.7 25.6 17.5 21.9 41.4

Discontinued operations Adjusted EBITDA (3.7) 0.5 6.4 (0.3) (1.4) (0.4) (0.2) 2.0 —

Adjusted EBITDA $ 78.7 $ 101.6 $ 95.7 $ 41.2 $ 75.0 $ 78.9 $ 54.3 $ 55.7 $ 97.7

Less:

Unrealized (gain) loss on derivative Instruments

$ (10.6) $ (1.3) $ — $ (1.4) $ (2.0) $ (0.8) $ 2.4 $ (29.8) $ 2.6

Realized (gain) loss derivative activities, not included in net income (loss) or settled in a prior period

— — 9.7 — — 2.1 0.7 (2.8) —

Amortization of turnaround costs 7.4 6.6 6.4 3.9 3.3 2.7 2.7 4.1 4.8

(Gain) loss on debt extinguishment costs — — — — 0.6 58.2 — — (0.4)

(Gain) loss on the sale of businesses, net — — — (173.4) 1.6 (1.8) (3.4) 2.9 —

Impairment charges 0.4 — — 206.9 — — — — —

Gain on sale of unconsolidated affiliate — — — — — — — — (1.2)

Loss on impairment and disposal of assets 1.3 0.2 2.4 0.2 0.5 0.7 0.9 3.2 11.7

Equity based compensation and other items 1.5 2.0 4.9 3.4 1.1 1.9 (0.2) (4.1) 3.4

EBITDA $ 78.7 $ 94.1 $ 72.3 $ 1.6 $ 69.9 $ 15.9 $ 51.2 $ 82.2 $ 76.8

Less:

Interest expense $ 43.9 $ 44.5 $ 47.4 $ 47.3 $ 45.2 $ 37.5 $ 37.7 $ 35.1 $ 32.3

Depreciation and amortization 41.1 40.9 48.6 37.9 29.7 29.5 29.6 29.3 28.2

Income tax expense (benefit) (0.1) (0.9) (0.1) — (0.2) 0.8 0.4 (0.3) (0.1)

Net income (loss) $ (6.2) $ 9.6 $ (23.6) $ (83.6) $ (4.8) $ (51.9) $ (16.5) $ 18.1 $ 16.4

40

EXHIBIT B: Reconciliation of Net Income (Loss) to Adjusted

EBITDA and Pro Forma Adjusted EBITDA (ex-LCM/LIFO)

(1) Pro forma adjusts for divestitures of the Superior Refinery and Anchor Drilling Fluids USA, LLC in 4Q17

(2) In 2018, the Company and The Heritage Group formed Biosyn Holdings, LLC (“Biosyn”) for the purposes of acquiring Biosynthetic Technologies, LLC (“Biosynthetic Technologies”), a startup company which developed an intellectual property

portfolio for the manufacture of renewable-based and bioegradable esters. The initial cash investment of $3.8 million made by the Company into Biosyn was expensed in the period ended March 31, 2018 given Biosyn’s operations were all

related to research and development. The Company accounts for its ownership in Biosyn under the equity method of accounting. During March 2019, the Company sold its investment to The Heritage Group and recognized a gain of $5.0 million.

For comparability purposes, $3.8 million of the gain is included in Adjusted EBITDA for the period ended March 31, 2019

($ in millions) 3/31/17 6/30/17 9/30/17 12/31/17 3/31/18 06/30/18 09/30/18 12/31/18 03/31/19

Net income (loss) $ (6.2) $ 9.6 $ (23.6) $ (83.6) $ (4.8) $ (51.9) $ (16.5) $ 18.1 $ 16.4

Add:

Interest expense $ 43.9 $ 44.5 $ 47.4 $ 47.3 $ 45.2 $ 37.5 $ 37.7 $ 35.1 $ 32.3

Depreciation and amortization 41.1 40.9 48.6 37.9 29.7 29.5 29.6 29.3 28.2

Income tax expense (benefit) (0.1) (0.9) (0.1) — (0.2) 0.8 0.4 (0.3) (0.1)

EBITDA $ 78.7 $ 94.1 $ 72.3 $ 1.6 $ 69.9 $ 15.9 $ 51.2 $ 82.2 $ 76.8

Add:

Unrealized (gain) loss on derivative Instruments $ (10.6) $ (1.3) $ — $ (1.4) $ (2.0) $ (0.8) $ 2.4 $ (29.8) $ 2.6

Realized (gain) loss derivative activities, not included in net income (loss) or settled in a prior period

— — 9.7 — — 2.1 0.7 (2.8) —

Amortization of turnaround costs 7.4 6.6 6.4 3.9 3.3 2.7 2.7 4.1 4.8

(Gain) loss on debt extinguishment costs — — — — 0.6 58.2 — — (0.4)

(Gain) loss on the sale of businesses, net — — — (173.4) 1.6 (1.8) (3.4) 2.9 —

Impairment charges 0.4 — — 206.9 — — — — —

Gain on sale of unconsolidated affiliate — — — — — — — — (1.2)

Loss on impairment and disposal of assets 1.3 0.2 2.4 0.2 0.5 0.7 0.9 3.2 11.7

Equity based compensation and other items 1.5 2.0 4.9 3.4 1.1 1.9 (0.2) (4.1) 3.4

Adjusted EBITDA $ 78.7 $ 101.6 $ 95.7 $ 41.2 $ 75.0 $ 78.9 $ 54.3 $ 55.7 $ 97.7

Less:

Discontinued operations Adjusted EBITDA (3.7) 0.5 6.4 (0.3) (1.4) (0.4) (0.2) 2.0 —

Superior Adjusted EBITDA 21.3 27.9 25.6 16.8 — — — — —

Total pro forma Adjusted EBITDA(1) 61.1 73.2 63.7 24.7 76.4 79.3 54.5 53.7 97.7

LCM inventory adjustments (5.4) (3.8) (7.3) (14.1) (3.1) (14.0) 2.3 45.4 (38.9)

LIFO inventory layer adjustments — — 0.8 2.9 — — 0.4 5.9 0.9

Less: Superior LIFO/LCM 4.2 5.6 (5.0) 0.5 — — — — —

Pro forma EBITDA (excluding LCM/LIFO)(1) 59.9 75.0 52.2 14.0 73.3 65.3 57.2 105.0 59.7

Adjusted EBITDA (excluding LCM/LIFO) 73.3 97.8 89.2 30.0 71.9 64.9 57.0 107.0 59.7

(2)

41

EXHIBIT C: Reconciliation of Operating Metrics (ex-LCM/LIFO)

Three months ended March 31,

($ in millions, except per barrel data) 2019 2018

Specialty Adjusted EBITDA $56.3 $37.7

LCM inventory adjustments (6.6) (2.2)

LIFO inventory layer adjustments 0.9 —

Specialty Adjusted EBITDA (ex-LCM/LIFO) $50.6 $35.5

Fuels Adjusted EBITDA $41.4 $38.7


LIFO inventory layer adjustments — —

Fuels Adjusted EBITDA (ex-LCM/LIFO) $9.1 $37.8

Continuing Operations Adjusted EBITDA $97.7 $76.4

Discontinued Operations Adjusted EBITDA — (1.4)

Total Adjusted EBITDA 97.7 75.0



Total Adjusted EBITDA (ex-LCM/LIFO) $59.7 $71.9

Reported Specialty gross profit per barrel $38.07 $33.11

LCM/LIFO inventory adjustments per barrel (2.34) (1.05)

Specialty gross profit per barrel (ex-LCM/LIFO) $35.73 $32.06

Reported Fuels gross profit per barrel $5.85 $7.49

LCM/LIFO inventory adjustments per barrel (4.38) (0.15)

Fuels gross profit per barrel (ex-LCM/LIFO) $1.47 $7.34

42

EXHIBIT D: Reconciliation of Net Income (Loss) to Adjusted

Net Income (Loss)

Three months ended March 31,

($ in millions, except per barrel data) 2019 2018

Net income (loss) $ 16.4 $ (4.8)



Unrealized (gain) loss on derivative instruments 2.6 (2.0)

(Gain) loss on debt extinguishment cost (0.4) 0.6

Amortization of turnaround costs 4.8 3.3

Gain on sale of unconsolidated affiliate (1.2) —

Loss on impairment and disposal of assets 11.7 0.5

Equity based compensation and other non-cash items 3.4 2.7

Adjusted net loss $ (0.7) $ (2.8)

Adjusted net loss per unit $ (0.01) $ (0.04)

Average limited partner units - diluted 78,175,007 78,045,360

43

Key Market Indices for Calumet

Specialty Products

Fuel Products

Base Oils

Specialty Solvents

Specialty White Oils, Petrolatums and Waxes

ICIS Group I 200 (Paraffinic)

ICIS Pale 500(Naphthenic)

Ultra Low Sulfur Diesel

ICIS Group II 600

Crack Spreads

Crude Differentials

Rack Differentials

2:1:1 Gulf Coast

WTI / WCS (Great Falls)

Great Falls vs. Gulf Coast

LLS / WTI (San Antonio)Midland WTI (Shreveport,

San Antonio)

San Antonio vs. Gulf Coast

Shreveport vs. Gulf Coast

ICIS Group I 600 (Paraffinic)

Documents

PowerPoint Presentationcalumetspecialty.investorroom.com/download/3Q19+Investor+Presentation.pdfThis Presentation has been prepared by Calumet Specialty Products Partners, L.P. (the