Credit Suisse MLP & Energy Logistics Conference June 26, 2013
F Forward-Looking Statements d L ki St t t This Presentation has been prepared by Calumet Specialty Products Partners, L.P. (the “Company” or “Calumet”) as of June 26, 2013. 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- p y g g p 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 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 i di ti f th t t f ff i f th C it b i d ib d h i t ti ft th d t f thi P t ti i di ti th t 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 contained herein, and no liability whatsoever is accepted as to any errors, omissions or misstatements contained herein. Neither the Company nor any Neither the Company nor any of its officers or employees accepts any liability whatsoever arising directly or indirectly from the use of this Presentation. NASDAQ: CLMT | INVESTOR PRESENTATION 2
Introduction 3
Section 1 | Generating Balanced Growth 4
Corporate Overview Corporate Overview Master Limited Partnership; founded in 1990; IPO in 2006; About us Fortune 600 company; experienced management team Manufacture petroleum-based specialty products and fuels Our competency through 11 domestic production facilities More than 4,900 active customers (no >10% customers); , ( ); Our reach More than 3,500 specialty products sold globally Specialty Products (60% of gross profit in 2012); and Fuels Our businesses Products (40% of gross profit in 2012) Fehsenfeld and Grube families own 100% of GP and 26% Our partnership of LP Units; actively engaged in Partnership management NASDAQ: CLMT | INVESTOR PRESENTATION 5
CLMT I CLMT Investment Thesis t t Th i Balance between diverse segments provides more stable Stability with a growth component cash flows from operations and unit distribution growth Adjusted EBITDA grew by a CAGR of ~26% in the 2008- Diverse, growing asset base 2012 period to more than $400 mm in 2012 Completed/pursuing complementary acquisitions in niche Complementary acquisition strategy markets; capital markets remain open markets; capital markets remain open Invested ~$760 mm in CAPEX since 2003; planned Investing in organic growth investment of ~$420 mm in growth-CAPEX in next 2 years Several facilities with more than one million worker hours Several facilities with more than one million worker hours Safe and reliable operations Safe and reliable operations without a lost time incident Maintaining debt to Adjusted EBITDA of less than 2.5x; Prudent balance sheet management $483 million in availability under the revolver at 3/31/13 Committed to distribution growth 11 consecutive quarters of unit distribution growth; target distribution coverage of 1.2-1.5x (1.6x LTM at 3/31/13) NASDAQ: CLMT | INVESTOR PRESENTATION 6
O Our Growth Strategy G th St t Grow through the Grow through Grow through Grow through the development of strategic investment in acquisition of niche acquisition of niche new businesses new businesses acquisitions in the i iti i th organic projects – i j t facilities (focused that can be specialty products seek 2x-5x Adj. on location, size included in MLP market (targeting EBITDA, and crude/pricing qualifying income customers, depending on advantages) (midstream, GTL, competitors) project size NGL) NASDAQ: CLMT | INVESTOR PRESENTATION 7
B l Balanced Niche-Asset Portfolio (1) d Ni h A t P tf li (1) Dakota Prairie (ND) refinery expected to come online during the fourth quarter 2014. Dakota Prairie refinery capacity is not currently included in the total production capacity figure of 160,000 bpd. 8
L Levered to the Mid-Continent & Gulf Coast d t th Mid C ti t & G lf C t NASDAQ: CLMT | INVESTOR PRESENTATION 9
K Key Distribution Centers (1) Di t ib ti C t (1) Tooele, Utah terminal is leased; all other terminals are owned 10
S Sustained Growth In Adjusted EBITDA t i d G th I Adj t d EBITDA Adj. EBITDA nearly doubled y/y in 2012 to $405 MM Strong Adj. EBITDA growth since 2010 Favorable refining economics; advantaged crude slate Favorable refining economics; advantaged crude slate Acquisitions providing recent upside Acquisitions providing recent upside Strong Business Performance Has Enabled Us To Return Substantial Value To Investors Adjusted EBITDA ($MM) Cash Distributions Per Unit ($) $450 $450 $2.50 $2 50 $405 $2.40 $400 $2.30 er Unit ($) $350 ($MM) $2.20 $300 Cash Distributions Pe Adjusted EBITDA $2.10 $2 10 $211 $250 $2.00 $200 $1.90 $138 $146 $150 $127 $1.80 $100 $100 $1 $1.70 0 C $50 $1.60 $0 $1.50 2008 2009 2010 2011 2012 NASDAQ: CLMT | INVESTOR PRESENTATION 11
Delivering Unit Appreciation + Yield Delivering Unit Appreciation + Yield Have grown unit distribution for 11 consecutive quarters Distribution growing at a 4 yr. CAGR of ~10% Current annualized unit distribution of $2.72/unit Compelling distribution at current levels Even After Significant Unit Price Appreciation, CLMT’s Yield Remains In Excess of 7% (1) Dividend Yield (%) Avg. Unit Price by Quarter ($) $40.00 $40 00 16.0% 16 0% $35.00 14.0% $30.00 12.0% Quarter $25.00 $ 10.0% eld Dividend Yie Avg. Unit Price by $20.00 8.0% $15.00 6.0% $10.00 4.0% $5.00 2.0% $0.00 0.0% 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 (1) Dividend yield calculated as LTM cash distribution per unit divided by the avg. unit price for the period listed 12
Specialty Products Applications S i lt P d t A li ti 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. 13
Di Diverse Specialty Products Customer Base S i lt P d t C t B NASDAQ: CLMT | INVESTOR PRESENTATION 14
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