Credit Suisse MLP & Energy Logistics Conference June 26, 2013 F - - PowerPoint PPT Presentation

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Credit Suisse MLP & Energy Logistics Conference June 26, 2013 F - - PowerPoint PPT Presentation

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,


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Credit Suisse MLP & Energy Logistics Conference June 26, 2013

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F d L ki St t t Forward-Looking Statements

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

  • ther 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

  • ccurrence 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 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 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

  • ffer 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 contained herein, and no liability whatsoever is accepted as to any errors, omissions or misstatements contained herein. Neither the Company nor any

  • f its officers or employees accepts any liability whatsoever arising directly or indirectly from the use of this Presentation.

NASDAQ: CLMT | INVESTOR PRESENTATION

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Introduction

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Section 1 | Generating Balanced Growth

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Corporate Overview Corporate Overview

About us Master Limited Partnership; founded in 1990; IPO in 2006; Fortune 600 company; experienced management team Our competency Manufacture petroleum-based specialty products and fuels through 11 domestic production facilities Our reach More than 4,900 active customers (no >10% customers); , ( ); More than 3,500 specialty products sold globally Our businesses Specialty Products (60% of gross profit in 2012); and Fuels Products (40% of gross profit in 2012) Our partnership Fehsenfeld and Grube families own 100% of GP and 26%

  • f LP Units; actively engaged in Partnership management

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NASDAQ: CLMT | INVESTOR PRESENTATION

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CLMT I t t Th i CLMT Investment Thesis

Stability with a growth component Balance between diverse segments provides more stable cash flows from operations and unit distribution growth Complementary acquisition strategy Completed/pursuing complementary acquisitions in niche markets; capital markets remain open Diverse, growing asset base Adjusted EBITDA grew by a CAGR of ~26% in the 2008- 2012 period to more than $400 mm in 2012 markets; capital markets remain open Investing in organic growth Invested ~$760 mm in CAPEX since 2003; planned investment of ~$420 mm in growth-CAPEX in next 2 years Safe and reliable operations Several facilities with more than one million worker hours Prudent balance sheet management Maintaining debt to Adjusted EBITDA of less than 2.5x; $483 million in availability under the revolver at 3/31/13 Safe and reliable operations Several facilities with more than one million worker hours without a lost time incident 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)

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NASDAQ: CLMT | INVESTOR PRESENTATION

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O G th St t Our Growth Strategy

Grow through strategic i iti i th Grow through the acquisition of niche Grow through the development of new businesses Grow through investment in i j t acquisitions in the specialty products market (targeting customers, competitors) acquisition of niche facilities (focused

  • n location, size

and crude/pricing advantages) new businesses that can be included in MLP qualifying income (midstream, GTL, NGL)

  • rganic projects –

seek 2x-5x Adj. EBITDA, depending on project size

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NASDAQ: CLMT | INVESTOR PRESENTATION

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B l d Ni h A t P tf li Balanced Niche-Asset Portfolio(1)

(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.

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L d t th Mid C ti t & G lf C t Levered to the Mid-Continent & Gulf Coast

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NASDAQ: CLMT | INVESTOR PRESENTATION

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K Di t ib ti C t Key Distribution Centers(1)

(1) Tooele, Utah terminal is leased; all other terminals are owned

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S t i d G th I Adj t d EBITDA Sustained Growth In Adjusted EBITDA

Strong Adj. EBITDA growth since 2010

  • Adj. EBITDA nearly doubled y/y in 2012 to $405 MM

Acquisitions providing recent upside Favorable refining economics; advantaged crude slate Acquisitions providing recent upside Favorable refining economics; advantaged crude slate Strong Business Performance Has Enabled Us To Return Substantial Value To Investors

$2 50 $450 Adjusted EBITDA ($MM) Cash Distributions Per Unit ($) $405 $2 10 $2.20 $2.30 $2.40 $2.50 $300 $350 $400 $450 er Unit ($) ($MM) $127 $146 $138 $211 $1 $1.80 $1.90 $2.00 $2.10 $100 $150 $200 $250 Cash Distributions Pe Adjusted EBITDA $1.50 $1.60 $1.70 $0 $50 $100 2008 2009 2010 2011 2012 C

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NASDAQ: CLMT | INVESTOR PRESENTATION

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Delivering Unit Appreciation + Yield Delivering Unit Appreciation + Yield

Distribution growing at a 4 yr. CAGR of ~10% Have grown unit distribution for 11 consecutive quarters Compelling distribution at current levels Current annualized unit distribution of $2.72/unit Even After Significant Unit Price Appreciation, CLMT’s Yield Remains In Excess of 7%(1)

16 0% $40 00 Dividend Yield (%)

  • Avg. Unit Price by Quarter ($)

10.0% 12.0% 14.0% 16.0% $25.00 $30.00 $35.00 $40.00 eld Quarter 4.0% 6.0% 8.0% $10.00 $15.00 $20.00 $ Dividend Yie

  • Avg. Unit Price by

0.0% 2.0% $0.00 $5.00 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

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S i lt P d t A li ti 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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Di S i lt P d t C t B Diverse Specialty Products Customer Base

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NASDAQ: CLMT | INVESTOR PRESENTATION

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Seeing Strong Fuel Product Margins Seeing Strong Fuel Product Margins

Seeing favorable refining economics Gasoline and distillate cracks remain elevated GC 2-1-1 Crack Spread Remains Elevated 2/1/1 benchmark is ~$30/bbl YTD 2013 Gulf Coast Refining Economics Remain Robust (Annual/Quarterly Averages)

Gulf Coast Gasoline Crack Per Barrel Distillate (No. 2 Heating Oil) Crack Per Barrel 2-1-1 Gulf Coast Crack Spread Per Barrel $25.00 $30.00 $35.00 $10.00 $15.00 $20.00 $0.00 $5.00 2007 2008 2009 2010 2011 2012 1Q13

Source: Bloomberg; Platts

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Benefit From Wide Crude Differentials Benefit From Wide Crude Differentials

Structural dislocation in crude differentials WTI is at a ~$15 discount to Brent on YTD 2013 basis We have access to advantaged crudes WTI, Bakken, Eagle Ford, Canadian heavy and local crudes Crude Differentials Have Deviated From Historical Ranges

$25.00 WTI-Brent Spread per Barrel WTI-LLS Spread per Barrel WTI-WCS Spread per Barrel $5.00 $10.00 $15.00 $20.00 ($15.00) ($10.00) ($5.00) $0.00 ($25.00) ($20.00) ($ ) 2006 2007 2008 2009 2010 2011 2012 YTD 2013

Source: Bloomberg; Platts

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C d Ad t d P d ti A t Crude-Advantaged Production Assets

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NASDAQ: CLMT | INVESTOR PRESENTATION

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Production Growth In Shale Plays Production Growth In Shale Plays

Benefit From Shale Production Growth Superior, San Antonio, Shreveport, Montana, North Dakota JV Eagle Ford & Bakken Are Major Fields We anticipate production will continue to grow in these areas 5-Year Compound Annual Growth In Crude Oil Produced per Day By Region (2008-2012)

300 0% 300.0% 31.0% 15.4% 6.9% 3.8% 4.7% Bakken Shale (North Dakota) Eagle Ford Shale (Texas) PADD II (Midwest) PADD III (Gulf Coast) PADD IV (Rocky Mountains) All Other Onshore US Production

Source: EIA, Texas Railroad Commission

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Futures Support Favorable Outlook Futures Support Favorable Outlook

Expect elevated cracks Futures indicate >$23/bbl crack spread thru 2016 Expect long-term dislocation in crude spreads Futures indicate >$7/bbl WTI-Brent discount thru 2016 Crude Oil Differentials Have Deviated From Historical Ranges

$25 00 $30.00 WTI-Brent Spread Per Barrel Forward Curve 2-1-1 Gulf Coast Crack Spread Per Barrel Forward Curve $23.59 $25.00 $24.08 $23.19 $10 00 $15.00 $20.00 $25.00 ($5.00) $0.00 $5.00 $10.00 ($8.68) ($9.10) ($8.63) ($7.50) ($15.00) ($10.00) 2013 (est) 2014 (est) 2015 (est) 2016 (est)

Source: Bloomberg; Platts

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Section 2 | Building a Diversified Asset Portfolio

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C ti f C l t A i iti Continuum of Complementary Acquisitions

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NASDAQ: CLMT | INVESTOR PRESENTATION

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Acquisitions Afford System Synergies Acquisitions Afford System Synergies

We Have Increased Feedstock Optionality

» Assets in every major shale play throughout the U.S. – access to discounted crudes

We Have a More Diversified Production Slate

y j p y g » Cross-refinery feedstock sales allow for improved efficiencies – lease railcars » Vertically integrated on the specialty products side (Royal Purple, Penreco)

We Have a Broad Distribution Network

» Balance between fuels and specialty products » Selling more than 3,500 products globally » Leading producer of specialty products in multiple market verticals where we are one of a few suppliers

We Have a Broad Distribution Network

» Distribution throughout Gulf Coast, Mid-Continent and Canada; sell into multiple niche, local markets » Refinery-level rack sales, in addition to major distribution terminals in Illinois, Wisconsin and Minnesota » Access to the Enterprise Products Pipeline (TEPPCO Pipeline) and Magellan Pipeline

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NASDAQ: CLMT | INVESTOR PRESENTATION

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A i iti Wh t’ N t? Acquisitions: What’s Next?

Our View of Specialty Products Acquisitions

» We generally target privately held businesses with a unique product suite and stable EBITDA growth

Our View of Fuels Acquisitions

» Our specialty products customer base is 4,900 companies strong – ample opportunities in this arena » Exploring opportunities to acquire assets in international markets during the next 24 months » Have historically paid 6.0x-8.0x normalized annual EBITDA

q

» We target niche assets with sub-100,000 bpd capacities » We target assets with crude slate advantages and proven distribution networks » We target assets that are distressed, underperforming or have a unique competitive advantage H hi t i ll id 2 0 4 0 li d l EBITDA

Our View of Other, “Non-Traditional” Acquisition Opportunities

» Have historically paid 2.0x-4.0x normalized annual EBITDA » We target opportunities in the midstream » We target opportunities that include advanced technologies We target opportunities that include advanced technologies » We consider both domestic and international opportunities

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NASDAQ: CLMT | INVESTOR PRESENTATION

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Section 3 | Investing in Organic Growth

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C it l S di (Hi t i l/F t) Capital Spending (Historical/Forecast)

2013 projected to be abnormal year for CAPEX Planned turnarounds at Superior and Montana Annual Historical and Forecasted Capital Spending ($MM) Estimated normalized CAPEX = $40 mm/year This includes maintenance/environmental expenditures Presently, no major regulatory mandates on deck No expected material impact from EPA’s proposed Tier III standards Annual Historical and Forecasted Capital Spending ($MM)

Replacement Environmental Turnarounds

$127 $43 $38 $35

2009 2010 2011 2012 2013 (est.)

$22 $35

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NASDAQ: CLMT | INVESTOR PRESENTATION

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$420 MM f Pl d G th CAPEX $420 MM of Planned Growth CAPEX

$420 million of high-return growth projects Discretionary projects above/beyond CAPEX budget Forecasted Capital Spending on Key Growth Projects During the Next 12-24 Months ($MM) Expect to complete projects in 12-24 months Anticipate 2-4 year payback on $420 million capital investment

$420 $

(1) Montana Refinery Expansion (2) Dakota Prairie Refinery (3) MO Esters Plant

$220‐260

( ) Expansion (4) Lake Superior Crude Loading Dock (5) San Antonio Fuels Upgrade and Expansion

  • Est. Growth CAPEX (Next 24 Months)
  • Est. (Annual) EBITDA Contribution Upon Completion

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NASDAQ: CLMT | INVESTOR PRESENTATION

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G t F ll MT R fi E i Great Falls, MT Refinery Expansion

Project Overview » Increasing crude unit throughput capacity from 10,000 to 20,000 bpd g g p p y , , p » Construction includes a new 20,000 BPD crude unit; have purchased a 25,000 bpd hydrocracker (from Alon) » New product slate will be mostly gasoline, diesel, jet fuel and diluent; selling into net-short regional markets » We forecast the total cost of the Montana expansion to be $275 million with expected completion by 3Q15 » We forecast annual Adjusted EBITDA contribution from this project should be $130-140 MM » We forecast annual Adjusted EBITDA contribution from this project should be $130-140 MM Montana Refinery Expansion - Projected Cost/Benefit Comparison ($MM)

$275 2 year payback $130-140 Capital Cost - Montana Expansion Annual Adjusted EBITDA Contribution

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NASDAQ: CLMT | INVESTOR PRESENTATION

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Dakota Prairie ND Refinery (50/50 JV) Dakota Prairie, ND Refinery (50/50 JV)

Project Overview » Greenfield construction of a 20,000 bpd refinery – Joint Venture with MDU Resources, Inc. (NYSE: MDU) Sit id t B kk d il (d li d b i li ) i t d t ll B kk d » Site provides access to Bakken crude oil (delivered by pipeline) – intend to run all Bakken crude » ND diesel demand is 50,000 bpd; state imports diesel for half this demand; market is net-short » Product slate should be 1/3 distillates; 1/3 naphtha; 1/3 atmospheric tower bottoms (ATBs); online by 4Q14 (est.) » Total cost to CLMT is estimated at $75 million cash, plus JV term loan service; primarily fixed bid project Dakota Prairie Refinery – Projected Cost/Benefit Comparison ($MM)

$300 Less than 3-4 year payback $70-90 Capital Cost - Dakota Prairie Construction Annual Adjusted EBITDA Contribution MDU and CLMT will split

  • Adj. EBITDA 50/50

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NASDAQ: CLMT | INVESTOR PRESENTATION

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L i i MO E t Pl t E i Louisiana, MO Esters Plant Expansion

Project Overview » Project intended to more than double esters production from 35 to 75 million lbs. per year j p p y » We are currently selling all of the production we make; opportunity to expand customer/product mix » All of the major equipment is ordered for the expansion » We forecast the total cost of the esters project is $30-40 mm; project expected to come online by 2Q14 » We forecast annual Adjusted EBITDA contribution from this project should be $10 mm » We forecast annual Adjusted EBITDA contribution from this project should be $10 mm Missouri Esters Plant Expansion - Projected Cost/Benefit Comparison ($MM)

$30-40

3-4 year payback

$10

3 4 year payback

Capital Cost - MO Esters Plant Expansion Annual Adjusted EBITDA Contribution

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NASDAQ: CLMT | INVESTOR PRESENTATION

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L k S i C d Oil L di D k Lake Superior Crude Oil Loading Dock

Project Overview » Concept involves the transport of crude from the Enbridge Pipeline to a dock off the coast of Lake Superior » Would ship to regional third-party refineries, to the East Coast and/or to the Chicago market » Have strong indications of interest from customers; permitting with Wisconsin DNR is the next step » We forecast the total cost of the loading dock project is $20 million » We forecast annual EBITDA contributions will fluctuate depending on volumes sold

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NASDAQ: CLMT | INVESTOR PRESENTATION

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S A t i TX R fi F l U d San Antonio, TX Refinery Fuels Upgrade

Project Overview » We are selling gasoline blendstocks at San Antonio that are priced at a steep discount to finished gasoline g g p p g » Beginning in 4Q13, we expect to begin blending heavy reformates, light naphtha and ethanol to produce 3,000- 4,000 bpd of finished gasoline » We forecast the total cost of the blending project is $5 mm » We forecast annual EBITDA contribution from this project should be ~$7 to $12 mm annually j y San Antonio Fuels Upgrade – Projected Cost/Benefit Comparison ($MM)

$7-12 Less than 1 year payback $5 payback Capital Cost - Gasoline Blending Project Annual Adjusted EBITDA Contribution

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NASDAQ: CLMT | INVESTOR PRESENTATION

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S A t i TX R fi E i San Antonio, TX Refinery Expansion

Project Overview » We intend to increase crude unit capacity at the San Antonio refinery from 14,500 bpd to 17,500 bpd p y y , p , p » Incremental production will be a combination of jet fuel, diesel fuel and gasoline » Project slated for completion before year-end 2013 » We forecast the total cost of the project to be ~$9 mm » We forecast total annual Adjusted EBITDA contribution from the project to be ~$5-10 mm » We forecast total annual Adjusted EBITDA contribution from the project to be ~$5-10 mm San Antonio Crude Unit Capacity Expansion - Projected Cost/Benefit Comparison ($MM)

$5-10 1-2 year payback $9 Capital Cost - San Antonio Crude Unit Expansion Annual Adjusted EBITDA Contribution

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NASDAQ: CLMT | INVESTOR PRESENTATION

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Section 4 | Disciplined Capital Management

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G i Adj t d EBITDA d DCF Growing Adjusted EBITDA and DCF

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

$151 $138 $211 $405 $415 $99 $76 $127 $281 $268

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

2009 2010 2011 2012 LTM (3/31/13) $76 2009 2010 2011 2012 LTM (3/31/13)

1 9 x $61 $66 $94 $149 $171 1.6 x 1.2 x 1.4 x 1.9 x 1.6 x $61 $66 2009 2010 2011 2012 LTM (3/31/13) 2009 2010 2011 2012 LTM (3/31/13)

(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 34

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K C dit St ti ti Key Credit Statistics

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

3 7 x 50% 45% 49% 45% 50% 46% 3.7 x 2.7 x 2.7 x 2.8 x 2.2 x 2.2 x

Revolver Availability ($MM) Fixed Charge Coverage Ratio

YE 2008 YE 2009 YE 2010 YE 2011 YE 2012 3/31/2013 YE 2008 YE 2009 YE 2010 YE 2011 YE 2012 3/31/2013 4 7 x $341 $355 $483 3.8 x 4.4 x 4.3 x 4.3 x 4.7 x 4.5 x $52 $107 $145 YE 2008 YE 2009 YE 2010 YE 2011 YE 2012 3/31/2013 YE 2008 YE 2009 YE 2010 YE 2011 YE 2012 3/31/2013

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NASDAQ: CLMT | INVESTOR PRESENTATION

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Ri k M t P Risk Management Program

O h d i t t i d i d t d h fl l tilit f th d l i b i We use commodity hedging to mitigate business risk » Our hedging strategy is designed to reduce cash flow volatility from the underlying business » We do not take speculative positions » We have a collateral trust agreement in place with hedging counterparties and BP(1)

  • Risks: Long-term exposure to crack spreads
  • Risk Mitigation Strategy: Lock in crack spread up to 5 years for

up to 75% of anticipated fuels production; hedge fuel products and WTI Fuel Products

  • Risks: Exposure to changes in natural gas prices
  • Risk Mitigation Strategy: Lock in winter prices through swaps;

Natural Gas

  • Risk Mitigation Strategy: Lock in winter prices through swaps;

hedge up to 75% of anticipated requirements

(1) Counterparties have first lien on property, plant and equipment; approach allows Calumet to execute a longer-term hedging program while mitigating liquidity risk of margining and enhances open line of credit for crude supply

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Ri k Miti ti Th h H d i Risk Mitigation Through Hedging

Provides added stability to cash flows Engage in crude, gasoline, diesel and jet fuel swaps to hedge fuel crack spreads Hedging program extends to 2016 Hedging program helps to reduce cash flow volatility Hedging program extends to 2016 Hedging program helps to reduce cash flow volatility Calumet Has Hedged Varying Levels of Production Through 2016 (as of March 31, 2013)

$32 00 25 000 Avg Barrels Per Day Avg Crack Spread 22,465 bpd @ $31.21 14 000 bpd @ $26 70 $29.00 $30.00 $31.00 $32.00 15 000 20,000 25,000 d per Barrel Per Day

  • Avg. Barrels Per Day
  • Avg. Crack Spread

14,000 bpd @ $26.70 13,100 bpd @ $26.32 $25 00 $26.00 $27.00 $28.00 000 10,000 15,000 erage Crack Spread Average Barrels P 1,000 bpd @ $26.55 $23.00 $24.00 $25.00 5,000 2013 2014 2015 2016 Ave

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NASDAQ: CLMT | INVESTOR PRESENTATION

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C ti D bt P fil Conservative Debt Profile

Target Debt/LTM Adj. EBITDA of less than 3.5x At 2.2x as of 3/31/13 Target debt/capitalization less than/equal to 50% At 46% as of 3/31/13

ABL Revolver Borrowings

  • Sr. Secured Term Loan
  • Sr. Unsecured Notes (2019)
  • Sr. Unsecured Notes (2020)

Capital Leases

Consolidated Debt Overview ($MM) Target debt/capitalization less than/equal to 50% At 46% as of 3/31/13

$700 $800 $900 $1,000 $601 mm $881 mm $910 mm $300 $400 $500 $600 $380 mm $601 mm $0 $100 $200 4Q10 4Q11 4Q12 1Q13

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NASDAQ: CLMT | INVESTOR PRESENTATION

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$850 MM ABL R l i C dit F ilit $850 MM ABL Revolving Credit Facility

Ample liquidity under our ABL Revolver $483 MM of availability as 3/31/13 Availability continues to increase Between 4Q12 and 1Q13 availability increased by 36% Commitments and Availability Under the $850 MM ABL Revolver Availability continues to increase Between 4Q12 and 1Q13, availability increased by 36%

Availability Commitments $850 $600 $700 $800 $900 $483 $200 $300 $400 $500 $0 $100 $200 4Q08 4Q09 4Q10 4Q11 4Q12 1Q13

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NASDAQ: CLMT | INVESTOR PRESENTATION

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R t Fi i A ti iti Recent Financing Activities

Raised more than $1.7 billion since 2011 Proceeds to fund Superior, Royal Purple; debt reduction Combined Equity and Debt Capital Raises By Year ($MM): IPO To-Date Equity/Debt markets remain accessible We remain focused on reducing our cost of capital

$909 $250 $385 $428 $409 $104 $55 $0 2006 2007 2008 2009 2010 2011 2012 2013

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NASDAQ: CLMT | INVESTOR PRESENTATION

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P bli P li R l t d I Public Policy-Related Issues

Understanding The Impact of RINs » RINs (“Renewable Identification Numbers”) obligation represents a liability to satisfy the EPA requirement to ( ) g p y y q blend biofuels into the fuel products it produces pursuant to the EPA’s Renewable Fuel Standard. » To the extent The Partnership is unable to blend biofuels at that rate, it must purchase RINs in the open market to satisfy the annual requirement. » We anticipate RIN purchases will cost Calumet $32-40 million annually. Understanding the Impact of EPA’s Proposed Tier III Standards » EPA has instituted a proposed regulation that gasoline contain no more than 10 parts per million of sulfur on an annual average basis by January 1, 2017. » Calumet's current facilities which produce gasoline do so in accordance with current regulatory standards » Calumet s current facilities which produce gasoline do so in accordance with current regulatory standards and The Partnership intends to fully comply with any updated standards. » The proposed updated standards are not expected to have a material financial impact to Calumet.

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NASDAQ: CLMT | INVESTOR PRESENTATION

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Conclusion

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Q&A Q&A

Asset diversity across specialty p y products & fuels Balanced mix of high-growth and mature businesses Disciplined capital management, growing unit distribution atu e bus esses distribution Significant, high- return organic growth projects Seasoned operator with strong safety/compliance record Proven acquirer of high-return, complementary assets

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NASDAQ: CLMT | INVESTOR PRESENTATION

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Appendix

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P t hi O i 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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D fi i O A i iti C it i Defining Our Acquisition Criteria

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NASDAQ: CLMT | INVESTOR PRESENTATION

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B l d C it l St t Balanced Capital Structure

$ millions 12/31/10 12/31/11 12/31/12 3/31/13 Cash and Cash Equivalents

  • $

0.1 $ 32.2 $ 10.5 $ ABL Revolver Borrow ings 10.8 $

  • $
  • $

29.2 $ Senior Secured Term Loan 367.4 $

  • $
  • $
  • $

Senior Unsecured Notes due 2019

  • $

600.0 $ 600.0 $ 600.0 $ Senior Unsecured Notes due 2020

  • $
  • $

275.0 $ 275.0 $ Capital Leases 1 8 $ 0 8 $ 5 5 $ 5 3 $ Capital Leases 1.8 $ 0.8 $ 5.5 $ 5.3 $ Total Debt 380.0 $ 600.8 $ 880.5 $ 909.5 $ Partners’ Capital 398.3 $ 728.9 $ 889.8 $ 1,060.9 $ Total Capitalization 778.3 $ 1,329.7 $ 1,770.3 $ 1,970.4 $ LTM Adjusted EBITDA $138.5 $211.1 $404.6 $414.9 Total Debt / LTM Adjusted EBITDA 2.7x 2.8x 2.2x 2.2x Total Debt / Total Capitalization 49% 45% 50% 46%

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NASDAQ: CLMT | INVESTOR PRESENTATION

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SLIDE 48

Adj t d EBITDA R ili ti Adjusted EBITDA Reconciliation

LTM $ in millions 2008 2009 2010 2011 2012 3/31/13 Sales 2,489 $ 1,847 $ 2,191 $ 3,135 $ 4,657 $ 4,806 $ Cost of sales 2,235 1,673 1,992 2,861 4,144 4,243 Year Ended December 31, , , , , , , Gross profit 254 173 199 274 513 563 Selling, general and administrative 34 33 35 51 102 125 Transportation 85 68 85 94 108 116 Taxes other than income taxes 5 4 5 6 9 10 Insurance recoveries

  • (9)
  • Other

2 1 2 7 8 7 Total operating expenses 125 106 127 149 228 259 Total operating expenses 125 106 127 149 228 259 Operating income (loss) 129 67 71 125 286 305 Other expenses (income) 84 5 54 81 79 104 Income tax expense

  • 1

1 1 1 Net income 44 $ 62 $ 17 $ 43 $ 206 $ 200 $ Interest expense and debt extinguishment costs 35 34 30 64 86 92 Depreciation and amortization 56 62 60 63 92 102 p Income tax expense

  • 1

1 1 1 EBITDA 135 $ 157 $ 108 $ 171 $ 384 $ 394 $ Hedging adjustments - non-cash (12) (14) 19 21 (1) (4) 3 8 12 19 22 25 Adjusted EBITDA 127 $ 151 $ 138 $ 211 $ 405 $ 415 $ R l t d i t l it l dit

(1)

(6) (16) (24) (24) (28) (39) Amortization of turnaround costs and non-cash equity based compensation and other non-cash items Replacement and environmental capital expenditures (1) (6) (16) (24) (24) (28) (39) Cash interest expense (31) (30) (27) (45) (79) (85) Turnaround costs (11) (7) (11) (14) (15) (21) Income tax expense

  • (1)

(1) (1) (1) Distributable Cash Flow 78 $ 99 $ 76 $ 127 $ 281 $ 268 $

(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.

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SLIDE 49

R t Fi i A ti iti Recent Financing Activities

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NASDAQ: CLMT | INVESTOR PRESENTATION

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SLIDE 50

For information please contact: For information, please contact: Noel Ryan Di t I t /M di R l ti Director, Investor/Media Relations 317-328-5660 noel.ryan@clmt.com y @

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NASDAQ: CLMT | INVESTOR PRESENTATION