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

NOV EMBER 2015

Investor Presentation

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Forward-Looking Statements

This Presentation has been prepared by Calumet Specialty Products Partners, L.P. (the “Company” or “Calumet”) as of November 9, 2015. The information in this Presentation includes certain “forward-looking statements”. These statements can be identifjed by the use of forward-looking terminology including “may,” “intend,” “believe,” “expect,” “anticipate,” “estimate,” “forecast,” “continue” or other similar words. The statements discussed in this Presentation that are not purely historical data are forward-looking statements. These forward-looking statements discuss future expectations or state other “forward-looking” information and involved risks and uncertainties. When considering forward-looking statements, you should keep in mind the risk factors and other cautionary statements included in our most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. The risk factors and other factors noted in our most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q could cause our actual results to differ materially from those contained in any forward-looking statement. Our forward-looking statements are not guarantees of future performance, and actual results and future performance may differ materially from those suggested in any forward-looking statement. All subsequent written and oral forward-looking statements attributable to us or to persons acting on our behalf are expressly qualifjed in their entirety by the foregoing. Existing and prospective investors are cautioned not to place undue reliance on such forward-looking statements, which speak only as of the date of this Presentation. We undertake no obligation to publicly release the results of any revisions to any such forward-looking statements that may be made to refmect events or circumstances after the date of this Presentation or to refmect the occurrence of unanticipated events. The information contained herein has been prepared to assist interested parties in making their own evaluation of the Company and does not purport to contain all of the information that an interested party may desire. In all cases, interested parties should conduct their own investigation and analysis

• f the Company, its assets, fjnancial condition and prospects and of the data set forth in this Presentation. This Presentation shall not be deemed an

indication of the state of affairs of the Company, or its businesses described herein, at any time after the date of this Presentation nor an indication that there has been no change in such matters since the date of this Presentation. This Presentation and any other information which you may be given at the time of presentation, in whatever form, do not constitute or form part of any

• 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

• f its offjcers 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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Calumet at a Glance

Fixed-distribution Master Limited Partnership founded in 1990; IPO in 2006 Approximately $482.0 million in LTM Adjusted EBITDA*† and $4.7 billion in annual sales* 14 production facilities with approximately 182,000 bpd

• f capacity

Produce nearly 5,000 specialty products sold to ~6,400 global customers Founding families

• wn 100% of

General Partner; 22% of Limited Partner Units STEADY QUARTERLY CASH DISTRIBUTION GROWING ADJUSTED EBITDA GEOGRAPHICALLY DIVERSE MARKET LEADER COMMITTED SPONSORS

* LTM as of 9/30/15 † Excluding special items

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Our Geographic Footprint

STORAGE

In total, we have approximately 13.2 million barrels of aggregate storage capacity at our facilities and leased storage locations

SPECIALTY PRODUCTS SEGMENT

Ten specialty products facilities that manufacture more than 6,000 products for global customers

FUEL PRODUCTS SEGMENT

Four fuel products refjneries with access to cost-advantaged Canadian and domestic shale-based feedstocks

OILFIELD SERVICES SEGMENT

More than 30 facilities serving ~300 E&P customers that operate in key shale plays in North America

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Nearly 5,000 Specialty Products – Wide Variety of Applications

LUBRICATING OILS

Hydraulic oils Passenger car motor oils Railroad engine oils Cutting oils Compressor oils Metalworking fluids Transformer oils Rubber process oils Industrial lubricants Gear oils and grease Automatic transmission fluids Animal feed dedusting Baby oils Bakery pan oils Catalyst carriers Gelatin capsule lubricants Sunscreen

WAXES

Paraffin waxes FDA-compliant products Candles Adhesives Crayons Floor care PVC Paint strippers Skin & hair care Timber treatment Waterproofing Pharmaceuticals Cosmetics

SOLVENTS

Waterless hand cleaners Alkyd resin diluents Automotive products Calibration fluids Camping fuel Charcoal lighter fluids Chemical processing Drilling fluids Printing inks Water treatment Paint and coatings Stains

OILFIELD SERVICES OTHER

Drilling fluids Completion fluids Production chemicals Solids control Low-temperature aviation oil Synthetic lubricants

• f total production1

PACKAGED & SYNTHETIC SPECIALTY PRODUCTS

Refrigeration compressor oils Positive displacement and roto-dynamic compressor oils Commercial and military jet engine oil Lubricating greases and gear oils Aviation hydraulic oils High-performance small engine fuels Two-cycle and four-stroke engine oils High-performance auto engine oils High-performance industrial lubricants High-temp chain lubricants Food contact grade lubricants Charcoal lighter fluids Engine treatment additives

FUELS & ASPHALT

Gasoline Diesel Jet fuel Marine diesel fuel Biodiesel Ethanol Ethanol-free fuels Fluid catalytic cracking feedstock Asphalt vacuum residuals Mixed butanes Roofing Paving Heavy fuel oils

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Diverse Specialty Products Customer Base

Long-term relationships; low customer concentration No single customer is more than 10% of sales High barriers to entry

Historical international sales CAGR in excess of 50%

Offer a diverse range of specialty products

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3Q15 PERFORMANCE SUMMARY

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Fifth Consecutive Quarter of Approximately $100+ Million of Adjusted EBITDA

50,000 100,000 150,000 $0 $50 $100 $150

$110.7 $136.1 $124.9 $95.0 $131.7

INCREASED OPERATIONAL RELIABILITY HAS SUPPORTED FIVE CONSECUTIVE QUARTERS OF APPROXIMATELY $100 MM+ ADJUSTED EBITDA(1)

FUEL PRODUCTS PRODUCTION (BPD)

Adjusted EBITDA ($ in millions) Barrels per Day

SPECIALTY PRODUCTS PRODUCTION (BPD) ADJUSTED EBITDA ($MM), EXCLUDING SPECIAL ITEMS 3Q14(1) 4Q14(1) 1Q15 2Q15 3Q15(1)

INCREASED CONTRIBUTIONS FROM FUEL PRODUCTS SEGMENT DROVE Y/Y IMPROVEMENT IN TOTAL ADJUSTED EBITDA ($MM)(1)

3Q14 3Q15

$64.1 $61.1 $29.3 $72.9

$17.3 ($2.3)

$110.7 $131.7

Specialty Products Fuel Products Oilfjeld Services Total Adjusted EBITDA

(1) Excludes special items

Record Third Quarter Adjusted EBITDA, excluding special items

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Specialty Products Margins Benefit From Lower Crude Oil Prices

SIGNIFICANT Y/Y INCREASE IN FUEL PRODUCTS MARGINS DRIVEN BY ELEVATED REFINED PRODUCT PRICES IN THE MID-CONTINENT ($ PER BARREL) NICHE MARKET ADVANTAGE – AVERAGE SALES PRICE PER SPECIALTY PRODUCTS BARREL SOLD LAGS PRICE DECLINE IN WTI ($ PER BARREL)

$42.53 $44.30 $3.81 $10.30 $3.29 $10.22

Specialty Products Segment Gross Profjt Per Barrel (excludes LCM Inventory Adjustment) Fuel Products Segment Gross Profjt Per Barrel (includes Hedging, excludes LCM Inventory Adjustment) Fuel Products Segment Gross Profjt Per Barrel (excludes Hedging & LCM Inventory Adjustment) 3Q14 3Q15

50 100 150 200

3Q14 4Q14 1Q15 2Q15 3Q15

• Avg. Sales Price Per

Specialty Products Barrel

• Avg. Sales Price Per

Fuel Products Barrel (Excluding Hedging)

• Avg. WTI per Barrel ($)

Specialty Products Demand Premium Pricing

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Organic Growth Projects Near Completion

■

Calumet has three organic growth projects that are slated to reach completion by year-end 2015. The total estimated annualized Adjusted EBITDA contribution from these three projects is in excess of $100 million upon startup, subject to market conditions.

■

The expansion of the Great Falls, Montana refjnery from a nameplate capacity of 10,000 bpd to 25,000 bpd. The Great Falls, Montana refjnery expansion is scheduled to reach completion by December 2015. We currently anticipate that the refjnery will begin producing at increased rates throughout the fjrst quarter 2016, with the intent to increase production to full rates by late in the fjrst quarter 2016.

■

The more than doubling of production capacity at the Missouri esters plant to 75 million pounds per year. The Partnership anticipates that the Missouri esters plant will be completed during the fourth quarter 2015, at which time Calumet intends to ramp up sales volumes to customers.

■

The conversion of a portion of ultra-low sulfur diesel production at the San Antonio refjnery to 3,000 bpd of higher-value

• solvents. The San Antonio refjnery is slated to begin the sale of low aromatic solvents to both domestic and international

markets during the fourth quarter 2015.

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3Q15 FINANCIAL ANALYSIS

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Adjusted EBITDA Bridge – 3Q14 vs. 3Q15 ($MM)

3Q14 Adj EBITDA Specialty Margin RINs Volume Other Fuels Margin OFS Margin LCM Inventory Adjustment Transportation Hedging 3Q15 Adj EBITDA* JV Loss

$107.5 $7.2 $7.6 $64.6 ($4.4) ($5.7) ($7.7) ($9.2) ($11.2) ($17.8) ($55.5) $75.4

* Includes special items

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Reconciliation of Distributable Cash Flow

0.1x 0.1x 0.7x 1.0x 1.8x 1.6x 0.8x 1.1x

($32.1) ($9.4) $3.6 $10.0 $9.4 ($27.4) $25.7

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($8.9) $21.0

Y/Y CHANGE IN DRIVERS OF DISTRIBUTABLE CASH FLOW – 3Q14 VS. 3Q15 ($MM) (1)

(1) Distributable Cash Flow (“DCF”) is calculated by taking Adjusted EBITDA less replacement/environmental CAPEX, cash interest expense, loss from unconsolidated affjliates, turnaround costs and income tax expense (benefjt). Replacement capital expenditures are defjned as those capital expenditures which do not increase operating capacity or reduce operating costs and exclude turnaround costs. Environmental capital expenditures include asset additions to meet or exceed environmental & operating regulations. Cash interest expense represents consolidated interest expense less non-cash interest expense and excludes capitalized interest. (2) The Distribution Coverage Ratio is a non-GAAP measure that divides the total distributable cash fmow available for payment to unitholders by actual cash

• distributions. A ratio of above 1.0x implies that the Partnership had suffjcient DCF to “cover” its distribution.

(3) Excluding special items

DISTRIBUTION COVERAGE RATIO REMAINING ABOVE 1.0X ON A TRAILING FOUR-QUARTER BASIS (2)

Adjusted EBITDA Adjusted EBITDA, excluding special items(3) Rep./Env. CAPEX Cash Interest Expense Turnaround Costs Income Tax Benefjt DCF DCF, excluding special items(3) 2013 (Avg.), excluding special items(3) 2014 (Avg.), excluding special items(3) 2013 (Avg.) 2014 (Avg.) 3Q15 3Q15, excluding special items(3) LTM Avg. (4Q14-3Q15) LTM Avg. (4Q14-3Q15), excluding special items(3) Loss from Unconsolidated Affjliates

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Historical Fuel Products Refining Data

STRONG GASOLINE MARGINS SUPPORTED THE 2/1/1 CRACK SPREAD IN 3Q15 ($ PER BARREL) WCS AND BAKKEN CRUDE OIL PRICE DIFFERENTIALS WIDENED BETWEEN 2Q15 AND 3Q15 ($ PER BARREL)

3Q14 2Q15 3Q15

• Avg. Gulf Coast 2/1/1 Crack Spread ($/bbl)

3Q14

• Avg. ULSD Crack ($/bbl)

2Q15

• Avg. Gulf Coast Gasoline Crack ($/bbl)

3Q15

$19 $22 $20 $17 $24 $19 $25 $20 $18 $3 ($8) ($1) ($3) ($20) $4 $5 $4 ($9) ($14) $5 $3

Source: Bloomberg, Platts Data

Eagle Ford Less WTI ($/bbl) Bakken Less WTI ($/bbl) WCS Less WTI ($/bbl) LLS Less WTI ($/bbl)

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Access to Liquidity Supports Current Operations

$320 $317

TOTAL AVAILABLE LIQUIDITY (CASH + REVOLVER) ($MM)

As of 12/31/14 As of 9/30/15

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Key Credit Metrics

DEBT TO CAPITAL RATIO

52% 60% 63% 64% 68% 67% 66% 69%

REVOLVER AVAILABILITY ($MM)

$472 $534 $694 $557 $311 $452 $423 $311

(1) Fixed Charge Coverage Ratio is defjned as Adjusted EBITDA divided by consolidated interest expense (plus capitalized interest), both of which have not been pro-forma adjusted for acquisitions or refjnancing activity (2) Excluding special items

YE2013 3/31/14 6/30/14 9/30/14 12/31/14 3/31/15 6/30/15 9/30/15 YE2013 3/31/14 6/30/14 9/30/14 12/31/14 3/31/15 6/30/15 9/30/15

DEBT TO LTM ADJUSTED EBITDA (LEVERAGE) RATIO

4.7 x 6.3 x 7.4 x 6.0 x 4.8 x 4.3 x 4.7 x 3.6 x 5.6 x

FIXED CHARGE COVERAGE RATIO (1)

2.4 x 2.3 x 1.9 x 2.4 x 2.5 x 2.7 x 3.1 x 2.8 x 3.6 x YE2013 3/31/14 6/30/14 9/30/14 12/31/14 3/31/15 6/30/15 9/30/15 9/30/15(2) YE2013 3/31/14 6/30/14 9/30/14 12/31/14 3/31/15 6/30/15 9/30/15 9/30/15(2)

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VOLUME

• AVG. IMPLIED CRACK

Gasoline 0.8 $8.06

VOLUME

• AVG. IMPLIED CRACK

Diesel 2.9 $17.48

VOLUME

• AVG. IMPLIED CRACK

Diesel 1.6 $18.05

VOLUME % OF WTI

Diesel 0.1 32.5%

VOLUME % OF WTI

Diesel 2.2 31.8%

Multi-Year Hedging Program Helps Mitigate Market Risk

WE ENGAGE IN A STRATEGY THAT USES VARIOUS DERIVATIVE INSTRUMENTS TO HELP MITIGATE VOLATILITY IN OUR FUEL PRODUCTS SEGMENT

Lock in a fjxed gross profjt per barrel on a fjxed volume of anticipated fuels production Lock in a fjxed percentage of gross profjt on gasoline, diesel and jet fuel in excess of the fmoating value

• f a barrel of WTI crude oil on a fjxed volume of

anticipated fuels production APPROACH SELECT POSITIONS AS OF SEPTEMBER 30, 2015

“CRACK SPREAD” HEDGE “PERCENTAGE” HEDGE

4Q15 4Q15 2016 2016 2017 VOLUME IN MILLIONS OF BARRELS VOLUME IN MILLIONS OF BARRELS

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Spending on Growth Projects Represents More Than 65% of Estimated 2015 CAPEX

Capital Improvement Expenditures Replacement/Environmental Expenditures Turnaround Expenditures Joint Venture Contributions (including Dakota Prairie Refinery and Juniper GTL projects)*

$110 $64 $69 $32 $284 $32 $28 $105 $270 $50- $55 $20- $25 $30

2013 2014 2015 (Est.)

2013 Capital Spending: $275 Million 2014 Capital Spending: $450 Million 2015 Capital Spending (Est.): $370-380 Million

* Includes construction costs only

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APPENDIX Supplemental Financial Data

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EXHIBIT A: Capital Structure Overview

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EXHIBIT B: Reconciliation of Adjusted EBITDA and Distributable Cash Flow

(1) Replacement capital expenditures are defjned as those capital expenditures which do not increase operating capacity or reduce operating costs and exclude turnaround costs. Environmental capital expenditures include asset additions that meet or exceed environmental and operating regulations. Investors may refer to our Quarterly Reports on Form 10-Q or quarterly earnings releases for a reconciliation of distributable cash fmow to net cash provided by (used in)

• perating activities.

Note: Sum of individual line items may not equal subtotal or total amounts due to rounding.

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EXHIBIT C: Reconciliation of Special Items – Consolidated

Note: Sum of individual line items may not equal subtotal or total amounts due to rounding.

$ in millions 2015 2014 2015 2014 Reconciliation of Net income (loss) to EBITDA, Adjusted EBITDA and Adjusted EBITDA, Excluding Special Items: Net income (loss) (49) $ 9 $ (23) $ (49) $ Add: Interest expense 26 28 80 83 Debt extinguishment costs — — 47 90 Depreciation and amortization 36 35 107 101 Income tax expense (benefit) (8) 2 (22) — EBITDA 5 $ 76 $ 190 $ 226 $ Add: Unrealized (gain) loss on derivative instruments 5 26 28 (23) Realized gain (loss) on derivatives, not included in net income (loss) or settled in a prior period (2) (3) (8) — Amortization of turnaround costs 7 6 19 18 Asset impairment 58 — 58 — Non-cash equity based compensation and other non-cash items 3 3 9 8 Adjusted EBITDA 75 $ 108 $ 295 $ 230 $ Special item: LCM inventory adjustment 56 3 51 — Adjusted EBITDA, Excluding Special Items 132 $ 111 $ 346 $ 230 $ Less: Replacement and environmental capital expenditures 16 $ 7 $ 34 $ 24 $ Cash interest expense 23 27 75 78 Turnaround costs 9 — 15 23 Loss from unconsolidated affiliates (10) (1) (23) (2) Income tax expense (benefit) (8) 2 (22) — Distributable cash flow, excluding special items 101 $ 76 $ 267 $ 107 $ Three Months Ended September 30, Nine Months Ended September 30, (Unaudited) (Unaudited)

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EXHIBIT D: Reconciliation of Special Items – Segment

Three ¡Months ¡Ended ¡September ¡30, ¡2015 ¡ Three ¡Months ¡Ended ¡September ¡30, ¡2014 ¡ $ ¡in ¡millions ¡ (Unaudited) ¡ (Unaudited) ¡ Specialty ¡ Products ¡ Fuel ¡Products ¡ Oilfield ¡ Services ¡ Consolidated ¡ Specialty ¡ Products ¡ Fuel ¡Products ¡ Oilfield ¡ Services ¡ Consolidated ¡ Adjusted ¡EBITDA ¡ ¡$48.9 ¡ ¡ ¡$27.0 ¡ ¡ ¡$(0.5) ¡ ¡$75.4 ¡ ¡ ¡$62.8 ¡ ¡ ¡$27.4 ¡ ¡ ¡$17.3 ¡ ¡ ¡$107.5 ¡ ¡ Special ¡items: ¡ LCM ¡inventory ¡adjustment ¡ ¡12.2 ¡ ¡ ¡45.9 ¡ ¡ ¡(1.8) ¡ ¡56.3 ¡ ¡ ¡1.3 ¡ ¡ ¡1.9 ¡ ¡ ¡-­‑ ¡ ¡ ¡ ¡3.2 ¡ ¡ Adjusted ¡EBITDA, ¡excluding ¡special ¡items ¡ ¡$61.1 ¡ ¡ ¡$72.9 ¡ ¡ ¡$(2.3) ¡ ¡$131.7 ¡ ¡ ¡$64.1 ¡ ¡ ¡$29.3 ¡ ¡ ¡$17.3 ¡ ¡ ¡$110.7 ¡ ¡ Three ¡Months ¡Ended ¡September ¡30, ¡2015 ¡ Three ¡Months ¡Ended ¡September ¡30, ¡2014 ¡ (Unaudited) ¡ (Unaudited) ¡ Specialty ¡ Products ¡ Fuel ¡Products ¡ Oilfield ¡ Services ¡ Consolidated ¡ Specialty ¡ Products ¡ Fuel ¡Products ¡ Oilfield ¡ Services ¡ Consolidated ¡ Gross ¡profit ¡ ¡$90.3 ¡ ¡ ¡$56.9 ¡ ¡ ¡$17.6 ¡ ¡ ¡$164.8 ¡ ¡ ¡$99.4 ¡ ¡ ¡$36.9 ¡ ¡ ¡$46.3 ¡ ¡ ¡$182.6 ¡ ¡ Special ¡items: ¡ LCM ¡inventory ¡adjustment ¡ ¡12.2 ¡ ¡ ¡46.5 ¡ ¡ ¡(1.8) ¡ ¡56.9 ¡ ¡ ¡1.3 ¡ ¡ ¡1.9 ¡ ¡ ¡-­‑ ¡ ¡ ¡ ¡3.2 ¡ ¡ Gross ¡profit, ¡excluding ¡special ¡items ¡ ¡$102.5 ¡ ¡ ¡$103.4 ¡ ¡ ¡$15.8 ¡ ¡ ¡$221.4 ¡ ¡ ¡$100.7 ¡ ¡ ¡$38.8 ¡ ¡ ¡$46.3 ¡ ¡ ¡$185.8 ¡ ¡ Gross ¡profit, ¡excluding ¡hedging ¡and ¡excluding ¡special ¡items ¡ ¡$102.5 ¡ ¡ ¡$102.6 ¡ ¡ ¡$15.8 ¡ ¡ ¡$220.9 ¡ ¡ ¡$100.7 ¡ ¡ ¡$33.5 ¡ ¡ ¡$46.3 ¡ ¡ ¡$180.5 ¡ ¡ Total ¡specialty ¡and ¡fuel ¡products ¡sales ¡volume ¡ 2,314,000 ¡ 10,040,000 ¡

• ­‑ ¡

12,354,000 ¡ 2,368,000 ¡ 10,173,000 ¡

• ­‑ ¡

12,541,000 ¡ Gross ¡profit ¡per ¡barrel, ¡excluding ¡special ¡items ¡ ¡$44.30 ¡ ¡ ¡$10.30 ¡ ¡

• ­‑ ¡
• ­‑ ¡

¡$42.53 ¡ ¡ ¡$3.81 ¡ ¡

• ­‑ ¡
• ­‑ ¡

Gross ¡profit ¡per ¡barrel, ¡excluding ¡hedging ¡and ¡excluding ¡special ¡ items ¡ ¡$44.30 ¡ ¡ ¡$10.22 ¡ ¡

• ­‑ ¡
• ­‑ ¡

¡$42.53 ¡ ¡ ¡$3.29 ¡ ¡

• ­‑ ¡
• ­‑ ¡

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EXHIBIT E: Reconciliation of Special Items – Prior Years

Note: Sum of individual line items may not equal subtotal or total amounts due to rounding. Three Months Ended December 31, $ in millions 2014 2014 2013 Reconciliation of Net income (loss) to EBITDA, Adjusted EBITDA, Adjusted EBITDA, Excluding Special Items and Distributable Cash Flow, Excluding Special Items: (Unaudited) Net income (loss) (64) $ (112) $ 4 $ Add: Interest expense 28 111 97 Debt extinguishment costs — 90 15 Depreciation and amortization 38 139 118 Income tax benefit (1) (1) — EBITDA $ — 226 $ 233 $ Add: Unrealized (gain) loss on derivatives 23 1 (26) Realized gain (loss) on derivatives, not included in net income (loss) 7 7 (2) Amortization of turnaround costs 6 25 16 Asset impairment 36 36 11 Non-cash equity based compensation and other non-cash items 4 12 10 Adjusted EBITDA 76 $ 306 $ 242 $ Special items: Early settlement of certain derivative instruments (45) $ (45) $ $ — Cash gain related to the sale of RINs (18) (18) — LCM inventory adjustment 91 92 (2) LIFO liquidation (gain) loss 32 32 (4) Adjusted EBITDA, excluding special items 136 $ 367 $ 235 $ Less: Replacement and environmental capital expenditures 8 $ 32 $ 64 $ Cash interest expense 26 104 90 Turnaround costs 5 28 69 Loss from unconsolidated affiliates (1) (3) — Income tax benefit (1) (1) — Distributable Cash Flow, excluding special items 99 $ 207 $ 12 $ Year Ended December 31, (Unaudited)

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Broad Product Offering Provides Competitive Advantage

Fuel Products Naphthenic Paraffjnic Paraffjn Solvents Packaged and Oilfjeld Products Lubricating Lubricating Waxes Synthetic Specialty Services and By-Products Oils Oils Products CALUMET SPECIALTY PRODUCTS PARTNERS

• ExxonMobil
• Phillips 66
• Royal Dutch Shell
• Sonneborn Refjned Products
• HollyFrontier
• Chevron
• Marathon
• Alon USA
• Cenex
• Valero Energy
• Northern Tier Energy
• Flint Hills Resources
• Delek
• Martin Midstream Partners
• San Joaquin Refjning
• Cross Oil Refjning and Marketing
• Ergon Refjning
• Suncor/Petro-Canada
• Motiva Enterprises
• The International Group
• CITGO
• BP
• Ashland
• Schlumberger
• Buckeye
• Canadian Energy Services
• Newpark Resources
• Baker Hughes
• Halliburton

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Incoming CEO – Tim Go

Tim Go was appointed Chief Executive Offjcer of Calumet Specialty Products Partners, L.P., effective January 1, 2016.

■

As the CEO of Calumet, Mr. Go will lead the strategic growth and development of the Partnership and will be responsible for the Company’s fjnancial and operating performance.

■

• Mr. Go has more than 25 years of experience serving in executive-level

roles at leading global energy companies operating in the petroleum refjning and specialty products markets.

■

Previously, Mr. Go served as vice president, operations and as vice president, operations excellence at Flint Hills Resources, L.P., a wholly

• wned subsidiary of Koch Industries, Inc. Mr. Go also served on the Board
• f Directors of Koch Pipeline Company for 7 years.

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Earlier in his career, Mr. Go was employed at ExxonMobil Corporation for nearly 20 years, where he served in various operational leadership capacities and strategic planning roles.

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CONTACT INFORMATION Noel Ryan Vice President, Investor & Media Relations Direct | 720.583.0099 Email | noel.ryan@clmt.com