2013 CLMT Investor & Analyst Day

NASDAQ Market Site – New York

Forward-Looking Statements

NASDAQ: CLMT | INVESTOR & ANALYST DAY 2013

This Presentation has been prepared by Calumet Specialty Products Partners, L.P. (the “Company” or “Calumet”) as of June 10, 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-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 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.

2

Meeting Agenda

NASDAQ: CLMT | INVESTOR & ANALYST DAY 2013

» Introduction

» Section 1: Generating Balanced Growth

» Section 2: Building a Diversified Asset Portfolio

» Section 3: Investing In Organic Growth

» Section 4: Disciplined Capital Management

» Q&A

3

Introduction

NASDAQ: CLMT | INVESTOR & ANALYST DAY 2013

4

Presenting Executives Jennifer Straumins (President & Chief Operating Officer)

Background: Calumet, Exxon Chemical Co., Great Lakes Chemical Co.

Industry Experience: 16 years

Calumet Experience: 10 years; President/COO since 2011

Patrick Murray (SVP & Chief Financial Officer)

Background: Calumet, Arthur Andersen

Industry Experience: 17 years

Calumet Experience: 15 years; CFO since 1999

Timothy Barnhart (SVP - Operations)

Background: Calumet, Penreco, Pennzoil Products Co.

Industry Experience: 32 years

Calumet Experience: 4 years; Operations leader since 2009

Bryan Yourdon (VP, Packaging & Branded Products)

Background: Calumet, HOC Industries, The Hayes Company

Industry Experience: 10 years

Calumet Experience: 1 year

Noel Ryan (Director, Investor Relations)

Background: Calumet, Delek US Holdings, QEP Resources

Industry Experience: 9 years

Calumet Experience: Less than one year

NASDAQ: CLMT | INVESTOR & ANALYST DAY 2013

5

Section 1 | Generating Balanced Growth

NASDAQ: CLMT | INVESTOR & ANALYST DAY 2013

6

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%

of LP Units; actively engaged in Partnership management

NASDAQ: CLMT | INVESTOR & ANALYST DAY 2013

7

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

Investing in organic growth

Invested ~$760 mm in CAPEX since 2003; planned

investment of ~$420 mm in growth-CAPEX in next 2 years

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

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)

Diverse, growing asset base

Adjusted EBITDA grew by a CAGR of ~26% in the 2008-

2012 period to more than $400 mm in 2012

Safe and reliable operations

Several facilities with more than one million worker hours

without a lost time incident

NASDAQ: CLMT | INVESTOR & ANALYST DAY 2013

8

Our Growth Strategy

Grow through strategic

acquisitions in the specialty products market (targeting

customers, competitors)

Grow through the acquisition of niche facilities (focused on location, size and crude/pricing

advantages)

Grow through the development of new businesses

that can be included in MLP

qualifying income (midstream, GTL,

NGL)

Grow through investment in

organic projects – seek 2x-5x Adj.

EBITDA, depending on project size

NASDAQ: CLMT | INVESTOR & ANALYST DAY 2013

9

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.

10

Levered to the Mid-Continent & Gulf Coast

NASDAQ: CLMT | INVESTOR & ANALYST DAY 2013

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Balanced Production Slate Fuels and Specialty Products Each Comprise Roughly Half of Total Production

Lube Oils, Solvents, Diesel, Gasoline and Asphalt Comprise Most of Production in FY 2012

NASDAQ: CLMT | INVESTOR & ANALYST DAY 2013

Fuels 48%

Specialty 52%

FY 2011

Fuels 57%

Specialty 43%

FY 2012

Gasoline 45%

Diesel 41%

Jet 8%

Heavy fuel oils/other,

7%

Fuels Production

Lubricating Oils 35%

Solvents 23%

Waxes 3%

Packaged/ Synthetic

3%

Fuels, 2%

Asphalt/ Other 34%

Specialty Production

12

Key Distribution Centers(1)

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

13

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

Strong Business Performance Has Enabled Us To Return Substantial Value To Investors

NASDAQ: CLMT | INVESTOR & ANALYST DAY 2013

$127

$146 $138

$211

$405

$1.50

$1.60

$1.70

$1.80

$1.90

$2.00

$2.10

$2.20

$2.30

$2.40

$2.50

$0

$50

$100

$150

$200

$250

$300

$350

$400

$450

2008 2009 2010 2011 2012

Cash

Dis

trib

utio

ns P

er

Un

it (

$)

Ad

juste

d E

BIT

DA

($

MM

)

Adjusted EBITDA ($MM) Cash Distributions Per Unit ($)

14

(1) Dividend yield calculated as LTM cash distribution per unit divided by the avg. unit price for the period listed

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)

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

$30.00

$35.00

$40.00

4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13

Div

ide

nd

Yie

ld

Avg

. U

nit P

rice

by Q

ua

rte

r

Dividend Yield (%) Avg. Unit Price by Quarter ($)

15

CLMT Yield Outpaces MLP Sector Stable distribution growth Outpaced top 10 Alerian MLP Index constituents in 2011-2012

CLMT yield outpaces Alerian Index Current yield exceeds the Alerian by nearly ~200 bps

2%

9%

21%

3%

0%

8%

2010 2011 2012

CLMT Top 10 Largest Alerian Index Constituents

5.7%

7.9%

Alerian MLP Index Dividend Yield CLMT Dividend Yield

Annual Growth Rate In Cash Distributions Current Yield Comparison: CLMT vs. Alerian Index

(1) Dividend yield calculation intraday as of 6/6/13

16

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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Diverse Specialty Products Customer Base

NASDAQ: CLMT | INVESTOR & ANALYST DAY 2013

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Competitive Dynamics In Specialty Products High barriers to entry

Specialized processes; long lead times; permitting; FDA certifications;

deep technical knowledge required on the sales front

Capacity addition replace recent closures

Chevron’s $1.4 billion Pascagoula, Miss. base oil expansion project

expected to generate 25,000 bpd of premium base oils by YE 2013

Significant opportunities in international markets

U.S. base oil supply should remain in balance as more domestic base

oil production capacity is shipped to export markets (LatAm, Europe)

(1) Source: LNG Publishing

(2) Source: API

NA Base Oil Capacity Trending Toward Prior Levels(1) One Barrel of Crude Oil: What’s Inside (Gallons)(2)

94,536 73,500 73,500

25,000

2007 2012 2013 (Est.)

Chevron’s Pascagoula, Miss.

base oil project

(YE 2013)

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We Benefit From Rising Synthetic Lubricants Demand

(1) Source: Freedonia

Market leader in synthetic lubricants

We are well positioned to take advantage of growing demand for

synthetic lubricants

Diverse synthetic lubricant product offering

We have synthetic offerings that touch every lubrication market,

including industrial, commercial and consumer

Growing North American Synthetic Lubricant Demand (MM gallons)(1)

423

520

670

2008 2013 2018 (est.)

20

(1) LNG Publishing, Guide to Base Oil Refining (2012)

Base Oil Market Production Capacity Base Oil Production Capacity By Region(1) North American Base Oil Production By Type(1)

South America 4%

Middle East/Africa

9%

China 10%

Central & Eastern Europe

10%

South Asia/Pacific

Australia 12%

Japan/Korea 14%

Western Europe

15%

North America 26%

Group I (Paraffinic)

29%

Group II (Paraffinic)

51%

Group III (Paraffinic)

1%

Naphthenic 19%

21

(1) LNG Publishing

North American Wax Production Capacity Declining North American Wax Production Capacity Contributes to Pricing Power(1)

0

500

1,000

1,500

2,000

2,500

3,000

3,500

2005 2012

Mill

ion

s o

f P

ou

nd

s p

er

ye

ar

24% decline in North

American wax

capacity since 2005

22

Source: Bloomberg; Platts

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 above $30/bbl YTD 2013

Gulf Coast Refining Economics Remain Robust (Annual/Quarterly Averages)

$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

$30.00

$35.00

2007 2008 2009 2010 2011 2012 1Q13

Gulf Coast Gasoline Crack Per Barrel Distillate (No. 2 Heating Oil) Crack Per Barrel

2-1-1 Gulf Coast Crack Spread Per Barrel

23

Source: Bloomberg; Platts

Benefit From Wide Crude Differentials Structural dislocation in crude differentials WTI is at a ~$16 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

($16.70) ($18.45)

($15.72)

($25.00)

($20.00)

($15.00)

($10.00)

($5.00)

$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

2006 2007 2008 2009 2010 2011 2012 YTD 2013

WTI-Brent Spread per Barrel WTI-LLS Spread per Barrel WTI-WCS Spread per Barrel Brent-LLS Spread per Barrel

24

Hedging Program Overview 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

Calumet Has Hedged Varying Levels of Production Through 2016 (as of March 31, 2013)

22,465 bpd @ $31.21

14,000 bpd @ $26.70 13,100 bpd @ $26.32

1,000 bpd @ $26.55

$23.00

$24.00

$25.00

$26.00

$27.00

$28.00

$29.00

$30.00

$31.00

$32.00

0

5,000

10,000

15,000

20,000

25,000

2013 2014 2015 2016

Ave

rag

e C

rack S

pre

ad

pe

r B

arr

el

Ave

rag

e B

arr

els

Pe

r D

ay

Avg. Barrels Per Day Avg. Crack Spread

NASDAQ: CLMT | INVESTOR & ANALYST DAY 2013

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Crude-Advantaged Production Assets

NASDAQ: CLMT | INVESTOR & ANALYST DAY 2013

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Source: EIA, Texas Railroad Commission

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)

31.0%

300.0%

15.4% 6.9% 3.8% 4.7%

Bakken Shale(North Dakota)

Eagle Ford Shale(Texas)

PADD II (Midwest) PADD III (GulfCoast)

PADD IV (RockyMountains)

All Other OnshoreUS Production

27

Source: CAPP

Growth In Canadian Oil Production Continues Canadian crude oil production is rising Conventional production in western Canada is driving this trend

Calumet receives Western Canadian Crude Oil Received on the Enbridge Pipeline, Front Range Pipeline

Total Conventional Canadian Crude Oil Production Continues To Increase (Thousands of BPD)(1)

1,519 1,508

1,553

1,507

1,365 1,370

1,402

1,448

1,491

1,536

1,599

2005 2006 2007 2008 2009 2010 2011 2012 2013 (est.) 2014 (est.) 2015 (est.)

28

Source: Bloomberg; Platts

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

($8.68) ($9.10) ($8.63) ($7.50)

$23.59 $25.00 $24.08 $23.19

($15.00)

($10.00)

($5.00)

$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

$30.00

2013 (est) 2014 (est) 2015 (est) 2016 (est)

WTI-Brent Spread Per Barrel Forward Curve 2-1-1 Gulf Coast Crack Spread Per Barrel Forward Curve

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Section 2 | Building a Diversified Asset Portfolio

NASDAQ: CLMT | INVESTOR & ANALYST DAY 2013

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Decade of Transformation

NASDAQ: CLMT | INVESTOR & ANALYST DAY 2013

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Continuum of Complementary Acquisitions

NASDAQ: CLMT | INVESTOR & ANALYST DAY 2013

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Defining Our Acquisition Criteria

NASDAQ: CLMT | INVESTOR & ANALYST DAY 2013

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Acquisitions Afford System Synergies

We Have Increased Feedstock Optionality

We Have a More Diversified Production Slate

We Have a Broad Distribution Network

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

» Cross-refinery feedstock sales allow for improved efficiencies – lease railcars

» Vertically integrated on the specialty products side (Royal Purple, Penreco)

» 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

» 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

NASDAQ: CLMT | INVESTOR & ANALYST DAY 2013

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Acquisitions: What’s Next?

Our View of Fuels Acquisitions

Our View of Specialty Products Acquisitions

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

» 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

» Have historically paid 2.0x-4.0x normalized annual EBITDA

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

» 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

» We target opportunities in the midstream

» We target opportunities that include advanced technologies

» We consider both domestic and international opportunities

NASDAQ: CLMT | INVESTOR & ANALYST DAY 2013

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Section 3 | Investing in Organic Growth

NASDAQ: CLMT | INVESTOR & ANALYST DAY 2013

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Capital Spending (Historical/Forecast)

Annual Historical and Forecasted Capital Spending ($MM)

2013 projected to be abnormal year for CAPEX Planned turnarounds at Superior and Montana

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

NASDAQ: CLMT | INVESTOR & ANALYST DAY 2013

2009 2010 2011 2012 2013 (est.)

Replacement Environmental Turnarounds

$22

$127

$43 $38 $35

37

$420 MM of Growth CAPEX (2013-2014)

Forecasted Capital Spending on Key Growth Projects During the Next 12-24 Months ($MM)

$420 million of high-return growth projects Discretionary projects above/beyond CAPEX budget

Expect to complete projects in 12-24 months Anticipate 2-4 year payback on $420 million capital investment

NASDAQ: CLMT | INVESTOR & ANALYST DAY 2013

$20 $20 $30

$75

$275

San AntonioUpgrade/Expansion

Lake Superior LoadingDock

Louisiana, MO EstersExpansion

Dakota Prarie Refinery(MDU JV)

Montana RefineryExpansion

38

Great Falls, MT Refinery Expansion Project Overview

» Increasing crude unit throughput capacity from 10,000 to 20,000 bpd

» 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

Montana Refinery Expansion - Projected Cost/Benefit Comparison ($MM)

2 year payback

NASDAQ: CLMT | INVESTOR & ANALYST DAY 2013

$275

$130-140

Capital Cost - Montana Expansion Annual Adjusted EBITDA Contribution

39

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)

» 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)

NASDAQ: CLMT | INVESTOR & ANALYST DAY 2013

Less than 3-4 year

payback

$300

$70-90

Capital Cost - Dakota Prairie Construction Annual Adjusted EBITDA Contribution

MDU and CLMT will split Adj. EBITDA 50/50

40

Dakota Prairie Refinery Map

NASDAQ: CLMT | INVESTOR & ANALYST DAY 2013

41

Louisiana, MO Esters Plant Expansion Project Overview

» Project intended to more than double esters production from 35 to 75 million lbs. per year

» 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 $40 mm; project expected to come online by 2Q14

» We forecast annual Adjusted EBITDA contribution from this project should be $10 mm

Missouri Esters Plant Expansion - Projected Cost/Benefit Comparison ($MM)

4 year payback

NASDAQ: CLMT | INVESTOR & ANALYST DAY 2013

$40

$10

Capital Cost - MO Esters Plant Expansion Annual Adjusted EBITDA Contribution

42

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 3rd party refineries on the St. Mark Seaway, 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

NASDAQ: CLMT | INVESTOR & ANALYST DAY 2013

43

Recently Completed Crude Logistics Project Project Overview

Economic Considerations

» ~500 leased rail cars shipping North Dakota Sweet (Bakken) crude oil from Superior to other markets

» Currently shipping 8,000-10,000 bpd of Bakken crude oil by rail to third-party customers & Shreveport

» Shreveport refinery can run up to 10,000-15,000 of Bakken crude oil (currently running ~5,000 bpd)

» ~$10/bbl to rail Bakken crude from Superior to the Gulf Coast (including car lease and rail rates)

» North Dakota sweet is trading at ~$3/bbl below WTI in June 2013

» North Dakota sweet run at Shreveport displaces more expensive LLS barrels

Strategic Benefit

» Lowers our cost of crude oil at Shreveport

» Provides more crude slate flexibility in our refining system as a whole

» Increases crude logistics footprint (3rd party sales)

NASDAQ: CLMT | INVESTOR & ANALYST DAY 2013

Project Completed In November 2012

» Project has been paid for in full

44

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

» 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

San Antonio Fuels Upgrade – Projected Cost/Benefit Comparison ($MM)

Less than 1 year

payback

NASDAQ: CLMT | INVESTOR & ANALYST DAY 2013

$5

$7-12

Capital Cost - Gasoline Blending Project Annual Adjusted EBITDA Contribution

45

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

» 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

San Antonio Crude Unit Capacity Expansion - Projected Cost/Benefit Comparison ($MM)

1-2 year payback

NASDAQ: CLMT | INVESTOR & ANALYST DAY 2013

$9

$5-10

Capital Cost - San Antonio Crude Unit Expansion Annual Adjusted EBITDA Contribution

46

Gas-To-Liquids (GTL) Project Update Project Overview

» Previously, we announced plans to expand our specialty products facility at Karns City, PA to include a nominal

1,000 bpd GTL plant

» We have commissioned Ventech, specialists in modular petroleum processing plants, to design and deliver the

GTL plant to be interconnected to existing facility operating assets

» Converting natural gas into ultra-high quality feedstock through GTL technology is expected to reduce costs,

increase the security of supply and improve product quality

» FEED (Front End Engineering) study is ongoing

NASDAQ: CLMT | INVESTOR & ANALYST DAY 2013

$6.97

$8.89

$3.94 $4.37

$4.00

$2.75 $3.47

2007 2008 2009 2010 2011 2012 1Q13

Henry Hub Natural Gas Per MMBTU ($)

47

Branded/Packaged Products Growth Initiative Project Overview

» Opportunity to expand product suite diversity/application and geographic presence

» Currently have limited exposure to certain domestic and most international markets

» Commercial: Growing player in synthetic motor oil for heavy duty applications

» Retail: Increased shelf presence with key customers

» Industrial: Oil/gas E&P applications for well completions; Mining industry

Growth Strategy

» Not production constrained; sales force limited – need to expand sales coverage globally

» Launch new products – introducing more new products in the next 90 days than in the prior 3 years

» Identify add-on product offerings in existing sale channels

» Expand grass roots / consumer marketing initiatives

» Identify cross-selling opportunities throughout CLMT’s existing customer base

NASDAQ: CLMT | INVESTOR & ANALYST DAY 2013

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(1) Source: Freedonia

(2) Source: Ipsos Research

North American Demand

North American Synthetic Lubricant Growth Rate(1)

» Industrial Growth: Maintenance, energy savings, harsh operating environments

» Auto Growth: OEM specifications, improved fuel economy, longer drain intervals

» Engineered Fuel: Increased ethanol in fuel, OEM warranty programs

Demand Drivers

North American Engineered Fuel Demand(2)

~90% of consumers indicate interest in pre-mixed, engineered fuel

Converting a mere 20% of 2-cycle mixers equates to

over $1 billion in incremental industry sales

23%

29%

2008-2013 2013-2018 (Est.)

49

Growth By Segment

Industrial Driven By Drilling, Power, Int’l Demand Gross margins in the 40-70% range for these products

Retail Growth Driven By Auto/Truck Demand Gross margins in the 40-60% range for these products

Current/Projected Industrial Sales By End-Market Current/Projected Retail Sales By End-Market

NASDAQ: CLMT | INVESTOR & ANALYST DAY 2013

Circulating Fluids 52%

Motor/Gear Oils 35%

Grease 4%

Food Grade Products

3%

Other 6%

Transmission Fluids

5%

Gear Oils 13%

Non-API Licensed Motor Oil

23%

Other 29%

API Licensed Motor Oil

31%

50

Growing OEM Partners

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51

Growing Key Customers

(1) Week 22 thru June 2, 2013

169%

220%

113%

161%

131%

171%

129%

176%

18%

108% 116%

58%

46%

59%

94%

139%

187%

127%

94%

134% 132%

161%

We

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We

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We

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We

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We

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4

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2

2013 Weekly TRUFUEL Sales Among Key Customer Accounts (Change vs. the Prior-Year Week)(1)

52

Industrial Markets: Double Sales By 2018

Shale Oil and Gas Market

» Serve the well completion, drilling and gas distribution markets

» Fundamentals supported by (1) high backlog; desire to minimize costs and downtime; (2) equipment uniformity

Core Energy Market

» Serve the petrochemical, refining, manufacturing and transportation markets

» Fundamentals supported by (1) North American industrial CAPEX outlook; (2) lower maintenance/energy costs

Natural Gas and Power Generation

» Serve the power generation markets

» Fundamentals supported by (1) aging asset base; (2) government regulations that drive investment

International Expansion

» Focus on Asia and the Middle East

» Significant sales opportunities into markets that are as large as the current North American market

» Leverage broad product offering to engage key distribution partners

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Branded & Packaged Retail Growth Markets

(1) Source: NPD

“Do It Yourself” (DIY) Market

» $335 mm annual market opportunity(1)

» Growth supported by new sales channels, new SKUs, active marketing campaign

» Focus on expanding distribution and shelf space

“Do It For Me” (DIFM) Market

» $1.6 billion annual market opportunity(1)

» Growth supported by focus on high quality distribution partners, marketing/promotions, new customer opportunities

» Great cross-selling opportunities through existing channels

TruFuel®

» Multi-billion annual market opportunity

» OEM expansion drives exposure

» Shift from distribution to customer conversion

54

Section 4 | Disciplined Capital Management

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55

Growing Adjusted EBITDA and DCF

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

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

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

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

Reconciliation”

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

$151 $138

$211

$405 $415

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

$99 $76

$127

$281 $268

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

$61 $66 $94

$149 $171

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

1.6 x

1.2 x 1.4 x

1.9 x

1.6 x

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

56

Key Credit Statistics

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

Revolver Availability ($MM) Fixed Charge Coverage Ratio

50% 45%

49% 45%

50% 46%

YE 2008 YE 2009 YE 2010 YE 2011 YE 2012 3/31/2013

3.7 x

2.7 x 2.7 x 2.8 x

2.2 x 2.2 x

YE 2008 YE 2009 YE 2010 YE 2011 YE 2012 3/31/2013

$52

$107 $145

$341 $355

$483

YE 2008 YE 2009 YE 2010 YE 2011 YE 2012 3/31/2013

3.8 x

4.4 x 4.3 x 4.3 x 4.7 x

4.5 x

YE 2008 YE 2009 YE 2010 YE 2011 YE 2012 3/31/2013

NASDAQ: CLMT | INVESTOR & ANALYST DAY 2013

57

Risk Management Program

(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

» 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)

We use commodity hedging to mitigate business risk

•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; hedge up to 75% of anticipated requirements

Natural Gas

58

Conservative Debt Profile

$0

$100

$200

$300

$400

$500

$600

$700

$800

$900

$1,000

4Q10 4Q11 4Q12 1Q13

ABL Revolver Borrowings Sr. Secured Term Loan Sr. Unsecured Notes (2019) Sr. Unsecured Notes (2020) Capital Leases

Consolidated Debt Overview ($MM)

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

$380 mm

$601 mm

$881 mm $910 mm

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$850 MM ABL Revolving Credit Facility

Commitments and Availability Under the $850 MM ABL Revolver

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%

$483

$850

$0

$100

$200

$300

$400

$500

$600

$700

$800

$900

4Q08 4Q09 4Q10 4Q11 4Q12 1Q13

Availability Commitments

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Recent Financing Activities

NASDAQ: CLMT | INVESTOR & ANALYST DAY 2013

61

Recent Financing Activities

$250

$104

$385

$55 $0

$909

$428 $409

2006 2007 2008 2009 2010 2011 2012 2013

Combined Equity and Debt Capital Raises By Year ($MM): IPO To-Date

Raised more than $1.7 billion since 2011 Proceeds to fund Superior, Royal Purple; debt reduction

Equity/Debt markets remain accessible We remain focused on reducing our cost of capital

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62

Note: YTD 2013 is thru 6/5/13

Increased Investor Awareness

$0

$500

$1,000

$1,500

$2,000

$2,500

$3,000

0

100,000

200,000

300,000

400,000

500,000

600,000

700,000

2010 2011 2012 YTD 2013

Ma

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$M

M)

Ave

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Tra

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Average Daily Trading Volume (Common Units) Market Capitalization ($MM)

63

Recent Rating Agency Upgrade

» On May 24, 2013, Moody’s Investor Service upgraded Calumet Specialty

Products Partners, L.P.’s ratings, including its Corporate Family Rating, from to

B1 from B2 and raised the rating on our senior unsecured notes to B2 from B3

» According to the Moody’s report, “Calumet’s upgrade to B1 reflects its growing

scale through organic growth and acquisitions along with good financial discipline

that has resulted in lower leverage over time.”

» Moody’s maintained a Positive Outlook on the rating

NASDAQ: CLMT | INVESTOR & ANALYST DAY 2013

64

Public Policy-Related Issues Understanding The Impact of RINs

Understanding the Impact of EPA’s Proposed Tier III Standards

» RINs (“Renewable Identification Numbers”) obligation represents a liability to satisfy the EPA requirement to

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.

» 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

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.

NASDAQ: CLMT | INVESTOR & ANALYST DAY 2013

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Conclusion

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66

Q&A

Asset diversity across specialty products & fuels

Balanced mix of high-growth and

mature businesses

Significant, high-return organic

growth projects

Proven acquirer of high-return,

complementary assets

Seasoned operator with strong

safety/compliance record

Disciplined capital management, growing unit distribution

NASDAQ: CLMT | INVESTOR & ANALYST DAY 2013

67

Appendix

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68

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%).

69

Sustaining a Safety-Focused Culture

Hours Worked By Location Without a Lost Time Incident

Focused on measurable results Closely track/benchmark our EH&S statistics

Million hour milestone w/o lost time San Antonio, Princeton

92,000

192,000

800,000

930,000

1,100,000

1,400,000

Burnham Terminal Superior Terminals Cotton Valley Dickinson Princeton San Antonio

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70

Sustaining a Safety-Focused Culture

CLMT’s OSHA Recordable Incident Rate

Locations With Zero Recordable Injuries In 2012

TruSouth Oil Burnham Terminal

Duluth Marine Terminal

Superior Terminal

Rhinelander Crookston Duluth

Terminal

1.99

1.74

2011 2012

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71

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$

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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Adjusted EBITDA Reconciliation

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

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

LTM

$ 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

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

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

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$

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$

Amortization of turnaround costs and non-cash equity

based compensation and other non-cash items

Year Ended December 31,

73

For information, please contact:

Noel Ryan

Director, Investor/Media Relations

317-328-5660

noel.ryan@clmt.com

NASDAQ: CLMT | INVESTOR & ANALYST DAY 2013

74