2012 RBC Capital Markets MLP Conference

The Ritz-Carlton, Dallas

November 15-16, 2012

NASDAQ: CLMT 1

Forward-Looking Statements

This Presentation has been prepared by Calumet Specialty Products Partners, L.P. (the “Company” or “Calumet”) as of November 15, 2012. 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,” “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 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

Management Attendees

Jennifer Straumins

President & Chief Operating Officer

Pat Murray

Vice President & Chief Financial Officer

3

PARTNERSHIP OVERVIEW

4

Calumet - A Specialty Products Leader

Naphthenic base oils and process oils

Paraffinic base oils and process oils

Aliphatic and isoparaffinic solvents

USP, technical, NF grade white oils

5

Calumet is a leading specialty hydrocarbon producer with refining assets located across the United States. We specialize in the refining of crude oil and other petroleum feedstocks into high quality downstream products such as:

Pharmaceutical and technical grade petrolatums

Natural petroleum sulfonates

Hydrocarbon gels

Polyolester-based synthetic lubricants

Key Investment Highlights

Diversified

range of

products

Conservative

financial

management

Experienced

management

team

Strong

relationships

with a broad

customer base

Historically conservative leverage profile with significant focus on liquidity

Active risk management program designed to reduce exposure to commodity price volatility primarily through hedging of fuel products crack spreads

Conservative target distribution coverage ratio of 1.2x – 1.5x

Current management team has been together since the late 1990’s

Proven ability to grow business organically and through complementary

acquisitions

Significant ownership stake in the Company

Specialty products customer base includes approximately 2,700 active accounts

No single customer generated more than 10% of consolidated sales in 2009, 2010, 2011 or for the nine months ended September 30, 2012

Maintain long-term customer relationships

Offer over 1,500 specialty products with the flexibility to pass through commodity price increases to customers

Specialty products traditionally require lengthy approval processes with customers and generate higher margins

Specialty product mix provides increased stability to overall sales and gross profit in volatile commodity price environments

6

Company Overview

Calumet was founded by the Fehsenfeld and Grube families in 1990 – headquartered in Indianapolis, IN

IPO as an MLP in 2006 - NASDAQ: CLMT

Families of Chairman and CEO (founders) own approximately 31.5% of the limited partner interest in Calumet and own 100% of the general partner

Produce over 1,500 specialty products which are sold to a diverse set of over 2,700 customers who purchase them primarily as a raw material component for basic industrial, consumer and automotive goods

Employ over 900 people throughout the U.S.

Operate 10 facilities with aggregate throughput capacity of approximately 145,000 bpd and total storage capacity across all facilities and leased storage locations of over 12 million bbls

Highly skilled management team with demonstrated success and on average over 25 years of industry experience

7

Calumet Milestones of Growth since IPO

LyondellBasell Specialty Products Agreements

Increased naphthenic lube oils & white oils capabilities (~4,000 bpd in total)

Supply and tolling agreements

Access to well known licensed trademarks

Jan 2008 Initial Public Offering

$141 million common unit

offering

Nov 2009 May 2008

Sept 2011

Superior Acquisition

Acquisition closed on September 30, 2011

45,000 bpd refining capacity

Purchase price of $413 million

Jan 2006

Synlube & TruSouth Acquisitions

Acquisitions closed in January 2012

Combined purchase price of ~ $46 million

Synthetic lube oil production and specialty products packaging assets

Expanded Shreveport Refining

Capacity

Increased capacity from 42,000 bpd to 60,000 bpd

Enhanced capability to refine high sulfur crude oil from ~5,000 bpd to 25,000 bpd

Project cost of $374 million

Penreco Acquisition (Karns City and Dickinson facilities)

Added white mineral oils and other highly refined products

Purchase price of $269 million

Jan 2012

8

July 2012 Royal Purple Acquisition

Acquisition closed on July 3, 2012

Purchase price of $333 million

Leading independent formulator and marketer of premium synthetic lubricants for industrial and consumer markets

Oct 2012 Montana Refining Acquisition

Acquisition closed on October 1, 2012

10,000 bpd refining capacity

Aggregate consideration of $185 million, net of cash acquired

Calumet Unit Price History

$15

$20

$25

$30

$35

10/31/11 12/31/11 2/29/12 4/30/12 6/30/12 8/31/12 10/31/12

Clo

sin

g U

nit

Pri

ce

9

NASDAQ: CLMT

52-week range (11/12/12): $18.16 - $33.96

Current unit price (11/12/12): $31.51

Distribution yield (11/12/12): 7.9%

Coverage ratio (LTM 9/30/12): 2.1x

Attractive Distribution Yield Among MLP Peers

Note: Market data as of 11/12/2012.

(1) Coal median includes: ARLP, NRP, OXF, PVR and RNO.

(2) Gathering and Processing median includes: AMID, APL, ACMP, CMLP, CPNO, DPM, EQM, EXLP, GSJK, MMLP, MWE, NGLS, PVR, RGP, WES and XTEX.

(3) Propane median includes: APU, FGP, NGL and SPH.

(4) E&P median includes: ARP, BBEP, EVEP, LGCY, LINE, MCEP, MEMP, PSE, QRE and VNR.

(5) Natural Gas Storage median includes: NKA, NRGM and PNG.

(6) Shipping median includes: CPLP, GMLP, TGP and TOO.

(7) Regulated Pipelines median includes: BWP, EPB, SEP and TCP.

(8) Large Cap Diversified median includes: EEP, EPD, ETP, KMP, OKS, PAA and WPZ.

(9) Crude Oil median includes: BKEP, GEL and RRMS.

(10) Refined Products median includes: BPL, HEP, MMP, NS, OILT, SXL, TLLP and TLP.

CLMT Yield vs. MLP Sector Medians

7.9%

12.1%

8.4% 8.4% 8.1%

7.6% 7.5% 7.2%

6.4% 5.8%

5.3%

0%

2%

4%

6%

8%

10%

12%

14%

CLMT CoalMLPs

G&PMLPs

PropaneMLPs

E&PMLPs

Nat GasStorageMLPs

ShippingMLPs

RegulatedPipelines

MLPs

Large CapDiversified

MLPs

CrudeMLPs

RefinedProducts

MLPs

Yield (%)

$2.48

per unit

annualized

distribution

(1) (2) (3) (4) (6)

(7) (8)

(9)

(10)

10

(5)

Strong Distribution Growth

Distribution yield as of 11/12/12 – 7.9%

34.8% distribution growth from Q3 2010 to Q3 2012

24.0% distribution growth from Q3 2011 to Q3 2012

$0.40

$0.45

$0.50

$0.55

$0.60

$0.65

Q1

'09

Q2

'09

Q3

'09

Q4

'09

Q1

'10

Q2

'10

Q3

'10

Q4

'10

Q1

'11

Q2

'11

Q3

'11

Q4

'11

Q1

'12

Q2

'12

Q3

'12

Qu

arte

rly

Dis

trib

uti

on

($

/un

it)

11

Steady Production and EBITDA Growth

2004 2005 2006 2007 2008 2009 2010 2011YTD

9/30/12

Specialty Products 25,343 25,665 26,588 25,123 30,159 28,906 32,221 36,850 41,187

Fuel Products 954 22,666 23,625 22,613 25,171 29,886 25,093 34,059 52,353

0

20,000

40,000

60,000

80,000

100,000

Pro

du

ctio

n V

olu

me

(b

pd

)

12

$1

10

$1

09

$1

27

$1

51

$1

38

$2

11

$2

46

$3

27

$3

78

$0

$50

$100

$150

$200

$250

$300

$350

$400

20

06

20

07

20

08

20

09

20

10

20

11

LTM

3/3

1/1

2

LTM

6/3

0/1

2

LTM

9/3

0/1

2

Production Growth and Mix Strong Adjusted EBITDA Growth

($ millions)

Adjusted EBITDA is a non-GAAP financial measure. For a reconciliation of Adjusted EBITDA to its most directly comparable GAAP financial measure, please see “Non-GAAP Financial Measures - Calumet Adjusted EBITDA Reconciliation”.

Recent Developments

Montana Refining Acquisition Closed

Executed definitive agreement on August 14, 2012 to acquire Montana Refining Company, Inc. from Connacher Oil and Gas Limited

Purchase closed October 1, 2012

Total consideration of $185 million, net of cash acquired and subject to customary closing adjustments

Montana Refining owns and operates a refinery in Great Falls, Montana with crude oil capacity of approximately 10,000 bpd – crude oil feedstocks sourced primarily from Canada

Refinery produces gasoline, diesel, jet fuel and asphalt which are primarily marketed in Washington, Montana, Idaho and Alberta, Canada

Further diversifies Calumet’s crude oil slate and geographic presence

13

Acquisition was funded primarily with cash on hand, with the balance through revolver borrowings

Recent Developments

Planned Gas-To-Liquids (GTL) Expansion at Karns City Facility Announced

On September 6, 2012 Calumet announced plans to expand its specialty products facility at Karns City, PA to include a nominal 1,000 bpd GTL plant

Have commissioned Ventech Engineers, LLC, specialists in modular petroleum processing plants, to design and deliver the GTL plant to be interconnected to existing facility operating assets

Plant design is expected to be completed by late 2012, with decision to commence fabrication expected in the first half of 2013

Production from the GTL plant is currently expected to begin in the second half of 2014 and will enhance the specialty products offering from this facility

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

14

Continue to focus on acquisition of niche assets that help support stability of cash flows

Geographic diversification

• Superior

• Montana

Vertical integration

• TruSouth

• Royal Purple

Increasing total refining capacity

• Superior

• Montana

Maximize cash flow contribution of existing assets through organic growth projects

15

Growth Strategy

Growth Capital Projects Continue to Fuel Organic Growth

Crude oil logistics projects at Superior and

Shreveport refineries

Biodiesel project at Dickinson facility

Wax expansion project at Shreveport

refinery

PDA expansion at Shreveport refinery

Solvents expansion at Cotton Valley

refinery

Asphalt emulsion project at Princeton

refinery

Wax and petrolatum new product

development at Karns City facility

Planned GTL expansion at Karns City

facility

16

Product Application Overview

Representative Sample of End Use Applications by Product Category

Waterless hand

cleaners

Automotive

aftermarket

Calibration fluids

Camping fuel

Charcoal lighter

fluid

Chemical

processing

Drilling fluids

Printing inks

Water treatment

Paint and coatings

Stains

Paraffin waxes

FDA compliant

products

Candles

Adhesives

Crayons

Floor care

PVC

Paint strippers

Skin & hair care

Timber treatment

Waterproofing

Pharmaceuticals

Cosmetics

Lubricating Oils Solvents Waxes White Oils and

Petrolatum Fuels

Asphalt vacuum

residuals

Paving grade

asphalt

Asphalt emulsions

Polymer modified

asphalt

Carbon black

feedstock

Note: While Calumet does not produce or sell the consumer products pictured above, its lubricating oils, solvents and waxes 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.

Cosmetics

Body wash

Ointments

Petroleum jelly

Animal feed

dedusting

Baby oils

Bakery pan oils

Catalyst carriers

Gelatin capsule

lubricants

Sunscreen

Asphalt

Gasoline - all grades

Jet fuel - JP8, Jet A

Diesel

Marine diesel fuel

Biodiesel

Ethanol

Ethanol free fuels

Fluid catalytic cracking

feedstock

Hydraulic oils

Passenger car motor

oils

Railroad engine oils

Compressor oils

Metalworking fluids

Transformer oils

Rubber process oils

Refrigeration oils

Aviation fluids

Grease

Automatic

transmission fluids

High-performance

synthetic lubricants

17

Strong relationships with an extensive, diverse customer base

Calumet had approximately 2,700 active customer accounts at the end of 2011

No single specialty products customer accounted for more than 10% of consolidated sales in 2011 or for the nine months ended September 30, 2012

Selected Customers

18

Broad Customer Base

OPERATIONS OVERVIEW

19

20

Calumet Operations – A Growing Geographic Footprint

Facility Overview

Major Production Assets

Location Capacity Feedstock Supply Products Major Processes Product delivery

Shreveport, LA 60,000 bpd Paraffinic crude oil

PAA pipeline, railcar and tank truck

Paraffinic lubricating oils, waxes, asphalt, gasoline, diesel, jet fuel

Hydrotreating and blending

Enterprise pipeline, barge, tank truck and railcar

Superior, WI 45,000 bpd Paraffinic and naphthenic crude oil

Enbridge pipeline Gasoline, diesel, asphalt, heavy fuel oils and specialty petroleum products

FCC, alkylation and hydrotreating

Magellan pipeline, tank truck and railcar

Great Falls, MT 10,000 bpd Naphthenic crude oil (Canadian heavy)

Front Range pipeline

Gasoline, diesel, jet fuel, asphalt

FCC, alkylation and hydrotreating

Tank truck and railcar

21

Shreveport Superior Montana

Facility Overview

Major Production Assets

Location Capacity Feedstock Supply Products Major Processes Product delivery

Cotton Valley, LA 13,500 bpd Paraffinic crude oil

PAA pipeline and tank truck

Aliphatic solvents Hydrotreating and fractionation

Tank truck and railcar

Princeton, LA 10,000 bpd Naphthenic crude oil

Tank truck, railcar and pipeline

Naphthenic lubricating oils, diesel, asphalt

Hydrotreating, fractionation and acid treating

Tank truck and railcar

22

Cotton Valley Princeton

Facility Overview

Major Production Assets

Location Capacity Feedstock Supply Products Major Processes Product delivery

Karns City, PA 5,500 bpd Base oils and unfinished waxes

Tank truck and

railcar

Petrolatums, white mineral oils, solvents, gelled hydrocarbons

Hydrotreating, acid treating, filtering and blending, packaging

Tank truck and railcar

Dickinson, TX 1,300 bpd Base oils and unfinished waxes

Tank truck and

railcar

White mineral oils, natural petroleum sulfonates, compressor lubricants, biodiesel

Acid treating, filtering and blending

Tank truck and railcar

Louisiana, MO 36 million

lbs/yr

Fatty acids and alcohols

Tank truck and

railcar

Polyolester based synthetic lubricants

Batch esterification

Tank truck

23

Karns City Dickinson Louisiana

Facility Overview

Major Blending and Packaging Assets

Facility Location Products Number of Tanks Number of Lines

TruSouth Shreveport, LA TruFuel, motor oils, gear oils, engine oils, automotive fluids

61 4

Royal Purple Porter, TX (Houston) Synthetic industrial lubricating oils, gear oils, motor oils

50 10

24

TruSouth

Distribution and Terminal Assets Duluth Marine

WI

UT

MN

Tooele (leased)

Duluth Crookston Superior Terminal

Rhinelander

Terminals

Terminal Number of Tanks Capacity (mbbls) Products

Burnham 67 150 Paraffinic and naphthenic lubricating oils, white oils,

petrolatums and solvents

Duluth 7 200 Gasoline, diesel, biodiesel, ethanol, kerosene

Duluth Marine 4 14 Bunker fuel, low sulfur diesel, #6 oil, #6 oil blend

Rhinelander 4 166 Asphalt

Crookston 3 156 Asphalt, ULSD

Tooele (leased) 25 566 Asphalt

Burnham

25

IL

Valuable Synergies Across the Calumet System

Shreveport, Cotton Valley, and Princeton refineries are within a 50 mile radius of one another and provide feedstock and intermediate product synergies

Can source white oil feedstocks from Shreveport or Princeton refineries as well as from third parties

Can source petrolatum feedstocks from Shreveport refinery or third parties

Burnham terminal is strategically located to distribute all specialty product lines into the Midwest and Canada

Superior refinery can source price-advantaged crude oil for the Shreveport refinery now that railcar loading project has been completed in Q4 2012

26

Production Growth and Mix

2004 2005 2006 2007 2008 2009 2010 2011YTD

9/30/12

Specialty Products 25,343 25,665 26,588 25,123 30,159 28,906 32,221 36,850 41,187

Fuel Products 954 22,666 23,625 22,613 25,171 29,886 25,093 34,059 52,353

0

20,000

40,000

60,000

80,000

100,000

Pro

du

ctio

n V

olu

me

(b

pd

)

Specialty Products Segment YTD 9/30/12 Production

Gasoline 44%

Diesel 41%

Jet Fuel 9%

Heavy oil 6%

Fuel Products Segment YTD 9/30/12 Production

27

Lubricating Oils 36%

Solvents 23%

Waxes 3%

Asphalt 33%

Packaged/ Synthetic

3%

Fuel 2%

FINANCIAL OVERVIEW

28

Capital Markets Provide Financial Flexibility

Equity: IPO

$141 million

• Repay indebtedness

under the first lien term

loan facility and revolver

Equity: $104 million

• Fund expansion of

Shreveport refinery,

partially fund the Penreco

Acquisition and repay

revolver borrowings

Nov 2007

Equity: $109 million

• Initial funding of Shreveport refinery expansion, repay revolver borrowings

Equity: $55 million

• Fund expansion via LyondellBasell agreements and repay revolver borrowings

July 2006 Dec 2009

Equity: $153 million • Repay revolver borrowings

Mar 2011 May 2012 Sept 2011

Jan 2006

Equity: $97 million • Repay revolver borrowings and general partnership purposes

Since our IPO in 2006, Calumet has raised approximately $2.1 billion in the equity and debt

capital markets, using the proceeds to pay down debt, fund growth projects, fund acquisitions

and fund working capital requirements

Calumet raised over $900 million in the equity and debt capital markets in 2011

Calumet has raised over $400 million in the equity and debt capital markets in 2012

Apr 2011

Debt: $400 million

senior unsecured notes

• Repay indebtedness

under the term loan

facility

Sept 2011

Debt: $200 million

senior unsecured

notes

• Partially fund the

Superior Acquisition

Jan 2008

Debt: $385 million term loan

• Partially fund Penreco Acquisition, partially fund expansion of Shreveport refinery and repay indebtedness under term loan facility

29

June 2012

Debt: $275 million

senior unsecured notes

•Partially fund the

Royal Purple

Acquisition

Equity: $212 million • Partially fund the Superior Acquisition

Commitment to Existing Conservative Financial Strategy

Supports to Conservative

Financial Management

Risk Management Program

Actively Maintain Conservative

Financial Profile

Hedge exposure to price risk associated with input costs and product sales

Focused on long-term stability of cash flows rather than short-term profits

Actively hedge fuel products margins to protect cash flows

Not engaged in any speculative trading

Target debt to book cap < 50%

Target debt to Adjusted EBITDA < 4.0x

Conservative target distribution coverage ratio of 1.2x – 1.5x

Stable free cash flow from specialty products business

Focus on increasing profitability through flexible operations, operational synergies and specialty products marketing

Specialty products mix provides increased stability to overall sales and gross profit in volatile commodity price environments

30

$110 $109 $127 $151 $138

$211 $246

$327 $378

$-

$50

$100

$150

$200

$250

$300

$350

$400

2006 2007 2008 2009 2010 2011 LTM3/31/12

LTM6/30/12

LTM9/30/12

Strong Adjusted EBITDA Growth Adjusted EBITDA growth achieved through refinery expansion, successful integration of

complementary acquisitions and active management of product mix

Adjusted EBITDA is calculated as EBITDA adjusted for unrealized (gains) losses on derivatives,

realized gains (losses) on derivatives not included in net income, amortization of turnaround

costs and non-cash equity based compensation and other non-cash items

($ millions)

Adjusted EBITDA is a non-GAAP financial measure. For a reconciliation of Adjusted EBITDA to its most directly comparable GAAP financial measure, please see “Non-GAAP Financial Measures - Calumet Adjusted EBITDA Reconciliation”. 31

Consistently Growing EBITDA and DCF

32

$99 $76 $127 $148 $218 $260

$0

$100

$200

$300

$400

20

09

20

10

20

11

LTM

3/3

1/1

2

LTM

6/3

0/1

2

LTM

9/3

0/1

2

Adjusted EBITDA¹ Distributable Cash Flow¹ ($ millions)

$59 $66 $83 $94

$111 $121

$0

$20

$40

$60

$80

$100

$120

$140

20

09

20

10

20

11

LTM

3/3

1/1

2

LTM

6/3

0/1

2

LTM

9/3

0/1

2

Distributions Coverage Ratio

$151 $138 $211 $246

$327 $378

$0

$100

$200

$300

$400

20

09

20

10

20

11

LTM

3/3

1/1

2

LTM

6/3

0/1

2

LTM

9/3

0/1

2

1.7 x 1.2 x

1.5 x 1.6 x 2.0 x 2.1 x

0.0 x

0.5 x

1.0 x

1.5 x

2.0 x

2.5 x

20

09

20

10

20

11

LTM

3/3

1/1

2

LTM

6/3

0/1

2

LTM

9/3

0/1

2

($ millions)

($ millions)

Note: Includes Superior Acquisition subsequent to September 30, 2011.

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”.

33

2019 Notes 2020 Notes

Co-Issuers: Calumet Specialty Products Partners, L.P. and Calumet Finance Corp.

Calumet Specialty Products Partners, L.P. and Calumet Finance Corp.

Issue(s): $400 million 9.375% Notes (issued April 2011)

$200 million 9.375 % Notes (issued September 2011)

$275 million 9.625% Notes (issued June 2012)

Maturity: May 1, 2019 August 1, 2020

Guarantees: All existing subsidiaries other than Calumet Finance Corp. All existing subsidiaries other than Calumet Finance Corp.

Optional Redemption:

May 1, 2015 August 1, 2016

Change of Control: 101% of the principal amount plus accrued interest 101% of the principal amount plus accrued interest

Equity Clawback: Until May 1, 2014, up to 35% of the Notes may be redeemed with the proceeds of an equity issuance at 109.375% (par plus the coupon)

Until August 1, 2015, up to 35% of the Notes may be redeemed with the proceeds of an equity issuance at 109.625% (par plus the coupon)

Covenants: Usual and customary incurrence based covenants, including: • 2.5x Fixed Charge Coverage Ratio for debt

incurrence, excluding indebtedness under revolving credit facilities subject to a borrowing base limitation, hedging contracts in the ordinary course of business and a general basket of $25 million

• 1.75x Fixed Charge Coverage Ratio for restricted payments

Usual and customary incurrence based covenants, including: • 2.25x Fixed Charge Coverage Ratio for debt

incurrence, excluding indebtedness under revolving credit facilities subject to a borrowing base limitation, hedging contracts in the ordinary course of business and a general basket of $25 million

• 1.75x Fixed Charge Coverage Ratio for restricted payments

Ratings: B3/B B3/B

Summary of Terms - Senior Notes

Maintaining a Balanced Capital Structure ($ millions)

34

Actual Actual Actual Actual Pro Forma

12/31/10 12/31/11 3/31/12 6/30/12 9/30/12

Cash and Cash Equivalents -$ 0.1$ 6.4$ 65.5$ (4) 190.5$ (5)

ABL Revolver Borrowings 10.8$ -$ 74.2$ -$ -$

Senior Secured Term Loan 367.4$ -$ -$ -$ -$

Senior Unsecured Notes due 2019 -$ 600.0$ 600.0$ 600.0$ 600.0$

Senior Unsecured Notes due 2020 -$ -$ -$ 275.0$ 275.0$

Capital Leases 1.8$ 0.8$ 5.9$ 5.9$ 5.7$

Total Debt 380.0$ 600.8$ 680.1$ 880.9$ 880.7$

Partners’ Capital 398.3$ 728.9$ 622.2$ 881.7$ 848.3$

Total Capitalization 778.3$ 1,329.7$ 1,302.3$ 1,762.6$ 1,729.0$

LTM Adjusted EBITDA $138.5 $211.1 (1) $287.6 (2) $348.3 (2) $399.6 (3)

Total Debt / LTM Adjusted EBITDA 2.7x 2.8x 2.4x 2.5x 2.2x

Total Debt / Total Capitalization 49% 45% 52% 50% 51%

(1) Includes Superior Acquisition closed on 9/30/11.

(2) Actual LTM Adjusted EBITDA as of 3/31/12 assumes Superior contribution of $41.6 million for the period 4/1/11 through 9/30/11, calculated as 50% of $83.2 million (Superior’s LTM Adjusted EBITDA

as of 6/30/11). Pro forma LTM Adjusted EBITDA as of 6/30/12 assumes Superior contribution of $20.8 million for the period 7/1/11 through 9/30/11, calculated as 25% of $83.2 million (Superior’s LTM

Adjusted EBITDA as of 6/30/11).

(3) Pro Forma LTM Adjusted EBITDA as of 9/30/12 assumes Royal Purple contribution of $21.3 million for the period 10/1/2011 through 6/30/2012, calculated as 75% of $28.4 million (Royal Purple’s LTM

Adjusted EBITDA as of 12/31/11).

(4) Excluding $263.3 million of restricted cash from the 2020 Senior Notes offering held in escrow at 6/30/12 pending the closing of the Royal Purple acquisition on 7/3/12.

(5) Used to partially fund Montana Refining Acquisition which closed on October 1, 2012.

For a reconciliation of Adjusted EBITDA to its most directly comparable GAAP financial measure, please see “Non-GAAP Financial Measures – Calumet Adjusted EBITDA Reconciliation”, “Non-

GAAP Financial Measures – Superior Adjusted EBITDA Reconciliation”, and “Non-GAAP Financial Measures – Royal Purple Adjusted EBITDA Reconciliation”.

$850 Million Revolving Credit Facility

ABL revolving credit facility with advance rates on inventory and accounts receivable BAML serves as agent of syndicate of 13 lenders

Lenders have a first priority lien on cash, accounts receivable, inventory and certain other

personal property

Facility matures in June 2016 Commitments expanded to $550 million from $375 million in June 2011 with amended and

restated agreement Accordion exercised to increase commitments to $850 million upon closing of the Superior

Acquisition on September 30, 2011 Letter of credit sublimit of $680 million Financial covenant: Minimum Fixed Charge Coverage Ratio of 1.0x if Excess Availability falls

below the greater of (i) 12.5% of the lesser of the Borrowing Base and the aggregate commitments and (ii) $46.4 million

35

Expanded Revolver Commitments and Growing Availability

$0

$100

$200

$300

$400

$500

$600

$700

$800

$900

12/31/07 12/31/08 12/31/09 12/31/10 12/31/11 9/30/12

Commitments

Borrowing Base

Availability

Letters of Credit

Borrowings

Availability at 9/30/12: $478 million

($ millions)

36

Capital Expenditures and Turnaround Costs

$12 $15 $13 $6

$10

$4

$9 $10

$9

$17 $8

$11

$26

$22

$22

$7

$11

$14

$14

$15

$0

$10

$20

$30

$40

$50

$60

$70

2009 2010 2011 YTD 9/30/12 Projected FY 2012

Replacement Environmental Capital Improvement Turnaround Costs

($ millions)

37

Risk Management Program Calumet’s hedging strategy is designed to reduce cash flow volatility from underlying business - do

not take speculative positions

Risks Long-term exposure to changes in

crack spreads

Exposure to changes in natural gas

prices

Natural Gas Fuel Products

Strategy

Lock in crack spread up to 5 years for

no more than 75% of anticipated

fuels production

Hedge fuel products prices and WTI

Majority of crude oil purchases are

WTI-linked, limited waterborne

exposure

Lock in winter prices through swaps

No more than 75% of anticipated

requirements

Collateral trust agreement in place with hedging counterparties and a significant crude oil supplier for the Superior refinery (BP):

Counterparties have first lien on property, plant and equipment

Allows Calumet to execute longer-term hedging program while mitigating liquidity risk of margining

38

Crack Spread Hedges as of September 30, 2012

2012 2013 2014 2015

Avg. Barrels per Day 28,500 20,836 11,493 9,500

Avg. Crack Spread $20.85 $26.00 $26.07 $26.21

$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

$30.00

$35.00

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

Imp

lied

Avg

. Cra

ck S

pre

ad (

in $

/bb

l)

Avg

. Bar

rels

per

Day

39

APPENDIX

40

Partnership Structure

(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%).

Public Unitholders 39.4MM Common Units

Calumet LP GP, LLC

Calumet Operating, LLC

Calumet Lubricants Co., L.P.

Wholly-Owned Operating Subsidiaries

Affiliates of the GP(1) 18.1MM Common Units

Calumet GP, LLC(2) (General Partner)

67% LP interest 31% LP interest

2% GP interest

100% ownership interest

90% LP interest

100% ownership interest

10% GP interest

100% ownership interest

Calumet Finance Corp.

Calumet Specialty Products Partners, L.P. (Master Limited Partnership)

100% ownership interest

41

Non-GAAP Financial Measures - Calumet Adjusted EBITDA Reconciliation

($ millions)

(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 LTM LTM

2006 2007 2008 2009 2010 2011 3/31/12 6/30/12 9/30/12

Sales 1,641$ 1,638$ 2,489$ 1,847$ 2,191$ 3,135$ 3,700$ 4,052$ 4,455$

Cost of sales 1,436 1,456 2,235 1,673 1,992 2,861 3,388 3,663 4,003

Gross profit 205 181 254 173 199 274 312 390 452 -

Selling, general and administrative 20 20 34 33 35 51 58 70 84

Transportation 57 54 85 68 85 94 99 101 106

Taxes other than income taxes 4 4 5 4 5 6 7 7 7

Insurance recoveries - - - - - (9) - - -

Other 1 3 2 1 2 7 (1) 9 10 -

Total operating expenses 82 80 125 106 127 149 163 187 206 -

Operating income (loss) 123 101 129 67 71 125 149 203 246 -

Other expenses (income) 27 18 84 5 54 81 58 39 58 -

Income tax expense - 1 - - 1 1 - - 1 -

Net income 96$ 83$ 44$ 62$ 17$ 43$ 91$ 164$ 187$ -

Interest expense and debt extinguishment costs 12 5 35 34 30 64 75 68 79

Depreciation and amortization 12 14 56 62 60 63 68 73 83

Income tax expense - 1 - - 1 1 1 1 1 -

EBITDA 120$ 103$ 135$ 157$ 108$ 171$ 235$ 306$ 350$

Hedging adjustments - non-cash (13) 4 (12) (14) 19 21 (8) 1 5

4 3 3 8 12 19 19 20 23 -

Adjusted EBITDA 110$ 109$ 127$ 151$ 138$ 211$ 246$ 327$ 378$

Replacement and environmental capital expenditures (1)

(6) (12) (6) (16) (24) (24) (25) (25) (25)

Cash interest expense (9) (4) (31) (30) (27) (45) (56) (63) (74)

Turnaround costs (3) (3) (11) (7) (11) (14) (16) (21) (19)

Income tax expense - (1) - - (1) (1) (1) (1) (1) -

Distributable Cash Flow 92$ 89$ 78$ 99$ 76$ 127$ 148$ 218$ 260$

Amortization of turnaround costs and non-cash equity

based compensation and other non-cash items

Year Ended December 31, 2011

42

Non-GAAP Financial Measures - Superior Adjusted EBITDA Reconciliation

($ millions)

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

LTM

2008 2009 2010 2010 2011 6/30/11

Total revenues 1,017$ 812$ 1,091$ 471$ 669$ 1,289$

Crude oil and product purchases

Related parties 114 85 159 40 95 214

Third parties 775 585 784 373 476 886

Operating expenses 97 92 85 40 52 97

G&A expenses 12 12 13 6 8 15

Total expenses 998 775 1,042 460 631 1,212

EBITDA 19$ 37$ 50$ 11$ 38$ 77$

Amortization of deferred major repair costs 6 7 6 3 3 6

Adjusted EBITDA 25$ 44$ 56$ 14$ 41$ 83$

Year Ended December 31, Six Months Ended June 30,

43

Non-GAAP Financial Measures – Royal Purple Adjusted EBITDA Reconciliation

($ thousands)

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

LTM

2009 2010 2011 2011 2012 3/31/12

Total revenues 72,567$ 86,808$ 109,504$ 24,832$ 30,173$ 114,845$

Cost of sales 38,571 45,013 55,340 12,201 14,794 57,933

Selling expenses 12,715 16,351 18,761 4,305 4,279 18,735

G&A expenses 5,013 5,110 7,164 1,854 2,307 7,617

R&D 882 1,048 980 158 221 1,043

Other expenses 216 208 168 35 13 146

Total expenses 57,397 67,730 82,413 18,553 21,614 85,474

Net Income before taxes 15,170$ 19,076$ 27,091$ 6,278$ 8,559$ 29,372$

Interest expense, net 232 210 184 41 28 171

Depreciation and amortization 805 879 1,057 245 309 1,121

EBITDA 16,207$ 20,165$ 28,332$ 6,564$ 8,896$ 30,664$

80 81 50 - - 50

Adjusted EBITDA 16,287$ 20,246$ 28,382$ 6,564$ 8,896$ 30,714$

Year Ended December 31, Three Months Ended March 31,

Non-cash equity based compensation and

other non-cash items

44