Credit Suisse MLP and

Energy Logistics Conference

June 10-11, 2014

Forward-Looking Statements
This Presentation has been prepared by Calumet Specialty Products Partners, L.P. (the Company or Calumet) as of June 10, 2014. 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.

Our Competitive Advantages

Vertically integrated producer and

distributor of specialty products
and fuel products

One-stop shop for approximately

6,000 name-brand specialty
products

One of the top six producers of

paraffinic and naphthenic base
oils in North America

Strong relationships with a broad

customer base more than
6,000 active accounts

Well positioned in specialty

products markets with very high
barriers to entry (specialized
formulations, regulatory
permitting, etc.)

Location of fuels products assets

(near crude oil reserves,
pipelines and customers)

Strong culture of safety and

reliability nine locations have
operated more than six years
without a lost-time injury

Experienced management team

senior managers average
approximately 30 years of
industry experience

We Are An Integrated Producer Of Specialty Hydrocarbons

We Own Niche, Location-Advantaged Fuel Products Refineries

We Own Integrated Specialty Products Facilities

Our 6,000+ Specialty Products Have A Wide Array Of 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.
6

We Have A History Of Consistent, Profitable Growth

Specialty Products Brands Contribute Significant Unitholder Value

Manufacturer of high-performance
lubricants primarily for
automotive, industrial and racing
applications

Manufacturer of a wide array of

high-end specialty lubricants and
greases for food-grade industrial,
mining and power sport

Sole mission is to develop

products that significantly
outperform other synthetic and
mineral-based oils

Globally recognized specialty

lubricants products are sold in
more than 100 countries across
six continents

Precise fuel-to-oil blend assures

correct ratio every time
Ethanol-free fuel protects small
engines from corrosion while
ensuring peak performance
Proprietary formulation and resealable cap ensure shelf life
greater than 2 years after opening

Sells products into the passenger

car, heavy-duty truck, farming and
industrial end-markets through its
distribution partners

Leading provider of drilling fluid

solutions, completion fluids and
production chemicals to the oil
and gas industry
More than 30 manufacturing,
mixing, storage and distribution
facilities in 13 states

Quantum has become one of the

most recognized new lubricants
brands in recent years

Royal Purple brand is well

respected around the world,
including in the U.S., Canada,
Mexico, Australia, China, Italy,
Japan and the U.K.

Ready-to-use fuel engineered

specifically for outdoor power
equipment available for 4- and
2-cycle engines

Sells more than 160 products

through more than 50 distributors
with sales in 35 states nationally

Unique line of petrolatums,

waxes, white mineral oils and
gelled hydrocarbons
System for thickening and gelling
hydrocarbons creates gels for
cosmetics, pharmaceuticals and
personal care
Petrolatums in multiple viscosity
ranges comply with USP and
FDA standards
Extreme-purity mineral oils are
highly suitable for pharmaceuticals,
cosmetics, plastics and food
processing applications

Agricultural spray oils combat a

broad range of insects, diseases
and weeds that impact agricultural
and crop production and profitability

Calumet, through its network of

owned refineries, is a wholesale
supplier of fuel to approximately
100 Calumet-branded retail locations

Products pose little or no hazard to

people or animals, and, when used
properly, have minimal effect on
beneficial insects
Products are EPA-registered
and can be configured to also
meet European Union
compliance requirements

Acquisitions Further Wellhead to Retail Strategy

Why Invest in Calumet Specialty Products Partners, L.P.?

10

Attractive Distribution Yield Coupled With Improving Fundamentals

CLMT Yield vs. Variable Distribution Refiner Sector Yield and Alerian MLP Index Yield(1)

12%

10%

8%

6%

4%

2%

0%
Variable Distribution MLP Refining Sector
(1)

Fixed Distribution MLP - CLMT

Alerian MLP Index

Distribution yield calculated by taking the trailing four quarters of cash distributions to unitholders divided by the intraday price on
5/16/14. The Variable Distribution Refining Sector is inclusive of Northern Tier Energy, CVR Refining and ALON USA Partners. The
Alerian MLP Index is the leading gauge of large- and mid-cap energy Master Limited Partnerships (MLPs). This float-adjusted,
capitalization-weighted index includes 50 prominent companies and captures approximately 75% of available MLP market
capitalization.
11

Recent Developments

12

A Successful Start To 2014

Record 1Q results reflect improvement in Adjusted EBITDA on both a q/q and y/y basis. Adjusted EBITDA has
improved for three consecutive quarters to $82.7 million in 1Q14 vs. $80.0 million in 1Q13 and $53.2 million in 4Q13.
Excluding $89.6 million in debt extinguishment costs, 1Q14 adjusted net income was $39.8 million, or $0.50 per diluted unit.

Improved distribution coverage ratio - approaching 1.0x. The distribution coverage ratio was 0.94x for 1Q14 versus
0.51x for 1Q13.

Completed 6.5% $900 million senior unsecured notes offering. Completed largest notes offering and lowest printed
coupon in company history in March 2014.

Improved liquidity position. As of 3/31/14, we had $714 million in combined cash and availability under our revolving
credit facility, providing ample funding support for organic growth projects and general partnership purposes.

Acquired Anchor Drilling Fluids. Acquisition further establishes us a specialty products supplier to the rapid-growth
domestic oilfield services market; 2013 results for Anchor estimated at more than $30 million EBITDA.

Acquired United Petroleum. Acquisition expands our portfolio of premium branded lubricants solutions; further bolsters
sales, marketing and distribution capabilities of Specialty Products segment.

San Antonio refinery operated at record levels during 1Q14. Following the completion of a 3,000 bpd crude oil unit
expansion during 4Q13, the San Antonio refinery operated at record throughput rates during 1Q14.

Royal Purple sales into Wal-Mart exceeding internally forecasted expectations. Continued the roll-out of Royal Purple
products; receiving replenishment orders; sales to Wal-Mart are ahead of internal forecast.

Continued to make progress on multi-year organic growth projects. Dakota Prairie Refinery remains on-schedule for
start-up during 4Q14; Missouri esters plant expansion scheduled for completion during 2Q15; Montana refinery expansion
on-schedule for completion during 1Q16.

13

Generated Record Adjusted EBITDA In 1Q14

Adjusted EBITDA ($MM) steadily improving, with no major fuel refinery turnarounds expected until 2018
$82.7

$80.0
$70.0
$53.2
$38.3

1Q13

2Q13

3Q13

4Q13

1Q14

Reported record first quarter Adjusted EBITDA in 1Q14 ($MM)

$80.0

$82.7

1Q13

1Q14

$69.7

$34.7
$20.8

1Q10

1Q11

1Q12

14

Consistently Elevated Specialty Gross Profit Per Barrel

Specialty Products Segment Gross Profit Increased by 16% y/y in 1Q14

Specialty Products Segment Gross Profit Per Barrel

Fuel Products Segment Gross Profit Per Barrel (Ex-Hedging)

$42.22

$34.45
$32.49

$8.25
$3.81

1Q13 (Prior Year)

4Q13 (Prior Quarter)

$3.66

1Q14 (Current Quarter)

15

Announced Organic Growth Projects

Montana Refinery Expansion

Final engineering assessment completed; applying for permits

Anticipated completion date of the first quarter 2016
Est. cost = $400 mm; Est. annual Adj. EBITDA = $130-140 mm

Dakota Prairie Refinery (JV)

Focused on construction of refinery foundations and tanks

Anticipated completion date of the fourth quarter 2014
Est. (CLMT) cost = $75 mm; Est. annual Adj. EBITDA = $35-45 mm

Missouri Esters Plant Expansion

Increasing esters production capacity from 35 to 75 mm lbs./yr.

Anticipated completion date of the second quarter 2015
Est. cost = $40 mm; Est. annual Adj. EBITDA = $10 mm

Total Estimated CAPEX and Est. Adjusted Annual EBITDA Contributions (2013-2016) ($MM) (1)
Total (2013-2015)
$500 to $550 mm
2015 (Est.)
$130 to $150 mm

Total (2013-2016)
$190-$215 mm

2014 (Est.)
$270 to $300 mm

2013 (Actual)
~$100 mm
Total Estimated Growth CAPEX (2013-2015)

(1)

Total Est. Annual Adj. EBITDA Contribution From All Projects

Includes estimated Adjusted EBITDA that the Partnership expects to generate from its 50/50 joint venture with MDU Resources
for the Dakota Prairie (North Dakota) refinery that is scheduled to come online during the fourth quarter 2014.
16

Financial Overview

17

Key Credit Statistics

Debt to Capital Ratio

Debt to LTM Adjusted EBITDA (Leverage) Ratio(1)

5.5x

60%
45%

YE 2009

49%

YE 2010

45%

YE 2011

50%

YE 2012

52%

YE 2013 3/31/2014

Revolver Availability ($MM)

2.7 x

2.7 x

2.8 x

YE 2009

YE 2010

YE 2011

2.2 x

YE 2012

YE 2013 3/31/2014

Fixed Charge Coverage Ratio

$534
$472

$341

4.7 x

4.4 x

4.7 x
4.3 x

4.3 x

$355
2.4 x

$107

YE 2009

(1)

2.5 x

$145

YE 2010

YE 2011

YE 2012

YE 2013 3/31/2014

YE 2009

YE 2010

YE 2011

YE 2012

YE 2013 3/31/2014

Debt to LTM Adjusted EBITDA as of March 31, 2014 includes estimated LTM EBITDA contribution from Anchor Drilling Fluids
acquisition of $31.6 million.
18

Access To Capital Markets Funding

Recent Debt Offering
$900 million Senior Notes Offering
March 2014

$900 million 6.50% senior unsecured notes due April 2021

Offering upsized from $850 to $900 million
Uses: Redemption of $500 million of 9.375% senior unsecured notes due
2019; Anchor Drilling Fluids acquisition; general partnership purposes

CLMT may sell up to $300 million of common units representing limited

partner interests at the market, as market conditions warrant
Under no obligation to sell units under the ATM program
We sold no units under the program during 1Q14

ATM Equity Program

$300 million ATM Program
Announced March 2014

Senior Secured Revolving Credit Facility

-

$850 million Revolving Credit Facility

Matures June 2016

Primary source of short-term funding (together with cash on hand and cash
flow from operations)
Can be accessed for general partnership purposes, including acquisitions
More than $530 million of availability as of 3/31/14; No maintenance covenants

19

Balanced Capital Structure

Actual
12/31/11

$ Millions

Actual
12/31/12

Cash

0.1

32.2

ABL Revolver Borrowings

9.375% Senior Notes due 2019
9.625% Senior Notes due 2020
7.625% Senior Notes due 2022
6.50% Senior Notes due 2021
Capital Leases
Total Debt

$
$
$
$

600.0
-

$
$

0.8
600.8

$
$
$
$
$
$
$

Partners Capital
Total Capitalization

$ 728.9
$ 1,329.7

LTM Adjusted EBITDA

Total Debt / LTM Adjusted EBITDA
Total Debt / Total Capitalization

(1)

$211.1
2.8x
45%

Actual
12/31/13
$

Pro Forma ( 1)
3/31/14

121.1

179.6

600.0
275.0
5.5
880.5

$
$ 500.0
$ 275.0
$ 350.0
$
$
4.8
$ 1,129.8

$
$
$
$
$
$
$

275.0
350.0
900.0
4.2
1,529.2

$ 889.8
$ 1,770.3

$ 1,062.8
$ 2,192.6

$
$

1,003.6
2,532.8

$404.6
2.2x
50%

$241.5
4.7x
52%

$275.8 ( 1)
5.5x
60%

Includes estimated LTM EBITDA contribution from Anchor Drilling Fluids acquisition of $31.6 million.
20

Ample Liquidity To Support Growth

Combined cash and availability on our revolving credit facility were more than $700 million at 3/31/14 ($MM)
As of 12/31/13

As of 3/31/14

Q/Q Increase
+$120 million
$714

Q/Q Increase
+$62 million
$593
$534
$472

Q/Q Increase
+$59 million
$180
$121

Cash

Revolver Availability

Total Available Liquidity (Cash + Revolver)

21

Hedging Program Helps To Mitigate Market Volatility

Have Hedged Half of Forecasted 2014 Fuels Production Hedged Volumes and Avg. Strike Price Per Barrel ($)(1)
Gasoline

Diesel

Jet

Gasoline = 3.7 mm barrels @ $14.53

Diesel = 4.0 mm barrels @ $27.57
Jet = 0.8 mm barrels @ $24.82

Diesel = 5.8 mm barrels @ $26.59

Jet = 1.0 mm barrels @ $28.10

Diesel = 1.8 mm barrels @ $27.27

2Q14-4Q14

(1)

2015

2016

Various other diesel collars, gasoline collars, natural gas and crude oil basis swaps are disclosed in more detail in the Partnerships
latest filings with the U.S. Securities and Exchange Commission.
22

Capital Spending Distribution (Historical & Forecast)

Replacement, Environmental, Turnaround and Growth Capital Spending ($MM)
Replacement & Environmental

Turnarounds

Growth projects

Est. 2014 Total CAPEX

$340-385 million
$270-300

2013 Total CAPEX

$243 million
$110

2012 Total CAPEX

$72 million
$64

$69
$50-60

$29

$28

$20-25

$15
2012

2013

2014 (Est.)

23

APPENDIX

24

EXHIBIT A: Adj. EBITDA and Distributable Cash Flow Reconciliation

$ in millions
Sales
Cost of sales
Gross profit

Quarter Ended
9/30/13
$
1,506
1,443
62

3/31/13
$
1,319
1,184
134

6/30/13
$
1,534
1,253
101

41
35
3
1

36
34
3
1

30
35
4
13

38
39
5
2

45
40
2
2

Total operating expenses

80

82

84

90

Operating income (loss)

54

74
27
27

(19)

29

35

(19)

(16)

(45)

Selling, general and administrative

Transportation
Taxes other than income taxes
Other

Other expenses (income)

(8)

Income tax expense

Net income (loss)

Interest expense and debt extinguishment costs

Depreciation and amortization
Income tax expense
$

100
(26)

Amortization of turnaround costs and non-cash equity based

compensation and other non-cash items

Distributable Cash Flow

(1)

25
29
-

EBITDA
Hedging adjustments - non-cash

Adjusted EBITDA
Replacement and environmental capital expenditures
Cash interest expense
Turnaround costs
Income tax expense

46

(35)

12/31/13
1,243
1,131
113

24
29
-

62
4

80
(16)
(23)
(14)
-

70
(16)
(23)
(33)
--

26

(3)

(1)

8
25
30

19
2

85
-

(16)

38
30
$

52
(8)

38
(16)
(23)
(16)
-

(16)

(50)
116
30
-

18

3/31/14
1,341
1,217
125

96
(23)

53
(16)
(21)
(6)
-

83
(6)
(24)
(3)
-

11

49

Replacement capital expenditures are defined 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 for a reconciliation of
distributable cash flow to net cash provided by operating activities. Note: Sum of individual line items may not equal subtotal or total
amounts due to rounding.
25

EXHIBIT B: Adjusted Net Income Reconciliation

(In millions, except unit data)

Net income (loss)
Debt extinguishment costs
Adjusted net income
Allocation of adjusted net income:
Adjusted net income
Less:
General partners interest in adjusted net income
General partners incentive distribution rights
Non-vested share based payments
Adjusted net income available to limited partners
Weighted average limited partner units outstanding:
Basic
Diluted
Limited partners interest basic adjusted net income per unit
Limited partners interest diluted adjusted net income per unit

Three Months Ended March 31,

2014
2013
(Unaudited)
$
(50)
$
46
90

$
40
$
46
$

40

1
4
0
35

$
$

69,622,884
69,702,987
0.50
0.50

46

1
3
0
42

$
$

62,831,155
63,017,869
0.67
0.66

26

EXHIBIT C: Steady Resurgence In Distributable Cash Flow(1,2)

Distributable Cash Flow Nearly Doubled Year-Over-Year in 1Q14
$49.4

$26.4
$10.6

1Q13

($2.5)

($16.0)

2Q13

3Q13

4Q13

1Q14

Reconciliation of Distributable Cash Flow ($MM): Y/Y Change Between 1Q13 and 1Q14
= $23.0 y/y increase

$2.7 y/y increase

($10.6) y/y decrease

Adjusted EBITDA

(1)

(2)

Replacement/Environmental
CAPEX

$1.2 y/y increase

Cash Interest Expense

($10.9) y/y decrease

Turnaround Costs

Distributable Cash flow

Distributable Cash Flow (DCF) is calculated by taking Adjusted EBITDA less replacement/environmental CAPEX, cash interest
expense, turnaround costs and income tax expense. Replacement capital expenditures are defined 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 and operating regulations. Cash interest expense represents
consolidated interest expense less non-cash interest expense.
Income tax expense was $0.2 million in 1Q13 and 1Q14
27

EXHIBIT D: Improving Distribution Coverage

Improved Distribution Coverage Supported By Less Planned Maintenance, Recovery In Adjusted EBITDA
1.24 x
0.94x
0.51x
0.20 x

Avg. Distribution
Coverage (2008-2013)

1Q13

-0.05 x

-0.30 x

2Q13

3Q13

4Q13

1Q14

$2.74 per unit

$2.74 per unit

2013

1Q14 (Annualized)

5-Year Compounded Annual Distribution Growth of Approximately 9%

$2.42 per unit

$1.81 per unit

$1.84 per unit

2009

2010

$2.00 per unit

2011

2012

28

Investor Relations Contact

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

29