Fourth Quarter 2013 Results Quarterly Conference Call

February 19, 2014

Forward-Looking Statements This Presentation has been prepared by Calumet Specialty Products Partners, L.P. (the “Company” or “Calumet”) as of February 19, 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 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

4Q13 Performance Summary Jennifer Straumins

President & COO

3

4Q13 Results Summary

4

(1) We define Distributable Cash Flow as Adjusted EBITDA less replacement and environmental capital expenditures, turnaround costs, cash

interest expense (consolidated interest expense less non-cash interest expense) and income tax expense.

» Fourth quarter results reflect sequential (q/q) improvement in Adjusted EBITDA, but still lower than the

prior-year period. Total Adjusted EBITDA of $53.2 million in 4Q13 vs. $38.3 million in 3Q13 and $91.3 million

in 4Q12. Fuel products segment gross profit declined 37.3% on a y/y basis; Specialty products segment gross

profit decreased 10.5% on a y/y basis.

» Key factors that influenced specialty products segment performance included: (1) Specialty Products

gross profit margins returned to normalized levels following elevated margins in the prior year.

» Key factors that influenced fuels product segment performance included: (1) significant y/y decline in

refined product margins, as illustrated by the 2/1/1 Gulf Coast Crack Spread benchmark indicator – partially

offset by improved settlements on derivatives instruments (2) reduced rates at our Gulf Coast refining complex

(3) y/y increase in RINs expense

» Distributable cash flow impacted by lower gross profit and planned turnaround expense(1). We reported

$10.6 million in distributable cash flow during the fourth quarter 2013, versus $54.5 million in the same quarter

of 2012.

» Paid 32nd consecutive quarter of cash distributions. Annualized cash distribution stands at $2.74/unit.

Returned more than $200 million in cash distributions to unitholders during 2013.

Recent Performance Highlights

» Increased hedges on anticipated fuels production helps to mitigate commodity price volatility. As of

12/31/13, we have hedged approximately half of our anticipated fuels production for 2014; significantly increased

2014 gasoline hedges during 4Q13.

» Completed the acquisition of Bel-Ray Company. In December 2013, we acquired a leading manufacturer of

high performance synthetic lubricants; acquisition provides significant opportunity to expand SP international

sales

» Expanded asphalt distribution into new East Coast and Mid-Continent markets through partnership

agreements. East Coast distribution agreement with All-States Asphalt, Inc. (announced Jan-13); Mid-Continent

distribution improved through leased Muskogee, OK terminal (announced Feb-14).

» Successfully completed San Antonio refinery crude unit expansion and fuel blending projects. During

December 2013, we completed a 3,000 bpd crude unit expansion and a project that currently allows us to blend

up to 5,000 bpd of finished gasoline

» Completed an oversubscribed $350 million senior unsecured notes offering at an attractive coupon.

Allocated $100 million of the gross proceeds to retire higher coupon debt; created new reference debt security at

7.625% coupon.

» Organic growth projects continue to progress. We remain on schedule with our major announced capital

projects schedule, including the North Dakota refinery construction project and our Montana refinery expansion

5

Hedging Program Helps Mitigate Market Volatility

6

(1) As of Dec. 31, 2013. Calumet had also entered into 365,000 calendar 2014 costless diesel collars on 365,000 barrels. These barrels

have a $26 put strike price and a $35 call strike price. Various other natural gas and crude oil basis swaps are disclosed in more detail in

the Partnership’s latest filings with the U.S. Securities and Exchange Commission.

We Have Hedged Nearly Half of Our Anticipated 2014 Fuels Production(1)

2014 2015 2016

Gasoline Distillate Jet

Gasoline = 5.0 mm barrels @ $12.90/bbl

Diesel = 5.6 mm barrels @ $27.53/bbl

Jet = 1.2 mm barrels @ 25.74/bbl

Diesel = 5.8 mm barrels @ $26.59/bbl

Jet = 0.8 mm barrels @ $27.54/bbl

Diesel = 1.8 million barrels @ $27.27/bbl

Bel-Ray Acquisition Summary

7

Expands our international sales

Expands our end markets

Expands our production capabilities

» More than 50% of Bel-Ray’s sales are made into int’l markets

» Less than 10% of our Branded/Packaged product sales are int’l

» Sales operations in the U.S., Chile, South Africa, Belgium, Australia

» Bel-Ray owns/operates a 32-acre manufacturing facility in NJ

» Convenient access to ports in New York, Newark and Philadelphia

» Provides East Coast manufacturing center with export capability

» Bel-Ray is an established player in Mining and Powersports markets

» Provides entry into the performance greases market

» We have no presence in these performance lubricants markets

Significant cross-selling opportunities

» Bel-Ray, Royal Purple and Penreco are complementary brands

» Cross-selling opportunities through expanded customer base

» Specific opportunities in international markets

Transaction Rationale

Transaction Overview

» Calumet acquired Bel-Ray Company, Inc. on December 10, 2013 – financial terms were not disclosed

» Bel-Ray is a privately-held, 70 year-old manufacturer of high performance synthetic lubricants based in New Jersey

» Bel-Ray sells ~1,000 products into more than 100 countries; focused on Industrial, Mining and Powersports markets

Remaining Organic Growth Projects (1Q’14-1Q’16)

8

Montana Refinery Expansion

Dakota Prairie Refinery (JV)

Missouri Esters Plant Expansion

- Final engineering assessment completed; applying for permits

- Anticipated completion date for the first quarter 2016

- Est. cost = $400 mm; Est. annual Adj. EBITDA = $130-140 mm

- Focused on construction of refinery foundations and tanks

- Anticipated completion date for the fourth quarter 2014

- Est. (CLMT) cost = $75 mm; Est. annual Adj. EBITDA = $35-45 mm

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

- Anticipated completion date for the second quarter 2015

- Est. cost = $40 mm; Est. annual Adj. EBITDA = $10 mm

Organic Growth Projects – Costs & Contributions

Total Estimated CAPEX and Est. Adjusted Annual EBITDA Contributions (2013-2016) ($MM)

9

Note: Includes 50% of the total 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.

Estimated CAPEX by Major Organic Growth Projects ($MM)

$500-550 million

$190-215 million

Total Est. Growth CAPEX (2013-2016) Est. Annual Adj. EBITDA Contribution

$0.0

$100.0

$200.0

$300.0

$400.0

$500.0

Montana RefineryExpansion

Dakota Prairie Refinery Missouri Esters Plant San Antonio BlendingProjects

San Antonio Crude UnitExpansion

2013 2014 2015

Refining System Production Overview

10

Business Segment Production as a % of Total Production

Production Mix as a % of Total Production(1)

Specialty 31%

Fuels 69%

2012

Specialty 27%

Fuels 73%

2013

1% 1% 3% 4%

10%

15% 16%

23% 25%

1% 2% 2% 4%

8%

12%

18%

24% 27%

Waxes Packaged &synthetic

Other specialty Jet Fuel Sovlents Lubricating Oils Asphalt & Other Diesel Gasoline

2012 2013

(1) “Other Specialty” includes fuels and asphalt produced at the Princeton refinery and other by-products

Asphalt Margins Helped By Lower Crude Oil Prices

11

(1) Poten & Partners, Platts. Posted price market data for asphalt supplied by Poten & Partners is not necessarily indicative of the

Partnership’s actual sales price for asphalt per barrel, however, the data is supportive of the general trend in market pricing.

Indexed WTI Price Per Barrel vs. Indexed National (Blended) Asphalt Price Per Barrel(1)

Historical Asphalt and Other Production as % of Total Production (BPD)

0.8

0.9

1

1.1

1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13

Average Indexed Price WTI/Bbl Avg. Indexed Price of Asphalt/Bbl (National)

16% 16% 15%

17%

21%

18% 19% 17%

1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13

New Asphalt Marketing & Supply Agreement

12

Expands asphalt sales into Northeast

Potential off-take from Superior

Access to retail asphalt markets

» All-States provides a distribution channel for our asphalt into

Northeastern markets where we have not had a presence

» East coast distribution center will be from a terminal in Albany, NY

» All-States primarily sells asphalt into the retail channel

» Historically, a significant portion of our asphalt sold in traditional

markets has been into the wholesale channel

» Our Superior and Montana refineries generally ship asphalt product

to Western and Mid-Continent market; this agreement will allow us to

shift Superior inventories eastward ahead of the Montana expansion

Rationale for the Agreement

Agreement Overview

» Calumet announced a multi-year asphalt marketing and supply with privately-held All-States Asphalt, Inc. on 1/27/14

» The agreement became effective on January 1, 2014

Expanded Asphalt Sales Through Muskogee Terminal

13

Expands asphalt sales into Mid-Continent

Potential off-take from Superior & Montana

» Allows for distribution into Oklahoma, Arkansas, Missouri and

Kansas

» Shifts barrels away from Utah terminal

» Allows for us to target new and existing markets with asphalt

production – seek out high-demand markets with optimal netbacks

per barrel

Rationale for the Agreement

Agreement Overview

» Calumet announced a multi-year agreement to lease a 348,000 bpd liquid asphalt terminal in Muskogee, OK

» The agreement became effective on January 1, 2014

Reclassified Asphalt as Part of the Fuels Segment

14

Restated (New) Gross Profit Margin Per Barrel By Business Segment ($/bbl)

$39.48/bbl

$34.45/bbl

$7.21/bbl

$4.31/bbl

4Q12 4Q13

Specialty Products Gross Profit per Barrel (New) Fuel Products Gross Profit per Barrel (New)

Consistent Quarterly Cash Distribution

15

Annualized Cash Distribution Per Unit of $2.74/unit – 3 year Compound Annual Growth Rate of 11%

$0.475 $0.495 $0.500

$0.530 $0.560

$0.590 $0.620

$0.650 $0.680 $0.685 $0.685 $0.685

1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13

Distributable Cash Flow Variance

Reconciliation of Distributable Cash Flow ($MM): Variance between Year ended 12/31/12 vs. Year ended 12/31/13(1,2)

16

(1) 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 & operating regulations.

(2) Represents consolidated interest expense less non-cash interest expense.

(3) Income tax expenses were less than $1 million for the years ended 12/31/12 and 12/31/13.

Distributable Cash Flow = Adjusted EBITDA – Replacement/Environmental CAPEX – Cash Interest Expense – Turnaround Costs – Income Tax Expense(3)

($163.1)

$35.9

$10.3

$53.7

($262.6)

Adjusted EBITDA Replacement/EnvironmentalCAPEX

Cash Interest Expense Turnaround Costs Distributable Cash Flow

4Q13 Financial Analysis Pat Murray

Chief Financial Officer

17

Adjusted EBITDA Bridge - 4Q12 vs. 4Q13

18

Bridging 4Q12 Adjusted EBITDA to 4Q13 Adjusted EBITDA – Key Performance Drivers ($MM)

$91.3 $(3.4) $(6.6)

$(7.5)

$(3.8) $(8.0)

$(8.8)

$53.2

Historical Fuels Refining Data

19

Gulf Coast 2/1/1 Crack Spread, Diesel Crack and Gasoline Crack ($ Per Barrel)

Source: Bloomberg, Platts

$34

$30 $30

$24

$17 $16

$37

$39

$35

$26

$21

$25

$32

$21

$25

$22

$13

$7

3Q12 4Q12 1Q13 2Q13 3Q13 4Q13

Gulf Coast 2/1/1 Crack Spread (per barrel) Distillate (No. 2 HO) Crack (per barrel) Gulf Coast Gasoline Crack (per barrel)

Measuring RFS Compliance Costs

20

D6 Corn Ethanol (Avg. Price per RIN in $)

Total RINs Expense by Quarter ($MM)

$0.02 $0.02 $0.04 $0.04

$0.40

$0.83 $0.86

$0.30

1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13

$11.8

$14.1

($3.9)

$7.5

1Q13 2Q13 3Q13 4Q13

D6 Corn Ethanol Prices at Quarter-End ($MM)

$0.69

$0.98

$0.43 $0.34

Last Day - 1Q13 Last Day 2Q13 Last Day 3Q13 Last Day 4Q13

Key Performance Metrics

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

Cash Distributions ($MM)

(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”

21

$151 $138

$211

$405

$242

2009 2010 2011 2012 2013

$99 $76

$127

$281

$19

2009 2010 2011 2012 2013

$61 $66

$94

$148

$210

2009 2010 2011 2012 2013

Key Credit Statistics

Debt to Capital Ratio Debt to Year-end Adj. EBITDA (Leverage) Ratio

Revolver Availability ($MM) Fixed Charge Coverage Ratio

22

50%

45%

49%

45%

50%

52%

YE 2008 YE 2009 YE 2010 YE 2011 YE 2012 YE 2013

3.7 x

2.7 x 2.7 x 2.8 x 2.2 x

4.7 x

YE 2008 YE 2009 YE 2010 YE 2011 YE 2012 YE 2013

$52

$107 $145

$341 $355

$472

YE 2008 YE 2009 YE 2010 YE 2011 YE 2012 YE 2013

3.8 x

4.4 x 4.3 x 4.3 x 4.7 x

2.4 x

YE 2008 YE 2009 YE 2010 YE 2011 YE 2012 YE 2013

Ample Liquidity To Support Growth

23

$387 million

$593 million

$32

$121

$355

$472

As of 12/31/12 As of 12/31/13

Cash Revolver Availability

Capital Spending (Historical/Forecast)

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

24

$28

$64 $50-60

$15

$69

$20-25 $29

$110

$270-300

2012 2013 2014 (Est.)

Replacement & Environmental Turnarounds Growth Projects

2012 Total CAPEX = $72 million

2013 Total CAPEX = $243 million

2014 Total Est. CAPEX = $340-385 million

For information, please contact:

Noel Ryan

Director, Investor/Media Relations

317-328-5660

noel.ryan@clmt.com

25