Calumet (CLMT) investor relations material

Project overview and strategy

• MaxSAFⓇ expansion replaces a megaproject with modular, engineered steps, achieving 70% of expected benefits for only 15% of the original capital outlay.

• Renewable product sales target 17,000 barrels per day and 200 million gallons per year of sustainable aviation fuel (SAF) by 2028.

• Project leverages redeployed equipment from the CMR asphalt refinery, which will continue operations and retain all employees.

• Six small, controllable projects are sequenced to increase IRR, expedite expansion, and minimize construction risk.

• The Great Falls site reconfiguration preserves jobs and community presence while optimizing asset use.

Financial structure and amended DOE loan

• Total project capital reduced to $137 million from $1.2 billion, with only a $34 million DOE loan draw required; the remainder is self-funded.

• Amended loan agreement eliminates the need for large initial third-party equity, simplifying the capital structure and avoiding dilution.

• Cash sweep terms are more favorable, allowing greater cash retention through 2029.

• Debt servicing and maturity dates remain unchanged, with reserve requirements reduced in line with lower project risk.

• The amended loan guarantee agreement has been filed with the SEC for investor reference.

Operational milestones and expansion timeline

• Stepwise expansion increases throughput from 12-13 KBPD to 16-17 KBPD by 2028, with SAF production ramping from 60M gallons in 2026 to 200M gallons by 2028.

• Key milestones include equipment tie-ins, off-gas handling, fractionation retrofits, and hydrogen supply expansion.

• CMR's FCC and alkylation units will be retired in Q4 2026, with selected assets leased to MRL.

• The reconfiguration allows CMR to capture approximately $50 million EBITDA at current margins before the transition.

• First DOE loan servicing date is March 2029.