Credit Suisse MLP and

Energy Logistics Conference

June 10-11, 2014

1

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 inthis 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 thatare 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 othercautionary statements included in our most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q. The risk factors and other factorsnoted 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 thosecontained 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 thosesuggested in any forward-looking statement. All subsequent written and oral forward-looking statements attributable to us or to persons acting on ourbehalf are expressly qualified in their entirety by the foregoing. Existing and prospective investors are cautioned not to place undue reliance on suchforward-looking statements, which speak only as of the date of this Presentation. We undertake no obligation to publicly release the results of any revisionsto any such forward-looking statements that may be made to reflect events or circumstances after the date of this Presentation or to reflect the occurrenceof 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. Theinformation contained herein has been prepared to assist interested parties in making their own evaluation of the Company and does not purport to containall of the information that an interested party may desire. In all cases, interested parties should conduct their own investigation and analysis of theCompany, its assets, financial condition and prospects and of the data set forth in this Presentation. This Presentation shall not be deemed an indication ofthe 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 beenno 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 offeror 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 thebasis of, or be relied upon in connection with, any contract or commitment whatsoever. Neither this Presentation nor any information included hereinshould 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 containedherein, and no liability whatsoever is accepted as to any errors, omissions or misstatements contained herein. Neither the Company nor any of its officersor employees accepts any liability whatsoever arising directly or indirectly from the use of this Presentation.

2

Our Competitive Advantages

Experienced management team

– senior managers average

approximately 30 years of

industry experience

Location of fuels products assets

(near crude oil reserves,

pipelines and customers)

Strong relationships with a broad

customer base – more than

6,000 active accounts

One-stop shop for approximately

6,000 name-brand specialty

products

Strong culture of safety and

reliability – nine locations have

operated more than six years

without a lost-time injury

Well positioned in specialty

products markets with very high

barriers to entry (specialized

formulations, regulatory

permitting, etc.)

One of the top six producers of

paraffinic and naphthenic base

oils in North America

Vertically integrated producer and

distributor of specialty products

and fuel products

3

We Are An Integrated Producer Of Specialty Hydrocarbons

4

We Own Niche, Location-Advantaged Fuel Products Refineries

5

We Own Integrated Specialty Products Facilities

6

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.

7

We Have A History Of Consistent, Profitable Growth

8

Specialty Products Brands Contribute Significant Unitholder Value

• Manufacturer of high-performance

lubricants primarily for

automotive, industrial and racing

applications

• Sole mission is to develop

products that significantly

outperform other synthetic and

mineral-based oils

• Royal Purple brand is well

respected around the world,

including in the U.S., Canada,

Mexico, Australia, China, Italy,

Japan and the U.K.

• Manufacturer of a wide array of

high-end specialty lubricants and

greases for food-grade industrial,

mining and power sport

• Globally recognized specialty

lubricants products are sold in

more than 100 countries across

six continents

• 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

• Sells more than 160 products

through more than 50 distributors

with sales in 35 states nationally

• Sells products into the passenger

car, heavy-duty truck, farming and

industrial end-markets through its

distribution partners

• Quantum has become one of the

most recognized new lubricants

brands in recent years

• Ready-to-use fuel engineered

specifically for outdoor power

equipment – available for 4- and

2-cycle engines

• 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 re-

sealable cap ensure shelf life

greater than 2 years after opening

• 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

• 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

• Calumet, through its network of

owned refineries, is a wholesale

supplier of fuel to approximately

100 Calumet-branded retail locations

9

Acquisitions Further “Wellhead to Retail” Strategy

10

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

11

Attractive Distribution Yield Coupled With Improving Fundamentals

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

(1) 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.

0%

2%

4%

6%

8%

10%

12%

Variable Distribution MLP Refining Sector Fixed Distribution MLP - CLMT Alerian MLP Index

12

Recent Developments

13

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.

14

Generated Record Adjusted EBITDA In 1Q14

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

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

$20.8

$34.7

$69.7

$80.0 $82.7

1Q10 1Q11 1Q12 1Q13 1Q14

$80.0 $70.0

$38.3

$53.2

$82.7

1Q13 2Q13 3Q13 4Q13 1Q14

15

Consistently Elevated Specialty Gross Profit Per Barrel

$32.49

$34.45

$42.22

$8.25

$3.81 $3.66

1Q13 (Prior Year) 4Q13 (Prior Quarter) 1Q14 (Current Quarter)

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

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

16

Announced Organic Growth Projects

Montana Refinery Expansion

Dakota Prairie Refinery (JV)

Missouri Esters Plant 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

- 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

- 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)

(1) 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.

Total Estimated Growth CAPEX (2013-2015)

2013 (Actual)

~$100 mm

2014 (Est.)

$270 to $300 mm

2015 (Est.)

$130 to $150 mm

Total (2013-2015)

$500 to $550 mm

Total Est. Annual Adj. EBITDA Contribution From All Projects

Total (2013-2016)

$190-$215 mm

17

Financial Overview

18

Key Credit Statistics

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

Revolver Availability ($MM) Fixed Charge Coverage Ratio

45%49%

45%50% 52%

60%

YE 2009 YE 2010 YE 2011 YE 2012 YE 2013 3/31/2014

$107$145

$341 $355

$472

$534

YE 2009 YE 2010 YE 2011 YE 2012 YE 2013 3/31/2014

4.4 x 4.3 x 4.3 x4.7 x

2.4 x 2.5 x

YE 2009 YE 2010 YE 2011 YE 2012 YE 2013 3/31/2014

2.7 x 2.7 x 2.8 x2.2 x

4.7 x5.5x

YE 2009 YE 2010 YE 2011 YE 2012 YE 2013 3/31/2014

(1) Debt to LTM Adjusted EBITDA as of March 31, 2014 includes estimated LTM EBITDA contribution from Anchor Drilling Fluids

acquisition of $31.6 million.

19

Access To Capital Markets Funding

Recent Debt Offering

ATM Equity Program

$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

$300 million ATM Program

Announced March 2014

- 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

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

20

Balanced Capital Structure

Actual Actual Actual Pro Forma ( 1)

$ Millions 12/31/11 12/31/12 12/31/13 3/31/14

Cash 0.1$ 32.2$ 121.1$ 179.6$

ABL Revolver Borrowings -$ -$ -$ -$

9.375% Senior Notes due 2019 600.0$ 600.0$ 500.0$ -$

9.625% Senior Notes due 2020 -$ 275.0$ 275.0$ 275.0$

7.625% Senior Notes due 2022 -$ -$ 350.0$ 350.0$

6.50% Senior Notes due 2021 -$ -$ 900.0$

Capital Leases 0.8$ 5.5$ 4.8$ 4.2$

Total Debt 600.8$ 880.5$ 1,129.8$ 1,529.2$

Partners’ Capital 728.9$ 889.8$ 1,062.8$ 1,003.6$

Total Capitalization 1,329.7$ 1,770.3$ 2,192.6$ 2,532.8$

LTM Adjusted EBITDA $211.1 $404.6 $241.5 $275.8 (1)

Total Debt / LTM Adjusted EBITDA 2.8x 2.2x 4.7x 5.5x

Total Debt / Total Capitalization 45% 50% 52% 60%

(1) Includes estimated LTM EBITDA contribution from Anchor Drilling Fluids acquisition of $31.6 million.

21

Ample Liquidity To Support Growth

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

$121

$472

$593

$180

$534

$714

Cash Revolver Availability Total Available Liquidity (Cash + Revolver)

As of 12/31/13 As of 3/31/14

Q/Q Increase

+$59 million

Q/Q Increase

+$62 million

Q/Q Increase

+$120 million

22

Hedging Program Helps To Mitigate Market Volatility

(1) Various other diesel collars, gasoline collars, 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.

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

2Q14-4Q14 2015 2016

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

23

Capital Spending Distribution (Historical & Forecast)

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

$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

Est. 2014 Total CAPEX

$340-385 million

24

APPENDIX

25

EXHIBIT A: Adj. EBITDA and Distributable Cash Flow 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. 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.

$ in millions 3/31/13 6/30/13 9/30/13 12/31/13 3/31/14

Sales 1,319$ 1,534$ 1,506$ 1,243$ 1,341$

Cost of sales 1,184 1,253 1,443 1,131 1,217

Gross profit 134 101 62 113 125

Selling, general and administrative 41 36 30 38 45

Transportation 35 34 35 39 40

Taxes other than income taxes 3 3 4 5 2

Other 1 1 13 2 2

Total operating expenses 80 74 82 84 90 27

Operating income (loss) 54 27 (19) 29 35

Other expenses (income) (8) (19) (16) (45) 85

Income tax expense - - - - -

Net income (loss) 46$ 8$ (35)$ (16)$ (50)$

Interest expense and debt extinguishment costs 25 25 24 38 116

Depreciation and amortization 29 30 29 30 30

Income tax expense - - - - -

EBITDA 100$ 62$ 19$ 52$ 96$

Hedging adjustments - non-cash (26) 4 2 (8) (23)

6 3 18 9 9

Adjusted EBITDA 80$ 70$ 38$ 53$ 83$

Replacement and environmental capital expenditures (1)

(16) (16) (16) (16) (6)

Cash interest expense (23) (23) (23) (21) (24)

Turnaround costs (14) (33) (16) (6) (3)

Income tax expense - - - - - -

Distributable Cash Flow 26$ (3)$ (16)$ 11$ 49$

Amortization of turnaround costs and non-cash equity based

compensation and other non-cash items

Quarter Ended

26

EXHIBIT B: Adjusted Net Income Reconciliation

(In millions, except unit data) 2014 2013

Net income (loss) (50)$ 46$

Debt extinguishment costs 90 —

Adjusted net income 40$ 46$

Allocation of adjusted net income:

Adjusted net income 40$ 46$

Less:

General partner’s interest in adjusted net income 1 1

General partner’s incentive distribution rights 4 3

Non-vested share based payments 0 0

Adjusted net income available to limited partners 35$ 42$

Weighted average limited partner units outstanding:

Basic 69,622,884 62,831,155

Diluted 69,702,987 63,017,869

Limited partners’ interest basic adjusted net income per unit 0.50$ 0.67$

Limited partners’ interest diluted adjusted net income per unit 0.50$ 0.66$

Three Months Ended March 31,

(Unaudited)

27

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

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

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

(1) 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.

(2) Income tax expense was $0.2 million in 1Q13 and 1Q14

$2.7 y/y increase

($10.6) y/y decrease$1.2 y/y increase

($10.9) y/y decrease

= $23.0 y/y increase

Adjusted EBITDA Replacement/EnvironmentalCAPEX

Cash Interest Expense Turnaround Costs Distributable Cash flow

$26.4

($2.5) ($16.0)

$10.6

$49.4

1Q13 2Q13 3Q13 4Q13 1Q14

28

EXHIBIT D: Improving Distribution Coverage

5-Year Compounded Annual Distribution Growth of Approximately 9%

Improved Distribution Coverage Supported By Less Planned Maintenance, Recovery In Adjusted EBITDA

$1.81 per unit $1.84 per unit$2.00 per unit

$2.42 per unit$2.74 per unit $2.74 per unit

2009 2010 2011 2012 2013 1Q14 (Annualized)

1.24 x

0.51x

-0.05 x -0.30 x

0.20 x

0.94x

Avg. DistributionCoverage (2008-2013)

1Q13 2Q13 3Q13 4Q13 1Q14

29

Noel Ryan

Vice President, Investor & Media Relations

Direct | 720.583.0099

Email | noel.ryan@clmt.com

Investor Relations Contact