First Quarter 2014 ResultsQuarterly Conference Call

May 7, 2014

Forward-Looking StatementsThis Presentation has been prepared by Calumet Specialty Products Partners, L.P. (the “Company” or “Calumet”) as of May 7, 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 Presentationthat 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 andother cautionary statements included in our most recent Annual Report on Form 10-K. The risk factors and other factors noted in our most recentAnnual Report on Form 10-K 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 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 anyrevisions to any such forward-looking statements that may be made to reflect events or circumstances after the date of this Presentation or to reflect theoccurrence 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. Theinformation contained herein has been prepared to assist interested parties in making their own evaluation of the Company and does not purport tocontain all of the information that an interested party may desire. In all cases, interested parties should conduct their own investigation and analysis ofthe Company, its assets, financial condition and prospects and of the data set forth in this Presentation. This Presentation shall not be deemed anindication 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 thatthere 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 anyoffer 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 itform the basis of, or be relied upon in connection with, any contract or commitment whatsoever. Neither this Presentation nor any information includedherein should be construed as or constitute a part of a recommendation regarding the securities of the Company. Furthermore, no representation orwarranty (express or implied) is made as to, and no reliance should be placed on, any information, including projections, estimates, targets and opinionscontained herein, and no liability whatsoever is accepted as to any errors, omissions or misstatements contained herein. Neither the Company nor anyof its officers or employees accepts any liability whatsoever arising directly or indirectly from the use of this Presentation.

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1Q14 Performance SummaryJennifer Straumins

President & COO

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1Q14 Results Summary

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(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.

» 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.

» Key factor(s) that influenced Specialty Products segment performance included: (1) Increased sales of

Calumet’s packaged and synthetic products, a category inclusive of the Royal Purple®, Bel-Ray®, Quantum®

and TruFuel® premium brands, contributed to an improved product mix within the segment.

» Key factors that influenced Fuel Products segment performance included: (1) Stronger plant reliability at

our major fuel products refineries coming out of turnarounds in 2013; (2) solid seasonal demand for gasoline

and diesel fuels at our Superior, Montana, Shreveport and San Antonio refineries; (3) the San Antonio refinery

operated at record rates, post crude oil unit expansion in December 2013. These factors were more than offset

by a y/y decline in refined product margins.

» Significant q/q improvement in distributable cash flow (DCF). Higher Adjusted EBITDA and lower

turnaround costs have been key catalysts for improved DCF. We reported $49.4 million in distributable cash

flow during 1Q14, versus $26.4 million in 1Q13 and $10.6 million in 4Q13.

» Declared 33rd consecutive quarter of cash distributions on April 22, 2014. Annualized cash distribution of

$2.74/unit ($0.685 per unit, per quarter) represents a yield of more than 9% at the current unit price.

Recent Performance Highlights

» 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.

» 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.

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Significantly Improved Financial Performance

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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

Resurgence In Distributable Cash Flow(1,2)

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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

Consistent Distribution, Improving Coverage

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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

Superior Refinery

Turnaround

No major planned

maintenance

Montana Refinery

Turnaround

San Antonio Refinery

Turnaround

Distribution Yield Exceeds 9.5%

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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 and dividing that by the intraday price on 5/6/14.

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.

CLMT’s current yield is more

than 300 bps higher than

the Alerian MLP Index

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

CLMT Variable Distribution Refining Sector Alerian MLP Index

Gross Profit Per Barrel By Operating Segment

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

$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)

Growing Our Packaged & Synthetic Business

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Packaged & Synthetic Brands Packaged & Synthetic Sales ($MM)(1)

$59.5

$65.6

$59.9

$48.6

$76.4

1Q13 2Q13 3Q13 4Q13 1Q14

(1) Includes the impact from the acquisition of the Bel-Ray Company, Inc. on December 10, 2013 and the acquisition of United Petroleum

on February 28, 2014. Also includes esters product sales.

Access to Capital Markets Funding

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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

Anchor Drilling Fluids Acquisition

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Exposure to rapid growth drilling services » Sell into major identified and emerging resource plays in U.S.

Rationale for the Acquisition

Agreement Overview

» Acquired Anchor Drilling Fluids USA, Inc. for $237 million on 3/31/14, subject to closing purchase price adjustments

» Anchor produces and sells drilling fluids and chemicals used in oil and gas well completion and production

» Anchor has an established base of customers in each of the major identified and unconventional resource plays in the U.S.

Sustained EBITDA growth » Y/Y EBITDA growth estimated at 20% (2012-2013)

Acquired at an attractive EBITDA multiple » 7.4x estimated 2013 EBITDA; low capital spending requirements

Diversified exposure to resource plays

Broad blue-chip customer base » Sell to more than 250 customers through 30 domestic facilities

» Combination of oil and gas-related plays

Grows relationships with oil producers » Crude procurement relationships; business development

Cross-selling opportunities » Expand sales in oil services market beyond solvents and lubricants

Anchor Bolsters Logistics Asset Portfolio

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1Q14 Financial AnalysisPat Murray

Senior Vice President & CFO

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Adjusted EBITDA Bridge – 1Q13 vs. 1Q14

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Bridging Adjusted EBITDA - Key Performance Drivers ($MM)

$80.0 $3.9 $(17.3)

$24.4 $(4.6)$(0.9) $(2.8)

$82.7

Historical Fuel Products Refining Data

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

Source: Bloomberg, Platts

Recent Narrowing In Key Crude Oil Differentials ($ per Barrel)

$30

$15$19

$35

$25 $24 $25

$6

$13

1Q13 4Q13 1Q14

Gulf Coast 2/1/1 Crack Spread (per barrel) ULSD Crack (per barrel) Gulf Coast Gasoline Crack (per barrel)

$19

($1)

($31)($27)

$2

($11)

($31) ($32)

$5

($4)

($23) ($22)

Eagle Ford Less WTI (Per Barrel) Bakken Less WTI (Per Barrel) Bow River Less WTI (Per Barrel) WCS Less WTI (Per Barrel)

1Q13 4Q13 1Q14

Measuring RFS Compliance Costs

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Average Quarterly Price of a D6 Corn Ethanol RIN ($)

Total RINs Expense by Quarter ($MM)

$0.40

$0.83 $0.86

$0.30

$0.45

1Q13 2Q13 3Q13 4Q13 1Q14

$11.8

$14.1

($3.9)

$7.5 $7.9

1Q13 2Q13 3Q13 4Q13 1Q14

Key Credit Statistics

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

Revolver Availability ($MM) Fixed Charge Coverage Ratio

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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.

Ample Liquidity To Support Growth

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

Q/Q Increase

+$59 million

Q/Q Increase

+$62 million

Q/Q Increase

+$120 million

$121

$472

$593

$180

$534

$714

Cash Revolver Availability Total Available Liquidity (Cash + Revolver)

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

Hedging Program Helps Mitigate Market Volatility

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(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.

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

Gasoline = 3.7 mm barrels @ $14.53

Diesel = 4.0 mm barrels @ $27.57

Jet = 0.8 mm barrels @ $24.82

2Q14-4Q14 2015 2016

Gasoline Diesel Jet

Diesel = 5.8 mm barrels @ $26.59

Jet = 1.0 mm barrels @ $28.10

Diesel = 1.8 mm barrels @ $27.27

Capital Spending (Historical/Forecast)

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

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$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

APPENDIX

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Balanced Capital Structure

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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%

Achieved Significantly Lower Cost of Debt With Recent Issuance of $900 million of 6.50% Sr. Notes Due 2021

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

Non-GAAP Financial Measures – Adj. EBITDA and DCF Reconciliation

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(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

Non-GAAP Financial Measures – Adj. Net Income Reconciliation

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(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)

For information, please contact:

Noel Ryan

Director, Investor/Media Relations

317-328-5660

noel.ryan@clmt.com

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