Calumet Montana and Department of Revenue Finalize Property Tax Assessment

Great Falls, MT - Calumet Montana Refining (CMR) and the Montana Department of Revenue (DOR) have mutually resolved the fair market value of the crude oil refinery in Great Falls. A finalized property tax agreement covering the years 2022 through 2025 was completed on September 15.

By statute, DOR must assess businesses at 100% of market value. Adjusting assessments for tax years 2022-2024 to determine full fair market value resulted in the following changes:

• CMR's assessed market value increased for 2022, and Calumet will pay more property taxes for that year.
• CMR's assessed market value decreased in 2023 and 2024, and a refund will be issued for those years.
• The net result is an estimated $1.4 million refund, with an exact amount to be determined by Cascade County based on revised valuations.

CMR paid its taxes for each tax year in full and on time, and only the appealed portion of those taxes were held in escrow pending the result of the appeal.

"We take our financial obligation to the community seriously and are committed to supporting Cascade County through our fair share of taxes," said Kollin Schade, Sr. Vice President of Montana Operations. "This reassessment reflects our dedication to transparency, collaboration, and long-term investment in Great Falls."

To help maintain an accurate and transparent assessment going forward, CMR and the DOR are jointly developing a Master Asset List. This list will serve as the foundation for future property tax assessments.

"We appreciate the community's patience and the cooperation of Calumet while we worked through the review process using very complex appraisal methods. Ultimately, we appraised this property at 100% of its market value in accordance with state law," said DOR Deputy Director Scott Mendenhall.

CMR remains proud to be part of the Great Falls community and appreciates the cooperative efforts that led to this resolution.

*Note to Editor: This resolution pertains only to Calumet Montana Refining. Calumet has never appealed any part of the tax assessment for Montana Renewables, LLC, its co-located business.

About Calumet
Calumet, Inc. (NASDAQ: CLMT) manufactures, formulates, and markets a diversified slate of specialty branded products and renewable fuels to customers across a broad range of consumer-facing and industrial markets. Calumet is headquartered in Indianapolis, Indiana, and operates twelve facilities throughout North America.