#1ŞİŞECAM Discussion Materials Regarding Project Houston January 31, 2023 EVERCORE#2These materials have been prepared by Evercore Group L.L.C. ("Evercore") for the Conflicts Committee (the "Conflicts Committee") of the Board of Directors of Sisecam Resource Partners LLC, the general partner of Sisecam Resources LP (the "Partnership"), to whom such materials are directly addressed and delivered and may not be used or relied upon for any purpose other than as specifically contemplated by a written agreement with Evercore. These materials are based on information provided by or on behalf of the Conflicts Committee, from public sources or otherwise reviewed by Evercore. Evercore assumes no responsibility for independent investigation or verification of such information and has relied on such information being complete and accurate in all material respects. To the extent such information includes estimates and forecasts of future financial performance prepared by or reviewed with the management of the Partnership and/or other potential transaction participants or obtained from public or other third party sources, Evercore has assumed that such estimates and forecasts have been reasonably prepared on bases reflecting the best currently available estimates and judgments of such management (or, with respect to estimates and forecasts obtained from public sources, represent reasonable estimates). No representation or warranty, express or implied, made as to the accuracy or completeness of such information and nothing contained herein is, or shall be relied upon as, a representation, whether as to the past, the present or the future. These materials were designed for use by specific persons familiar with the business and affairs of the Partnership. These materials are not intended to provide the sole basis for evaluating, and should not be considered a recommendation with respect to, any transaction or other matter. These materials have been developed by and are proprietary to Evercore and were prepared exclusively for the benefit and internal use of the Conflicts Committee. These materials were compiled on a confidential basis for use exclusively by the Conflicts Committee and not with a view to public disclosure or filing thereof under state or federal securities laws, and may not be reproduced, disseminated, quoted or referred to, in whole or in part, without the prior written consent of Evercore or as provided in the engagement letter between Evercore and the Conflicts Committee. These materials do not constitute an offer or solicitation to sell or purchase any securities and are not a commitment by Evercore or any of its affiliates to provide or arrange any financing for any transaction or to purchase any security in connection therewith. Evercore assumes no obligation to update or otherwise revise these materials. These materials may not reflect information known to other professionals in other business areas of Evercore and its affiliates. Evercore and its affiliates do not provide legal, accounting or tax advice. Accordingly, any statements contained herein as to tax matters were neither written nor intended by Evercore or its affiliates to be used and cannot be used by any taxpayer for the purpose of avoiding tax penalties that may be imposed on such taxpayer. Each person should seek legal, accounting and tax advice based on his, her or its particular circumstances from independent advisors regarding the impact of the transactions or matters described herein. EVERCORE ŞİŞECAM#3Table of Contents Executive Summary Soda Ash Market Background SIRE Situation Analysis Preliminary Valuation of SIRE Common Units A. Preliminary Valuation Detail - SIRE Financial Projections B. Financial Projections and Preliminary Valuation Detail - Sensitivity Case Appendix Weighted Average Cost of Capital Analysis Additional Materials EVERCORE Section I || ||| IV ŞİŞECAM#4I. Executive Summary EVERCORE#5Executive Summary Introduction Evercore Group L.L.C. ("Evercore") is pleased to provide the following materials to the Conflicts Committee (the "Conflicts Committee") of the Board of Directors of Sisecam Resource Partners LLC (the "Partnership GP"), the general partner of Sisecam Resources LP ("SIRE" or the "Partnership"), regarding Sisecam Chemicals Resources LLC's ("Sisecam Chemicals" or "SCR") proposal to acquire all the outstanding common units representing limited partner interests in the Partnership (each, a "Common Unit") Pursuant to the Agreement and Plan of Merger, dated as of the date hereof (the "Agreement"), among the Partnership, the Partnership GP, Sisecam Chemicals Wyoming LLC ("Parent"), and Sisecam Chemicals Newco LLC, an indirect wholly- owned subsidiary of Parent ("Merger Sub"), Merger Sub will merge with and into the Partnership, with the Partnership surviving and continuing to exist as a Delaware limited partnership and a wholly-owned subsidiary of Parent (the "Transaction") As a result of the Transaction, each outstanding Common Unit, other than the Common Units owned by Parent and its permitted transferees will be converted into a right to receive $25.00 in cash, without interest (the "Consideration"), per issued and outstanding Common Unit Parent is a wholly-owned subsidiary of Sisecam Chemicals that currently owns: 14,551,000 Common Units (72% limited partner interest in the Partnership) The Partnership GP, which owns a 2.0% general partner interest in the Partnership Holders of Common Units other than the Partnership GP, Parent, Merger Sub and their respective affiliates are referred to as the "Unaffiliated Unitholders" On July 5, 2022, Sisecam Chemicals proposed to acquire each outstanding Common Unit owned by the Unaffiliated Unitholders for $17.90 per Common Unit in cash (the "Initial Proposal") On January 31, 2023, Sisecam Chemicals and the Conflicts Committee reached a tentative agreement whereby Sisecam Chemicals will acquire each outstanding Common Unit owned by the Unaffiliated Unitholders at $25.00 per Common Unit in cash with quarterly distributions to be paid through and until the closing date on a pro rata basis (the "Consideration") The Consideration represents a 39.3% premium to SIRE's closing Common Unit price of $17.95 as of July 5, 2022, the last unaffected trading date before public announcement of the Initial Proposal The Consideration represents a 39.9% premium to SIRE's 30-day volume weighted average price ("VWAP") as of July 5, 2022 of $17.87 EVERCORE 1 ŞİŞECAM#6Executive Summary Evercore Evaluation Process Opinion Requested: Evercore has been asked by the Conflicts Committee, whether, in Evercore's opinion, the Consideration to be received by the Unaffiliated Unitholders in the Transaction is fair, from a financial point of view, to the Unaffiliated Unitholders In connection with rendering an opinion, Evercore has, among other things: Rev wed certain publicly available business and financial information relating to the Partnership that we deemed to be relevant, including: the Annual Report on Form 10-K for the year ended December 31, 2021; the Quarterly Reports on Form 10- Q for the quarters ended March 31, 2022, June 30, 2022, and September 30, 2022; and certain Current Reports on Form 8-K, in each case as filed with or furnished to the U.S. Securities and Exchange Commission by the Partnership since January 1, 2022 Reviewed preliminary estimated business and financial information relating to the Partnership for the year and quarter ended December 31, 2022, as provided to us by management of the Partnership Reviewed certain non-public projected financial and operating data and assumptions relating to the Partnership prepared and furnished to us by management of the Partnership, as approved for our use by the Partnership (the "SIRE Financial Projections") Discussed with management of the Partnership their assessment of the past and current operations of the Partnership, the current financial condition and prospects of the Partnership, and the SIRE Financial Projections (including management's views of the risks and uncertainties of achieving such projections) Reviewed the reported prices and the historical trading activity of the Common Units At the request of the Conflicts Committee, prepared and reviewed a sensitivity case (the "Sensitivity Case") with respect to the projected financial and operating data and assumptions relating to the Partnership that we deemed relevant, including sensitivities related to pricing and operating expenses based on discussions with management of the Partnership Performed discounted cash flow analyses on the Partnership based on the SIRE Financial Projections and the Sensitivity Case Compared the financial performance of the Partnership and its stock market trading multiples with those of certain other publicly traded companies and partnerships that we deemed relevant Compared the financial performance of the Partnership and the valuation multiples relating to the Transaction with the financial terms, to the extent publicly available, of certain other transactions that we deemed relevant Performed discounted distribution analyses on the Partnership based on the SIRE Financial Projections and the Sensitivity Case Reviewed a draft of the Agreement dated January 31, 2023 Performed such other analyses and examinations, held such other discussions, reviewed such other information and considered such other factors that we deemed appropriate for the purpose of providing the opinion contained herein 2 EVERCORE ŞİŞECAM#7Executive Summary Introduction The materials include the following: An executive summary, including: (i) an overview of the Transaction; (ii) a review of SIRE's current partnership structure; (iii) the Transaction economics and (iv) an analysis of SIRE's historical trading performance Background information on the U.S. and worldwide soda ash market An analysis of SIRE's current situation, including an analysis of historical sales and expenses and a summary of the SIRE Financial Projections A preliminary valuation of the Common Units utilizing the SIRE Financial Projections and the Sensitivity Case, as directed by the Conflicts Committee An appendix, including SIRE's weighted average cost of capital and a review of Sisecam Chemicals USA Inc.'s 2021 acquisition of a 60% interest in Sisecam Chemicals Resources LLC EVERCORE 3 ŞİŞECAM#8Executive Summary Summary Organizational Structure Source: Partnership filings EVERCORE Türkiye Şişe Ve Cam Fabrikaları A.Ş ("Sisecam Parent") 100% Sisecam Chemicals USA Inc. ("Sisecam USA") Public -26% LP Interest 5,248,791 Common Units ▬▬▬▬▬▬▬▬▬ Interests to be acquired in the Transaction 60% Sisecam Chemicals Resources LLC ("Sisecam Chemicals" or "SCR") 100% Sisecam Chemicals Wyoming LLC ("Parent") -72% LP Interest 14,551,000 Common Units Sisecam Resources LP (the "Partnership" or "SIRE") 4 51% Sisecam Wyoming LLC ("Sisecam Wyoming") 40% ($ in millions, except per unit amounts 100% -2% GP Interest 399,000 GP Units WE Soda Ltd. ("WE Soda") 49% 100% Ciner Enterprise Inc. ("Ciner Enterprises") Sisecam Resource Partners LLC ("Partnership GP") Natural Resources Partners LP ("NRP") 100% NRP Trona LLC ("NRP LLC") ŞİŞECAM#9Executive Summary Transaction Economics 2. 3. SIRE Common Unit Price SIRE Units Outstanding¹ Total Equity Value - SIRE² Noncontrolling Interest² Total Equity Value - Sisecam Wyoming Plus: Net Debt as of December 31, 2022 Consolidated Enterprise Value Premium to Unaffected Price³ 10-Day VWAP from Unaffected Date4 20-Day VWAP from Unaffected Date4 30-Day VWAP from Unaffected Date¹ 4. 5. 6. SIRE Consolidated EBITDA 5 2022E 2023E 2024E Enterprise Value /SIRE Consolidated EBITDA 2022E 2023E 2024E Value of Common Units Owned by Unaffiliated Unitholders 6 ($ in millions, except per unit amounts, Consideration $25.00 Unit Price $25.00 20.2 $505.0 485.2 $990.1 115.7 $1,105.8 5 39.3% 44.6% 43.0% 39.9% Source: Partnership filings, FactSet, SIRE Financial Projections 1. As of January 24, 2023; reflects the sum of: (i) 19,799,791 Common Units outstanding and (ii) 399,000 general partner units representing an approximate 2.0% limited partner interest in SIRE and assumes pro rata allocation of equity value to Common Units and Partnership GP, with no incremental allocation to Partnership GP attributable to IDRs $152.0 154.0 143.5 7.3x 7.2 7.7 $131.2 SIRE's total equity value represents a 51% interest in Sisecam Wyoming with the resulting 49% non-controlling interest stated at implied market value based on the SIRE Common Unit price Based on a Common Unit price of $17.95 as of July 5, 2022, the last unaffected trading date before the Initial Proposal Based on a 10-day, 20-day and 30-day VWAP prices of $17.29, $17.48 and $17.87, respectively, from July 5, 2022, the last unaffected trading date before the Initial Proposal Per SIRE Financial Projections; reflects 100% of Sisecam Wyoming EBITDA less SIRE G&A As of January 24, 2023, Unaffiliated Unitholders owned 5,248,791 Common Units EVERCORE ŞİŞECAM#10Executive Summary SIRE Unit Trading $26.00 $25.00 $24.00 $23.00 $22.00 $21.00 $20.00 $19.00 $18.00 $17.00 $16.00 $15.00 11/19/21: Ciner Enterprises agreed to sell 60% of SCR, inclusive of control, to Sisecam USA for $300 million 10/31/21 1/27/22: CINR / SIRE announced a quarterly cash distribution increase from $0.34 to $0.65 per unit wow Source: FactSet, Bloomberg EVERCORE ww 1/15/22 Historical Price (SIRE) Last 6 Months VWAP VWAP from Announcement to 1/30/23 4/1/22 4/29/22: SIRE announced a quarterly cash distribution decrease from $0.65 to $0.50 per unit 7/5/22: SCR delivered a non- binding proposal to acquire all Common Units held by Unaffiliated Unitholders for $17.90 per Common Unit 6 Wm 6/16/22 Last 30 Trading Days VWAP Last 12 Months VWAP Consideration Unaffected Closing Price Last 30 Trading Days VWAP Last 60 Trading Days VWAP Last 6 Months VWAP Last 12 Months VWAP VWAP from Announcement to 1/30/23 10/28/22: SIRE announced Q3 earnings outperforming investor expectations led by strong pricing and demand in the soda ash market globally. SIRE also announced a Q3 quarterly distribution of $0.50 per unit 8/31/22 SIRE Price $25.00 $17.95 17.87 ---- Consideration 18.80 19.16 17.45 21.28 11/15/22 Last 60 Trading Days VWAP Premium to Relative Price 39.3% 39.9% 33.0% 30.5% 43.3% 17.5% $25.00 $23.96 $21.28 $19.16 $18.80 $17.87 $17.45 1/30/23 ŞİŞECAM#11Executive Summary Historical SIRE and Peer Group Valuation Over the past five years, SIRE has generally traded between 5.0x and 8.0x run-rate EBITDA, near the bottom of the range of its peers 25x 20x 15x 10x 5x 1/30/18 Historical Enterprise Value-to-Adjusted EBITDA (Latest Quarter Annualized) SIRE reported annualized Adj. EBITDA of $2.8 million for 2Q20, its COVID-19 Pandemic trough, resulting in a multiple that is not meaningful 1/30/19 1/30/20 SIRE Source: FactSet 1. Includes: Ciech SA; Genesis Energy, L.P.; Türkiye Sise ve Cam Fabrikalari A.S.; Solvay SA; Tata Chemicals Limited EVERCORE 7 Th 1/30/21 Peer Group Range¹ السلسله 1/30/22 1/30/23 ŞİŞECAM#12II. Soda Ash Market Background EVERCORE#13Soda Ash Market Background Domestic Soda Ash Market Overview Overview The U.S. soda ash industry is comprised of four companies in Wyoming operating five plants and one company in California operating one plant The five producers have a combined annual capacity of 13.3 million metric tons The majority of the world's trona reserves are located in the Green River Basin, Wyoming and approximately 25% of global soda ash is produced by processing trona, with the remainder being produced synthetically through chemical processes Primary uses include as a raw material input for flat glass, container glass, detergents, chemicals, paper and other consumer and industrial products Domestic production of soda ash returned to pre-Covid levels in 2021 and domestic consumption of soda ash exceeded pre-Covid levels 2021 U.S. Capacity by Producer Company Genesis Alkali Wyoming LP Sisecam Resources LP Solvay Chemicals, Inc Tata Chemicals Partners Nirma, LTD Total Source: U.S. Geological Survey, IHS Markit EVERCORE Capacity (Mmt) 3.2 2.7 3.4 2.7 1.4 13.3 Tata Chemicals Partners 20.1% Nirma, LTD 10.4% Solvay Chemicals, Inc 25.4% 8 Metric Tons (MM) 14.0 12.0 10.0 8.0 6.0 4.0 2.0 U.S. Production and Consumption of Soda Ash 12.0 2017 Genesis Alkali Wyoming LP 23.9% 5.0 Sisecam Resources LP 20.1% 11.9 5.0 11.7 4.8 2018 2019 ■ Production ■ Consumption Misc. 8.0% Soap & Detergents 5.0% Distributors 5.0% 10.0 Chemicals 28.0% 4.5 End User Consumption Flue Gas Pulp & Paper Desulfurization 1.0% 3.0% 2020 12.0 Water Treatment. 1.0% 2021 5.4 Glass 49.0% ŞİŞECAM#14Soda Ash Market Background Import and Export Markets for Soda Ash Metric Tons (MM) Soda ash produced in the U.S. above the level of domestic consumption is exported, with exports representing approximately 54% of total production in 2021 Total U.S. imports, primarily from Turkey, have recently been approximately 100,000 tons per year, which was more than double the average quantity of annual imports during the past decade 12.0 10.0 8.0 6.0 4.0 2.0 11.7 6.7 2014 Domestic Production and Exports 11.6 2015 11.8 Source: U.S. Geological Survey EVERCORE 12.0 11.9 6.8 7.0 7.0 6.4 ||||| 11.7 7.0 10.0 2016 ■ Domestic Production ▪ Exports 5.6 2017 2018 2019 2020 12.0 6.5 2021 9 U.S. and Export Markets for Soda Ash Other 24% Korea 4% Australia 4% Thailand 5% Vietnam 6% Malaysia 7% Chile 8% Mexico 22% Brazil 11% Indonesia 9% ŞİŞECAM#15Soda Ash Market Background Comparison of Natural Trona and Synthetic Production Overview Sisecam Wyoming produces soda ash with naturally mined soda as opposed to synthetically produced soda Synthetic production is approximately twice as expensive to produce compared to U.S. natural soda ash production ■ Synthetic soda ash consumes substantially more energy, incurs additional costs associated with by- products and has a greater carbon footprint Production related CO2 intensity in natural soda is approximately 70% lower than synthetic, while energy usage is approximately 60% lower and water usage is approximately 85% lower Comparison of Soda Ash Production Methods Solvay Process Raw Materials Energy Usage By-Products U.S. Natural Trona One 4-6 MMBtu/ton Source: company presentations EVERCORE None Salt (brine), Limestone, Ammonia 10-14 MMBtu/ton Calcium Chloride (waste product) China Hou Salt (brine), Limestone, Carbon Dioxide 10-14 MMBtu/ton Ammonium Chloride (co- product) 10 3.0x 2.0x 1.0x 0.0x 2021 Global Production Capacity China Hou 20% 1.0x Others 15% Solvay Process 47% Comparison of Production Costs U.S. Natural 2.0x U.S. Natural 18% EU Solvay 2.1x China Solvay 2.4x China Hou ŞİŞECAM#16Soda Ash Market Background Projected Increases in Global Soda Ash Supply North America Supply Growth 100 80 60 40 20 In the near-term, the most significant North American growth project is Genesis' expansion of its Granger facility Genesis plans to invest approximately $350 million to expand its Granger soda ash facilities from approximately 500,000 tons per year to approximately 1,250,000 tons per year Expected to be in service in 3Q 2023 IHS Markit forecasts Sisecam to increase capacity by 1.3 million tons in 2024 and 2025 IHS Markit projects annual capacity growth in North America of 4.0% from 2020 to 2025 Range 2010A-20A 2020'A-25E 57 21 24 12 2010A Source: IHS Markit EVERCORE 61 22 27 13 2011A CAGR% North America Northeast Asia 1.1% 2.9% 2.9% 4.0% 65 64 22 29 North America, Northeast Asia and Global Capacity Growth (Million metric tons) 65 22 30 21 31 13 13 13 2012A 2013A 2014A ▬▬▬▬▬▬▬▬ Global 2.2% 2.4% i 64 21 65 30 21 67 30 22 31 69 11 2021 Global Production Capacity The majority of supply growth outside of the U.S. is expected to come online in China 24 31 13 13 13 14 2015A 2016A 2017A 2018A ■ North American ■ Northeast Asia Natural soda ash plants are under construction in Inner Mongolia with annual output of up to 5.4 million tons per year to come online by 2025 A 1.2 million ton Solvay process soda ash plant is expected to come online in Qinghai, China in 2023 IHS Markit also projects plant shutdowns in China that will offset some of the new capacity coming online An approximately 1.3 million ton soda ash plant in Lianyungang, China was shut down in June 2022 An approximately 600,000 ton plant in Guangzhou, China is expected to be shut down in late-2022 IHS Markit projects annual capacity growth in Northeast Asia of 2.9% from 2020 to 2025 72 26 33 14 2019A ■ Other 72 26 32 14 2020A 71 26 32 14 2021 E 73 27 32 76 26 35 14 15 2022E 2023E 78 28 35 16 2024E 81 28 36 17 2025E ŞİŞECAM#17III. SIRE Situation Analysis EVERCORE#18SIRE Situation Analysis Total Units Outstanding Common Unit Price Total Equity Value Plus: Net Debt² Plus: Noncontrolling Interest (Market Value)³ Enterprise Value Distribution Yield Current 2023E 2024E EV / EBITDA* 2022E 2023E 2024E Unit Price $30.00 2. 3. 4. $25.00 $20.00 Public Trading Statistics As of January 30, 2023 $15.00 $10.00 $5.00 1/30/21 Common Unit Price and Distribution Information SIRE Financial Metric 9/30/21 Distribution per Unit 5/31/22 $2.00 2.41 2.22 Source: Public filings, FactSet, SIRE Financial Projections 1. As of January 24, 2023; includes 2.0% general partner interest $152 154 143 Unit Price 20.2 $23.96 $484.1 115.7 465.1 $1,064.9 Projections Yield/Multiple 1/30/23 8.3% 10.1% 9.3% $3.00 $2.50 $2.00 $1.50 $1.00 $0.50 7.0x 6.9 7.4 Distribution per Unit 12 Balance Sheet and Credit Data Cash and Marketable Securities Short-Term Debt Long-Term Debt Total Debt ($ in millions, except per unit amounts, Net Debt Plus: Noncontrolling Interest (Book Value) Plus: Partners' Capital Net Book Capitalization Revolver Availability / Total Revolver Capacity Net Debt / Net Book Cap Net Debt / 2022E EBITDA Quarterly Distribution per LP Unit As of December 31, 2022 % to LP % to GP 98.0% 2.0% 98.0% 85.0% LP Quarterly Distribution Range $-- 2.0% 0.5000 15.0% 0.5750 75.0% 25.0% 0.6250 50.0% 50.0% 0.7500 General Partner Incentive Distribution Rights $0.5000 0.5750 0.6250 0.7500 $0.5000 As of December 31, 2022 Implied market value of the 49% interest in Sisecam Wyoming owned by NRP LLC, calculated as the Partnership's Total Equity Value divided by 51% multiplied by 49% SIRE Consolidated EBITDA equal to 100% of Sisecam Wyoming EBITDA less SIRE G&A EVERCORE Total Total Quarterly Quarterly Distribution Total Quarterly Quarterly Distribution Within Range $0.5000 to GP LP Units per LP Unit Outstanding $0.0102 19.8 Distribution Distribution to LPs to GP $0.2 $9.9 19.8 19.8 19.8 19.8 $9.9 $0.2 % of Total Distributions to the GP % of Total Distributions to the IDRS $21.3 8.8 $130 / $225 21.6% 128.2 $137.0 $115.7 187.2 233.0 $535.9 $39.6 0.8x Total Total Annual Annual Distribution Distribution to LPs to GP $39.6 $0.8 $0.8 2.0% --% ŞİŞECAM#19SIRE Situation Analysis Sisecam Resources Unit Ownership Summary Management and Directors 0.7% Retail 19.6% Summary Holder Turkiye Sise Ve Cam Fabrikalari As Management and Directors Total Insider Insider Ownership Institutional 5.8% Source: FactSet, Public filings, Wall Street Research 1. Includes General Partner Interest EVERCORE Units (000's) 14,950¹ 133 Turkiye Sise Ve Cam Fabrikalari As 74.0% Ownership % 74.0%¹ 0.7% 74.7% Institution Goldman Sachs & Co. LLC (Private Banking) JPMorgan Securities LLC (Investment Management) Acadian Asset Management LLC Rockefeller & Co. LLC Sowell Financial Services LLC Capricorn Fund Managers Ltd. FIAM LLC Fidelity Management & Research Co. LLC Equitec Proprietary Markets LLC Morgan Stanley (Strategic Investments) Credit Suisse Gestion SGIIC SA Citadel Securities LLC Shapiro Capital Management LLC BNP Paribas Arbitrage SNC Bank of America, NA (Private Banking) Top 15 Institutional Other Institutions Less: Short Interest Total Institutional Holder Institutional Ownership Institutional/Other (Net of Short Interest) Turkiye Sise Ve Cam Fabrikalari As Management and Directors Retail Total Common Short Position 13 Summary Units (000's) 552 314 62 27 26 25 25 25 22 20 17 15 13 13 6 1,161 Units (000's) 2 10 (4) 1,167 1,167 14,950 133 3,949 20,199 4 Ownership % 2.7% 1.6% 0.3% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.0% 5.8% 0.0% (0.0%) 5.8% Ownership % 5.8% 74.0% 0.7% 19.6% 100.0% 0.0% ŞİŞECAM#20SIRE Situation Analysis Partnership Overview Description Owns a controlling 51% interest in Sisecam Wyoming, one of the largest and lowest cost producers of natural soda ash in the world 2.5 million metric tons per annum ("mtpa") of soda ash production capacity and over 50 years of trona mining reserves Since 2019, SIRE management has been evaluating a potential new expansion project (the "Unit 8 Expansion") that could increase production levels to 3.5 million mtpa, 134% of the last five-year average $175 $150 $125 $100 $75 $50 Sisecam Wyoming's Green River Basin facility has been in operation for more than 50 years $25 $ -- $104 2.27 2013A Source: Partnership filings EVERCORE $121 2.31 2014A $134 2.41 $117 2015A 2.49 2016A ➡ Sisecam Wyoming EBITDA $120 2.46 2017A Sisecam Wyoming Plant Location and Mine Footprint 14 " $139 2.37 Teron P AURETTE INCOINY UTAH can BIGHORN b MONTANA W MASHARI HOT SPAIN T $138 Mandar SHERIBAN 2.50 NEON 200 Historical and Projected Sisecam Wyoming EBITDA and Volumes Sold 2019A NATIONA Die RAMPON CARRELL My CORVENTE ALKARY Tommy CROOK WESTON S p A ORARI W PLATTE SOH $64 SOUTH DAKOTA 2.02 NEBRASKA 2018A 2020A --Soda Ash Volume Sold (Million Metric Tons) WYOMING $91 2.55 D 2021A O ($ in millions) D Known Sodium Leasing Area Ciner Wyoming $165 2.41 Green River, WY 2022A 6.0 5.0 4.0 3 N O 1.0 ! (Million Metric Tons) Soda Ash Volume Sold ŞİŞECAM#21SIRE Situation Analysis Transportation Overview Overview SIRE's production is transported from Wyoming via Union Pacific Railroad ("UP") pursuant to a master contract amendment executed October 27, 2021 (the "UP Agreement”) The UP Agreement began on January 1, 2022 and expires on December 31, 2025 Beginning on January 1, 2023, rates are adjusted annually based on the prior four quarterly indices of the All Inclusive Index Less Fuel with Forecast Error Adjustment ("AIILF"), as published by the Association of American Railroads In the event the average price of Retail On-Highway Diesel Fuel calculated monthly based on prices reported on the U.S. Department of Energy Website equals or exceeds $2.30 per gallon, UP will add a mileage-based fuel surcharge to the freight charges Shortfall payment is required to be made to UP if SIRE does not ship 85% of its production on UP In 2021, SIRE shipped over 90% of production on UP Production for export is transported on UP to Kansas City Southern Railroad ("KCS") for transportation to Mexico and to terminals in the U.S. Northwest for transport via Handysize vessels to Asia and Latin America A Handysize vessel holds 40,000 to 50,000 tons of dry bulk Source: SIRE management, Association of American Railroads, FactSet, Bloomberg EVERCORE 15 Dayrate 10.0% 8.0% 6.0% 4.0% 2.0% 0.0% (2.0%) (4.0%) $40,000 $30,000 $20,000 $10,000 Historical AIILF 2012-2022E Average Annual Change Core CPI: 2.2% All-LF: 2.5% 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Core CPI Inflation All-LF with Forecast Error Adj. Historical Handysize Dry Bulk Costs (Asia) Nov-2017 Nov-2018 Nov-2019 Dec-2020 Dec-2021 Jan-2023 ŞİŞECAM#22SIRE Situation Analysis Energy Costs Energy Cost Overview After transportation, SIRE's second most significant operating cost is energy SIRE's primary energy cost is natural gas, as well as electricity and fixed utilities Natural gas cost is primarily driven by power- generation required for mining and trona processing plant equipment 2022A Energy Cost per Unit ($ / Metric Ton) Fixed Utilities $5.13 Electricity $3.97 Source: SIRE management EVERCORE 2022A Total Energy Cost per Metric Ton: $30.90 Natural Gas $21.79 16 Natural Gas Electricity Fixed Utilities Consumption (MMBtu/mt) Consumption (kWh/mt) Unit Cost ($/mt) 5.00 4.00 3.00 2.00 1.00 250 200 150 100 50 $8.00 $7.00 $6.00 $5.00 $4.00- $3.00 $2.00 $1.00 $0.00 Historical Energy Cost Trend 3.45 $3.36 2018A 197 $0.035 2018A $6.74 2018A 3.49 $3.25 2019A 181 $0.034 2019A $6.48 2019A 4.07 $2.87 2020A 154 $0.039 2020A $6.41 2020A 3.78 $2.98 2021A 122 $0.033 2021A $5.36 2021A 3.95 $5.29 2022E 126 $0.030 2022E $5.13 2022A $8.00 $6.00 $4.00 $2.00 $0.00 $0.050 $0.045 $0.040 $0.035 $0.030 $0.025 $0.020 Actual Projected Cost ($/MMBtu) Actual / Projected Cost ($/kWh) ŞİŞECAM#23SIRE Situation Analysis Personnel Costs Personnel Cost Overview SIRE currently employs 444 people In 2021, SIRE completed a one-time cost of living adjustment to salaries as a retention initiative given recent tightness in the U.S. labor market In 2022, SIRE gave certain groups of technical operations personnel an approximate 5% increase in salaries to bring them more in line with market Current Employee Count by Salary Type Hourly 147 Source: SIRE management EVERCORE Salaried 297 17 Personnel Cost Drivers Total Personnel Costs ($MM) Employees 500 400 300 200 100 $100.0 $80.0 $60.0 $40.0 $20.0 $-- Historical Personnel Cost Trend 446 $144 452 $64.3 $150 444 $67.8 $147 2018A 2019A 2020A 2021A 444 $65.3 $166 $73.6 444 $163 2022E $76.4 $250 $200 $150 $100 $50 2018A 2019A 2020A 2021A 2022A Y Avg. Fully-Loaded Cost ($K/employee/year) ŞİŞECAM#24SIRE Situation Analysis SIRE Financial Projections - Assumptions Revenue Expenses SIRE-Level G&A Capital Expenditures Credit Facility Assumptions Distribution Coverage / Total Leverage ■ Long-term domestic / export revenue breakout of 50% / 50% ► Domestic and export pricing based on SIRE management's forecast Export revenue is broken out into ANSAC and direct export projects with no sales attributable to ANSAC in 2023E+ Source: SIRE Financial Projections EVERCORE Expenses based on historical costs per unit, the majority of which are projected to increase 5.8% in 2023E and 2.2% in 2024E and each year thereafter ► Costs per unit for domestic freight and personnel are projected to increase 5.8% in 2023E and 3.0% in 2024E and each year thereafter ► Energy costs per unit are expected to increase 5.8% in 2023E, then decline in 2024E to a level which is 2.2% greater than 2022E and increase at a 2.2% annual rate thereafter Annual cash G&A incurred at the Partnership level after distributions received from Sisecam Wyoming equal to $2.9 million in 2022E and $4.0 million each year thereafter Deducted from Sisecam Wyoming EBITDA to arrive at SIRE Consolidated EBITDA ► Deducted from SIRE's 51% share of Sisecam Wyoming EBITDA to arrive at EBITDA Attributable to SIRE ■ Sisecam Wyoming's existing $225 million revolving credit facility includes an accordion provision to increase the commitment to $475 million subject to certain lender approvals $92.0 million drawn as of December 31, 2022 2.05% interest rate Maintenance capital expenditures of $25.0 million in 2022E are projected to increase 2.2% annually thereafter No growth capital expenditures contemplated in the forecast ► Detailed engineering work on Unit 8 Expansion completed, but SIRE management has stated that the project was postponed due to COVID-19 market conditions and is not currently contemplated given SIRE management's view of global demand as well as increased projected capital costs for the project Sisecam Wyoming to maintain a distribution coverage ratio of 1.48x in 2022E, 1.25x in 2023E and 2024E, and 1.10x thereafter SIRE to distribute 100% of distributions received from Sisecam Wyoming less G&A incurred at the Partnership Sisecam Wyoming to use all remaining cash flow to pay down debt 18 ŞİŞECAM#25SIRE Situation Analysis Historical and Projected Sales and Deca Breakout $800 $600 $400 $200 $-- $100 $80 $60 $40 $20 $-- $487 $253 $233 2018A 331 $68 2018A $523 $316 $207 2019A 317 Source: SIRE Financial Projections EVERCORE $66 2019A $392 $178 $209 2020A 188 $37 2020A $6 $540 $150 $114 $277 2021A 350 $74 2021A Historical and Projected Sales $724 $385 $289 2022E $85 296 $50 2022E $785 $441 $344 2023E ■ Domestic ■ANSAC ■ Direct Export Deca Sales By Year $92 296 2023E $738 $408 19 $330 2024E $47 O 150 2024E Deca Sales --Metric Tons ('000s) $685 $374 $311 2025E 2025E $684 $369 $314 2026E 2026E $739 $399 $340 2027E $47 150 2027E ($ in millions) $740 $396 $344 2028E $47 150 2028E 400 350 300 250 200 150 100 50 ŞİŞECAM#26SIRE Situation Analysis Global Production and SIRE Market Share 80.0 70.0 60.0 50.0 40.0 30.0 20.0 10.0 53.4 4.2% 51.2 2.2 2012A T Historical and Projected Global Soda Ash Consumption Volumes and SIRE Market Share 53.5 4.2% 51.3 54.6 4.2% 52.3 55.5 4.3% 53.1 56.3 T 4.4% 53.8 2.4 2.5 2.3 2.3 2013A 2014A 2015A 2016A SIRE Source: SIRE Financial Projections, IHS Markit, U.S. Geological Survey EVERCORE 58.9 4.2% 56.4 59.0 4.0% 56.7 2.5 2.4 2017A 2018A Rest of World 20 61.9 4.0% 59.4 58.5 3.4% 56.5 62.3 4.1% 59.7 64.7 3.9% 62.1 2.6 2.5 2.5 2.0 2019A 2020A 2021A 2022E SIRE Global Volume Market Share 66.5 3.8% (metric tons in millions) 64.0 68.2 3.5% 65.8 2.4 2.5 2023E 2024E 69.9 3.2% 67.6 2.2 2025E 7.0% 6.0% 5.0% - 4.0% 3.0% - 2.0% F 1.0% --% ŞİŞECAM#27SIRE Situation Analysis Deca Rehydration Commentary SIRE's surface site includes a network of natural ponds used to recapture soda ash lost in processing trona through a process called deca rehydration During trona processing, an evaporative crystallizer technology is employed to refine and reuse soda ash throughout the purification process. A concentrated aqueous solution is introduced to maintain the purity and quality of the refined soda ash product. Run-off from this stream flows to the facility's pond network SIRE developed a solution to reduce the capacity of these ponds and recover purified soda ash crystals (chemically, sodium carbonate decahydrate) to be used as an additional feedstock for trona ore during processing The Partnership considers its ore-to-ash ratio (i.e., tons of trona ore needed to produce one ton of soda ash) a key operating performance metric A lower ratio results in lower costs and improved efficiency After introducing deca rehydration in 2009, the Partnership reduced its ore-to-ash ratio by 11% over the next three years ▶ Deca rehydration also reduced the energy consumption required per ton of soda ash produced Over the past several years, SIRE has utilized its reserves of deca from the ponds at a rate above SIRE management's estimated rate of natural replenishment Management expects to reduce deca consumption (and the production capacity associated with deca rehydration) beginning in 2024 to alleviate this depletion Management estimates that SIRE's stable, long-term deca rehydration-based production capacity is approximately 150,000 mtpa Source: SIRE Financial Projections, SIRE management EVERCORE 21 2.00 1.80 1.60 1.40 1.20 1.00 400 350 300 250 200 150 100 50 1.80 1.74 Historical Ore-to-Ash Ratio 1.61 1.60 331 317 1.56 1.59 188 1.52 1.52 1.50 1.50 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 1H22 350 Historical and Projected Deca Sales Volumes (Thousand Metric Tons) 1.54 296 296 150 1.51 1.60 1.56 1.58 I I ISIRE Management 150,000 Metric Ton Estimated Annual Replenishment 150 150 '18A '19A '20A '21A 22E '23E 24E '25E '26E '27E '28E ŞİŞECAM#28SIRE Situation Analysis Historical and Projected Margin per Ton Analysis Per SIRE management, Sisecam Wyoming receives a net price plus payment for freight costs incurred with freight treated as a pass- through cost $200 $180 $160 $140 $100 $80 A review of gross margin excluding freight cost reveals that margin compression is primarily driven by increased personnel costs and reduced net price Per the SIRE Financial Projections, gross profit per metric ton is projected to decline from $70.74 to $51.47, or 27.2% Reduced net price represents 8.3% of the 27.2% margin compression from 2022E to 2028E, or a decrease of $172.87 to $167.00 Of the remaining 18.9% of margin compression between 2022E and 2028E, personnel costs are the key driver Historical and Projected Margin Trend (Excluding Freight) 2022E-2028E Margin Degradation (27.2%) 146.63 $12055.59 63.34 $60 Gross Profit per Metric Ton ($ / mt) 151.62 $20- 133.24 24.27 22.62 4.02 3.90 10.50 10.96 $40 27.11 27.09 32.41 41.16 22.29 4.50 9.29 128.17 70.74 43.42 25.64 3.23 6.01 28.83 172.87 25.14 23.72 23.59 21.03 28.34 184.00 32.55 72.27 180.00 32.98 31.90 4.76 4.86 7.00 8.54 7.92 7.99 35.25 174.00 70.80 62.29 58.89 57.02 51.47 37.67 170.00 170.00. 167.00 30.56 28.18 30.43 31.12 5.09 5.20 5.32 4.97 7.66 7.48 7.48 7.35 41.07 42.30 41.17 42.40 26.25 30.21 26.84 27.45 28.07 28.70 29.34 2018A 2019A 2020A 2021A 2022E 2023E 2024E 2025E 2026E 2027E 2028E Source: SIRE management EVERCORE I Net Realized Price: $172.87 to $167.00, or (8.3%) Margin Degradation % of Margin Degradation (3.9%) 2.4% 0.9% (13.9%) (4.4%) (18.9%) ▪ Energy ■ Personnel ■ Royalties I 22 100% 90% 80% -37.9% 70%- 60% - 50% - 30% 2.7% 40% 17.2% 20% 10% Production Taxes 37.1% 2018A-2022E Avg. Gross Margin --% 16.6% Gross Profit as % of Net Revenue 141.8% 18.5% 2.6% 7.2% 14.9% 3.4% 17.9% 30.9% 17.1% 15.6% 16.7% 33.9% 24.3% 20.0% 40.9% 39.3% 39.3% 22.5% 16.4% 17.9% 17.7% 7.0% 2.5% 4.7% 4.0% 2.6% 2.7% 4.4% 4.6% 4.6% 4.4% 18.8% 35.8% 34.6% 33.5% 30.8% 19.2% 20.9% 17.6% 16.6% 17.9% 3.0% 3.1% 2.9% 4.4% 4.4% 18.6% 3.2% 4.4% 23.6% 24.9% 24.2% 25.4% 17.7% 16.4% 15.2 % 16.4% 14.9% 15.8% 16.5% 16.9% 17.6% 2018A 2019A 2020A 2021A 2022E 2023E 2024E 2025E 2026E 2027E 2028E ■ Other ■ Gross Profit ŞİŞECAM#29SIRE Situation Analysis Historical and Projected Energy Costs $35.00 $30.00 $25.00 $20.00 $15.00 $10.00 $5.00 $-- Consumption (MMBtu/mt) 5 4 2. 3. 3 0 $25.14 $10.18 $3.36 $11.60 2018A 3.5 3.5 $23.72 4.1 $9.14 $3.25 $11.33 2019A 3.8 3.9 $23.59 3.9 $9.04 $2.87 $11.68 2020A Energy Costs by Source ($ / Metric Ton) $21.03 Natural Gas Consumption and Realized Price $6.79 $2.98 $11.26 2021A 3.9 4.0 4.0 '18A 19A '20A '21A ¹22E '23E '24E '25E ¹26E Actual and Projected Price ■ Natural Gas ■ Electricity 3.9 3.9 $26.25 ¹27E ¹28E $5.07 $4.28 $16.90 2022E $10 $8 $6 $4 $2 $0 Henry Hub² Price (S/MMBtu) $30.21 $4.67 $5.23 $20.30 2023E 2024E Fixed Utilities and Other¹ Consumption (kWh/mt) 250 200 150 100 50 $26.84 $2.28 $4.97 0 $19.59 197 181 $27.45 $3.05 $4.88 154 $19.51 2025E $28.07 $4.21 $4.77 $19.08 2026E Electricity Consumption and Realized Price $28.70 $3.22 $5.16 '18A '19A '20A '21A '22E '23E '24E Consumption Actual and Projected Price $20.32 Henry Hub reflects EIA-reported spot prices through 8/31/22 and the NYMEX futures curve as of 8/31/22 from September 2022 and thereafter Electricity consumption (i) reflects management-reported historical usage through 6/30/22 and (ii) assumes usage per metric ton is constant with 1H22A for projection periods EVERCORE 23 2027E 122 126 126 126 126 126 126 126 '25E '26E ¹27E '28E $29.34 $3.87 $5.16 $20.32 Consumption Source: SIRE management, SIRE Financial Projections Fixed Utilities per ton for 2024E and thereafter is calculated indirectly as management's total energy cost per ton projection less projected natural gas and electricity costs per ton, both of which are based on separately provided usage and cost assumptions independent from management's financial model 1. 2028E $0.08 $0.07 $0.06 $0.05 $0.04 $0.03 $0.02 $0.01 $0.00 Price ($/kWh) EIA NWPP Industrial End-Use ŞİŞECAM#30SIRE Situation Analysis Historical and Projected Personnel Costs $50.00 $40.00 $30.00 $20.00 $10.00 Employees $-- 500 400 300 200 100 $27.11 2018A 446 $144 2018A $27.09 2019A 452 $150 2019A $32.41 2020A 444 $147 2020A Source: SIRE Financial Projections, SIRE Management EVERCORE Personnel Cost per Ton ($ / Metric Ton) $28.83 2021A 444 $166 2021A Employees $32.55 2022E 444 $185 $35.25 2022E 2023E Personnel Cost Drivers 454 $195 2023E $37.67 2024E 24 444 $201 2024E $41.07 2025E 440 $207 2025E -Avg. Fully-Loaded Cost ($K/employee/year) $42.30 2026E 440 $213 2026E $41.17 2027E 444 $220 2027E $42.40 2028E 444 $226 2028E $300 $250 $200 $150 $100 $50 $-- Fully-Loaded Cost ($K/employee/yr) ŞİŞECAM#31SIRE Situation Analysis Summary of the SIRE Financial Projections Sales Volumes and Net Realized Pricing (mtpa in millions) 3.00 2.50 2.00 1.50 1.00 $150 0.50 0.96 $125 $75 - 2.37 $50- 1.41 $-- $100 $90.0 2.50 44.1 $25 45.9 0.79 0.85 Sales Volumes 2.02 $59.5 1.16. 29.2 2.55 2.52 2.52 30.3 1.37 1.35-1.26 1.18 $14.5 1.37x) 1.94x 2.75x) 1.49x (1.48x) 1.25, (1.25x $42.0 Net Realized Pricing Sisecam Wyoming Distributed Cash Flow Sisecam Wyoming Distribution Coverage 20.6 18A '19A '20A ¹21A 22E '23E '24E '25E ¹26E '27E ¹28E Domestic Export Domestic▪▪▪▪▪ Export 7.1 21.4 2.37 1.19 $85.0 41.6 1.17 1.26 1.19 1.11 1.11 1.19 1.19 43.3 Average 2.22 2.22 1.11 1.11 $104.0 51.0 $95.8 46.9 53.1 48.8 2.37 2.37 1.10x 1.19 1.19 $81.5 40.0 $74.0 $77.1 $250 36.2 37.8 $200 41.6 37.7 39.3 $150 $100 1.10x) (1.10x 1.10x) $50 $-- $64.2 31.5 32.8 2018A 2019A 2020A 2021A 2022E 2023E 2024E 2025E 2026E 2027E 2028E ■ Distributions to SIRE ■ Distributions to NRP Source: SIRE Financial Projections EVERCORE ($ per metric ton) 25 $200 $175 $150 $125- $100 68.2 $75 - $50 $25 $-- 2.5x 2.0x 1.5x 1.0x- 0.5x --X ($ in Sisecam Wyoming Adjusted EBITDA $139.3 $137.9 67.6 71.0 70.3 0.6x $64.3 0.8x 31.5 32.8 $90.8 44.5 2.0x 46.3 millions, except per mt amounts $154.9 $158.0 75.9 1.3x 79.0 ■ SIRE's Share (51%) 77.4 80.6 0.7x $147.5 72.3 75.2 Net Debt / EBITDA 0.6x $117.4 57.5 2018A 2019A 2020A 2021A 2022E 2023E 2024E 2025E 2026E 2027E 2028E ■ NRP's Share (49%) 0.3x 59.9 $109.4 $113.4 0.3x 53.6 55.6 55.8 57.8 ts) 0.2x $99.7 48.9 50.9 0.2x 0.2x 2018A 2019A 2020A 2021A 2022E 2023E 2024E 2025E 2026E 2027E 2028E ■ Net Debt / EBITDA ŞİŞECAM#32SIRE Situation Analysis SIRE Financial Projections - Sisecam Wyoming EBITDA Domestic Sales Volumes (mt) Export Sales Volumes (mt) Sales Volumes (mt) Volume Growth (%) Domestic Gross Revenue Export Gross Revenue Gross Revenue Domestic Freight Export Freight Freight Costs Domestic Net Revenue Export Net Revenue Net Revenue Average Net Realized Price Energy Costs Personnel Costs Royalties Severance & Ad Valorem Taxes Other Cost of Goods Sold Gross Profit Gross Margin (% of Net Revenue) Operating Expenses Sisecam Wyoming EBITDA EBITDA Margin (% of Net Revenue) Source: SIRE Financial Projections EVERCORE 2023E 1.26 1.26 2.52 (0.1%) $344.1 440.9 $784.9 ($132.7) (189.3) ($321.9) $211.4 251.6 $463.0 $184.00 (76.0) (88.7) (21.5) (12.0) (83.0) ($281.2) $181.8 39.3% (23.8) $158.0 34.1% 2024E For the Years Ending December 31, 2025E 2026E 1.19 1.19 2.37 (5.8%) $330.4 407.7 $738.0 ($128.8) (182.4) ($311.2) 26 $201.6 225.3 $426.9 $180.00 (63.7) (89.3) (18.8) (11.5) (75.6) ($259.0) $167.9 39.3% (20.4) $147.5 34.5% 1.11 1.11 2.22 (6.4%) $310.7 374.4 $685.2 ($124.2) (174.6) ($298.8) $186.5 199.8 $386.4 $174.00 (60.9) (91.2) (17.0) (11.0) (67.9) ($248.0) $138.3 35.8% (20.9) $117.4 30.4% 1.11 1.11 2.22 --% $314.5 369.5 $683.9 ($127.9) (178.5) ($306.5) $186.5 191.0 $377.5 $170.00 (62.3) (93.9) (16.6) (11.3) (62.6) ($246.7) $130.8 34.6% (21.4) $109.4 29.0% 2027E 1.19 1.19 2.37 6.8% $339.9 398.9 $738.8 ($140.7) (195.0) ($335.7) $199.2 203.9 $403.1 $170.00 (68.1) (97.6) (17.7) (12.3) (72.2) ($267.9) $135.2 33.5% (21.9) $113.4 28.1% ($ in millions) 2028E 1.19 1.19 2.37 --% $344.2 396.2 $740.3 ($145.0) (199.3) ($344.3) $199.2 196.8 $396.0 $167.00 (69.6) (100.6) (17.4) (12.6) (73.8) ($274.0) $122.1 30.8% (22.3) $99.7 25.2% ŞİŞECAM#33SIRE Situation Analysis SIRE Financial Projections - Sisecam Wyoming Cash Flow Summary Sisecam Wyoming Distributable Cash Flow Sisecam Wyoming EBITDA Less: Cash Interest Expense Less: Maintenance Capital Expenditures Distributable Cash Flow Sisecam Wyoming Distributed Cash Flow Distributions to SIRE (51.0%) Distributions to NRP (49.0%) Distributed Cash Flow Distributable Cash Flow Surplus / (Shortfall) Sisecam Wyoming Coverage Ratio Source: SIRE Financial Projections EVERCORE 2023E $158.0 (2.4) (25.6) $130.0 $53.1 51.0 $104.0 $26.0 1,25x 2024E 27 For the Years Ending December 31, 2025E 2026E $147.5 (1.6) (26.1) $119.7 $48.8 46.9 $95.8 $23.9 1,25x $117.4 (1.0) (26.7) $89.7 $41.6 40.0 $81.5 $8.2 1,10x $109.4 (0.7) (27.3) $81.4 $37.7 36.2 $74.0 $7.4 1,10x 2027E $113.4 (0.6) (27.9) $84.8 $39.3 37.8 $77.1 $7.7 1,10x millions) 2028E $99.7 (0.5) (28.6) $70.7 $32.8 31.5 $64.2 $6.4 1,10x ŞİŞECAM#34SIRE Situation Analysis SIRE Financial Projections - Sisecam Wyoming Sources and Uses Sources Distributable Cash Flow Surplus / (Shortfall) Increase / (Decrease) in Net Working Capital Cash from Revolver / (Cash to Revolver) Total Sources Uses Growth Capital Expenditures Mandatory Debt Paydown Discretionary Debt Paydown Cash to (from) Balance Sheet Other Total Uses Capital Structure Total Debt Less: Cash Net Debt Net Debt / Adjusted EBITDA Source: SIRE Financial Projections EVERCORE 2023E $26.0 0.4 $26.4 8.8 33.8 (16.3) $26.4 $94.3 (5.0) $89.3 0.6x 2024E 28 For the Years Ending December 31, 2025E 2026E $23.9 15.7 -- $39.7 $-- 9.1 30.6 -= $39.7 $54.7 (5.0) $49.7 0.3x $8.2 8.2 -- $16.3 $-- 9.3 7.1 1 $16.3 $38.3 (5.0) $33.3 0.3x $7.4 0.8 1.3 $9.5 $-- 9.5 1 1 $9.5 $30.2 (5.0) $25.2 0.2x 2027E ($ in millions) $7.7 (9.8) 5.6 $3.5 $-- 3.5 1 $3.5 $32.3 (5.0) $27.3 0.2x 2028E $6.4 (1.0) $5.4 $-- 4.7 0.7 1 1 $5.4 $26.9 (5.0) $21.9 0.2x ŞİŞECAM#35SIRE Situation Analysis SIRE Financial Projections - SIRE Cash Flow Summary Consolidated EBITDA Sisecam Wyoming EBITDA Less: SIRE G&A SIRE Consolidated EBITDA EBITDA Attributable to SIRE SIRE'S 51% Share of Sisecam Wyoming EBITDA Less: SIRE G&A EBITDA Attributable to SIRE SIRE Distributable Cash Flow Distributions from Sisecam Wyoming Less: SIRE G&A Distributable Cash Flow Distributed Cash Flow Sisecam Chemicals Public General Partner Distributed Cash Flow Unit Ownership Sisecam Chemicals Public General Partner Total Units Outstanding Distributable Cash Flow per LP Unit Distribution per LP Unit Distributable Cash Flow Surplus / (Shortfall) Source: SIRE Financial Projections EVERCORE 2023E $158.0 (4.0) $154.0 $80.6 (4.0) $76.6 $53.1 (4.0) $49.1 $35.1 12.7 1.3 $49.1 14.6 5.2 0.4 20.2 $2.41 2.41 $-- 2024E 29 $147.5 (4.0) $143.5 $75.2 (4.0) $71.2 $48.8 (4.0) $44.8 $32.3 11.7 0.9 $44.8 14.6 5.2 0.4 20.2 $2.22 2.22 2025E $117.4 (4.0) $113.4 $59.9 (4.0) $55.9 $41.6 (4.0) $37.6 $27.1 9.8 0.7 $37.6 14.6 5.2 0.4 20.2 $1.86 1.86 $-- ($ in millions, except per unit amounts, 2026E $109.4 (4.0) $105.4 $55.8 (4.0) $51.8 $37.7 (4.0) $33.7 $24.3 8.8 0.7 $33.7 14.6 5.2 0.4 20.2 $1.67 1.67 $-- 2027E $113.4 (4.0) $109.4 $57.8 (4.0) $53.8 $39.3 (4.0) $35.3 $25.5 9.2 0.7 $35.3 14.6 5.2 0.4 20.2 $1.75 1.75 $-- 2028E $99.7 (4.0) $95.7 $50.9 (4.0) $46.9 $32.8 (4.0) $28.8 $20.7 7.5 0.6 $28.8 14.6 5.2 0.4 20.2 $1.42 1.42 ŞİŞECAM#36IV. Preliminary Valuation of SIRE Common Units EVERCORE#37Preliminary Valuation of SIRE Common Units Sensitivity Case - Assumptions Net Realized Pricing Soda Ash Volumes Operating Costs Capital Expenditures Debt Domestic and export net pricing reflects IHS netback forecasts less $26.00 and $39.00 per metric ton, respectively, from 2022E to 2028E ► Discounts informed by the 2018A-2020A average difference between IHS pricing and SIRE realized pricing Same as SIRE Financial Projections Non-freight operating costs as a percentage of net revenue are assumed to be: Consistent with SIRE Financial Projections as a percentage of net revenue for 2023E and 2024E; resulting in gross margins of 39.3% in each year ▸ Gross Margin adjusted to 37.1% in 2025E and thereafter, in line with the five-year trailing average gross margin through 2022E Same as SIRE Financial Projections Same as SIRE Financial Projections Source: SIRE Financial Projections, SIRE management EVERCORE 30 ŞİŞECAM#38Preliminary Valuation of SIRE Common Units Historical Net Realized Pricing Trends - SIRE vs. IHS Domestic Sales Exports Historical and Projected Soda Ash Pricing Trends - Domestic Sales vs. Exports $225 $200 $175 $150 $125 $100 $75 $50 $225 $200 $175 $150 $125 $100 $75 $50 Legend SIRE Domestic, Net IHS Domestic, Net Domestic Net Price $20.27 2012A Legend SIRE Export, Net¹ ($26.41) $11.17 IHS Export, Net Based on ANSAC Based on Direct Export 2013A 2012A ($32.88) $4.80 2013A 2014A ($29.02) SIRE Net Realized Price Differential to IHS 2014A ($3.09) 2015A ($11.74) ($32.00) 2016A 31 ($17.91) ($25.26) 2021A COVID-19 Impacted Per SIRE management guidance, the appropriate differential vs. IHS is the 3-year average from 2018A to 2020A, which is ($26) for domestic sales and, assuming a 2020A export differential based only on realized direct export pricing, ($39) for exports SIRE Net Realized Price Differential to IHS 2017A 2016A ($22.62) 2015A 2017A 2018A Source: SIRE management, IHS Note: SIRE netback pricing for domestic sales and exports is expressed as the gross realized price less the freight cost per metric ton sold, respectively, by sales channel 1. SIRE Export, Net pricing based on the weighted average of ANSAC and Direct Export net realized pricing. ANSAC and direct export accounted for 97.6% and 2.4% of export volumes in 2020A and 52.1% and 47.9% of export volumes in 2021A, respectively 2. Calculated as $115.94 ANSAC Export price less $158.72 IHS Export price 3. Calculated as $107.49 Direct Export price less $158.72 IHS Export price EVERCORE ($29.65) 2018A ($31.16) ($19.01) 2019A ($35.00) per metric ton) 2019A COVID-19 Impacted ($35.99) 2020A ($42.78) ($51.23) ($42.58) 2020A ($37.70) 2021A ŞİŞECAM#39Preliminary Valuation of SIRE Common Units SIRE Financial Projections vs. Sensitivity Case EBITDA Attributable to SIRE DCF / LP Unit % Gross Margin $76.6 $87.7 2023E $2.41 $2.76 2023E 39.3% 39.3% 2023E Source: SIRE Financial Projections, SIRE management EVERCORE $71.2 $90.9 2024E $2.22 $2.87 2024E 39.3% 39.3% 2024E $55.9 2025E $1.86 $82.4 35.8% $2.91 2025E 37.1% 2025E SIRE Financial Projections 32 $51.8 2026E $1.67 $83.4 34.6% $2.94 2026E 37.1% 2026E Sensitivity Case ($ in millions, except per unit amounts, $53.8 2027E $1.75 $72.3 33.5% $2.55 2027E 37.1% 2027E $46.9 2028E $1.42 $70.6 30.8% $2.48 2028E 37.1% 2028E ŞİŞECAM#40For Reference Only Preliminary Valuation of SIRE Common Units Valuation Methodologies Evercore utilized the following methodologies to analyze the value of SIRE's Common Units: Methodology Discounted Cash Flow Analysis Peer Group Trading Analysis Precedent M&A Transaction Analysis Discounted Distributions Analysis Premiums Paid Analysis EVERCORE Description Values SIRE Common Units based on the concepts of the time value of money Using management's projections, Evercore: ► Utilized varying WACC discount rates and terminal values to derive valuation ranges for the SIRE Common Units ► Cash flows were discounted using WACC given allocated EBITDA-based cash flows ► Calculated terminal values based on a range of multiples of EBITDA as well as assumed perpetuity growth rates Values SIRE Common Units based on peer group's current market enterprise value multiples of relevant EBITDA Peer group selected based on assets similar to those owned by SIRE Values SIRE Common Units based on transactions involving assets and businesses similar to those owned by SIRE Values SIRE Common Units based on the present value of the future cash distributions to SIRE Common Unitholders Implied value of SIRE Common Units based on historical premiums paid in selected relevant cash midstream mergers ‒‒‒‒‒‒‒‒‒‒ 33 ■ ■ Metrics / Assumptions Discounted the projected cash flows to assumed effective date of December 31, 2022 ■ WACC based on the Capital Asset Pricing Model ("CAPM") Unitholder effective tax rate of 29.6% (80.0% of 37.0% top bracket) from 2023E to 2025E and 37.0% thereafter For the terminal value, tax depreciation assumed to equal maintenance capital expenditures EBITDA exit multiple of 5.5x to 8.0x and a perpetuity growth rate of 0.5% to 1.5% ■ Enterprise value / EBITDA multiples applied to 2023E and 2024E Adjusted EBITDA Transaction value / EBITDA multiples applied to 2023E EBITDA Discounted projected distributions to assumed effective date of December 31, 2022 Terminal yield range of 8.0% to 12.0% ► Cost of equity of 8.5% to 10.5% based on CAPM Selected premiums paid range applied to 1-day prior spot price and 30-day VWAP ‒‒‒‒‒ ŞİŞECAM#41Preliminary Valuation of SIRE Common Units SIRE Financial Projections vs. Sensitivity Case $50.00 $45.00 $40.00 $35.00 $30.00 $25.00 $20.00 $15.00 $10.00 $5.00 $-- Discounted Cash Flow Analysis EBITDA Exit Multiple Perpetuity Growth $19.77 $15.09 EVERCORE $30.59 $23.64 EBITDA Exit Multiple: 5.5x - 8.0x $17.19 $14.15 $29.45 Discount Rate: WACC of 8.0% - 9.0% $24.10 Perpetuity Growth Rate: 0.5% -1.5% 2023E EBITDA $25.52 Peer Group Trading Analysis $16.04 $29.64 $18.79 2023E EBITDA Multiple: 5.0x - 7.5x 2024E EBITDA $21.75 $12.94 SIRE Financial Projections $28.60 2024E EBITDA Multiple: 4.5x - 7.0x 34 $17.34 Precedent M&A Transactions Analysis 2023E EBITDA $29.32 $19.83 $33.98 Sensitivity Case $23.13 2023E EBITDA Multiple! 6.0x - 8.5x Discounted Distributions Analysis $20.08 $15.29 $32.12 $23.84 Terminal Yield of! 8.0% - 12.0% Equity Cost of Capital of 8.5% -10.5% FOR REFERENCE ONLY Premiums Paid Analysis $24.23 $21.44 Consideration: $25.00 1-Day Spot Premium 20.0% - 35.0% 30-Day VWAP Premium 20.0%-30.0% ŞİŞECAM#42A. Preliminary Valuation Detail - SIRE Financial Projections EVERCORE#43Preliminary Valuation Detail - SIRE Financial Projections Discounted Cash Flow Analysis Sisecam Wyoming EBITDA Less: Tax Depreciation and Amortization² EBIT Less: Cash Taxes EBIAT Plus: Tax Depreciation and Amortization Less: Capital Expenditures Less: Changes in NWC Sisecam Wyoming Unlevered Free Cash Flow SIRE Interest in Sisecam Wyoming SIRE Share of Sisecam Wyoming Unlevered Free Cash Flow Less: SIRE G&A SIRE Unlevered Free Cash Flow EBITDA Multiple / Perpetuity Growth Rate Implied Terminal Value Present Value of Terminal Value @ 8.5% Discount Rate Plus: Present Value of Unlevered Free Cash Flow @ 8.5% Discount Rate Implied Enterprise Value Less: Net Debt as of December 31, 2022 (SIRE'S 51% Share) Implied Equity Value SIRE LP Units Outstanding* Implied SIRE LP Unit Value Unit Price Sensitivity Analysis WACC 7.5% 8.0% 8.5% 9.0% 9.5% 4.25x $14.31 13.93 13.58 13.24 12.92 Terminal Exit Multiple 5.50x 6.75x $16.31 $18.31 15.89 17.83 15.48 17.37 16.93 16.50 15.09 14.71 2023 E $158.0 (413.9) ($255.8) ($255.8) 413.9 (25.6) 0.4 $132.8 51.0% $67.7 (4.0) $63.7 8.00x $20.26 19.77 19.26 18.76 18.29 For the Years Ending December 31, 2025E 2026E 2024E $147.5 (52.9) $94.5 (5.6) $89.0 52.9 (26.1) 15.7 $131.4 51.0% $67.0 (4.0) $63.0 9.25x $22.14 21.64 21.14 20.60 20.07 $117.4 (45.0) $72.4 (4.3) $68.1 45.0 (26.7) 8.2 $94.6 51.0% $48.2 WACC (4.0) $44.2 ($ in millions, except per unit amounts, Perpetuity Growth 7.5% 8.0% 8.5% 9.0% 9.5% $109.4 (41.2) $68.2 (5.0) $63.1 41.2 (27.3) 0.8 $77.8 51.0% $39.7 (4.0) $35.7 2027E --% $16.15 15.24 14.44 13.72 13.07 $113.4 (39.5) $73.8 (5.5) $68.4 39.5 (27.9) (9.8) $70.1 51.0% $35.8 (4.0) $31.8 2028E $99.7 (39.9) $59.8 (18.9) $40.9 39.9 (28.6) (1.0) $51.2 51.0% $26.1 (4.0) $22.1 Perpetuity Growth Rate 0.5% $16.81 15.81 14.93 14.15 13.44 1.0% $17.57 16.45 Exit Multiple $46.9¹ 15.48 14.62 13.86 6.8x $316.3 193.9 $409.8 $350.8 $17.37 216.0 (59.0) 20.2 1.5% $18.46 17.19 16.11 15.16 14.32 $99.7 (28.6) $71.1 (26.3) $44.8 28.6 (28.6) $44.8 51.0% $22.9 (4.0) $18.9 1.0% $254.0 155.7 $371.6 $312.6 $15.48 2.0% $19.46 18.06 16.83 15.77 14.85 Source: SIRE Financial Projections 1. 51% of Sisecam Wyoming EBITDA less $4.0 million SIRE G&A 2. 2023E tax DD&A assumes 100.0% bonus depreciation calculated as the midpoint of the enterprise value range plus 80.0% bonus depreciation on 2023E capital expenditures; bonus depreciation phase-down on capital expenditures in 2024E (60.0%), 2025E (40.0%) and 2026E (20.0%) 3. Assumes unitholder tax rate of 29.6% from 2023E to 2025E and 37.0% thereafter 4. Includes 2.0% general partner interest, economically equivalent to 399,000 LP Units at current quarterly distribution EVERCORE 35 ŞİŞECAM#44Preliminary Valuation Detail - SIRE Financial Projections Peer Group Trading Analysis Partnership / Corporation Chemical Companies with Soda Ash Operations Ciech SA $10.93 11.14 115.28 11.72 2.15 Genesis Energy, L.P. Solvay SA Tata Chemicals Limited Türkiye Sise ve Cam Fabrikalari A.S. Mean Median Other MLPs Alliance Resource Partners, L.P. Natural Resource Partners L.P. Price 1/30/23 Mean Median $22.54 52.99 Source: Public filings and FactSet Note: No peer group company is directly comparable to SIRE 1. As of January 30, 2023 EVERCORE % of 52-Week Equity Enterprise 1 Value Value High 96.3% 82.9% 90.0% 77.7% 86.4% 81.6% 96.4% $576 1,366 11,892 2,985 6,376 $2,949 728 36 $898 5,982 14,635 3,814 8,430 $3,108 1,490 2022E ($ in millions, except per share/unit amounts) 4.6x 8.5 4.2 9.2 7.3 6.8x 7.3 3.4x NM 3.4x 3.4 EV / EBITDA 2023E 5.1x 7.9 5.1 8.4 6.1 6.5x 6.1 2.8x NM 2.8x 2.8 2024E 4.8x 7.4 4.9 8.1 5.2 6.1x 5.2 2.4x NM 2.4x 2.4 Net Debt / 2023E EBITDA 1.6x 4.8 0.8 1.7 1.1 2.0x 1.6 0.2x NM 0.2x 0.2 Soda Ash % Revenue 40.9% 30.3% 15.4% 52.4% 30.0% 33.8% 30.3% --% 14.7% 7.3% 7.3% ŞİŞECAM#45Preliminary Valuation Detail - SIRE Financial Projections Peer Group Trading Analysis (cont'd) 2023E EBITDA Attributable to SIRE Relevant EBITDA Multiple Implied Enterprise Value Based on 2023E Adjusted EBITDA Less: Net Debt as of December 31, 2022 (SIRE'S 51% Share) Implied SIRE Equity Value SIRE LP Units Outstanding¹ Implied SIRE Unit Price Range - 2023E Adjusted EBITDA 2024E EBITDA Attributable to SIRE Relevant EBITDA Multiple Implied Enterprise Value Based on 2024E Adjusted EBITDA Less: Net Debt as of December 31, 2022 (SIRE's 51% Share) Implied SIRE Equity Value SIRE LP Units Outstanding¹ Implied SIRE Unit Price Range - 2024E Adjusted EBITDA Source: SIRE Financial Projections 1. Includes 2.0% general partner interest, economically equivalent to 399,000 LP Units at current quarterly distribution EVERCORE 37 in millions, except per unit amounts 5.0x $383.0 $324.0 $16.04 4.5x $320.4 $261.4 $12.94 $76.6 (59.0) 20.2 $71.2 (59.0) ts) 20.2 7.5x $574.5 $515.5 $25.52 7.0x $498.4 $439.4 $21.75 ŞİŞECAM#46Preliminary Valuation Detail - SIRE Financial Projections Precedent M&A Transactions Analysis Date Announced Min Mean Median Max Precedent Green River Basin Soda Ash Transactions¹ Acquiror / Target (Seller) ises) 05/2022 Solvay SA / Remaining 20% interest in Solvay Soda Ash Joint Venture (AGC) 12/2021 Sisecam Chemicals USA Inc. / 60% stake in Ciner Resources orporation (Ciner 12/2019 Valley Holdings Inc. (Tata Chemials) / Remaining 25% in Tata Chemicals (Soda Ash) Partners Holdings (The Andover Group, Inc.) 08/2017 Genesis Energy, L.P. / 100% of Tronox's Alkali Business, including trona mining, production and marketing assets (Tronox Limited) 07/2015 Park Holding A.S. (Ciner Group) / 73% LP interest, 2% GP interest and related IDRs in OCI Resources LP (OCI Company Ltd.) Tronox US Holdings Inc. / FMC's Alkali Chemicals business (FMC Corporation) 02/2015 10/2014 FMC Corporation / Remaining 6.25% minority interest in FMC Wyoming Corp. (Sumitomo) 03/2013 FMC Corporation / Additional 6.25% minority interest in FMC Wyoming Corp. (Nippon Sheet Glass) 01/2013 Natural Resource Partners LP / 48.51% stake in OCI Wyoming L.P., 20% interest in OCI Wyoming Co. (Anadarko) Tata Chemicals Ltd. / General Chemical Industrial Products Inc. 01/2008 Precedent M&A Transaction Analysis - SIRE Financial Projections SIRE Share of 2023E EBITDA (Post - SIRE G&A) Relevant EBITDA Multiple ($ in millions, except per unit amounts, Implied Enterprise Value Based on 2023E Adjusted EBITDA Less: Net Debt as of December 31, 2022 (SIRE's 51% Share) Implied Equity Value SIRE LP Units Outstanding² Implied SIRE Unit Price Range - 2023E Adjusted EBITDA Source: Public filings, Wall Street research, SIRE Financial Projections 1. No transaction is directly comparable to the Transaction 2. Includes 2.0% general partner interest, economically equivalent to 399,000 LP Units at current quarterly distribution EVERCORE 38 Transaction Value $120.0 300.0 195.0 1,325.0 429.0 1,640.0 95.7 80.0 310.0 1,005.0 6.0x $459.6 $400.6 $19.83 $76.6 (59.0) 20.2 Transaction Value / EBITDA 5.3x 9.7 7.7 8.0 9.5 9.0 8.4 ΝΑ 9.0 ΝΑ 5.3x 8.3 8.7 9.7 8.5x $651.1 $592.1 $29.32 ŞİŞECAM#47Preliminary Valuation Detail - SIRE Financial Projections Discounted Distributions Analysis SIRE Distribution per LP Unit (Cash, As Paid)¹ Terminal Yield² Terminal Value Equity Cost of Capital Based on CAPM Present Value 7.5% Cost of Equity Present Value @ 8.5% Cost of Equity Present Value @ 9.5% Cost of Equity Present Value @ 10.5% Cost of Equity Present Value @ 11.5% Cost of Equity Implied SIRE Unit Value - Based on CAPM 2023E $2.41 2024E $2.22 For the Years Ending December 31, 2025E $1.86 Source: FactSet, SIRE Financial Projections 1. Values LP units based on LP unit distributions and does not consider GP distributions 2. Based on SIRE's 52-week yield range of 6.1% to 14.1% with a median of 10.3% and mean of 10.1% as of July 5, 2022 EVERCORE 39 2026E $1.67 2027E $1.75 2028E $1.42 Terminal Value Low $1.42 12.0% $11.87 $17.07 16.45 15.85 15.29 14.76 $15.29 - I - High $1.42 8.0% $17.80 $20.92 20.08 19.29 18.55 17.84 $20.08 ŞİŞECAM#48Preliminary Valuation Detail - SIRE Financial Projections Premiums Paid Analysis Date Announced 2. 01/06/23 07/28/22 07/25/22 06/02/22 05/25/22 05/16/22 04/22/22 12/20/21 10/27/21 10/04/21 08/23/21 03/05/21 12/15/20 07/27/20 02/27/20 12/17/19 10/01/19 05/10/19 05/08/19 04/02/19 03/18/19 02/05/19 All Transactions Cash-for-Unit Acquiror / Target Phillips 66 / DCP Midstream, LP PBF Energy Inc. / PBF Logistics LP2 Shell USA, Inc. / Shell Midstream Partners, L.P. Hartree Partners, LP / Sprague Resources LP Höegh LNG Holdings Ltd / Höegh LNG Partners LP Diamondback Energy / Rattler Midstream LP Ergon, Inc. / Blueknight Energy Partners, L.P. BP p.l.c/ BP Midstream Partners LP Phillips 66 / Phillips 66 Partners LP Stonepeak Infrastructure Partners / Teekay LNG Partners LP Landmark Dividend / Landmark Infrastructure Partners LP Chevron Corporation / Noble Midstream Partners LP TC Energy Corporation / TC PipeLines, LP CNX Resources Corporation / CNX Midstream Partners Equitrans Midstream Corporation / EQM Midstream Partners, LP Blackstone Infrastructure Partners / Tallgrass Energy LP Brookfield Business Partners L.P./ Teekay Offshore Partners L.P. IFM Investors / Buckeye Partners, L.P. MPLX LP / Andeavor (Marathon Petroleum Corporation; Andeavor Logistics LP) UGI Corporation / AmeriGas Partners, L.P. ArcLight Energy Partners Fund V, L.P. / American Midstream, LP SunCoke Energy, Inc. / SunCoke Energy Partners, L.P. Min Median Mean Max Min Median Mean Max Consideration Cash-for-Unit Cash/Stock-for-Unit Cash-for-Unit Cash-for-Unit Cash-for-Unit Stock-for-Unit Cash-for-Unit Stock-for-Unit Stock-for-Unit Cash-for-Unit Cash-for-Unit Stock-for-Unit Stock-for-Unit Stock-for-Unit Stock-for-Unit Cash-for-Unit Cash-for-Unit Cash-for-Unit Unit-for-Unit Cash/Stock-for-Unit Cash-for-Unit Stock-for-Unit 1-Day Prior Spot For Reference Only Premium¹ 20.1% 32.8% 23.0% 25.2% 35.0% 17.3% 40.9% 10.8% 4.8% 8.3% 38.4% 16.7% 19.5% 28.1% (1.5%) 56.4% 28.1% 27.5% 1.8% 13.5% 31.2% 9.3% (1.5%) 21.6% 22.1% 56.4% 8.3% 28.1% 30.4% 56.4% 30-Day VWAP 28.5% 12.5% 24.7% 24.1% 39.4% 8.7% 40.7% 3.0% 10.6% 7.6% 35.6% 23.5% 10.0% 16.1% (11.2%) 22.7% 9.8% 22.9% 0.5% 22.2% 32.0% 31.2% (11.2%) 22.4% 18.9% 40.7% 7.6% 24.7% 26.2% 40.7% Source: Bloomberg, FactSet, Public filings Note: No transaction is directly comparable to the Transaction 1. VWAP premiums paid are calculated by dividing the value of the offer, defined as the exchange ratio multiplied by the closing price of the acquiror's shares / units on the last trading day prior to announcement plus any cash received, by the 30-trading day VWAP of the target as calculated from the last undisturbed trading day prior to the announcement Based on the closing unit price of $13.35 on June 23, 2022, the last unaffected closing price before public disclosure of the board of directors of PBF Energy Inc.'s adoption of resolutions authorizing certain officers of PBF Energy Inc. to communicate, discuss and negotiate the terms of a potential business transaction with the conflicts committee of the board of directors of PBF Logistics LP's general partner EVERCORE 40 ŞİŞECAM#49Preliminary Valuation Detail - SIRE Financial Projections Premiums Paid Analysis (cont'd) Summary Results - Cash-for-Unit Transactions 1-Day Prior Spot Unit Price as of July 5, 2022 1-Day Prior Spot Price Premium Implied Purchase Pirce based on 1-Day Prior Spot Price Premium 30-Day VWAP as of July 5, 2022 30-Day VWAP Premium Implied Purchase Pirce based on 30-Day VWAP Premium Implied Purchase Price Range Source: FactSet EVERCORE 41 20.0% $21.54 20.0% $21.44 $21.44 For Reference Only $17.95 $17.87 35.0% $24.23 30.0% $23.23 $24.23 ŞİŞECAM#50B. Financial Projections and Preliminary Valuation Detail - Sensitivity Case EVERCORE#51Financial Projections and Preliminary Valuation Detail - Sensitivity Case Sisecam Wyoming EBITDA - Sensitivity Case Domestic Sales Volumes (mt) Export Sales Volumes (mt) Sales Volumes (mt) Volume Growth (%) Domestic Gross Revenue Export Gross Revenue Gross Revenue Domestic Freight Export Freight Freight Costs Domestic Net Revenue Export Net Revenue Net Revenue Average Net Realized Price Energy Costs Personnel Costs Royalties Severance & Ad Valorem Taxes Other Cost of Goods Sold Gross Profit Gross Margin (% of Net Revenue) Operating Expenses Sisecam Wyoming EBITDA EBITDA Margin (% of Net Revenue) SIRE Financial Projections, SIRE management EVERCORE 2023E 1.26 1.26 2.52 (0.1%) $361.7 478.6 $840.3 ($132.7) (189.3) ($321.9) $229.0 289.4 $518.4 $206.00 (85.1) (99.3) (24.1) (13.4) (92.9) ($314.8) $203.6 39.3% (23.8) $179.8 34.7% 2024E 1.19 1.19 2.37 (5.8%) $344.6 491.9 $836.4 ($128.8) (182.4) ($311.2) $215.8 309.5 $525.3 $221.50 (78.3) (109.9) (23.1) (14.2) (93.1) ($318.7) $206.6 39.3% (20.4) For the Years Ending December 31, 2025E 2026E $186.2 35.4% 42 1.11 1.11 2.22 (6.4%) $369.6 442.2 $811.7 ($124.2) (174.6) ($298.8) $245.4 267.6 $512.9 $231.00 (82.1) (118.0) (22.6) (15.5) (84.5) ($322.6) $190.3 37.1% (20.9) $169.4 33.0% 1.11 1.11 2.22 -% $391.1 435.0 $826.1 ($127.9) (178.5) ($306.5) $263.1 256.5 $519.6 $234.00 (83.1) (119.5) (22.9) (15.7) (85.6) ($326.8) $192.8 37.1% (21.4) $171.4 33.0% 2027E 1.19 1.19 2.37 6.8% $355.1 442.8 $797.9 ($140.7) (195.0) ($335.7) $214.4 247.8 $462.2 $194.90 (73.9) (106.3) (20.3) (14.0) (76.2) ($290.7) $171.5 37.1% (21.9) $149.6 32.4% in millions) 2028E 1.19 1.19 2.37 --% $363.7 435.3 $799.0 ($145.0) (199.3) ($344.3) $218.8 236.0 $454.7 $191.75 (72.8) (104.6) (20.0) (13.7) (74.9) ($286.0) $168.7 37.1% (22.3) $146.4 32.2% ŞİŞECAM#52Financial Projections and Preliminary Valuation Detail - Sensitivity Case Sisecam Wyoming Cash Flow Summary - Sensitivity Case Sisecam Wyoming Distributable Cash Flow Sisecam Wyoming EBITDA Less: Cash Interest Expense Less: Maintenance Capital Expenditures Distributable Cash Flow Sisecam Wyoming Distributed Cash Flow Distributions to SIRE (51.0%) Distributions to NRP (49.0%) Distributed Cash Flow Distributable Cash Flow Surplus / (Shortfall) Sisecam Wyoming Coverage Ratio SIRE Financial Projections, SIRE management EVERCORE 2023E $179.8 (2.4) (25.6) $151.8 $61.9 59.5 $121.5 $30.4 1.25x 2024E $186.2 (1.4) (26.1) $158.6 $64.7 62.2 $126.9 43 $31.7 1.25x For the Years Ending December 31, 2025E 2026E $169.4 (0.7) (26.7) $142.0 $65.8 63.2 $129.1 $12.9 1.10x $171.4 (0.3) (27.3) $143.8 $66.7 64.1 $130.7 $13.1 1.10x 2027E $149.6 (0.1) (27.9) $121.6 $56.4 54.2 $110.5 ($ $11.1 1.10x in millions) 2028E $146.4 0.1 (28.6) $117.9 $54.6 52.5 $107.2 $10.7 1.10x ŞİŞECAM#53Financial Projections and Preliminary Valuation Detail - Sensitivity Case Sisecam Wyoming Sources and Uses - Sensitivity Case Sources Distributable Cash Flow Surplus / (Shortfall) Increase / (Decrease) in Net Working Capital Cash from Revolver / (Cash to Revolver) Total Sources Uses Growth Capital Expenditures Mandatory Debt Paydown Discretionary Debt Paydown Cash to (from) Balance Sheet Other Total Uses Capital Structure Total Debt Less: Cash Net Debt Net Debt / Adjusted EBITDA SIRE Financial Projections, SIRE management EVERCORE 2023E $30.4 0.4 $30.7 $-- 8.8 38.2 (16.3) $30.7 $90.0 (5.0) $85.0 0.5x 2024E $31.7 15.7 $47.4 $-- 9.1 38.4 $47.4 $42.5 44 (5.0) $37.5 0.2x For the Years Ending December 31, 2025E 2026E $12.9 8.2 $21.1 $-- 9.3 11.8 $21.1 $21.5 (5.0) $16.5 0.1x $13.1 0.8 $13.8 $-- 9.5 3.7 0.6 $13.8 $8.3 (5.6) $2.6 0.0x 2027E $11.1 (9.8) 1.7 $2.9 $-- 3.5 1 (0.6) -- ($ $2.9 $6.4 (5.0) $1.4 0.0x in millions) 2028E $10.7 (1.0) $9.7 $-- 4.7 1.7 3.4 $9.7 $0.0 (8.4) ($8.3) (0.1x) ŞİŞECAM#54Financial Projections and Preliminary Valuation Detail - Sensitivity Case SIRE Cash Flow Summary - Sensitivity Case Consolidated EBITDA Sisecam Wyoming EBITDA Less: SIRE G&A SIRE Consolidated EBITDA EBITDA Attributable to SIRE SIRE'S 51% Share of Sisecam Wyoming EBITDA Less: SIRE G&A EBITDA Attributable to SIRE SIRE Distributable Cash Flow Distributions from Sisecam Wyoming Less: SIRE G&A Distributable Cash Flow Distributed Cash Flow Sisecam Chemicals Public General Partner Distributed Cash Flow Unit Ownership Sisecam Chemicals Public General Partner Total Units Outstanding Distributable Cash Flow per LP Unit Distribution per LP Unit Distributable Cash Flow Surplus / (Shortfall) SIRE Financial Projections, SIRE management EVERCORE 2023E $179.8 (4.0) $175.8 $91.7 (4.0) $87.7 $61.9 (4.0) $57.9 $40.2 14.5 3.3 $57.9 14.6 5.2 0.4 20.2 $2.76 2.76 2024E $186.2 (4.0) $182.2 $94.9 (4.0) $90.9 $64.7 (4.0) $60.7 45 $41.7 15.0 4.0 $60.7 14.6 5.2 0.4 20.2 $2.87 2.87 $-- ($ in millions, except per unit amounts, For the Years Ending December 31, 2025E 2026E $169.4 (4.0) $165.4 $86.4 (4.0) $82.4 $65.8 (4.0) $61.8 $42.3 15.3 4.3 $61.8 14.6 5.2 0.4 20.2 $2.91 2.91 $-- $171.4 (4.0) $167.4 $87.4 (4.0) $83.4 $66.7 (4.0) $62.7 $42.8 15.4 4.5 $62.7 14.6 5.2 0.4 20.2 $2.94 2.94 $-- 2027E $149.6 (4.0) $145.6 $76.3 (4.0) $72.3 $56.4 (4.0) $52.4 $37.1 13.4 1.9 $52.4 14.6 5.2 0.4 20.2 $2.55 2.55 $-- 2028E $146.4 (4.0) $142.4 $74.6 (4.0) $70.6 $54.6 (4.0) $50.6 $36.1 13.0 1.5 $50.6 14.6 5.2 0.4 20.2 $2.48 2.48 $-- ŞİŞECAM#55Financial Projections and Preliminary Valuation Detail - Sensitivity Case Discounted Cash Flow Analysis - Sensitivity Case Sisecam Wyoming EBITDA Less: Tax Depreciation and Amortization² EBIT Less: Cash Taxes³ EBIAT Plus: Tax Depreciation and Amortization Less: Capital Expenditures Less: Changes in NWC Sisecam Wyoming Unlevered Free Cash Flow SIRE Interest in Sisecam Wyoming SIRE Share of Sisecam Wyoming Unlevered Free Cash Flow Less: SIRE G&A SIRE Unlevered Free Cash Flow EBITDA Multiple / Perpetuity Growth Rate Implied Terminal Value Present Value of Terminal Value @ 8.5% Discount Rate Plus: Present Value of Unlevered Free Cash Flow @ 8.5% Discount Rate Implied Enterprise Value Less: Net Debt as of December 31, 2022 (SIRE's 51% Share) Implied Equity Value SIRE LP Units Outstanding Implied SIRE LP Unit Value Unit Price Sensitivity Analysis WACC 7.5% 8.0% 8.5% 9.0% 9.5% 4.25x $22.55 21.96 21.40 20.87 20.36 Terminal Exit Multiple 5.50x 6.75x $25.57 $28.44 24.89 27.82 24.25 27.10 23.64 26.41 23.06 25.75 2023 E $179.8 (608.4) ($428.6) ($428.6) 608.4 (25.6) 0.4 $154.6 51.0% $78.8 (4.0) $74.8 8.00x $31.27 30.59 29.92 29.17 28.44 For the Years Ending December 31, 2025E 2026E 2024E $186.2 (58.0) $128.2 (7.6) $120.6 58.0 (26.1) 15.7 $168.2 51.0% $85.8 (4.0) $81.8 9.25x $34.11 33.34 32.60 31.88 31.12 $169.4 (51.4) $117.9 (7.0) $111.0 WACC 51.4 (26.7) 8.2 $143.9 51.0% $73.4 (4.0) $69.4 ($ in millions, except per unit amounts ts) 7.5% 8.0% 8.5% 9.0% 9.5% $171.4 (48.9) $122.5 (9.1) $113.4 48.9 (27.3) 0.8 $135.8 51.0% $69.2 (4.0) $65.2 --% $27.61 26.01 24.60 23.34 22.21 2027 E $149.6 (47.1) $102.5 (7.6) $94.9 47.1 (27.9) (9.8) $104.3 51.0% $53.2 (4.0) $49.2 2028E $146.4 (50.5) $95.9 (16.3) $79.6 50.5 (28.6) (1.0) $100.5 51.0% $51.2 (4.0) $47.2 Perpetuity Growth Rate 0.5% $28.73 27.02 25.47 24.10 22.87 1.0% $30.01 28.18 26.46 24.95 23.61 Exit Multiple $70.6¹ 6.8x $476.8 292.3 $606.3 $547.3 $27.10 314.0 (59.0) 20.2 Perpetuity Growth 1.5% $31.51 29.45 27.58 25.91 24.44 $146.4 (28.6) $117.8 (43.6) $74.2 28.6 (28.6) $74.2 51.0% $37.8 (4.0) $33.8 1.0% $455.8 279.4 $593.4 $534.4 $26.46 2.0% $33.28 30.91 28.88 27.01 25.38 Source: SIRE Financial Projections 1. 51% of Sisecam Wyoming EBITDA less $4.0 million SIRE G&A 2. 2023E tax DD&A assumes 100.0% bonus depreciation calculated as the midpoint of the enterprise value range plus 80.0% bonus depreciation on 2023E capital expenditures; bonus depreciation phase-down on capital expenditures in 2024E (60.0%), 2025E (40.0%) and 2026E (20.0%) 3. Assumes unitholder tax rate of 29.6% from 2023E to 2025E and 37.0% thereafter 4. Includes 2.0% general partner interest, economically equivalent to 399,000 LP Units at current quarterly distribution EVERCORE 46 ŞİŞECAM#56Financial Projections and Preliminary Valuation Detail - Sensitivity Case Peer Group Trading Analysis - Sensitivity Case 2023E EBITDA Attributable to SIRE Relevant EBITDA Multiple Implied Enterprise Value Based on 2023E Adjusted EBITDA Less: Net Debt as of December 31, 2022 (SIRE's 51% Share) Implied SIRE Equity Value SIRE LP Units Outstanding Implied SIRE Unit Price Range - 2023E Adjusted EBITDA 2024E EBITDA Attributable to SIRE Relevant EBITDA Multiple Implied Enterprise Value Based on 2024E Adjusted EBITDA Less: Net Debt as of December 31, 2022 (SIRE's 51% Share) Implied SIRE Equity Value SIRE LP Units Outstanding¹ Implied SIRE Unit Price Range - 2024E Adjusted EBITDA Source: SIRE Financial Projections, SIRE management 1. Includes 2.0% general partner interest, economically equivalent to 399,000 LP Units at current quarterly distribution EVERCORE 47 in millions, except per un it amounts 5.0x $438.5 $379.5 $18.79 4.5x $409.3 $350.3 $17.34 $87.7 (59.0) 20.2 $90.9 (59.0) ts) 20.2 7.5x $657.7 $598.7 $29.64 7.0x $636.6 $577.6 $28.60 ŞİŞECAM#57Financial Projections and Preliminary Valuation Detail - Sensitivity Case Precedent M&A Transactions Analysis - Sensitivity Case SIRE Share of 2023E EBITDA (Post - SIRE G&A) Relevant EBITDA Multiple Precedent M&A Transaction Analysis Implied Enterprise Value Based on 2023E Adjusted EBITDA Less: Net Debt as of December 31, 2022 (SIRE's 51% Share) Implied Equity Value SIRE LP Units Outstanding¹ Implied SIRE Unit Price Range - 2023E Adjusted EBITDA Source: Public filings, Wall Street research, SIRE Financial Projections, SIRE management 1. Includes 2.0% general partner interest, economically equivalent to 399,000 LP Units at current quarterly distribution EVERCORE 48 ($ in millions, except per unit amounts, 6.0x $526.2 $467.2 $23.13 $87.7 (59.0) - 20.2 8.5x $745.4 $686.4 $33.98 ŞİŞECAM#58Financial Projections and Preliminary Valuation Detail - Sensitivity Case Discounted Distributions Analysis - Sensitivity Case SIRE Distribution per LP Unit (Cash, As Paid)¹ Terminal Yield² Terminal Value Equity Cost of Capital Based on CAPM Present Value @ 7.5% Cost of Equity Present Value @ 8.5% Cost of Equity Present Value @ 9.5% Cost of Equity Present Value @ 10.5% Cost of Equity Present Value @ 11.5% Cost of Equity Implied SIRE Unit Value - Based on CAPM 2023E $2.76 2024E $2.87 For the Years Ending December 31, 2025E 2026E $2.91 Source: FactSet, SIRE Financial Projections, SIRE management 1. Values LP units based on LP unit distributions and does not consider GP distributions 2. Based on SIRE's 52-week yield range of 6.1% to 14.1% with a median of 10.3% and mean of 10.1% as of July 5, 2022 EVERCORE 49 $2.94 2027E $2.55 2028E $2.48 Low Terminal Value $2.48 12.0% $20.67 $26.84 25.78 24.78 23.84 22.95 unit) $23.84 per u High $2.48 8.0% $31.00 $33.54 32.12 30.78 29.52 28.33 $32.12 ŞİŞECAM#59Appendix EVERCORE#60Weighted Average Cost of Capital Analysis EVERCORE#61Weighted Average Cost of Capital Analysis SIRE WACC Analysis - Capital Asset Pricing Model CAPM WACC 1. 2. 3. 4. 5. 6. 7. Partnership/Corporation Ciech SA Genesis Energy, L.P. Solvay SA Tata Chemicals Limited Türkiye Sise ve Cam Fabrikalari A.S. Sisecam Resources LP 3 Risk-free Rate Unlevered Beta Debt Total Capitalization Adjusted Levered Equity Beta 4 Market Risk Premium Small Company Risk Premium 6 Equity Cost of Capital Pre-Tax Cost of Debt? After-Tax Cost of Debt WACC 5 Unit/Share Price 1/30/23 $10.93 11.14 115.28 11.72 2.15 $23.96 Supply-Side MRP 6.2% 9.2% 3.8% 0.43 25.7% 0.53 8.1% 2.1% 6.7% 4.7% Market Equity Value $575.8 1,365.5 11,892.3 2,985.2 6,376.2 $484.1 Historical MRP 7.5% 9.9% 8.5% Note: Capital structure includes effect of dilutive securities and GP interest; does not attribute value to the IDRs 2-year historical raw betas from FactSet; Adjusted Equity Beta calculated as: (0.67) x Raw Beta + (0.33) × 1.0 Unlevered Beta calculated as: Adjusted Equity Beta x (E/(E + D x (1-T)); assumes corporate tax rate of 29.6% 20-year Treasury as of January 30, 2023 Source: Kroll 50 ($ in millions, except per unit / share amounts, Total Debt and Preferred Equity Mean Median $471.4 4,313.0 3,494.4 782.1 2,201.1 $137.0 Total Debt / Total Capitalization 0.38 15.0% 8.0% 20.0% 7.9% 25.0% 7.8% 30.0% 7.7% 35.0% 7.6% 45.0% 76.0% 22.7% 20.8% 25.7% 38.0% 25.7% 22.1% 0.38 15.0% 8.4% 20.0% 8.3% 25.0% 8.2% 30.0% 8.1% 35.0% 8.0% Adjusted Beta 1 0.73 0.96 0.64 0.52 0.50 Supply-Side MRP WACC Sensitivity Debt / Total Cap 0.43 8.3% 8.2% 8.1% 8.0% 7.9% 0.67 0.64 0.51 0.48 8.6% 8.5% 8.4% 8.2% 8.1% Historical MRP WACC Sensitivity Debt / Total Cap 0.43 8.8% 8.7% 8.6% 8.4% 8.3% 0.48 9.1% Unlevered Beta 2 9.0% 8.9% 8.8% 8.7% Kroll for Decile 9, including companies with an equity market capitalization of $190.0 million to $451.8 million Equity Cost of Capital calculated as: Risk-free rate of 3.8% + (Levered Equity Beta of 0.56 x Market Risk Premium of 6.2% (Supply Side) or 7.5% (Historical) + Small Company Risk Premium of 2.1% Based on ICE BofA US High Yield Index (BB) EVERCORE 0.44 0.30 0.52 0.43 0.39 0.42 0.43 0.43 0.53 8.9% 8.7% 8.6% 8.5% 8.4% 0.53 9.5% 9.4% 9.2% 9.1% 9.0% ŞİŞECAM#62Additional Materials EVERCORE#63Additional Materials 2021 Acquisition of 60% of SCR 2021 Acquisition Overview On November 19, 2021, Ciner Enterprises agreed to sell a 60% interest in Sisecam Chemicals to Sisecam USA for $300.0 million (the "2021 Acquisition") As a result of the transaction: Sisecam Parent owns a controlling interest in the Partnership and Sisecam Wyoming through its indirect, majority ownership of Partnership GP Sisecam Parent owns 60.0% of an approximate 74.1% economic interest in SIRE Illustrative Value per LP Unit SIRE Units Owned by Sisecam Chemicals Implied Value of SIRE Units Implied Value Paid by Sisecam Parent Implied Value for Control Implied SIRE Equity Market Cap¹ Control Value as % of SIRE Equity Market Cap Implied Sisecam Wyoming Equity Value² Control Value as a % of Sisecam Wyoming Equity Value Assumed Unit Price Premium and Implied Value Paid for Partnership GP $18.34 $20.00 $22.00 14.6 14.6 14.6 $266.8 $291.0 $320.1 $500.0 $500.0 $233.2 $209.0 $370.3 63.0% $726.2 32.1% Source: Public filings 1. Based on Illustrative Value per LP Unit and 20.2 million SIRE LP and GP units 2. SIRE Market Cap divided by 51% to arrive at an implied equity value for Sisecam Wyoming EVERCORE $792.1 26.4% ($ in millions, except per unit amounts, Implied Value of Sisecam Chemicals 51 Value of Sisecam Parent Interest Divided by Ownership in Sisecam Chemicals Implied Value of Sisecam Chemicals $404.0 $444.4 $484.8 51.7% 31.1% 40.5% $24.00 $26.00 $28.00 $30.00 $32.00 14.6 14.6 14.6 14.6 14.6 $349.2 $378.3 $407.4 $436.5 $465.6 $500.0 $500.0 $500.0 $179.9 $150.8 $121.7 $500.0 $500.0 $500.0 $92.6 $63.5 $34.4 $525.2 $565.6 23.2% 16.4% $871.3 $950.5 $1,029.7 20.6% 15.9% 11.8% $606.0 $646.4 10.5% 5.3% $300.0 60.0% $500.0 $34.36 14.6 $500.0 $500.0 $- $694.1 --% $1,109.0 $1,188.2 $1,267.4 $1,360.9 8.3% 5.3% 2.7% --% ŞİŞECAM