#1ŞİŞECAM Discussion Materials Regarding Project Houston October 19, 2022 EVERCORE Confidential - Preliminary and Subject to Change#2Transaction Economics at Various Values SIRE Common Unit Price SIRE Units Outstanding¹ Total Equity Value - Noncontrolling Interest² SIRE² 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 Date¹ 20-Day VWAP from Unaffected Date¹ 30-Day VWAP from Unaffected Date¹ SIRE Consolidated EBITDA5 2022E 2023E 2024E Enterprise Value /SIRE Consolidated EBITDA 2022E 2023E 2024E SIRE Proposals - $17.90 20.2 $361.6 347.4 $708.9 143.6 $852.6 Second Initial Proposal Proposal $21.00 7/5/2022 9/27/2022 Unit Price $22.00 $23.00 $24.00 $25.00 $26.00 Unit Price Unit Price Unit Price Unit Price Unit Price $26.00 $21.00 20.2 $424.2 407.5 $22.00 $23.00 $24.00 $25.00 20.2 20.2 20.2 20.2 20.2 $444.4 $464.6 $484.8 $505.0 $525.2 426.9 446.4 465.8 485.2 504.6 $831.7 $871.3 $910.9 $950.5 $990.1 $1,029.7 143.6 143.6 143.6 143.6 143.6 $975.3 $1,014.9 $1,054.5 $1,094.2 $1,133.8 (0.3%) 3.5% 2.4% 0.2% $152.0 154.0 143.5 5.6x 5.5 5.9 - $19.00 20.2 $383.8 368.7 $752.5 143.6 $896.1 5.8% 9.9% 8.7% 6.3% $152.0 154.0 143.5 5.9x 5.8 6.2 17.0% 21.4% 20.2% 17.5% $152.0 154.0 143.5 6.4x 6.3 6.8 22.6% 27.2% 25.9% 23.1% 28.1% 33.0% 31.6% 28.7% 6.7x 6.6 7.1 1 Confidential Preliminary and Subject to Change 6.9x 6.8 7.4 33.7% 38.8% 37.3% 34.3% $152.0 $152.0 $152.0 $152.0 154.0 154.0 154.0 154.0 143.5 143.5 143.5 143.5 ($ in millions, except per unit amounts, 7.2x 7.1 7.6 39.3% 44.6% 43.0% 39.9% 7.5x 7.4 7.9 Second First Counter- Counter- $27.00 proposal proposal - Unit Price 10/11/2022 9/20/2022 $27.00 20.2 $545.4 524.0 $1,069.3 143.6 143.6 $1,173.4 $1,213.0 44.8% 50.4% 48.8% 45.5% $152.0 154.0 143.5 7.7x 7.6 8.2 50.4% 56.1% 54.5% 51.1% $152.0 154.0 143.5 8.0x 7.9 8.5 Conflicts Committee 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 3. 4. 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 5. Per SIRE Financial Projections; reflects 100% of Sisecam Wyoming EBITDA less SIRE G&A EVERCORE Counterproposals - $28.50 $29.50 20.2 20.2 $575.7 $595.9 553.1 572.5 $1,128.8 $1,168.4 143.6 143.6 $1,272.4 $1,312.0 58.8% 64.8% 63.1% 59.5% $152.0 154.0 143.5 8.4x 8.3 8.9 64.3% 70.6% 68.8% 65.1% $152.0 154.0 143.5 Source: Partnership filings, FactSet, SIRE Financial Projections 1. As of July 26, 2022; 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 SIRE GP, with no incremental allocation to SIRE GP attributable to IDRS 8.6x 8.5 9.1 ŞİŞECAM#3SIRE Unit Trading $24.00 $22.00 $20.00 $18.00 $16.00 $14.00 $12.00 Proposed Consideration Unaffected Closing Price Last 30 Trading Days VWAP Last 60 Trading Days VWAP Last 6 Months VWAP Last 12 Months VWAP Go-Forward VWAP 9/12/21 wh Source: FactSet, Bloomberg EVERCORE 11/19/21: Ciner Enterprises agreed to sell 60% of SCR, inclusive of control, to Sisecam USA for $300 million 11/1/21 Historical Price (SIRE) Last 12 Months VWAP SIRE Price $19.00 $17.95 17.87 18.80 19.16 17.45 20.20 12/21/21 Consideration Premium Relative to Historical VWAP 5.8% 6.3% 1.1% (0.8%) 8.9% (5.9%) m 1/27/22: CINR / SIRE announced a quarterly cash distribution increase from $0.34 to $0.65 per unit 2/9/22 And 3/31/22 Last 30 Trading Days VWAP Proposed Consideration 2 5/20/22 Confidential - Preliminary and Subject to Change 7/5/22: SCR delivered non-binding proposal to acquire all Common Units held by Unaffiliated Unitholders Last 60 Trading Days VWAP Go-Forward VWAP 7/9/22 8/28/22 W Last 6 Months VWAP $22.65 $20.20 $19.16 $19.00 $18.80 $17.87 $17.45 10/17/22 ŞİŞECAM#4Historical SIRE and Peer Group Valuation Trend Over the past five years, SIRE has typically traded between 5.0x and 8.0x run-rate EBITDA, near the bottom of the range of its peers 25x 20x 15x 10x 5x --X 10/17/17 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 Lat 10/17/18 10/17/19 SIRE Source: FactSet 1. Includes: Ciech SA; Genesis Energy, L.P.; Türkiye Sise ve Cam Fabrikalari A.S.; Solvay SA; Tata Chemicals Limited EVERCORE 3 Confidential - Preliminary and Subject to Change 10/17/20 wymag Peer Group Range1¹ Th مس 10/17/21 10/17/22 ŞİŞECAM#5SIRE 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 Public Trading Statistics As of October 17, 2022 $25.00 $20.00 $15.00 $10.00 $5.00 2. 3. 4. 10/17/20 6/17/21 Distribution per Unit Source: Public filings, FactSet, SIRE Financial Projections 1. As of July 26, 2022; Includes General Partner 2.0% interest Management Projections Metric Common Unit Price and Distribution Information 2/15/22 $2.00 2.40 2.21 $152 154 143 20.2 $22.65 $457.5 150.9 439.6 $1,048.0 Unit Price Yield/Multiple 8.8% 10.6% 9.8% $3.00 $2.50 $2.00 $1.50 $1.00 $0.50 $-- 10/17/22 6.9x 6.8 7.3 Distribution per Unit 4 Cash and Marketable Securities Short-Term Debt Long-Term Debt Total Debt Confidential - Preliminary and Subject to Change Balance Sheet and Credit Data Net Debt Plus: Noncontrolling Interest (Book Value) Plus: Partners' Capital Net Book Capitalization Quarterly Distribution per LP Unit ($ in millions, except per unit amounts, Revolver Availability / Total Revolver Capacity Net Debt Net Book Cap Net Debt 2022E EBITDA LP Quarterly Distribution Range $-- 2.0% 0.5000 15.0% 0.5750 75.0% 25.0% 0.6250 50.0% 50.0% 0.7500 % to LP % to GP 98.0% 2.0% 98.0% 85.0% As of June 30, 2022 General Partner Incentive Distribution Rights $0.5000 0.5750 0.6250 0.7500 $0.5000 As of June 30, 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 Quarterly Quarterly Distribution Total Distribution to GP LP Units Within Range per LP Unit Outstanding $0.5000 $0.0102 19.8 19.8 19.8 19.8 19.8 $9.9 Total Total Total Total Quarterly Quarterly Annual Annual Distribution Distribution Distribution Distribution to LPs to GP to LPs to GP $9.9 $0.2 $39.6 $0.8 $0.2 $120 $225 29.7% 1.0x % of Total Distributions to the GP % of Total Distributions to the IDRS $3.4 8.7 145.6 $154.3 $150.9 156.4 201.2 $508.5 $39.6 $0.8 2.0% ŞİŞECAM#6Preliminary Valuation of SIRE Common Units SIRE Financial Projections vs. Sensitivity Case EBITDA Attributable to SIRE DCF / LP Unit % Gross Margin $76.1 $71.7 2022E $2.00 $2.00 2022E 40.9% 40.9% 2022E $76.6 2023E $2.40 $86.7 $2.72 2023E 39.3% 39.3% Source: SIRE Financial Projections, SIRE management EVERCORE 2023E $71.2 $88.8 2024E $2.21 $2.79 2024E 39.3% 39.3% 2024E $55.9 $1.85 2025E LO $73.3 5 35.8% 37.1% SIRE Financial Projections $2.58 2025E 2025E $51.8 $1.66 2026E Confidential - Preliminary and Subject to Change 34.6% $70.8 2026E Sensitivity Case ($ in millions, except per unit am $2.49 2026E 37.1% $53.8 2027E $1.74 $72.3 33.5% $2.54 2027E 37.1% 2027E $46.9 mounts) $1.41 2028E $70.6 30.8% $2.47 2028E 37.1% 2028E ŞİŞECAM#7Preliminary 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 $18.93 $14.37 $28.54 $21.82 Proposed Consideration: I $19.00 I EVERCORE EBITDA Exit Multiple: 5.5x8.0x $16.12 $13.26 $26.81 Discount Rate: WACC or 8.25% - 9.25% $21.95 Perpetuity Growth Rate: 0.5% -1.5% 2022E EBITDA $26.51 $17.09 $24.72 $15.84 Peer Group Trading Analysis 2023E EBITDA $24.82 $15.34 SIRE Financial Projections $28.49 2022E EBITDA Multiple: 2023E EBITDA Multiple: 5.5x - 8.0x 5.0x - 7.5x 6 $17.76 2024E EBITDA $21.05 $12.24 Confidential - Preliminary and Subject to Change I Sensitivity Case $27.08 $16.09 2024E EBITDA Multiple: 4.5x - 7.0x Precedent M&A Transactions Analysis 2023E EBITDA $28.61 $19.13 I $32.78 $22.05 2023E EBITDA Multiple: 6.0x - 8.5x Discounted Distributions Analysis $19.52 $14.91 $30.61 $22.64 Terminal Yield of 8.0% - 12.0% Equity Cost or Capital or 9.0% - 11.0% ŞİŞECAM#8Preliminary Valuation Detail - SIRE Financial Projections Peer Group Trading Analysis Partnership / Corporation Chemical Companies with Soda Ash Operations Ciech SA $6.32 10.11 1.68 85.31 14.12 Genesis Energy, L.P. Türkiye Sise ve Cam Fabrikalari A.S. Solvay SA Tata Chemicals Limited Mean Median Other MLPs Alliance Resource Partners, L.P. Natural Resource Partners L.P. Mean Median Sisecam Resources LP ² Price % of 52-Week Equity Enterprise 10/17/22 1 High ¹ Value Value Source: Public filings and FactSet Note: No peer group company is directly comparable to SIRE 1. As of October 17, 2022 2. Based on SIRE Financial Projections EVERCORE $22.60 40.98 $22.65 55.9% 75.0% 99.7% 66.6% 91.8% 81.8% 80.6% 96.3% $333 1,239 5,009 8,800 3,596 $2,957 542 $632 5,690 6,904 12,275 4,466 7 $3,291 1,246 $458 $1,048 ($ in millions, except per share/unit amounts) Net Debt / 2022E EBITDA 2022E 3.9x 8.4 6.0 4.4 11.1 6.8x 6.0 3.3x 3.8 Confidential - Preliminary and Subject to Change 3.6x 3.6 6.9x EV / EBITDA 2023E 4.0x 7.7 5.2 5.1 10.1 6.4x 5.2 2.7x NM 2.7x 2.7 6.8x 2024E 3.8x 7.2 4.3 4.9 9.7 6.0x 4.9 2.6x NM 2.6x 2.6 7.3x 1.9x 5.0 1.1 1.2 1.9 2.2x 1.9 0.3x 0.7 0.5x 0.5 1.0x Soda Ash % Revenue 40.9% 30.3% 30.0% 15.4% 15.0% 26.3% 30.0% --% 14.7% 7.3% 7.3% 100.0% ŞİŞECAM#9These 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. Confidential - Preliminary and Subject to Change 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 9 ŞİŞECAM