#1ŞİŞECAM Discussion Materials Regarding Project Houston October 11, 2022 EVERCORE Confidential - Preliminary and Subject to Change#2Confidential - Preliminary and Subject to Change These 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 SIRE Situation Analysis Preliminary Valuation of SIRE Common Units Appendix A. Weighted Average Cost of Capital Analysis B. Preliminary Valuation Detail - SIRE Financial Projections C. Financial Projections and Preliminary Valuation Detail - Sensitivity Case #1 D. Sensitivity Case #2 - Illustrative Unit 8 Expansion Economics Confidential - Preliminary and Subject to Change E. Financial Projections and Preliminary Valuation Detail - Sensitivity Case #3 F. Supplemental Soda Ash Pricing Data EVERCORE Section | || ||| ŞİŞECAM#4I. Executive Summary EVERCORE Confidential - Preliminary and Subject to Change#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 "General Partner" or "SIRE 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 common units representing limited partner interests in the Partnership (each, a "Common Unit") from the holders of such units other than Common Units held by Sisecam Chemicals, the General Partner or their respective affiliates (the "Unaffiliated Unitholders") (the "Proposed Transaction") Sisecam Chemicals Wyoming LLC ("SCW LLC") is a wholly-owned subsidiary of Sisecam Chemicals that currently owns: 14,551,000 Common Units (72% limited partner interest in the Partnership) SIRE GP, which owns a 2.0% general partner interest in the Partnership Confidential - Preliminary and Subject to Change On July 5, 2022, Sisecam Chemicals proposed to acquire each outstanding Common Unit owned by the Unaffiliated Unitholders for $17.90 in cash (the "Initial Proposal"), and on September 20, 2022, the Conflicts Committee countered at $29.50 (the "Conflicts Committee Counterproposal") On September 27, 2022, Sisecam Chemicals proposed to acquire each outstanding Common Unit owned by the Unaffiliated Unitholders for $19.00 in cash (the "Proposed Consideration") The Proposed Consideration represents a 5.8% premium to SIRE's closing Common Unit price of $17.95 as of July 5, 2022, the last unaffected trading date before the Initial Proposal The Proposed Consideration represents a 6.3% premium to SIRE's 30-day volume weighted average price ("WWAP") as of July 5, 2022 EVERCORE 1 ŞİŞECAM#6Executive Summary Changes Since Conflicts Committee Meeting on October 6, 2022 Evercore made the following updates and adjustments from the draft presentation dated October 6, 2022, as requested by the Conflicts Committee: Updated market prices to October 7, 2022 Confidential - Preliminary and Subject to Change Adjusted Sensitivity Case #3 to reflect IHS netback forecasts less $26.00 and $39.00 per metric ton for domestic and export volumes, respectively, versus $20.00 and $35.00 per ton Added an analysis of SIRE's historical soda ash production from mined trona ore from 1996 through 2021 relative to the volume forecast in the SIRE Financial Projections EVERCORE 2 ŞİŞECAM#7Executive Summary Transaction Economics at Various Values 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 SIRE Financial Projections - SIRE Consolidated EBITDA 2022E 2023E 2024E Enterprise Value /SIRE Consolidated EBITDA 2022E 2023E 2024E 3 2. 3. Initial Proposal $17.90 20.2 $361.6 347.4 $708.9 143.6 $852.6 $152.0 $154.0 $143.5 5.6x 5.5 5.9 Proposed Consideration $19.00 20.2 $383.8 368.7 $752.5 143.6 $896.1 $152.0 154.0 143.5 5.9x 5.8 6.2 Unit Price as of 10/7/2022 $20.56 20.2 $415.3 399.0 $814.3 143.6 $957.9 3 $152.0 154.0 143.5 6.3x 6.2 6.7 Confidential - Preliminary and Subject to Change ($ in millions, except per unit amounts, $23.00 Unit Price $23.00 20.2 $464.6 446.4 $910.9 143.6 $1,054.5 $152.0 154.0 143.5 6.9x 6.8 7.4 $25.00 Unit Price $25.00 20.2 $505.0 485.2 $990.1 143.6 $1,133.8 $152.0 154.0 143.5 7.5x 7.4 7.9 $27.00 Unit Price $27.00 20.2 $545.4 524.0 $1,069.3 143.6 $1,213.0 $152.0 154.0 143.5 8.0x 7.9 8.5 Conflicts Committee Counter- proposal $29.50 20.2 $595.9 572.5 $1,168.4 143.6 $1,312.0 $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 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 100% of Sisecam Wyoming EBITDA less SIRE G&A EVERCORE 8.6x 8.5 9.1 ŞİŞECAM#8Executive Summary SIRE 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 9/10/21 Source: FactSet, Bloomberg EVERCORE 10/29/21 Historical Price (SIRE) Last 12 Months VWAP SIRE Price $19.00 $17.95 17.87 18.80 19.16 17.45 20.04 11/19/21: Ciner Enterprises agreed to sell 60% of SCR, inclusive of control, to Sisecam USA for $300 million Consideration 12/17/21 Premium Relative to Historical VWAP 5.8% 6.3% 1.1% (0.8%) 8.9% (5.2%) 1/27/22: CINR / SIRE announced a quarterly cash distribution increase from $0.34 to $0.65 per unit 2/4/22 3/25/22 Last 30 Trading Days VWAP Proposed Consideration 4 Confidential - Preliminary and Subject to Change 7/5/22: SCR delivered non- binding proposal to acquire all Common Units held by Unaffiliated Unitholders 5/13/22 Last 60 Trading Days VWAP Go-Forward VWAP 7/1/22 Muta 8/19/22 Last 6 Months VWAP $20.56 $20.04 $19.16 $19.00 $18.80 $17.87 $17.45 10/7/22 ŞİŞECAM#9II. SIRE Situation Analysis EVERCORE Confidential - Preliminary and Subject to Change#10SIRE 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 2. 3. 4. Public Trading Statistics As of October 7, 2022 $25.00 $20.00 $15.00 $10.00 $5.00 $-- 10/7/20 Management Projections Metric 6/7/21 Common Unit Price and Distribution Information $2.00 2.40 2.21 2/5/22 $152 154 143 Unit Price 20.2 $20.56 $415.3 150.9 Yield/Multiple 399.0 $965.2 $-- 10/7/22 9.7% 11.7% 10.7% $3.00 $2.50 $2.00 $1.50 $1.00 $0.50 6.4x 6.3 6.7 Distribution per Unit 5 Confidential - Preliminary and Subject to Change Balance Sheet and Credit Data Cash and Marketable Securities Short-Term Debt Long-Term Debt Total Debt ($ in millions, except per unit amounts, Net Debt Plus: Noncontrolling Interest (Book Value) Plus: Partners' Capital Net Book Capitalization Quarterly Distribution per LP Unit Revolver Availability / Total Revolver Capacity Net Debt / Net Book Cap Net Debt / 2022E EBITDA % to LP % to GP 98.0% 2.0% 98.0% LP Quarterly Distribution Range $-- 2.0% 0.5000 85.0% 15.0% 0.5750 75.0% 25.0% 0.6250 50.0% 50.0% 0.7500 As of June 30, 2022 General Partner Incentive Distribution Rights $0.5000 0.5750 0.6250 0.7500 Distribution per Unit Source: Public filings, FactSet, SIRE Financial Projections 1. As of July 26, 2022; Includes General Partner 2.0% interest 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 $0.5000 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 $120 / $225 29.7% 1.0x $3.4 8.7 145.6 $154.3 $150.9 156.4 201.2 $508.5 Total Total Annual Annual Distribution Distribution to LPs to GP $39.6 $0.8 $39.6 $0.8 2.0% --% ŞİŞECAM#11SIRE Situation Analysis SIRE Financial Projections - Assumptions Revenue Expenses SIRE-Level G&A Capital Expenditures Credit Facility Assumptions Distribution Coverage / Total Leverage Confidential - Preliminary and Subject to Change 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 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's existing $225 million revolving credit facility includes an accordion provision to increase the commitment to $475 million subject to certain lender approvals $105 million drawn as of June 30, 2022 2.05% interest rate Sisecam Wyoming to maintain a distribution coverage ratio of 1.50x 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 6 ŞİŞECAM#12SIRE 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 2022E 1.17 1.35 2.52 (1.3%) $289.1 435.1 $724.2 ($117.0) (171.8) ($288.7) $172.1 263.3 $435.4 $172.87 (66.1) (82.0) (20.1) (17.6) (71.4) ($257.3) $178.2 40.9% (23.3) $154.9 35.6% 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% 7 For the Years Ending December 31, 2024E 2025E 2026E 1.19 1.19 2.37 (5.8%) $330.4 407.7 $738.0 ($128.8) (182.4) ($311.2) $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) Confidential - Preliminary and Subject to Change $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) $109.4 29.0% 2027E ($ in millions) 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% 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#13SIRE 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 2022E $154.9 (4.1) (25.0) $125.8 $43.3 41.6 $85.0 $40.8 1.48x 2023E $158.0 (2.9) (25.6) $129.6 $52.9 50.8 $103.7 $25.9 1.25x 8 For the Years Ending December 31, 2024E 2025E 2026E $147.5 (2.2) (26.1) $119.1 $48.6 46.7 $95.3 $23.8 Confidential - Preliminary and Subject to Change 1.25x $117.4 (1.6) (26.7) $89.1 $41.3 39.7 $81.0 $8.1 1.10x $109.4 (1.3) (27.3) $80.8 $37.5 36.0 $73.5 $7.3 1.10x 2027E ($ $113.4 (1.2) (27.9) $84.3 $39.1 37.5 $76.6 $7.7 1.10x millions) in m 2028E $99.7 (1.1) (28.6) $70.1 $32.5 31.2 $63.7 $6.4 1.10x ŞİŞECAM#14SIRE 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 2022E $40.8 (27.5) $13.3 $0.1 8.6 1.3 (5.2) 8.4 $13.3 $148.6 (5.0) $143.6 0.9x 2023E $25.9 0.4 $26.3 $-- 8.8 17.4 1 $26.3 $122.4 (5.0) $117.4 0.7x 9 For the Years Ending December 31, 2024E 2025E 2026E $23.8 15.7 $39.5 $-- 9.1 30.5 $39.5 $82.8 (5.0) $77.8 Confidential - Preliminary and Subject to Change 0.5x $8.1 8.2 $16.3 $-- 9.3 7.0 $16.3 $66.5 (5.0) $61.5 0.5x $7.3 0.8 1.4 $9.5 $-- 9.5 $9.5 $58.4 (5.0) $53.4 0.5x 2027E ($ in millions) $7.7 (9.8) 5.7 $3.5 $-- 3.5 $3.5 $60.6 (5.0) $55.6 0.5x 2028E $6.4 (1.0) $5.4 $-- 4.9 0.5 1 $5.4 $55.2 (5.0) $50.2 0.5x ŞİŞECAM#15SIRE 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 2022E $154.9 (2.9) $152.0 $79.0 (2.9) $76.1 $43.3 (2.9) $40.4 $29.1 10.5 0.8 $40.4 14.6 5.2 0.4 20.2 $2.00 2.00 $- 2023E $158.0 (4.0) $154.0 $80.6 (4.0) $76.6 $52.9 (4.0) $48.9 $35.0 12.6 1.3 $48.9 14.6 5.2 0.4 20.2 $2.40 2.40 10 $147.5 For the Years Ending December 31, 2024E 2025E 2026E (4.0) $143.5 $75.2 (4.0) $71.2 $48.6 (4.0) $44.6 $32.1 11.6 0.9 $44.6 14.6 5.2 0.4 20.2 $2.21 2.21 Confidential - Preliminary and Subject to Change $-- ($ in millions, except per unit amounts, $117.4 (4.0) $113.4 $59.9 (4.0) $55.9 $41.3 (4.0) $37.3 $26.9 9.7 0.7 $37.3 14.6 5.2 0.4 20.2 $1.85 1.85 $-- $109.4 (4.0) $105.4 $55.8 (4.0) $51.8 $37.5 (4.0) $33.5 $24.1 8.7 0.7 $33.5 14.6 5.2 0.4 20.2 $1.66 1.66 2027E $113.4 (4.0) $109.4 $57.8 (4.0) $53.8 $39.1 (4.0) $35.1 $25.3 9.1 0.7 $35.1 14.6 5.2 0.4 20.2 $1.74 1.74 $-- 2028E $99.7 (4.0) $95.7 $50.9 (4.0) $46.9 $32.5 (4.0) $28.5 $20.5 7.4 0.6 $28.5 14.6 5.2 0.4 20.2 $1.41 1.41 $-- ŞİŞECAM#16Confidential - Preliminary and Subject to Change III. Preliminary Valuation of SIRE Common Units EVERCORE#17Preliminary Valuation of SIRE Common Units Sensitivity Cases - Assumptions Sensitivity Case # 1 Sensitivity Case # 2 ■ Domestic and export net realized pricing reflects IHS netback forecasts less $5.00 and $30.00 per metric ton, respectively, from 2022E to 2028E Net Realized Pricing Soda Ash Volumes Operating Costs EVERCORE ► Based on the average historical difference between IHS pricing and SIRE realized pricing from 2012A to 2019A rounded to the nearest $1.00 ■ Same deca utilization assumptions as SIRE Financial Projections ■ Soda ash production capacity utilization of 96.0%, consistent with 2012A-2019A historical average ▸ Any reduction in deca-related production is assumed to be replaced through increased trona mining ► Results in 2.40 million mtpa of soda ash production throughout projection period ■ Unit 8 Expansion reaches FID by year-end 2022E, adding 1.0 million metric tons of new soda ash production capacity Confidential - Preliminary and Subject to Change ► Incremental capacity comes online at the beginning of 2025E ■ Same deca and capacity utilization assumptions as 1 ■ Before considering the cost effects of additional trona mining, 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 2022E, 2023E and 2024E; resulting in gross margins of 40.9%, 39.3% and 39.3%, respectively ▶ Adjusted in 2025E and thereafter in line with the five-year trailing average gross margin through 2022E of 37.1% ■To account for the cost effects of increased trona mining given reduced availability of deca, production-related costs (energy, personnel, materials, maintenance and other) were increased in proportion to the increase in mining-related production volumes relative to available capacity (excluding deca) ► Results in lower gross margins than those that would be achieved before giving effect to increased trona mining ■ Royalties and production taxes based on a percentage of net revenue consistent with SIRE Financial Projections 11 Sensitivity Case # 3 ■ 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 2022E, 2023E and 2024E; resulting in gross margins of 40.9%, 39.3% and 39.3%, respectively ►Adjusted to 37.1% in 2025E and thereafter, in line with the five-year trailing average gross margin through 2022E ŞİŞECAM#18Preliminary Valuation of SIRE Common Units Sensitivity Cases - Assumptions (cont'd) Sensitivity Case # 1 Capital Expenditures Debt EVERCORE ■ Same as SIRE Financial Projections ■ Same as SIRE Financial Projections Sensitivity Case # 2 Includes a range of capital expenditure assumptions for the Unit 8 Expansion: Confidential - Preliminary and Subject to Change ► Low end of $504.2 million of growth capital expenditures, reflecting SIRE management's 2019 estimate of $426.0 million adjusted for actual / projected inflation through 2023E ►High end of $835.0 million, reflecting the upper end of SIRE management's revised cost estimate as of July 2022, as provided on September 17, 2022 Expenditures incurred evenly throughout 2023E and 2024E 12 Sensitivity Case # 3 ■ Same as SIRE Financial Projections ŞİŞECAM#19Preliminary 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 $225 $200 $175 $150 $125 $100 $75 Legend SIRE Domestic, Net IHS Domestic, Net $20.27 2012A ($26.41) $11.17 Legend SIRE ANSAC Export, Net IHS Export, Net 2012A 2013A ($32.88) 2013A $4.80 2014A ($29.02) 2014A SIRE Net Realized Price Differential to IHS ($3.09) 2015A ($11.74) ($32.00) 2016A 2015A Confidential - Preliminary and Subject to Change ($25.26) ($17.91) 2016A 2017A SIRE Net Realized Price Differential to IHS ($22.62) ($29.65) 2018A 2017A ($31.16) Per SIRE management guidance, the appropriate differential vs. IHS is the 3-year average from 2018A to 2020A, which is ($26) and ($39) for domestic sales and exports, respectively 2018A ($19.01) 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 EVERCORE 13 2019A ($35.00) per metric ton) 2019A COVID-19 Impacted ($35.99) 2020A ($42.58) COVID-19 Impacted ($42.78) 2021A 2020A ($37.70) 2021A ŞİŞECAM#20Preliminary Valuation of SIRE Common Units Soda Ash Production from Mined Trona Ore 2.50 2.25 2.00 1.75 1.69 1.50 1.25 1.00 0.75 0.50 0.25 1.65 Historically, annual soda ash production from mined trona ore, which excludes production from deca, has never exceeded SIRE management's projection for 2022E to 2028E of approximately 2.2 mtpa per the SIRE Financial Projections 1.61 1.67 1.74 1.78 1.74 Soda Ash Production from Mined Trona Ore 1.79 2.08 2.11 2.02 Historical 1.95 Source: SIRE management, SIRE Financial Projections Note: Soda ash production from mined trona ora excludes production volumes from deca dehydration EVERCORE 2.05 1.54 14 1.74 Confidential - Preliminary and Subject to Change 1.81 1.89 2022E-2028E Projected 1.86 (metric 1.91 tons in millions) 2.03 2.04 2.06 2.00 2.12 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 1.82 2.21 2.04 ŞİŞECAM#21Preliminary Valuation of SIRE Common Units 1 SIRE Financial Projections vs. Sensitivity Case #1 & Case #3 3 EBITDA Attributable to SIRE DCF / LP Unit % Gross Margin $76.1 $77.7 $71.7 2022E $2.00 $2.00 $2.00 2022E 40.9% 40.3% 40.9% 2022E $76.6 $2.40 $92.6 2023E $86.7 $2.90 Source: SIRE Financial Projections, SIRE management EVERCORE $2.72 2023E 39.3% 38.7% 39.3% 11 2023E $71.2 $95.7 $2.21 2024E $88.8 $3.00 $2.79 2024E 39.3% 38.8% 39.3% 2024E SIRE Financial Projections $55.9 $1.85 $84.2 2025E $73.3 $2.96 $2.58 2025E 15 35.8% 36.0% 37.1% 2025E Sensitivity Case #1 $51.8 Confidential - Preliminary and Subject to Change $1.66 $81.5 2026E $2.87 $70.8 ($ in millions, except per unit amounts, $2.49 2026E 34.6% 36.0% 37.1% 2026E $53.8 $1.74 Sensitivity Case #3 $78.7 2027E 33.5% $72.3 $2.76 $2.54 2027E 36.5% 37.1% 2027E $46.9 $1.41 $77.0 2028E 30.8% $70.6 $2.70 $2.47 2028E 36.5% 37.1% 2028E ŞİŞECAM#22For 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 Description Discounted Cash Flow Analysis Peer Group Trading Analysis Precedent M&A Transaction Analysis Discounted Distributions Analysis Premiums Paid Analysis EVERCORE ■ 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 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 ■ ► Calculated terminal values based on a range of multiples of EBITDA as well as assumed perpetuity growth rates 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 16 ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ Confidential - Preliminary and Subject to Change ■ Metrics / Assumptions Discounted the projected cash flows to assumed December 31, 2022 effective date 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% Sensitivity Case #2: Unit 8 Expansion's implied net present value per SIRE unit, calculated using discount rates ranging from 10.0% to 15.0% (the "Implied Unit 8 NPV per Unit'"), was added to Sensitivity Case #1's implied SIRE unit value Enterprise value / EBITDA multiples applied to 2022E, 2023E and 2024E Adjusted EBITDA Sensitivity Case #2: the Implied Unit 8 NPV per Unit was added to Sensitivity Case #1's implied SIRE unit value Transaction value / EBITDA multiples applied to 2023E EBITDA Sensitivity Case #2: the Implied Unit 8 NPV per Unit was added to Sensitivity Case #1's implied SIRE unit value Discounted projected distributions to assumed December 31, 2022 effective date Terminal yield range of 8.0% to 12.0% Cost of equity of 9.0% to 11.0% based on CAPM Sensitivity Case #2: the Implied Unit 8 NPV per Unit was added to Sensitivity Case #1's implied SIRE unit value Median 1-Day and 30-Day premiums paid applied to relevant equity prices Sensitivity Case #2: the Implied Unit 8 NPV per Unit was added to Sensitivity Case #1's implied SIRE unit value ŞİŞECAM#23Preliminary Valuation of SIRE Common Units Valuation Summary - SIRE Financial Projections - Common Units $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 Proposed I Consideration: I $19.00 $18.93 $14.37 EBITDA Exit Multiple: 5.5x - 8.0x EVERCORE $16.12 $13.26 Perpetuity Growth Rate: 0.5% -1.5% Discount Rate: WACC or 8.25% - 9.25% 2022E EBITDA $26.51 $17.09 I Peer Group Trading Analysis 2023E EBITDA $24.82 $15.34 I 2022E EBITDA Multiple: 2023E EBITDA Multiple: 5.5x8.0x 5.0x7.5x 17 2024E EBITDA $21.05 $12.24 2024E EBITDA Multiple: 4.5x - 7.0x Confidential - Preliminary and Subject to Change Precedent M&A Transactions Analysis 2023E EBITDA $28.61 $19.13 2023E EBITDA Multiple: 6.0x - 8.5x Discounted Distributions Analysis $19.52 $14.91 Terminal Yield of: 8.0% - 12.0% Equity Cost of Capital of 9.0% -11.0% FOR REFERENCE ONLY Premiums Paid Analysis $23.27 $22.23 Range of 24.4% - 29.6% SIRE Financial Projections ŞİŞECAM#24Preliminary Valuation of SIRE Common Units 1,2 Valuation Summary - Sensitivity Cases #1, #2 and #3 - Common Units 3 $50.00 $45.00 $40.00 $35.00 $30.00 $25.00 $20.00 $15.00 $10.00 $5.00 $-- 1. EBITDA Exit Multiple Perpetuity Growth $31.96 Discounted Cash Flow Analysis $24.54 $33.82 $16.97 $28.54 $21.82 1 I Proposed Consideration: I $19.00 I EBITDA Exit Multiple: 5.5x - 8.0x $30.52 $24.99 $32.38 $17.42 Discount Rate: WACC or 8.25% - 9.25% $26.81 $27.17 $21.95 Perpetuity Growth Rate: 0.5% -1.5% 2022E EBITDA $17.55 $29.03 $9.98 Peer Group Trading Analysis $24.72 $15.84 2022E EBITDA Multiple: 5.5x - 8.0x 2023E EBITDA $30.77 $19.31 $32.63 $11.74 $28.49 2023E EBITDA Multiple: 5.0x - 7.5x Confidential - Preliminary and Subject to Change 2024E EBITDA $29.56 $17.76 $17.72 $31.42 $10.15 Valuation ranges represent Case 1 ranges plus / minus the upper / lower implied unit value of the Unit 8 Expansion assuming $504.2 million / $835.0 million of Unit 8 growth capital expenditures and a discount rate for incremental Unit 8 unlevered free cash flows of 10.0% / 15.0%, respectively EVERCORE 18 $27.08 $16.09 2024E EBITDA Multiple: 4.5x - 7.0x Precedent M&A Transactions Analysis 2023E EBITDA $35.35 $23.90 $37.22 $16.33 2023E EBITDA Multiple: 6.0x - 8.5x Discounted $33.56 $32.78 I $24.84 $22.05 Sensitivity Case #1 Sensitivity Case #3 Distributions Analysis $35.42 $17.27 $30.61 $22.64 Terminal Yield of: 8.0% - 12.0% Equity Cost or Capital or 9.0% - 11.0% Sensitivity Case #2¹ ŞİŞECAM#25Preliminary Valuation of SIRE Common Units 3 Valuation Summary - Sensitivity Case #3 - Common Units $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 $28.54 EVERCORE $21.82 Proposed Consideration: I $19.00 EBITDA Exit Multiple: 5.5x - 8.0x $26.81 $21.95 Perpetuity Growth Rate: 0.5% -1.5% Discount Rate: WACC of 8.25% - 9.25% 2022E EBITDA $24.72 $15.84 Peer Group Trading Analysis 2022E EBITDA Multiple: 5.5x - 8.0x 2023E EBITDA $28.49 19 $17.76 2023E EBITDA Multiple: 5.0x - 7.5x Confidential - Preliminary and Subject to Change 2024E EBITDA $27.08 $16.09 2024E EBITDA Multiple: 4.5x - 7.0x Precedent M&A Transactions Analysis 2023E EBITDA $32.78 $22.05 2023E EBITDA Multiple: 6.0x - 8.5x Discounted Distributions Analysis $30.61 $22.64 Terminal Yield of: 8.0% - 12.0% Equity Cost of Capital of 9.0% - 11.0% Sensitivity Case #3 ŞİŞECAM#26Appendix EVERCORE Confidential - Preliminary and Subject to Change#27Confidential - Preliminary and Subject to Change A. Weighted Average Cost of Capital Analysis EVERCORE#28Weighted Average Cost of Capital Analysis SIRE WACC Analysis - Capital Asset Pricing Model CAPM WACC 1. 2. 3. 4. 5. 6. Partnership/Corporation Ciech SA Genesis Energy, L.P. Türkiye Sise ve Cam Fabrikalari A.S. Solvay SA Tata Chemicals Limited. Sisecam Resources LP 3 Risk-free Rate Unlevered Beta Debt Total Capitalization Adjusted Levered Equity Beta 4 Market Risk Premium Small Company Risk Premium Equity Cost of Capital 5 WACC Pre-Tax Cost of Debt Ⓡ After-Tax Cost of Debt 4 Unit/Share Price 10/7/22 $20.56 6.2% $6.68 10.15 1.60 82.30 14.36 Supply-Side MRP 10.3% 8.5% 4.1% 0.44 36.4% 0.62 2.3% 7.5% 5.3% Market Equity Value $352.2 1,244.2 4,778.2 8,489.5 3,657.6 $415.3 Historical MRP 7.3% 10.9% Note: Capital structure includes effect of dilutive securities and GP interest; does not attribute value to the IDRs Predicted raw betas from FactSet; Adjusted Equity Beta calculated as: (0.67) x Raw Beta + (0.33) x 1.0 Unlevered Beta calculated as: Adjusted Equity Beta x (E/(E + D x (1-T)); Assumes corporate tax rate of 29.6% 20-year Treasury as of October 7, 2022 8.9% 20 Total Debt and Preferred Equity Mean Median Confidential - Preliminary and Subject to Change ($ in millions, except per unit $422.5 4,160.9 2,054.2 4,861.4 853.2 $154.3 Total Debt / Total Capitalization 0.39 25.0% 8.4% 30.0% 8.3% 35.0% 8.2% 40.0% 8.1% 45.0% 8.0% 54.5% 77.0% 30.1% 36.4% 18.9% unit/ share amounts, 43.4% 36.4% 27.1% 0.39 25.0% 8.7% 30.0% 8.6% 35.0% 8.5% 40.0% 8.4% 45.0% 8.3% Adjusted Beta 1 0.85 1.05 0.59 0.74 0.59 Supply-Side MRP WACC Sensitivity Debt / Total Cap 0.44 8.6% 8.6% 8.5% 8.4% 8.3% 0.77 0.74 0.64 0.49 8.9% 8.8% 8.7% 8.6% 8.5% Historical MRP WACC Sensitivity Debt / Total Cap 0.44 9.1% 9.0% 8.9% 8.8% 8.7% 0.49 9.4% Duff & Phelps 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 0.63 x Market Risk Premium of 6.2% (Supply Side) or 7.3% (Historical)) + Small Company Risk Premium of 2.3% Based on ICE BofA US High Yield Index (BB) EVERCORE Unlevered 2 Beta 9.3% 9.2% 9.1% 9.0% 0.44 0.31 0.44 0.51 0.50 0.44 0.44 0.51 0.54 9.2% 9.1% 9.0% 8.9% 8.8% 0.54 9.7% 9.6% 9.5% 9.4% 9.3% ŞİŞECAM#29Confidential - Preliminary and Subject to Change B. Preliminary Valuation Detail - SIRE Financial Projections EVERCORE#30Preliminary Valuation Detail - SIRE Financial Projections Discounted Cash Flow Analysis 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 @ 8.75% Discount Rate Plus: Present Value of Unlevered Free Cash Flow @ 8.75% 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 7.75% 8.25% 8.75% 9.25% 9.75% 4.25x $13.62 13.24 12.88 12.53 12.20 Terminal Exit Multiple 5.50x 6.75x $15.61 $17.52 15.17 17.10 14.76 16.64 14.37 16.20 13.99 15.77 2023E $158.0 (413.6) ($255.5) ($255.5) 413.6 (25.6) 0.4 $132.8 51.0% $67.7 (4.0) $63.7 8.00x $19.37 18.93 18.49 18.02 17.54 2024E For the Years Ending December 31, 2026E 2025E $147.5 (21.7) $125.8 (7.4) $118.4 21.7 (26.1) 15.7 $129.6 51.0% $66.1 (4.0) $62.1 9.25x $21.22 20.73 20.25 19.78 19.31 $117.4 (39.8) $77.7 (4.6) $73.1 39.8 (26.7) 8.2 $94.3 51.0% $48.1 WACC (4.0) $44.1 Confidential - Preliminary and Subject to Change 7.75% 8.25% 8.75% 9.25% 9.75% ($ in millions, except per unit amounts, $109.4 (53.8) $55.6 (4.1) $51.5 53.8 (27.3) 0.8 $78.7 51.0% $40.1 (4.0) $36.1 2027E --% $15.20 14.33 13.56 12.87 12.24 $113.4 (63.2) $50.2 (3.7) $46.5 63.2 (27.9) (9.8) $71.9 51.0% $36.7 (4.0) $32.7 2028E $99.7 (67.7) $32.0 (8.8) $23.2 67.7 (28.6) (1.0) $61.3 51.0% $31.3 (4.0) $27.3 Exit Multiple $46.9 1.0% $16.44 15.45 14.53 13.71 12.97 6.75x $316.3 191.2 $409.3 $336.1 $16.64 Perpetuity Growth Rate 0.5% $15.78 14.86 14.02 13.26 12.59 218.1 (73.2) 20.2 1.5% $17.20 16.12 15.11 Perpetuity Growth 14.21 13.41 $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% $245.8 148.6 $366.7 $293.5 $14.53 2.0% $18.09 16.86 15.78 14.78 13.90 Source: SIRE Financial Projections 2. 1. 51% of Sisecam Wyoming EBITDA less $4.0 million SIRE G&A 2022E tax DD&A assumes 100.0% bonus depreciation calculated as the midpoint of the enterprise value range plus 2022E capital expenditures; 2023E and 2024E tax DD&A assumes 100.0% bonus depreciation on capital expenditures; bonus depreciation phase-down on growth capital expenditures in 2025E (80.0%) and 2026E (60.0%); cash taxes assum 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 21 ŞİŞECAM#31Preliminary Valuation Detail - SIRE Financial Projections Peer Group Trading Analysis Partnership / Corporation Chemical Companies with Soda Ash Oper Ciech SA 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 10/7/22 Based on SIRE Financial Projections Source: Public filings and FactSet Note: No peer group company is directly comparable to SIRE 1. As of October 7, 2022 2. EVERCORE erations $6.68 10.15 1.60 82.30 14.36 $24.31 40.99 $20.56 % of 52-Week Equity Enterprise High 2 Value Value 59.2% 75.3% 98.3% 64.3% 93.4% 88.0% 80.7% 87.4% $352 1,244 4,778 8,490 3,658 $3,181 542 $415 22 $647 5,695 6,674 11,954 4,528 $3,515 1,246 $965 ($ in millions, except per share/unit amounts) Net Debt / 2022E EBITDA 2022E 4.1x 8.4 6.0 4.3 11.4 6.8x 6.0 3.6x 3.8 Confidential - Preliminary and Subject to Change 3.7x 3.7 6.4x EV / EBITDA 2023E 4.1x 7.7 5.0 5.0 10.4 6.5x 5.0 3.1x NM 3.1x 3.1 6.3x 2024E 4.0x 7.2 4.5 4.8 9.9 6.1x 4.8 2.7x NM 2.7x 2.7 6.7x 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#32Preliminary Valuation Detail - SIRE Financial Projections Peer Group Trading Analysis (cont'd) 2022E EBITDA Attributable to SIRE Relevant EBITDA Multiple Implied Enterprise Value Based on 2022E 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 - 2022E Adjusted EBITDA 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 Confidential - Preliminary and Subject to Change Source: SIRE Financial Projections 1. Includes 2.0% general partner interest, economically equivalent to 399,000 LP Units at current quarterly distribution EVERCORE 23 in millions, except per unit amounts 5.5x $418.5 $345.3 $17.09 5.0x $383.0 $309.8 $15.34 4.5x $320.4 $247.2 $12.24 $76.1 (73.2) 20.2 $76.6 (73.2) 20.2 $71.2 (73.2) ts) 20.2 8.0x $608.8 $535.5 $26.51 7.5x $574.5 $501.3 $24.82 7.0x $498.4 $425.2 $21.05 ŞİŞECAM#33Preliminary Valuation Detail - SIRE Financial Projections Precedent M&A Transactions Analysis Date Announced Min Mean Median Max Confidential - Preliminary and Subject to Change Precedent Green River Basin Soda Ash Transactions¹ Acquiror / Target (Seller) 05/2022 Solvay SA / Remaining 20% interest in Solvay Soda Ash Joint Venture (AGC) 12/2021 Sisecam Chemicals USA Inc. / 60% stake in Ciner Resources Corporation (Ciner Enterprises) 12/2019 Valley Holdings Inc. (Tata Chemials) / Remaining 25% in Tata Chemicals (Soda Ash) Partners Holdings (The Andover Group, Inc.) 08/2017 Genesis Energy, L.P. / 100% of Tronox's Alkali Business, including trona mining, production and marketing assets (Tronox Limited) 07/2015 Park Holding A.S. (Ciner Group) / 73% LP interest, 2% GP interest and related IDRs in OCI Resources LP (OCI Company Ltd.) 02/2015 Tronox US Holdings Inc. / FMC's Alkali Chemicals business (FMC Corporation) 10/2014 FMC Corporation / Remaining 6.25% minority interest in FMC Wyoming Corp. (Sumitomo) 03/2013 FMC Corporation / Additional 6.25% minority interest in FMC Wyoming Corp. (Nippon Sheet Glass) 01/2013 01/2008 Natural Resource Partners LP / 48.51% stake in OCI Wyoming L.P., 20% interest in OCI Wyoming Co. (Anadarko) Tata Chemicals Ltd. / General Chemical Industrial Products Inc. SIRE Share of 2023E EBITDA (Post - SIRE G&A) Relevant EBITDA Multiple 2. 3. 4. Implied Enterprise Value Based on 2023E Adjusted EBITDA Less: Net Debt as of December 31, 2022 (SIRE's 51% Share) Implied Equity Value ($ in millions, except per unit amounts, Precedent M&A Transaction Analysis - SIRE Financial Projections SIRE LP Units Outstanding+ 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 Proposed Transaction Implied multiple assuming a 15% premium for change of control for Sisecam Wyoming, grossed up value of Sisecam Wyoming and EBITDA of $152.0 million Implied multiple assuming no value allocated to change of control for Sisecam Wyoming, grossed up value of Sisecam Wyoming and EBITDA of $152.0 million Includes 2.0% general partner interest, economically equivalent to 399,000 LP Units at current quarterly distribution EVERCORE 24 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 $386.4 $19.13 $76.6 (73.2) 20.2 Transaction Value / EBITDA 5.3x 7.2² / 9.7³ 7.7 8.0 9.5 9.0 8.4 ΝΑ 9.0 ΝΑ 5.3x 8.0 8.2 9.5 8.5x $651.1 $577.9 $28.61 ŞİŞECAM#34Preliminary 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 @ 8.0% Cost of Equity Present Value @ 9.0% Cost of Equity Present Value @ 10.0% Cost of Equity Present Value @ 11.0% Cost of Equity Present Value @ 12.0% Cost of Equity Implied SIRE Unit Value - Based on CAPM 2023E $2.40 2024E $2.21 For the Years Ending December 31, 2025E $1.85 2026E $1.66 Confidential - Preliminary and Subject to Change 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 9.4% and mean of 10.0%. Current yield is 9.7% as of October 7, 2022 EVERCORE 25 2027E $1.74 2028E $1.41 Terminal Value Low $1.41 12.0% $11.75 $16.63 16.02 15.45 14.91 14.39 $14.91 - per unit) - High $1.41 8.0% $17.63 $20.33 19.52 18.76 18.05 17.37 $19.52 ŞİŞECAM#35Preliminary Valuation Detail - SIRE Financial Projections Premiums Paid Analysis Date Announced 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 PBF Energy Inc. / PBF Logistics LP 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 Acquiror / Target 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 Logistic 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 Confidential - Preliminary and Subject to Change For Reference Only Source: Bloomberg, FactSet, Public filings Note: No transaction is directly comparable to the Proposed Transaction Consideration 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 Premium (3.0%) 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% (3.0%) 19.5% 20.5% 56.4% 8.3% 29.6% 31.4% 56.4% 1 30-Day VWAP 13.4% 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%) 22.2% 18.4% 40.7% 7.6% 24.4% 25.9% 40.7% 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 EVERCORE 26 ŞİŞECAM#36Preliminary Valuation Detail - SIRE Financial Projections Premiums Paid Analysis (cont'd) 1-Day Prior Spot Unit Price as of July 5, 2022 Median 1-Day Prior Spot Price Premium Implied Purchase Pirce based on a Median 1-Day Prior Spot Price Premium 30-Day VWAP as of July 5, 2022 Median 30-Day VWAP Premium Summary Results - Cash-for-Unit Transactions Implied Purchase Pirce based on a Median 30-Day VWAP Premium Source: FactSet EVERCORE Confidential - Preliminary and Subject to Change For Reference Only ($ per unit) 27 $17.95 29.6% $23.27 $17.87 24.4% $22.23 ŞİŞECAM#37Confidential - Preliminary and Subject to Change C. Financial Projections and Preliminary Valuation Detail - Sensitivity Case #1 EVERCORE#38Confidential - Preliminary and Subject to Change Financial Projections and Preliminary Valuation Detail - Sensitivity Case #1 1 SIRE Financial Projections vs. Sensitivity Case #1 ($ in millions, except per unit amounts, EBITDA Attributable to SIRE DCF / LP Unit % Gross Margin $76.1 $77.7 2022E $2.00 $2.00 2022E 40.9% 40.3% 2022E $76.6 2023E $2.40 $92.6 $2.90 2023E 39.3% 38.7% Source: SIRE Financial Projections, SIRE management EVERCORE 2023E $71.2 $95.7 2024E $2.21 $3.00 2024E 39.3% 38.8% 2024E $55.9 2025E $1.85 $84.2 2025E $2.96 35.8% 36.0% SIRE Financial Projections 2025E 28 $51.8 2026E $1.66 $81.5 $2.87 2026E 34.6% 36.0% Sensitivity Case #1 2026E $53.8 2027E $1.74 $78.7 33.5% $2.76 2027E 36.5% 2027E $46.9 2028E $1.41 $77.0 30.8% $2.70 2028E 36.5% 2028E ŞİŞECAM#39Confidential - Preliminary and Subject to Change Financial Projections and Preliminary Valuation Detail - Sensitivity Case #1 1 Sisecam Wyoming EBITDA - Sensitivity Case #1 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 2022E 1.17 1.35 2.52 (1.3%) $337.6 400.5 $738.1 ($117.0) (171.8) ($288.7) $220.6 228.7 $449.4 $178.40 (69.0) (85.6) (20.8) (18.2) (74.5) ($268.1) $181.3 40.3% (23.3) $158.0 35.2% 2023E 1.26 1.26 2.52 (0.1%) $381.8 491.2 $873.0 ($132.7) (189.3) ($321.9) $249.1 302.0 $551.1 $219.00 (91.5) (106.7) (25.6) (14.2) (99.9) ($337.9) $213.2 38.7% (23.8) $189.4 34.4% 29 For the Years Ending December 31, 2024E 2025E 2026E 1.20 1.20 2.40 (4.6%) $399.2 472.6 $871.8 ($130.3) (184.6) ($314.9) $268.8 288.0 $556.8 $232.02 (83.9) (117.8) (24.5) (15.0) (99.7) ($340.9) $215.9 38.8% (20.4) $195.5 35.1% 1.20 1.20 2.40 $399.1 462.3 $861.4 ($134.3) (188.7) ($323.0) $264.8 273.6 $538.4 $224.33 (87.9) (126.3) (23.7) (16.3) (90.5) ($344.6) $193.8 36.0% (20.9) $172.9 32.1% 1.20 1.20 2.40 --% $402.0 454.6 $856.6 ($138.3) (193.0) ($331.3) $263.7 261.6 $525.3 $218.89 (85.7) (123.2) (23.1) (15.9) (88.3) ($336.2) $189.1 36.0% (21.4) $167.7 31.9% 2027E ($ in millions) 1.20 1.20 2.40 --% $384.6 458.9 $843.5 ($142.4) (197.3) ($339.7) $242.2 261.6 $503.8 $209.90 (81.4) (117.1) (22.2) (15.2) (83.9) ($319.8) $184.0 36.5% (21.9) $162.1 32.2% 2028E 1.20 1.20 2.40 --% $393.3 451.4 $844.7 ($146.7) (201.8) ($348.5) $246.6 249.6 $496.2 $206.75 (80.2) (115.3) (21.8) (15.0) (82.6) ($315.0) $181.2 36.5% (22.3) $158.9 32.0% ŞİŞECAM#40Confidential - Preliminary and Subject to Change Financial Projections and Preliminary Valuation Detail - Sensitivity Case #1 1 Sisecam Wyoming Cash Flow Summary - Sensitivity Case #1 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 2022E $158.0 (4.1) (25.0) $128.9 $43.2 41.5 $84.8 $44.1 1.52x 2023E $189.4 (2.8) (25.6) $161.0 $65.7 63.1 $128.8 $32.2 1.25x 30 For the Years Ending December 31, 2024E 2025E 2026E $195.5 (1.9) (26.1) $167.4 $68.3 65.6 $133.9 $33.5 1.25x $172.9 (1.2) (26.7) $145.0 $67.2 64.6 $131.8 $13.2 1.10x $167.7 (0.7) (27.3) $139.7 $64.7 62.2 $127.0 $12.7 1.10x 2027E ($ in millions) $162.1 (0.6) (27.9) $133.6 $62.0 59.5 $121.5 $12.1 1.10x 2028E $158.9 (0.4) (28.6) $129.9 $60.2 57.9 $118.1 $11.8 1.10x ŞİŞECAM#41Confidential - Preliminary and Subject to Change Financial Projections and Preliminary Valuation Detail - Sensitivity Case #1 1 Sisecam Wyoming Sources and Uses - Sensitivity Case #1 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 2022E $44.1 (27.5) $16.6 $0.1 8.6 2.4 (5.2) 10.7 $16.6 $147.6 (5.0) $142.6 0.9x 2023E $32.2 0.4 $32.5 $-- 8.8 23.7 $32.5 $115.0 (5.0) $110.0 0.6x 31 For the Years Ending December 31, 2024E 2025E 2026E $33.5 15.7 $49.2 $-- 9.1 40.1 $49.2 $65.9 (5.0) $60.9 0.3x $13.2 8.2 $21.4 $-- 9.3 12.1 $21.4 $44.5 (5.0) $39.5 0.2x $12.7 0.8 $13.5 $-- 9.5 3.9 0.0 $13.5 $31.0 (5.0) $26.0 0.2x 2027E $12.1 (9.8) 1.2 $3.5 $-- 3.5 (0.0) $3.5 $28.7 (5.0) $23.7 0.1x millions) in m 2028E $11.8 (1.0) $10.8 $-- 4.9 5.9 (0.0) $10.8 $17.9 (5.0) $12.9 0.1x ŞİŞECAM#42Confidential - Preliminary and Subject to Change Financial Projections and Preliminary Valuation Detail - Sensitivity Case #1 1 SIRE Cash Flow Summary - Sensitivity Case #1 ($ in millions, except per unit amounts, 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 2022E $158.0 (2.9) $155.1 $80.6 (2.9) $77.7 $43.2 (2.9) $40.3 $29.1 10.5 0.8 $40.3 14.6 5.2 0.4 20.2 $2.00 2.00 $- 2023E $189.4 (4.0) $185.4 $96.6 (4.0) $92.6 $65.7 (4.0) $61.7 $42.2 15.2 4.2 $61.7 14.6 5.2 0.4 20.2 $2.90 2.90 32 For the Years Ending December 31, 2024E 2025E 2026E $195.5 (4.0) $191.5 $99.7 (4.0) $95.7 $68.3 (4.0) $64.3 $43.7 15.8 4.9 $64.3 14.6 5.2 0.4 20.2 $3.00 3.00 $172.9 (4.0) $168.9 $88.2 (4.0) $84.2 $67.2 (4.0) $63.2 $43.1 15.5 4.6 $63.2 14.6 5.2 0.4 20.2 $2.96 2.96 $-- $167.7 (4.0) $163.7 $85.5 (4.0) $81.5 $64.7 (4.0) $60.7 $41.7 15.0 4.0 $60.7 14.6 5.2 0.4 20.2 $2.87 2.87 2027E $162.1 (4.0) $158.1 $82.7 (4.0) $78.7 $62.0 (4.0) $58.0 $40.2 14.5 3.3 $58.0 14.6 5.2 0.4 20.2 $2.76 2.76 2028E $158.9 (4.0) $154.9 $81.0 (4.0) $77.0 $60.2 (4.0) $56.2 $39.2 14.1 2.9 $56.2 14.6 5.2 0.4 20.2 $2.70 2.70 $-- ŞİŞECAM#43Confidential - Preliminary and Subject to Change Financial Projections and Preliminary Valuation Detail - Sensitivity Case #1 ($ in millions, except per unit amounts, 1 Discounted Cash Flow Analysis - Sensitivity Case #1 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 @ 8.75% Discount Rate Plus: Present Value of Unlevered Free Cash Flow @ 8.75% 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 7.75% 8.25% 8.75% 9.25% 9.75% 4.25x $23.35 22.71 22.11 21.53 20.98 Terminal Exit Multiple 5.50x 6.75x $26.60 $29.64 25.88 28.99 25.19 24.54 23.90 28.27 27.52 26.82 2023E $189.4 (661.2) ($471.9) 661.2 (25.6) 0.4 $164.1 51.0% $83.7 (4.0) $79.7 For the Years Ending December 31, 2025E 2026E (10.3) ($471.9) $163.5 8.00x $32.69 31.96 31.25 30.51 29.72 2024E $195.5 (21.7) $173.8 21.7 (26.1) 15.7 $174.8 51.0% $89.1 (4.0) $85.1 9.25x $35.73 34.92 34.13 33.36 32.62 $172.9 (39.8) $133.1 (7.9) $125.3 39.8 (26.7) 8.2 $146.5 51.0% $74.7 (4.0) $70.7 WACC $167.7 (53.8) $114.0 (8.4) $105.5 7.75% 8.25% 8.75% 9.25% 9.75% 53.8 (27.3) 0.8 $132.7 51.0% $67.7 (4.0) $63.7 2027E $162.1 (63.2) $98.9 --% $28.65 27.03 25.54 24.20 23.00 (7.3) $91.6 63.2 (27.9) (9.8) $117.0 51.0% $59.7 (4.0) $55.7 2028E $158.9 (67.7) $91.2 (13.0) $78.2 67.7 (28.6) (1.0) $116.3 51.0% $59.3 (4.0) $55.3 Exit Multiple $77.0¹ 1.0% $31.12 29.23 27.48 25.88 24.47 6.75x $519.9 314.3 $643.7 $570.9 $28.27 Perpetuity Growth Rate 0.5% $29.80 28.08 26.45 24.99 23.70 329.4 (72.7) 20.2 1.5% $32.65 30.52 28.65 26.89 25.34 Perpetuity Growth $158.9 (28.6) $130.3 (48.2) $82.1 28.6 (28.6) $82.1 51.0% $41.9 (4.0) $37.9 1.0% $493.5 298.3 $627.7 $555.0 $27.48 2.0% $34.44 32.01 29.93 28.03 26.32 Source: SIRE Financial Projections, SIRE management 1. 51% of Sisecam Wyoming EBITDA less $4.0 million SIRE G&A 2. 2022E tax DD&A assumes 100.0% bonus depreciation calculated as the midpoint of the enterprise value range plus 2022E capital expenditures; 2023E and 2024E tax DD&A assumes 100.0% bonus depreciation on capital expenditures; bonus depreciation phase-down on growth capital expenditures in 2025E (80.0%) and 2026E (60.0%) 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 33 ŞİŞECAM#44Confidential - Preliminary and Subject to Change Financial Projections and Preliminary Valuation Detail - Sensitivity Case #1 1 Peer Group Trading Analysis - Sensitivity Case #1 2022E EBITDA Attributable to SIRE Relevant EBITDA Multiple Implied Enterprise Value Based on 2022E 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 - 2022E Adjusted EBITDA 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 1 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 1. Includes 2.0% general partner interest, economically equivalent to 399,000 LP Units at current quarterly distribution EVERCORE 34 in millions, except per unit amounts 5.5x $427.3 $354.5 $17.55 5.0x $462.9 $390.1 $19.31 4.5x $430.6 $357.9 $17.72 $77.7 (72.7) 20.2 $92.6 (72.7) 20.2 $95.7 (72.7) ts) 20.2 8.0x $621.5 $548.7 $27.17 7.5x $694.3 $621.6 $30.77 7.0x $669.8 $597.1 $29.56 ŞİŞECAM#45Confidential - Preliminary and Subject to Change Financial Projections and Preliminary Valuation Detail - Sensitivity Case #1 1 Precedent M&A Transactions Analysis - Sensitivity Case #1 ($ in millions, except per unit amounts 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 Outstanding" Implied SIRE Unit Price Range - 2023E Adjusted EBITDA Source: Public filings, Wall Street research, SIRE Financial Projections 1. Includes 2.0% general partner interest, economically equivalent to 399,000 LP Units at current quarterly distribution EVERCORE 35 6.0x $555.4 $482.7 $23.90 $92.6 (72.7) 20.2 8.5x $786.8 $714.1 $35.35 ŞİŞECAM#46Confidential - Preliminary and Subject to Change Financial Projections and Preliminary Valuation Detail - Sensitivity Case #1 1 Discounted Distributions Analysis - Sensitivity Case #1 SIRE Distribution per LP Unit (Cash, As Paid)¹ Terminal Yield² Terminal Value Equity Cost of Capital Based on CAPM Present Value @ 8.0% Cost of Equity Present Value @ 9.0% Cost of Equity Present Value @ 10.0% Cost of Equity Present Value @ 11.0% Cost of Equity Present Value @ 12.0% Cost of Equity Implied SIRE Unit Value - Based on CAPM 2023E $2.90 2024E $3.00 For the Years Ending December 31, 2025E 2026E $2.96 $2.87 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 9.4% and mean of 10.0%. Current yield is 9.7% as of October 7, 2022 EVERCORE 36 2027E $2.76 2028E $2.70 Terminal Value Low $2.70 12.0% $22.46 $27.97 26.87 25.83 24.84 23.91 $24.84 - - per unit) - High $2.70 8.0% $33.69 $35.05 33.56 32.16 30.85 29.60 $33.56 ŞİŞECAM#47Confidential - Preliminary and Subject to Change D. Sensitivity Case #2 - Illustrative Unit 8 Expansion Economics EVERCORE#48Sensitivity Case #2 - Illustrative Unit 8 Expansion Economics 2 Illustrative Unit 8 Expansion Economics Evercore analyzed the illustrative returns of the Unit 8 Expansion Assumptions are consistent with the Sensitivity Case #2 Unit 8 growth capital expenditures ranging from $504.2 million to $835.0 million, spent evenly throughout 2023E and 2024E 1.0 million metric tons of new soda ash production capacity coming online January 1, 2025 Terminal Value assumes a 6.75x EBITDA multiple Initial Investment SIRE's Share of Initial Investment (51%) Incremental EBITDA SIRE's Share of Incremental EBITDA (51%) Incremental Unlevered Free Cash Flow SIRE's Share of Incremental Unlevered Free Cash Flow (51%) EBITDA Multiple Implied Terminal Value Total Unlevered Free Cash Flow to SIRE from Unit 8 Expansion IRR Discount Rate 10.0% 11.0% 12.0% 13.0% 14.0% 15.0% EVERCORE Implied Unit 8 NPV Unit 8 Growth Capital Expenditures $600.0 $504.2 $37.6 27.7 18.5 9.8 Unit 8 Expansion Internal Rate of Return 1.7 (5.9) ($6.8) (16.3) (25.2) (33.4) (41.2) (48.4) $700.0 ($53.2) (62.3) (70.8) (78.7) (86.0) (92.9) 14.2% $835.0 ($115.9) (124.4) (132.3) (139.7) (146.5) (152.9) 2023E ($252.1) (128.6) ($252.1) (128.6) ($128.6) 37 Discount Rate 2024E ($252.1) (128.6) $-- Confidential - Preliminary and Subject to Change For the Years Ending December 31, 2025E 2026E $-- ($241.8) (123.3) ($123.3) ($ in millions, except per unit amounts, 10.0% 11.0% 12.0% 13.0% 14.0% 15.0% $81.8 41.7 $89.6 45.7 $45.7 $79.8 40.7 $504.2 $1.86 1.37 0.92 0.49 0.09 (0.29) $88.2 45.0 $45.0 2027E $75.7 38.6 $83.0 42.3 $42.3 2028E $74.5 38.0 $87.6 44.7 $44.7 Impact to Implied SIRE Common Unit Value Unit 8 Growth Capital Expenditures $600.0 ($0.34) (0.81) (1.25) (1.66) (2.04) (2.40) Exit Multiple $700.0 ($2.64) (3.08) (3.50) (3.89) (4.26) (4.60) $38.0 6.75x $256.6 $256.6 $835.0 ($5.74) (6.16) (6.55) (6.92) (7.25) (7.57) ŞİŞECAM#49Confidential - Preliminary and Subject to Change E. Financial Projections and Preliminary Valuation Detail - Sensitivity Case #3 EVERCORE#50Confidential - Preliminary and Subject to Change Financial Projections and Preliminary Valuation Detail - Sensitivity Case #3 3 SIRE Financial Projections vs. Sensitivity Case #3 ($ in millions, except per unit amounts, 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 2025E $1.85 $73.3 2025E $2.58 35.8% 37.1% SIRE Financial Projections 2025E 38 $51.8 2026E $1.66 $70.8 34.6% $2.49 2026E 37.1% 2026E Sensitivity Case #3 $53.8 2027E $1.74 $72.3 33.5% $2.54 2027E 37.1% 2027E $46.9 2028E $1.41 $70.6 30.8% $2.47 2028E 37.1% 2028E ŞİŞECAM#51Confidential - Preliminary and Subject to Change Financial Projections and Preliminary Valuation Detail - Sensitivity Case #3 3 Sisecam Wyoming EBITDA - Sensitivity Case #3 ($ in millions) 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 2022E 1.17 1.35 2.52 (1.3%) $312.9 390.4 $703.3 ($117.0) (171.8) ($288.7) $196.0 218.6 $414.6 $164.60 (63.0) (78.1) (19.2) (16.8) (68.0) ($244.9) $169.6 40.9% (23.3) $146.4 35.3% 2023E 1.26 1.26 2.52 (0.1%) $355.4 479.9 $835.3 ($132.7) (189.3) ($321.9) $222.7 290.6 $513.3 $204.00 (84.3) (98.3) (23.8) (13.3) (92.0) ($311.7) $201.6 39.3% (23.8) $177.8 34.6% 39 For the Years Ending December 31, 2024E 2025E 2026E 1.19 1.19 2.37 (5.8%) $369.5 456.3 $825.8 ($128.8) (182.4) ($311.2) $240.7 273.9 $514.6 $217.02 (76.8) (107.7) (22.6) (13.9) (91.2) ($312.2) $202.4 39.3% (20.4) $182.0 35.4% 1.11 1.11 2.22 (6.4%) $345.9 417.7 $763.6 ($124.2) (174.6) ($298.8) $221.7 243.1 $464.8 $209.33 (74.4) (106.9) (20.5) (14.1) (76.6) ($292.4) $172.4 37.1% (20.9) $151.5 32.6% 1.11 1.11 2.22 --% $348.6 410.6 $759.2 ($127.9) (178.5) ($306.5) $220.7 232.0 $452.7 $203.89 (72.4) (104.1) (19.9) (13.7) (74.6) ($284.8) $168.0 37.1% (21.4) $146.6 32.4% 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% 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) $146.4 32.2% ŞİŞECAM#52Confidential - Preliminary and Subject to Change Financial Projections and Preliminary Valuation Detail - Sensitivity Case #3 ($ in millions) 3 Sisecam Wyoming Cash Flow Summary - Sensitivity Case #3 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 2022E $146.4 (4.1) (25.0) $117.2 $43.3 41.6 $84.9 $32.3 1.38x 2023E $177.8 (2.9) (25.6) $149.3 $60.9 58.5 $119.5 $29.9 1.25x 40 For the Years Ending December 31, 2024E 2025E 2026E $182.0 (2.1) (26.1) $153.8 $62.7 60.3 $123.0 $30.8 1.25x $151.5 (1.4) (26.7) $123.4 $57.2 55.0 $112.2 $11.2 1.10x $146.6 (1.0) (27.3) $118.3 $54.8 52.7 $107.5 $10.8 1.10x 2027E $149.6 (0.8) (27.9) $120.8 $56.0 53.8 $109.9 $11.0 1.10x 2028E $146.4 (0.7) (28.6) $117.1 $54.3 52.2 $106.5 $10.6 1.10x ŞİŞECAM#53Confidential - Preliminary and Subject to Change Financial Projections and Preliminary Valuation Detail - Sensitivity Case #3 ($ in millions) 3 Sisecam Wyoming Sources and Uses - Sensitivity Case #3 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 2022E $32.3 (27.5) 1.5 $6.3 $0.1 8.6 (5.2) 2.8 $6.3 $151.5 (5.0) $146.5 1.0x 2023E $29.9 0.4 $30.2 $-- 8.8 21.4 1 $30.2 $121.3 (5.0) $116.3 0.7x 41 For the Years Ending December 31, 2024E 2025E 2026E $30.8 15.7 $46.5 $-- 9.1 37.4 $46.5 $74.8 (5.0) $69.8 0.4x $11.2 8.2 $19.4 $-- 9.3 10.1 $19.4 $55.4 (5.0) $50.4 0.3x $10.8 0.8 $11.5 $-- 9.5 2.0 0.0 $11.5 $43.9 (5.0) $38.9 0.3x 2027E $11.0 (9.8) 2.4 $3.5 $-- 3.5 (0.0) $3.5 $42.7 (5.0) $37.7 0.3x 2028E $10.6 (1.0) $9.6 $-- 4.9 4.8 (0.0) $9.6 $33.1 (5.0) $28.1 0.2x ŞİŞECAM#54Confidential - Preliminary and Subject to Change Financial Projections and Preliminary Valuation Detail - Sensitivity Case #3 3 SIRE Cash Flow Summary - Sensitivity Case #3 ($ in millions, except per unit amounts, 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 2022E $146.4 (2.9) $143.5 $74.6 (2.9) $71.7 $43.3 (2.9) $40.4 $29.1 10.5 0.8 $40.4 14.6 5.2 0.4 20.2 $2.00 2.00 $- 2023E $177.8 (4.0) $173.8 $90.7 (4.0) $86.7 $60.9 (4.0) $56.9 $39.6 14.3 3.0 $56.9 14.6 5.2 0.4 20.2 $2.72 2.72 42 For the Years Ending December 31, 2024E 2025E 2026E $182.0 (4.0) $178.0 $92.8 (4.0) $88.8 $62.7 (4.0) $58.7 $40.6 14.6 3.5 $58.7 14.6 5.2 0.4 20.2 $2.79 2.79 $151.5 (4.0) $147.5 $77.3 (4.0) $73.3 $57.2 (4.0) $53.2 $37.6 13.5 2.1 $53.2 14.6 5.2 0.4 20.2 $2.58 2.58 $-- $146.6 (4.0) $142.6 $74.8 (4.0) $70.8 $54.8 (4.0) $50.8 $36.2 13.1 1.6 $50.8 14.6 5.2 0.4 20.2 $2.49 2.49 2027E $149.6 (4.0) $145.6 $76.3 (4.0) $72.3 $56.0 (4.0) $52.0 $36.9 13.3 1.8 $52.0 14.6 5.2 0.4 20.2 $2.54 2.54 2028E $146.4 (4.0) $142.4 $74.6 (4.0) $70.6 $54.3 (4.0) $50.3 $35.9 12.9 1.5 $50.3 14.6 5.2 0.4 20.2 $2.47 2.47 $-- ŞİŞECAM#55Confidential - Preliminary and Subject to Change Financial Projections and Preliminary Valuation Detail - Sensitivity Case #3 ($ in millions, except per unit amounts, Perpetuity Exit Multiple Growth 3 Discounted Cash Flow Analysis - Sensitivity Case #3 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 @ 8.75% Discount Rate Plus: Present Value of Unlevered Free Cash Flow @ 8.75% 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 7.75% 8.25% 8.75% 9.25% 9.75% 4.25x $20.71 20.14 19.59 19.07 18.57 Terminal Exit Multiple 5.50x 6.75x $23.61 $26.41 23.04 25.82 22.41 25.24 21.82 24.56 21.25 23.92 2023E $177.8 (599.2) ($421.4) $160.3 $182.0 (21.7) 599.2 (25.6) 0.4 (9.5) ($421.4) $150.8 $152.6 51.0% $77.8 (4.0) $73.8 For the Years Ending December 31, 2025E 2026E 8.00x $29.20 28.54 2024E 27.89 27.27 26.58 21.7 (26.1) 15.7 $162.1 51.0% $82.7 (4.0) $78.7 9.25x $32.00 31.26 30.54 29.84 29.16 $151.5 (39.8) $111.8 (6.6) $105.2 39.8 (26.7) 8.2 $126.4 51.0% $64.5 (4.0) $60.5 WACC $146.6 (53.8) $92.8 (6.9) 7.75% 8.25% 8.75% 9.25% 9.75% $86.0 53.8 (27.3) 0.8 $113.2 51.0% $57.7 (4.0) $53.7 2027E $149.6 (63.2) $86.4 (6.4) $80.0 63.2 (27.9) (9.8) $105.4 51.0% --% $25.14 23.77 22.43 21.24 20.17 $53.8 (4.0) $49.8 2028E $146.4 (67.7) $78.7 (6.8) $71.9 67.7 (28.6) (1.0) $110.0 51.0% $56.1 (4.0) $52.1 1.0% $27.34 25.66 24.17 22.74 21.48 $70.6¹ 6.75x $476.8 288.3 $584.4 $509.7 Perpetuity Growth Rate 0.5% $26.17 24.65 23.25 21.95 20.79 $25.24 296.2 (74.7) 20.2 1.5% $28.71 26.81 25.16 23.64 22.25 $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% $441.1 266.6 $562.8 $488.1 $24.17 2.0% $30.32 28.15 26.29 24.66 23.13 Source: SIRE Financial Projections, SIRE management 1. 51% of Sisecam Wyoming EBITDA less $4.0 million SIRE G&A 2. 2022E tax DD&A assumes 100.0% bonus depreciation calculated as the midpoint of the enterprise value range plus 2022E capital expenditures; 2023E and 2024E tax DD&A assumes 100.0% bonus depreciation on capital expenditures; bonus depreciation phase-down on growth capital expenditures in 2025E (80.0%) and 2026E (60.0%) 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 43 ŞİŞECAM#56Confidential - Preliminary and Subject to Change Financial Projections and Preliminary Valuation Detail - Sensitivity Case #3 3 Peer Group Trading Analysis - Sensitivity Case #3 2022E EBITDA Attributable to SIRE Relevant EBITDA Multiple Implied Enterprise Value Based on 2022E 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 - 2022E Adjusted EBITDA 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 1 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 1. Includes 2.0% general partner interest, economically equivalent to 399,000 LP Units at current quarterly distribution EVERCORE 44 in millions, except per un it amounts 5.5x $394.6 $319.9 $15.84 5.0x $433.4 $358.7 $17.76 4.5x $399.7 $325.0 $16.09 $71.7 (74.7) 20.2 $86.7 (74.7) 20.2 $88.8 (74.7) ts) 20.2 8.0x $574.0 $499.3 $24.72 7.5x $650.1 $575.4 $28.49 7.0x $621.7 $547.0 $27.08 ŞİŞECAM#57Confidential - Preliminary and Subject to Change Financial Projections and Preliminary Valuation Detail - Sensitivity Case #3 3 Precedent M&A Transactions Analysis - Sensitivity Case #3 ($ in millions, except per unit amounts 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 Outstanding" Implied SIRE Unit Price Range - 2023E Adjusted EBITDA Source: Public filings, Wall Street research, SIRE Financial Projections 1. Includes 2.0% general partner interest, economically equivalent to 399,000 LP Units at current quarterly distribution EVERCORE 45 6.0x $520.1 $445.4 $22.05 $86.7 (74.7) 20.2 8.5x $736.8 $662.1 $32.78 ŞİŞECAM#58Confidential - Preliminary and Subject to Change Financial Projections and Preliminary Valuation Detail - Sensitivity Case #3 3 Discounted Distributions Analysis - Sensitivity Case #3 SIRE Distribution per LP Unit (Cash, As Paid)¹ Terminal Yield² Terminal Value Equity Cost of Capital Based on CAPM Present Value @ 8.0% Cost of Equity Present Value @ 9.0% Cost of Equity Present Value @ 10.0% Cost of Equity Present Value @ 11.0% Cost of Equity Present Value @ 12.0% Cost of Equity Implied SIRE Unit Value - Based on CAPM 2023E $2.72 2024E $2.79 For the Years Ending December 31, 2025E 2026E $2.58 $2.49 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 9.4% and mean of 10.0%. Current yield is 9.7% as of October 7, 2022 EVERCORE 46 2027E $2.54 2028E $2.47 Terminal Value Low $2.47 12.0% $20.55 $25.49 24.48 23.54 22.64 21.79 $22.64 - - per unit) - High $2.47 8.0% $30.82 $31.96 30.61 29.33 28.13 27.00 $30.61 ŞİŞECAM#59Confidential - Preliminary and Subject to Change F. Supplemental Soda Ash Pricing Data EVERCORE#60Supplemental Soda Ash Pricing Data Domestic Soda Ash Prices i Evercore note: Page provided by SIRE management to support management's view on projected soda ash prices There has been a historical difference in how IHS and actual pricing is reported; there is also a difference in forecast viewpoint which we have tried to express in the table below; SIRE management does not rely on IHS forecasts for budgeting purposes; SIRE management's long-term forecasts utilize contracting activity, client discussions and detailed market analysis $250 $200 $150 $100 $50 $0 ($/Metric Ton) 2012 2013 2014 2015 2016 2017 2018 2019 Domestic Price (Actuals/Mgmt. Forecast) Domestic Price (IHS Markit) Domestic Price (Actuals / Management Forecast) Reporting Differential (3-Year Average Extrapolation) Representative Difference in View Source: SIRE management forecasts, IHS Markit EVERCORE 2012A 2013A 2014A $193 $187 $183 173 20 175 11 178 2020 2021 2022 5 Domestic Price Differences ($/MT) $180 183 2015A 2016A 2017A 2018A 2019A 2020A 2021A (3) $176 188 (12) Domestic Price (IHS Markit) 0 2023 2024 2025 2026 2027 2028 $170 $162 188 185 r (18) (23) I 47 $172 $157 192 Confidential - Preliminary and Subject to Change (19) 193 (36) 3-Year Average: $(26)mm $145 188 (26) 2022E 2023E 193 (26) (20) 203 (26) $147 $168 $170 (9) IHS vs Actuals Reporting Differential Since 2015, IHS historical and forecasted domestic soda ash prices have consistently been higher than SWY realized and forecasted as a result of differences in logistics costs IHS vs Mgmt. Forecast Difference in View ▪ 2024 Prices for SWY remain flat, as compared to IHS growth of 5.6%, as a result of SWY prices growing faster in 2022 - 2023 than IHS and normalizing in the following year ▪ 2025-2028 projections no changes in SWY pricing, as compared to IHS YOY price changes 2024E 2025E 2026E 2027E 229 (26) (33) $168 per metric ton) 226 (26) (32) $168 225 (31) $168 $168 207 2028E (26) (26) (26) (13) 211 (17) ŞİŞECAM#61Supplemental Soda Ash Pricing Data Export Soda Ash Prices i $300 There has been a historical difference in how IHS and actual pricing is reported; there is also a difference in forecast viewpoint which we have tried to express in the table below; SIRE management does not rely on IHS forecasts for budgeting purposes; SIRE management's long-term forecasts utilize contracting activity, client discussions and detailed market analysis $250 $200 $150 $100 $50 $0 ($/Metric Ton) 2012 2013 Export Price (Actuals/Mgmt. Forecast) Export Price (IHS Markit) 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 Export Price (Actuals / Management Forecast) Export Price (IHS Markit) Evercore note: Page provided by SIRE management to support management's view on projected soda ash prices Reporting Differential (3-Year Average Extrapolation) Representative Difference in View Source: SIRE management forecasts, IHS Markit EVERCORE 2012A 2013A 2014A $141 168 (26) $121 154 (33) $132 161 (29) Export Price Differences ($/MT) 2015A 2016A 2017A 2018A 2019A 173 (32) $141 $128 $129 $136 $142 $107 $119 $200 153 159 10:00 (25) (30) I (31) 167 48 177 (35) 3-Year Average: $(39)mm 2020A 2021A Confidential - Preliminary and Subject to Change 159 (51) 157 (39) 200 2022E 2023E 2024E (39) 40 270 (39) IHS vs Actuals Reporting Differential Historically, SWY's realized export pricing has been consistently below IHS pricing estimates primarily due to differences in the way IHS approximates logistics costs (particularly rail costs) as compared to SWY's true contractual agreements with logistics providers ▪ IHS also makes inaccurate assumptions on inland costs for exports and take more favorable view on Chinese soda ash capacity, costs, and pricing (31) IHS vs Mgmt. Forecast Difference in View ▪ IHS is forecasting future export pricing at unprecedented levels, higher than SWY's projected estimates and higher than their own historical pricing ■ Costs in China are expected to decline in 2023 compared to 2022 due to lower energy and other input costs ▪ Chinese margins in 2022 are 2-3 times higher than the historic normal due to limited availabilty of product/max operating rates $200 $190 $180 $172 $172 $166 270 2025E 2026E 2027E 2028E (41) 258 (39) (39) (39) 248 (39) per metric ton) (37) 248 (39) (37) 238 (39) (33) ŞİŞECAM