Evercore Investment Banking Pitch Book
Executive 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
ŞİŞECAMView entire presentation