Evercore Investment Banking Pitch Book
Executive Summary
SIRE Unit Trading
$26.00
$25.00
$24.00
$23.00
$22.00
$21.00
$20.00
$19.00
$18.00
$17.00
$16.00
$15.00
11/19/21: Ciner
Enterprises agreed to sell
60% of SCR, inclusive of
control, to Sisecam USA
for $300 million
10/31/21
1/27/22: CINR / SIRE
announced a quarterly
cash distribution
increase from $0.34 to
$0.65 per unit
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Source: FactSet, Bloomberg
EVERCORE
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1/15/22
Historical Price (SIRE)
Last 6 Months VWAP
VWAP from Announcement to 1/30/23
4/1/22
4/29/22: SIRE
announced a quarterly
cash distribution
decrease from $0.65 to
$0.50 per unit
7/5/22: SCR delivered a non-
binding proposal to acquire
all Common Units held by
Unaffiliated Unitholders for
$17.90 per Common Unit
6
Wm
6/16/22
Last 30 Trading Days VWAP
Last 12 Months VWAP
Consideration
Unaffected Closing Price
Last 30 Trading Days VWAP
Last 60 Trading Days VWAP
Last 6 Months VWAP
Last 12 Months VWAP
VWAP from Announcement to 1/30/23
10/28/22: SIRE
announced Q3 earnings
outperforming investor
expectations led by
strong pricing and
demand in the soda ash
market globally. SIRE
also announced a Q3
quarterly distribution of
$0.50 per unit
8/31/22
SIRE Price
$25.00
$17.95
17.87
---- Consideration
18.80
19.16
17.45
21.28
11/15/22
Last 60 Trading Days VWAP
Premium to
Relative Price
39.3%
39.9%
33.0%
30.5%
43.3%
17.5%
$25.00
$23.96
$21.28
$19.16
$18.80
$17.87
$17.45
1/30/23
ŞİŞECAMView entire presentation