Evercore Investment Banking Pitch Book
Preliminary 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
ŞİŞECAMView entire presentation