Evercore Investment Banking Pitch Book
Executive Summary
Introduction
The materials include the following:
An executive summary, including: an overview of the Transaction; a review of SIRE's current partnership structure; (iii)
the Transaction economics and (iv) an analysis of SIRE's historical trading performance
Background information on the U.S. and worldwide soda ash market
Confidential - Preliminary and Subject to Change
An analysis of SIRE's current situation, including an analysis of historical sales and expenses and a summary of the SIRE
Financial Projections
A preliminary valuation of the Common Units utilizing the SIRE Financial Projections and the Sensitivity Case
An appendix, including SIRE's weighted average cost of capital, an analysis of the unitholder tax impact of the Transaction,
a review of Sisecam Chemicals USA Inc.'s 2021 acquisition of a 60% interest in Sisecam Chemicals Resources LLC, a
comparison of 2022 preliminary results and forecasted results, a review of IHS' view on soda ash pricing as of January 15,
2023 relative to that on August 15, 2022 and as provided by SIRE (the "IHS January 2023 Interim Monthly Price Update")
and a valuation using the IHS January 2023 Interim Monthly Price Update (the "IHS January 2023 Interim Monthly Price
Update Case")
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