Evercore Investment Banking Pitch Book

SIRE Situation Analysis Historical and Projected Personnel Costs $50.00 $40.00 $30.00 $20.00 $10.00 Employees $-- 500 400 300 200 100 $27.11 2018A 446 $144 2018A $27.09 2019A 452 $150 2019A $32.41 2020A 444 $147 2020A Source: SIRE Financial Projections, SIRE Management EVERCORE Personnel Cost per Ton ($ / Metric Ton) $28.83 2021A 444 $166 2021A Employees $32.55 2022E 444 $185 $35.25 2022E 2023E Personnel Cost Drivers 454 $195 2023E $37.67 2024E 24 444 $201 2024E $41.07 2025E 440 $207 2025E -Avg. Fully-Loaded Cost ($K/employee/year) $42.30 2026E 440 $213 2026E $41.17 2027E 444 $220 2027E $42.40 2028E 444 $226 2028E $300 $250 $200 $150 $100 $50 $-- Fully-Loaded Cost ($K/employee/yr) ŞİŞECAM

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