Evercore Investment Banking Pitch Book slide image

Evercore Investment Banking Pitch Book

SIRE Situation Analysis Total Units Outstanding Common Unit Price Total Equity Value Plus: Net Debt² Plus: Noncontrolling Interest (Market Value)³ Enterprise Value Distribution Yield Current 2023E 2024E EV/EBITDA* 2022E 2023E 2024E Unit Price 2. 3. 4. Public Trading Statistics As of October 7, 2022 $25.00 $20.00 $15.00 $10.00 $5.00 $-- 10/7/20 Management Projections Metric 6/7/21 Common Unit Price and Distribution Information $2.00 2.40 2.21 2/5/22 $152 154 143 Unit Price 20.2 $20.56 $415.3 150.9 Yield/Multiple 399.0 $965.2 $-- 10/7/22 9.7% 11.7% 10.7% $3.00 $2.50 $2.00 $1.50 $1.00 $0.50 6.4x 6.3 6.7 Distribution per Unit 5 Confidential - Preliminary and Subject to Change Balance Sheet and Credit Data Cash and Marketable Securities Short-Term Debt Long-Term Debt Total Debt ($ in millions, except per unit amounts, Net Debt Plus: Noncontrolling Interest (Book Value) Plus: Partners' Capital Net Book Capitalization Quarterly Distribution per LP Unit Revolver Availability / Total Revolver Capacity Net Debt / Net Book Cap Net Debt / 2022E EBITDA % to LP % to GP 98.0% 2.0% 98.0% LP Quarterly Distribution Range $-- 2.0% 0.5000 85.0% 15.0% 0.5750 75.0% 25.0% 0.6250 50.0% 50.0% 0.7500 As of June 30, 2022 General Partner Incentive Distribution Rights $0.5000 0.5750 0.6250 0.7500 Distribution per Unit Source: Public filings, FactSet, SIRE Financial Projections 1. As of July 26, 2022; Includes General Partner 2.0% interest As of June 30, 2022 Implied market value of the 49% interest in Sisecam Wyoming owned by NRP LLC, calculated as the Partnership's Total Equity Value divided by 51% multiplied by 49% SIRE Consolidated EBITDA equal to 100% of Sisecam Wyoming EBITDA less SIRE G&A EVERCORE $0.5000 Total Total Quarterly Quarterly Distribution Total Quarterly Quarterly Distribution Within Range $0.5000 to GP LP Units per LP Unit Outstanding $0.0102 19.8 Distribution Distribution to LPs to GP $0.2 $9.9 19.8 19.8 19.8 19.8 $9.9 $0.2 % of Total Distributions to the GP % of Total Distributions to the IDRS $120 / $225 29.7% 1.0x $3.4 8.7 145.6 $154.3 $150.9 156.4 201.2 $508.5 Total Total Annual Annual Distribution Distribution to LPs to GP $39.6 $0.8 $39.6 $0.8 2.0% --% ŞİŞECAM
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