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
10/26/21
mroz
1/27/22: CINR / SIRE
announced a quarterly
cash distribution
increase from $0.34 to
$0.65 per unit
Source: FactSet, Bloomberg
EVERCORE
1/26/22
Historical Price (SIRE)
Last 6 Months VWAP
VWAP from Announcement to 1/26/23
4/29/22: SIRE
announced a quarterly
cash distribution
decrease from $0.65 to
$0.50 per unit
wwtw
4/26/22
6
7/5/22: SCR delivered a non-
binding proposal to acquire
all Common Units held by
Unaffiliated Unitholders for
$17.90 per Common Unit
wm
7/26/22
Last 30 Trading Days VWAP
Last 12 Months VWAP
Confidential - Preliminary and Subject to Change
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 1/26/23
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
SIRE Price
$24.00
$17.95
17.87
18.80
19.16
17.45
20.77
Why
10/26/22
Last 60 Trading Days VWAP
Consideration
Premium to
Relative Price
33.7%
34.3%
27.7%
25.3%
37.5%
15.5%
$24.00
$23.91
$20.77
$19.16
$18.80
$17.87
$17.45
1/26/23
ŞİŞECAMView entire presentation