Evercore Investment Banking Pitch Book
SIRE Unit Trading
$24.00
$22.00
$20.00
$18.00
$16.00
$14.00
$12.00
Proposed Consideration
Unaffected Closing Price
Last 30 Trading Days VWAP
Last 60 Trading Days VWAP
Last 6 Months VWAP
Last 12 Months VWAP
Go-Forward VWAP
9/12/21
wh
Source: FactSet, Bloomberg
EVERCORE
11/19/21: Ciner
Enterprises agreed to sell
60% of SCR, inclusive of
control, to Sisecam USA
for $300 million
11/1/21
Historical Price (SIRE)
Last 12 Months VWAP
SIRE Price
$19.00
$17.95
17.87
18.80
19.16
17.45
20.20
12/21/21
Consideration
Premium Relative
to Historical VWAP
5.8%
6.3%
1.1%
(0.8%)
8.9%
(5.9%)
m
1/27/22: CINR / SIRE
announced a quarterly
cash distribution
increase from $0.34 to
$0.65 per unit
2/9/22
And
3/31/22
Last 30 Trading Days VWAP
Proposed Consideration
2
5/20/22
Confidential - Preliminary and Subject to Change
7/5/22: SCR delivered
non-binding proposal to
acquire all Common
Units held by
Unaffiliated Unitholders
Last 60 Trading Days VWAP
Go-Forward VWAP
7/9/22
8/28/22
W
Last 6 Months VWAP
$22.65
$20.20
$19.16
$19.00
$18.80
$17.87
$17.45
10/17/22
ŞİŞECAMView entire presentation