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
10/20/21
11/20/21
12/20/21
Historical Price (SIRE)
Last 12 Months VWAP
Source: FactSet, Bloomberg
EVERCORE
1/27/22: CINR / SIRE
announced a quarterly
cash distribution increase
from $0.34 to $0.65 per
unit
mw
wyd
1/20/22
with
2/20/22
3/20/22
Last 30 Trading Days VWAP
4/20/22
----- Third Proposal
4
Confidential - Preliminary and Subject to Change
7/5/22: SCR delivered
non-binding proposal to
acquire all Common Units
held by Unaffiliated
Unitholders for $17.90 per
Common Unit
Third Proposal
Unaffected Closing Price
Last 30 Trading Days VWAP
Last 60 Trading Days VWAP
Last 6 Months VWAP
Last 12 Months VWAP
Go-Forward VWAP
5/20/22
6/20/22
Last 60 Trading Days VWAP
Go-Forward VWAP
7/20/22
SIRE Price
$22.00
$17.95
17.87
18.80
19.16
17.45
20.23
8/20/22
9/20/22
Last 6 Months VWAP
Third Proposal
Premium
Relative to
Historical
22.6%
23.1%
17.0%
14.8%
26.1%
8.7%
$22.10
$22.00
$20.23
$19.16
$18.80
$17.87
$17.45
10/20/22
ŞİŞECAMView entire presentation