SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

 

SCHEDULE 13E-3

 

TRANSACTION STATEMENT UNDER SECTION 13(e) OF THE
SECURITIES EXCHANGE ACT OF 1934 AND
RULE 13e-3 THEREUNDER

 

Rule 13e-3 Transaction Statement
Under Section 13(e) of the Securities Exchange Act of 1934
(Amendment No. 1)

 

SISECAM RESOURCES LP
(Name of Issuer)

 

Sisecam Resources LP
Sisecam Resource Partners LLC
Sisecam Chemicals Wyoming LLC
Sisecam Chemicals Newco LLC
(Names of Persons Filing Statement)

 

Common Units Representing Limited Partner Interests
(Title of Class of Securities)

 

172464109
(CUSIP Number of Class of Securities)

 

Marla Nicholson
VP, General Counsel and Secretary
Sisecam Resources LP
Sisecam Resource Partners LLC
Sisecam Chemicals Wyoming LLC
Sisecam Chemicals Newco LLC
Five Concourse Parkway
Atlanta, Georgia 30328
(770) 375-2300

 

(Name, Address, and Telephone Numbers of Person Authorized to Receive Notices and Communications on Behalf of the Persons Filing Statement)

 

With copies to

 

Thomas A. Mullen
Potter Anderson & Corroon LLP
1313 North Market
Street, 6th Floor
Wilmington, DE 19801
(302) 984-6000

Scott D. Fisher
Steptoe & Johnson LLP

1114 Avenue of the Americas
New York, NY 10036
(212) 506-3900

 

This statement is filed in connection with (check the appropriate box):

 

a. ☒ The filing of solicitation materials or an information statement subject to Regulation 14A, Regulation 14C or Rule 13e-3(c) under the Securities Exchange Act of 1934.

b. ☐ The filing of a registration statement under the Securities Act of 1933.

c. ☐ A tender offer.

d. ☐ None of the above.

 

Check the following box if the soliciting materials or information statement referred to in checking box (a) are preliminary copies: ☒

 

Check the following box if the filing is a final amendment reporting the results of the transaction: ☐

 

INTRODUCTION

 

This Amendment No. 1 to the Rule 13e-3 Transaction Statement on Schedule 13E-3 (as amended, this “Transaction Statement”), together with the exhibits hereto, is being filed with the Securities and Exchange Commission (the “SEC”) pursuant to Section 13(e) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), by: (i) Sisecam Resources LP, a Delaware limited partnership (the “Partnership”) and the issuer of the common units representing limited partner interests in the Partnership (“Common Units”), (ii) Sisecam Resource Partners LLC, a Delaware limited liability company (“Partnership GP”), (iii) Sisecam Chemicals Newco LLC, a Delaware limited liability company (“Merger Sub”, and (iv) Sisecam Chemicals Wyoming LLC, a Delaware limited liability company and sole member of Merger Sub (“Parent”, and, together with Merger Sub, the “Parent Parties.” Collectively, the persons filing this Transaction Statement are referred to as the “filing persons.”

 

This Transaction Statement relates to the Agreement and Plan of Merger, dated as of February 1, 2023 (as may be amended from time to time, the “Merger Agreement”), by and among the Partnership, Partnership GP, Parent and Merger Sub. Pursuant to the Merger Agreement, Parent has agreed to acquire each issued and outstanding Common Unit (other than Common Units held by Parent or its permitted transferees (“Parent Units”)) under the terms of the Merger Agreement. Under the terms and subject to the conditions of the Merger Agreement, Merger Sub will merge with and into the Partnership, with the Partnership surviving as a wholly owned subsidiary of Parent and Partnership GP (the “Merger”). The Merger will become effective upon the filing of a properly executed certificate of merger with the Secretary of State of the State of Delaware or at such later date and time as may be agreed by the parties and set forth in the certificate of merger (the “Effective Time”). The Merger Agreement provides that, at the Effective Time, each Common Unit issued and outstanding as of immediately prior to the Effective Time (other than the Parent Units) will be converted into the right to receive $25.00 in cash, to be paid without interest and reduced by any applicable tax withholding (the “Merger Consideration”). As of the Effective Time, all of the Common Units (other than Parent Units) converted into the right to receive the Merger Consideration will no longer be outstanding and will automatically be canceled and cease to exist.

 

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The Parent Units and Incentive Distribution Rights (as defined in the Partnership’s First Amended and Restated Agreement of Limited Partnership of the Partnership, dated as of September 18, 2013 (as amended, the “Partnership Agreement”)) held by Parent and its permitted transferees and the General Partner Interest (as defined in the Partnership Agreement) issued and outstanding immediately prior to the Effective Time will be unaffected by the Merger, will remain outstanding and no consideration will be delivered in respect thereof.

 

The closing of the Merger will occur on the third business day after the satisfaction or waiver of the conditions to the Merger provided in the Merger Agreement (other than the conditions that by their nature are to be satisfied at the closing of the Merger, but subject to the satisfaction or waiver of those conditions), or at such other date or time as the Partnership and Parent agree.

 

The conflicts committee (the “Conflicts Committee”) of the board of directors of Partnership GP (the “GP Board”) has (i) determined that the Merger Agreement and the transactions contemplated thereby, including the Merger, are in the best interests of the Partnership, its subsidiaries and the holders of Common Units other than Sisecam Chemicals Resources LLC and its affiliates (the “Unaffiliated Unitholders”), (ii) approved the Merger Agreement and the consummation of the transactions contemplated thereby, including the Merger, such approval constituting “Special Approval” for all purposes under the Partnership Agreement), including Section 7.9(a) thereof, (iii) recommended that the GP Board approve the Merger Agreement and the transactions contemplated thereby, including the Merger, and that the GP Board recommend to the holders of Common Units the approval of the Merger Agreement and the transactions contemplated thereby, including the Merger. In determining whether to make its recommendation, the Conflicts Committee considered, among other things, the opinion of Evercore Group L.L.C. (“Evercore”), the financial advisor to the Conflicts Committee, dated January 31, 2023, to the effect that, as of the date of such opinion, and subject to the factors, procedures, assumptions, qualifications and limitations set forth in the opinion, the Merger Consideration to be received by the Unaffiliated Unitholders in the Merger was fair, from a financial point of view, to the Unaffiliated Unitholders.

 

Under the applicable provisions of the Partnership Agreement, approval of the Merger Agreement and the transactions contemplated thereby, including the Merger, requires the affirmative vote or consent of the holders of a majority of the outstanding Common Units. As permitted by the Delaware Revised Uniform Limited Partnership Act and the Partnership Agreement, immediately following the execution of the Merger Agreement, Parent, as the record and beneficial owner of approximately 74% of the issued and outstanding Common Units, which constitutes a “Unit Majority” (as defined in the Partnership Agreement), delivered to the Partnership an irrevocable written consent approving the Merger Agreement and approving the transactions contemplated thereby, including the Merger, pursuant to the terms of the Partnership Agreement. Assuming the timely satisfaction or waiver of the conditions set forth in the Merger Agreement, the Partnership currently anticipates that the Merger will be completed prior to July 30, 2023.

 

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Concurrently with the filing of this Transaction Statement, the Partnership is filing an information statement (the “Information Statement”) under Section 14(c) of the Exchange Act relating to the Merger Agreement and the transactions contemplated thereby, including the Merger. A copy of the Information Statement is attached hereto as Exhibit (a)(1). A copy of the Merger Agreement is attached as Annex A to the Information Statement. All references in this Transaction Statement to Items numbered 1001 to 1016 are references to Items contained in Regulation M-A under the Exchange Act.

 

Pursuant to General Instruction F to Schedule 13E-3, the information contained in the Information Statement, including all annexes thereto, is incorporated herein by reference in its entirety and responses to each item herein are qualified in their entirety by the information contained in the Information Statement and the annexes thereto. The cross-references below are being supplied pursuant to General Instruction G to Schedule 13E-3 and show the location in the Information Statement of the information required to be included in response to the items of Schedule 13E-3. As of the date hereof, the Information Statement is in preliminary form and is subject to completion. Terms used but not defined in this Transaction Statement have the meanings given to them in the Information Statement.

 

All information concerning the Partnership contained in, or incorporated by reference into, this Transaction Statement was supplied by the Partnership. Similarly, all information concerning any other filing person contained in, or incorporated by reference into, this Transaction Statement was supplied by such filing person.

 

ITEM 1. SUMMARY TERM SHEET

 

Regulation M-A Item 1001

 

The information set forth in the Information Statement under the following captions is incorporated herein by reference:

 

“Summary Term Sheet”

 

“Questions and Answers about the Merger”

 

ITEM 2. SUBJECT COMPANY INFORMATION

 

Regulation M-A Item 1002

 

(a) Name and Address. The information set forth in the Information Statement under the following caption is incorporated herein by reference:

 

“Summary Term Sheet—Parties to the Merger Agreement” 

 

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(b) Securities. The information set forth in the Information Statement under the following captions is incorporated herein by reference:

 

“Summary Term Sheet—Action Approved by Written Consent of Unitholders Representing a Unit Majority”

 

“Unit Ownership of Certain Beneficial Owners and Management”

 

(c) Trading Market and Price. The information set forth in the Information Statement under the following caption is incorporated herein by reference:

 

“Common Unit Market Price and Distribution Information—Common Unit Market Price Information”

 

(d) Dividends. The information set forth in the Information Statement under the following caption is incorporated herein by reference:

 

“Common Unit Market Price and Distribution Information—Distribution Information”

 

(e) Prior Public Offerings. Not applicable.

 

(f) Prior Stock Purchases. The information set forth in the Information Statement under the following caption is incorporated herein by reference:

 

“The Merger—Background of the Merger”

 

ITEM 3. IDENTITY AND BACKGROUND OF FILING PERSON

 

Regulation M-A Item 1003

 

(a) through (b) Name and Address; Business and Background of Entities. The information set forth in the Information Statement under the following captions is incorporated herein by reference:

 

“Summary Term Sheet—Parties to the Merger Agreement”

 

“Information Concerning the Partnership”

 

“Information Concerning the Sisecam Filing Parties—Identity and Background of the Sisecam Filing Parties”

 


 (c) Business and Background of Natural Persons. Not applicable.

 

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ITEM 4. TERMS OF THE TRANSACTION

 

Regulation M-A Item 1004

 

(a) Material Terms. The information set forth in the Information Statement under the following captions is incorporated herein by reference:

 

“Summary Term Sheet”

 

“Questions and Answers about the Merger”

 

“The Merger—Effects of the Merger”

 

“The Merger—Background of the Merger”

 

“The Merger—Recommendation of the Conflicts Committee; Reasons for Recommending Approval of the Merger”

 

“The Merger—Interests of the Directors and Executive Officers of Partnership GP in the Merger”

 

“The Merger—Position of the Sisecam Filing Parties as to the Fairness of the Merger”

 

“The Merger—Purpose and Reasons of the Sisecam Filing Parties for the Merger”

 

“The Merger—Primary Benefits and Detriments of the Merger”

 

“The Merger—Ownership of the Partnership After the Merger”

 

“The Merger—Financing of the Merger”

 

“The Merger—Provisions for Unaffiliated Unitholders”

 

“The Merger—No Appraisal Rights”

 

“The Merger Agreement”

 

“Certain Purchases and Sales of Common Units”

 

“Material U.S. Federal Income Tax Consequences of the Merger”

 

Annex A: Merger Agreement

 

(c) Different Terms. The information set forth in the Information Statement under the following captions is incorporated herein by reference:

 

“Summary Term Sheet” 

 

“Questions and Answers about the Merger”

 

“The Merger—Effects of the Merger”

 

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“The Merger—Interests of the Directors and Executive Officers of Partnership GP in the Merger”

 

“The Merger—Financing of the Merger”

 

“The Merger—Provisions for Unaffiliated Unitholders”

 

“The Merger—No Appraisal Rights”

 

“The Merger Agreement”

 

Annex A: Merger Agreement

 

(d) Appraisal Rights. The information set forth in the Information Statement under the following captions is incorporated herein by reference:

 

“Summary Term Sheet—No Appraisal Rights”

 

“Questions and Answers about the Merger”

 

“The Merger—No Appraisal Rights”

 

(e) Provisions for Unaffiliated Security Holders. The information set forth in the Information Statement under the following caption is incorporated herein by reference:

 

“The Merger—Provisions for Unaffiliated Unitholders”

 

(f) Eligibility for Listing or Trading. Not applicable.

 

ITEM 5. PAST CONTACTS, TRANSACTIONS, NEGOTIATIONS AND AGREEMENTS

 

Regulation M-A Item 1005

 

(a) Transactions. The information set forth in the Information Statement under the following captions is incorporated herein by reference:

 

“Summary Term Sheet”

 

“The Merger—Interests of the Directors and Executive Officers of Partnership GP in the Merger”

 

“Information Concerning the Partnership—About the Partnership”

 

“Information Concerning the Sisecam Filing Parties—Identity and Background of the Sisecam Filing Parties”

 

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“Where You Can Find More Information”

 

Annex C: The Partnership’s Annual Report on Form 10-K for the Year Ended December 31, 2021

 

(b) through (c) Significant Corporate Events; Negotiations or Contacts. The information set forth in the Information Statement under the following captions is incorporated herein by reference:

 

“Summary Term Sheet”

 

“The Merger—Effects of the Merger”

 

“The Merger—Background of the Merger”

 

“The Merger—Recommendation of the Conflicts Committee; Reasons for Recommending Approval of the Merger”

 

“The Merger—Financing of the Merger”

 

“The Merger—Interests of the Directors and Executive Officers of Partnership GP in the Merger”

 

“The Merger—Position of the Sisecam Filing Parties as to the Fairness of the Merger”

 

“The Merger—Purpose and Reasons of the Sisecam Filing Parties for the Merger”

 

“The Merger Agreement”

 

“Past Contacts, Transactions and Negotiations”

 

Annex A: Agreement and Plan of Merger

 

Annex C: The Partnership’s Annual Report on Form 10-K for the Year Ended December 31, 2021

 

(e) Agreements Involving the Subject Company’s Securities. The information set forth in the Information Statement under the following captions is incorporated herein by reference:

 

“Summary Term Sheet”

 

“Questions and Answers about the Merger”

 

“The Merger—Effects of the Merger”

 

“The Merger—Interests of the Directors and Executive Officers of Partnership GP in the Merger”

 

“The Merger Agreement” 

 

8

 

“Common Unit Market Price and Distribution Information”

 

“Where You Can Find More Information”

 

Annex A: Agreement and Plan of Merger

 

Annex C: The Partnership’s Annual Report on Form 10-K for the Year Ended December 31, 2021

 

ITEM 6. PURPOSES OF THE TRANSACTION AND PLANS OR PROPOSALS.

 

Regulation M-A Item 1006

 

(a) Purposes. The information set forth in the Information Statement under the following captions is incorporated herein by reference:

 

“Summary Term Sheet”

 

“Questions and Answers about the Merger”

 

“The Merger—Effects of the Merger”

 

“The Merger—Background of the Merger”

 

“The Merger—Recommendation of the Conflicts Committee; Reasons for Recommending Approval of the Merger”

 

“The Merger—Position of the Sisecam Filing Parties as to the Fairness of the Merger”

 

“The Merger—Purpose and Reasons of the Sisecam Filing Parties for the Merger”

 

“The Merger—Interests of the Directors and Executive Officers of Partnership GP in the Merger”

 

(b) Use of Securities Acquired. The information set forth in the Information Statement under the following captions is incorporated herein by reference:

 

“Summary Term Sheet”

 

“Questions and Answers about the Merger”

 

“The Merger—Effects of the Merger”

 

“The Merger—Financing of the Merger”

 

“The Merger—Primary Benefits and Detriments of the Merger”

 

“The Merger—Delisting and Deregistration of Common Units” 

 

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“The Merger—Interests of the Directors and Executive Officers of Partnership GP in the Merger”

 

“Delisting and Deregistration”

 

Annex A: Agreement and Plan of Merger

 

(c) (1) through (8) Plans. The information set forth in the Information Statement under the following captions is incorporated herein by reference:

 

“Summary Term Sheet”

 

“Questions and Answers about the Merger”

 

“The Merger—Effects of the Merger”

 

“The Merger—Background of the Merger”

 

“The Merger—Recommendation of the Conflicts Committee; Reasons for Recommending Approval of the Merger”

 

“The Merger—Interests of the Directors and Executive Officers of Partnership GP in the Merger”

 

“The Merger—Position of the Sisecam Filing Parties as to the Fairness of the Merger”

 

“The Merger—Purpose and Reasons of the Sisecam Filing Parties for the Merger”

 

“The Merger—Primary Benefits and Detriments of the Merger”

 

“The Merger—Financing of the Merger”

 

“Delisting and Deregistration”

 

“The Merger Agreement”

 

Annex A: Merger Agreement

 

ITEM 7. PURPOSES, ALTERNATIVES, REASONS AND EFFECTS

 

Regulation M-A Item 1013

 

(a) Purposes. The information set forth in the Information Statement under the following captions is incorporated herein by reference:

 

“Summary Term Sheet”

 

“Questions and Answers about the Merger” 

 

10

 

“The Merger—Effects of the Merger”

 

“The Merger—Background of the Merger”

 

“The Merger—Recommendation of the Conflicts Committee; Reasons for Recommending Approval of the Merger”

 

“The Merger—Position of the Sisecam Filing Parties as to the Fairness of the Merger”

 

“The Merger—Purpose and Reasons of the Sisecam Filing Parties for the Merger”

 

“The Merger—Interests of the Directors and Executive Officers of Partnership GP in the Merger”

 

(b) Alternatives. The information set forth in the Information Statement under the following captions is incorporated herein by reference:

 

“The Merger—Background of the Merger”

 

“The Merger—Recommendation of the Conflicts Committee; Reasons for Recommending Approval of the Merger”

 

“The Merger—Opinion of Evercore –Financial Advisor to the Conflicts Committee”

 

“The Merger—Financial Advisor Discussion Materials Provided to SCR”

 

“The Merger—Position of the Sisecam Filing Parties as to the Fairness of the Merger”

 

“The Merger—Purpose and Reasons of the Sisecam Filing Parties for the Merger”

 

Annex B: Opinion of Evercore Group L.L.C.

 

(c) Reasons. The information set forth in the Information Statement under the following captions is incorporated herein by reference:

 

“Summary Term Sheet”

 

“Questions and Answers About the Merger”

 

“The Merger—Effects of the Merger”

 

“The Merger—Background of the Merger”

 

“The Merger—Recommendation of the Conflicts Committee; Reasons for Recommending Approval of the Merger”

 

“The Merger—Opinion of Evercore – Financial Advisor to the Conflicts Committee”

 

“The Merger—Financial Advisor Discussion Materials Provided to SCR” 

 

11

 

“The Merger—Interests of the Directors and Executive Officers of Partnership GP in the Merger”

 

“The Merger—Position of the Sisecam Filing Parties as to the Fairness of the Merger”

 

“The Merger—Purpose and Reasons of the Sisecam Filing Parties for the Merger”

 

Annex B: Opinion of Evercore Group L.L.C.

 

(d) Effects. The information set forth in the Information Statement under the following captions is incorporated herein by reference:

 

“Summary Term Sheet”

 

“Questions and Answers about the Merger”

 

“The Merger—Effects of the Merger”

 

“The Merger—Background of the Merger”

 

“The Merger—Recommendation of the Conflicts Committee; Reasons for Recommending Approval of the Merger”

 

“The Merger—Interests of the Directors and Executive Officers of Partnership GP in the Merger”

 

“The Merger—Position of the Sisecam Filing Parties as to the Fairness of the Merger”

 

“The Merger—Purpose and Reasons of the Sisecam Filing Parties for the Merger”

 

“The Merger—Financing of the Merger”

 

“The Merger—Primary Benefits and Detriments of the Merger”

 

“The Merger—Ownership of the Partnership After the Merger”

 

“The Merger—Delisting and Deregistration of Common Units”

 

“The Merger Agreement”

 

“Delisting and Deregistration”

 

“Material U.S. Federal Income Tax Consequences of the Merger”

 

Annex A: Agreement and Plan of Merger 

 

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ITEM 8. FAIRNESS OF THE TRANSACTION

 

Regulation M-A Item 1014

 

(a) through (b) Fairness; Factors Considered in Determining Fairness. BofA Securities Inc. (“BofA”) was not asked to deliver and did not deliver an opinion to SCR, any of the Sisecam Filing Parties or any other person as to the fairness, from a financial point of view or otherwise, of the consideration to be paid or received, as the case may be, in connection with the Merger. BofA’s presentation dated July 5, 2022, was prepared for SCR and does not constitute a recommendation to any unitholder with respect to the Merger Consideration or as to how to act in connection with the proposed Merger or any other matter.

 

The information set forth in the Information Statement under the following captions is incorporated herein by reference:

 

“Summary Term Sheet”

 

“The Merger—Background of the Merger”

 

“The Merger—Recommendation of the Conflicts Committee; Reasons for Recommending Approval of the Merger”

 

“The Merger—Opinion of Evercore –Financial Advisor to the Conflicts Committee”

 

“The Merger—Financial Advisor Discussion Materials Provided to SCR”

 

“The Merger—Interests of the Directors and Executive Officers of Partnership GP in the Merger”

 

“The Merger—Position of the Sisecam Filing Parties as to the Fairness of the Merger”

 

“The Merger—Purpose and Reasons of the Sisecam Filing Parties for the Merger”

 

Annex B: Opinion of Evercore Group L.L.C.

 

(c) Approval of Security Holders. The information set forth in the Information Statement under the following captions is incorporated herein by reference:

 

“Summary Term Sheet—Action Approved by Written Consent of Unitholders Representing a Unit Majority”

 

“Questions and Answers about the Merger”

 

“The Merger—Recommendation of the Conflicts Committee; Reasons for Recommending Approval of the Merger”

 

“The Merger Agreement—Unitholder Approval” 

 

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(d) Unaffiliated Representative. The information set forth in the Information Statement under the following captions is incorporated herein by reference:

 

“Summary Term Sheet”

 

“The Merger—Effects of the Merger”

 

“The Merger—Background of the Merger”

 

“The Merger—Recommendation of the Conflicts Committee; Reasons for Recommending Approval of the Merger”

 

“The Merger—Opinion of Evercore – Financial Advisor to the Conflicts Committee”

 

“The Merger—Interests of the Directors and Executive Officers of Partnership GP in the Merger”

 

“The Merger Agreement”

 

Annex B: Opinion of Evercore Group L.L.C.

 

(e) Approval of Directors. The information set forth in the Information Statement under the following captions is incorporated herein by reference:

 

“Summary Term Sheet”

 

“Questions and Answers about the Merger”

 

“The Merger—Background of the Merger”

 

“The Merger—Recommendation of the Conflicts Committee; Reasons for Recommending Approval of the Merger”

 

“The Merger—Position of the Sisecam Filing Parties as to the Fairness of the Merger”

 

(f) Other Offers. Not Applicable.

 

ITEM 9. REPORTS, OPINIONS, APPRAISALS AND CERTAIN NEGOTIATIONS

 

Regulation M-A Item 1015

 

(a) through (b) Report, Opinion or Appraisal; Preparer and Summary of the Report, Opinion or Appraisal. The presentation materials prepared by Evercore and provided to the Conflicts Committee, dated as of September 9, 2022, September 20, 2022, October 6, 2022, October 11, 2022, October 19, 2022, October 24, 2022, January 29, 2023 and January 31, 2023 are set forth as Exhibits (c)(2) – (c)(10) hereto and are incorporated herein by reference. The discussion materials prepared by BofA and provided to SCR, dated as of July 5, 2022, is set forth as Exhibit (c)(11) and is incorporated herein by reference.

 

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The information set forth in the Information Statement under the following captions is incorporated herein by reference:

 

“Summary Term Sheet—Opinion of Evercore – Financial Advisor to the Conflicts Committee”

 

“The Merger—Effects of the Merger”

 

“The Merger—Background of the Merger”

 

“The Merger—Opinion of Evercore – Financial Advisor to the Conflicts Committee”

 

“The Merger—Financial Advisor Discussion Materials Provided to SCR”

 

“The Merger—Position of the Sisecam Filing Parties as to the Fairness of the Merger”

 

“The Merger—Purpose and Reasons of the Sisecam Filing Parties for the Merger”

 

“The Merger—Fees and Expenses”

 

“Where You Can Find More Information”

 

Annex B: Opinion of Evercore Group L.L.C.

 

(c) Availability of Documents. The reports, opinions or appraisals referenced in this Item 9 are filed herewith and will be made available for inspection and copying at the principal executive offices of the Partnership during its regular business hours by any interested equity security holder of Common Units or by any representative who has been so designated in writing.

 

ITEM 10. SOURCE AND AMOUNTS OF FUNDS OR OTHER CONSIDERATION

 

Regulation M-A Item 1007

 

(a) through (b), (d) Source of Funds; Conditions; Borrowed Funds. The information set forth in the Information Statement under the following captions is incorporated herein by reference:

 

“Summary Term Sheet—Merger Consideration”

 

“Summary Term Sheet—Conditions to Consummation of the Merger”

 

“Summary Term Sheet—Fees and Expenses”

 

“Summary Term Sheet—Financing of the Merger”

 

“The Merger—Background of the Merger” 

 

15

 

“The Merger—Recommendation of the Conflicts Committee; Reasons for Recommending Approval of the Merger”

 

“The Merger—Interests of the Directors and Executive Officers of Partnership GP in the Merger”

 

“The Merger—Regulatory Approvals and Clearances Required for the Merger”

 

“The Merger—Financing of the Merger”

 

“The Merger—Fees and Expenses”

 

“The Merger Agreement”

 

(c) Expenses. The information set forth in the Information Statement under the following captions is incorporated herein by reference:

 

“Summary Term Sheet—Fees and Expenses”

 

“The Merger—Financing of the Merger”

 

“The Merger—Fees and Expenses”

 

“The Merger Agreement—Fees and Expenses”

 

ITEM 11. INTEREST IN SECURITIES OF THE SUBJECT COMPANY

 

Regulation M-A Item 1008

 

(a) through (b) Securities Ownership; Securities Transactions. The information set forth in the Information Statement under the following captions is incorporated herein by reference:

 

“Summary Term Sheet—Parties to the Merger Agreement”

 

“Summary Term Sheet—The Merger”

 

“Summary Term Sheet—Treatment of SCW Units, General Partner Interest and Incentive Distribution Rights”

 

“The Merger—Effects of the Merger”

 

“The Merger—Interests of the Directors and Executive Officers of Partnership GP in the Merger”

 

“The Merger Agreement”

 

“Certain Purchases and Sales of Common Units”

 

“Delisting and Deregistration” 

 

16

 

“Unit Ownership of Certain Beneficial Owners and Management”

 

ITEM 12. THE SOLICITATION OR RECOMMENDATION

 

Regulation M-A Item 1012

 

(d) Intent to Tender or Vote in a Going-Private Transaction. Not applicable.

 

(e) Recommendations of Others. The information set forth in the Information Statement under the following captions is incorporated herein by reference:

 

“Summary Term Sheet”

 

“Questions and Answers about the Merger”

 

“The Merger—Recommendation of the Conflicts Committee; Reasons for Recommending Approval of the Merger”

 

“The Merger—Interests of the Directors and Executive Officers of Partnership GP in the Merger”

 

“The Merger—Position of the Sisecam Filing Parties as to the Fairness of the Merger”

 

“The Merger—Purpose and Reasons of the Sisecam Filing Parties for the Merger”

 

“The Merger Agreement—Conditions to Consummation of the Merger”

 

ITEM 13. FINANCIAL INFORMATION

 

Regulation M-A Item 1010

 

(a) Financial Statements. The information set forth in the Information Statement under the following captions is incorporated herein by reference:

 

“The Merger—Effects of the Merger”

 

“Where You Can Find More Information”

 

Annex C: The Partnership’s Annual Report on Form 10-K for the Year Ended December 31, 2021

 

The Partnership’s Annual Report on Form 10-K for the year ended December 31, 2021 is incorporated herein by reference.

 

(b) Pro Forma Information. The information set forth in the Information Statement under the following captions is incorporated herein by reference: Not applicable.

 

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ITEM 14. PERSONS/ASSETS, RETAINED, EMPLOYED, COMPENSATED OR USED

 

Regulation M-A Item 1009

 

(a) through (b) Solicitations or Recommendations; Employees and Corporate Assets. The information set forth in the Information Statement under the following captions is incorporated herein by reference:

 

“Summary Term Sheet”

 

“Questions and Answers about the Merger”

 

“The Merger—Background of the Merger”

 

“The Merger—Recommendation of the Conflicts Committee; Reasons for Recommending Approval of the Merger”

 

“The Merger—Opinion of Evercore – Financial Advisor to the Conflicts Committee”

 

“The Merger—Financial Advisor Discussion Materials Provided to SCR”

 

“The Merger—Interests of the Directors and Executive Officers of Partnership GP in the Merger”

 

“The Merger—Fees and Expenses”

 

ITEM 15. ADDITIONAL INFORMATION

 

Regulation M-A Item 1011

 

(b) Golden Parachute Compensation. Not applicable.

 

(c) Other Material Information. The information set forth in the Information Statement, including all annexes thereto, is incorporated herein by reference.

 

18


ITEM 16. EXHIBITS

 

Regulation M-A Item 1016

 

Exhibit No.  Description
   
(a)(1) Information Statement of Sisecam Resources LP (the “Information Statement”) (incorporated herein by reference to the Partnership’s Schedule 14C filed concurrently with the SEC).
(a)(2) Notice of Action of Written Consent of Sisecam Resources LP (incorporated herein by reference to the Information Statement).
(a)(3) Press Release of Sisecam Chemicals Resources LLC and Sisecam Resources LP dated February 1, 2023 (incorporated herein by reference to Exhibit 99.1 to the Partnership’s Current Report on Form 8-K, filed February 1, 2023).
(b)** Term Loan Facility Commitment Letter, dated February 1, 2023, by and among Deutsche Bank AG New York Branch, Societe Generale and Sisecam Chemicals Resources LLC.
(c)(1) Opinion of Evercore Group L.L.C. (incorporated herein by reference to Annex B of the Information Statement).
Presentation materials prepared by Evercore Group L.L.C., dated September 9, 2022, for the Conflicts Committee of the Board of Directors of Sisecam Resource Partners LLC.
(c)(3)** Presentation materials prepared by Evercore Group L.L.C., dated September 20, 2022, for the Conflicts Committee of the Board of Directors of Sisecam Resource Partners LLC.
(c)(4)** Presentation materials prepared by Evercore Group L.L.C., dated October 6, 2022, for the Conflicts Committee of the Board of Directors of Sisecam Resource Partners LLC.
(c)(5)** Presentation materials prepared by Evercore Group L.L.C., dated October 11, 2022, for the Conflicts Committee of the Board of Directors of Sisecam Resource Partners LLC.
(c)(6)** Presentation materials prepared by Evercore Group L.L.C., dated October 19, 2022, for the Conflicts Committee of the Board of Directors of Sisecam Resource Partners LLC.
(c)(7) Presentation materials prepared by Evercore Group L.L.C., dated October 24, 2022, for the Conflicts Committee of the Board of Directors of Sisecam Resource Partners LLC.
(c)(8) Presentation materials prepared by Evercore Group L.L.C., dated January 29, 2023, for the Conflicts Committee of the Board of Directors of Sisecam Resource Partners LLC.
(c)(9) Presentation materials prepared by Evercore Group L.L.C., dated January 29, 2023, for the Conflicts Committee of the Board of Directors of Sisecam Resource Partners LLC.
(c)(10) Presentation materials prepared by Evercore Group L.L.C., dated January 31, 2023, for the Conflicts Committee of the Board of Directors of Sisecam Resource Partners LLC.
(c)(11) Presentation materials prepared by BofA Securities, Inc., dated July 5, 2022, for Sisecam Chemical Resources LLC.

 

19

 

Exhibit No.  Description
(d) Agreement and Plan of Merger, dated as of February 1, 2023, by and among Sisecam Chemicals Wyoming LLC, Sisecam Chemicals Newco LLC, Sisecam Resources LP and Sisecam Resource Partners LLC (incorporated herein by reference to Annex A of the Information Statement).
(f)(1) First Amended and Restated Agreement of Limited Partnership of Sisecam   Resources LP, dated as of September 18, 2013 (incorporated by reference to Exhibit 3.1 of Sisecam Resources LP’s Current Report on Form 8-K filed September 18, 2013 (File No. 001-36062)).
(f)(2) Amendment No. 1 to the First Amended and Restated Agreement of Limited Partnership of Sisecam Resources LP dated as of May 2, 2014 (incorporated by reference to Exhibit 3.1 of Sisecam Resources LP’s Current Report on Form 8-K filed May 7, 2014 (File No. 001-36062).
(f)(3) Amendment No. 2 to the First Amended and Restated Agreement of Limited Partnership of Sisecam Resources LP dated as of November 5, 2015 (incorporated by reference to Exhibit 3.2 of Sisecam Resources LP’s Current Report on Form 8-K filed November 5, 2015 (File No. 001-36062)).
(f)(4) Amendment No. 3 to the First Amended and Restated Agreement of Limited Partnership of Sisecam Resources LP dated as of April 28, 2017 (incorporated by reference to Exhibit 3.1 of Sisecam Resources LP’s Annual Report on Form 8-K filed May 2, 2017 (File No. 001-36062)).
(f)(5) Amendment No.4 to the First Amended and Restated Agreement of Limited Partnership of Sisecam Resources LP, dated as of February 10, 2022 (incorporated by reference to Exhibit 3.8 of Sisecam Resources LP’s Annual Report on Form 10-K filed March 15, 2022 (File No. 001-36062)).
(g) None.
107** Filing Fee Table.

 

** Previousy filed.

20

 

SIGNATURES

 

After due inquiry and to the best of each of the undersigned’s knowledge and belief, each of the undersigned certifies that the information set forth in this statement is true, complete and correct.

 

Dated as of February 27, 2023


  SISECAM RESOURCES LP
  By: Sisecam Resource Partners LLC, its general partner
     
  By: /s/ Marla Nicholson
  Name: Marla Nicholson
  Title: VP, General Counsel and Secretary
     
  SISECAM RESOURCE PARTNERS LLC
     
  By: /s/ Marla Nicholson
  Name: Marla Nicholson
  Title: VP, General Counsel and Secretary
     
  SISECAM CHEMICALS NEWCO LLC
  By: Sisecam Chemicals Wyoming LLC, its sole member
     
  By: /s/ Marla Nicholson 
  Name: Marla Nicholson
  Title: VP, General Counsel and Secretary
     
  SISECAM CHEMICALS WYOMING LLC
     
  By: /s/ Marla Nicholson 
  Name: Marla Nicholson
  Title: VP, General Counsel and Secretary

 

21

 
Exhibit (c)(7)

 Confidential – Preliminary and Subject to Change  Discussion Materials Regarding Project Houston October 24, 2022 
 
 Confidential – Preliminary and Subject to Change  These materials have been prepared by Evercore Group L.L.C. (“Evercore”) for the Conflicts Committee (the “Conflicts Committee”) of the Board of Directors of Sisecam Resource Partners LLC, the general partner of Sisecam Resources LP (the “Partnership”), to whom such materials are directly addressed and delivered and may not be used or relied upon for any purpose other than as specifically contemplated by a written agreement with Evercore. These materials are based on information provided by or on behalf of the Conflicts Committee, from public sources or otherwise reviewed by Evercore. Evercore assumes no responsibility for independent investigation or verification of such information and has relied on such information being complete and accurate in all material respects. To the extent such information includes estimates and forecasts of future financial performance prepared by or reviewed with the management of the Partnership and/or other potential transaction participants or obtained from public or other third party sources, Evercore has assumed that such estimates and forecasts have been reasonably prepared on bases reflecting the best currently available estimates and judgments of such management (or, with respect to estimates and forecasts obtained from public sources, represent reasonable estimates). No representation or warranty, express or implied, is made as to the accuracy or completeness of such information and nothing contained herein is, or shall be relied upon as, a representation, whether as to the past, the present or the future. These materials were designed for use by specific persons familiar with the business and affairs of the Partnership. These materials are not intended to provide the sole basis for evaluating, and should not be considered a recommendation with respect to, any transaction or other matter. These materials have been developed by and are proprietary to Evercore and were prepared exclusively for the benefit and internal use of the Conflicts Committee.  These materials were compiled on a confidential basis for use exclusively by the Conflicts Committee and not with a view to public disclosure or filing thereof under state or federal securities laws, and may not be reproduced, disseminated, quoted or referred to, in whole or in part, without the prior written consent of Evercore or as provided in the engagement letter between Evercore and the Conflicts Committee.  These materials do not constitute an offer or solicitation to sell or purchase any securities and are not a commitment by Evercore or any of its affiliates to provide or arrange any financing for any transaction or to purchase any security in connection therewith. Evercore assumes no obligation to update or otherwise revise these materials. These materials may not reflect information known to other professionals in other business areas of Evercore and its affiliates.  Evercore and its affiliates do not provide legal, accounting or tax advice. Accordingly, any statements contained herein as to tax matters were neither written nor intended by Evercore or its affiliates to be used and cannot be used by any taxpayer for the purpose of avoiding tax penalties that may be imposed on such taxpayer. Each person should seek legal, accounting and tax advice based on his, her or its particular circumstances from independent advisors regarding the impact of the transactions or matters described herein. 
 
 Confidential – Preliminary and Subject to Change  Table of Contents  Section  Executive Summary  SIRE Situation Analysis  Preliminary Valuation of SIRE Common Units  Appendix  Weighted Average Cost of Capital Analysis  Preliminary Valuation Detail – SIRE Financial Projections  Financial Projections and Preliminary Valuation Detail – Sensitivity Case  Supplemental Soda Ash Pricing Data  I  II  III 
 
 Confidential – Preliminary and Subject to Change  I. Executive Summary 
 
 Confidential – Preliminary and Subject to Change  Executive Summary  1  Introduction  Evercore Group L.L.C. (“Evercore”) is pleased to provide the following materials to the Conflicts Committee (the “Conflicts Committee”) of the Board of Directors of Sisecam Resource Partners LLC (the “General Partner” or “SIRE GP”), the general partner of Sisecam Resources LP (“SIRE” or the “Partnership”), regarding Sisecam Chemicals Resources LLC’s (“Sisecam Chemicals” or “SCR”) proposal to acquire all common units representing limited partner interests in the Partnership (each, a “Common Unit”) from the holders of such units other than Common Units held by Sisecam Chemicals, the General Partner or their respective affiliates (the “Unaffiliated Unitholders”) (the “Proposed Transaction”)  Sisecam Chemicals Wyoming LLC (“SCW LLC”) is a wholly-owned subsidiary of Sisecam Chemicals that currently owns:   14,551,000 Common Units (72% limited partner interest in the Partnership)   SIRE GP, which owns a 2.0% general partner interest in the Partnership  On July 5, 2022, Sisecam Chemicals proposed to acquire each outstanding Common Unit owned by the Unaffiliated Unitholders for $17.90 in cash (the “Initial Proposal”)   On September 20, 2022, the Conflicts Committee countered at $29.50 (the “First Conflicts Committee Counterproposal”)   On September 27, 2022, Sisecam Chemicals proposed to acquire each outstanding Common Unit owned by the Unaffiliated Unitholders for $19.00 in cash (the “Second Proposal”)   On October 11, 2022, the Conflicts Committee countered at $28.50 (the “Second Conflicts Committee Counterproposal”)   On October 20, 2022, Sisecam Chemicals proposed to acquire each outstanding Common Unit owned by the Unaffiliated Unitholders for $22.00 price in cash (the “Third Proposal”) as its “best and final” offer   The Third Proposal represents a 22.6% premium to SIRE’s closing Common Unit price of $17.95 as of July 5, 2022, the last unaffected trading date before the Initial Proposal   The Third Proposal represents a 23.1% premium to SIRE’s 30-day volume weighted average price (“VWAP”) as of July 5, 2022 
 
 Confidential – Preliminary and Subject to Change  Executive Summary  2  Changes Since Conflicts Committee Meeting on October 11, 2022  Evercore made the following updates and adjustments from the draft presentation dated October 11, 2022, as requested by the Conflicts Committee:   Updated market prices to October 20, 2022   Adjusted the weighted average cost of capital (“WACC”) utilized for discounted cash flow (“DCF”) analyses from a range of 8.25% to 9.25% to a range of 8.50% to 9.50% based on market changes   Adjusted the equity cost of capital utilized for discounted distributions analyses from a range of 9.0% to 11.0% to a range of 10.0% to 12.0% based on market changes   Added an analysis of SIRE’s historical enterprise value to run-rate EBITDA (latest quarter annualized) trading multiple over the past five years compared to its peer group 
 
 Confidential – Preliminary and Subject to Change  Executive Summary  3  Transaction Economics at Various Values  ($ in millions, except per unit amounts)  As of July 26, 2022; reflects the sum of: (i) 19,799,791 Common Units outstanding and (ii) 399,000 general partner units representing an approximate 2.0% limited partner interest in SIRE and assumes pro rata allocation of equity value to Common Units and SIRE GP, with no incremental allocation to SIRE GP attributable to IDRs  SIRE’s total equity value represents a 51% interest in Sisecam Wyoming with the resulting 49% non-controlling interest stated at implied market value based on the SIRE Common Unit price  Based on a Common Unit price of $17.95 as of July 5, 2022, the last unaffected trading date before the Initial Proposal  Based on a 10-day, 20-day and 30-day VWAP prices of $17.29, $17.48 and $17.87, respectively, from July 5, 2022, the last unaffected trading date before the Initial Proposal  Per SIRE Financial Projections; reflects 100% of Sisecam Wyoming EBITDA less SIRE G&A  As of July 26, 2022, Unaffiliated Unitholders owned 5,248,791 Common Units  SIRE Management Proposals  Conflicts Committee Counterproposals  Initial  Second  Third  Proposal  Proposal  Proposal  $23.00  $24.00  $25.00  $26.00  $27.00  Second  First  (7/5/22)  (9/27/22)  (10/20/22)  Unit Price  Unit Price  Unit Price  Unit Price  Unit Price  (10/11/22)  (9/20/22)  SIRE Common Unit Price  $17.90  $19.00  $22.00  $23.00  $24.00  $25.00  $26.00  $27.00  $28.50  $29.50  SIRE Units Outstanding1  20.2  20.2  20.2  20.2  20.2  20.2  20.2  20.2  20.2  20.2  Total Equity Value – SIRE2  $361.6  $383.8  $444.4  $464.6  $484.8  $505.0  $525.2  $545.4  $575.7  $595.9  Noncontrolling Interest2  347.4  368.7  426.9  446.4  465.8  485.2  504.6  524.0  553.1  572.5  Total Equity Value – Sisecam Wyoming  $708.9  $752.5  $871.3  $910.9  $950.5  $990.1  $1,029.7  $1,069.3  $1,128.8  $1,168.4  Plus: Net Debt as of December 31, 2022  143.6  143.6  143.6  143.6  143.6  143.6  143.6  143.6  143.6  143.6  Consolidated Enterprise Value  $852.6  $896.1  $1,014.9  $1,054.5  $1,094.2  $1,133.8  $1,173.4  $1,213.0  $1,272.4  $1,312.0  Premium to Unaffected Price3  (0.3%)  5.8%  22.6%  28.1%  33.7%  39.3%  44.8%  50.4%  58.8%  64.3%  10-Day VWAP from Unaffected Date4  3.5%  9.9%  27.2%  33.0%  38.8%  44.6%  50.4%  56.1%  64.8%  70.6%  20-Day VWAP from Unaffected Date4  2.4%  8.7%  25.9%  31.6%  37.3%  43.0%  48.8%  54.5%  63.1%  68.8%  30-Day VWAP from Unaffected Date4  0.2%  6.3%  23.1%  28.7%  34.3%  39.9%  45.5%  51.1%  59.5%  65.1%  SIRE Consolidated EBITDA 5  2022E  $152.0  $152.0  $152.0  $152.0  $152.0  $152.0  $152.0  $152.0  $152.0  $152.0  2023E  154.0  154.0  154.0  154.0  154.0  154.0  154.0  154.0  154.0  154.0  2024E  143.5  143.5  143.5  143.5  143.5  143.5  143.5  143.5  143.5  143.5  Enterprise Value / SIRE Consolidated EBITDA  2022E  5.6x  5.9x  6.7x  6.9x  7.2x  7.5x  7.7x  8.0x  8.4x  8.6x  2023E  5.5  5.8  6.6  6.8  7.1  7.4  7.6  7.9  8.3  8.5  2024E  5.9  6.2  7.1  7.4  7.6  7.9  8.2  8.5  8.9  9.1  Value of Common Units Owned by Unaffiliated Unitholders6  $94.0  $99.7  $115.5  $120.7  $126.0  $131.2  $136.5  $141.7  $149.6  $154.8  Source: Partnership filings, FactSet, SIRE Financial Projections 
 
 Confidential – Preliminary and Subject to Change  $19.16  $18.80  $17.87  $17.45  $22.10  $22.00  $20.23  $15.00  $17.00  $16.00  $18.00  $19.00  $20.00  $21.00  $22.00  $23.00  $24.00  $25.00  $26.00  10/20/21  1/20/22  10/20/22  8/20/22 9/20/22  Last 6 Months VWAP  11/20/21 12/20/21  Historical Price (SIRE) Last 12 Months VWAP  2/20/22 3/20/22 4/20/22  Last 30 Trading Days VWAP Third Proposal  5/20/22 6/20/22 7/20/22  Last 60 Trading Days VWAP Go-Forward VWAP  Executive Summary  SIRE Unit Trading  SIRE Price  Third Proposal Premium Relative to Historical  Third Proposal $22.00  Unaffected Closing Price Last 30 Trading Days VWAP Last 60 Trading Days VWAP Last 6 Months VWAP  Last 12 Months VWAP Go-Forward VWAP  $17.95 17.87  18.80  19.16  17.45  20.23  22.6%  23.1%  17.0%  14.8%  26.1%  8.7%  7/5/22: SCR delivered non-binding proposal to acquire all Common Units held by Unaffiliated Unitholders for $17.90 per Common Unit  11/19/21: Ciner Enterprises agreed to sell 60% of SCR, inclusive of control, to Sisecam USA for $300 million  1/27/22: CINR / SIRE  announced a quarterly cash distribution increase from $0.34 to $0.65 per unit  Source: FactSet, Bloomberg  4 
 
 Confidential – Preliminary and Subject to Change  Executive Summary  Historical SIRE and Peer Group Valuation  Source: FactSet  --x  5x  10x  15x  20x  25x  10/20/17  10/20/18  10/20/19 10/20/20  10/20/21  10/20/22  Historical Enterprise Value-to-Adjusted EBITDA (Latest Quarter Annualized)  SIRE reported annualized Adj. EBITDA of $2.8 million for 2Q20, its COVID-19 Pandemic trough, resulting in a multiple that is not meaningful  SIRE Peer Group Range1  1.  Includes: Ciech SA; Genesis Energy, L.P.; Türkiye Sise ve Cam Fabrikalari A.S.; Solvay SA; Tata Chemicals Limited  5  Over the past five years, SIRE has generally traded between 5.0x and 8.0x run-rate EBITDA, near the bottom of the range of its peers 
 
 Confidential – Preliminary and Subject to Change  II. SIRE Situation Analysis 
 
 Confidential – Preliminary and Subject to Change  SIRE Situation Analysis  Public Trading Statistics  ($ in millions, except per unit amounts)  Balance Sheet and Credit Data  General Partner Incentive Distribution Rights   As of June 30, 2022   Cash and Marketable Securities Short-Term Debt  Long-Term Debt  $3.4 8.7  145.6  Plus: Noncontrolling Interest (Book Value) Plus: Partners' Capital  156.4  201.2  Net Book Capitalization  $508.5  Revolver Availability / Total Revolver Capacity  $120 / $225  Plus: Net Debt2  150.9  Total Debt  $154.3  Plus: Noncontrolling Interest (Market Value)3  428.9  Net Debt  $150.9  Common Unit Price and Distribution Information  $25.00 $3.00  $--  $0.50  $1.00  $1.50  $2.00  $2.50  $--  $5.00  $10.00  $15.00  $20.00  10/20/20  6/20/21  Distribution per Unit  10/20/22  Distribution per Unit  Unit Price  2/18/22  Unit Price  Quarterly Distribution per LP Unit $0.5000  Total Total Total Quarterly Quarterly  Total Annual  Total Annual  Quarterly Quarterly Distribution Distribution to GP  LP Units Distribution Distribution Distribution Distribution  % to LP % to GP  LP Quarterly Distribution Range  Within Range per LP Unit Outstanding to LPs to GP to LPs to GP  98.0%  98.0%  85.0%  75.0%  50.0%  2.0%  2.0%  15.0%  25.0%  50.0%  $-- 0.5000  0.5750  0.6250  0.7500  $0.5000 0.5750  0.6250  0.7500  $0.5000  --  --  --  --  $0.0102  --  --  --  --  19.8  19.8  19.8  19.8  $9.9  --  --  --  $0.2  --  --  --  $39.6  --  --  --  $0.8  --  --  --  19.8 -- -- -- --    $9.9 $0.2 $39.6 $0.8   % of Total Distributions to the GP  % of Total Distributions to the IDRs  2.0%  --%  Source: Public filings, FactSet, SIRE Financial Projections  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%   As of October 20, 2022   Total Units Outstanding1 Common Unit Price  20.2  $22.10  Total Equity Value  $446.4  Enterprise Value  Distribution Yield Current  $1,026.2   SIRE Financial Projections    Metric Yield/Multiple   $2.00 9.0%  2023E  2024E  EV / EBITDA4  2.40  2.21  10.9%  10.0%  Net Debt / Net Book Cap  Net Debt / 2022E EBITDA  29.7%  1.0x  2022E  $152  6.8x  2023E  154  6.7  2024E  143  7.2  4.  SIRE Consolidated EBITDA equal to 100% of Sisecam Wyoming EBITDA less SIRE G&A  6 
 
 Confidential – Preliminary and Subject to Change  SIRE Situation Analysis  Source: SIRE Financial Projections  7  SIRE Financial Projections – Assumptions  Revenue  Long-term domestic / export revenue breakout of 50% / 50%   Domestic and export pricing based on SIRE management’s forecast  Export revenue is broken out into ANSAC and direct export projects with no sales attributable to ANSAC in 2023E+  Expenses  Expenses based on historical costs per unit, the majority of which are projected to increase 5.8% in 2023E and 2.2% in 2024E and each year thereafter   Costs per unit for domestic freight and personnel are projected to increase 5.8% in 2023E and 3.0% in 2024E and each year thereafter   Energy costs per unit are expected to increase 5.8% in 2023E, then decline in 2024E to a level which is 2.2% greater than 2022E and increase at a 2.2% annual rate thereafter  SIRE-Level G&A  Annual cash G&A incurred at the Partnership level after distributions received from Sisecam Wyoming equal to $2.9 million in 2022E and $4.0 million each year thereafter   Deducted from Sisecam Wyoming EBITDA to arrive at SIRE Consolidated EBITDA   Deducted from SIRE's 51% share of Sisecam Wyoming EBITDA to arrive at EBITDA Attributable to SIRE  Capital Expenditures  Maintenance capital expenditures of $25.0 million in 2022E are projected to increase 2.2% annually thereafter  No growth capital expenditures contemplated in the forecast   Detailed engineering work on Unit 8 Expansion completed, but SIRE management has stated that the project was postponed due to COVID-19 market conditions and is not currently contemplated given SIRE management’s view of global demand as well as increased projected capital costs for the project  Credit Facility Assumptions  Sisecam Wyoming’s existing $225 million revolving credit facility includes an accordion provision to increase the commitment to $475 million subject to certain lender approvals  $105 million drawn as of June 30, 2022  2.05% interest rate  Distribution Coverage / Total Leverage  Sisecam Wyoming to maintain a distribution coverage ratio of 1.50x in 2022E, 1.25x in 2023E and 2024E, and 1.10x thereafter   SIRE to distribute 100% of distributions received from Sisecam Wyoming less G&A incurred at the Partnership  Sisecam Wyoming to use all remaining cash flow to pay down debt 
 
 Confidential – Preliminary and Subject to Change  SIRE Situation Analysis  Source: SIRE Financial Projections  8  SIRE Financial Projections – Sisecam Wyoming EBITDA  2022E  2023E  2024E  2025E  2026E  2027E  2028E  Domestic Sales Volumes (mt)  1.17  1.26  1.19  1.11  1.11  1.19  1.19  Export Sales Volumes (mt)  1.35  1.26  1.19  1.11  1.11  1.19  1.19  Sales Volumes (mt)  2.52  2.52  2.37  2.22  2.22  2.37  2.37  Volume Growth (%)  (1.3%)  (0.1%)  (5.8%)  (6.4%)  --%  6.8%  --%  Domestic Gross Revenue  $289.1  $344.1  $330.4  $310.7  $314.5  $339.9  $344.2  Export Gross Revenue  435.1  440.9  407.7  374.4  369.5  398.9  396.2  Gross Revenue  $724.2  $784.9  $738.0  $685.2  $683.9  $738.8  $740.3  Domestic Freight  ($117.0)  ($132.7)  ($128.8)  ($124.2)  ($127.9)  ($140.7)  ($145.0)  Export Freight  (171.8)  (189.3)  (182.4)  (174.6)  (178.5)  (195.0)  (199.3)  Freight Costs  ($288.7)  ($321.9)  ($311.2)  ($298.8)  ($306.5)  ($335.7)  ($344.3)  Domestic Net Revenue  $172.1  $211.4  $201.6  $186.5  $186.5  $199.2  $199.2  Export Net Revenue  263.3  251.6  225.3  199.8  191.0  203.9  196.8  Net Revenue  $435.4  $463.0  $426.9  $386.4  $377.5  $403.1  $396.0  Average Net Realized Price  $172.87  $184.00  $180.00  $174.00  $170.00  $170.00  $167.00  Energy Costs  (66.1)  (76.0)  (63.7)  (60.9)  (62.3)  (68.1)  (69.6)  Personnel Costs  (82.0)  (88.7)  (89.3)  (91.2)  (93.9)  (97.6)  (100.6)  Royalties  (20.1)  (21.5)  (18.8)  (17.0)  (16.6)  (17.7)  (17.4)  Severance & Ad Valorem Taxes  (17.6)  (12.0)  (11.5)  (11.0)  (11.3)  (12.3)  (12.6)  Other  (71.4)  (83.0)  (75.6)  (67.9)  (62.6)  (72.2)  (73.8)  Cost of Goods Sold  ($257.3)  ($281.2)  ($259.0)  ($248.0)  ($246.7)  ($267.9)  ($274.0)  Gross Profit  $178.2  $181.8  $167.9  $138.3  $130.8  $135.2  $122.1  Gross Margin (% of Net Revenue)  40.9%  39.3%  39.3%  35.8%  34.6%  33.5%  30.8%  Operating Expenses  (23.3)  (23.8)  (20.4)  (20.9)  (21.4)  (21.9)  (22.3)  Sisecam Wyoming EBITDA  $154.9  $158.0  $147.5  $117.4  $109.4  $113.4  $99.7  EBITDA Margin (% of Net Revenue)  35.6%  34.1%  34.5%  30.4%  29.0%  28.1%  25.2%  For the Years Ending December 31,  ($ in millions) 
 
 Confidential – Preliminary and Subject to Change  SIRE Situation Analysis  ($ in millions)  Sisecam Wyoming EBITDA $154.9  $158.0  $147.5  $117.4  $109.4  $113.4  $99.7  Less: Cash Interest Expense (4.1)  (2.9)  (2.2)  (1.6)  (1.3)  (1.2)  (1.1)  Less: Maintenance Capital Expenditures (25.0)  (25.6)  (26.1)  (26.7)  (27.3)  (27.9)  (28.6)  Distributable Cash Flow $125.8  $129.6  $119.1  $89.1  $80.8  $84.3  $70.1  Sisecam Wyoming Distributed Cash Flow  Distributions to SIRE (51.0%)  $43.3  $52.9  $48.6  $41.3  $37.5  $39.1  $32.5  Distributions to NRP (49.0%)  41.6  50.8  46.7  39.7  36.0  37.5  31.2  Distributed Cash Flow  $85.0  $103.7  $95.3  $81.0  $73.5  $76.6  $63.7  Distributable Cash Flow Surplus / (Shortfall)  $40.8  $25.9  $23.8  $8.1  $7.3  $7.7  $6.4  Sisecam Wyoming Coverage Ratio  1.48x  1.25x  1.25x  1.10x  1.10x  1.10x  1.10x  SIRE Financial Projections – Sisecam Wyoming Cash Flow Summary  For the Years Ending December 31, 2022E 2023E 2024E 2025E 2026E  2027E  2028E  Sisecam Wyoming Distributable Cash Flow  Source: SIRE Financial Projections  9 
 
 Confidential – Preliminary and Subject to Change  SIRE Situation Analysis  ($ in millions)  Distributable Cash Flow Surplus / (Shortfall) $40.8  $25.9  $23.8  $8.1  $7.3  $7.7  $6.4  Increase / (Decrease) in Net Working Capital (27.5)  0.4  15.7  8.2  0.8  (9.8)  (1.0)  Cash from Revolver / (Cash to Revolver) --  --  --  --  1.4  5.7  --  Total Sources $13.3  $26.3  $39.5  $16.3  $9.5  $3.5  $5.4  Uses  Growth Capital Expenditures  $0.1  $--  $--  $--  $--  $--  $--  Mandatory Debt Paydown  8.6  8.8  9.1  9.3  9.5  3.5  4.9  Discretionary Debt Paydown  1.3  17.4  30.5  7.0  --  --  0.5  Cash to (from) Balance Sheet  (5.2)  --  --  --  --  --  --  Other  8.4  --  --  --  --  --  --  Total Uses  $13.3  $26.3  $39.5  $16.3  $9.5  $3.5  $5.4  Capital Structure  Total Debt  $148.6  $122.4  $82.8  $66.5  $58.4  $60.6  $55.2  Less: Cash  (5.0)  (5.0)  (5.0)  (5.0)  (5.0)  (5.0)  (5.0)  Net Debt  $143.6  $117.4  $77.8  $61.5  $53.4  $55.6  $50.2  Net Debt / Adjusted EBITDA  0.9x  0.7x  0.5x  0.5x  0.5x  0.5x  0.5x  SIRE Financial Projections – Sisecam Wyoming Sources and Uses  For the Years Ending December 31, 2022E 2023E 2024E 2025E 2026E  2027E  2028E  Sources  Source: SIRE Financial Projections  10 
 
 Confidential – Preliminary and Subject to Change  SIRE Situation Analysis  Source: SIRE Financial Projections  11  SIRE Financial Projections – SIRE Cash Flow Summary  ($ in millions, except per unit amounts)  For the Years Ending December 31,  2022E  2023E  2024E  2025E  2026E  2027E  2028E  Consolidated EBITDA  Sisecam Wyoming EBITDA  $154.9  $158.0  $147.5  $117.4  $109.4  $113.4  $99.7  Less: SIRE G&A  (2.9)  (4.0)  (4.0)  (4.0)  (4.0)  (4.0)  (4.0)  SIRE Consolidated EBITDA  $152.0  $154.0  $143.5  $113.4  $105.4  $109.4  $95.7  EBITDA Attributable to SIRE  SIRE'S 51% Share of Sisecam Wyoming EBITDA  $79.0  $80.6  $75.2  $59.9  $55.8  $57.8  $50.9  Less: SIRE G&A  (2.9)  (4.0)  (4.0)  (4.0)  (4.0)  (4.0)  (4.0)  EBITDA Attributable to SIRE  $76.1  $76.6  $71.2  $55.9  $51.8  $53.8  $46.9  SIRE Distributable Cash Flow  Distributions from Sisecam Wyoming  $43.3  $52.9  $48.6  $41.3  $37.5  $39.1  $32.5  Less: SIRE G&A  (2.9)  (4.0)  (4.0)  (4.0)  (4.0)  (4.0)  (4.0)  Distributable Cash Flow  $40.4  $48.9  $44.6  $37.3  $33.5  $35.1  $28.5  Distributed Cash Flow  Sisecam Chemicals  $29.1  $35.0  $32.1  $26.9  $24.1  $25.3  $20.5  Public  10.5  12.6  11.6  9.7  8.7  9.1  7.4  General Partner  0.8  1.3  0.9  0.7  0.7  0.7  0.6  Distributed Cash Flow  $40.4  $48.9  $44.6  $37.3  $33.5  $35.1  $28.5  Unit Ownership  Sisecam Chemicals  14.6  14.6  14.6  14.6  14.6  14.6  14.6  Public  5.2  5.2  5.2  5.2  5.2  5.2  5.2  General Partner  0.4  0.4  0.4  0.4  0.4  0.4  0.4  Total Units Outstanding  20.2  20.2  20.2  20.2  20.2  20.2  20.2  Distributable Cash Flow per LP Unit  $2.00  $2.40  $2.21  $1.85  $1.66  $1.74  $1.41  Distribution per LP Unit  2.00  2.40  2.21  1.85  1.66  1.74  1.41  Distributable Cash Flow Surplus / (Shortfall)  $--  $--  $--  $--  $--  $--  $-- 
 
 Confidential – Preliminary and Subject to Change  III.  Preliminary Valuation of SIRE Common Units 
 
 Confidential – Preliminary and Subject to Change  Preliminary Valuation of SIRE Common Units  Source: SIRE Financial Projections, SIRE management  12  Sensitivity Case – Assumptions  Net Realized Pricing  Domestic and export net pricing reflects IHS netback forecasts less $26.00 and $39.00 per metric ton,  respectively, from 2022E to 2028E   Discounts informed by the 2018A−2020A average difference between IHS pricing and SIRE realized pricing  Soda Ash Volumes  Same as SIRE Financial Projections  Operating Costs  Non-freight operating costs as a percentage of net revenue are assumed to be:   Consistent with SIRE Financial Projections as a percentage of net revenue for 2022E, 2023E and 2024E; resulting in gross margins of 40.9%, 39.3% and 39.3%, respectively   Adjusted to 37.1% in 2025E and thereafter, in line with the five-year trailing average gross margin through 2022E  Capital Expenditures  Same as SIRE Financial Projections  Debt  Same as SIRE Financial Projections 
 
 Confidential – Preliminary and Subject to Change  $50  $75  $100  $125  $175  $150  $200  $225  2012A 2013A 2014A 2015A 2016A 2017A 2018A  2019A  2020A  2021A  COVID-19 Impacted  $50  $75  $100  $125  $150  $200  $175  $225  2012A  2013A  2014A  2019A  2020A 2021A  COVID-19 Impacted  Exports  SIRE Net Realized Price Differential to IHS  Preliminary Valuation of SIRE Common Units  Historical Net Realized Pricing Trends – SIRE vs. IHS  Historical and Projected Soda Ash Pricing Trends – Domestic Sales vs. Exports  ($ per metric ton)  Source: SIRE management, IHS  Note: SIRE netback pricing for domestic sales and exports is expressed as the gross realized price less the freight cost per metric ton sold, respectively, by sales channel  SIRE Export, Net pricing based on the weighted average of ANSAC and Direct Export net realized pricing. ANSAC and direct export accounted for 97.6% and 2.4% of export volumes in 2020A and 52.1% and 47.9% of export volumes in 2021A, respectively  Calculated as $115.94 ANSAC Export price less $158.72 IHS Export price  Calculated as $107.49 Direct Export price less $158.72 IHS Export price  Domestic Sales  $20.27  $11.17  $4.80  SIRE Net Realized Price Differential to IHS  ($3.09) ($11.74) ($17.91) ($22.62)  2015A 2016A 2017A 2018A  ($19.01)  ($35.99)  ($42.58)  ($29.65)  ($31.16)  ($35.00)  ($42.78)  ($37.70)  Per SIRE management guidance, the appropriate differential vs. IHS is the 3-year average from 2018A to 2020A, which is ($26) for domestic sales and, assuming a 2020A export differential based only on realized direct export pricing, ($39) for exports  Legend  SIRE Domestic, Net IHS Domestic, Net Domestic Net Price  Legend  SIRE Export, Net1 IHS Export, Net Based on ANSAC  Based on Direct Export  ($51.23)  ($26.41)  ($32.88)  ($29.02)  ($32.00)  ($25.26)  2  13  3 
 
 Confidential – Preliminary and Subject to Change  $76.6  $71.2  $55.9  $51  $76.1 $71.7  $86.7  $88.8  $73.3  $70.8  20  $2.40  $2.21  $1.85  $1.66  $2.00 $2.00  $2.72  $2.79  $2.58  $2.49  $2.54  20  35.8%  34.6%  33.5%  30.8%  40.9%40.9%  39.3%39.3%  39.3%39.3%  37.1%  37.1%  37.1%  37.1%  2024E 2025E 2026E  2027E  2028E  Preliminary Valuation of SIRE Common Units  SIRE Financial Projections vs. Sensitivity Case  SIRE Financial Projections Sensitivity Case  EBITDA  Attributable to SIRE  DCF / LP Unit  % Gross Margin  2022E 2023E  Source: SIRE Financial Projections, SIRE management  14  ($ in millions, except per unit amounts) 
 
 Confidential – Preliminary and Subject to Change  Methodology  Description  Metrics / Assumptions  Discounted Cash Flow Analysis  Values SIRE Common Units based on the concepts of the time value of money  Using management’s projections, Evercore:   Utilized varying WACC discount rates and terminal values to derive valuation ranges for the SIRE Common Units   Cash flows were discounted using WACC given allocated EBITDA-based cash flows   Calculated terminal values based on a range of multiples of EBITDA as well as assumed perpetuity growth rates  Discounted the projected cash flows to assumed effective date of December 31, 2022  WACC based on the Capital Asset Pricing Model (“CAPM”)  Unitholder effective tax rate of 29.6% (80.0% of 37.0% top bracket) from 2023E to 2025E and 37.0% thereafter  For the terminal value, tax depreciation assumed to equal maintenance capital expenditures  EBITDA exit multiple of 5.5x to 8.0x and a perpetuity growth rate of 0.5% to 1.5%  Peer Group Trading Analysis  Values SIRE Common Units based on peer group’s current market enterprise value multiples of relevant EBITDA  Peer group selected based on assets similar to those owned by SIRE  Enterprise value / EBITDA multiples applied to 2022E, 2023E and 2024E Adjusted EBITDA  Precedent M&A Transaction Analysis  Values SIRE Common Units based on transactions involving assets and businesses similar to those owned by SIRE  Transaction value / EBITDA multiples applied to 2023E EBITDA  Discounted Distributions Analysis  Values SIRE Common Units based on the present value of the future cash distributions to SIRE Common Unitholders  Discounted projected distributions to assumed effective date of December 31, 2022  Terminal yield range of 8.0% to 12.0%   Cost of equity of 10.0% to 12.0% based on CAPM  Premiums Paid Analysis  Implied value of SIRE Common Units based on historical premiums paid in selected relevant cash midstream mergers  Median 1-Day and 30-Day premiums paid applied to relevant  equity prices  15  Preliminary Valuation of SIRE Common Units  Valuation Methodologies  Evercore utilized the following methodologies to analyze the value of SIRE’s Common Units:  For Reference Only 
 
 Confidential – Preliminary and Subject to Change  Discounted Cash Flow Analysis  Peer Group Trading Analysis  Precedent M&A Transactions Analysis  EBITDA Exit Multiple  Perpetuity Growth  2022E EBITDA  2023E EBITDA  2024E EBITDA  2023E EBITDA  EBITDA Exit Multiple:  5.5x - 8.0x  Perpetuity Growth Rate: 0.5% - 1.5%  2022E EBITDA Multiple: 2023E EBITDA Multiple: 2024E EBITDA Multiple: 2023E EBITDA Multiple:  5.5x - 8.0x 5.0x - 7.5x 4.5x - 7.0x 6.0x - 8.5x  Range of 24.4% - 29.6%  Discount Rate: WACC of 8.5% - 9.5%  Terminal Yield of: 8.0% - 12.0%  Equity Cost of Capital of: 10.0% - 12.0%  Premiums Paid Analysis  Discounted Distributions  Analysis  $14.18  $21.54  $12.92  $21.35  $17.09  $15.84  $15.34  $17.76  $12.24  $16.09  $19.13  $22.05  $14.39  $21.79  $18.71  $28.21  $15.61  $25.96  $26.51  $24.72  $24.82  $28.49  $21.05  $27.08  $28.61  $32.78  $18.76  $29.33  $--  $5.00  $10.00  $15.00  $20.00  $25.00  $30.00  $35.00  $50.00  $45.00  $40.00  $22.23  $23.27  Preliminary Valuation of SIRE Common Units  Third Proposal:  $22.00  SIRE Financial Projections vs. Sensitivity Case  SIRE Financial Projections Sensitivity Case  FOR REFERENCE ONLY  16 
 
 Confidential – Preliminary and Subject to Change  Appendix 
 
 Confidential – Preliminary and Subject to Change  A. Weighted Average Cost of Capital Analysis 
 
 Confidential – Preliminary and Subject to Change   Debt / Total Cap    0.40 0.45 0.50 0.55   25.0%  8.7%  9.0%  9.3%  9.6%  30.0%  8.6%  8.9%  9.2%  9.5%  35.0%  8.5%  8.8%  9.1%  9.4%  40.0%  8.4%  8.7%  9.0%  9.3%  45.0%  8.3%  8.6%  8.9%  9.1%   Debt / Total Cap    0.40 0.45 0.50 0.55   25.0%  9.1%  9.5%  9.8%  10.1%  30.0%  9.0%  9.3%  9.7%  10.0%  35.0%  8.9%  9.2%  9.6%  9.9%  40.0%  8.8%  9.1%  9.4%  9.8%  45.0%  8.7%  9.0%  9.3%  9.6%  Unit/Share Price Market Equity Total Debt and Total Debt / Partnership/Corporation 10/20/22 Value Preferred Equity Total Capitalization   Adjusted Beta 1  Unlevered Beta 2  Ciech SA  $6.27  $330.3  $433.1  56.7%  0.86  0.42  Genesis Energy, L.P.  10.14  1,243.0  4,160.9  77.0%  1.05  0.31  Türkiye Sise ve Cam Fabrikalari A.S.  1.69  5,030.9  2,052.4  29.0%  0.60  0.45  Solvay SA  87.47  9,023.2  4,890.3  35.1%  0.74  0.52  CAPM  Tata Chemicals Limited  14.00  3,566.9  848.8  19.2%  0.59  0.50  Mean  43.4%  0.77  0.44  Median  35.1%  0.74  0.45  Sisecam Resources LP  $22.10  $446.4  $154.3  25.7%  0.63  0.51  Risk-free Rate 3  Unlevered Beta  Debt / Total Capitalization Adjusted Levered Equity Beta  WACC  4.5%  0.45  35.1%  0.63   Supply-Side MRP Historical MRP   Market Risk Premium 4  Small Company Risk Premium 4  6.2%  2.3%  7.3%  Equity Cost of Capital 5  10.7%  11.3%  Pre-Tax Cost of Debt 6  7.7%  After-Tax Cost of Debt  5.4%  WACC 8.8% 9.2%  Weighted Average Cost of Capital Analysis  SIRE WACC Analysis – Capital Asset Pricing Model  ($ in millions, except per unit / share amounts)  Note: Capital structure includes effect of dilutive securities and GP interest; does not attribute value to the IDRs  Predicted raw betas from FactSet; Adjusted Equity Beta calculated as: (0.67) × Raw Beta + (0.33) × 1.0  Unlevered Beta calculated as: Adjusted Equity Beta × (E/(E + D × (1-T)); Assumes corporate tax rate of 29.6%  20-year Treasury as of October 20, 2022  Duff & Phelps for Decile 9, including companies with an equity market capitalization of $190.0 million to $451.8 million  Equity Cost of Capital calculated as: Risk-free rate of 3.8% + ( Levered Equity Beta of 0.63 × Market Risk Premium of 6.2% (Supply Side) or 7.3% (Historical) ) + Small Company Risk Premium of 2.3%  Based on ICE BofA US High Yield Index (BB)  Supply-Side MRP WACC Sensitivity  Historical MRP WACC Sensitivity  17 
 
 Confidential – Preliminary and Subject to Change  B. Preliminary Valuation Detail – SIRE Financial Projections 
 
 Confidential – Preliminary and Subject to Change  Source: SIRE Financial Projections  51% of Sisecam Wyoming EBITDA less $4.0 million SIRE G&A  2022E tax DD&A assumes 100.0% bonus depreciation calculated as the midpoint of the enterprise value range plus 2022E capital expenditures; 2023E and 2024E tax DD&A assumes 100.0% bonus depreciation on capital expenditures; bonus depreciation phase-down on growth capital expenditures in 2025E (80.0%) and 2026E (60.0%)  Assumes unitholder tax rate of 29.6% from 2023E to 2025E and 37.0% thereafter  Includes 2.0% general partner interest, economically equivalent to 399,000 LP Units at current quarterly distribution  Sisecam Wyoming EBITDA  $158.0  $147.5  $117.4  $109.4  $113.4  $99.7  $46.9 1  $99.7  Less: Tax Depreciation and Amortization2  (407.1)  (21.7)  (39.8)  (53.8)  (63.2)  (67.7)  (28.6)  EBIT  ($249.0)  $125.8  $77.7  $55.6  $50.2  $32.0  $71.1  Less: Cash Taxes3  --  (7.4)  (4.6)  (4.1)  (3.7)  (11.2)  (26.3)  EBIAT  ($249.0)  $118.4  $73.1  $51.5  $46.5  $20.8  $44.8  Plus: Tax Depreciation and Amortization  407.1  21.7  39.8  53.8  63.2  67.7  28.6  Less: Capital Expenditures  (25.6)  (26.1)  (26.7)  (27.3)  (27.9)  (28.6)  (28.6)  Less: Changes in NWC  0.4  15.7  8.2  0.8  (9.8)  (1.0)  -  Sisecam Wyoming Unlevered Free Cash Flow  $132.8  $129.6  $94.3  $78.7  $71.9  $58.9  $44.8  SIRE Interest in Sisecam Wyoming  51.0%  51.0%  51.0%  51.0%  51.0%  51.0%  51.0%  SIRE Share of Sisecam Wyoming Unlevered Free Cash Flow  $67.7  $66.1  $48.1  $40.1  $36.7  $30.0  $22.9  Less: SIRE G&A  (4.0)  (4.0)  (4.0)  (4.0)  (4.0)  (4.0)  (4.0)  SIRE Unlevered Free Cash Flow  $63.7  $62.1  $44.1  $36.1  $32.7  $26.0  $18.9  EBITDA Multiple / Perpetuity Growth Rate  6.75x  1.0%  Implied Terminal Value  $316.3  −  $238.1  Present Value of Terminal Value @ 9.0% Discount Rate  Plus: Present Value of Unlevered Free Cash Flow @ 9.0% Discount Rate  188.6  − 216.3  142.0  Implied Enterprise Value  $404.8  −  $358.2  Less: Net Debt as of December 31, 2022 (SIRE's 51% Share)  (73.2)  Implied Equity Value  $331.6  −  $285.0  SIRE LP Units Outstanding4  20.2  Implied SIRE LP Unit Value  $16.42  −  $14.11   For the Years Ending December 31,   Exit  Perpetuity   2023E 2024E 2025E 2026E 2027E 2028E    Multiple    Growth   Discounted Cash Flow Analysis  Preliminary Valuation Detail – SIRE Financial Projections  Terminal Exit Multiple  Perpetuity Growth Rate  WACC  Unit Price  4.25x  5.50x  6.75x  8.00x  9.25x  WACC  --%  0.5%  1.0%  1.5%  2.0%  8.0%  $13.42  $15.39  $17.32  $19.15  $20.97  8.0%  $14.75  $15.32  $15.94  $16.64  $17.45  Sensitivity  8.5%  13.05  14.97  16.87  18.71  20.49  8.5%  13.94  14.42  14.98  15.61  16.31  Analysis  9.0%  12.71  14.56  16.42  18.26  20.01  9.0%  13.20  13.63  14.11  14.65  15.26  9.5%  12.37  14.18  15.98  17.78  19.55  9.5%  12.54  12.92  13.33  13.80  14.33  10.0%  12.04  13.81  15.56  17.31  19.05  10.0%  11.95  12.27  12.64  13.04  13.50  ($ in millions, except per unit amounts) 
 
 Confidential – Preliminary and Subject to Change  Preliminary Valuation Detail – SIRE Financial Projections  Peer Group Trading Analysis  Source: Public filings and FactSet  Note: No peer group company is directly comparable to SIRE  1. As of October 20, 2022  ($ in millions, except per share/unit amounts)  Equity Enterprise EV / EBITDA Net Debt / Soda A   Value Value 2022E 2023E 2024E 2022E EBITDA %  Price % of 52-Week   Partnership / Corporation 10/20/22 High 1  Chemical Companies with Soda Ash Operations  Ciech SA  $6.27  55.5%  $330  $632  3.9x  3.9x  3.8x  Genesis Energy, L.P.  10.14  75.2%  1,243  5,694  8.4  7.7  Türkiye Sise ve Cam Fabrikalari A.S.  1.69  98.6%  5,031  6,925  6.1  Solvay SA  87.47  68.3%  9,023  12,508  Tata Chemicals Limited  14.00  92.8%  3,567  4,4  Mean  Median  Other MLPs  Alliance Resource Partners, L.P.  $22.6  Natural Resource Partners L.P.  Mean  Median  Sise  2  2.  Based on SIRE Financial Projections  19 
 
 Confidential – Preliminary and Subject to Change  Preliminary Valuation Detail – SIRE Financial Projections  Peer Group Trading Analysis (cont’d)  ($ in millions, except per unit amounts)  2022E EBITDA Attributable to SIRE  Relevant EBITDA Multiple  5.5x  $76.1  –  8.0x  Implied Enterprise Value Based on 2022E Adjusted EBITDA  $418.5  –  $608.8  Less: Net Debt as of December 31, 2022 (SIRE's 51% Share)  (73.2)  Implied SIRE Equity Value  SIRE LP Units Outstanding1  $345.3  –  20.2  $535.5  Implied SIRE Unit Price Range - 2022E Adjusted EBITDA  $17.09  –  $26.51  2023E EBITDA Attributable to SIRE  Relevant EBITDA Multiple  5.0x  $76.6  –  7.5x  Implied Enterprise Value Based on 2023E Adjusted EBITDA  $383.0  –  $574.5  Less: Net Debt as of December 31, 2022 (SIRE's 51% Share)  (73.2)  Implied SIRE Equity Value  SIRE LP Units Outstanding1  $309.8  –  20.2  $501.3  Implied SIRE Unit Price Range - 2023E Adjusted EBITDA  $15.34  –  $24.82  2024E EBITDA Attributable to SIRE  Relevant EBITDA Multiple  4.5x  $71.2  –  7.0x  Implied Enterprise Value Based on 2024E Adjusted EBITDA  $320.4  –  $498.4  Less: Net Debt as of December 31, 2022 (SIRE's 51% Share)  (73.2)  Implied SIRE Equity Value  SIRE LP Units Outstanding1  $247.2  –  20.2  $425.2  Implied SIRE Unit Price Range - 2024E Adjusted EBITDA  $12.24  –  $21.05  Source: SIRE Financial Projections  1.  Includes 2.0% general partner interest, economically equivalent to 399,000 LP Units at current quarterly distribution  20 
 
 Confidential – Preliminary and Subject to Change  Precedent Green River Basin Soda Ash Transactions1  Date Announced  Acquiror / Target (Seller)  Transaction Value  Transaction Value / EBITDA  05/2022  Solvay SA / Remaining 20% interest in Solvay Soda Ash Joint Venture (AGC)  $120.0  5.3x  12/2021  Sisecam Chemicals USA Inc. / 60% stake in Ciner Resources Corporation (Ciner Enterprises)  300.0  7.2 2 / 9.73  12/2019  Valley Holdings Inc. (Tata Chemials) / Remaining 25% in Tata Chemicals (Soda Ash) Partners Holdings (The Andover Group, Inc.)  195.0  7.7  08/2017  Genesis Energy, L.P. / 100% of Tronox's Alkali Business, including trona mining, production and marketing assets (Tronox Limited)  1,325.0  8.0  07/2015  Park Holding A.S. (Ciner Group) / 73% LP interest, 2% GP interest and related IDRs in OCI Resources LP (OCI Company Ltd.)  429.0  9.5  02/2015  Tronox US Holdings Inc. / FMC's Alkali Chemicals business (FMC Corporation)  1,640.0  9.0  10/2014  FMC Corporation / Remaining 6.25% minority interest in FMC Wyoming Corp. (Sumitomo)  95.7  8.4  03/2013  FMC Corporation / Additional 6.25% minority interest in FMC Wyoming Corp. (Nippon Sheet Glass)  80.0  NA  01/2013  Natural Resource Partners LP / 48.51% stake in OCI Wyoming L.P., 20% interest in OCI Wyoming Co. (Anadarko)  310.0  9.0  01/2008  Tata Chemicals Ltd. / General Chemical Industrial Products Inc.  1,005.0  NA  Min  5.3x  Mean  8.0  Median  8.2  Max  9.5  Precedent M&A Transaction Analysis – SIRE Financial Projections  SIRE Share of 2023E EBITDA (Post - SIRE G&A)  $76.6  Relevant EBITDA Multiple  6.0x  –  8.5x  Implied Enterprise Value Based on 2023E Adjusted EBITDA  $459.6  –  $651.1  Less: Net Debt as of December 31, 2022 (SIRE's 51% Share)  (73.2)  Implied Equity Value  $386.4  –  $577.9  SIRE LP Units Outstanding4  20.2  Implied SIRE Unit Price Range - 2023E Adjusted EBITDA  $19.13  –  $28.61  4.  Includes 2.0% general partner interest, economically equivalent to 399,000 LP Units at current quarterly distribution  21  Source: Public filings, Wall Street research, SIRE Financial Projections  No transaction is directly comparable to the Proposed Transaction  Implied multiple assuming a 15% premium for change of control for Sisecam Wyoming, grossed up value of Sisecam Wyoming and EBITDA of $152.0 million  Implied multiple assuming no value allocated to change of control for Sisecam Wyoming, grossed up value of Sisecam Wyoming and EBITDA of $152.0 million  Preliminary Valuation Detail – SIRE Financial Projections  Precedent M&A Transactions Analysis  ($ in millions, except per unit amounts) 
 
 Confidential – Preliminary and Subject to Change  Preliminary Valuation Detail – SIRE Financial Projections  Discounted Distributions Analysis  SIRE Distribution per LP Unit (Cash, As Paid)1  $2.40  $2.21  $1.85  $1.66  $1.74  $1.41  $1.41  –  $1.41  Terminal Yield2  12.0%  8.0%  Terminal Value  $11.75  $17.63  Equity Cost of Capital Based on CAPM  Present Value @ 9.0% Cost of Equity  $16.02  –  $19.52  Present Value @ 10.0% Cost of Equity  15.45  –  18.76  Present Value @ 11.0% Cost of Equity  14.91  –  18.05  Present Value @ 12.0% Cost of Equity  14.39  –  17.37  Present Value @ 13.0% Cost of Equity  13.91  –  16.73  Implied SIRE Unit Value – Based on CAPM  $14.39  –  $18.76  For the Years Ending   December 31,    2023E 2024E 2025E 2026E 2027E 2028E    Terminal Value Low High  ($ per unit)  2.  Based on SIRE’s 52-week yield range of 6.1% to 14.1% with a median of 9.5% and mean of 10.0%. Current yield is 9.0% as of October 20, 2022  22  Source: FactSet, SIRE Financial Projections  1. Values LP units based on LP unit distributions and does not consider GP distributions 
 
 Confidential – Preliminary and Subject to Change  Premiums Paid  Analysis   Premiu  1  m   Date   Announced   Acquiror / Target  Consideration  1-Day Prior Spot  30-Day VWAP  07/28/22  PBF Energy Inc. / PBF Logistics LP2  Cash/Stock-for-Unit  32.8%  12.5%  07/25/22  Shell USA, Inc. / Shell Midstream Partners, L.P.  Cash-for-Unit  23.0%  24.7%  06/02/22  Hartree Partners, LP / Sprague Resources LP  Cash-for-Unit  25.2%  24.1%  05/25/22  Höegh LNG Holdings Ltd / Höegh LNG Partners LP  Cash-for-Unit  35.0%  39.4%  05/16/22  Diamondback Energy / Rattler Midstream LP  Stock-for-Unit  17.3%  8.7%  04/22/22  Ergon, Inc. / Blueknight Energy Partners, L.P.  Cash-for-Unit  40.9%  40.7%  12/20/21  BP p.l.c / BP Midstream Partners LP  Stock-for-Unit  10.8%  3.0%  10/27/21  Phillips 66 / Phillips 66 Partners LP  Stock-for-Unit  4.8%  10.6%  10/04/21  Stonepeak Infrastructure Partners / Teekay LNG Partners LP  Cash-for-Unit  8.3%  7.6%  08/23/21  Landmark Dividend / Landmark Infrastructure Partners LP  Cash-for-Unit  38.4%  35.6%  03/05/21  Chevron Corporation / Noble Midstream Partners LP  Stock-for-Unit  16.7%  23.5%  12/15/20  TC Energy Corporation / TC PipeLines, LP  Stock-for-Unit  19.5%  10.0%  07/27/20  CNX Resources Corporation / CNX Midstream Partners  Stock-for-Unit  28.1%  16.1%  02/27/20  Equitrans Midstream Corporation / EQM Midstream Partners, LP  Stock-for-Unit  (1.5%)  (11.2%)  12/17/19  Blackstone Infrastructure Partners / Tallgrass Energy LP  Cash-for-Unit  56.4%  22.7%  10/01/19  Brookfield Business Partners L.P. / Teekay Offshore Partners L.P.  Cash-for-Unit  28.1%  9.8%  05/10/19  IFM Investors / Buckeye Partners, L.P.  Cash-for-Unit  27.5%  22.9%  05/08/19  MPLX LP / Andeavor (Marathon Petroleum Corporation; Andeavor Logistics LP)  Unit-for-Unit  1.8%  0.5%  04/02/19  UGI Corporation / AmeriGas Partners, L.P.  Cash/Stock-for-Unit  13.5%  22.2%  03/18/19  ArcLight Energy Partners Fund V, L.P. / American Midstream, LP  Cash-for-Unit  31.2%  32.0%  02/05/19  SunCoke Energy, Inc. / SunCoke Energy Partners, L.P.  Stock-for-Unit  9.3%  31.2%  Preliminary Valuation Detail – SIRE Financial Projections  Energy Inc. to communicate, discuss and negotiate the terms of a potential business transaction with the conflicts committee of the board of directors of PBF Logistics LP's general partner  23  For Reference Only  Source: Bloomberg, FactSet, Public filings  Note: No transaction is directly comparable to the Proposed Transaction  VWAP premiums paid are calculated by dividing the value of the offer, defined as the exchange ratio multiplied by the closing price of the acquiror’s shares / units on the last trading day prior to announcement plus any cash received, by the 30-trading day VWAP of the target as calculated from the last undisturbed trading day prior to the announcement  Based on the closing unit price of $13.35 on June 23, 2022, the last unaffected closing price before public disclosure of the board of directors of PBF Energy Inc.'s adoption of resolutions authorizing certain officers of PBF  Min  (1.5%)  (11.2%)  All  Median  23.0%  22.2%  Transactions  Mean  22.2%  18.4%  Max  56.4%  40.7%  Min  8.3%  7.6%  Cash-for-Unit  Median  Mean  29.6%  31.4%  24.4%  25.9%  Max  56.4%  40.7% 
 
 Confidential – Preliminary and Subject to Change  Preliminary Valuation Detail – SIRE Financial Projections  Premiums Paid Analysis (cont’d)  Summary Results – Cash-for-Unit Transactions  Source: FactSet  24  For Reference Only  ($ per unit)  1-Day Prior Spot Unit Price as of July 5, 2022 Median 1-Day Prior Spot Price Premium  $17.95 29.6%  Implied Purchase Pirce based on a Median 1-Day Prior Spot Price Premium $23.27  30-Day VWAP as of July 5, 2022 Median 30-Day VWAP Premium  $17.87 24.4%  Implied Purchase Pirce based on a Median 30-Day VWAP Premium $22.23 
 
 Confidential – Preliminary and Subject to Change  C. Financial Projections and Preliminary Valuation Detail – Sensitivity Case 
 
 Confidential – Preliminary and Subject to Change  Financial Projections and Preliminary Valuation Detail – Sensitivity Case  SIRE Financial Projections, SIRE management  25  Sisecam Wyoming EBITDA – Sensitivity Case  2022E  2023E  2024E  2025E  2026E  2027E  2028E  Domestic Sales Volumes (mt)  1.17  1.26  1.19  1.11  1.11  1.19  1.19  Export Sales Volumes (mt)  1.35  1.26  1.19  1.11  1.11  1.19  1.19  Sales Volumes (mt)  2.52  2.52  2.37  2.22  2.22  2.37  2.37  Volume Growth (%)  (1.3%)  (0.1%)  (5.8%)  (6.4%)  --%  6.8%  --%  Domestic Gross Revenue  $312.9  $355.4  $369.5  $345.9  $348.6  $355.1  $363.7  Export Gross Revenue  390.4  479.9  456.3  417.7  410.6  442.8  435.3  Gross Revenue  $703.3  $835.3  $825.8  $763.6  $759.2  $797.9  $799.0  Domestic Freight  ($117.0)  ($132.7)  ($128.8)  ($124.2)  ($127.9)  ($140.7)  ($145.0)  Export Freight  (171.8)  (189.3)  (182.4)  (174.6)  (178.5)  (195.0)  (199.3)  Freight Costs  ($288.7)  ($321.9)  ($311.2)  ($298.8)  ($306.5)  ($335.7)  ($344.3)  Domestic Net Revenue  $196.0  $222.7  $240.7  $221.7  $220.7  $214.4  $218.8  Export Net Revenue  218.6  290.6  273.9  243.1  232.0  247.8  236.0  Net Revenue  $414.6  $513.3  $514.6  $464.8  $452.7  $462.2  $454.7  Average Net Realized Price  $164.60  $204.00  $217.02  $209.33  $203.89  $194.90  $191.75  Energy Costs  (63.0)  (84.3)  (76.8)  (74.4)  (72.4)  (73.9)  (72.8)  Personnel Costs  (78.1)  (98.3)  (107.7)  (106.9)  (104.1)  (106.3)  (104.6)  Royalties  (19.2)  (23.8)  (22.6)  (20.5)  (19.9)  (20.3)  (20.0)  Severance & Ad Valorem Taxes  (16.8)  (13.3)  (13.9)  (14.1)  (13.7)  (14.0)  (13.7)  Other  (68.0)  (92.0)  (91.2)  (76.6)  (74.6)  (76.2)  (74.9)  Cost of Goods Sold  ($244.9)  ($311.7)  ($312.2)  ($292.4)  ($284.8)  ($290.7)  ($286.0)  Gross Profit  $169.6  $201.6  $202.4  $172.4  $168.0  $171.5  $168.7  Gross Margin (% of Net Revenue)  40.9%  39.3%  39.3%  37.1%  37.1%  37.1%  37.1%  Operating Expenses  (23.3)  (23.8)  (20.4)  (20.9)  (21.4)  (21.9)  (22.3)  Sisecam Wyoming EBITDA  $146.4  $177.8  $182.0  $151.5  $146.6  $149.6  $146.4  EBITDA Margin (% of Net Revenue)  35.3%  34.6%  35.4%  32.6%  32.4%  32.4%  32.2%  For the Years Ending December 31,  ($ in millions) 
 
 Confidential – Preliminary and Subject to Change  Financial Projections and Preliminary Valuation Detail – Sensitivity Case  Sisecam Wyoming EBITDA $146.4  $177.8  $182.0  $151.5  $146.6  $149.6  $146.4  Less: Cash Interest Expense (4.1)  (2.9)  (2.1)  (1.4)  (1.0)  (0.8)  (0.7)  Less: Maintenance Capital Expenditures (25.0)  (25.6)  (26.1)  (26.7)  (27.3)  (27.9)  (28.6)  Distributable Cash Flow $117.2  $149.3  $153.8  $123.4  $118.3  $120.8  $117.1  Sisecam Wyoming Distributed Cash Flow  Distributions to SIRE (51.0%)  $43.3  $60.9  $62.7  $57.2  $54.8  $56.0  $54.3  Distributions to NRP (49.0%)  41.6  58.5  60.3  55.0  52.7  53.8  52.2  Distributed Cash Flow  $84.9  $119.5  $123.0  $112.2  $107.5  $109.9  $106.5  Distributable Cash Flow Surplus / (Shortfall)  $32.3  $29.9  $30.8  $11.2  $10.8  $11.0  $10.6  Sisecam Wyoming Coverage Ratio  1.38x  1.25x  1.25x  1.10x  1.10x  1.10x  1.10x  Sisecam Wyoming Cash Flow Summary – Sensitivity Case  For the Years Ending December 31, 2022E 2023E 2024E 2025E 2026E  2027E  2028E  Sisecam Wyoming Distributable Cash Flow  SIRE Financial Projections, SIRE management  26  ($ in millions) 
 
 Confidential – Preliminary and Subject to Change  Financial Projections and Preliminary Valuation Detail – Sensitivity Case  Sisecam Wyoming Sources and Uses – Sensitivity Case  2022E  2023E  For the Years Ending December 31, 2024E 2025E 2026E  2027E  20  Sources  Distributable Cash Flow Surplus / (Shortfall) $32.3  $29.9  $30.8  $11.2  $10.8  Increase / (Decrease) in Net Working Capital (27.5)  0.4  15.7  8.2  0.  Cash from Revolver / (Cash to Revolver) 1.5  --  --  --  Total Sources $6.3  $30.2  $46.5  $19.4  Uses  Growth Capital Expenditures  $0.1  $--  Mandatory Debt Paydown  Discretionary Debt Paydown Cash to (from) Balance Sheet Other  8.6  -- (5.2)  8.8  Total Uses  Capital Structure  Total Debt Less: Cash  Net Debt  N  ($ in millions)  SIRE Financial Projections, SIRE management  27 
 
 Confidential – Preliminary and Subject to Change  Financial Projections and Preliminary Valuation Detail – Sensitivity Case  SIRE Financial Projections, SIRE management  28  SIRE Cash Flow Summary – Sensitivity Case  2022E  2023E  2024E  2025E  2026E  2027E  2028E  Consolidated EBITDA  Sisecam Wyoming EBITDA  $146.4  $177.8  $182.0  $151.5  $146.6  $149.6  $146.4  Less: SIRE G&A  (2.9)  (4.0)  (4.0)  (4.0)  (4.0)  (4.0)  (4.0)  SIRE Consolidated EBITDA  $143.5  $173.8  $178.0  $147.5  $142.6  $145.6  $142.4  EBITDA Attributable to SIRE  SIRE'S 51% Share of Sisecam Wyoming EBITDA  $74.6  $90.7  $92.8  $77.3  $74.8  $76.3  $74.6  Less: SIRE G&A  (2.9)  (4.0)  (4.0)  (4.0)  (4.0)  (4.0)  (4.0)  EBITDA Attributable to SIRE  $71.7  $86.7  $88.8  $73.3  $70.8  $72.3  $70.6  SIRE Distributable Cash Flow  Distributions from Sisecam Wyoming  $43.3  $60.9  $62.7  $57.2  $54.8  $56.0  $54.3  Less: SIRE G&A  (2.9)  (4.0)  (4.0)  (4.0)  (4.0)  (4.0)  (4.0)  Distributable Cash Flow  $40.4  $56.9  $58.7  $53.2  $50.8  $52.0  $50.3  Distributed Cash Flow  Sisecam Chemicals  $29.1  $39.6  $40.6  $37.6  $36.2  $36.9  $35.9  Public  10.5  14.3  14.6  13.5  13.1  13.3  12.9  General Partner  0.8  3.0  3.5  2.1  1.6  1.8  1.5  Distributed Cash Flow  $40.4  $56.9  $58.7  $53.2  $50.8  $52.0  $50.3  Unit Ownership  Sisecam Chemicals  14.6  14.6  14.6  14.6  14.6  14.6  14.6  Public  5.2  5.2  5.2  5.2  5.2  5.2  5.2  General Partner  0.4  0.4  0.4  0.4  0.4  0.4  0.4  Total Units Outstanding  20.2  20.2  20.2  20.2  20.2  20.2  20.2  Distributable Cash Flow per LP Unit  $2.00  $2.72  $2.79  $2.58  $2.49  $2.54  $2.47  Distribution per LP Unit  2.00  2.72  2.79  2.58  2.49  2.54  2.47  Distributable Cash Flow Surplus / (Shortfall)  $--  $--  $--  $--  $--  $--  $--  ($ in millions, except per unit amounts)  For the Years Ending December 31, 
 
 Confidential – Preliminary and Subject to Change  4.25x  5.50x  6.75x  8.00x  9.25x  --%  0.5%  1.0%  1.5%  2.0%  8.00%  $20.42  $23.36  $26.11  $28.87  $31.62  8.00%  $24.44  $25.39  $26.47  $27.72  $29.19  8.50%  19.86  22.72  25.53  28.21  30.89  8.50%  23.08  23.96  24.90  25.96  27.18  9.00%  19.33  22.11  24.89  27.58  30.19  9.00%  21.82  22.58  23.43  24.40  25.46  9.50%  18.82  21.54  24.24  26.94  29.50  9.50%  20.69  21.35  22.09  22.92  23.87  10.00%  18.33  20.98  23.61  26.23  28.83  10.00%  19.67  20.25  20.90  21.62  22.43  Sisecam Wyoming EBITDA  $177.8  $182.0  $151.5  $146.6  $149.6  $146.4  $70.61 $146.4  Less: Tax Depreciation and Amortization2  (588.3)  (21.7)  (39.8)  (53.8)  (63.2)  (67.7)   (28.6)   EBIT  ($410.5)  $160.3  $111.8  $92.8  $86.4  $78.7  $117.8  Less: Cash Taxes3  --  (9.5)  (6.6)  (6.9)  (6.4)  (10.8)   (43.6)   EBIAT  ($410.5)  $150.8  $105.2  $86.0  $80.0  $67.8  $74.2  Plus: Tax Depreciation and Amortization  588.3  21.7  39.8  53.8  63.2  67.7  28.6  Less: Capital Expenditures  (25.6)  (26.1)  (26.7)  (27.3)  (27.9)  (28.6)  (28.6)  Less: Changes in NWC  0.4  15.7  8.2  0.8  (9.8)  (1.0)   -   Sisecam Wyoming Unlevered Free Cash Flow  $152.6  $162.1  $126.4  $113.2  $105.4  $106.0  $74.2  SIRE Interest in Sisecam Wyoming  51.0%  51.0%  51.0%  51.0%  51.0%  51.0%   51.0%   SIRE Share of Sisecam Wyoming Unlevered Free Cash Flow  $77.8  $82.7  $64.5  $57.7  $53.8  $54.0  $37.8  Less: SIRE G&A  (4.0)  (4.0)  (4.0)  (4.0)  (4.0)  (4.0)   (4.0)   SIRE Unlevered Free Cash Flow  $73.8  $78.7  $60.5  $53.7  $49.8  $50.0  $33.8  EBITDA Multiple / Perpetuity Growth Rate  6.75x 1.0%  Implied Terminal Value  $476.8 − $427.3  Present Value of Terminal Value @ 9.00% Discount Rate  Plus: Present Value of Unlevered Free Cash Flow @ 9.00% Discount Rate  284.3 − 254.8  293.2  Implied Enterprise Value  $577.5 − $548.0  Less: Net Debt as of December 31, 2022 (SIRE's 51% Share)  (74.7)  Implied Equity Value  $502.8 − $473.3  SIRE LP Units Outstanding4  20.2  Implied SIRE LP Unit Value  $24.89 − $23.43  Terminal Exit Multiple Perpetuity Growth Rate  WACC  WACC   For the Years Ending December 31,   Exit  Perpetuity   2023E 2024E 2025E 2026E 2027E 2028E    Multiple    Growth   Financial Projections and Preliminary Valuation Detail – Sensitivity Case  Unit Price Sensitivity Analysis  Source: SIRE Financial Projections, SIRE management  51% of Sisecam Wyoming EBITDA less $4.0 million SIRE G&A  2022E tax DD&A assumes 100.0% bonus depreciation calculated as the midpoint of the enterprise value range plus 2022E capital expenditures; 2023E and 2024E tax DD&A assumes 100.0% bonus depreciation on capital expenditures; bonus depreciation phase-down on growth capital expenditures in 2025E (80.0%) and 2026E (60.0%)  Assumes unitholder tax rate of 29.6% from 2023E to 2025E and 37.0% thereafter  4.  Includes 2.0% general partner interest, economically equivalent to 399,000 LP Units at current quarterly distribution  29  Discounted Cash Flow Analysis – Sensitivity Case  ($ in millions, except per unit amounts) 
 
 Confidential – Preliminary and Subject to Change  Financial Projections and Preliminary Valuation Detail – Sensitivity Case  Peer Group Trading Analysis – Sensitivity Case  2022E EBITDA Attributable to SIRE Relevant EBITDA Multiple  5.5x  $71.7 –  8.0x  Implied Enterprise Value Based on 2022E Adjusted EBITDA  $394.6  –  $574.0  Less: Net Debt as of December 31, 2022 (SIRE's 51% Share)  (74.7)  Implied SIRE Equity Value  SIRE LP Units Outstanding1  $319.9  –  20.2  $499.3  Implied SIRE Unit Price Range - 2022E Adjusted EBITDA  $15.84  –  $24.72  2023E EBITDA Attributable to SIRE  Relevant EBITDA Multiple  5.0x  $86.7  –  7.5x  Implied Enterprise Value Based on 2023E Adjusted EBITDA  $433.4  –  $650.1  Less: Net Debt as of December 31, 2022 (SIRE's 51% Share)  (74.7)  Implied SIRE Equity Value  SIRE LP Units Outstanding1  $358.7  –  20.2  $575.4  Implied SIRE Unit Price Range - 2023E Adjusted EBITDA  $17.76  –  $28.49  2024E EBITDA Attributable to SIRE  Relevant EBITDA Multiple  4.5x  $88.8  –  7.0x  Implied Enterprise Value Based on 2024E Adjusted EBITDA  $399.7  –  $621.7  Less: Net Debt as of December 31, 2022 (SIRE's 51% Share)  (74.7)  Implied SIRE Equity Value  SIRE LP Units Outstanding1  $325.0  –  20.2  $547.0  Implied SIRE Unit Price Range - 2024E Adjusted EBITDA  $16.09  –  $27.08  ($ in millions, except per unit amounts)  Source: SIRE Financial Projections, SIRE management  1.  Includes 2.0% general partner interest, economically equivalent to 399,000 LP Units at current quarterly distribution  30 
 
 Confidential – Preliminary and Subject to Change  Financial Projections and Preliminary Valuation Detail – Sensitivity Case  Precedent M&A Transactions Analysis – Sensitivity Case  Precedent M&A Transaction Analysis  Source: Public filings, Wall Street research, SIRE Financial Projections, SIRE management  1.  Includes 2.0% general partner interest, economically equivalent to 399,000 LP Units at current quarterly distribution  31  ($ in millions, except per unit amounts) 
 
 Confidential – Preliminary and Subject to Change  Financial Projections and Preliminary Valuation Detail – Sensitivity Case  Discounted Distributions Analysis – Sensitivity Case  ($ per unit)  SIRE Distribution per LP Unit (Cash, As Paid)1  $2.72  $2.79  $2.58  $2.49  $2.54  $2.47  $2.47  –  $2.47  Terminal Yield2  12.0%  8.0%  Terminal Value  $20.55  $30.82  Equity Cost of Capital Based on CAPM  Present Value @ 9.0% Cost of Equity  $24.48  –  $30.61  Present Value @ 10.0% Cost of Equity  23.54  –  29.33  Present Value @ 11.0% Cost of Equity  22.64  –  28.13  Present Value @ 12.0% Cost of Equity  21.79  –  27.00  Present Value @ 13.0% Cost of Equity  20.99  –  25.93  Implied SIRE Unit Value – Based on CAPM  $21.79  –  $29.33  For the Years Ending   December 31,    2023E 2024E 2025E 2026E 2027E 2028E    Terminal Value Low High  Source: FactSet, SIRE Financial Projections, SIRE management  1. Values LP units based on LP unit distributions and does not consider GP distributions  2.  Based on SIRE’s 52-week yield range of 6.1% to 14.1% with a median of 9.5% and mean of 10.0%. Current yield is 9.0% as of October 20, 2022  32 
 
 Confidential – Preliminary and Subject to Change  D. Supplemental Soda Ash Pricing Data 
 
 Confidential – Preliminary and Subject to Change  Supplemental Soda Ash Pricing Data  Source: SIRE management forecasts, IHS Markit  33  Domestic Soda Ash Prices  ($ per metric ton)  Evercore note: Page provided by SIRE management to support management’s view on projected soda ash prices 
 
 Confidential – Preliminary and Subject to Change  Supplemental Soda Ash Pricing Data  Export Soda Ash Prices  ($ per metric ton)  Evercore note: Page provided by SIRE management to support management’s view on projected soda ash prices  Source: SIRE management forecasts, IHS Markit  34 
 
Exhibit (c)(8)

 Confidential – Preliminary and Subject to Change  Discussion Materials Regarding Project Houston January 29, 2023 
 
 Confidential – Preliminary and Subject to Change  These materials have been prepared by Evercore Group L.L.C. (“Evercore”) for the Conflicts Committee (the “Conflicts Committee”) of the Board of Directors of Sisecam Resource Partners LLC, the general partner of Sisecam Resources LP (the “Partnership”), to whom such materials are directly addressed and delivered and may not be used or relied upon for any purpose other than as specifically contemplated by a written agreement with Evercore. These materials are based on information provided by or on behalf of the Conflicts Committee, from public sources or otherwise reviewed by Evercore. Evercore assumes no responsibility for independent investigation or verification of such information and has relied on such information being complete and accurate in all material respects. To the extent such information includes estimates and forecasts of future financial performance prepared by or reviewed with the management of the Partnership and/or other potential transaction participants or obtained from public or other third party sources, Evercore has assumed that such estimates and forecasts have been reasonably prepared on bases reflecting the best currently available estimates and judgments of such management (or, with respect to estimates and forecasts obtained from public sources, represent reasonable estimates). No representation or warranty, express or implied, is made as to the accuracy or completeness of such information and nothing contained herein is, or shall be relied upon as, a representation, whether as to the past, the present or the future. These materials were designed for use by specific persons familiar with the business and affairs of the Partnership. These materials are not intended to provide the sole basis for evaluating, and should not be considered a recommendation with respect to, any transaction or other matter. These materials have been developed by and are proprietary to Evercore and were prepared exclusively for the benefit and internal use of the Conflicts Committee.  These materials were compiled on a confidential basis for use exclusively by the Conflicts Committee and not with a view to public disclosure or filing thereof under state or federal securities laws, and may not be reproduced, disseminated, quoted or referred to, in whole or in part, without the prior written consent of Evercore or as provided in the engagement letter between Evercore and the Conflicts Committee.  These materials do not constitute an offer or solicitation to sell or purchase any securities and are not a commitment by Evercore or any of its affiliates to provide or arrange any financing for any transaction or to purchase any security in connection therewith. Evercore assumes no obligation to update or otherwise revise these materials. These materials may not reflect information known to other professionals in other business areas of Evercore and its affiliates.  Evercore and its affiliates do not provide legal, accounting or tax advice. Accordingly, any statements contained herein as to tax matters were neither written nor intended by Evercore or its affiliates to be used and cannot be used by any taxpayer for the purpose of avoiding tax penalties that may be imposed on such taxpayer. Each person should seek legal, accounting and tax advice based on his, her or its particular circumstances from independent advisors regarding the impact of the transactions or matters described herein. 
 
 Confidential – Preliminary and Subject to Change  Table of Contents  Section  Executive Summary  Soda Ash Market Background  SIRE Situation Analysis  Preliminary Valuation of SIRE Common Units  Preliminary Valuation Detail – SIRE Financial Projections  Financial Projections and Preliminary Valuation Detail – Sensitivity Case  Appendix  Weighted Average Cost of Capital Analysis Unitholder Tax Analysis  Additional Materials  Comparison of 2022 Actual vs. Forecast  IHS January 2023 Interim Monthly Price Update Case  I  II  III  IV 
 
 Confidential – Preliminary and Subject to Change  I. Executive Summary 
 
 Confidential – Preliminary and Subject to Change  Executive Summary  1  Introduction  Evercore Group L.L.C. (“Evercore”) is pleased to provide the following materials to the Conflicts Committee (the “Conflicts Committee”) of the Board of Directors of [Houston GP LLC] (the “Partnership GP”), the general partner of [Target LP] (“SIRE” or the “Partnership”), regarding [Houston Chemicals Resources LLC]’s (“Sisecam Chemicals” or “SCR”) proposal to acquire all the outstanding common units representing limited partner interests in the Partnership (each, a “Common Unit”)   Pursuant to the Agreement and Plan of Merger, dated as of the date hereof (the “Agreement”), among the Partnership, the Partnership GP, [Houston Holdings, LLC] (“Parent”), Sisecam Chemicals Wyoming LLC, sole member of Parent (“Unitholder Parent”), and [Houston Merger Sub, LLC], a wholly-owned subsidiary of Parent (“Merger Sub”), Merger Sub will merge with and into the Partnership, with the Partnership surviving and continuing to exist as a Delaware limited partnership and a wholly-owned subsidiary of Parent (the “Transaction”)   As a result of the Transaction, each outstanding Common Unit, other than the Common Units owned by Unitholder Parent and its permitted transferees will be converted into a right to receive $24.00 in cash, without interest (the “Consideration”), per issued and outstanding Common Unit  Unitholder Parent is a wholly-owned subsidiary of Sisecam Chemicals that currently owns:   14,551,000 Common Units (72% limited partner interest in the Partnership)   The Partnership GP, which owns a 2.0% general partner interest in the Partnership   Holders of Common Units other than the Partnership GP, Unitholder Parent, Parent, Merger Sub and their respective affiliates are referred to as the "Unaffiliated Unitholders“  On July 5, 2022, Sisecam Chemicals proposed to acquire each outstanding Common Unit owned by the Unaffiliated Unitholders for $17.90 per Common Unit in cash (the “Initial Proposal”)  Between November 8th and today, Sisecam Chemicals and the Conflicts Committee reached a tentative agreement whereby Sisecam Chemicals will acquire each outstanding Common Unit owned by the Unaffiliated Unitholders at $24.00 per Common Unit in cash with quarterly distributions to be paid through and until the closing date on a pro rata basis (the “Consideration”)   The Consideration represents a 33.7% premium to SIRE’s closing Common Unit price of $17.95 as of July 5, 2022, the last unaffected trading date before public announcement of the Initial Proposal   The Consideration represents a 34.3% premium to SIRE’s 30-day volume weighted average price (“VWAP”) as of July 5, 2022 of $17.87 
 
 Confidential – Preliminary and Subject to Change  Executive Summary  2  In connection with rendering an opinion, Evercore has, among other things:   Reviewed certain publicly available business and financial information relating to the Partnership that we deemed to be relevant, including: the Annual Report on Form 10-K for the year ended December 31, 2021; the Quarterly Reports on Form 10-Q for the quarters ended March 31, 2022, June 30, 2022, and September 30, 2022; and certain Current Reports on Form 8-K, in each case as filed with or furnished to the U.S. Securities and Exchange Commission by the Partnership since January 1, 2022   Reviewed certain non-public projected financial and operating data and assumptions relating to the Partnership prepared and furnished to us by management of the Partnership, as approved for our use by the Partnership (the “SIRE Financial Projections”)   Discussed with management of the Partnership their assessment of the past and current operations of the Partnership, the current financial condition and prospects of the Partnership, and the SIRE Financial Projections (including management’s views of the risks and uncertainties of achieving such projections)   Reviewed the reported prices and the historical trading activity of the Common Units   At the request of the Conflicts Committee, prepared and reviewed a sensitivity case (the “Sensitivity Case”) with respect to the projected financial and operating data and assumptions relating to the Partnership that we deemed relevant, including sensitivities related to pricing and operating expenses based on discussions with management of the Partnership   Performed discounted cash flow analyses on the Partnership based on the SIRE Financial Projections and the Sensitivity Case   Compared the financial performance of the Partnership and its stock market trading multiples with those of certain other publicly traded companies and partnerships that we deemed relevant   Compared the financial performance of the Partnership and the valuation multiples relating to the Transaction with the financial terms, to the extent publicly available, of certain other transactions that we deemed relevant   Performed discounted distribution analyses on the Partnership based on the SIRE Financial Projections and the Sensitivity  Case   Reviewed a draft of the Agreement marked as the “Agreed Form”   Performed such other analyses and examinations, held such other discussions, reviewed such other information and considered such other factors that we deemed appropriate for the purpose of providing the opinion contained herein  Evercore Evaluation Process  Opinion Requested:  Evercore has been asked by the Conflicts Committee, whether, in Evercore’s opinion, the Consideration to be received by the Unaffiliated Unitholders in the Transaction is fair, from a financial point of view, to the Unaffiliated Unitholders 
 
 Confidential – Preliminary and Subject to Change  Introduction  The materials include the following:  3   An executive summary, including: (i) an overview of the Transaction; (ii) a review of SIRE’s current partnership structure; (iii) the Transaction economics and (iv) an analysis of SIRE’s historical trading performance   Background information on the U.S. and worldwide soda ash market   An analysis of SIRE’s current situation, including an analysis of historical sales and expenses and a summary of the SIRE Financial Projections   A preliminary valuation of the Common Units utilizing the SIRE Financial Projections and the Sensitivity Case   An appendix, including SIRE’s weighted average cost of capital, an analysis of the unitholder tax impact of the Transaction, a review of Sisecam Chemicals USA Inc.’s 2021 acquisition of a 60% interest in Sisecam Chemicals Resources LLC, a comparison of 2022 preliminary results and forecasted results, a review of IHS’ view on soda ash pricing as of January 15, 2023 relative to that on August 15, 2022 and as provided by SIRE (the “IHS January 2023 Interim Monthly Price Update”) and a valuation using the IHS January 2023 Interim Monthly Price Update (the “IHS January 2023 Interim Monthly Price Update Case”)  Executive Summary 
 
 Confidential – Preliminary and Subject to Change  Executive Summary  Summary Organizational Structure  ($ in millions, except per unit amounts)  Source: Partnership filings  100%  100%  100%  Sisecam Chemicals Resources LLC  (“Sisecam Chemicals” or “SCR”)  Public  Sisecam Chemicals Wyoming LLC  (“SCW LLC”)  Sisecam Wyoming LLC  (“Sisecam Wyoming”)  Natural Resources Partners LP (“NRP”)  NRP Trona LLC  (“NRP LLC”)  Sisecam Resources LP  (the “Partnership” or “SIRE”)  Sisecam Resource Partners LLC  (“SIRE GP”)  Sisecam Chemicals USA Inc.  (“Sisecam USA”)  Ciner Enterprise Inc.  (“Ciner Enterprises”)  WE Soda Ltd.  (“WE Soda”)  Türkiye Şişe Ve Cam Fabrikaları A.Ş  (“Sisecam Parent”)  100%  ~72% LP Interest 14,551,000 Common Units  ~26% LP Interest 5,248,791 Common Units  51%  49%  100%  60% 40%  Interests to be acquired in the Transaction  ~2% GP Interest 399,000 GP Units  4 
 
 Confidential – Preliminary and Subject to Change  Executive Summary  6.  As of January 24, 2023, Unaffiliated Unitholders owned 5,248,791 Common Units  5  Transaction Economics at Various Values  ($ in millions, except per unit amounts)  Source: Partnership filings, FactSet, SIRE Financial Projections  As of January 24, 2023; reflects the sum of: (i) 19,799,791 Common Units outstanding and (ii) 399,000 general partner units representing an approximate 2.0% limited partner interest in SIRE and assumes pro rata allocation of equity value to Common Units and SIRE GP, with no incremental allocation to SIRE GP attributable to IDRs  SIRE’s total equity value represents a 51% interest in Sisecam Wyoming with the resulting 49% non-controlling interest stated at implied market value based on the SIRE Common Unit price  Based on a Common Unit price of $17.95 as of July 5, 2022, the last unaffected trading date before the Initial Proposal  Based on a 10-day, 20-day and 30-day VWAP prices of $17.29, $17.48 and $17.87, respectively, from July 5, 2022, the last unaffected trading date before the Initial Proposal  Per SIRE Financial Projections; reflects 100% of Sisecam Wyoming EBITDA less SIRE G&A  Sisecam Chemicals Proposals  Consideration  Conflicts Committee  Counterproposals  Initial Proposal (7/5/22)  Second Proposal (9/27/22)  Third Proposal (10/20/22)  Fourth Proposal (10/24/2022)  $24.00  Unit Price  Third (10/24/22)  Second (10/11/22)  First (9/20/22)  SIRE Common Unit Price  $17.90  $19.00  $22.00  $23.50  $24.00  $25.50  $28.50  $29.50  SIRE Units Outstanding1  20.2  20.2  20.2  20.2  20.2  20.2  20.2  20.2  Total Equity Value – SIRE2  $361.6  $383.8  $444.4  $474.7  $484.8  $515.1  $575.7  $595.9  Noncontrolling Interest2  347.4  368.7  426.9  456.1  465.8  494.9  553.1  572.5  Total Equity Value – Sisecam Wyoming  $708.9  $752.5  $871.3  $930.7  $950.5  $1,009.9  $1,128.8  $1,168.4  Plus: Net Debt as of December 31, 2022  115.7  115.7  115.7  115.7  115.7  115.7  115.7  115.7  Consolidated Enterprise Value  $824.6  $868.2  $987.0  $1,046.4  $1,066.2  $1,125.6  $1,244.4  $1,284.1  Premium to Unaffected Price3  (0.3%)  5.8%  22.6%  30.9%  33.7%  42.1%  58.8%  64.3%  10-Day VWAP from Unaffected Date4  3.5%  9.9%  27.2%  35.9%  38.8%  47.5%  64.8%  70.6%  20-Day VWAP from Unaffected Date4  2.4%  8.7%  25.9%  34.5%  37.3%  45.9%  63.1%  68.8%  30-Day VWAP from Unaffected Date4  0.2%  6.3%  23.1%  31.5%  34.3%  42.7%  59.5%  65.1%  SIRE Consolidated EBITDA 5  2022E  $152.0  $152.0  $152.0  $152.0  $152.0  $152.0  $152.0  $152.0  2023E  154.0  154.0  154.0  154.0  154.0  154.0  154.0  154.0  2024E  143.5  143.5  143.5  143.5  143.5  143.5  143.5  143.5  Enterprise Value / SIRE Consolidated EBITDA  2022E  5.4x  5.7x  6.5x  6.9x  7.0x  7.4x  8.2x  8.4x  2023E  5.4  5.6  6.4  6.8  6.9  7.3  8.1  8.3  2024E  5.7  6.1  6.9  7.3  7.4  7.8  8.7  9.0  Value of Common Units Owned by Unaffiliated Unitholders6  $94.0  $99.7  $115.5  $123.3  $126.0  $133.8  $149.6  $154.8 
 
 Confidential – Preliminary and Subject to Change  $24.00  $23.91  $17.87  $19.16  $18.80  $17.45  $20.77  $15.00  $16.00  $17.00  $18.00  $19.00  $20.00  $23.00  $22.00  $21.00  $24.00  $25.00  $26.00  10/26/21  1/26/22  Historical Price (SIRE) Last 6 Months VWAP  VWAP from Announcement to 1/26/23  4/26/22  7/26/22  10/26/22  Last 60 Trading Days VWAP Consideration  1/26/23  Last 30 Trading Days VWAP Last 12 Months VWAP  Executive Summary  SIRE Unit Trading  SIRE Price  Premium to Relative Price  Consideration $24.00  Unaffected Closing Price $17.95  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  17.87  18.80  19.16  17.45  20.77  33.7%  34.3%  27.7%  25.3%  37.5%  15.5%  7/5/22: SCR delivered a non- binding proposal to acquire all Common Units held by Unaffiliated Unitholders for  $17.90 per Common Unit  11/19/21: Ciner Enterprises agreed to sell 60% of SCR, inclusive of control, to Sisecam USA for $300 million  1/27/22: CINR / SIRE  announced a quarterly cash distribution increase from $0.34 to  $0.65 per unit  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  4/29/22: SIRE  announced a quarterly cash distribution decrease from $0.65 to  $0.50 per unit  Source: FactSet, Bloomberg  6 
 
 Confidential – Preliminary and Subject to Change  Executive Summary  Historical SIRE and Peer Group Valuation  Source: FactSet  --x  5x  10x  15x  20x  25x  1/26/18  1/26/19  1/26/20 1/26/21  1/26/22  Historical Enterprise Value-to-Adjusted EBITDA (Latest Quarter Annualized)  SIRE reported annualized Adj. EBITDA of $2.8 million for 2Q20, its COVID-19 Pandemic trough, resulting in a multiple that is not meaningful  SIRE Peer Group Range1  Over the past five years, SIRE has generally traded between 5.0x and 8.0x run-rate EBITDA, near the bottom of the range of its peers  1/26/23  1.  Includes: Ciech SA; Genesis Energy, L.P.; Türkiye Sise ve Cam Fabrikalari A.S.; Solvay SA; Tata Chemicals Limited  7 
 
 Confidential – Preliminary and Subject to Change  II. Soda Ash Market Background 
 
 Confidential – Preliminary and Subject to Change  Soda Ash Market Background  The U.S. soda ash industry is comprised of four companies in Wyoming operating five plants and one company in California operating one plant  The five producers have a combined annual capacity of  13.3 million metric tons  The majority of the world's trona reserves are located in the Green River Basin, Wyoming and approximately 25% of global soda ash is produced by processing trona, with the remainder being produced synthetically through chemical processes  Primary uses include as a raw material input for flat glass, container glass, detergents, chemicals, paper and other consumer and industrial products  Domestic production of soda ash returned to pre-Covid levels in 2021 and domestic consumption of soda ash exceeded pre-Covid levels  2021 U.S. Capacity by Producer  Domestic Soda Ash Market Overview  Overview  U.S. Production and Consumption of Soda Ash  12.0  11.9  11.7  10.0  12.0  5.0  5.0  4.8  4.5  5.4  --  2.0  4.0  6.0  8.0  10.0  12.0  14.0  2017  2020  2021  Metric Tons (MM)  2018  Production  2019  Consumption  End User Consumption  Genesis Alkali Wyoming LP 23.9%  Sisecam Resources LP 20.1%  Solvay Chemicals, Inc 25.4%  Tata Chemicals Partners 20.1%  Nirma, LTD 10.4%  Glass 49.0%  Source: U.S. Geological Survey, IHS Markit  8  Chemicals 28.0%  Misc.  8.0%  Detergents 5.0%  Distributors 5.0%  Soap & Desulfurization  3.0%  Flue Gas Pulp & Paper  1.0%  Water Treatment 1.0%   Company Capacity (Mmt)   Genesis Alkali Wyoming LP Sisecam Resources LP Solvay Chemicals, Inc  Tata Chemicals Partners  3.2  2.7  3.4  2.7   Nirma, LTD 1.4  Total 13.3 
 
 Confidential – Preliminary and Subject to Change  11.7  11.6  11.8  12.0  11.9  11.7  10.0  12.0  6.7  6.4  6.8  7.0  7.0  7.0  5.6  6.5  --  4.0  2.0  6.0  8.0  10.0  12.0  Metric Tons (MM)  2014 2015 2016 2017 2018  Domestic Production  2019 2020 2021  Exports  Soda Ash Market Background  Soda ash produced in the U.S. above the level of domestic consumption is exported, with exports representing approximately 54% of total production in 2021  Total U.S. imports, primarily from Turkey, have recently been approximately 100,000 tons per year, which was more than double the average quantity of annual imports during the past decade  Import and Export Markets for Soda Ash  Domestic Production and Exports  U.S. and Export Markets for Soda Ash   Source: U.S. Geological Survey   9 
 
 Confidential – Preliminary and Subject to Change  Soda Ash Market Background  Comparison of Natural Trona and Synthetic Production  Overview  Sisecam Wyoming produces soda ash with naturally mined soda as opposed to synthetically produced soda  Synthetic production is approximately twice as expensive to produce compared to U.S. natural soda ash production  Synthetic soda ash consumes substantially more energy, incurs additional costs associated with by- products and has a greater carbon footprint   Production related CO2 intensity in natural soda is approximately 70% lower than synthetic, while energy usage is approximately 60% lower and water usage is approximately 85% lower  Comparison of Production Costs  2021 Global Production Capacity  Comparison of Soda Ash Production Methods  U.S. Natural 18%  Solvay Process 47%  China Hou  20%  Others 15%  2.0x  2.1x  2.4x  1.0x  1.0x  0.0x  2.0x  3.0x  U.S. Natural  EU Solvay  China Solvay  China Hou  U.S. Natural  Solvay  Process China Hou  Raw Materials  Trona One  Salt (brine), Limestone, Ammonia  Salt (brine), Limestone, Carbon Dioxide  Energy Usage  4-6  MMBtu/ton  10-14  MMBtu/ton  10-14  MMBtu/ton  By-Products  None  Calcium Chloride (waste product)  Ammonium Chloride (co- product)  Source: company presentations  10 
 
 Confidential – Preliminary and Subject to Change  100  80  60  40  20  --  Soda Ash Market Background   Genesis plans to invest approximately $350 million to expand its Granger soda ash facilities from approximately 500,000 tons per year to approximately 1,250,000 tons per year   Expected to be in service in 3Q 2023  IHS Markit forecasts Sisecam to increase capacity by  1.3 million tons in 2024 and 2025  IHS Markit projects annual capacity growth in North America of 4.0% from 2020 to 2025  Projected Increases in Global Soda Ash Supply  North America Supply Growth  In the near-term, the most significant North American growth project is Genesis’ expansion of its Granger facility  North America, Northeast Asia and Global Capacity Growth (Million metric tons)  2021 Global Production Capacity  The majority of supply growth outside of the U.S. is expected to come online in China   Natural soda ash plants are under construction in Inner Mongolia with annual output of up to 5.4 million tons per year to come online by 2025   A 1.2 million ton Solvay process soda ash plant is expected to come online in Qinghai, China in 2023  IHS Markit also projects plant shutdowns in China that will offset some of the new capacity coming online   An approximately 1.3 million ton soda ash plant in  Lianyungang, China was shut down in June 2022   An approximately 600,000 ton plant in Guangzhou, China is expected to be shut down in late-2022  IHS Markit projects annual capacity growth in Northeast Asia of 2.9% from 2020 to 2025   CAGR%    Range North America Northeast Asia Global   2010A-'20A 1.1% 2.9% 2.2%  2020  57  21  24  'A-'2  5E  61  22  27  4.  64  22  29  0%  65  22  30  2  .9%  65  21  31  2.4%  64  21  30  65  21  30  67  22  31  69  24  31  72  26  33  72  26  32  71  26  32  73  27  32  76  26  35  78  28  35  81  28  36  12  13  13  13  13  13  13  13  14  14  14  14  14  15  16  17  2010A  2011A  2012A  2013A  2014A  2015A  2016A  2017A  2018A  2019A  2020A  2021E  2022E  2023E  2024E  2025E  North American  Northeast Asia  Other  Source: IHS Markit  11 
 
 Confidential – Preliminary and Subject to Change  III.  SIRE Situation Analysis 
 
 Confidential – Preliminary and Subject to Change  SIRE Situation Analysis  Public Trading Statistics  ($ in millions, except per unit amounts)  Balance Sheet and Credit Data  General Partner Incentive Distribution Rights   As of December 31, 2022   Cash and Marketable Securities Short-Term Debt  Long-Term Debt  $21.3 8.8  128.2  Plus: Noncontrolling Interest (Book Value) Plus: Partners' Capital  187.2  233.0  Net Book Capitalization  $535.9  Revolver Availability / Total Revolver Capacity  $130 / $225  Plus: Net Debt2  115.7  Total Debt  $137.0  Plus: Noncontrolling Interest (Market Value)3  464.1  Net Debt  $115.7  $-- $--  Common Unit Price and Distribution Information  $30.00 $3.00  $25.00 $2.50  $20.00 $2.00  $15.00 $1.50  $10.00 $1.00  $5.00 $0.50  1/26/21  9/26/21  Distribution per Unit  Distribution per Unit  Unit Price  5/27/22 1/26/23  Unit Price  Quarterly Distribution per LP Unit $0.5000  Total Total Total Quarterly Quarterly  Total Annual  Total Annual  Quarterly Quarterly Distribution Distribution to GP  LP Units Distribution Distribution Distribution Distribution  % to LP % to GP  LP Quarterly Distribution Range  Within Range per LP Unit Outstanding to LPs to GP to LPs to GP  98.0%  98.0%  85.0%  75.0%  50.0%  2.0%  2.0%  15.0%  25.0%  50.0%  $-- 0.5000  0.5750  0.6250  0.7500  $0.5000 0.5750  0.6250  0.7500  $0.5000  --  --  --  --  $0.0102  --  --  --  --  19.8  19.8  19.8  19.8  $9.9  --  --  --  $0.2  --  --  --  $39.6  --  --  --  $0.8  --  --  --  19.8 -- -- -- --    $9.9 $0.2 $39.6 $0.8   % of Total Distributions to the GP  % of Total Distributions to the IDRs  2.0%  --%  Source: Public filings, FactSet, SIRE Financial Projections  As of January 24, 2023; includes 2.0% general partner interest  As of December 31, 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%   As of January 26, 2023   Total Units Outstanding1 Common Unit Price  20.2  $23.91  Total Equity Value  $483.1  Enterprise Value  Distribution Yield Current  $1,062.9   SIRE Financial Projections    Metric Yield/Multiple   $2.00 8.4%  2023E  2024E  EV / EBITDA4  2.41  2.22  10.1%  9.3%  Net Debt / Net Book Cap  Net Debt / 2022E EBITDA  21.6%  0.8x  2022E  $152  7.0x  2023E  154  6.9  2024E  143  7.4  4.  SIRE Consolidated EBITDA equal to 100% of Sisecam Wyoming EBITDA less SIRE G&A  12 
 
 Confidential – Preliminary and Subject to Change  SIRE Situation Analysis  Sisecam Resources Unit Ownership Summary  Institution  Units (000's)  Ownership %  Goldman Sachs & Co. LLC (Private Banking)  552  2.7%  JPMorgan Securities LLC (Investment Management)  314  1.6%  Acadian Asset Management LLC  62  0.3%  Rockefeller & Co. LLC  27  0.1%  Sowell Financial Services LLC  26  0.1%  Capricorn Fund Managers Ltd.  25  0.1%  FIAM LLC  25  0.1%  Fidelity Management & Research Co. LLC  25  0.1%  Equitec Proprietary Markets LLC  22  0.1%  Credit Suisse Gestion SGIIC SA  17  0.1%  Citadel Securities LLC  15  0.1%  Shapiro Capital Management LLC  13  0.1%  BNP Paribas Arbitrage SNC  13  0.1%  Bank of America, NA (Private Banking)  6  0.0%  Merrill Lynch, Pierce, Fenner & Smith, Inc. (Invt Mgmt)  4  0.0%  Top 15 Institutional  1,146  5.7%  Other Institutions  34  0.2%  Less: Short Interest  (5)  (0.0%)  Total Institutional 1,175 5.8%  Institutional/Other (Net of Short Interest)  1,175  5.8%  Turkiye Sise Ve Cam Fabrikalari As  14,950  74.0%   Insider Ownership   Management and Directors  124  0.6%  Holder Units (000's) Ownership %   Retail  3,949  19.6%  Turkiye Sise Ve Cam Fabrikalari As  14,9501  74.0%1  Total Common  20,199  100.0%  Management and Directors  124  0.6%  Total Insider  74.6%  Short Position  5  0.0%  Source: FactSet, Public filings, Wall Street Research  Summary  Institutional Ownership  Institutional 5.8%  1.  Includes General Partner Interest  13  Turkiye Sise Ve Cam Fabrikalari As  74.0%   Summary   Units  Holder (000's) Ownership %   Management and  Directors  0.6%  Retail  19.6% 
 
 Confidential – Preliminary and Subject to Change  $104  $121  $134  $117  $120  $139  $138  $64  $91  $165  2.27  2.31  2.41  2.49  2.46  2.37  2.50  2.02  2.55  2.41  --  1.0  2.0  3.0  4.0  5.0  6.0  $ --  $25  $50  $75  $100  $125  $150  $175  2013A  2014A  2017A  2018A 2019A 2020A  Soda Ash Volume Sold (Million Metric Tons)  2021A  2022A  Soda Ash Volume Sold (Million Metric Tons)  2015A 2016A  Sisecam Wyoming EBITDA  Owns a controlling 51% interest in Sisecam Wyoming, one of the largest and lowest cost producers of natural soda ash in the world   Sisecam Wyoming’s Green River Basin facility has been in operation for more than 50 years  2.5 million metric tons per annum (“mtpa”) of soda ash production capacity and over 50 years of trona mining reserves  Since 2019, SIRE management has been evaluating a potential new expansion project (the “Unit 8 Expansion”) that could increase production levels to 3.5 million mtpa, 134% of the last five-year average  SIRE Situation Analysis  Partnership Overview  Description  Sisecam Wyoming Plant Location and Mine Footprint  Known Sodium Leasing Area  ($ in millions)  Historical and Projected Sisecam Wyoming EBITDA and Volumes Sold  Source: Partnership filings  14 
 
 Confidential – Preliminary and Subject to Change  SIRE Situation Analysis   The UP Agreement began on January 1, 2022 and expires on December 31, 2025   Beginning on January 1, 2023, rates are adjusted annually based on the prior four quarterly indices of the All Inclusive Index Less Fuel with Forecast Error Adjustment (“AIILF”), as published by the Association of American Railroads   In the event the average price of Retail On-Highway Diesel Fuel calculated monthly based on prices reported on the U.S. Department of Energy Website equals or exceeds $2.30 per gallon, UP will add a mileage-based fuel surcharge to the freight charges   Shortfall payment is required to be made to UP if SIRE does not ship 85% of its production on UP  In 2021, SIRE shipped over 90% of production on UP  Production for export is transported on UP to Kansas City Southern Railroad (“KCS”) for transportation to Mexico and to terminals in the U.S. Northwest for transport via Handysize vessels to Asia and Latin America   A Handysize vessel holds 40,000 to 50,000 tons of dry bulk  Transportation Overview  Overview  SIRE’s production is transported from Wyoming via Union Pacific Railroad (“UP”) pursuant to a master contract amendment executed October 27, 2021 (the “UP Agreement”)  Historical AIILF  Historical Handysize Dry Bulk Costs (Asia)  (4.0%)  (2.0%)  0.0%  2.0%  4.0%  6.0%  8.0%  10.0%  2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022  Core CPI Inflation  All-LF with Forecast Error Adj.  $ -  Source: SIRE management, Association of American Railroads, FactSet, Bloomberg  15  $10,000  $20,000  $30,000  $40,000  Nov-2017  Nov-2018  Nov-2019  Dec-2020  Dec-2021  Jan-2023  Dayrate  2012-2022E Average Annual Change Core CPI: 2.2%  All-LF: 2.5% 
 
 Confidential – Preliminary and Subject to Change  Natural Gas  $21.79  Electricity  $3.97  Fixed Utilities  $5.13  After transportation, SIRE’s second most significant operating cost is energy  SIRE’s primary energy cost is natural gas, as well as electricity and fixed utilities   Natural gas cost is primarily driven by power- generation required for mining and trona processing plant equipment  SIRE Situation Analysis  Energy Costs  Energy Cost Overview  Historical Energy Cost Trend  2022A Energy Cost per Unit ($ / Metric Ton)  2022A Total Energy Cost per Metric Ton:  $30.90  3.45  3.49  4.07  3.78  3.95  $3.36  $3.25  $2.  $8.00  --  1.00  2.00  3.00  4.00  5.00  Consumption (MMBtu/mt)  Natural Gas  Fixed Utilities  Electricity  197  181  154  122  126  $0.035  $0.034  $0.039  $0.033  $0.030  $0.020  $0.025  $0.030  $0.035  $0.040  $0.045  $0.050  --  50  100  150  200  250  2018A  2019A  2020A  2021A  2022E  Actual / Projected Cost ($/kWh)  Consumption (kWh/mt)  $6.74  Source: SIRE management  16  $6.48  $6.41  $5.36  $5.13  $8.00  $7.00  $6.00  $5.00  $4.00  $3.00  $2.00  $1.00  $0.00  2018A  2019A  2020A  2021A  2022A  Unit Cost ($/mt) 
 
 Confidential – Preliminary and Subject to Change  Salaried  297  Hourly 147  SIRE currently employs 444 people  In 2021, SIRE completed a one-time cost of living adjustment to salaries as a retention initiative given recent tightness in the U.S. labor market  In 2022, SIRE gave certain groups of technical operations personnel an approximate 5% increase in salaries to bring them more in line with market  SIRE Situation Analysis  Personnel Costs  Personnel Cost Overview  Historical Personnel Cost Trend  Current Employee Count by Salary Type  446  452  444  444  444  $144  $150  $147  $166  $163  $--  $50  $100  $150  $200  $250  --  100  200  300  400  500  2018A  2019A  2020A  2021A  2022E  Avg. Fully-Loaded Cost ($K/employee/year)  Employees  Personnel Cost Drivers  Total Personnel Costs ($MM)  $64.3  Source: SIRE management  17  $67.8  $65.3  $73.6  $76.4  $--  $20.0  $60.0  $40.0  $80.0  $100.0  2018A  2019A  2020A  2021A  2022A 
 
 Confidential – Preliminary and Subject to Change  SIRE Situation Analysis  Source: SIRE Financial Projections  18  SIRE Financial Projections – Assumptions  Revenue  Long-term domestic / export revenue breakout of 50% / 50%   Domestic and export pricing based on SIRE management’s forecast  Export revenue is broken out into ANSAC and direct export projects with no sales attributable to ANSAC in 2023E+  Expenses  Expenses based on historical costs per unit, the majority of which are projected to increase 5.8% in 2023E and 2.2% in 2024E and each year thereafter   Costs per unit for domestic freight and personnel are projected to increase 5.8% in 2023E and 3.0% in 2024E and each year thereafter   Energy costs per unit are expected to increase 5.8% in 2023E, then decline in 2024E to a level which is 2.2% greater than 2022E and increase at a 2.2% annual rate thereafter  SIRE-Level G&A  Annual cash G&A incurred at the Partnership level after distributions received from Sisecam Wyoming equal to $2.9 million in 2022E and $4.0 million each year thereafter   Deducted from Sisecam Wyoming EBITDA to arrive at SIRE Consolidated EBITDA   Deducted from SIRE's 51% share of Sisecam Wyoming EBITDA to arrive at EBITDA Attributable to SIRE  Capital Expenditures  Maintenance capital expenditures of $25.0 million in 2022E are projected to increase 2.2% annually thereafter  No growth capital expenditures contemplated in the forecast   Detailed engineering work on Unit 8 Expansion completed, but SIRE management has stated that the project was postponed due to COVID-19 market conditions and is not currently contemplated given SIRE management’s view of global demand as well as increased projected capital costs for the project  Credit Facility Assumptions  Sisecam Wyoming’s existing $225 million revolving credit facility includes an accordion provision to increase the commitment to $475 million subject to certain lender approvals  $92.0 million drawn as of December 31, 2022  2.05% interest rate  Distribution Coverage / Total Leverage  Sisecam Wyoming to maintain a distribution coverage ratio of 1.48x in 2022E, 1.25x in 2023E and 2024E, and 1.10x thereafter   SIRE to distribute 100% of distributions received from Sisecam Wyoming less G&A incurred at the Partnership  Sisecam Wyoming to use all remaining cash flow to pay down debt 
 
 Confidential – Preliminary and Subject to Change  $68  $66  $37  $74  $85  $92  $47  $47  $47  331  317  188  350  296  296  150  --  --  150  150  400  350  300  250  200  150  100  50  --  $--  $20  $40  $60  $80  $100  2018A  2019A  2020A  2021A  2022E  2025E  2026E  2027E  2028E  Deca Sales  2023E 2024E  Metric Tons ('000s)  SIRE Situation Analysis  Historical and Projected Sales and Deca Breakout  Historical and Projected Sales  Deca Sales By Year  Source: SIRE Financial Projections  19  ($ in millions) 
 
 Confidential – Preliminary and Subject to Change  SIRE Situation Analysis  Global Production and SIRE Market Share  Historical and Projected Global Soda Ash Consumption Volumes and SIRE Market Share  (metric tons in millions)  2.2  2.3  2.3  2.4  2.5  2.5  2.4  2.5  2.0  2.6  2.5  2.5  2.4  2.2  51.2  51.3  52.3  53.1  53.8  56.4  56.7  59.4  56.5  59.7  62.1  64.0  65.8  53.4  53.5  54.6  55.5  56.3  58.9  59.0  61.9  58.5  62.3  64.7  66.5  68.2  69.9  4.2%  4.2%  4.2%  4.3%  4.4%  4.2%  4.0%  4.0%  3.4%  4.1%  3.9%  3.8%  3.5%  3.2%  67.6  --%  1.0%  2.0%  3.0%  4.0%  5.0%  6.0%  7.0%  --  10.0  20.0  30.0  40.0  50.0  60.0  70.0  80.0  2012A 2013A 2014A 2015A 2016A  SIRE  2017A 2018A 2019A 2020A 2021A 2022E 2023E 2024E 2025E  Rest of World SIRE Global Volume Market Share  Source: SIRE Financial Projections, IHS Markit, U.S. Geological Survey  20 
 
 Confidential – Preliminary and Subject to Change  SIRE Situation Analysis  Deca Rehydration  Commentary  Historical Ore-to-Ash Ratio  331  317  188  350  296 296  150  -- --  150 150  50  --  250  200  150  100  400  350  300  '18A '19A '20A '21A '22E '23E '24E '25E '26E '27E '28E  SIRE’s surface site includes a network of natural ponds used to recapture soda ash lost in processing trona through a process called deca rehydration   During trona processing, an evaporative crystallizer technology is employed to refine and reuse soda ash throughout the purification process. A concentrated aqueous solution is introduced to maintain the purity and quality of the refined soda ash product. Run-off from this stream flows to the facility’s pond network   SIRE developed a solution to reduce the capacity of these ponds and recover purified soda ash crystals (chemically, sodium carbonate decahydrate) to be used as an additional feedstock for trona ore during processing  The Partnership considers its ore-to-ash ratio (i.e., tons of trona ore needed to produce one ton of soda ash) a key operating performance metric   A lower ratio results in lower costs and improved efficiency  After introducing deca rehydration in 2009, the Partnership reduced its ore-to-ash ratio by 11% over the next three years   Deca rehydration also reduced the energy consumption required per ton of soda ash produced  Over the past several years, SIRE has utilized its reserves of deca from the ponds at a rate above SIRE management’s estimated rate of natural replenishment   Management expects to reduce deca consumption (and the production capacity associated with deca rehydration) beginning in 2024 to alleviate this depletion  Management estimates that SIRE’s stable, long-term deca rehydration-based production capacity is approximately 150,000 mtpa  Historical and Projected  Deca Sales Volumes (Thousand Metric Tons)  1.80  1.74  1.61 1.60  1.56 1.59  1.52 1.52 1.50 1.50 1.54 1.51  1.60  1.56 1.58  1.00  1.20  1.40  1.60  1.80  2.00  2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 1H22  SIRE Management 150,000 Metric Ton Estimated Annual Replenishment  Source: SIRE Financial Projections, SIRE management  21 
 
 Confidential – Preliminary and Subject to Change  25.14 23.72 23.59 21.03 26.25 30.21 26.84 27.45 28.07 28.70 29.34  27.11  27.09  32.41  28.83  32.55  35.25  37.67  41.07 42.30 41.17 42.40  10.50 10.96  9.29  6.01  7.99  8.54  7.92  7.66  7.35  4.02  3.90  4.50  3.23  7.00  4.76  4.86  4.97  5.09 5.20  7.48 7.48  5.32  24.27 22.62 22.29  25.64  28.34  32.98 31.90 30.56 28.18 30.43  31.12  55.59 63.34  41.16  43.42  72.27 70.80 62.29  58.89  57.02 51.47  151.62  146.63  133.24  128.17 70.74  172.87  184.00180.00  174.00170.00170.00167.00  $--  $20  $40  $60  $80  $100  $120  $140  $160  $180  $200  2018A 2019A 2020A 2021A 2022E 2023E 2024E 2025E 2026E 2027E 2028E  17.1%  15.6%  17.7%  16.4%  15.2%  16.4% 14.9%  15.8%  16.5%  16.9%  17.6%  18.5%  17.9%  24.3%  22.5%  18.8%  19.2%  20.9%  23.6%  24.9%  24.2%  25.4%  7.2%  7.2%  7.0%  4.6%  4.6%  4.4%  4.4%  4.4%  4.4%  2.7%  2.6%  3.4%  4.7% 4.0% 2.6% 2.7% 4.4%  3.0%  3.1%  3.2%  16.6%  14.9%  16.7%  20.0%  16.4% 17.9% 17.7%  2.5% 2.9%  17.6%  16.6% 17.9%  18.6%  37.9%  41.8%  30.9%  33.9%  40.9%  39.3%  39.3%  35.8%  34.6%  33.5%  30.8%  --%  10%  20%  30%  40%  50%  60%  70%  80%  90%  100%  2018A 2019A 2020A 2021A 2022E 2023E 2024E 2025E 2026E 2027E 2028E  Historical and Projected Margin per Ton Analysis  Per SIRE management, Sisecam Wyoming receives a net price plus payment for freight costs incurred with freight treated as a pass- through cost  A review of gross margin excluding freight cost reveals that margin compression is primarily driven by increased personnel costs and reduced net price   Per the SIRE Financial Projections, gross profit per metric ton is projected to decline from $70.74 to $51.47, or 27.2%   Reduced net price represents 8.3% of the 27.2% margin compression from 2022E to 2028E, or a decrease of $172.87 to $167.00   Of the remaining 18.9% of margin compression between 2022E and 2028E, personnel costs are the key driver  SIRE Situation Analysis  Historical and Projected Margin Trend (Excluding Freight)  Gross Profit per Metric Ton ($ / mt)  2022E – 2028E  Margin Degradation  Gross Profit as % of Net Revenue  37.1%  2018A−2022E Avg. Gross Margin  (27.2%)  (18.9%)  % of Margin Degradation  Energy  Personnel  Royalties  Production Taxes  22  Other  Gross Profit  Source: SIRE management  (3.9%)  2.4%  0.9%  (13.9%)  (4.4%)  Net Realized Price:  $172.87 to  $167.00, or  (8.3%)  Margin Degradation 
 
 Confidential – Preliminary and Subject to Change  SIRE Situation Analysis  Natural Gas Consumption and Realized Price  Source: SIRE management, SIRE Financial Projections  Fixed Utilities per ton for 2024E and thereafter is calculated indirectly as management’s total energy cost per ton projection less projected natural gas and electricity costs per ton, both of which are based on separately provided usage and cost assumptions independent from management’s financial model  Henry Hub reflects EIA-reported spot prices through 8/31/22 and the NYMEX futures curve as of 8/31/22 from September 2022 and thereafter  $11.60  $11.33  $11.68  $11.26  $16.90  $20.30  $19.59  $19.51  $19.08  $20.32  $20.32  $3.36  $3.25  $2.87  $2.98  $4.28  $5.23  $4.97  $4.88  $4.77  $5.16  $5.16  $10.18  $9.14  $9.04  $6.79  $5.07  $4.67  $2.28  $3.05  $4.21  $3.22  $3.87  $25.14  $23.72  $23.59  $21.03  $26.25  $30.21  $26.84  $27.45  $28.07  $28.70  $29.34  Historical and Projected Energy Costs  Energy Costs by Source ($ / Metric Ton)  $35.00  $--  $5.00  $10.00  $15.00  $20.00  $25.00  $30.00  2018A  2019A  2020A  2021A  2022E  2028E  Natural Gas  Electricity  2023E 2024E 2025E 2026E 2027E  Fixed Utilities and Other 1  Electricity Consumption and Realized Price  3.5  3.5  4.1  3.8  3.9  3.9  3.9  4.0 4.0  3.9 3.9  $0  $2  $4  $6  $8  $10  0  1  2  3  4  5  '18A  Price ($/MMBtu)  Consumption (MMBtu/mt)  '19A '20A '21A '22E '23E '24E '25E '26E '27E '28E  Consumption Actual and Projected Price Henry Hub2  197  181  154  122  126 126 126 126 126 126 126  $0.08  $0.07  $0.06  $0.05  $0.04  $0.03  $0.02  $0.01  $0.00  0  50  100  150  200  250  Price ($/kWh)  Consumption (kWh/mt)  '18A '19A '20A '21A '22E '23E '24E '25E '26E '27E '28E  Consumption3 Actual and Projected Price EIA NWPP Industrial End-Use  3.  Electricity consumption (i) reflects management-reported historical usage through 6/30/22 and (ii) assumes usage per metric ton is constant with 1H22A for projection periods  23 
 
 Confidential – Preliminary and Subject to Change  SIRE Situation Analysis  Personnel Cost Drivers  $27.11  $27.09  $32.41  $28.83  $32.55  $35.25  $37.67  $41.07  $42.30  $41.17  Historical and Projected Personnel Costs  Personnel Cost per Ton ($ / Metric Ton)  $50.00  $20.00  $10.00  $--  $30.00  $40.00  446  452  444  444  454  444 444  440  440  444  444  $144  $150  $147  $166  $185  $195  $201  $207  $213  $220  $226  $--  $50  $100  $150  $200  $250  $300  --  100  200  300  400  500  2018A  2019A  2020A  2021A  2022E  2023E 2024E 2025E  Avg. Fully-Loaded Cost ($K/employee/year)  2026E  2027E  2028E  Fully-Loaded Cost ($K/employee/yr)  Employees  Employees  Source: SIRE Financial Projections, SIRE Management  24 
 
 Confidential – Preliminary and Subject to Change  45.9  30.3  7.4  43.3  53.1  48.8  41.6  37.7 39.3  32.8  44.1  29.2  20.6  41.6  51.0  46.9  40.0  36.2  37.8  31.5  $90.0  $59.5  $14.5  7.1 21.4  $42.0  $85.0  $104.0  $95.8  $81.5  $74.0  $77.1  $64.2  $--  $25  $50  $75  $100  $125  $150  2018A 2019A 2020A 2021A 2022E 2023E 2024E 2025E 2026E 2027E 2028E  Distributions to SIRE Distributions to NRP  SIRE Situation Analysis  Summary of the SIRE Financial Projections  Sales Volumes and Net Realized Pricing  Sales Volumes Net Realized Pricing  Sisecam Wyoming Distributed Cash Flow  Net Debt / EBITDA  ($ in millions, except per mt amounts)  1.37x  1.94x  2.75x  1.10x  1.10x  1.10x  Sisecam Wyoming Distribution Coverage  1.49x 1.48x 1.25x 1.25x 1.10x  0.96  0.79  0.85  1.18  1.17  1.26  1.19  1.11 1.11  1.19 1.19  1.41  1.71  1.16  1.37  1.35  1.26  1.19  1.11 1.11  1.19 1.19  2.37  2.50  2.02  2.55  2.52 2.52  2.37  2.22 2.22  2.37 2.37  $--  $50  $100  $150  $200  $250  --  0.50  1.00  1.50  2.00  2.50  3.00  '20A  '21A  '22E  ($ per metric ton)  (mtpa in millions)  '18A '19A  Domestic  Export  '23E '24E '25E '26E '27E '28E  Average Domestic  Export  Sisecam Wyoming Adjusted EBITDA  71.0 70.3  32.8  46.3  79.0 80.6  75.2  59.9  55.8 57.8  50.9  68.2 67.6  31.5  44.5  75.9  77.4  72.3  57.5  53.6  55.6  48.9  $139.3 $137.9  $64.3  $90.8  $154.9 $158.0  $147.5  $117.4 $109.4 $113.4  $99.7  $--  $25  $50  $75  $100  $125  $150  $175  $200  2018A 2019A 2020A 2021A 2022E 2023E 2024E 2025E 2026E 2027E 2028E  SIRE's Share (51%) NRP's Share (49%)  0.6x  0.8x  2.0x  1.3x  0.7x  0.6x  0.3x  0.3x  0.2x  0.2x  0.2x  --x  0.5x  1.0x  1.5x  2.0x  2.5x  2018A 2019A 2020A 2021A 2022E 2023E 2024E 2025E 2026E 2027E 2028E  Net Debt / EBITDA  Source: SIRE Financial Projections  25 
 
 Confidential – Preliminary and Subject to Change  SIRE Situation Analysis  Source: SIRE Financial Projections  26  SIRE Financial Projections – Sisecam Wyoming EBITDA  2023E  2024E  2025E  2026E  2027E  2028E  Domestic Sales Volumes (mt)  1.26  1.19  1.11  1.11  1.19  1.19  Export Sales Volumes (mt)  1.26  1.19  1.11  1.11  1.19  1.19  Sales Volumes (mt)  2.52  2.37  2.22  2.22  2.37  2.37  Volume Growth (%)  (0.1%)  (5.8%)  (6.4%)  --%  6.8%  --%  Domestic Gross Revenue  $344.1  $330.4  $310.7  $314.5  $339.9  $344.2  Export Gross Revenue  440.9  407.7  374.4  369.5  398.9  396.2  Gross Revenue  $784.9  $738.0  $685.2  $683.9  $738.8  $740.3  Domestic Freight  ($132.7)  ($128.8)  ($124.2)  ($127.9)  ($140.7)  ($145.0)  Export Freight  (189.3)  (182.4)  (174.6)  (178.5)  (195.0)  (199.3)  Freight Costs  ($321.9)  ($311.2)  ($298.8)  ($306.5)  ($335.7)  ($344.3)  Domestic Net Revenue  $211.4  $201.6  $186.5  $186.5  $199.2  $199.2  Export Net Revenue  251.6  225.3  199.8  191.0  203.9  196.8  Net Revenue  $463.0  $426.9  $386.4  $377.5  $403.1  $396.0  Average Net Realized Price  $184.00  $180.00  $174.00  $170.00  $170.00  $167.00  Energy Costs  (76.0)  (63.7)  (60.9)  (62.3)  (68.1)  (69.6)  Personnel Costs  (88.7)  (89.3)  (91.2)  (93.9)  (97.6)  (100.6)  Royalties  (21.5)  (18.8)  (17.0)  (16.6)  (17.7)  (17.4)  Severance & Ad Valorem Taxes  (12.0)  (11.5)  (11.0)  (11.3)  (12.3)  (12.6)  Other  (83.0)  (75.6)  (67.9)  (62.6)  (72.2)  (73.8)  Cost of Goods Sold  ($281.2)  ($259.0)  ($248.0)  ($246.7)  ($267.9)  ($274.0)  Gross Profit  $181.8  $167.9  $138.3  $130.8  $135.2  $122.1  Gross Margin (% of Net Revenue)  39.3%  39.3%  35.8%  34.6%  33.5%  30.8%  Operating Expenses  (23.8)  (20.4)  (20.9)  (21.4)  (21.9)  (22.3)  Sisecam Wyoming EBITDA  $158.0  $147.5  $117.4  $109.4  $113.4  $99.7  EBITDA Margin (% of Net Revenue)  34.1%  34.5%  30.4%  29.0%  28.1%  25.2%   For the Years Ending December 31,   ($ in millions) 
 
 Confidential – Preliminary and Subject to Change  SIRE Situation Analysis  Source: SIRE Financial Projections  27  SIRE Financial Projections – Sisecam Wyoming Cash Flow Summary  ($ in millions)  Sisecam Wyoming Distributable Cash Flow  Sisecam Wyoming EBITDA  $158.0  $147.5  $117.4  $109.4  $113.4  $99.7  Less: Cash Interest Expense  (2.4)  (1.6)  (1.0)  (0.7)  (0.6)  (0.5)  Less: Maintenance Capital Expenditures  (25.6)  (26.1)  (26.7)  (27.3)  (27.9)  (28.6)  Distributable Cash Flow  $130.0  $119.7  $89.7  $81.4  $84.8  $70.7  Sisecam Wyoming Distributed Cash Flow  Distributions to SIRE (51.0%)  $53.1  $48.8  $41.6  $37.7  $39.3  $32.8  Distributions to NRP (49.0%)  51.0  46.9  40.0  36.2  37.8  31.5  Distributed Cash Flow  $104.0  $95.8  $81.5  $74.0  $77.1  $64.2  Distributable Cash Flow Surplus / (Shortfall)  $26.0  $23.9  $8.2  $7.4  $7.7  $6.4  Sisecam Wyoming Coverage Ratio  1.25x  1.25x  1.10x  1.10x  1.10x  1.10x   For the Years Ending December 31,    2023E 2024E 2025E 2026E 2027E 2028E  
 
 Confidential – Preliminary and Subject to Change  SIRE Situation Analysis  Source: SIRE Financial Projections  28  SIRE Financial Projections – Sisecam Wyoming Sources and Uses  ($ in millions)  Sources  Distributable Cash Flow Surplus / (Shortfall)  $26.0  $23.9  $8.2  $7.4  $7.7  $6.4  Increase / (Decrease) in Net Working Capital  0.4  15.7  8.2  0.8  (9.8)  (1.0)  Cash from Revolver / (Cash to Revolver)  --  --  --  1.3  5.6  --  Total Sources  $26.4  $39.7  $16.3  $9.5  $3.5  $5.4  Uses  Growth Capital Expenditures  $--  $--  $--  $--  $--  $--  Mandatory Debt Paydown  8.8  9.1  9.3  9.5  3.5  4.7  Discretionary Debt Paydown  33.8  30.6  7.1  --  --  0.7  Cash to (from) Balance Sheet  (16.3)  --  --  --  --  --  Other  --  --  --  --  --  --  Total Uses  $26.4  $39.7  $16.3  $9.5  $3.5  $5.4  Capital Structure  Total Debt  $94.3  $54.7  $38.3  $30.2  $32.3  $26.9  Less: Cash  (5.0)  (5.0)  (5.0)  (5.0)  (5.0)  (5.0)  Net Debt  $89.3  $49.7  $33.3  $25.2  $27.3  $21.9  Net Debt / Adjusted EBITDA  0.6x  0.3x  0.3x  0.2x  0.2x  0.2x   For the Years Ending December 31,    2023E 2024E 2025E 2026E 2027E 2028E  
 
 Confidential – Preliminary and Subject to Change  SIRE Situation Analysis  Source: SIRE Financial Projections  29  SIRE Financial Projections – SIRE Cash Flow Summary  ($ in millions, except per unit amounts)  2023E  2024E  2025E  2026E  2027E  2028E  Consolidated EBITDA  Sisecam Wyoming EBITDA  $158.0  $147.5  $117.4  $109.4  $113.4  $99.7  Less: SIRE G&A  (4.0)  (4.0)  (4.0)  (4.0)  (4.0)  (4.0)  SIRE Consolidated EBITDA  $154.0  $143.5  $113.4  $105.4  $109.4  $95.7  EBITDA Attributable to SIRE  SIRE'S 51% Share of Sisecam Wyoming EBITDA  $80.6  $75.2  $59.9  $55.8  $57.8  $50.9  Less: SIRE G&A  (4.0)  (4.0)  (4.0)  (4.0)  (4.0)  (4.0)  EBITDA Attributable to SIRE  $76.6  $71.2  $55.9  $51.8  $53.8  $46.9  SIRE Distributable Cash Flow  Distributions from Sisecam Wyoming  $53.1  $48.8  $41.6  $37.7  $39.3  $32.8  Less: SIRE G&A  (4.0)  (4.0)  (4.0)  (4.0)  (4.0)  (4.0)  Distributable Cash Flow  $49.1  $44.8  $37.6  $33.7  $35.3  $28.8  Distributed Cash Flow  Sisecam Chemicals  $35.1  $32.3  $27.1  $24.3  $25.5  $20.7  Public  12.7  11.7  9.8  8.8  9.2  7.5  General Partner  1.3  0.9  0.7  0.7  0.7  0.6  Distributed Cash Flow  $49.1  $44.8  $37.6  $33.7  $35.3  $28.8  Unit Ownership  Sisecam Chemicals  14.6  14.6  14.6  14.6  14.6  14.6  Public  5.2  5.2  5.2  5.2  5.2  5.2  General Partner  0.4  0.4  0.4  0.4  0.4  0.4  Total Units Outstanding  20.2  20.2  20.2  20.2  20.2  20.2  Distributable Cash Flow per LP Unit  $2.41  $2.22  $1.86  $1.67  $1.75  $1.42  Distribution per LP Unit  2.41  2.22  1.86  1.67  1.75  1.42  Distributable Cash Flow Surplus / (Shortfall)  $--  $--  $--  $--  $--  $-- 
 
 Confidential – Preliminary and Subject to Change  IV. Preliminary Valuation of SIRE Common Units 
 
 Confidential – Preliminary and Subject to Change  Preliminary Valuation of SIRE Common Units  Source: SIRE Financial Projections, SIRE management  30  Sensitivity Case – Assumptions  Net Realized Pricing  Domestic and export net pricing reflects IHS netback forecasts less $26.00 and $39.00 per metric ton,  respectively, from 2022E to 2028E   Discounts informed by the 2018A−2020A average difference between IHS pricing and SIRE realized pricing  Soda Ash Volumes  Same as SIRE Financial Projections  Operating Costs  Non-freight operating costs as a percentage of net revenue are assumed to be:   Consistent with SIRE Financial Projections as a percentage of net revenue for 2023E and 2024E; resulting in gross margins of 39.3% in each year   Gross Margin adjusted to 37.1% in 2025E and thereafter, in line with the five-year trailing average gross margin through 2022E  Capital Expenditures  Same as SIRE Financial Projections  Debt  Same as SIRE Financial Projections 
 
 Confidential – Preliminary and Subject to Change  COVID-19 Impacted  $50  $75  $100  $125  $150  $200  $175  $225  2012A  2013A  2014A  2019A  2020A 2021A  COVID-19 Impacted  $50  $75  $100  $125  $175  $150  $200  $225  2012A 2013A 2014A 2015A 2016A 2017A 2018A  2019A  2020A  2021A  Exports  SIRE Net Realized Price Differential to IHS  Preliminary Valuation of SIRE Common Units  Historical Net Realized Pricing Trends – SIRE vs. IHS  Historical and Projected Soda Ash Pricing Trends – Domestic Sales vs. Exports  ($ per metric ton)  Source: SIRE management, IHS  Note: SIRE netback pricing for domestic sales and exports is expressed as the gross realized price less the freight cost per metric ton sold, respectively, by sales channel  SIRE Export, Net pricing based on the weighted average of ANSAC and Direct Export net realized pricing. ANSAC and direct export accounted for 97.6% and 2.4% of export volumes in 2020A and 52.1% and 47.9% of export volumes in 2021A, respectively  Calculated as $115.94 ANSAC Export price less $158.72 IHS Export price  Calculated as $107.49 Direct Export price less $158.72 IHS Export price  Domestic Sales  $20.27  $11.17  $4.80  SIRE Net Realized Price Differential to IHS  ($3.09) ($11.74) ($17.91) ($22.62)  2015A 2016A 2017A 2018A  ($19.01)  ($35.99)  ($42.58)  ($29.65)  ($31.16)  ($35.00)  ($42.78)  ($37.70)  Per SIRE management guidance, the appropriate differential vs. IHS is the 3-year average from 2018A to 2020A, which is ($26) for domestic sales and, assuming a 2020A export differential based only on realized direct export pricing, ($39) for exports  Legend  SIRE Domestic, Net IHS Domestic, Net Domestic Net Price  Legend  SIRE Export, Net1 IHS Export, Net Based on ANSAC  Based on Direct Export  ($51.23)  ($26.41)  ($32.88)  ($29.02)  ($32.00)  ($25.26)  2  31  3 
 
 Confidential – Preliminary and Subject to Change  34.6%  33.5%  30.8%  39.3% 39.3%  39.3% 39.3%  35.8% 37.1%  37.1%  37.1%  37.1%  2023E  2024E  2025E 2026E  2027E  2028E  $76.6  $71.2  $55.9  $51.8  $53.8  $46.9  $86.7  $88.8  $73.3  $70.8  $72.3  $70.6  2023E  2024E  2025E  2026E  2027E  2028E  $2.41  $2.22  $1.86  $1.67  $1.75  $1.42  $2.73  $2.80  $2.59  $2.50  $2.55  $2.48  2023E  2024E  2025E  2026E  2027E  2028E  Preliminary Valuation of SIRE Common Units  SIRE Financial Projections vs. Sensitivity Case  SIRE Financial Projections Sensitivity Case  EBITDA  Attributable to SIRE  DCF / LP Unit  % Gross Margin  ($ in millions, except per unit amounts)  32  Source: SIRE Financial Projections, SIRE management 
 
 Confidential – Preliminary and Subject to Change  Methodology  Description  Metrics / Assumptions  Discounted Cash Flow Analysis  Values SIRE Common Units based on the concepts of the time value of money  Using management’s projections, Evercore:   Utilized varying WACC discount rates and terminal values to derive valuation ranges for the SIRE Common Units   Cash flows were discounted using WACC given allocated EBITDA-based cash flows   Calculated terminal values based on a range of multiples of EBITDA as well as assumed perpetuity growth rates  Discounted the projected cash flows to assumed effective date of December 31, 2022  WACC based on the Capital Asset Pricing Model (“CAPM”)  Unitholder effective tax rate of 29.6% (80.0% of 37.0% top bracket) from 2023E to 2025E and 37.0% thereafter  For the terminal value, tax depreciation assumed to equal maintenance capital expenditures  EBITDA exit multiple of 5.5x to 8.0x and a perpetuity growth rate of 0.5% to 1.5%  Peer Group Trading Analysis  Values SIRE Common Units based on peer group’s current market enterprise value multiples of relevant EBITDA  Peer group selected based on assets similar to those owned by SIRE  Enterprise value / EBITDA multiples applied to 2023E and 2024E Adjusted EBITDA  Precedent M&A Transaction Analysis  Values SIRE Common Units based on transactions involving assets and businesses similar to those owned by SIRE  Transaction value / EBITDA multiples applied to 2023E EBITDA  Discounted Distributions Analysis  Values SIRE Common Units based on the present value of the future cash distributions to SIRE Common Unitholders  Discounted projected distributions to assumed effective date of December 31, 2022  Terminal yield range of 8.0% to 12.0%   Cost of equity of 8.5% to 10.5% based on CAPM  Premiums Paid Analysis  Implied value of SIRE Common Units based on historical premiums paid in selected relevant cash midstream mergers  Selected premiums paid range applied to 1-day prior spot  price and 30-day VWAP  33  Preliminary Valuation of SIRE Common Units  Valuation Methodologies  Evercore utilized the following methodologies to analyze the value of SIRE’s Common Units:  For Reference Only 
 
 Confidential – Preliminary and Subject to Change  Discounted Cash Flow Analysis  Peer Group Trading Analysis  Precedent M&A Transactions Analysis  EBITDA Exit Multiple  Perpetuity Growth  2023E EBITDA  2024E EBITDA  2023E EBITDA  EBITDA Exit Multiple:  5.5x - 8.0x  Perpetuity Growth Rate: 0.5% - 1.5%  2023E EBITDA Multiple: 5.0x - 7.5x  2024E EBITDA Multiple:  4.5x - 7.0x  2023E EBITDA Multiple: 6.0x - 8.5x  Discount Rate: WACC of 8.0% - 9.0%  Terminal Yield of: 8.0% - 12.0%  Equity Cost of Capital of: 8.5% - 10.5%  1-Day Spot Premium 20.0% - 35.0%  30-Day VWAP Premium 20.0%-30.0%  Premiums Paid Analysis  Discounted Distributions Analysis  $15.09  $22.89  $14.15  $23.34  $16.04  $18.54  $12.94  $16.87  $19.83  $22.83  $15.29  $23.19  $19.77  $29.66  $17.19  $28.52  $25.52  $29.27  $21.75  $27.86  $29.32  $33.56  $20.08  $31.42  $--  $5.00  $10.00  $15.00  $20.00  $25.00  $30.00  $35.00  $50.00  $45.00  $40.00  $21.44  $24.23  Preliminary Valuation of SIRE Common Units  Consideration:  $24.00  SIRE Financial Projections vs. Sensitivity Case  FOR REFERENCE ONLY  SIRE Financial Projections Sensitivity Case  34 
 
 Confidential – Preliminary and Subject to Change  A. Preliminary Valuation Detail – SIRE Financial Projections 
 
 Confidential – Preliminary and Subject to Change  Source: SIRE Financial Projections  51% of Sisecam Wyoming EBITDA less $4.0 million SIRE G&A  2023E tax DD&A assumes 100.0% bonus depreciation calculated as the midpoint of the enterprise value range plus 80.0% bonus depreciation on 2023E capital expenditures; bonus depreciation phase-down on capital expenditures in 2024E (60.0%), 2025E (40.0%) and 2026E (20.0%)  Assumes unitholder tax rate of 29.6% from 2023E to 2025E and 37.0% thereafter  Includes 2.0% general partner interest, economically equivalent to 399,000 LP Units at current quarterly distribution  Sisecam Wyoming EBITDA  $158.0  $147.5  $117.4  $109.4  $113.4  $99.7  $46.9 1  $99.7  Less: Tax Depreciation and Amortization2  (413.9)  (52.9)  (45.0)  (41.2)  (39.5)  (39.9)  (28.6)  EBIT  ($255.8)  $94.5  $72.4  $68.2  $73.8  $59.8  $71.1  Less: Cash Taxes3  --  (5.6)  (4.3)  (5.0)  (5.5)  (18.9)  (26.3)  EBIAT  ($255.8)  $89.0  $68.1  $63.1  $68.4  $40.9  $44.8  Plus: Tax Depreciation and Amortization  413.9  52.9  45.0  41.2  39.5  39.9  28.6  Less: Capital Expenditures  (25.6)  (26.1)  (26.7)  (27.3)  (27.9)  (28.6)  (28.6)  Less: Changes in NWC  0.4  15.7  8.2  0.8  (9.8)  (1.0)  -  Sisecam Wyoming Unlevered Free Cash Flow  $132.8  $131.4  $94.6  $77.8  $70.1  $51.2  $44.8  SIRE Interest in Sisecam Wyoming  51.0%  51.0%  51.0%  51.0%  51.0%  51.0%  51.0%  SIRE Share of Sisecam Wyoming Unlevered Free Cash Flow  $67.7  $67.0  $48.2  $39.7  $35.8  $26.1  $22.9  Less: SIRE G&A  (4.0)  (4.0)  (4.0)  (4.0)  (4.0)  (4.0)  (4.0)  SIRE Unlevered Free Cash Flow  $63.7  $63.0  $44.2  $35.7  $31.8  $22.1  $18.9  EBITDA Multiple / Perpetuity Growth Rate  6.8x  1.0%  Implied Terminal Value  $316.3  −  $254.0  Present Value of Terminal Value @ 8.5% Discount Rate  Plus: Present Value of Unlevered Free Cash Flow @ 8.5% Discount Rate  193.9  − 216.0  155.7  Implied Enterprise Value  $409.8  −  $371.6  Less: Net Debt as of December 31, 2022 (SIRE's 51% Share)  (59.0)  Implied Equity Value  $350.8  −  $312.6  SIRE LP Units Outstanding4  20.2  Implied SIRE LP Unit Value  $17.37  −  $15.48   For the Years Ending December 31,   Exit  Perpetuity   2023E 2024E 2025E 2026E 2027E 2028E    Multiple    Growth   Discounted Cash Flow Analysis  Preliminary Valuation Detail – SIRE Financial Projections  Terminal Exit Multiple  Perpetuity Growth Rate  WACC  Unit Price  4.25x  5.50x  6.75x  8.00x  9.25x  WACC  --%  0.5%  1.0%  1.5%  2.0%  7.5%  $14.31  $16.31  $18.31  $20.26  $22.14  7.5%  $16.15  $16.81  $17.57  $18.46  $19.46  Sensitivity  8.0%  13.93  15.89  17.83  19.77  21.64  8.0%  15.24  15.81  16.45  17.19  18.06  Analysis  8.5%  13.58  15.48  17.37  19.26  21.14  8.5%  14.44  14.93  15.48  16.11  16.83  9.0%  13.24  15.09  16.93  18.76  20.60  9.0%  13.72  14.15  14.62  15.16  15.77  9.5%  12.92  14.71  16.50  18.29  20.07  9.5%  13.07  13.44  13.86  14.32  14.85  ($ in millions, except per unit amounts) 
 
 Confidential – Preliminary and Subject to Change  Preliminary Valuation Detail – SIRE Financial Projections  Peer Group Trading Analysis  Source: Public filings and FactSet  Note: No peer group company is directly comparable to SIRE  % of 52-Week  Partnership / Corporation  Price 1/26/23  High  Equity Value  ($ in millions, except per share/unit amounts)  Enterprise EV / EBITDA Net Debt / Soda Ash Value 2022E 2023E 2024E 2023E EBITDA % Revenue   1.  As of January 26, 2023  36  Chemical Companies with Soda Ash Operations  Ciech SA  $11.16  98.4%  $588  $910  4.6x  5.2x  4.9x  1.6x  40.9%  Genesis Energy, L.P.  11.85  88.2%  1,453  6,069  8.6  8.0  7.5  4.8  30.3%  Solvay SA  114.67  89.6%  11,829  14,568  4.2  5.1  4.9  0.8  15.4%  Tata Chemicals Limited  11.65  77.3%  2,969  3,797  9.2  8.4  8.0  1.7  52.4%  Türkiye Sise ve Cam Fabrikalari A.S.  2.20  88.3%  6,512  8,567  7.5  6.2  5.3  1.1  30.0%  Mean  6.8x  6.6x  6.1x  2.0x  33.8%  Median  7.5  6.2  5.3  1.6  30.3%  Other MLPs  Alliance Resource Partners, L.P.  $20.52  74.3%  $2,685  $2,843  3.1x  2.6x  2.2x  0.2x  --%  Natural Resource Partners L.P.  54.16  98.6%  746  1,508  NM  NM  NM  NM  14.7%  Mean  3.1x  2.6x  2.2x  0.2x  7.3%  Median  3.1  2.6  2.2  0.2  7.3%  1 
 
 Confidential – Preliminary and Subject to Change  Preliminary Valuation Detail – SIRE Financial Projections  Peer Group Trading Analysis (cont’d)  ($ in millions, except per unit amounts)  2023E EBITDA Attributable to SIRE Relevant EBITDA Multiple  5.0x  $76.6 –  7.5x  Implied Enterprise Value Based on 2023E Adjusted EBITDA  $383.0  –  $574.5  Less: Net Debt as of December 31, 2022 (SIRE's 51% Share)  (59.0)  Implied SIRE Equity Value  SIRE LP Units Outstanding1  $324.0  –  20.2  $515.5  Implied SIRE Unit Price Range - 2023E Adjusted EBITDA  $16.04  –  $25.52  2024E EBITDA Attributable to SIRE  Relevant EBITDA Multiple  4.5x  $71.2  –  7.0x  Implied Enterprise Value Based on 2024E Adjusted EBITDA  $320.4  –  $498.4  Less: Net Debt as of December 31, 2022 (SIRE's 51% Share)  (59.0)  Implied SIRE Equity Value  SIRE LP Units Outstanding1  $261.4  –  20.2  $439.4  Implied SIRE Unit Price Range - 2024E Adjusted EBITDA  $12.94  –  $21.75  Source: SIRE Financial Projections  1.  Includes 2.0% general partner interest, economically equivalent to 399,000 LP Units at current quarterly distribution  37 
 
 Confidential – Preliminary and Subject to Change  Date  Transaction  Transaction   Announced Acquiror / Target (Seller) Value Value / EBITDA   05/2022  Solvay SA / Remaining 20% interest in Solvay Soda Ash Joint Venture (AGC)  $120.0  5.3x  12/2021  Sisecam Chemicals USA Inc. / 60% stake in Ciner Resources Corporation (Ciner Enterprises)  300.0  9.7  12/2019  Valley Holdings Inc. (Tata Chemials) / Remaining 25% in Tata Chemicals (Soda Ash) Partners Holdings (The Andover Group, Inc.)  195.0  7.7  08/2017  Genesis Energy, L.P. / 100% of Tronox's Alkali Business, including trona mining, production and marketing assets (Tronox Limited)  1,325.0  8.0  07/2015  Park Holding A.S. (Ciner Group) / 73% LP interest, 2% GP interest and related IDRs in OCI Resources LP (OCI Company Ltd.)  429.0  9.5  02/2015  Tronox US Holdings Inc. / FMC's Alkali Chemicals business (FMC Corporation)  1,640.0  9.0  10/2014  FMC Corporation / Remaining 6.25% minority interest in FMC Wyoming Corp. (Sumitomo)  95.7  8.4  03/2013  FMC Corporation / Additional 6.25% minority interest in FMC Wyoming Corp. (Nippon Sheet Glass)  80.0  NA  01/2013  Natural Resource Partners LP / 48.51% stake in OCI Wyoming L.P., 20% interest in OCI Wyoming Co. (Anadarko)  310.0  9.0  01/2008  Tata Chemicals Ltd. / General Chemical Industrial Products Inc.  1,005.0  NA  Min  5.3x  Mean  8.3  Median  8.7  Max  9.7  Precedent M&A Transaction Analysis – SIRE Financial Projections  SIRE Share of 2023E EBITDA (Post - SIRE G&A)  $76.6  Relevant EBITDA Multiple  6.0x  –  8.5x  Implied Enterprise Value Based on 2023E Adjusted EBITDA  $459.6  –  $651.1  Less: Net Debt as of December 31, 2022 (SIRE's 51% Share)  (59.0)  Implied Equity Value  $400.6  –  $592.1  SIRE LP Units Outstanding2  20.2  Implied SIRE Unit Price Range - 2023E Adjusted EBITDA  $19.83  –  $29.32  Source: Public filings, Wall Street research, SIRE Financial Projections  1. No transaction is directly comparable to the Transaction  Precedent Green River Basin Soda Ash Transactions1  2.  Includes 2.0% general partner interest, economically equivalent to 399,000 LP Units at current quarterly distribution  38  Preliminary Valuation Detail – SIRE Financial Projections  Precedent M&A Transactions Analysis  ($ in millions, except per unit amounts) 
 
 Confidential – Preliminary and Subject to Change  Preliminary Valuation Detail – SIRE Financial Projections  Discounted Distributions Analysis  SIRE Distribution per LP Unit (Cash, As Paid)1  $2.41  $2.22  $1.86  $1.67  $1.75  $1.42  $1.42  –  $1.42  Terminal Yield2  12.0%  8.0%  Terminal Value  $11.87  $17.80  Equity Cost of Capital Based on CAPM  Present Value @ 7.5% Cost of Equity  $17.07  –  $20.92  Present Value @ 8.5% Cost of Equity  16.45  –  20.08  Present Value @ 9.5% Cost of Equity  15.85  –  19.29  Present Value @ 10.5% Cost of Equity  15.29  –  18.55  Present Value @ 11.5% Cost of Equity  14.76  –  17.84  Implied SIRE Unit Value – Based on CAPM  $15.29  –  $20.08  For the Years Ending   December 31,    2023E 2024E 2025E 2026E 2027E 2028E    Terminal Value Low High  Source: FactSet, SIRE Financial Projections  1. Values LP units based on LP unit distributions and does not consider GP distributions  2.  Based on SIRE’s 52-week yield range of 6.1% to 14.1% with a median of 10.3% and mean of 10.1% as of July 5, 2022  39 
 
 Confidential – Preliminary and Subject to Change  Premiums Paid  Analysis  Premiu  1  m  Date   Announced   Acquiror / Target  Consideration  1-Day Prior Spot  30-Day VWAP  01/06/23  Phillips 66 / DCP Midstream, LP  Cash-for-Unit  20.1%  28.5%  07/28/22  PBF Energy Inc. / PBF Logistics LP2  Cash/Stock-for-Unit  32.8%  12.5%  07/25/22  Shell USA, Inc. / Shell Midstream Partners, L.P.  Cash-for-Unit  23.0%  24.7%  06/02/22  Hartree Partners, LP / Sprague Resources LP  Cash-for-Unit  25.2%  24.1%  05/25/22  Höegh LNG Holdings Ltd / Höegh LNG Partners LP  Cash-for-Unit  35.0%  39.4%  05/16/22  Diamondback Energy / Rattler Midstream LP  Stock-for-Unit  17.3%  8.7%  04/22/22  Ergon, Inc. / Blueknight Energy Partners, L.P.  Cash-for-Unit  40.9%  40.7%  12/20/21  BP p.l.c / BP Midstream Partners LP  Stock-for-Unit  10.8%  3.0%  10/27/21  Phillips 66 / Phillips 66 Partners LP  Stock-for-Unit  4.8%  10.6%  10/04/21  Stonepeak Infrastructure Partners / Teekay LNG Partners LP  Cash-for-Unit  8.3%  7.6%  08/23/21  Landmark Dividend / Landmark Infrastructure Partners LP  Cash-for-Unit  38.4%  35.6%  03/05/21  Chevron Corporation / Noble Midstream Partners LP  Stock-for-Unit  16.7%  23.5%  12/15/20  TC Energy Corporation / TC PipeLines, LP  Stock-for-Unit  19.5%  10.0%  07/27/20  CNX Resources Corporation / CNX Midstream Partners  Stock-for-Unit  28.1%  16.1%  02/27/20  Equitrans Midstream Corporation / EQM Midstream Partners, LP  Stock-for-Unit  (1.5%)  (11.2%)  12/17/19  Blackstone Infrastructure Partners / Tallgrass Energy LP  Cash-for-Unit  56.4%  22.7%  10/01/19  Brookfield Business Partners L.P. / Teekay Offshore Partners L.P.  Cash-for-Unit  28.1%  9.8%  05/10/19  IFM Investors / Buckeye Partners, L.P.  Cash-for-Unit  27.5%  22.9%  05/08/19  MPLX LP / Andeavor (Marathon Petroleum Corporation; Andeavor Logistics LP)  Unit-for-Unit  1.8%  0.5%  04/02/19  UGI Corporation / AmeriGas Partners, L.P.  Cash/Stock-for-Unit  13.5%  22.2%  03/18/19  ArcLight Energy Partners Fund V, L.P. / American Midstream, LP  Cash-for-Unit  31.2%  32.0%  02/05/19  SunCoke Energy, Inc. / SunCoke Energy Partners, L.P.  Stock-for-Unit  9.3%  31.2%  Preliminary Valuation Detail – SIRE Financial Projections  For Reference Only  Source: Bloomberg, FactSet, Public filings  Note: No transaction is directly comparable to the Transaction  VWAP premiums paid are calculated by dividing the value of the offer, defined as the exchange ratio multiplied by the closing price of the acquiror’s shares / units on the last trading day prior to announcement plus any cash received, by the 30-trading day VWAP of the target as calculated from the last undisturbed trading day prior to the announcement  Based on the closing unit price of $13.35 on June 23, 2022, the last unaffected closing price before public disclosure of the board of directors of PBF Energy Inc.'s adoption of resolutions authorizing certain officers of PBF  Min  (1.5%)  (11.2%)  All  Median  21.6%  22.4%  Transactions  Mean  22.1%  18.9%  Max  56.4%  40.7%  Min  8.3%  7.6%  Cash-for-Unit  Median  Mean  28.1%  30.4%  24.7%  26.2%  Max  56.4%  40.7%  Energy Inc. to communicate, discuss and negotiate the terms of a potential business transaction with the conflicts committee of the board of directors of PBF Logistics LP's general partner  40 
 
 Confidential – Preliminary and Subject to Change  Preliminary Valuation Detail – SIRE Financial Projections  Premiums Paid Analysis (cont’d)  Summary Results – Cash-for-Unit Transactions  For Reference Only  Source: FactSet  41  1-Day Prior Spot Unit Price as of July 5, 2022  1-Day Prior Spot Price Premium  20.0%  $17.95  35.0%  Implied Purchase Pirce based on 1-Day Prior Spot Price Premium  $21.54  −  $24.23  30-Day VWAP as of July 5, 2022 30-Day VWAP Premium  20.0%  $17.87  30.0%  Implied Purchase Pirce based on 30-Day VWAP Premium  $21.44  −  $23.23  Implied Purchase Price Range  $21.44  −  $24.23 
 
 Confidential – Preliminary and Subject to Change  B. Financial Projections and Preliminary Valuation Detail – Sensitivity Case 
 
 Confidential – Preliminary and Subject to Change  Financial Projections and Preliminary Valuation Detail – Sensitivity Case  SIRE Financial Projections, SIRE management  42  Sisecam Wyoming EBITDA – Sensitivity Case  2023E  2024E  2025E  2026E  2027E  2028E  Domestic Sales Volumes (mt)  1.26  1.19  1.11  1.11  1.19  1.19  Export Sales Volumes (mt)  1.26  1.19  1.11  1.11  1.19  1.19  Sales Volumes (mt)  2.52  2.37  2.22  2.22  2.37  2.37  Volume Growth (%)  (0.1%)  (5.8%)  (6.4%)  --%  6.8%  --%  Domestic Gross Revenue  $355.4  $369.5  $345.9  $348.6  $355.1  $363.7  Export Gross Revenue  479.9  456.3  417.7  410.6  442.8  435.3  Gross Revenue  $835.3  $825.8  $763.6  $759.2  $797.9  $799.0  Domestic Freight  ($132.7)  ($128.8)  ($124.2)  ($127.9)  ($140.7)  ($145.0)  Export Freight  (189.3)  (182.4)  (174.6)  (178.5)  (195.0)  (199.3)  Freight Costs  ($321.9)  ($311.2)  ($298.8)  ($306.5)  ($335.7)  ($344.3)  Domestic Net Revenue  $222.7  $240.7  $221.7  $220.7  $214.4  $218.8  Export Net Revenue  290.6  273.9  243.1  232.0  247.8  236.0  Net Revenue  $513.3  $514.6  $464.8  $452.7  $462.2  $454.7  Average Net Realized Price  $204.00  $217.02  $209.33  $203.89  $194.90  $191.75  Energy Costs  (84.3)  (76.8)  (74.4)  (72.4)  (73.9)  (72.8)  Personnel Costs  (98.3)  (107.7)  (106.9)  (104.1)  (106.3)  (104.6)  Royalties  (23.8)  (22.6)  (20.5)  (19.9)  (20.3)  (20.0)  Severance & Ad Valorem Taxes  (13.3)  (13.9)  (14.1)  (13.7)  (14.0)  (13.7)  Other  (92.0)  (91.2)  (76.6)  (74.6)  (76.2)  (74.9)  Cost of Goods Sold  ($311.7)  ($312.2)  ($292.4)  ($284.8)  ($290.7)  ($286.0)  Gross Profit  $201.6  $202.4  $172.4  $168.0  $171.5  $168.7  Gross Margin (% of Net Revenue)  39.3%  39.3%  37.1%  37.1%  37.1%  37.1%  Operating Expenses  (23.8)  (20.4)  (20.9)  (21.4)  (21.9)  (22.3)  Sisecam Wyoming EBITDA  $177.8  $182.0  $151.5  $146.6  $149.6  $146.4  EBITDA Margin (% of Net Revenue)  34.6%  35.4%  32.6%  32.4%  32.4%  32.2%   For the Years Ending December 31,   ($ in millions) 
 
 Confidential – Preliminary and Subject to Change  Financial Projections and Preliminary Valuation Detail – Sensitivity Case  Sisecam Wyoming Cash Flow Summary – Sensitivity Case   For the Years Ending December 31,    2023E 2024E 2025E 2026E 2027E 2  Sisecam Wyoming Distributable Cash Flow  Sisecam Wyoming EBITDA  $177.8  $182.0  $151.5  $146.6  Less: Cash Interest Expense  (2.4)  (1.4)  (0.7)  Less: Maintenance Capital Expenditures  (25.6)  (26.1)  Distributable Cash Flow  $149.8  $154.4  Sisecam Wyoming Distributed Cash Flow  Distributions to SIRE (51.0%) Distributions to NRP (49.0%)  Distributed Cash Flow  Distributab  Sis  ($ in millions)  SIRE Financial Projections, SIRE management  43 
 
 Confidential – Preliminary and Subject to Change  Financial Projections and Preliminary Valuation Detail – Sensitivity Case  SIRE Financial Projections, SIRE management  44  Sisecam Wyoming Sources and Uses – Sensitivity Case  Sources  Distributable Cash Flow Surplus / (Shortfall)  $30.0  $30.9  $11.3  $10.8  $11.0  $10.7  Increase / (Decrease) in Net Working Capital  0.4  15.7  8.2  0.8  (9.8)  (1.0)  Cash from Revolver / (Cash to Revolver)  --  --  --  --  2.3  --  Total Sources  $30.3  $46.6  $19.5  $11.6  $3.5  $9.7  Uses  Growth Capital Expenditures  $--  $--  $--  $--  $--  $--  Mandatory Debt Paydown  8.8  9.1  9.3  9.5  3.5  4.7  Discretionary Debt Paydown  37.8  37.5  10.2  2.1  --  5.0  Cash to (from) Balance Sheet  (16.3)  --  --  (0.0)  0.0  0.0  Other  --  --  --  --  --  --  Total Uses  $30.3  $46.6  $19.5  $11.6  $3.5  $9.7  Capital Structure  Total Debt  $90.4  $43.8  $24.3  $12.7  $11.5  $1.8  Less: Cash  (5.0)  (5.0)  (5.0)  (5.0)  (5.0)  (5.0)  Net Debt  $85.4  $38.8  $19.3  $7.7  $6.5  ($3.2)  Net Debt / Adjusted EBITDA  0.5x  0.2x  0.1x  0.1x  0.0x  (0.0x)   For the Years Ending December 31,    2023E 2024E 2025E 2026E 2027E 2028E   ($ in millions) 
 
 Confidential – Preliminary and Subject to Change  Financial Projections and Preliminary Valuation Detail – Sensitivity Case  SIRE Financial Projections, SIRE management  45  SIRE Cash Flow Summary – Sensitivity Case  2023E  2024E  2025E  2026E  2027E  2028E  Consolidated EBITDA  Sisecam Wyoming EBITDA  $177.8  $182.0  $151.5  $146.6  $149.6  $146.4  Less: SIRE G&A  (4.0)  (4.0)  (4.0)  (4.0)  (4.0)  (4.0)  SIRE Consolidated EBITDA  $173.8  $178.0  $147.5  $142.6  $145.6  $142.4  EBITDA Attributable to SIRE  SIRE'S 51% Share of Sisecam Wyoming EBITDA  $90.7  $92.8  $77.3  $74.8  $76.3  $74.6  Less: SIRE G&A  (4.0)  (4.0)  (4.0)  (4.0)  (4.0)  (4.0)  EBITDA Attributable to SIRE  $86.7  $88.8  $73.3  $70.8  $72.3  $70.6  SIRE Distributable Cash Flow  Distributions from Sisecam Wyoming  $61.1  $63.0  $57.5  $55.1  $56.3  $54.6  Less: SIRE G&A  (4.0)  (4.0)  (4.0)  (4.0)  (4.0)  (4.0)  Distributable Cash Flow  $57.1  $59.0  $53.5  $51.1  $52.3  $50.6  Distributed Cash Flow  Sisecam Chemicals  $39.7  $40.7  $37.7  $36.4  $37.1  $36.1  Public  14.3  14.7  13.6  13.1  13.4  13.0  General Partner  3.1  3.6  2.2  1.6  1.9  1.5  Distributed Cash Flow  $57.1  $59.0  $53.5  $51.1  $52.3  $50.6  Unit Ownership  Sisecam Chemicals  14.6  14.6  14.6  14.6  14.6  14.6  Public  5.2  5.2  5.2  5.2  5.2  5.2  General Partner  0.4  0.4  0.4  0.4  0.4  0.4  Total Units Outstanding  20.2  20.2  20.2  20.2  20.2  20.2  Distributable Cash Flow per LP Unit  $2.73  $2.80  $2.59  $2.50  $2.55  $2.48  Distribution per LP Unit  2.73  2.80  2.59  2.50  2.55  2.48  Distributable Cash Flow Surplus / (Shortfall)  $--  $--  $--  $--  $--  $--  ($ in millions, except per unit amounts) 
 
 Confidential – Preliminary and Subject to Change  4.25x  5.50x  6.75x  8.00x  9.25x  --%  0.5%  1.0%  1.5%  2.0%  $24.67  $27.50  $30.33  $27.79  $29.07  $30.57  24.11  23.48  22.89  26.90  26.33  25.65  29.66  29.01  28.37  26.18  24.70  23.34  27.26  25.69  24.19  28.52  26.75  25.15  7.5%  8.0%  8.5%  9.0%  9.5%  $21.76 21.18  20.64  20.12  19.63  22.32  25.00  27.69  $33.16 32.41  31.69  30.98  30.29  7.5%  8.0%  8.5%  9.0%  9.5%  $26.68 25.23  23.83  22.58  21.46  22.12  22.86  23.69  $32.34 29.98  27.97  26.25  24.63  WACC  WACC  Sisecam Wyoming EBITDA  $177.8  $182.0  $151.5  $146.6  $149.6  $146.4  $70.61  $146.4  Less: Tax Depreciation and Amortization2  (594.2)  (58.0)  (51.4)  (48.9)  (47.1)  (50.5)  (28.6)  EBIT  ($416.4)  $124.0  $100.1  $97.7  $102.5  $95.9  $117.8  Less: Cash Taxes3  --  (7.3)  (5.9)  (7.2)  (7.6)  (7.1)  (43.6)  EBIAT  ($416.4)  $116.6  $94.2  $90.5  $94.9  $88.8  $74.2  Plus: Tax Depreciation and Amortization  594.2  58.0  51.4  48.9  47.1  50.5  28.6  Less: Capital Expenditures  (25.6)  (26.1)  (26.7)  (27.3)  (27.9)  (28.6)  (28.6)  Less: Changes in NWC  0.4  15.7  8.2  0.8  (9.8)  (1.0)  -  Sisecam Wyoming Unlevered Free Cash Flow  $152.6  $164.2  $127.1  $112.8  $104.3  $109.7  $74.2  SIRE Interest in Sisecam Wyoming  51.0%  51.0%  51.0%  51.0%  51.0%  51.0%  51.0%  SIRE Share of Sisecam Wyoming Unlevered Free Cash Flow  $77.8  $83.8  $64.8  $57.5  $53.2  $55.9  $37.8  Less: SIRE G&A  (4.0)  (4.0)  (4.0)  (4.0)  (4.0)  (4.0)  (4.0)  SIRE Unlevered Free Cash Flow  $73.8  $79.8  $60.8  $53.5  $49.2  $51.9  $33.8  EBITDA Multiple / Perpetuity Growth Rate  6.8x  1.0%  Implied Terminal Value  $476.8  −  $455.8  Present Value of Terminal Value @ 8.5% Discount Rate  Plus: Present Value of Unlevered Free Cash Flow @ 8.5% Discount Rate  292.3  − 298.5  279.4  Implied Enterprise Value  $590.8  −  $577.9  Less: Net Debt as of December 31, 2022 (SIRE's 51% Share)  (59.0)  Implied Equity Value  $531.8  −  $518.9  SIRE LP Units Outstanding4  20.2  Implied SIRE LP Unit Value  $26.33  −  $25.69  Terminal Exit Multiple Perpetuity Growth Rate   For the Years Ending December 31,   Exit  Perpetuity   2023E 2024E 2025E 2026E 2027E 2028E    Multiple    Growth   Financial Projections and Preliminary Valuation Detail – Sensitivity Case  Unit Price Sensitivity Analysis  Discounted Cash Flow Analysis – Sensitivity Case  4.  Includes 2.0% general partner interest, economically equivalent to 399,000 LP Units at current quarterly distribution  46  ($ in millions, except per unit amounts)  Source: SIRE Financial Projections  51% of Sisecam Wyoming EBITDA less $4.0 million SIRE G&A  2023E tax DD&A assumes 100.0% bonus depreciation calculated as the midpoint of the enterprise value range plus 80.0% bonus depreciation on 2023E capital expenditures; bonus depreciation phase-down on capital expenditures in 2024E (60.0%), 2025E (40.0%) and 2026E (20.0%)  Assumes unitholder tax rate of 29.6% from 2023E to 2025E and 37.0% thereafter 
 
 Confidential – Preliminary and Subject to Change  Financial Projections and Preliminary Valuation Detail – Sensitivity Case  Peer Group Trading Analysis – Sensitivity Case  2023E EBITDA Attributable to SIRE Relevant EBITDA Multiple  $86.7  5.0x  –  Implied Enterprise Value Based on 2023E Adjusted EBITDA  $433.4  Less: Net Debt as of December 31, 2022 (SIRE's 51% Share) Implied SIRE Equity Value  SIRE LP Units Outstanding1  Implied SIRE Unit Price Range - 2023E Adjusted EBITDA  2024E EBITDA Attributable to SIRE Relevant EBITDA Multiple  Implied Enterprise Value Based on  Less: Net Debt as of Decembe Implied SIRE Equit  SIRE LP Uni  Im  ($ in millions, except per unit amounts)  Source: SIRE Financial Projections, SIRE management  1.  Includes 2.0% general partner interest, economically equivalent to 399,000 LP Units at current quarterly distribution  47 
 
 Confidential – Preliminary and Subject to Change  Financial Projections and Preliminary Valuation Detail – Sensitivity Case  Precedent M&A Transactions Analysis – Sensitivity Case  Precedent M&A Transaction Analysis  SIRE Share of 2023E EBITDA (Post - SIRE G&A)  Relevant EBITDA Multiple  Implied Enterprise Value Based on 2023E Adjusted EBITDA  6.0x  $520.1  $86.7 –  –  8.5x  $736.8  Less: Net Debt as of December 31, 2022 (SIRE's 51% Share)  (59.0)  Implied Equity Value  SIRE LP Units Outstanding1  $461.1  –  20.2  $677.8  Implied SIRE Unit Price Range - 2023E Adjusted EBITDA  $22.83  –  $33.56  Source: Public filings, Wall Street research, SIRE Financial Projections, SIRE management  1.  Includes 2.0% general partner interest, economically equivalent to 399,000 LP Units at current quarterly distribution  48  ($ in millions, except per unit amounts) 
 
 Confidential – Preliminary and Subject to Change  Financial Projections and Preliminary Valuation Detail – Sensitivity Case  2.  Based on SIRE’s 52-week yield range of 6.1% to 14.1% with a median of 10.3% and mean of 10.1% as of July 5, 2022  49  Discounted Distributions Analysis – Sensitivity Case  ($ per unit)  Source: FactSet, SIRE Financial Projections, SIRE management  1. Values LP units based on LP unit distributions and does not consider GP distributions 
 
 Confidential – Preliminary and Subject to Change  Appendix 
 
 Confidential – Preliminary and Subject to Change  Weighted Average Cost of Capital Analysis 
 
 Confidential – Preliminary and Subject to Change  Ciech SA  $11.16  $588.2  $470.5  44.4%  0.74  0.45  Genesis Energy, L.P.  11.85  1,452.6  4,313.0  74.8%  0.94  0.30  Solvay SA  114.67  11,829.4  3,488.8  22.8%  0.65  0.53  Tata Chemicals Limited  11.65  2,968.7  781.4  20.8%  0.56  0.46  CAPM  Türkiye Sise ve Cam Fabrikalari A.S.  2.20  6,512.5  2,201.4  25.3%  0.55  0.43  Mean  37.6%  0.69  0.43  Median  25.3%  0.65  0.45  Unit/Share Price  Market Equity  Total Debt and  Total Debt /  Adjusted  Unlevered  Partnership/Corporation  1/26/23  Value  Preferred Equity  Total Capitalization  Beta 1  Beta 2  Sisecam Resources LP  $137.0  0.44  $23.91 $483.1  3.8%  0.45  25.3%  0.56   Supply-Side MRP Historical MRP   Risk-free Rate 3  Unlevered Beta  Debt / Total Capitalization Adjusted Levered Equity Beta  WACC  Pre-Tax Cost of Debt 7  After-Tax Cost of Debt  WACC 8.1% 8.7%   Debt / Total Cap    0.39 0.44 0.49 0.54   Market Risk Premium 4  Small Company Risk Premium 5  6.2%  2.1%  7.5%  15.0%  20.0%  8.0%  7.9%  8.3%  8.2%  8.6%  8.5%  8.9%  8.8%  Equity Cost of Capital 6  9.3%  10.0%  25.0%  7.8%  8.1%  8.4%  8.6%  6.6%  30.0%  7.7%  8.0%  8.2%  8.5%  4.6%  35.0%  7.6%  7.9%  8.1%  8.4%   Debt / Total Cap    0.39 0.44 0.49 0.54   15.0%  8.4%  8.8%  9.1%  9.5%  20.0%  8.3%  8.7%  9.0%  9.4%  25.0%  8.2%  8.6%  8.9%  9.3%  30.0%  8.1%  8.5%  8.8%  9.1%  35.0%  8.0%  8.4%  8.7%  9.0%  Weighted Average Cost of Capital Analysis  SIRE WACC Analysis – Capital Asset Pricing Model  ($ in millions, except per unit / share amounts)  Note: Capital structure includes effect of dilutive securities and GP interest; does not attribute value to the IDRs  2-year historical raw betas from FactSet; Adjusted Equity Beta calculated as: (0.67) × Raw Beta + (0.33) × 1.0  Unlevered Beta calculated as: Adjusted Equity Beta × (E/(E + D × (1-T)); assumes corporate tax rate of 29.6%  20-year Treasury as of January 26, 2023  Source: Kroll  Kroll for Decile 9, including companies with an equity market capitalization of $190.0 million to $451.8 million  Equity Cost of Capital calculated as: Risk-free rate of 3.8% + (Levered Equity Beta of 0.56 × Market Risk Premium of 6.2% (Supply Side) or 7.5% (Historical) + Small Company Risk Premium of 2.1%  Based on ICE BofA US High Yield Index (BB)  22.1% 0.53  Supply-Side MRP WACC Sensitivity  Historical MRP WACC Sensitivity  50 
 
 Confidential – Preliminary and Subject to Change  Unitholder Tax Analysis 
 
 Confidential – Preliminary and Subject to Change  Unitholder Tax Analysis  Illustrative SIRE Unitholder Tax Analysis at $24.00 / unit  On November 17, 2022, Deloitte LLP (“Deloitte”) provided the SIRE unaffiliated unitholders tax liability by unit acquisition date information, which included the following:   Adjusted Basis – Represents the weighted average price acquired, plus cumulative income, less cumulative distributions and DD&A from the acquisition date to December 2021   §751 Gain – Recharacterization of gain or loss on the sale of a partnership interest from capital to ordinary on §751 property owned by the partnership   Net Ordinary Gain / (Loss) per Unit – Calculated as §751 Gain less Passive Loss Carryover assuming Passive Loss Carryover amounts are 100% available to offset Ordinary Gains   Net Capital Gain / (Loss) per Unit – Calculated as Total Gain / (Loss) per Unit less §751 Gain   Estimated Taxes – Calculated based on the Net Ordinary Gain / (Loss) per Unit assuming a 37.0% tax rate and the Net Capital Gain / (Loss) per Unit assuming a 20.0% tax rate  Source: Deloitte  % of Total  Average  Purchase  A  Offer  B  Adjusted  C = A - B  Total Gain /  D  E  Carryover  F = D + E  Net Ordinary  C  Total Gain /  D  G = C – D H = F * T1 I = G * T2  Net Capital Ordinary Tax Capital Tax  J = H + I  Total Tax  Year  SIRE Units  Units  Price  Price  Basis  (Loss)  751 Gain  Passive Losses  Gain / (Loss)  (Loss)  751 Gain  Gain / (Loss)  Liability  Liability  Liability  2013  623,245  10.9%  $18.63  $24.00  $10.58  $13.42  $3.56  $--  $3.56  $13.42  $3.56  $9.87  1.32  1.97  $3.29  2014  212,924  3.7%  21.88  24.00  12.51  11.49  3.57  (0.14)  3.43  11.49  3.57  7.92  1.27  1.58  2.85  2015  181,904  3.2%  21.66  24.00  13.15  10.85  3.59  (0.37)  3.21  10.85  3.59  7.26  1.19  1.45  2.64  2016  341,548  6.0%  25.72  24.00  17.45  6.55  2.75  -  2.75  6.55  2.75  3.80  1.02  0.76  1.78  2017  338,227  5.9%  25.87  24.00  19.06  4.94  2.05  -  2.05  4.94  2.05  2.89  0.76  0.58  1.34  2018  194,136  3.4%  24.84  24.00  19.27  4.73  1.62  (0.01)  1.61  4.73  1.62  3.11  0.60  0.62  1.22  2019  669,299  11.7%  17.77  24.00  14.02  9.98  1.92  (0.20)  1.72  9.98  1.92  8.06  0.64  1.61  2.25  2020  1,416,599  24.8%  11.12  24.00  9.07  14.93  1.28  (0.02)  1.26  14.93  1.28  13.65  0.47  2.73  3.20  2021  1,725,847  30.3%  13.83  24.00  11.52  12.48  0.54  (0.06)  0.49  12.48  0.54  11.94  0.18  2.39  2.57  Total / Wtd. Avg.  5,703,728  100.0%  $16.49  $24.00  $12.26  $11.74  $1.69  ($0.06)  $1.62  $11.74  $1.69  $10.06  $0.60  $2.01  $2.61  Ordinary Gain / (Loss)   Total Gain / (Loss) Per Unit Per Unit Capital Gain / (Loss) Per Unit Tax Liability Per Unit  
 
 Confidential – Preliminary and Subject to Change  Unitholder Tax Analysis  Illustrative SIRE Unitholder Tax Analysis at $24.00 / unit (cont’d)  Implied Taxes @ 37.0% Ordinary Gain / 20.0% Capital Gain  0.0  0.1  0.2  0.3  0.4  0.5  0.6  $--  $0.08  $0.16  $0.24  $0.32  $0.40  $0.48  $0.56  $0.64  $0.72  $0.80  $0.88  $0.96  $1.04  $1.12  $1.20  $1.28  $1.36  $1.44  $1.52  $1.60  $1.68  $1.76  $1.84  $1.92  $2.00  $2.08  $2.16  $2.24  $2.32  $2.40  $2.48  $2.56  $2.64  $2.72  $2.80  $2.88  $2.96  $3.04  $3.12  $3.20  $3.28  $3.36  $3.44  $3.52  $3.60  $3.68  $3.76  $3.84  $3.92  $4.00  Units (in Millions)  Net Taxes Paid per SIRE Unit  Tax Liability Deciles ($ per unit)  First Decile Second Decile Third Decile Fourth Decile Fifth Decile  $0.69 - $1.34  $1.34 - $1.96  $1.96 - $2.37  $2.37 - $2.69  $2.69 - $2.81  Sixth Decile Seventh Decile Eighth Decile Ninth Decile Tenth Decile  $2.81 - $2.87  $2.87 - $3.03  $3.03 - $3.20  $3.20 - $3.35  $3.35 - $3.42  Weighted Average $2.61  Total Tax Liability of Unaffiliated Unitholders ($MM) $14.9 
 
 Confidential – Preliminary and Subject to Change  ($24.08)  ($18.94)  ($14.61)  ($11.18)  ($2.44)  $0.60  $4.47  $13.49  ($3.04)  ($2.59)  ($2.34)  ($1.08)  ($0.03)  $0.31  $ $1.89  0.71  $1  $2.0 $5.71  $3.33  ($2.55)  ($2.14)  ($1.44)  ($0.87)  $1 .46  .13  $1.5 0  ($2.82)  $3.84  4 $5.75  $2.45 $6.94  $0.01  $8.51  $--  $0.95  $3.61  $1.22  $3.70  $1.99  $4.00  $2.52  $4.18  $4.64  $5.70  ($0.95)  ($1.34)  ($0.56)  ($1.25)  ($0.44)  ($0.36)  ($1.13)  ($0.14)  ($0.07)  ($0.99)  ($0.55)  ($0.11)  $0.02  $2.58  $2.63  $3.18  $3.20  $3.34  $1.02 $5.05  $3.72  ($3.33)  ($4.75)  ($5.75)  ($2.64)  ($1.95)  ($0.68)  ($1.57)  ($1.23)  ($1.43)  ($0.16)  $0.15  $0.31  $0.37  $0.39  $0.39  $0.41  $0.4 $3.77  $2.49  $0.69  $0.00  $3.04  $2.49  $1.34  $0.58  $3.23  $2.52  $1.96  $2.37  $2.69  $2.81  $2.87  $3.03  $3.20  $43.35  ($30.00)  ($20.00)  ($10.00)  $--  $10.00  $20.00  First Decile  Second Decile  Third Decile  Fourth Decile Fifth Decile Sixth Decile Seventh Decile  Eighth Decile  Ninth Decile  Tenth Decile  MLP A MLP B MLP C MLP D MLP E MLP F MLP G MLP H MLP I SIRE  Unitholder Tax Analysis  Precedent Taxable MLP Buy-In Unitholder Tax Impact  Estimated Cash Tax (Benefit) / Expense per Unit  $30.00 
 
 Confidential – Preliminary and Subject to Change  Unitholder Tax Analysis  (100.3%)  (78.9%)  (60.9%)  (46.6%)  (10.2%)  2.5%  7.9%  (25.5%)  (21.7%)  (19.6%)  (9.1%)  (0.3%)  6.0%  1 18.6%  1 23.8%  6.8%  28.0% 56.2%  (7.2%)  (6.1%)  (4.5%)  (4.1%)  3.2 2.3%  4.4%  6.9%  9 %  .4%  14.1%  17.0%  (30.9% (6.9%)  )  0.1%  9.5%  79.0%  2.3%  19.5%  3.0%  20.1%  2.6%  4.9%  21.7%  6.2%  22.7%  25.2%  27.3%  30.9%  (105.6%)  (8.8%)  (29.7%)  (2.5%)  (5.2%)  (27.9%)  (1.3%)  (3.3%)  (25.2%)  (0.4%)  (0.6%)  (22.0%)  (12.2%)  (2.4%)  0.5%  6.2%  6.3%  7.7%  7.7%  8.0%  9.0%  9.1%  (173.1%)  (24.5%)  (43.3%)  (20.5%)  (11.4%)  (31.8%)  (4.8%)  4.4%  9.2%  11.1%  11.7%  11.9%  12.3%  13.2%  --%  6.0%  2.9%  0.0%  16.5%  6.0%  5.6%  1.4%  17.5%  6.1%  8.2%  9.9%  11.2%  11.7%  12.0%  12.6%  13.3%  14.0%  Precedent Taxable MLP Buy-In Unitholder Tax Impact (cont’d)  Estimated Cash Tax (Benefit) / Expense per Unit as % of Offer Value  125.0%  (225.0%)  (175.0%)  (125.0%)  (75.0%)  (25.0%)  25.0%  75.0%  Ninth Decile  Tenth Decile  First Decile Second Decile Third Decile  MLP A MLP B  Fourth Decile Fifth Decile Sixth Decile Seventh Decile Eighth Decile MLP C MLP D MLP E MLP F MLP G MLP H MLP I SIRE 
 
 Confidential – Preliminary and Subject to Change  Additional Materials 
 
 Confidential – Preliminary and Subject to Change  Additional Materials  On November 19, 2021, Ciner Enterprises agreed to sell a 60% interest in Sisecam Chemicals to Sisecam USA for $300.0 million (the “2021 Acquisition”)  As a result of the transaction:   Sisecam Parent owns a controlling interest in the Partnership and Sisecam Wyoming through its indirect, majority ownership of SIRE GP   Sisecam Parent owns 60.0% of an approximate 74.1% economic interest in SIRE  Assumed Unit Price Premium and Implied Value Paid for SIRE GP  2021 Acquisition of 60% of SCR  2021 Acquisition Overview  Illustrative Value per LP Unit  $18.34  $20.00  $22.00  $24.00  $26.00  $28.00  $30.00  $32.00  $34.36  SIRE Units Owned by Sisecam Chemicals  14.6  14.6  14.6  14.6  14.6  14.6  14.6  14.6  14.6  Implied Value of SIRE Units  $266.8  $291.0  $320.1  $349.2  $378.3  $407.4  $436.5  $465.6  $500.0  Implied Value Paid by Sisecam Parent  $500.0  $500.0  $500.0  $500.0  $500.0  $500.0  $500.0  $500.0  $500.0  Implied Value for Control  $233.2  $209.0  $179.9  $150.8  $121.7  $92.6  $63.5  $34.4  $--  Implied SIRE Equity Market Cap1  $370.3  $404.0  $444.4  $484.8  $525.2  $565.6  $606.0  $646.4  $694.1  Control Value as % of SIRE Equity Market Cap  63.0%  51.7%  40.5%  31.1%  23.2%  16.4%  10.5%  5.3%  --%  Implied Sisecam Wyoming Equity Value2  $726.2  $792.1  $871.3  $950.5  $1,029.7  $1,109.0  $1,188.2  $1,267.4  $1,360.9  Control Value as a % of Sisecam Wyoming Equity Value  32.1%  26.4%  20.6%  15.9%  11.8%  8.3%  5.3%  2.7%  --%  ($ in millions, except per unit amounts)  Source: Public filings  Based on Illustrative Value per LP Unit and 20.2 million SIRE LP and GP units  SIRE Market Cap divided by 51% to arrive at an implied equity value for Sisecam Wyoming  Implied Value of Sisecam Chemicals  Value of Sisecam Parent Interest  $300.0  Divided by Ownership in Sisecam Chemicals  60.0%  Implied Value of Sisecam Chemicals  $500.0 
 
 Confidential – Preliminary and Subject to Change  Comparison of 2022 Actual vs. Forecast 
 
 Confidential – Preliminary and Subject to Change  Comparison of 2022 Actual vs. Forecast  ($ in millions, except per unit amounts)  Forecast Actuals Variance    2022E 2022A Amount %   Domestic Gross Sales Price ($/mt)  $246.33  $251.54  $5.22  2.1%  Export Gross Sales Price ($/mt)  323.41  345.71  22.30  6.9%  Domestic Gross Revenue  $289.1  $305.0  $15.9  5.5%  Export Gross Revenue  435.1  415.1  (20.0)  (4.6%)  Total Gross Revenue  $724.2  $720.1  ($4.0)  (0.6%)  Domestic Net Sales Price ($/mt)  $146.65  $150.70  $4.05  2.8%  Export Net Sales Price ($/mt)  195.74  216.41  20.66  10.6%  Domestic Net Revenue  $172.1  $182.7  $10.6  6.2%  Export Net Revenue  263.3  259.9  (3.5)  (1.3%)  Total Net Revenue  $435.4  $442.6  $7.2  1.6%  Energy  ($66.1)  ($74.6)  ($8.5)  12.8%  Personnel  (82.0)  (76.4)  $5.6  (6.8%)  Royalties  (20.1)  (20.4)  ($0.3)  1.6%  Severance Tax  (17.6)  (17.5)  $0.1  (0.6%)  Other  (71.5)  (63.9)  $7.6  (10.6%)  Cost of Goods Sold  ($257.3)  ($252.8)  $4.5  (1.7%)  Operating Expenses  (23.3)  (24.8)  (1.5)  6%  Total Sisecam Wyoming Expenses  ($280.6)  ($277.5)  $3.0  (1.1%)  Sisecam Wyoming EBITDA  $154.9  $165.1  $10.2  6.6%  SIRE G&A  (2.9)  (3.1)  ($0.2)  8.2%  SIRE EBITDA  $152.0  $161.9  $9.9  6.5%  Domestic Sales Volumes (mt)  1.2  1.2  0.0  3.3%  Export Sales Volumes (mt)  1.3  1.2  (0.1)  (10.7%)  Total Sales Volumes (mt)  2.5  2.4  (0.1)  (4.2%)  Domestic net revenue exceeded  Forecast primarily due to higher net sales price  Domestic Freight Cost  ($117.0)  ($122.3)  ($5.3)  4.5%  International net revenue  Export Freight Cost  (171.8)  (155.3)  16.5  (9.6%)  underperformed Forecast due to  Total Freight Cost  ($288.7)  ($277.5)  $11.2  (3.9%)  lower volumes, partially offset by  higher net sales price  Expenses were lower than Forecast, driven by lower Personnel and Other expenses, partially offset by higher Energy expenses 
 
 Confidential – Preliminary and Subject to Change  IHS January 2023 Interim Monthly Price Update Case 
 
 Confidential – Preliminary and Subject to Change  Export Pricing  Additional Materials  Net Realized Pricing Forecast – SIRE vs. IHS  Projected Soda Ash Pricing Trends – Domestic and Export Pricing  ($ per metric ton)  Source: SIRE management, IHS  Domestic  Pricing  SIRE, Net IHS, Net as of 8/15/2022 IHS January 2023 Interim Monthly Update  263  208  203  229  208  247  226  193  193  147  168  $180  $220  $260  $340  $300  $140  2022E  300  270  270  269  270  280  258  248  248  248  238  238  200  200  200  200  190  180  172  172  166  $140  $180  $220  $260  $300  $340  2022E  2023E 2024E 2025E 2026E 2027E  2028E 
 
 Confidential – Preliminary and Subject to Change  $2.41  $2.22  $1.86  $1.67  $1.75  $1.42  $2.59  $2.50  $2.73 $2.76  $2.80 $2.87  $2.91  $2.94  $2.55 $2.55  $2.48 $2.48  2023E  2024E  2025E  2026E  2027E  2028E  $76.6  $71.2  $55.9  $51.8  $53.8  $46.9  $70.8  $86.7 $87.7  $88.8 $90.9  $82.4  $73.3  $83.4  $72.3 $72.3  $70.6 $70.6  2023E  2024E  2025E  2026E  2027E  2028E  34.6%  33.5%  30.8%  39.3% 39.3% 39.3%  39.3% 39.3% 39.3%  35.8% 37.1% 37.1%  37.1% 37.1%  37.1%37.1%  37.1%37.1%  2023E  2024E  2025E  2026E  2027E  2028E  Preliminary Valuation of SIRE Common Units  SIRE Financial Projections  Sensitivity Case  IHS January 2023 Interim Monthly Price Update Case  EBITDA  Attributable to SIRE  DCF / LP Unit  % Gross Margin  SIRE Financial Projections vs. Sensitivity Case vs. IHS January 2023 Interim Monthly Price Update Case  ($ in millions, except per unit amounts)  58  Source: SIRE Financial Projections, SIRE management 
 
 Confidential – Preliminary and Subject to Change  Discounted Cash Flow Analysis  Peer Group Trading Analysis  Precedent M&A Transactions Analysis  EBITDA Exit Multiple  Perpetuity Growth  2023E EBITDA  2024E EBITDA  2023E EBITDA  EBITDA Exit Multiple:  5.5x - 8.0x  Perpetuity Growth Rate: 0.5% - 1.5%  2023E EBITDA Multiple: 5.0x - 7.5x  2024E EBITDA Multiple:  4.5x - 7.0x  2023E EBITDA Multiple: 6.0x - 8.5x  Discount Rate: WACC of 8.0% - 9.0%  Terminal Yield of: 8.0% - 12.0%  Equity Cost of Capital of: 8.5% - 10.5%  1-Day Spot Premium 20.0% - 35.0%  30-Day VWAP Premium 20.0%-30.0%  Premiums Paid Analysis  Discounted Distributions Analysis  $15.09  $22.89  $23.64  $14.15  $23.34  $24.10  $16.04  $18.54  $18.79  $12.94  $16.87  $17.34  $19.83  $22.83  $23.13  $15.29  $23.19  $23.84  $19.77  $29.66  $30.59  $17.19  $28.52  $29.45  $25.52  $29.27  $29.64  $21.75  $27.86  $28.60  $29.32  $33.56  $33.98  $20.08  $31.42  $32.12  $--  $5.00  $10.00  $15.00  $20.00  $25.00  $30.00  $35.00  $50.00  $45.00  $40.00  $21.44  $24.23  Preliminary Valuation of SIRE Common Units  Consideration:  $24.00  SIRE Financial Projections vs. Sensitivity Case vs. IHS January 2023 Interim Monthly Price Update Case  FOR REFERENCE ONLY  SIRE Financial Projections  Sensitivity Case  59  IHS January 2023 Interim Monthly Price Update Case 
 
 Confidential – Preliminary and Subject to Change  Financial Projections and Preliminary Valuation Detail – Sensitivity Case  Sisecam Wyoming EBITDA – Sensitivity Case  Domestic Sales Volumes (mt)  1.26  1.19  1.11  1.11  1.19  1.19  Export Sales Volumes (mt)  1.26  1.19  1.11  1.11  1.19  1.19  Sales Volumes (mt)  2.52  2.37  2.22  2.22  2.37  2.37  Volume Growth (%)  (0.1%)  (5.8%)  (6.4%)  --%  6.8%  --%  Domestic Gross Revenue  $361.7  $344.6  $369.6  $391.1  $355.1  $363.7  Export Gross Revenue  478.6  491.9  442.2  435.0  442.8  435.3  Gross Revenue  $840.3  $836.4  $811.7  $826.1  $797.9  $799.0  Domestic Freight  ($132.7)  ($128.8)  ($124.2)  ($127.9)  ($140.7)  ($145.0)  Export Freight  (189.3)  (182.4)  (174.6)  (178.5)  (195.0)  (199.3)  Freight Costs  ($321.9)  ($311.2)  ($298.8)  ($306.5)  ($335.7)  ($344.3)  Domestic Net Revenue  $229.0  $215.8  $245.4  $263.1  $214.4  $218.8  Export Net Revenue  289.4  309.5  267.6  256.5  247.8  236.0  Net Revenue  $518.4  $525.3  $512.9  $519.6  $462.2  $454.7  Average Net Realized Price  $206.00  $221.50  $231.00  $234.00  $194.90  $191.75  Energy Costs  (85.1)  (78.3)  (82.1)  (83.1)  (73.9)  (72.8)  Personnel Costs  (99.3)  (109.9)  (118.0)  (119.5)  (106.3)  (104.6)  Royalties  (24.1)  (23.1)  (22.6)  (22.9)  (20.3)  (20.0)  Severance & Ad Valorem Taxes  (13.4)  (14.2)  (15.5)  (15.7)  (14.0)  (13.7)  Other  (92.9)  (93.1)  (84.5)  (85.6)  (76.2)  (74.9)  Cost of Goods Sold  ($314.8)  ($318.7)  ($322.6)  ($326.8)  ($290.7)  ($286.0)  Gross Profit  $203.6  $206.6  $190.3  $192.8  $171.5  $168.7  Gross Margin (% of Net Revenue)  39.3%  39.3%  37.1%  37.1%  37.1%  37.1%  Operating Expenses  (23.8)  (20.4)  (20.9)  (21.4)  (21.9)  (22.3)  Sisecam Wyoming EBITDA  $179.8  $186.2  $169.4  $171.4  $149.6  $146.4  EBITDA Margin (% of Net Revenue)  34.7%  35.4%  33.0%  33.0%  32.4%  32.2%  2023E  2024E  For the Years Ending December 31, 2025E 2026E  2027E  2028E  ($ in millions)  SIRE Financial Projections, SIRE management  60 
 
 Confidential – Preliminary and Subject to Change  Financial Projections and Preliminary Valuation Detail – Sensitivity Case  SIRE Financial Projections, SIRE management  61  Sisecam Wyoming Cash Flow Summary – Sensitivity Case  For the Years Ending December 31,  2023E  2024E  2025E  2026E  2027E  2028E  Sisecam Wyoming Distributable Cash Flow  Sisecam Wyoming EBITDA  $179.8  $186.2  $169.4  $171.4  $149.6  $146.4  Less: Cash Interest Expense  (2.4)  (1.4)  (0.7)  (0.3)  (0.1)  0.1  Less: Maintenance Capital Expenditures  (25.6)  (26.1)  (26.7)  (27.3)  (27.9)  (28.6)  Distributable Cash Flow  $151.8  $158.6  $142.0  $143.8  $121.6  $117.9  Sisecam Wyoming Distributed Cash Flow  Distributions to SIRE (51.0%)  $61.9  $64.7  $65.8  $66.7  $56.4  $54.6  Distributions to NRP (49.0%)  59.5  62.2  63.2  64.1  54.2  52.5  Distributed Cash Flow  $121.5  $126.9  $129.1  $130.7  $110.5  $107.2  Distributable Cash Flow Surplus / (Shortfall)  $30.4  $31.7  $12.9  $13.1  $11.1  $10.7  Sisecam Wyoming Coverage Ratio  1.25x  1.25x  1.10x  1.10x  1.10x  1.10x  ($ in millions) 
 
 Confidential – Preliminary and Subject to Change  Financial Projections and Preliminary Valuation Detail – Sensitivity Case  SIRE Financial Projections, SIRE management  62  Sisecam Wyoming Sources and Uses – Sensitivity Case  2023E  2024E  2025E  2026E  2027E  2028E  Sources  Distributable Cash Flow Surplus / (Shortfall)  $30.4  $31.7  $12.9  $13.1  $11.1  $10.7  Increase / (Decrease) in Net Working Capital  0.4  15.7  8.2  0.8  (9.8)  (1.0)  Cash from Revolver / (Cash to Revolver)  --  --  --  --  1.7  --  Total Sources  $30.7  $47.4  $21.1  $13.8  $2.9  $9.7  Uses  Growth Capital Expenditures  $--  $--  $--  $--  $--  $--  Mandatory Debt Paydown  8.8  9.1  9.3  9.5  3.5  4.7  Discretionary Debt Paydown  38.2  38.4  11.8  3.7  --  1.7  Cash to (from) Balance Sheet  (16.3)  --  --  0.6  (0.6)  3.4  Other  --  --  --  --  --  --  Total Uses  $30.7  $47.4  $21.1  $13.8  $2.9  $9.7  Capital Structure  Total Debt  $90.0  $42.5  $21.5  $8.3  $6.4  $0.0  Less: Cash  (5.0)  (5.0)  (5.0)  (5.6)  (5.0)  (8.4)  Net Debt  $85.0  $37.5  $16.5  $2.6  $1.4  ($8.3)  Net Debt / Adjusted EBITDA  0.5x  0.2x  0.1x  0.0x  0.0x  (0.1x)  For the Years Ending December 31,  ($ in millions) 
 
 Confidential – Preliminary and Subject to Change  Financial Projections and Preliminary Valuation Detail – Sensitivity Case  SIRE Financial Projections, SIRE management  63  SIRE Cash Flow Summary – Sensitivity Case  2023E  2024E  2025E  2026E  2027E  2028E  Consolidated EBITDA  Sisecam Wyoming EBITDA  $179.8  $186.2  $169.4  $171.4  $149.6  $146.4  Less: SIRE G&A  (4.0)  (4.0)  (4.0)  (4.0)  (4.0)  (4.0)  SIRE Consolidated EBITDA  $175.8  $182.2  $165.4  $167.4  $145.6  $142.4  EBITDA Attributable to SIRE  SIRE'S 51% Share of Sisecam Wyoming EBITDA  $91.7  $94.9  $86.4  $87.4  $76.3  $74.6  Less: SIRE G&A  (4.0)  (4.0)  (4.0)  (4.0)  (4.0)  (4.0)  EBITDA Attributable to SIRE  $87.7  $90.9  $82.4  $83.4  $72.3  $70.6  SIRE Distributable Cash Flow  Distributions from Sisecam Wyoming  $61.9  $64.7  $65.8  $66.7  $56.4  $54.6  Less: SIRE G&A  (4.0)  (4.0)  (4.0)  (4.0)  (4.0)  (4.0)  Distributable Cash Flow  $57.9  $60.7  $61.8  $62.7  $52.4  $50.6  Distributed Cash Flow  Sisecam Chemicals  $40.2  $41.7  $42.3  $42.8  $37.1  $36.1  Public  14.5  15.0  15.3  15.4  13.4  13.0  General Partner  3.3  4.0  4.3  4.5  1.9  1.5  Distributed Cash Flow  $57.9  $60.7  $61.8  $62.7  $52.4  $50.6  Unit Ownership  Sisecam Chemicals  14.6  14.6  14.6  14.6  14.6  14.6  Public  5.2  5.2  5.2  5.2  5.2  5.2  General Partner  0.4  0.4  0.4  0.4  0.4  0.4  Total Units Outstanding  20.2  20.2  20.2  20.2  20.2  20.2  Distributable Cash Flow per LP Unit  $2.76  $2.87  $2.91  $2.94  $2.55  $2.48  Distribution per LP Unit  2.76  2.87  2.91  2.94  2.55  2.48  Distributable Cash Flow Surplus / (Shortfall)  $--  $--  $--  $--  $--  $--  ($ in millions, except per unit amounts)  For the Years Ending December 31, 
 
 Confidential – Preliminary and Subject to Change  4.25x  5.50x  6.75x  8.00x  9.25x  --%  0.5%  1.0%  1.5%  2.0%  $25.57  $28.44  $31.27  $28.73  $30.01  $31.51  24.89  24.25  23.64  27.82  27.10  26.41  30.59  29.92  29.17  27.02  25.47  24.10  28.18  26.46  24.95  29.45  27.58  25.91  7.5%  8.0%  8.5%  9.0%  9.5%  $22.55 21.96  21.40  20.87  20.36  23.06  25.75  28.44  $34.11 33.34  32.60  31.88  31.12  7.5%  8.0%  8.5%  9.0%  9.5%  $27.61 26.01  24.60  23.34  22.21  22.87  23.61  24.44  $33.28 30.91  28.88  27.01  25.38  WACC  WACC   For the Years Ending December 31,    2023E 2024E 2025E 2026E 2027E 2028E   Exit   Multiple   Perpetuity   Growth   Sisecam Wyoming EBITDA  $179.8  $186.2  $169.4  $171.4  $149.6  $146.4  $710.6  $146.4  Less: Tax Depreciation and Amortization2  (608.4)  (58.0)  (51.4)  (48.9)  (47.1)  (50.5)  (28.6)  EBIT  ($428.6)  $128.2  $117.9  $122.5  $102.5  $95.9  $117.8  Less: Cash Taxes3  --  (7.6)  (7.0)  (9.1)  (7.6)  (16.3)  (43.6)  EBIAT  ($428.6)  $120.6  $111.0  $113.4  $94.9  $79.6  $74.2  Plus: Tax Depreciation and Amortization  608.4  58.0  51.4  48.9  47.1  50.5  28.6  Less: Capital Expenditures  (25.6)  (26.1)  (26.7)  (27.3)  (27.9)  (28.6)  (28.6)  Less: Changes in NWC  0.4  15.7  8.2  0.8  (9.8)  (1.0)  -  Sisecam Wyoming Unlevered Free Cash Flow  $154.6  $168.2  $143.9  $135.8  $104.3  $100.5  $74.2  SIRE Interest in Sisecam Wyoming  51.0%  51.0%  51.0%  51.0%  51.0%  51.0%  51.0%  SIRE Share of Sisecam Wyoming Unlevered Free Cash Flow  $78.8  $85.8  $73.4  $69.2  $53.2  $51.2  $37.8  Less: SIRE G&A  (4.0)  (4.0)  (4.0)  (4.0)  (4.0)  (4.0)  (4.0)  SIRE Unlevered Free Cash Flow  $74.8  $81.8  $69.4  $65.2  $49.2  $47.2  $33.8  EBITDA Multiple / Perpetuity Growth Rate  6.8x  1.0%  Implied Terminal Value  $476.8  −  $455.8  Present Value of Terminal Value @ 8.5% Discount Rate  292.3  −  279.4  Plus: Present Value of Unlevered Free Cash Flow @ 8.5% Discount Rate  314.0  Implied Enterprise Value  $606.3  −  $593.4  Less: Net Debt as of December 31, 2022 (SIRE's 51% Share)  (59.0)  Implied Equity Value  $547.3  −  $534.4  SIRE LP Units Outstanding4  20.2  Implied SIRE LP Unit Value  $27.10  −  $26.46  Terminal Exit Multiple Perpetuity Growth Rate  Financial Projections and Preliminary Valuation Detail – Sensitivity Case  Unit Price Sensitivity Analysis  Discounted Cash Flow Analysis – Sensitivity Case  4.  Includes 2.0% general partner interest, economically equivalent to 399,000 LP Units at current quarterly distribution  64  ($ in millions, except per unit amounts)  Source: SIRE Financial Projections  51% of Sisecam Wyoming EBITDA less $4.0 million SIRE G&A  2023E tax DD&A assumes 100.0% bonus depreciation calculated as the midpoint of the enterprise value range plus 80.0% bonus depreciation on 2023E capital expenditures; bonus depreciation phase-down on capital expenditures in 2024E (60.0%), 2025E (40.0%) and 2026E (20.0%)  Assumes unitholder tax rate of 29.6% from 2023E to 2025E and 37.0% thereafter 
 
 Confidential – Preliminary and Subject to Change  Financial Projections and Preliminary Valuation Detail – Sensitivity Case  Peer Group Trading Analysis – Sensitivity Case  2023E EBITDA Attributable to SIRE Relevant EBITDA Multiple  $87.7  5.0x  –  Implied Enterprise Value Based on 2023E Adjusted EBITDA  $438.5  Less: Net Debt as of December 31, 2022 (SIRE's 51% Share) Implied SIRE Equity Value  SIRE LP Units Outstanding1  Implied SIRE Unit Price Range - 2023E Adjusted EBITDA  2024E EBITDA Attributable to SIRE Relevant EBITDA Multiple  Implied Enterprise Value Based on  Less: Net Debt as of Decembe Implied SIRE Equit  SIRE LP Uni  Im  ($ in millions, except per unit amounts)  Source: SIRE Financial Projections, SIRE management  1.  Includes 2.0% general partner interest, economically equivalent to 399,000 LP Units at current quarterly distribution  65 
 
 Confidential – Preliminary and Subject to Change  Financial Projections and Preliminary Valuation Detail – Sensitivity Case  Precedent M&A Transactions Analysis – Sensitivity Case  Precedent M&A Transaction Analysis  Source: Public filings, Wall Street research, SIRE Financial Projections, SIRE management  1.  Includes 2.0% general partner interest, economically equivalent to 399,000 LP Units at current quarterly distribution  66  ($ in millions, except per unit amounts) 
 
 Confidential – Preliminary and Subject to Change  Financial Projections and Preliminary Valuation Detail – Sensitivity Case  Discounted Distributions Analysis – Sensitivity Case  For the Years Ending   December 31,    2023E 2024E 2025E 2026E 2027E 2028E   ($ per unit)  SIRE Distribution per LP Unit (Cash, As Paid)1  $2.76  $2.87  $2.91  $2.94  $2.55  $2.48  $2.48  –  $2.48  Terminal Yield2  12.0%  –  8.0%  Terminal Value  $20.67  $31.00  Equity Cost of Capital Based on CAPM  Present Value @ 7.5% Cost of Equity  $26.84  –  $33.54  Present Value @ 8.5% Cost of Equity  25.78  –  32.12  Present Value @ 9.5% Cost of Equity  24.78  –  30.78  Present Value @ 10.5% Cost of Equity  23.84  –  29.52  Present Value @ 11.5% Cost of Equity  22.95  –  28.33  Implied SIRE Unit Value – Based on CAPM  $23.84  –  $32.12   Terminal Value Low High  Source: FactSet, SIRE Financial Projections, SIRE management  1. Values LP units based on LP unit distributions and does not consider GP distributions  2.  Based on SIRE’s 52-week yield range of 6.1% to 12.1% with a median of 9.1% and mean of 9.0%  67 
 
Exhibit (c)(9)

 Confidential – Preliminary and Subject to Change  Discussion Materials Regarding Project Houston January 29, 2023 
 
 Confidential – Preliminary and Subject to Change  These materials have been prepared by Evercore Group L.L.C. (“Evercore”) for the Conflicts Committee (the “Conflicts Committee”) of the Board of Directors of Sisecam Resource Partners LLC, the general partner of Sisecam Resources LP (the “Partnership”), to whom such materials are directly addressed and delivered and may not be used or relied upon for any purpose other than as specifically contemplated by a written agreement with Evercore. These materials are based on information provided by or on behalf of the Conflicts Committee, from public sources or otherwise reviewed by Evercore. Evercore assumes no responsibility for independent investigation or verification of such information and has relied on such information being complete and accurate in all material respects. To the extent such information includes estimates and forecasts of future financial performance prepared by or reviewed with the management of the Partnership and/or other potential transaction participants or obtained from public or other third party sources, Evercore has assumed that such estimates and forecasts have been reasonably prepared on bases reflecting the best currently available estimates and judgments of such management (or, with respect to estimates and forecasts obtained from public sources, represent reasonable estimates). No representation or warranty, express or implied, is made as to the accuracy or completeness of such information and nothing contained herein is, or shall be relied upon as, a representation, whether as to the past, the present or the future. These materials were designed for use by specific persons familiar with the business and affairs of the Partnership. These materials are not intended to provide the sole basis for evaluating, and should not be considered a recommendation with respect to, any transaction or other matter. These materials have been developed by and are proprietary to Evercore and were prepared exclusively for the benefit and internal use of the Conflicts Committee.  These materials were compiled on a confidential basis for use exclusively by the Conflicts Committee and not with a view to public disclosure or filing thereof under state or federal securities laws, and may not be reproduced, disseminated, quoted or referred to, in whole or in part, without the prior written consent of Evercore or as provided in the engagement letter between Evercore and the Conflicts Committee.  These materials do not constitute an offer or solicitation to sell or purchase any securities and are not a commitment by Evercore or any of its affiliates to provide or arrange any financing for any transaction or to purchase any security in connection therewith. Evercore assumes no obligation to update or otherwise revise these materials. These materials may not reflect information known to other professionals in other business areas of Evercore and its affiliates.  Evercore and its affiliates do not provide legal, accounting or tax advice. Accordingly, any statements contained herein as to tax matters were neither written nor intended by Evercore or its affiliates to be used and cannot be used by any taxpayer for the purpose of avoiding tax penalties that may be imposed on such taxpayer. Each person should seek legal, accounting and tax advice based on his, her or its particular circumstances from independent advisors regarding the impact of the transactions or matters described herein. 
 
 Confidential – Preliminary and Subject to Change  Table of Contents  Section  Executive Summary  Soda Ash Market Background  SIRE Situation Analysis  Preliminary Valuation of SIRE Common Units  Preliminary Valuation Detail – SIRE Financial Projections  Financial Projections and Preliminary Valuation Detail – Sensitivity Case  Appendix  Weighted Average Cost of Capital Analysis Unitholder Tax Analysis  Additional Materials  Comparison of 2022 Actual vs. Forecast  IHS January 2023 Interim Monthly Price Update Case  I  II  III  IV 
 
 Confidential – Preliminary and Subject to Change  I. Executive Summary 
 
 Confidential – Preliminary and Subject to Change  Executive Summary  1  Introduction  Evercore Group L.L.C. (“Evercore”) is pleased to provide the following materials to the Conflicts Committee (the “Conflicts Committee”) of the Board of Directors of [Houston GP LLC] (the “Partnership GP”), the general partner of [Target LP] (“SIRE” or the “Partnership”), regarding [Houston Chemicals Resources LLC]’s (“Sisecam Chemicals” or “SCR”) proposal to acquire all the outstanding common units representing limited partner interests in the Partnership (each, a “Common Unit”)   Pursuant to the Agreement and Plan of Merger, dated as of the date hereof (the “Agreement”), among the Partnership, the Partnership GP, [Houston Holdings, LLC] (“Parent”), Sisecam Chemicals Wyoming LLC, sole member of Parent (“Unitholder Parent”), and [Houston Merger Sub, LLC], a wholly-owned subsidiary of Parent (“Merger Sub”), Merger Sub will merge with and into the Partnership, with the Partnership surviving and continuing to exist as a Delaware limited partnership and a wholly-owned subsidiary of Parent (the “Transaction”)   As a result of the Transaction, each outstanding Common Unit, other than the Common Units owned by Unitholder Parent and its permitted transferees will be converted into a right to receive $24.00 in cash, without interest (the “Consideration”), per issued and outstanding Common Unit  Unitholder Parent is a wholly-owned subsidiary of Sisecam Chemicals that currently owns:   14,551,000 Common Units (72% limited partner interest in the Partnership)   The Partnership GP, which owns a 2.0% general partner interest in the Partnership   Holders of Common Units other than the Partnership GP, Unitholder Parent, Parent, Merger Sub and their respective affiliates are referred to as the "Unaffiliated Unitholders“  On July 5, 2022, Sisecam Chemicals proposed to acquire each outstanding Common Unit owned by the Unaffiliated Unitholders for $17.90 per Common Unit in cash (the “Initial Proposal”)  Between November 8th and today, Sisecam Chemicals and the Conflicts Committee reached a tentative agreement whereby Sisecam Chemicals will acquire each outstanding Common Unit owned by the Unaffiliated Unitholders at $24.00 per Common Unit in cash with quarterly distributions to be paid through and until the closing date on a pro rata basis (the “Consideration”)   The Consideration represents a 33.7% premium to SIRE’s closing Common Unit price of $17.95 as of July 5, 2022, the last unaffected trading date before public announcement of the Initial Proposal   The Consideration represents a 34.3% premium to SIRE’s 30-day volume weighted average price (“VWAP”) as of July 5, 2022 of $17.87 
 
 Confidential – Preliminary and Subject to Change  Executive Summary  2  In connection with rendering an opinion, Evercore has, among other things:   Reviewed certain publicly available business and financial information relating to the Partnership that we deemed to be relevant, including: the Annual Report on Form 10-K for the year ended December 31, 2021; the Quarterly Reports on Form 10-Q for the quarters ended March 31, 2022, June 30, 2022, and September 30, 2022; and certain Current Reports on Form 8-K, in each case as filed with or furnished to the U.S. Securities and Exchange Commission by the Partnership since January 1, 2022   Reviewed certain non-public projected financial and operating data and assumptions relating to the Partnership prepared and furnished to us by management of the Partnership, as approved for our use by the Partnership (the “SIRE Financial Projections”)   Discussed with management of the Partnership their assessment of the past and current operations of the Partnership, the current financial condition and prospects of the Partnership, and the SIRE Financial Projections (including management’s views of the risks and uncertainties of achieving such projections)   Reviewed the reported prices and the historical trading activity of the Common Units   At the request of the Conflicts Committee, prepared and reviewed a sensitivity case (the “Sensitivity Case”) with respect to the projected financial and operating data and assumptions relating to the Partnership that we deemed relevant, including sensitivities related to pricing and operating expenses based on discussions with management of the Partnership   Performed discounted cash flow analyses on the Partnership based on the SIRE Financial Projections and the Sensitivity Case   Compared the financial performance of the Partnership and its stock market trading multiples with those of certain other publicly traded companies and partnerships that we deemed relevant   Compared the financial performance of the Partnership and the valuation multiples relating to the Transaction with the financial terms, to the extent publicly available, of certain other transactions that we deemed relevant   Performed discounted distribution analyses on the Partnership based on the SIRE Financial Projections and the Sensitivity  Case   Reviewed a draft of the Agreement marked as the “Agreed Form”   Performed such other analyses and examinations, held such other discussions, reviewed such other information and considered such other factors that we deemed appropriate for the purpose of providing the opinion contained herein  Evercore Evaluation Process  Opinion Requested:  Evercore has been asked by the Conflicts Committee, whether, in Evercore’s opinion, the Consideration to be received by the Unaffiliated Unitholders in the Transaction is fair, from a financial point of view, to the Unaffiliated Unitholders 
 
 Confidential – Preliminary and Subject to Change  Introduction  The materials include the following:  3   An executive summary, including: (i) an overview of the Transaction; (ii) a review of SIRE’s current partnership structure; (iii) the Transaction economics and (iv) an analysis of SIRE’s historical trading performance   Background information on the U.S. and worldwide soda ash market   An analysis of SIRE’s current situation, including an analysis of historical sales and expenses and a summary of the SIRE Financial Projections   A preliminary valuation of the Common Units utilizing the SIRE Financial Projections and the Sensitivity Case   An appendix, including SIRE’s weighted average cost of capital, an analysis of the unitholder tax impact of the Transaction, a review of Sisecam Chemicals USA Inc.’s 2021 acquisition of a 60% interest in Sisecam Chemicals Resources LLC, a comparison of 2022 preliminary results and forecasted results, a review of IHS’ view on soda ash pricing as of January 15, 2023 relative to that on August 15, 2022 and as provided by SIRE (the “IHS January 2023 Interim Monthly Price Update”) and a valuation using the IHS January 2023 Interim Monthly Price Update (the “IHS January 2023 Interim Monthly Price Update Case”)  Executive Summary 
 
 Confidential – Preliminary and Subject to Change  Executive Summary  Summary Organizational Structure  ($ in millions, except per unit amounts)  Source: Partnership filings  100%  100%  100%  Sisecam Chemicals Resources LLC  (“Sisecam Chemicals” or “SCR”)  Public  Sisecam Chemicals Wyoming LLC  (“SCW LLC”)  Sisecam Wyoming LLC  (“Sisecam Wyoming”)  Natural Resources Partners LP (“NRP”)  NRP Trona LLC  (“NRP LLC”)  Sisecam Resources LP  (the “Partnership” or “SIRE”)  Sisecam Resource Partners LLC  (“SIRE GP”)  Sisecam Chemicals USA Inc.  (“Sisecam USA”)  Ciner Enterprise Inc.  (“Ciner Enterprises”)  WE Soda Ltd.  (“WE Soda”)  Türkiye Şişe Ve Cam Fabrikaları A.Ş  (“Sisecam Parent”)  100%  ~72% LP Interest 14,551,000 Common Units  ~26% LP Interest 5,248,791 Common Units  51%  49%  100%  60% 40%  Interests to be acquired in the Transaction  ~2% GP Interest 399,000 GP Units  4 
 
 Confidential – Preliminary and Subject to Change  Executive Summary  6.  As of January 24, 2023, Unaffiliated Unitholders owned 5,248,791 Common Units  5  Transaction Economics at Various Values  ($ in millions, except per unit amounts)  Source: Partnership filings, FactSet, SIRE Financial Projections  As of January 24, 2023; reflects the sum of: (i) 19,799,791 Common Units outstanding and (ii) 399,000 general partner units representing an approximate 2.0% limited partner interest in SIRE and assumes pro rata allocation of equity value to Common Units and SIRE GP, with no incremental allocation to SIRE GP attributable to IDRs  SIRE’s total equity value represents a 51% interest in Sisecam Wyoming with the resulting 49% non-controlling interest stated at implied market value based on the SIRE Common Unit price  Based on a Common Unit price of $17.95 as of July 5, 2022, the last unaffected trading date before the Initial Proposal  Based on a 10-day, 20-day and 30-day VWAP prices of $17.29, $17.48 and $17.87, respectively, from July 5, 2022, the last unaffected trading date before the Initial Proposal  Per SIRE Financial Projections; reflects 100% of Sisecam Wyoming EBITDA less SIRE G&A  Sisecam Chemicals Proposals  Consideration  Conflicts Committee  Counterproposals  Initial Proposal (7/5/22)  Second Proposal (9/27/22)  Third Proposal (10/20/22)  Fourth Proposal (10/24/2022)  $24.00  Unit Price  Third (10/24/22)  Second (10/11/22)  First (9/20/22)  SIRE Common Unit Price  $17.90  $19.00  $22.00  $23.50  $24.00  $25.50  $28.50  $29.50  SIRE Units Outstanding1  20.2  20.2  20.2  20.2  20.2  20.2  20.2  20.2  Total Equity Value – SIRE2  $361.6  $383.8  $444.4  $474.7  $484.8  $515.1  $575.7  $595.9  Noncontrolling Interest2  347.4  368.7  426.9  456.1  465.8  494.9  553.1  572.5  Total Equity Value – Sisecam Wyoming  $708.9  $752.5  $871.3  $930.7  $950.5  $1,009.9  $1,128.8  $1,168.4  Plus: Net Debt as of December 31, 2022  115.7  115.7  115.7  115.7  115.7  115.7  115.7  115.7  Consolidated Enterprise Value  $824.6  $868.2  $987.0  $1,046.4  $1,066.2  $1,125.6  $1,244.4  $1,284.1  Premium to Unaffected Price3  (0.3%)  5.8%  22.6%  30.9%  33.7%  42.1%  58.8%  64.3%  10-Day VWAP from Unaffected Date4  3.5%  9.9%  27.2%  35.9%  38.8%  47.5%  64.8%  70.6%  20-Day VWAP from Unaffected Date4  2.4%  8.7%  25.9%  34.5%  37.3%  45.9%  63.1%  68.8%  30-Day VWAP from Unaffected Date4  0.2%  6.3%  23.1%  31.5%  34.3%  42.7%  59.5%  65.1%  SIRE Consolidated EBITDA 5  2022E  $152.0  $152.0  $152.0  $152.0  $152.0  $152.0  $152.0  $152.0  2023E  154.0  154.0  154.0  154.0  154.0  154.0  154.0  154.0  2024E  143.5  143.5  143.5  143.5  143.5  143.5  143.5  143.5  Enterprise Value / SIRE Consolidated EBITDA  2022E  5.4x  5.7x  6.5x  6.9x  7.0x  7.4x  8.2x  8.4x  2023E  5.4  5.6  6.4  6.8  6.9  7.3  8.1  8.3  2024E  5.7  6.1  6.9  7.3  7.4  7.8  8.7  9.0  Value of Common Units Owned by Unaffiliated Unitholders6  $94.0  $99.7  $115.5  $123.3  $126.0  $133.8  $149.6  $154.8 
 
 Confidential – Preliminary and Subject to Change  $24.00  $23.91  $17.87  $19.16  $18.80  $17.45  $20.77  $15.00  $16.00  $17.00  $18.00  $19.00  $20.00  $23.00  $22.00  $21.00  $24.00  $25.00  $26.00  10/26/21  1/26/22  Historical Price (SIRE) Last 6 Months VWAP  VWAP from Announcement to 1/26/23  4/26/22  7/26/22  10/26/22  Last 60 Trading Days VWAP Consideration  1/26/23  Last 30 Trading Days VWAP Last 12 Months VWAP  Executive Summary  SIRE Unit Trading  SIRE Price  Premium to Relative Price  Consideration $24.00  Unaffected Closing Price $17.95  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  17.87  18.80  19.16  17.45  20.77  33.7%  34.3%  27.7%  25.3%  37.5%  15.5%  7/5/22: SCR delivered a non- binding proposal to acquire all Common Units held by Unaffiliated Unitholders for  $17.90 per Common Unit  11/19/21: Ciner Enterprises agreed to sell 60% of SCR, inclusive of control, to Sisecam USA for $300 million  1/27/22: CINR / SIRE  announced a quarterly cash distribution increase from $0.34 to  $0.65 per unit  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  4/29/22: SIRE  announced a quarterly cash distribution decrease from $0.65 to  $0.50 per unit  Source: FactSet, Bloomberg  6 
 
 Confidential – Preliminary and Subject to Change  Executive Summary  Historical SIRE and Peer Group Valuation  Source: FactSet  --x  5x  10x  15x  20x  25x  1/26/18  1/26/19  1/26/20 1/26/21  1/26/22  Historical Enterprise Value-to-Adjusted EBITDA (Latest Quarter Annualized)  SIRE reported annualized Adj. EBITDA of $2.8 million for 2Q20, its COVID-19 Pandemic trough, resulting in a multiple that is not meaningful  SIRE Peer Group Range1  Over the past five years, SIRE has generally traded between 5.0x and 8.0x run-rate EBITDA, near the bottom of the range of its peers  1/26/23  1.  Includes: Ciech SA; Genesis Energy, L.P.; Türkiye Sise ve Cam Fabrikalari A.S.; Solvay SA; Tata Chemicals Limited  7 
 
 Confidential – Preliminary and Subject to Change  II. Soda Ash Market Background 
 
 Confidential – Preliminary and Subject to Change  Soda Ash Market Background  The U.S. soda ash industry is comprised of four companies in Wyoming operating five plants and one company in California operating one plant  The five producers have a combined annual capacity of  13.3 million metric tons  The majority of the world's trona reserves are located in the Green River Basin, Wyoming and approximately 25% of global soda ash is produced by processing trona, with the remainder being produced synthetically through chemical processes  Primary uses include as a raw material input for flat glass, container glass, detergents, chemicals, paper and other consumer and industrial products  Domestic production of soda ash returned to pre-Covid levels in 2021 and domestic consumption of soda ash exceeded pre-Covid levels  2021 U.S. Capacity by Producer  Domestic Soda Ash Market Overview  Overview  U.S. Production and Consumption of Soda Ash  12.0  11.9  11.7  10.0  12.0  5.0  5.0  4.8  4.5  5.4  --  2.0  4.0  6.0  8.0  10.0  12.0  14.0  2017  2020  2021  Metric Tons (MM)  2018  Production  2019  Consumption  End User Consumption  Genesis Alkali Wyoming LP 23.9%  Sisecam Resources LP 20.1%  Solvay Chemicals, Inc 25.4%  Tata Chemicals Partners 20.1%  Nirma, LTD 10.4%  Glass 49.0%  Source: U.S. Geological Survey, IHS Markit  8  Chemicals 28.0%  Misc.  8.0%  Detergents 5.0%  Distributors 5.0%  Soap & Desulfurization  3.0%  Flue Gas Pulp & Paper  1.0%  Water Treatment 1.0%   Company Capacity (Mmt)   Genesis Alkali Wyoming LP Sisecam Resources LP Solvay Chemicals, Inc  Tata Chemicals Partners  3.2  2.7  3.4  2.7   Nirma, LTD 1.4  Total 13.3 
 
 Confidential – Preliminary and Subject to Change  11.7  11.6  11.8  12.0  11.9  11.7  10.0  12.0  6.7  6.4  6.8  7.0  7.0  7.0  5.6  6.5  --  4.0  2.0  6.0  8.0  10.0  12.0  Metric Tons (MM)  2014 2015 2016 2017 2018  Domestic Production  2019 2020 2021  Exports  Soda Ash Market Background  Soda ash produced in the U.S. above the level of domestic consumption is exported, with exports representing approximately 54% of total production in 2021  Total U.S. imports, primarily from Turkey, have recently been approximately 100,000 tons per year, which was more than double the average quantity of annual imports during the past decade  Import and Export Markets for Soda Ash  Domestic Production and Exports  U.S. and Export Markets for Soda Ash   Source: U.S. Geological Survey   9 
 
 Confidential – Preliminary and Subject to Change  Soda Ash Market Background  Comparison of Natural Trona and Synthetic Production  Overview  Sisecam Wyoming produces soda ash with naturally mined soda as opposed to synthetically produced soda  Synthetic production is approximately twice as expensive to produce compared to U.S. natural soda ash production  Synthetic soda ash consumes substantially more energy, incurs additional costs associated with by- products and has a greater carbon footprint   Production related CO2 intensity in natural soda is approximately 70% lower than synthetic, while energy usage is approximately 60% lower and water usage is approximately 85% lower  Comparison of Production Costs  2021 Global Production Capacity  Comparison of Soda Ash Production Methods  U.S. Natural 18%  Solvay Process 47%  China Hou  20%  Others 15%  2.0x  2.1x  2.4x  1.0x  1.0x  0.0x  2.0x  3.0x  U.S. Natural  EU Solvay  China Solvay  China Hou  U.S. Natural  Solvay  Process China Hou  Raw Materials  Trona One  Salt (brine), Limestone, Ammonia  Salt (brine), Limestone, Carbon Dioxide  Energy Usage  4-6  MMBtu/ton  10-14  MMBtu/ton  10-14  MMBtu/ton  By-Products  None  Calcium Chloride (waste product)  Ammonium Chloride (co- product)  Source: company presentations  10 
 
 Confidential – Preliminary and Subject to Change  100  80  60  40  20  --  Soda Ash Market Background   Genesis plans to invest approximately $350 million to expand its Granger soda ash facilities from approximately 500,000 tons per year to approximately 1,250,000 tons per year   Expected to be in service in 3Q 2023  IHS Markit forecasts Sisecam to increase capacity by  1.3 million tons in 2024 and 2025  IHS Markit projects annual capacity growth in North America of 4.0% from 2020 to 2025  Projected Increases in Global Soda Ash Supply  North America Supply Growth  In the near-term, the most significant North American growth project is Genesis’ expansion of its Granger facility  North America, Northeast Asia and Global Capacity Growth (Million metric tons)  2021 Global Production Capacity  The majority of supply growth outside of the U.S. is expected to come online in China   Natural soda ash plants are under construction in Inner Mongolia with annual output of up to 5.4 million tons per year to come online by 2025   A 1.2 million ton Solvay process soda ash plant is expected to come online in Qinghai, China in 2023  IHS Markit also projects plant shutdowns in China that will offset some of the new capacity coming online   An approximately 1.3 million ton soda ash plant in  Lianyungang, China was shut down in June 2022   An approximately 600,000 ton plant in Guangzhou, China is expected to be shut down in late-2022  IHS Markit projects annual capacity growth in Northeast Asia of 2.9% from 2020 to 2025   CAGR%    Range North America Northeast Asia Global   2010A-'20A 1.1% 2.9% 2.2%  2020  57  21  24  'A-'2  5E  61  22  27  4.  64  22  29  0%  65  22  30  2  .9%  65  21  31  2.4%  64  21  30  65  21  30  67  22  31  69  24  31  72  26  33  72  26  32  71  26  32  73  27  32  76  26  35  78  28  35  81  28  36  12  13  13  13  13  13  13  13  14  14  14  14  14  15  16  17  2010A  2011A  2012A  2013A  2014A  2015A  2016A  2017A  2018A  2019A  2020A  2021E  2022E  2023E  2024E  2025E  North American  Northeast Asia  Other  Source: IHS Markit  11 
 
 Confidential – Preliminary and Subject to Change  III.  SIRE Situation Analysis 
 
 Confidential – Preliminary and Subject to Change  SIRE Situation Analysis  Public Trading Statistics  ($ in millions, except per unit amounts)  Balance Sheet and Credit Data  General Partner Incentive Distribution Rights   As of December 31, 2022   Cash and Marketable Securities Short-Term Debt  Long-Term Debt  $21.3 8.8  128.2  Plus: Noncontrolling Interest (Book Value) Plus: Partners' Capital  187.2  233.0  Net Book Capitalization  $535.9  Revolver Availability / Total Revolver Capacity  $130 / $225  Plus: Net Debt2  115.7  Total Debt  $137.0  Plus: Noncontrolling Interest (Market Value)3  464.1  Net Debt  $115.7  $-- $--  Common Unit Price and Distribution Information  $30.00 $3.00  $25.00 $2.50  $20.00 $2.00  $15.00 $1.50  $10.00 $1.00  $5.00 $0.50  1/26/21  9/26/21  Distribution per Unit  Distribution per Unit  Unit Price  5/27/22 1/26/23  Unit Price  Quarterly Distribution per LP Unit $0.5000  Total Total Total Quarterly Quarterly  Total Annual  Total Annual  Quarterly Quarterly Distribution Distribution to GP  LP Units Distribution Distribution Distribution Distribution  % to LP % to GP  LP Quarterly Distribution Range  Within Range per LP Unit Outstanding to LPs to GP to LPs to GP  98.0%  98.0%  85.0%  75.0%  50.0%  2.0%  2.0%  15.0%  25.0%  50.0%  $-- 0.5000  0.5750  0.6250  0.7500  $0.5000 0.5750  0.6250  0.7500  $0.5000  --  --  --  --  $0.0102  --  --  --  --  19.8  19.8  19.8  19.8  $9.9  --  --  --  $0.2  --  --  --  $39.6  --  --  --  $0.8  --  --  --  19.8 -- -- -- --    $9.9 $0.2 $39.6 $0.8   % of Total Distributions to the GP  % of Total Distributions to the IDRs  2.0%  --%  Source: Public filings, FactSet, SIRE Financial Projections  As of January 24, 2023; includes 2.0% general partner interest  As of December 31, 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%   As of January 26, 2023   Total Units Outstanding1 Common Unit Price  20.2  $23.91  Total Equity Value  $483.1  Enterprise Value  Distribution Yield Current  $1,062.9   SIRE Financial Projections    Metric Yield/Multiple   $2.00 8.4%  2023E  2024E  EV / EBITDA4  2.41  2.22  10.1%  9.3%  Net Debt / Net Book Cap  Net Debt / 2022E EBITDA  21.6%  0.8x  2022E  $152  7.0x  2023E  154  6.9  2024E  143  7.4  4.  SIRE Consolidated EBITDA equal to 100% of Sisecam Wyoming EBITDA less SIRE G&A  12 
 
 Confidential – Preliminary and Subject to Change  SIRE Situation Analysis  Sisecam Resources Unit Ownership Summary  Institution  Units (000's)  Ownership %  Goldman Sachs & Co. LLC (Private Banking)  552  2.7%  JPMorgan Securities LLC (Investment Management)  314  1.6%  Acadian Asset Management LLC  62  0.3%  Rockefeller & Co. LLC  27  0.1%  Sowell Financial Services LLC  26  0.1%  Capricorn Fund Managers Ltd.  25  0.1%  FIAM LLC  25  0.1%  Fidelity Management & Research Co. LLC  25  0.1%  Equitec Proprietary Markets LLC  22  0.1%  Credit Suisse Gestion SGIIC SA  17  0.1%  Citadel Securities LLC  15  0.1%  Shapiro Capital Management LLC  13  0.1%  BNP Paribas Arbitrage SNC  13  0.1%  Bank of America, NA (Private Banking)  6  0.0%  Merrill Lynch, Pierce, Fenner & Smith, Inc. (Invt Mgmt)  4  0.0%  Top 15 Institutional  1,146  5.7%  Other Institutions  34  0.2%  Less: Short Interest  (5)  (0.0%)  Total Institutional 1,175 5.8%  Institutional/Other (Net of Short Interest)  1,175  5.8%  Turkiye Sise Ve Cam Fabrikalari As  14,950  74.0%   Insider Ownership   Management and Directors  124  0.6%  Holder Units (000's) Ownership %   Retail  3,949  19.6%  Turkiye Sise Ve Cam Fabrikalari As  14,9501  74.0%1  Total Common  20,199  100.0%  Management and Directors  124  0.6%  Total Insider  74.6%  Short Position  5  0.0%  Source: FactSet, Public filings, Wall Street Research  Summary  Institutional Ownership  Institutional 5.8%  1.  Includes General Partner Interest  13  Turkiye Sise Ve Cam Fabrikalari As  74.0%   Summary   Units  Holder (000's) Ownership %   Management and  Directors  0.6%  Retail  19.6% 
 
 Confidential – Preliminary and Subject to Change  $104  $121  $134  $117  $120  $139  $138  $64  $91  $165  2.27  2.31  2.41  2.49  2.46  2.37  2.50  2.02  2.55  2.41  --  1.0  2.0  3.0  4.0  5.0  6.0  $ --  $25  $50  $75  $100  $125  $150  $175  2013A  2014A  2017A  2018A 2019A 2020A  Soda Ash Volume Sold (Million Metric Tons)  2021A  2022A  Soda Ash Volume Sold (Million Metric Tons)  2015A 2016A  Sisecam Wyoming EBITDA  Owns a controlling 51% interest in Sisecam Wyoming, one of the largest and lowest cost producers of natural soda ash in the world   Sisecam Wyoming’s Green River Basin facility has been in operation for more than 50 years  2.5 million metric tons per annum (“mtpa”) of soda ash production capacity and over 50 years of trona mining reserves  Since 2019, SIRE management has been evaluating a potential new expansion project (the “Unit 8 Expansion”) that could increase production levels to 3.5 million mtpa, 134% of the last five-year average  SIRE Situation Analysis  Partnership Overview  Description  Sisecam Wyoming Plant Location and Mine Footprint  Known Sodium Leasing Area  ($ in millions)  Historical and Projected Sisecam Wyoming EBITDA and Volumes Sold  Source: Partnership filings  14 
 
 Confidential – Preliminary and Subject to Change  SIRE Situation Analysis   The UP Agreement began on January 1, 2022 and expires on December 31, 2025   Beginning on January 1, 2023, rates are adjusted annually based on the prior four quarterly indices of the All Inclusive Index Less Fuel with Forecast Error Adjustment (“AIILF”), as published by the Association of American Railroads   In the event the average price of Retail On-Highway Diesel Fuel calculated monthly based on prices reported on the U.S. Department of Energy Website equals or exceeds $2.30 per gallon, UP will add a mileage-based fuel surcharge to the freight charges   Shortfall payment is required to be made to UP if SIRE does not ship 85% of its production on UP  In 2021, SIRE shipped over 90% of production on UP  Production for export is transported on UP to Kansas City Southern Railroad (“KCS”) for transportation to Mexico and to terminals in the U.S. Northwest for transport via Handysize vessels to Asia and Latin America   A Handysize vessel holds 40,000 to 50,000 tons of dry bulk  Transportation Overview  Overview  SIRE’s production is transported from Wyoming via Union Pacific Railroad (“UP”) pursuant to a master contract amendment executed October 27, 2021 (the “UP Agreement”)  Historical AIILF  Historical Handysize Dry Bulk Costs (Asia)  (4.0%)  (2.0%)  0.0%  2.0%  4.0%  6.0%  8.0%  10.0%  2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022  Core CPI Inflation  All-LF with Forecast Error Adj.  $ -  Source: SIRE management, Association of American Railroads, FactSet, Bloomberg  15  $10,000  $20,000  $30,000  $40,000  Nov-2017  Nov-2018  Nov-2019  Dec-2020  Dec-2021  Jan-2023  Dayrate  2012-2022E Average Annual Change Core CPI: 2.2%  All-LF: 2.5% 
 
 Confidential – Preliminary and Subject to Change  Natural Gas  $21.79  Electricity  $3.97  Fixed Utilities  $5.13  After transportation, SIRE’s second most significant operating cost is energy  SIRE’s primary energy cost is natural gas, as well as electricity and fixed utilities   Natural gas cost is primarily driven by power- generation required for mining and trona processing plant equipment  SIRE Situation Analysis  Energy Costs  Energy Cost Overview  Historical Energy Cost Trend  2022A Energy Cost per Unit ($ / Metric Ton)  2022A Total Energy Cost per Metric Ton:  $30.90  3.45  3.49  4.07  3.78  3.95  $3.36  $3.25  $2.  $8.00  --  1.00  2.00  3.00  4.00  5.00  Consumption (MMBtu/mt)  Natural Gas  Fixed Utilities  Electricity  197  181  154  122  126  $0.035  $0.034  $0.039  $0.033  $0.030  $0.020  $0.025  $0.030  $0.035  $0.040  $0.045  $0.050  --  50  100  150  200  250  2018A  2019A  2020A  2021A  2022E  Actual / Projected Cost ($/kWh)  Consumption (kWh/mt)  $6.74  Source: SIRE management  16  $6.48  $6.41  $5.36  $5.13  $8.00  $7.00  $6.00  $5.00  $4.00  $3.00  $2.00  $1.00  $0.00  2018A  2019A  2020A  2021A  2022A  Unit Cost ($/mt) 
 
 Confidential – Preliminary and Subject to Change  Salaried  297  Hourly 147  SIRE currently employs 444 people  In 2021, SIRE completed a one-time cost of living adjustment to salaries as a retention initiative given recent tightness in the U.S. labor market  In 2022, SIRE gave certain groups of technical operations personnel an approximate 5% increase in salaries to bring them more in line with market  SIRE Situation Analysis  Personnel Costs  Personnel Cost Overview  Historical Personnel Cost Trend  Current Employee Count by Salary Type  446  452  444  444  444  $144  $150  $147  $166  $163  $--  $50  $100  $150  $200  $250  --  100  200  300  400  500  2018A  2019A  2020A  2021A  2022E  Avg. Fully-Loaded Cost ($K/employee/year)  Employees  Personnel Cost Drivers  Total Personnel Costs ($MM)  $64.3  Source: SIRE management  17  $67.8  $65.3  $73.6  $76.4  $--  $20.0  $60.0  $40.0  $80.0  $100.0  2018A  2019A  2020A  2021A  2022A 
 
 Confidential – Preliminary and Subject to Change  SIRE Situation Analysis  Source: SIRE Financial Projections  18  SIRE Financial Projections – Assumptions  Revenue  Long-term domestic / export revenue breakout of 50% / 50%   Domestic and export pricing based on SIRE management’s forecast  Export revenue is broken out into ANSAC and direct export projects with no sales attributable to ANSAC in 2023E+  Expenses  Expenses based on historical costs per unit, the majority of which are projected to increase 5.8% in 2023E and 2.2% in 2024E and each year thereafter   Costs per unit for domestic freight and personnel are projected to increase 5.8% in 2023E and 3.0% in 2024E and each year thereafter   Energy costs per unit are expected to increase 5.8% in 2023E, then decline in 2024E to a level which is 2.2% greater than 2022E and increase at a 2.2% annual rate thereafter  SIRE-Level G&A  Annual cash G&A incurred at the Partnership level after distributions received from Sisecam Wyoming equal to $2.9 million in 2022E and $4.0 million each year thereafter   Deducted from Sisecam Wyoming EBITDA to arrive at SIRE Consolidated EBITDA   Deducted from SIRE's 51% share of Sisecam Wyoming EBITDA to arrive at EBITDA Attributable to SIRE  Capital Expenditures  Maintenance capital expenditures of $25.0 million in 2022E are projected to increase 2.2% annually thereafter  No growth capital expenditures contemplated in the forecast   Detailed engineering work on Unit 8 Expansion completed, but SIRE management has stated that the project was postponed due to COVID-19 market conditions and is not currently contemplated given SIRE management’s view of global demand as well as increased projected capital costs for the project  Credit Facility Assumptions  Sisecam Wyoming’s existing $225 million revolving credit facility includes an accordion provision to increase the commitment to $475 million subject to certain lender approvals  $92.0 million drawn as of December 31, 2022  2.05% interest rate  Distribution Coverage / Total Leverage  Sisecam Wyoming to maintain a distribution coverage ratio of 1.48x in 2022E, 1.25x in 2023E and 2024E, and 1.10x thereafter   SIRE to distribute 100% of distributions received from Sisecam Wyoming less G&A incurred at the Partnership  Sisecam Wyoming to use all remaining cash flow to pay down debt 
 
 Confidential – Preliminary and Subject to Change  $68  $66  $37  $74  $85  $92  $47  $47  $47  331  317  188  350  296  296  150  --  --  150  150  400  350  300  250  200  150  100  50  --  $--  $20  $40  $60  $80  $100  2018A  2019A  2020A  2021A  2022E  2025E  2026E  2027E  2028E  Deca Sales  2023E 2024E  Metric Tons ('000s)  SIRE Situation Analysis  Historical and Projected Sales and Deca Breakout  Historical and Projected Sales  Deca Sales By Year  Source: SIRE Financial Projections  19  ($ in millions) 
 
 Confidential – Preliminary and Subject to Change  SIRE Situation Analysis  Global Production and SIRE Market Share  Historical and Projected Global Soda Ash Consumption Volumes and SIRE Market Share  (metric tons in millions)  2.2  2.3  2.3  2.4  2.5  2.5  2.4  2.5  2.0  2.6  2.5  2.5  2.4  2.2  51.2  51.3  52.3  53.1  53.8  56.4  56.7  59.4  56.5  59.7  62.1  64.0  65.8  53.4  53.5  54.6  55.5  56.3  58.9  59.0  61.9  58.5  62.3  64.7  66.5  68.2  69.9  4.2%  4.2%  4.2%  4.3%  4.4%  4.2%  4.0%  4.0%  3.4%  4.1%  3.9%  3.8%  3.5%  3.2%  67.6  --%  1.0%  2.0%  3.0%  4.0%  5.0%  6.0%  7.0%  --  10.0  20.0  30.0  40.0  50.0  60.0  70.0  80.0  2012A 2013A 2014A 2015A 2016A  SIRE  2017A 2018A 2019A 2020A 2021A 2022E 2023E 2024E 2025E  Rest of World SIRE Global Volume Market Share  Source: SIRE Financial Projections, IHS Markit, U.S. Geological Survey  20 
 
 Confidential – Preliminary and Subject to Change  SIRE Situation Analysis  Deca Rehydration  Commentary  Historical Ore-to-Ash Ratio  331  317  188  350  296 296  150  -- --  150 150  50  --  250  200  150  100  400  350  300  '18A '19A '20A '21A '22E '23E '24E '25E '26E '27E '28E  SIRE’s surface site includes a network of natural ponds used to recapture soda ash lost in processing trona through a process called deca rehydration   During trona processing, an evaporative crystallizer technology is employed to refine and reuse soda ash throughout the purification process. A concentrated aqueous solution is introduced to maintain the purity and quality of the refined soda ash product. Run-off from this stream flows to the facility’s pond network   SIRE developed a solution to reduce the capacity of these ponds and recover purified soda ash crystals (chemically, sodium carbonate decahydrate) to be used as an additional feedstock for trona ore during processing  The Partnership considers its ore-to-ash ratio (i.e., tons of trona ore needed to produce one ton of soda ash) a key operating performance metric   A lower ratio results in lower costs and improved efficiency  After introducing deca rehydration in 2009, the Partnership reduced its ore-to-ash ratio by 11% over the next three years   Deca rehydration also reduced the energy consumption required per ton of soda ash produced  Over the past several years, SIRE has utilized its reserves of deca from the ponds at a rate above SIRE management’s estimated rate of natural replenishment   Management expects to reduce deca consumption (and the production capacity associated with deca rehydration) beginning in 2024 to alleviate this depletion  Management estimates that SIRE’s stable, long-term deca rehydration-based production capacity is approximately 150,000 mtpa  Historical and Projected  Deca Sales Volumes (Thousand Metric Tons)  1.80  1.74  1.61 1.60  1.56 1.59  1.52 1.52 1.50 1.50 1.54 1.51  1.60  1.56 1.58  1.00  1.20  1.40  1.60  1.80  2.00  2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 1H22  SIRE Management 150,000 Metric Ton Estimated Annual Replenishment  Source: SIRE Financial Projections, SIRE management  21 
 
 Confidential – Preliminary and Subject to Change  25.14 23.72 23.59 21.03 26.25 30.21 26.84 27.45 28.07 28.70 29.34  27.11  27.09  32.41  28.83  32.55  35.25  37.67  41.07 42.30 41.17 42.40  10.50 10.96  9.29  6.01  7.99  8.54  7.92  7.66  7.35  4.02  3.90  4.50  3.23  7.00  4.76  4.86  4.97  5.09 5.20  7.48 7.48  5.32  24.27 22.62 22.29  25.64  28.34  32.98 31.90 30.56 28.18 30.43  31.12  55.59 63.34  41.16  43.42  72.27 70.80 62.29  58.89  57.02 51.47  151.62  146.63  133.24  128.17 70.74  172.87  184.00180.00  174.00170.00170.00167.00  $--  $20  $40  $60  $80  $100  $120  $140  $160  $180  $200  2018A 2019A 2020A 2021A 2022E 2023E 2024E 2025E 2026E 2027E 2028E  17.1%  15.6%  17.7%  16.4%  15.2%  16.4% 14.9%  15.8%  16.5%  16.9%  17.6%  18.5%  17.9%  24.3%  22.5%  18.8%  19.2%  20.9%  23.6%  24.9%  24.2%  25.4%  7.2%  7.2%  7.0%  4.6%  4.6%  4.4%  4.4%  4.4%  4.4%  2.7%  2.6%  3.4%  4.7% 4.0% 2.6% 2.7% 4.4%  3.0%  3.1%  3.2%  16.6%  14.9%  16.7%  20.0%  16.4% 17.9% 17.7%  2.5% 2.9%  17.6%  16.6% 17.9%  18.6%  37.9%  41.8%  30.9%  33.9%  40.9%  39.3%  39.3%  35.8%  34.6%  33.5%  30.8%  --%  10%  20%  30%  40%  50%  60%  70%  80%  90%  100%  2018A 2019A 2020A 2021A 2022E 2023E 2024E 2025E 2026E 2027E 2028E  Historical and Projected Margin per Ton Analysis  Per SIRE management, Sisecam Wyoming receives a net price plus payment for freight costs incurred with freight treated as a pass- through cost  A review of gross margin excluding freight cost reveals that margin compression is primarily driven by increased personnel costs and reduced net price   Per the SIRE Financial Projections, gross profit per metric ton is projected to decline from $70.74 to $51.47, or 27.2%   Reduced net price represents 8.3% of the 27.2% margin compression from 2022E to 2028E, or a decrease of $172.87 to $167.00   Of the remaining 18.9% of margin compression between 2022E and 2028E, personnel costs are the key driver  SIRE Situation Analysis  Historical and Projected Margin Trend (Excluding Freight)  Gross Profit per Metric Ton ($ / mt)  2022E – 2028E  Margin Degradation  Gross Profit as % of Net Revenue  37.1%  2018A−2022E Avg. Gross Margin  (27.2%)  (18.9%)  % of Margin Degradation  Energy  Personnel  Royalties  Production Taxes  22  Other  Gross Profit  Source: SIRE management  (3.9%)  2.4%  0.9%  (13.9%)  (4.4%)  Net Realized Price:  $172.87 to  $167.00, or  (8.3%)  Margin Degradation 
 
 Confidential – Preliminary and Subject to Change  SIRE Situation Analysis  Natural Gas Consumption and Realized Price  Source: SIRE management, SIRE Financial Projections  Fixed Utilities per ton for 2024E and thereafter is calculated indirectly as management’s total energy cost per ton projection less projected natural gas and electricity costs per ton, both of which are based on separately provided usage and cost assumptions independent from management’s financial model  Henry Hub reflects EIA-reported spot prices through 8/31/22 and the NYMEX futures curve as of 8/31/22 from September 2022 and thereafter  $11.60  $11.33  $11.68  $11.26  $16.90  $20.30  $19.59  $19.51  $19.08  $20.32  $20.32  $3.36  $3.25  $2.87  $2.98  $4.28  $5.23  $4.97  $4.88  $4.77  $5.16  $5.16  $10.18  $9.14  $9.04  $6.79  $5.07  $4.67  $2.28  $3.05  $4.21  $3.22  $3.87  $25.14  $23.72  $23.59  $21.03  $26.25  $30.21  $26.84  $27.45  $28.07  $28.70  $29.34  Historical and Projected Energy Costs  Energy Costs by Source ($ / Metric Ton)  $35.00  $--  $5.00  $10.00  $15.00  $20.00  $25.00  $30.00  2018A  2019A  2020A  2021A  2022E  2028E  Natural Gas  Electricity  2023E 2024E 2025E 2026E 2027E  Fixed Utilities and Other 1  Electricity Consumption and Realized Price  3.5  3.5  4.1  3.8  3.9  3.9  3.9  4.0 4.0  3.9 3.9  $0  $2  $4  $6  $8  $10  0  1  2  3  4  5  '18A  Price ($/MMBtu)  Consumption (MMBtu/mt)  '19A '20A '21A '22E '23E '24E '25E '26E '27E '28E  Consumption Actual and Projected Price Henry Hub2  197  181  154  122  126 126 126 126 126 126 126  $0.08  $0.07  $0.06  $0.05  $0.04  $0.03  $0.02  $0.01  $0.00  0  50  100  150  200  250  Price ($/kWh)  Consumption (kWh/mt)  '18A '19A '20A '21A '22E '23E '24E '25E '26E '27E '28E  Consumption3 Actual and Projected Price EIA NWPP Industrial End-Use  3.  Electricity consumption (i) reflects management-reported historical usage through 6/30/22 and (ii) assumes usage per metric ton is constant with 1H22A for projection periods  23 
 
 Confidential – Preliminary and Subject to Change  SIRE Situation Analysis  Personnel Cost Drivers  $27.11  $27.09  $32.41  $28.83  $32.55  $35.25  $37.67  $41.07  $42.30  $41.17  Historical and Projected Personnel Costs  Personnel Cost per Ton ($ / Metric Ton)  $50.00  $20.00  $10.00  $--  $30.00  $40.00  446  452  444  444  454  444 444  440  440  444  444  $144  $150  $147  $166  $185  $195  $201  $207  $213  $220  $226  $--  $50  $100  $150  $200  $250  $300  --  100  200  300  400  500  2018A  2019A  2020A  2021A  2022E  2023E 2024E 2025E  Avg. Fully-Loaded Cost ($K/employee/year)  2026E  2027E  2028E  Fully-Loaded Cost ($K/employee/yr)  Employees  Employees  Source: SIRE Financial Projections, SIRE Management  24 
 
 Confidential – Preliminary and Subject to Change  45.9  30.3  7.4  43.3  53.1  48.8  41.6  37.7 39.3  32.8  44.1  29.2  20.6  41.6  51.0  46.9  40.0  36.2  37.8  31.5  $90.0  $59.5  $14.5  7.1 21.4  $42.0  $85.0  $104.0  $95.8  $81.5  $74.0  $77.1  $64.2  $--  $25  $50  $75  $100  $125  $150  2018A 2019A 2020A 2021A 2022E 2023E 2024E 2025E 2026E 2027E 2028E  Distributions to SIRE Distributions to NRP  SIRE Situation Analysis  Summary of the SIRE Financial Projections  Sales Volumes and Net Realized Pricing  Sales Volumes Net Realized Pricing  Sisecam Wyoming Distributed Cash Flow  Net Debt / EBITDA  ($ in millions, except per mt amounts)  1.37x  1.94x  2.75x  1.10x  1.10x  1.10x  Sisecam Wyoming Distribution Coverage  1.49x 1.48x 1.25x 1.25x 1.10x  0.96  0.79  0.85  1.18  1.17  1.26  1.19  1.11 1.11  1.19 1.19  1.41  1.71  1.16  1.37  1.35  1.26  1.19  1.11 1.11  1.19 1.19  2.37  2.50  2.02  2.55  2.52 2.52  2.37  2.22 2.22  2.37 2.37  $--  $50  $100  $150  $200  $250  --  0.50  1.00  1.50  2.00  2.50  3.00  '20A  '21A  '22E  ($ per metric ton)  (mtpa in millions)  '18A '19A  Domestic  Export  '23E '24E '25E '26E '27E '28E  Average Domestic  Export  Sisecam Wyoming Adjusted EBITDA  71.0 70.3  32.8  46.3  79.0 80.6  75.2  59.9  55.8 57.8  50.9  68.2 67.6  31.5  44.5  75.9  77.4  72.3  57.5  53.6  55.6  48.9  $139.3 $137.9  $64.3  $90.8  $154.9 $158.0  $147.5  $117.4 $109.4 $113.4  $99.7  $--  $25  $50  $75  $100  $125  $150  $175  $200  2018A 2019A 2020A 2021A 2022E 2023E 2024E 2025E 2026E 2027E 2028E  SIRE's Share (51%) NRP's Share (49%)  0.6x  0.8x  2.0x  1.3x  0.7x  0.6x  0.3x  0.3x  0.2x  0.2x  0.2x  --x  0.5x  1.0x  1.5x  2.0x  2.5x  2018A 2019A 2020A 2021A 2022E 2023E 2024E 2025E 2026E 2027E 2028E  Net Debt / EBITDA  Source: SIRE Financial Projections  25 
 
 Confidential – Preliminary and Subject to Change  SIRE Situation Analysis  Source: SIRE Financial Projections  26  SIRE Financial Projections – Sisecam Wyoming EBITDA  2023E  2024E  2025E  2026E  2027E  2028E  Domestic Sales Volumes (mt)  1.26  1.19  1.11  1.11  1.19  1.19  Export Sales Volumes (mt)  1.26  1.19  1.11  1.11  1.19  1.19  Sales Volumes (mt)  2.52  2.37  2.22  2.22  2.37  2.37  Volume Growth (%)  (0.1%)  (5.8%)  (6.4%)  --%  6.8%  --%  Domestic Gross Revenue  $344.1  $330.4  $310.7  $314.5  $339.9  $344.2  Export Gross Revenue  440.9  407.7  374.4  369.5  398.9  396.2  Gross Revenue  $784.9  $738.0  $685.2  $683.9  $738.8  $740.3  Domestic Freight  ($132.7)  ($128.8)  ($124.2)  ($127.9)  ($140.7)  ($145.0)  Export Freight  (189.3)  (182.4)  (174.6)  (178.5)  (195.0)  (199.3)  Freight Costs  ($321.9)  ($311.2)  ($298.8)  ($306.5)  ($335.7)  ($344.3)  Domestic Net Revenue  $211.4  $201.6  $186.5  $186.5  $199.2  $199.2  Export Net Revenue  251.6  225.3  199.8  191.0  203.9  196.8  Net Revenue  $463.0  $426.9  $386.4  $377.5  $403.1  $396.0  Average Net Realized Price  $184.00  $180.00  $174.00  $170.00  $170.00  $167.00  Energy Costs  (76.0)  (63.7)  (60.9)  (62.3)  (68.1)  (69.6)  Personnel Costs  (88.7)  (89.3)  (91.2)  (93.9)  (97.6)  (100.6)  Royalties  (21.5)  (18.8)  (17.0)  (16.6)  (17.7)  (17.4)  Severance & Ad Valorem Taxes  (12.0)  (11.5)  (11.0)  (11.3)  (12.3)  (12.6)  Other  (83.0)  (75.6)  (67.9)  (62.6)  (72.2)  (73.8)  Cost of Goods Sold  ($281.2)  ($259.0)  ($248.0)  ($246.7)  ($267.9)  ($274.0)  Gross Profit  $181.8  $167.9  $138.3  $130.8  $135.2  $122.1  Gross Margin (% of Net Revenue)  39.3%  39.3%  35.8%  34.6%  33.5%  30.8%  Operating Expenses  (23.8)  (20.4)  (20.9)  (21.4)  (21.9)  (22.3)  Sisecam Wyoming EBITDA  $158.0  $147.5  $117.4  $109.4  $113.4  $99.7  EBITDA Margin (% of Net Revenue)  34.1%  34.5%  30.4%  29.0%  28.1%  25.2%   For the Years Ending December 31,   ($ in millions) 
 
 Confidential – Preliminary and Subject to Change  SIRE Situation Analysis  Source: SIRE Financial Projections  27  SIRE Financial Projections – Sisecam Wyoming Cash Flow Summary  ($ in millions)  Sisecam Wyoming Distributable Cash Flow  Sisecam Wyoming EBITDA  $158.0  $147.5  $117.4  $109.4  $113.4  $99.7  Less: Cash Interest Expense  (2.4)  (1.6)  (1.0)  (0.7)  (0.6)  (0.5)  Less: Maintenance Capital Expenditures  (25.6)  (26.1)  (26.7)  (27.3)  (27.9)  (28.6)  Distributable Cash Flow  $130.0  $119.7  $89.7  $81.4  $84.8  $70.7  Sisecam Wyoming Distributed Cash Flow  Distributions to SIRE (51.0%)  $53.1  $48.8  $41.6  $37.7  $39.3  $32.8  Distributions to NRP (49.0%)  51.0  46.9  40.0  36.2  37.8  31.5  Distributed Cash Flow  $104.0  $95.8  $81.5  $74.0  $77.1  $64.2  Distributable Cash Flow Surplus / (Shortfall)  $26.0  $23.9  $8.2  $7.4  $7.7  $6.4  Sisecam Wyoming Coverage Ratio  1.25x  1.25x  1.10x  1.10x  1.10x  1.10x   For the Years Ending December 31,    2023E 2024E 2025E 2026E 2027E 2028E  
 
 Confidential – Preliminary and Subject to Change  SIRE Situation Analysis  Source: SIRE Financial Projections  28  SIRE Financial Projections – Sisecam Wyoming Sources and Uses  ($ in millions)  Sources  Distributable Cash Flow Surplus / (Shortfall)  $26.0  $23.9  $8.2  $7.4  $7.7  $6.4  Increase / (Decrease) in Net Working Capital  0.4  15.7  8.2  0.8  (9.8)  (1.0)  Cash from Revolver / (Cash to Revolver)  --  --  --  1.3  5.6  --  Total Sources  $26.4  $39.7  $16.3  $9.5  $3.5  $5.4  Uses  Growth Capital Expenditures  $--  $--  $--  $--  $--  $--  Mandatory Debt Paydown  8.8  9.1  9.3  9.5  3.5  4.7  Discretionary Debt Paydown  33.8  30.6  7.1  --  --  0.7  Cash to (from) Balance Sheet  (16.3)  --  --  --  --  --  Other  --  --  --  --  --  --  Total Uses  $26.4  $39.7  $16.3  $9.5  $3.5  $5.4  Capital Structure  Total Debt  $94.3  $54.7  $38.3  $30.2  $32.3  $26.9  Less: Cash  (5.0)  (5.0)  (5.0)  (5.0)  (5.0)  (5.0)  Net Debt  $89.3  $49.7  $33.3  $25.2  $27.3  $21.9  Net Debt / Adjusted EBITDA  0.6x  0.3x  0.3x  0.2x  0.2x  0.2x   For the Years Ending December 31,    2023E 2024E 2025E 2026E 2027E 2028E  
 
 Confidential – Preliminary and Subject to Change  SIRE Situation Analysis  Source: SIRE Financial Projections  29  SIRE Financial Projections – SIRE Cash Flow Summary  ($ in millions, except per unit amounts)  2023E  2024E  2025E  2026E  2027E  2028E  Consolidated EBITDA  Sisecam Wyoming EBITDA  $158.0  $147.5  $117.4  $109.4  $113.4  $99.7  Less: SIRE G&A  (4.0)  (4.0)  (4.0)  (4.0)  (4.0)  (4.0)  SIRE Consolidated EBITDA  $154.0  $143.5  $113.4  $105.4  $109.4  $95.7  EBITDA Attributable to SIRE  SIRE'S 51% Share of Sisecam Wyoming EBITDA  $80.6  $75.2  $59.9  $55.8  $57.8  $50.9  Less: SIRE G&A  (4.0)  (4.0)  (4.0)  (4.0)  (4.0)  (4.0)  EBITDA Attributable to SIRE  $76.6  $71.2  $55.9  $51.8  $53.8  $46.9  SIRE Distributable Cash Flow  Distributions from Sisecam Wyoming  $53.1  $48.8  $41.6  $37.7  $39.3  $32.8  Less: SIRE G&A  (4.0)  (4.0)  (4.0)  (4.0)  (4.0)  (4.0)  Distributable Cash Flow  $49.1  $44.8  $37.6  $33.7  $35.3  $28.8  Distributed Cash Flow  Sisecam Chemicals  $35.1  $32.3  $27.1  $24.3  $25.5  $20.7  Public  12.7  11.7  9.8  8.8  9.2  7.5  General Partner  1.3  0.9  0.7  0.7  0.7  0.6  Distributed Cash Flow  $49.1  $44.8  $37.6  $33.7  $35.3  $28.8  Unit Ownership  Sisecam Chemicals  14.6  14.6  14.6  14.6  14.6  14.6  Public  5.2  5.2  5.2  5.2  5.2  5.2  General Partner  0.4  0.4  0.4  0.4  0.4  0.4  Total Units Outstanding  20.2  20.2  20.2  20.2  20.2  20.2  Distributable Cash Flow per LP Unit  $2.41  $2.22  $1.86  $1.67  $1.75  $1.42  Distribution per LP Unit  2.41  2.22  1.86  1.67  1.75  1.42  Distributable Cash Flow Surplus / (Shortfall)  $--  $--  $--  $--  $--  $-- 
 
 Confidential – Preliminary and Subject to Change  IV. Preliminary Valuation of SIRE Common Units 
 
 Confidential – Preliminary and Subject to Change  Preliminary Valuation of SIRE Common Units  Source: SIRE Financial Projections, SIRE management  30  Sensitivity Case – Assumptions  Net Realized Pricing  Domestic and export net pricing reflects IHS netback forecasts less $26.00 and $39.00 per metric ton,  respectively, from 2022E to 2028E   Discounts informed by the 2018A−2020A average difference between IHS pricing and SIRE realized pricing  Soda Ash Volumes  Same as SIRE Financial Projections  Operating Costs  Non-freight operating costs as a percentage of net revenue are assumed to be:   Consistent with SIRE Financial Projections as a percentage of net revenue for 2023E and 2024E; resulting in gross margins of 39.3% in each year   Gross Margin adjusted to 37.1% in 2025E and thereafter, in line with the five-year trailing average gross margin through 2022E  Capital Expenditures  Same as SIRE Financial Projections  Debt  Same as SIRE Financial Projections 
 
 Confidential – Preliminary and Subject to Change  COVID-19 Impacted  $50  $75  $100  $125  $150  $200  $175  $225  2012A  2013A  2014A  2019A  2020A 2021A  COVID-19 Impacted  $50  $75  $100  $125  $175  $150  $200  $225  2012A 2013A 2014A 2015A 2016A 2017A 2018A  2019A  2020A  2021A  Exports  SIRE Net Realized Price Differential to IHS  Preliminary Valuation of SIRE Common Units  Historical Net Realized Pricing Trends – SIRE vs. IHS  Historical and Projected Soda Ash Pricing Trends – Domestic Sales vs. Exports  ($ per metric ton)  Source: SIRE management, IHS  Note: SIRE netback pricing for domestic sales and exports is expressed as the gross realized price less the freight cost per metric ton sold, respectively, by sales channel  SIRE Export, Net pricing based on the weighted average of ANSAC and Direct Export net realized pricing. ANSAC and direct export accounted for 97.6% and 2.4% of export volumes in 2020A and 52.1% and 47.9% of export volumes in 2021A, respectively  Calculated as $115.94 ANSAC Export price less $158.72 IHS Export price  Calculated as $107.49 Direct Export price less $158.72 IHS Export price  Domestic Sales  $20.27  $11.17  $4.80  SIRE Net Realized Price Differential to IHS  ($3.09) ($11.74) ($17.91) ($22.62)  2015A 2016A 2017A 2018A  ($19.01)  ($35.99)  ($42.58)  ($29.65)  ($31.16)  ($35.00)  ($42.78)  ($37.70)  Per SIRE management guidance, the appropriate differential vs. IHS is the 3-year average from 2018A to 2020A, which is ($26) for domestic sales and, assuming a 2020A export differential based only on realized direct export pricing, ($39) for exports  Legend  SIRE Domestic, Net IHS Domestic, Net Domestic Net Price  Legend  SIRE Export, Net1 IHS Export, Net Based on ANSAC  Based on Direct Export  ($51.23)  ($26.41)  ($32.88)  ($29.02)  ($32.00)  ($25.26)  2  31  3 
 
 Confidential – Preliminary and Subject to Change  34.6%  33.5%  30.8%  39.3% 39.3%  39.3% 39.3%  35.8% 37.1%  37.1%  37.1%  37.1%  2023E  2024E  2025E 2026E  2027E  2028E  $76.6  $71.2  $55.9  $51.8  $53.8  $46.9  $86.7  $88.8  $73.3  $70.8  $72.3  $70.6  2023E  2024E  2025E  2026E  2027E  2028E  $2.41  $2.22  $1.86  $1.67  $1.75  $1.42  $2.73  $2.80  $2.59  $2.50  $2.55  $2.48  2023E  2024E  2025E  2026E  2027E  2028E  Preliminary Valuation of SIRE Common Units  SIRE Financial Projections vs. Sensitivity Case  SIRE Financial Projections Sensitivity Case  EBITDA  Attributable to SIRE  DCF / LP Unit  % Gross Margin  ($ in millions, except per unit amounts)  32  Source: SIRE Financial Projections, SIRE management 
 
 Confidential – Preliminary and Subject to Change  Methodology  Description  Metrics / Assumptions  Discounted Cash Flow Analysis  Values SIRE Common Units based on the concepts of the time value of money  Using management’s projections, Evercore:   Utilized varying WACC discount rates and terminal values to derive valuation ranges for the SIRE Common Units   Cash flows were discounted using WACC given allocated EBITDA-based cash flows   Calculated terminal values based on a range of multiples of EBITDA as well as assumed perpetuity growth rates  Discounted the projected cash flows to assumed effective date of December 31, 2022  WACC based on the Capital Asset Pricing Model (“CAPM”)  Unitholder effective tax rate of 29.6% (80.0% of 37.0% top bracket) from 2023E to 2025E and 37.0% thereafter  For the terminal value, tax depreciation assumed to equal maintenance capital expenditures  EBITDA exit multiple of 5.5x to 8.0x and a perpetuity growth rate of 0.5% to 1.5%  Peer Group Trading Analysis  Values SIRE Common Units based on peer group’s current market enterprise value multiples of relevant EBITDA  Peer group selected based on assets similar to those owned by SIRE  Enterprise value / EBITDA multiples applied to 2023E and 2024E Adjusted EBITDA  Precedent M&A Transaction Analysis  Values SIRE Common Units based on transactions involving assets and businesses similar to those owned by SIRE  Transaction value / EBITDA multiples applied to 2023E EBITDA  Discounted Distributions Analysis  Values SIRE Common Units based on the present value of the future cash distributions to SIRE Common Unitholders  Discounted projected distributions to assumed effective date of December 31, 2022  Terminal yield range of 8.0% to 12.0%   Cost of equity of 8.5% to 10.5% based on CAPM  Premiums Paid Analysis  Implied value of SIRE Common Units based on historical premiums paid in selected relevant cash midstream mergers  Selected premiums paid range applied to 1-day prior spot  price and 30-day VWAP  33  Preliminary Valuation of SIRE Common Units  Valuation Methodologies  Evercore utilized the following methodologies to analyze the value of SIRE’s Common Units:  For Reference Only 
 
 Confidential – Preliminary and Subject to Change  Discounted Cash Flow Analysis  Peer Group Trading Analysis  Precedent M&A Transactions Analysis  EBITDA Exit Multiple  Perpetuity Growth  2023E EBITDA  2024E EBITDA  2023E EBITDA  EBITDA Exit Multiple:  5.5x - 8.0x  Perpetuity Growth Rate: 0.5% - 1.5%  2023E EBITDA Multiple: 5.0x - 7.5x  2024E EBITDA Multiple:  4.5x - 7.0x  2023E EBITDA Multiple: 6.0x - 8.5x  Discount Rate: WACC of 8.0% - 9.0%  Terminal Yield of: 8.0% - 12.0%  Equity Cost of Capital of: 8.5% - 10.5%  1-Day Spot Premium 20.0% - 35.0%  30-Day VWAP Premium 20.0%-30.0%  Premiums Paid Analysis  Discounted Distributions Analysis  $15.09  $22.89  $14.15  $23.34  $16.04  $18.54  $12.94  $16.87  $19.83  $22.83  $15.29  $23.19  $19.77  $29.66  $17.19  $28.52  $25.52  $29.27  $21.75  $27.86  $29.32  $33.56  $20.08  $31.42  $--  $5.00  $10.00  $15.00  $20.00  $25.00  $30.00  $35.00  $50.00  $45.00  $40.00  $21.44  $24.23  Preliminary Valuation of SIRE Common Units  Consideration:  $24.00  SIRE Financial Projections vs. Sensitivity Case  FOR REFERENCE ONLY  SIRE Financial Projections Sensitivity Case  34 
 
 Confidential – Preliminary and Subject to Change  A. Preliminary Valuation Detail – SIRE Financial Projections 
 
 Confidential – Preliminary and Subject to Change  Source: SIRE Financial Projections  51% of Sisecam Wyoming EBITDA less $4.0 million SIRE G&A  2023E tax DD&A assumes 100.0% bonus depreciation calculated as the midpoint of the enterprise value range plus 80.0% bonus depreciation on 2023E capital expenditures; bonus depreciation phase-down on capital expenditures in 2024E (60.0%), 2025E (40.0%) and 2026E (20.0%)  Assumes unitholder tax rate of 29.6% from 2023E to 2025E and 37.0% thereafter  Includes 2.0% general partner interest, economically equivalent to 399,000 LP Units at current quarterly distribution  Sisecam Wyoming EBITDA  $158.0  $147.5  $117.4  $109.4  $113.4  $99.7  $46.9 1  $99.7  Less: Tax Depreciation and Amortization2  (413.9)  (52.9)  (45.0)  (41.2)  (39.5)  (39.9)  (28.6)  EBIT  ($255.8)  $94.5  $72.4  $68.2  $73.8  $59.8  $71.1  Less: Cash Taxes3  --  (5.6)  (4.3)  (5.0)  (5.5)  (18.9)  (26.3)  EBIAT  ($255.8)  $89.0  $68.1  $63.1  $68.4  $40.9  $44.8  Plus: Tax Depreciation and Amortization  413.9  52.9  45.0  41.2  39.5  39.9  28.6  Less: Capital Expenditures  (25.6)  (26.1)  (26.7)  (27.3)  (27.9)  (28.6)  (28.6)  Less: Changes in NWC  0.4  15.7  8.2  0.8  (9.8)  (1.0)  -  Sisecam Wyoming Unlevered Free Cash Flow  $132.8  $131.4  $94.6  $77.8  $70.1  $51.2  $44.8  SIRE Interest in Sisecam Wyoming  51.0%  51.0%  51.0%  51.0%  51.0%  51.0%  51.0%  SIRE Share of Sisecam Wyoming Unlevered Free Cash Flow  $67.7  $67.0  $48.2  $39.7  $35.8  $26.1  $22.9  Less: SIRE G&A  (4.0)  (4.0)  (4.0)  (4.0)  (4.0)  (4.0)  (4.0)  SIRE Unlevered Free Cash Flow  $63.7  $63.0  $44.2  $35.7  $31.8  $22.1  $18.9  EBITDA Multiple / Perpetuity Growth Rate  6.8x  1.0%  Implied Terminal Value  $316.3  −  $254.0  Present Value of Terminal Value @ 8.5% Discount Rate  Plus: Present Value of Unlevered Free Cash Flow @ 8.5% Discount Rate  193.9  − 216.0  155.7  Implied Enterprise Value  $409.8  −  $371.6  Less: Net Debt as of December 31, 2022 (SIRE's 51% Share)  (59.0)  Implied Equity Value  $350.8  −  $312.6  SIRE LP Units Outstanding4  20.2  Implied SIRE LP Unit Value  $17.37  −  $15.48   For the Years Ending December 31,   Exit  Perpetuity   2023E 2024E 2025E 2026E 2027E 2028E    Multiple    Growth   Discounted Cash Flow Analysis  Preliminary Valuation Detail – SIRE Financial Projections  Terminal Exit Multiple  Perpetuity Growth Rate  WACC  Unit Price  4.25x  5.50x  6.75x  8.00x  9.25x  WACC  --%  0.5%  1.0%  1.5%  2.0%  7.5%  $14.31  $16.31  $18.31  $20.26  $22.14  7.5%  $16.15  $16.81  $17.57  $18.46  $19.46  Sensitivity  8.0%  13.93  15.89  17.83  19.77  21.64  8.0%  15.24  15.81  16.45  17.19  18.06  Analysis  8.5%  13.58  15.48  17.37  19.26  21.14  8.5%  14.44  14.93  15.48  16.11  16.83  9.0%  13.24  15.09  16.93  18.76  20.60  9.0%  13.72  14.15  14.62  15.16  15.77  9.5%  12.92  14.71  16.50  18.29  20.07  9.5%  13.07  13.44  13.86  14.32  14.85  ($ in millions, except per unit amounts) 
 
 Confidential – Preliminary and Subject to Change  Preliminary Valuation Detail – SIRE Financial Projections  Peer Group Trading Analysis  Source: Public filings and FactSet  Note: No peer group company is directly comparable to SIRE  % of 52-Week  Partnership / Corporation  Price 1/26/23  High  Equity Value  ($ in millions, except per share/unit amounts)  Enterprise EV / EBITDA Net Debt / Soda Ash Value 2022E 2023E 2024E 2023E EBITDA % Revenue   1.  As of January 26, 2023  36  Chemical Companies with Soda Ash Operations  Ciech SA  $11.16  98.4%  $588  $910  4.6x  5.2x  4.9x  1.6x  40.9%  Genesis Energy, L.P.  11.85  88.2%  1,453  6,069  8.6  8.0  7.5  4.8  30.3%  Solvay SA  114.67  89.6%  11,829  14,568  4.2  5.1  4.9  0.8  15.4%  Tata Chemicals Limited  11.65  77.3%  2,969  3,797  9.2  8.4  8.0  1.7  52.4%  Türkiye Sise ve Cam Fabrikalari A.S.  2.20  88.3%  6,512  8,567  7.5  6.2  5.3  1.1  30.0%  Mean  6.8x  6.6x  6.1x  2.0x  33.8%  Median  7.5  6.2  5.3  1.6  30.3%  Other MLPs  Alliance Resource Partners, L.P.  $20.52  74.3%  $2,685  $2,843  3.1x  2.6x  2.2x  0.2x  --%  Natural Resource Partners L.P.  54.16  98.6%  746  1,508  NM  NM  NM  NM  14.7%  Mean  3.1x  2.6x  2.2x  0.2x  7.3%  Median  3.1  2.6  2.2  0.2  7.3%  1 
 
 Confidential – Preliminary and Subject to Change  Preliminary Valuation Detail – SIRE Financial Projections  Peer Group Trading Analysis (cont’d)  ($ in millions, except per unit amounts)  2023E EBITDA Attributable to SIRE Relevant EBITDA Multiple  5.0x  $76.6 –  7.5x  Implied Enterprise Value Based on 2023E Adjusted EBITDA  $383.0  –  $574.5  Less: Net Debt as of December 31, 2022 (SIRE's 51% Share)  (59.0)  Implied SIRE Equity Value  SIRE LP Units Outstanding1  $324.0  –  20.2  $515.5  Implied SIRE Unit Price Range - 2023E Adjusted EBITDA  $16.04  –  $25.52  2024E EBITDA Attributable to SIRE  Relevant EBITDA Multiple  4.5x  $71.2  –  7.0x  Implied Enterprise Value Based on 2024E Adjusted EBITDA  $320.4  –  $498.4  Less: Net Debt as of December 31, 2022 (SIRE's 51% Share)  (59.0)  Implied SIRE Equity Value  SIRE LP Units Outstanding1  $261.4  –  20.2  $439.4  Implied SIRE Unit Price Range - 2024E Adjusted EBITDA  $12.94  –  $21.75  Source: SIRE Financial Projections  1.  Includes 2.0% general partner interest, economically equivalent to 399,000 LP Units at current quarterly distribution  37 
 
 Confidential – Preliminary and Subject to Change  Date  Transaction  Transaction   Announced Acquiror / Target (Seller) Value Value / EBITDA   05/2022  Solvay SA / Remaining 20% interest in Solvay Soda Ash Joint Venture (AGC)  $120.0  5.3x  12/2021  Sisecam Chemicals USA Inc. / 60% stake in Ciner Resources Corporation (Ciner Enterprises)  300.0  9.7  12/2019  Valley Holdings Inc. (Tata Chemials) / Remaining 25% in Tata Chemicals (Soda Ash) Partners Holdings (The Andover Group, Inc.)  195.0  7.7  08/2017  Genesis Energy, L.P. / 100% of Tronox's Alkali Business, including trona mining, production and marketing assets (Tronox Limited)  1,325.0  8.0  07/2015  Park Holding A.S. (Ciner Group) / 73% LP interest, 2% GP interest and related IDRs in OCI Resources LP (OCI Company Ltd.)  429.0  9.5  02/2015  Tronox US Holdings Inc. / FMC's Alkali Chemicals business (FMC Corporation)  1,640.0  9.0  10/2014  FMC Corporation / Remaining 6.25% minority interest in FMC Wyoming Corp. (Sumitomo)  95.7  8.4  03/2013  FMC Corporation / Additional 6.25% minority interest in FMC Wyoming Corp. (Nippon Sheet Glass)  80.0  NA  01/2013  Natural Resource Partners LP / 48.51% stake in OCI Wyoming L.P., 20% interest in OCI Wyoming Co. (Anadarko)  310.0  9.0  01/2008  Tata Chemicals Ltd. / General Chemical Industrial Products Inc.  1,005.0  NA  Min  5.3x  Mean  8.3  Median  8.7  Max  9.7  Precedent M&A Transaction Analysis – SIRE Financial Projections  SIRE Share of 2023E EBITDA (Post - SIRE G&A)  $76.6  Relevant EBITDA Multiple  6.0x  –  8.5x  Implied Enterprise Value Based on 2023E Adjusted EBITDA  $459.6  –  $651.1  Less: Net Debt as of December 31, 2022 (SIRE's 51% Share)  (59.0)  Implied Equity Value  $400.6  –  $592.1  SIRE LP Units Outstanding2  20.2  Implied SIRE Unit Price Range - 2023E Adjusted EBITDA  $19.83  –  $29.32  Source: Public filings, Wall Street research, SIRE Financial Projections  1. No transaction is directly comparable to the Transaction  Precedent Green River Basin Soda Ash Transactions1  2.  Includes 2.0% general partner interest, economically equivalent to 399,000 LP Units at current quarterly distribution  38  Preliminary Valuation Detail – SIRE Financial Projections  Precedent M&A Transactions Analysis  ($ in millions, except per unit amounts) 
 
 Confidential – Preliminary and Subject to Change  Preliminary Valuation Detail – SIRE Financial Projections  Discounted Distributions Analysis  SIRE Distribution per LP Unit (Cash, As Paid)1  $2.41  $2.22  $1.86  $1.67  $1.75  $1.42  $1.42  –  $1.42  Terminal Yield2  12.0%  8.0%  Terminal Value  $11.87  $17.80  Equity Cost of Capital Based on CAPM  Present Value @ 7.5% Cost of Equity  $17.07  –  $20.92  Present Value @ 8.5% Cost of Equity  16.45  –  20.08  Present Value @ 9.5% Cost of Equity  15.85  –  19.29  Present Value @ 10.5% Cost of Equity  15.29  –  18.55  Present Value @ 11.5% Cost of Equity  14.76  –  17.84  Implied SIRE Unit Value – Based on CAPM  $15.29  –  $20.08  For the Years Ending   December 31,    2023E 2024E 2025E 2026E 2027E 2028E    Terminal Value Low High  Source: FactSet, SIRE Financial Projections  1. Values LP units based on LP unit distributions and does not consider GP distributions  2.  Based on SIRE’s 52-week yield range of 6.1% to 14.1% with a median of 10.3% and mean of 10.1% as of July 5, 2022  39 
 
 Confidential – Preliminary and Subject to Change  Premiums Paid  Analysis  Premiu  1  m  Date   Announced   Acquiror / Target  Consideration  1-Day Prior Spot  30-Day VWAP  01/06/23  Phillips 66 / DCP Midstream, LP  Cash-for-Unit  20.1%  28.5%  07/28/22  PBF Energy Inc. / PBF Logistics LP2  Cash/Stock-for-Unit  32.8%  12.5%  07/25/22  Shell USA, Inc. / Shell Midstream Partners, L.P.  Cash-for-Unit  23.0%  24.7%  06/02/22  Hartree Partners, LP / Sprague Resources LP  Cash-for-Unit  25.2%  24.1%  05/25/22  Höegh LNG Holdings Ltd / Höegh LNG Partners LP  Cash-for-Unit  35.0%  39.4%  05/16/22  Diamondback Energy / Rattler Midstream LP  Stock-for-Unit  17.3%  8.7%  04/22/22  Ergon, Inc. / Blueknight Energy Partners, L.P.  Cash-for-Unit  40.9%  40.7%  12/20/21  BP p.l.c / BP Midstream Partners LP  Stock-for-Unit  10.8%  3.0%  10/27/21  Phillips 66 / Phillips 66 Partners LP  Stock-for-Unit  4.8%  10.6%  10/04/21  Stonepeak Infrastructure Partners / Teekay LNG Partners LP  Cash-for-Unit  8.3%  7.6%  08/23/21  Landmark Dividend / Landmark Infrastructure Partners LP  Cash-for-Unit  38.4%  35.6%  03/05/21  Chevron Corporation / Noble Midstream Partners LP  Stock-for-Unit  16.7%  23.5%  12/15/20  TC Energy Corporation / TC PipeLines, LP  Stock-for-Unit  19.5%  10.0%  07/27/20  CNX Resources Corporation / CNX Midstream Partners  Stock-for-Unit  28.1%  16.1%  02/27/20  Equitrans Midstream Corporation / EQM Midstream Partners, LP  Stock-for-Unit  (1.5%)  (11.2%)  12/17/19  Blackstone Infrastructure Partners / Tallgrass Energy LP  Cash-for-Unit  56.4%  22.7%  10/01/19  Brookfield Business Partners L.P. / Teekay Offshore Partners L.P.  Cash-for-Unit  28.1%  9.8%  05/10/19  IFM Investors / Buckeye Partners, L.P.  Cash-for-Unit  27.5%  22.9%  05/08/19  MPLX LP / Andeavor (Marathon Petroleum Corporation; Andeavor Logistics LP)  Unit-for-Unit  1.8%  0.5%  04/02/19  UGI Corporation / AmeriGas Partners, L.P.  Cash/Stock-for-Unit  13.5%  22.2%  03/18/19  ArcLight Energy Partners Fund V, L.P. / American Midstream, LP  Cash-for-Unit  31.2%  32.0%  02/05/19  SunCoke Energy, Inc. / SunCoke Energy Partners, L.P.  Stock-for-Unit  9.3%  31.2%  Preliminary Valuation Detail – SIRE Financial Projections  For Reference Only  Source: Bloomberg, FactSet, Public filings  Note: No transaction is directly comparable to the Transaction  VWAP premiums paid are calculated by dividing the value of the offer, defined as the exchange ratio multiplied by the closing price of the acquiror’s shares / units on the last trading day prior to announcement plus any cash received, by the 30-trading day VWAP of the target as calculated from the last undisturbed trading day prior to the announcement  Based on the closing unit price of $13.35 on June 23, 2022, the last unaffected closing price before public disclosure of the board of directors of PBF Energy Inc.'s adoption of resolutions authorizing certain officers of PBF  Min  (1.5%)  (11.2%)  All  Median  21.6%  22.4%  Transactions  Mean  22.1%  18.9%  Max  56.4%  40.7%  Min  8.3%  7.6%  Cash-for-Unit  Median  Mean  28.1%  30.4%  24.7%  26.2%  Max  56.4%  40.7%  Energy Inc. to communicate, discuss and negotiate the terms of a potential business transaction with the conflicts committee of the board of directors of PBF Logistics LP's general partner  40 
 
 Confidential – Preliminary and Subject to Change  Preliminary Valuation Detail – SIRE Financial Projections  Premiums Paid Analysis (cont’d)  Summary Results – Cash-for-Unit Transactions  For Reference Only  Source: FactSet  41  1-Day Prior Spot Unit Price as of July 5, 2022  1-Day Prior Spot Price Premium  20.0%  $17.95  35.0%  Implied Purchase Pirce based on 1-Day Prior Spot Price Premium  $21.54  −  $24.23  30-Day VWAP as of July 5, 2022 30-Day VWAP Premium  20.0%  $17.87  30.0%  Implied Purchase Pirce based on 30-Day VWAP Premium  $21.44  −  $23.23  Implied Purchase Price Range  $21.44  −  $24.23 
 
 Confidential – Preliminary and Subject to Change  B. Financial Projections and Preliminary Valuation Detail – Sensitivity Case 
 
 Confidential – Preliminary and Subject to Change  Financial Projections and Preliminary Valuation Detail – Sensitivity Case  SIRE Financial Projections, SIRE management  42  Sisecam Wyoming EBITDA – Sensitivity Case  2023E  2024E  2025E  2026E  2027E  2028E  Domestic Sales Volumes (mt)  1.26  1.19  1.11  1.11  1.19  1.19  Export Sales Volumes (mt)  1.26  1.19  1.11  1.11  1.19  1.19  Sales Volumes (mt)  2.52  2.37  2.22  2.22  2.37  2.37  Volume Growth (%)  (0.1%)  (5.8%)  (6.4%)  --%  6.8%  --%  Domestic Gross Revenue  $355.4  $369.5  $345.9  $348.6  $355.1  $363.7  Export Gross Revenue  479.9  456.3  417.7  410.6  442.8  435.3  Gross Revenue  $835.3  $825.8  $763.6  $759.2  $797.9  $799.0  Domestic Freight  ($132.7)  ($128.8)  ($124.2)  ($127.9)  ($140.7)  ($145.0)  Export Freight  (189.3)  (182.4)  (174.6)  (178.5)  (195.0)  (199.3)  Freight Costs  ($321.9)  ($311.2)  ($298.8)  ($306.5)  ($335.7)  ($344.3)  Domestic Net Revenue  $222.7  $240.7  $221.7  $220.7  $214.4  $218.8  Export Net Revenue  290.6  273.9  243.1  232.0  247.8  236.0  Net Revenue  $513.3  $514.6  $464.8  $452.7  $462.2  $454.7  Average Net Realized Price  $204.00  $217.02  $209.33  $203.89  $194.90  $191.75  Energy Costs  (84.3)  (76.8)  (74.4)  (72.4)  (73.9)  (72.8)  Personnel Costs  (98.3)  (107.7)  (106.9)  (104.1)  (106.3)  (104.6)  Royalties  (23.8)  (22.6)  (20.5)  (19.9)  (20.3)  (20.0)  Severance & Ad Valorem Taxes  (13.3)  (13.9)  (14.1)  (13.7)  (14.0)  (13.7)  Other  (92.0)  (91.2)  (76.6)  (74.6)  (76.2)  (74.9)  Cost of Goods Sold  ($311.7)  ($312.2)  ($292.4)  ($284.8)  ($290.7)  ($286.0)  Gross Profit  $201.6  $202.4  $172.4  $168.0  $171.5  $168.7  Gross Margin (% of Net Revenue)  39.3%  39.3%  37.1%  37.1%  37.1%  37.1%  Operating Expenses  (23.8)  (20.4)  (20.9)  (21.4)  (21.9)  (22.3)  Sisecam Wyoming EBITDA  $177.8  $182.0  $151.5  $146.6  $149.6  $146.4  EBITDA Margin (% of Net Revenue)  34.6%  35.4%  32.6%  32.4%  32.4%  32.2%   For the Years Ending December 31,   ($ in millions) 
 
 Confidential – Preliminary and Subject to Change  Financial Projections and Preliminary Valuation Detail – Sensitivity Case  Sisecam Wyoming Cash Flow Summary – Sensitivity Case   For the Years Ending December 31,    2023E 2024E 2025E 2026E 2027E 2  Sisecam Wyoming Distributable Cash Flow  Sisecam Wyoming EBITDA  $177.8  $182.0  $151.5  $146.6  Less: Cash Interest Expense  (2.4)  (1.4)  (0.7)  Less: Maintenance Capital Expenditures  (25.6)  (26.1)  Distributable Cash Flow  $149.8  $154.4  Sisecam Wyoming Distributed Cash Flow  Distributions to SIRE (51.0%) Distributions to NRP (49.0%)  Distributed Cash Flow  Distributab  Sis  ($ in millions)  SIRE Financial Projections, SIRE management  43 
 
 Confidential – Preliminary and Subject to Change  Financial Projections and Preliminary Valuation Detail – Sensitivity Case  SIRE Financial Projections, SIRE management  44  Sisecam Wyoming Sources and Uses – Sensitivity Case  Sources  Distributable Cash Flow Surplus / (Shortfall)  $30.0  $30.9  $11.3  $10.8  $11.0  $10.7  Increase / (Decrease) in Net Working Capital  0.4  15.7  8.2  0.8  (9.8)  (1.0)  Cash from Revolver / (Cash to Revolver)  --  --  --  --  2.3  --  Total Sources  $30.3  $46.6  $19.5  $11.6  $3.5  $9.7  Uses  Growth Capital Expenditures  $--  $--  $--  $--  $--  $--  Mandatory Debt Paydown  8.8  9.1  9.3  9.5  3.5  4.7  Discretionary Debt Paydown  37.8  37.5  10.2  2.1  --  5.0  Cash to (from) Balance Sheet  (16.3)  --  --  (0.0)  0.0  0.0  Other  --  --  --  --  --  --  Total Uses  $30.3  $46.6  $19.5  $11.6  $3.5  $9.7  Capital Structure  Total Debt  $90.4  $43.8  $24.3  $12.7  $11.5  $1.8  Less: Cash  (5.0)  (5.0)  (5.0)  (5.0)  (5.0)  (5.0)  Net Debt  $85.4  $38.8  $19.3  $7.7  $6.5  ($3.2)  Net Debt / Adjusted EBITDA  0.5x  0.2x  0.1x  0.1x  0.0x  (0.0x)   For the Years Ending December 31,    2023E 2024E 2025E 2026E 2027E 2028E   ($ in millions) 
 
 Confidential – Preliminary and Subject to Change  Financial Projections and Preliminary Valuation Detail – Sensitivity Case  SIRE Financial Projections, SIRE management  45  SIRE Cash Flow Summary – Sensitivity Case  2023E  2024E  2025E  2026E  2027E  2028E  Consolidated EBITDA  Sisecam Wyoming EBITDA  $177.8  $182.0  $151.5  $146.6  $149.6  $146.4  Less: SIRE G&A  (4.0)  (4.0)  (4.0)  (4.0)  (4.0)  (4.0)  SIRE Consolidated EBITDA  $173.8  $178.0  $147.5  $142.6  $145.6  $142.4  EBITDA Attributable to SIRE  SIRE'S 51% Share of Sisecam Wyoming EBITDA  $90.7  $92.8  $77.3  $74.8  $76.3  $74.6  Less: SIRE G&A  (4.0)  (4.0)  (4.0)  (4.0)  (4.0)  (4.0)  EBITDA Attributable to SIRE  $86.7  $88.8  $73.3  $70.8  $72.3  $70.6  SIRE Distributable Cash Flow  Distributions from Sisecam Wyoming  $61.1  $63.0  $57.5  $55.1  $56.3  $54.6  Less: SIRE G&A  (4.0)  (4.0)  (4.0)  (4.0)  (4.0)  (4.0)  Distributable Cash Flow  $57.1  $59.0  $53.5  $51.1  $52.3  $50.6  Distributed Cash Flow  Sisecam Chemicals  $39.7  $40.7  $37.7  $36.4  $37.1  $36.1  Public  14.3  14.7  13.6  13.1  13.4  13.0  General Partner  3.1  3.6  2.2  1.6  1.9  1.5  Distributed Cash Flow  $57.1  $59.0  $53.5  $51.1  $52.3  $50.6  Unit Ownership  Sisecam Chemicals  14.6  14.6  14.6  14.6  14.6  14.6  Public  5.2  5.2  5.2  5.2  5.2  5.2  General Partner  0.4  0.4  0.4  0.4  0.4  0.4  Total Units Outstanding  20.2  20.2  20.2  20.2  20.2  20.2  Distributable Cash Flow per LP Unit  $2.73  $2.80  $2.59  $2.50  $2.55  $2.48  Distribution per LP Unit  2.73  2.80  2.59  2.50  2.55  2.48  Distributable Cash Flow Surplus / (Shortfall)  $--  $--  $--  $--  $--  $--  ($ in millions, except per unit amounts) 
 
 Confidential – Preliminary and Subject to Change  4.25x  5.50x  6.75x  8.00x  9.25x  --%  0.5%  1.0%  1.5%  2.0%  $24.67  $27.50  $30.33  $27.79  $29.07  $30.57  24.11  23.48  22.89  26.90  26.33  25.65  29.66  29.01  28.37  26.18  24.70  23.34  27.26  25.69  24.19  28.52  26.75  25.15  7.5%  8.0%  8.5%  9.0%  9.5%  $21.76 21.18  20.64  20.12  19.63  22.32  25.00  27.69  $33.16 32.41  31.69  30.98  30.29  7.5%  8.0%  8.5%  9.0%  9.5%  $26.68 25.23  23.83  22.58  21.46  22.12  22.86  23.69  $32.34 29.98  27.97  26.25  24.63  WACC  WACC  Sisecam Wyoming EBITDA  $177.8  $182.0  $151.5  $146.6  $149.6  $146.4  $70.61  $146.4  Less: Tax Depreciation and Amortization2  (594.2)  (58.0)  (51.4)  (48.9)  (47.1)  (50.5)  (28.6)  EBIT  ($416.4)  $124.0  $100.1  $97.7  $102.5  $95.9  $117.8  Less: Cash Taxes3  --  (7.3)  (5.9)  (7.2)  (7.6)  (7.1)  (43.6)  EBIAT  ($416.4)  $116.6  $94.2  $90.5  $94.9  $88.8  $74.2  Plus: Tax Depreciation and Amortization  594.2  58.0  51.4  48.9  47.1  50.5  28.6  Less: Capital Expenditures  (25.6)  (26.1)  (26.7)  (27.3)  (27.9)  (28.6)  (28.6)  Less: Changes in NWC  0.4  15.7  8.2  0.8  (9.8)  (1.0)  -  Sisecam Wyoming Unlevered Free Cash Flow  $152.6  $164.2  $127.1  $112.8  $104.3  $109.7  $74.2  SIRE Interest in Sisecam Wyoming  51.0%  51.0%  51.0%  51.0%  51.0%  51.0%  51.0%  SIRE Share of Sisecam Wyoming Unlevered Free Cash Flow  $77.8  $83.8  $64.8  $57.5  $53.2  $55.9  $37.8  Less: SIRE G&A  (4.0)  (4.0)  (4.0)  (4.0)  (4.0)  (4.0)  (4.0)  SIRE Unlevered Free Cash Flow  $73.8  $79.8  $60.8  $53.5  $49.2  $51.9  $33.8  EBITDA Multiple / Perpetuity Growth Rate  6.8x  1.0%  Implied Terminal Value  $476.8  −  $455.8  Present Value of Terminal Value @ 8.5% Discount Rate  Plus: Present Value of Unlevered Free Cash Flow @ 8.5% Discount Rate  292.3  − 298.5  279.4  Implied Enterprise Value  $590.8  −  $577.9  Less: Net Debt as of December 31, 2022 (SIRE's 51% Share)  (59.0)  Implied Equity Value  $531.8  −  $518.9  SIRE LP Units Outstanding4  20.2  Implied SIRE LP Unit Value  $26.33  −  $25.69  Terminal Exit Multiple Perpetuity Growth Rate   For the Years Ending December 31,   Exit  Perpetuity   2023E 2024E 2025E 2026E 2027E 2028E    Multiple    Growth   Financial Projections and Preliminary Valuation Detail – Sensitivity Case  Unit Price Sensitivity Analysis  Discounted Cash Flow Analysis – Sensitivity Case  4.  Includes 2.0% general partner interest, economically equivalent to 399,000 LP Units at current quarterly distribution  46  ($ in millions, except per unit amounts)  Source: SIRE Financial Projections  51% of Sisecam Wyoming EBITDA less $4.0 million SIRE G&A  2023E tax DD&A assumes 100.0% bonus depreciation calculated as the midpoint of the enterprise value range plus 80.0% bonus depreciation on 2023E capital expenditures; bonus depreciation phase-down on capital expenditures in 2024E (60.0%), 2025E (40.0%) and 2026E (20.0%)  Assumes unitholder tax rate of 29.6% from 2023E to 2025E and 37.0% thereafter 
 
 Confidential – Preliminary and Subject to Change  Financial Projections and Preliminary Valuation Detail – Sensitivity Case  Peer Group Trading Analysis – Sensitivity Case  2023E EBITDA Attributable to SIRE Relevant EBITDA Multiple  $86.7  5.0x  –  Implied Enterprise Value Based on 2023E Adjusted EBITDA  $433.4  Less: Net Debt as of December 31, 2022 (SIRE's 51% Share) Implied SIRE Equity Value  SIRE LP Units Outstanding1  Implied SIRE Unit Price Range - 2023E Adjusted EBITDA  2024E EBITDA Attributable to SIRE Relevant EBITDA Multiple  Implied Enterprise Value Based on  Less: Net Debt as of Decembe Implied SIRE Equit  SIRE LP Uni  Im  ($ in millions, except per unit amounts)  Source: SIRE Financial Projections, SIRE management  1.  Includes 2.0% general partner interest, economically equivalent to 399,000 LP Units at current quarterly distribution  47 
 
 Confidential – Preliminary and Subject to Change  Financial Projections and Preliminary Valuation Detail – Sensitivity Case  Precedent M&A Transactions Analysis – Sensitivity Case  Precedent M&A Transaction Analysis  SIRE Share of 2023E EBITDA (Post - SIRE G&A)  Relevant EBITDA Multiple  Implied Enterprise Value Based on 2023E Adjusted EBITDA  6.0x  $520.1  $86.7 –  –  8.5x  $736.8  Less: Net Debt as of December 31, 2022 (SIRE's 51% Share)  (59.0)  Implied Equity Value  SIRE LP Units Outstanding1  $461.1  –  20.2  $677.8  Implied SIRE Unit Price Range - 2023E Adjusted EBITDA  $22.83  –  $33.56  Source: Public filings, Wall Street research, SIRE Financial Projections, SIRE management  1.  Includes 2.0% general partner interest, economically equivalent to 399,000 LP Units at current quarterly distribution  48  ($ in millions, except per unit amounts) 
 
 Confidential – Preliminary and Subject to Change  Financial Projections and Preliminary Valuation Detail – Sensitivity Case  2.  Based on SIRE’s 52-week yield range of 6.1% to 14.1% with a median of 10.3% and mean of 10.1% as of July 5, 2022  49  Discounted Distributions Analysis – Sensitivity Case  ($ per unit)  Source: FactSet, SIRE Financial Projections, SIRE management  1. Values LP units based on LP unit distributions and does not consider GP distributions 
 
 Confidential – Preliminary and Subject to Change  Appendix 
 
 Confidential – Preliminary and Subject to Change  Weighted Average Cost of Capital Analysis 
 
 Confidential – Preliminary and Subject to Change  Ciech SA  $11.16  $588.2  $470.5  44.4%  0.74  0.45  Genesis Energy, L.P.  11.85  1,452.6  4,313.0  74.8%  0.94  0.30  Solvay SA  114.67  11,829.4  3,488.8  22.8%  0.65  0.53  Tata Chemicals Limited  11.65  2,968.7  781.4  20.8%  0.56  0.46  CAPM  Türkiye Sise ve Cam Fabrikalari A.S.  2.20  6,512.5  2,201.4  25.3%  0.55  0.43  Mean  37.6%  0.69  0.43  Median  25.3%  0.65  0.45  Unit/Share Price  Market Equity  Total Debt and  Total Debt /  Adjusted  Unlevered  Partnership/Corporation  1/26/23  Value  Preferred Equity  Total Capitalization  Beta 1  Beta 2  Sisecam Resources LP  $137.0  0.44  $23.91 $483.1  3.8%  0.45  25.3%  0.56   Supply-Side MRP Historical MRP   Risk-free Rate 3  Unlevered Beta  Debt / Total Capitalization Adjusted Levered Equity Beta  WACC  Pre-Tax Cost of Debt 7  After-Tax Cost of Debt  WACC 8.1% 8.7%   Debt / Total Cap    0.39 0.44 0.49 0.54   Market Risk Premium 4  Small Company Risk Premium 5  6.2%  2.1%  7.5%  15.0%  20.0%  8.0%  7.9%  8.3%  8.2%  8.6%  8.5%  8.9%  8.8%  Equity Cost of Capital 6  9.3%  10.0%  25.0%  7.8%  8.1%  8.4%  8.6%  6.6%  30.0%  7.7%  8.0%  8.2%  8.5%  4.6%  35.0%  7.6%  7.9%  8.1%  8.4%   Debt / Total Cap    0.39 0.44 0.49 0.54   15.0%  8.4%  8.8%  9.1%  9.5%  20.0%  8.3%  8.7%  9.0%  9.4%  25.0%  8.2%  8.6%  8.9%  9.3%  30.0%  8.1%  8.5%  8.8%  9.1%  35.0%  8.0%  8.4%  8.7%  9.0%  Weighted Average Cost of Capital Analysis  SIRE WACC Analysis – Capital Asset Pricing Model  ($ in millions, except per unit / share amounts)  Note: Capital structure includes effect of dilutive securities and GP interest; does not attribute value to the IDRs  2-year historical raw betas from FactSet; Adjusted Equity Beta calculated as: (0.67) × Raw Beta + (0.33) × 1.0  Unlevered Beta calculated as: Adjusted Equity Beta × (E/(E + D × (1-T)); assumes corporate tax rate of 29.6%  20-year Treasury as of January 26, 2023  Source: Kroll  Kroll for Decile 9, including companies with an equity market capitalization of $190.0 million to $451.8 million  Equity Cost of Capital calculated as: Risk-free rate of 3.8% + (Levered Equity Beta of 0.56 × Market Risk Premium of 6.2% (Supply Side) or 7.5% (Historical) + Small Company Risk Premium of 2.1%  Based on ICE BofA US High Yield Index (BB)  22.1% 0.53  Supply-Side MRP WACC Sensitivity  Historical MRP WACC Sensitivity  50 
 
 Confidential – Preliminary and Subject to Change  Unitholder Tax Analysis 
 
 Confidential – Preliminary and Subject to Change  Unitholder Tax Analysis  Illustrative SIRE Unitholder Tax Analysis at $24.00 / unit  On November 17, 2022, Deloitte LLP (“Deloitte”) provided the SIRE unaffiliated unitholders tax liability by unit acquisition date information, which included the following:   Adjusted Basis – Represents the weighted average price acquired, plus cumulative income, less cumulative distributions and DD&A from the acquisition date to December 2021   §751 Gain – Recharacterization of gain or loss on the sale of a partnership interest from capital to ordinary on §751 property owned by the partnership   Net Ordinary Gain / (Loss) per Unit – Calculated as §751 Gain less Passive Loss Carryover assuming Passive Loss Carryover amounts are 100% available to offset Ordinary Gains   Net Capital Gain / (Loss) per Unit – Calculated as Total Gain / (Loss) per Unit less §751 Gain   Estimated Taxes – Calculated based on the Net Ordinary Gain / (Loss) per Unit assuming a 37.0% tax rate and the Net Capital Gain / (Loss) per Unit assuming a 20.0% tax rate  Source: Deloitte  % of Total  Average  Purchase  A  Offer  B  Adjusted  C = A - B  Total Gain /  D  E  Carryover  F = D + E  Net Ordinary  C  Total Gain /  D  G = C – D H = F * T1 I = G * T2  Net Capital Ordinary Tax Capital Tax  J = H + I  Total Tax  Year  SIRE Units  Units  Price  Price  Basis  (Loss)  751 Gain  Passive Losses  Gain / (Loss)  (Loss)  751 Gain  Gain / (Loss)  Liability  Liability  Liability  2013  623,245  10.9%  $18.63  $24.00  $10.58  $13.42  $3.56  $--  $3.56  $13.42  $3.56  $9.87  1.32  1.97  $3.29  2014  212,924  3.7%  21.88  24.00  12.51  11.49  3.57  (0.14)  3.43  11.49  3.57  7.92  1.27  1.58  2.85  2015  181,904  3.2%  21.66  24.00  13.15  10.85  3.59  (0.37)  3.21  10.85  3.59  7.26  1.19  1.45  2.64  2016  341,548  6.0%  25.72  24.00  17.45  6.55  2.75  -  2.75  6.55  2.75  3.80  1.02  0.76  1.78  2017  338,227  5.9%  25.87  24.00  19.06  4.94  2.05  -  2.05  4.94  2.05  2.89  0.76  0.58  1.34  2018  194,136  3.4%  24.84  24.00  19.27  4.73  1.62  (0.01)  1.61  4.73  1.62  3.11  0.60  0.62  1.22  2019  669,299  11.7%  17.77  24.00  14.02  9.98  1.92  (0.20)  1.72  9.98  1.92  8.06  0.64  1.61  2.25  2020  1,416,599  24.8%  11.12  24.00  9.07  14.93  1.28  (0.02)  1.26  14.93  1.28  13.65  0.47  2.73  3.20  2021  1,725,847  30.3%  13.83  24.00  11.52  12.48  0.54  (0.06)  0.49  12.48  0.54  11.94  0.18  2.39  2.57  Total / Wtd. Avg.  5,703,728  100.0%  $16.49  $24.00  $12.26  $11.74  $1.69  ($0.06)  $1.62  $11.74  $1.69  $10.06  $0.60  $2.01  $2.61  Ordinary Gain / (Loss)   Total Gain / (Loss) Per Unit Per Unit Capital Gain / (Loss) Per Unit Tax Liability Per Unit  
 
 Confidential – Preliminary and Subject to Change  Unitholder Tax Analysis  Illustrative SIRE Unitholder Tax Analysis at $24.00 / unit (cont’d)  Implied Taxes @ 37.0% Ordinary Gain / 20.0% Capital Gain  0.0  0.1  0.2  0.3  0.4  0.5  0.6  $--  $0.08  $0.16  $0.24  $0.32  $0.40  $0.48  $0.56  $0.64  $0.72  $0.80  $0.88  $0.96  $1.04  $1.12  $1.20  $1.28  $1.36  $1.44  $1.52  $1.60  $1.68  $1.76  $1.84  $1.92  $2.00  $2.08  $2.16  $2.24  $2.32  $2.40  $2.48  $2.56  $2.64  $2.72  $2.80  $2.88  $2.96  $3.04  $3.12  $3.20  $3.28  $3.36  $3.44  $3.52  $3.60  $3.68  $3.76  $3.84  $3.92  $4.00  Units (in Millions)  Net Taxes Paid per SIRE Unit  Tax Liability Deciles ($ per unit)  First Decile Second Decile Third Decile Fourth Decile Fifth Decile  $0.69 - $1.34  $1.34 - $1.96  $1.96 - $2.37  $2.37 - $2.69  $2.69 - $2.81  Sixth Decile Seventh Decile Eighth Decile Ninth Decile Tenth Decile  $2.81 - $2.87  $2.87 - $3.03  $3.03 - $3.20  $3.20 - $3.35  $3.35 - $3.42  Weighted Average $2.61  Total Tax Liability of Unaffiliated Unitholders ($MM) $14.9 
 
 Confidential – Preliminary and Subject to Change  ($24.08)  ($18.94)  ($14.61)  ($11.18)  ($2.44)  $0.60  $4.47  $13.49  ($3.04)  ($2.59)  ($2.34)  ($1.08)  ($0.03)  $0.31  $ $1.89  0.71  $1  $2.0 $5.71  $3.33  ($2.55)  ($2.14)  ($1.44)  ($0.87)  $1 .46  .13  $1.5 0  ($2.82)  $3.84  4 $5.75  $2.45 $6.94  $0.01  $8.51  $--  $0.95  $3.61  $1.22  $3.70  $1.99  $4.00  $2.52  $4.18  $4.64  $5.70  ($0.95)  ($1.34)  ($0.56)  ($1.25)  ($0.44)  ($0.36)  ($1.13)  ($0.14)  ($0.07)  ($0.99)  ($0.55)  ($0.11)  $0.02  $2.58  $2.63  $3.18  $3.20  $3.34  $1.02 $5.05  $3.72  ($3.33)  ($4.75)  ($5.75)  ($2.64)  ($1.95)  ($0.68)  ($1.57)  ($1.23)  ($1.43)  ($0.16)  $0.15  $0.31  $0.37  $0.39  $0.39  $0.41  $0.4 $3.77  $2.49  $0.69  $0.00  $3.04  $2.49  $1.34  $0.58  $3.23  $2.52  $1.96  $2.37  $2.69  $2.81  $2.87  $3.03  $3.20  $43.35  ($30.00)  ($20.00)  ($10.00)  $--  $10.00  $20.00  First Decile  Second Decile  Third Decile  Fourth Decile Fifth Decile Sixth Decile Seventh Decile  Eighth Decile  Ninth Decile  Tenth Decile  MLP A MLP B MLP C MLP D MLP E MLP F MLP G MLP H MLP I SIRE  Unitholder Tax Analysis  Precedent Taxable MLP Buy-In Unitholder Tax Impact  Estimated Cash Tax (Benefit) / Expense per Unit  $30.00 
 
 Confidential – Preliminary and Subject to Change  Unitholder Tax Analysis  (100.3%)  (78.9%)  (60.9%)  (46.6%)  (10.2%)  2.5%  7.9%  (25.5%)  (21.7%)  (19.6%)  (9.1%)  (0.3%)  6.0%  1 18.6%  1 23.8%  6.8%  28.0% 56.2%  (7.2%)  (6.1%)  (4.5%)  (4.1%)  3.2 2.3%  4.4%  6.9%  9 %  .4%  14.1%  17.0%  (30.9% (6.9%)  )  0.1%  9.5%  79.0%  2.3%  19.5%  3.0%  20.1%  2.6%  4.9%  21.7%  6.2%  22.7%  25.2%  27.3%  30.9%  (105.6%)  (8.8%)  (29.7%)  (2.5%)  (5.2%)  (27.9%)  (1.3%)  (3.3%)  (25.2%)  (0.4%)  (0.6%)  (22.0%)  (12.2%)  (2.4%)  0.5%  6.2%  6.3%  7.7%  7.7%  8.0%  9.0%  9.1%  (173.1%)  (24.5%)  (43.3%)  (20.5%)  (11.4%)  (31.8%)  (4.8%)  4.4%  9.2%  11.1%  11.7%  11.9%  12.3%  13.2%  --%  6.0%  2.9%  0.0%  16.5%  6.0%  5.6%  1.4%  17.5%  6.1%  8.2%  9.9%  11.2%  11.7%  12.0%  12.6%  13.3%  14.0%  Precedent Taxable MLP Buy-In Unitholder Tax Impact (cont’d)  Estimated Cash Tax (Benefit) / Expense per Unit as % of Offer Value  125.0%  (225.0%)  (175.0%)  (125.0%)  (75.0%)  (25.0%)  25.0%  75.0%  Ninth Decile  Tenth Decile  First Decile Second Decile Third Decile  MLP A MLP B  Fourth Decile Fifth Decile Sixth Decile Seventh Decile Eighth Decile MLP C MLP D MLP E MLP F MLP G MLP H MLP I SIRE 
 
 Confidential – Preliminary and Subject to Change  Additional Materials 
 
 Confidential – Preliminary and Subject to Change  Additional Materials  On November 19, 2021, Ciner Enterprises agreed to sell a 60% interest in Sisecam Chemicals to Sisecam USA for $300.0 million (the “2021 Acquisition”)  As a result of the transaction:   Sisecam Parent owns a controlling interest in the Partnership and Sisecam Wyoming through its indirect, majority ownership of SIRE GP   Sisecam Parent owns 60.0% of an approximate 74.1% economic interest in SIRE  Assumed Unit Price Premium and Implied Value Paid for SIRE GP  2021 Acquisition of 60% of SCR  2021 Acquisition Overview  Illustrative Value per LP Unit  $18.34  $20.00  $22.00  $24.00  $26.00  $28.00  $30.00  $32.00  $34.36  SIRE Units Owned by Sisecam Chemicals  14.6  14.6  14.6  14.6  14.6  14.6  14.6  14.6  14.6  Implied Value of SIRE Units  $266.8  $291.0  $320.1  $349.2  $378.3  $407.4  $436.5  $465.6  $500.0  Implied Value Paid by Sisecam Parent  $500.0  $500.0  $500.0  $500.0  $500.0  $500.0  $500.0  $500.0  $500.0  Implied Value for Control  $233.2  $209.0  $179.9  $150.8  $121.7  $92.6  $63.5  $34.4  $--  Implied SIRE Equity Market Cap1  $370.3  $404.0  $444.4  $484.8  $525.2  $565.6  $606.0  $646.4  $694.1  Control Value as % of SIRE Equity Market Cap  63.0%  51.7%  40.5%  31.1%  23.2%  16.4%  10.5%  5.3%  --%  Implied Sisecam Wyoming Equity Value2  $726.2  $792.1  $871.3  $950.5  $1,029.7  $1,109.0  $1,188.2  $1,267.4  $1,360.9  Control Value as a % of Sisecam Wyoming Equity Value  32.1%  26.4%  20.6%  15.9%  11.8%  8.3%  5.3%  2.7%  --%  ($ in millions, except per unit amounts)  Source: Public filings  Based on Illustrative Value per LP Unit and 20.2 million SIRE LP and GP units  SIRE Market Cap divided by 51% to arrive at an implied equity value for Sisecam Wyoming  Implied Value of Sisecam Chemicals  Value of Sisecam Parent Interest  $300.0  Divided by Ownership in Sisecam Chemicals  60.0%  Implied Value of Sisecam Chemicals  $500.0 
 
 Confidential – Preliminary and Subject to Change  Comparison of 2022 Actual vs. Forecast 
 
 Confidential – Preliminary and Subject to Change  Comparison of 2022 Actual vs. Forecast  ($ in millions, except per unit amounts)  Forecast Actuals Variance    2022E 2022A Amount %   Domestic Gross Sales Price ($/mt)  $246.33  $251.54  $5.22  2.1%  Export Gross Sales Price ($/mt)  323.41  345.71  22.30  6.9%  Domestic Gross Revenue  $289.1  $305.0  $15.9  5.5%  Export Gross Revenue  435.1  415.1  (20.0)  (4.6%)  Total Gross Revenue  $724.2  $720.1  ($4.0)  (0.6%)  Domestic Net Sales Price ($/mt)  $146.65  $150.70  $4.05  2.8%  Export Net Sales Price ($/mt)  195.74  216.41  20.66  10.6%  Domestic Net Revenue  $172.1  $182.7  $10.6  6.2%  Export Net Revenue  263.3  259.9  (3.5)  (1.3%)  Total Net Revenue  $435.4  $442.6  $7.2  1.6%  Energy  ($66.1)  ($74.6)  ($8.5)  12.8%  Personnel  (82.0)  (76.4)  $5.6  (6.8%)  Royalties  (20.1)  (20.4)  ($0.3)  1.6%  Severance Tax  (17.6)  (17.5)  $0.1  (0.6%)  Other  (71.5)  (63.9)  $7.6  (10.6%)  Cost of Goods Sold  ($257.3)  ($252.8)  $4.5  (1.7%)  Operating Expenses  (23.3)  (24.8)  (1.5)  6%  Total Sisecam Wyoming Expenses  ($280.6)  ($277.5)  $3.0  (1.1%)  Sisecam Wyoming EBITDA  $154.9  $165.1  $10.2  6.6%  SIRE G&A  (2.9)  (3.1)  ($0.2)  8.2%  SIRE EBITDA  $152.0  $161.9  $9.9  6.5%  Domestic Sales Volumes (mt)  1.2  1.2  0.0  3.3%  Export Sales Volumes (mt)  1.3  1.2  (0.1)  (10.7%)  Total Sales Volumes (mt)  2.5  2.4  (0.1)  (4.2%)  Domestic net revenue exceeded  Forecast primarily due to higher net sales price  Domestic Freight Cost  ($117.0)  ($122.3)  ($5.3)  4.5%  International net revenue  Export Freight Cost  (171.8)  (155.3)  16.5  (9.6%)  underperformed Forecast due to  Total Freight Cost  ($288.7)  ($277.5)  $11.2  (3.9%)  lower volumes, partially offset by  higher net sales price  Expenses were lower than Forecast, driven by lower Personnel and Other expenses, partially offset by higher Energy expenses 
 
 Confidential – Preliminary and Subject to Change  IHS January 2023 Interim Monthly Price Update Case 
 
 Confidential – Preliminary and Subject to Change  Export Pricing  Additional Materials  Net Realized Pricing Forecast – SIRE vs. IHS  Projected Soda Ash Pricing Trends – Domestic and Export Pricing  ($ per metric ton)  Source: SIRE management, IHS  Domestic  Pricing  SIRE, Net IHS, Net as of 8/15/2022 IHS January 2023 Interim Monthly Update  263  208  203  229  208  247  226  193  193  147  168  $180  $220  $260  $340  $300  $140  2022E  300  270  270  269  270  280  258  248  248  248  238  238  200  200  200  200  190  180  172  172  166  $140  $180  $220  $260  $300  $340  2022E  2023E 2024E 2025E 2026E 2027E  2028E 
 
 Confidential – Preliminary and Subject to Change  $2.41  $2.22  $1.86  $1.67  $1.75  $1.42  $2.59  $2.50  $2.73 $2.76  $2.80 $2.87  $2.91  $2.94  $2.55 $2.55  $2.48 $2.48  2023E  2024E  2025E  2026E  2027E  2028E  $76.6  $71.2  $55.9  $51.8  $53.8  $46.9  $70.8  $86.7 $87.7  $88.8 $90.9  $82.4  $73.3  $83.4  $72.3 $72.3  $70.6 $70.6  2023E  2024E  2025E  2026E  2027E  2028E  34.6%  33.5%  30.8%  39.3% 39.3% 39.3%  39.3% 39.3% 39.3%  35.8% 37.1% 37.1%  37.1% 37.1%  37.1%37.1%  37.1%37.1%  2023E  2024E  2025E  2026E  2027E  2028E  Preliminary Valuation of SIRE Common Units  SIRE Financial Projections  Sensitivity Case  IHS January 2023 Interim Monthly Price Update Case  EBITDA  Attributable to SIRE  DCF / LP Unit  % Gross Margin  SIRE Financial Projections vs. Sensitivity Case vs. IHS January 2023 Interim Monthly Price Update Case  ($ in millions, except per unit amounts)  58  Source: SIRE Financial Projections, SIRE management 
 
 Confidential – Preliminary and Subject to Change  Discounted Cash Flow Analysis  Peer Group Trading Analysis  Precedent M&A Transactions Analysis  EBITDA Exit Multiple  Perpetuity Growth  2023E EBITDA  2024E EBITDA  2023E EBITDA  EBITDA Exit Multiple:  5.5x - 8.0x  Perpetuity Growth Rate: 0.5% - 1.5%  2023E EBITDA Multiple: 5.0x - 7.5x  2024E EBITDA Multiple:  4.5x - 7.0x  2023E EBITDA Multiple: 6.0x - 8.5x  Discount Rate: WACC of 8.0% - 9.0%  Terminal Yield of: 8.0% - 12.0%  Equity Cost of Capital of: 8.5% - 10.5%  1-Day Spot Premium 20.0% - 35.0%  30-Day VWAP Premium 20.0%-30.0%  Premiums Paid Analysis  Discounted Distributions Analysis  $15.09  $22.89  $23.64  $14.15  $23.34  $24.10  $16.04  $18.54  $18.79  $12.94  $16.87  $17.34  $19.83  $22.83  $23.13  $15.29  $23.19  $23.84  $19.77  $29.66  $30.59  $17.19  $28.52  $29.45  $25.52  $29.27  $29.64  $21.75  $27.86  $28.60  $29.32  $33.56  $33.98  $20.08  $31.42  $32.12  $--  $5.00  $10.00  $15.00  $20.00  $25.00  $30.00  $35.00  $50.00  $45.00  $40.00  $21.44  $24.23  Preliminary Valuation of SIRE Common Units  Consideration:  $24.00  SIRE Financial Projections vs. Sensitivity Case vs. IHS January 2023 Interim Monthly Price Update Case  FOR REFERENCE ONLY  SIRE Financial Projections  Sensitivity Case  59  IHS January 2023 Interim Monthly Price Update Case 
 
 Confidential – Preliminary and Subject to Change  Financial Projections and Preliminary Valuation Detail – Sensitivity Case  Sisecam Wyoming EBITDA – Sensitivity Case  Domestic Sales Volumes (mt)  1.26  1.19  1.11  1.11  1.19  1.19  Export Sales Volumes (mt)  1.26  1.19  1.11  1.11  1.19  1.19  Sales Volumes (mt)  2.52  2.37  2.22  2.22  2.37  2.37  Volume Growth (%)  (0.1%)  (5.8%)  (6.4%)  --%  6.8%  --%  Domestic Gross Revenue  $361.7  $344.6  $369.6  $391.1  $355.1  $363.7  Export Gross Revenue  478.6  491.9  442.2  435.0  442.8  435.3  Gross Revenue  $840.3  $836.4  $811.7  $826.1  $797.9  $799.0  Domestic Freight  ($132.7)  ($128.8)  ($124.2)  ($127.9)  ($140.7)  ($145.0)  Export Freight  (189.3)  (182.4)  (174.6)  (178.5)  (195.0)  (199.3)  Freight Costs  ($321.9)  ($311.2)  ($298.8)  ($306.5)  ($335.7)  ($344.3)  Domestic Net Revenue  $229.0  $215.8  $245.4  $263.1  $214.4  $218.8  Export Net Revenue  289.4  309.5  267.6  256.5  247.8  236.0  Net Revenue  $518.4  $525.3  $512.9  $519.6  $462.2  $454.7  Average Net Realized Price  $206.00  $221.50  $231.00  $234.00  $194.90  $191.75  Energy Costs  (85.1)  (78.3)  (82.1)  (83.1)  (73.9)  (72.8)  Personnel Costs  (99.3)  (109.9)  (118.0)  (119.5)  (106.3)  (104.6)  Royalties  (24.1)  (23.1)  (22.6)  (22.9)  (20.3)  (20.0)  Severance & Ad Valorem Taxes  (13.4)  (14.2)  (15.5)  (15.7)  (14.0)  (13.7)  Other  (92.9)  (93.1)  (84.5)  (85.6)  (76.2)  (74.9)  Cost of Goods Sold  ($314.8)  ($318.7)  ($322.6)  ($326.8)  ($290.7)  ($286.0)  Gross Profit  $203.6  $206.6  $190.3  $192.8  $171.5  $168.7  Gross Margin (% of Net Revenue)  39.3%  39.3%  37.1%  37.1%  37.1%  37.1%  Operating Expenses  (23.8)  (20.4)  (20.9)  (21.4)  (21.9)  (22.3)  Sisecam Wyoming EBITDA  $179.8  $186.2  $169.4  $171.4  $149.6  $146.4  EBITDA Margin (% of Net Revenue)  34.7%  35.4%  33.0%  33.0%  32.4%  32.2%  2023E  2024E  For the Years Ending December 31, 2025E 2026E  2027E  2028E  ($ in millions)  SIRE Financial Projections, SIRE management  60 
 
 Confidential – Preliminary and Subject to Change  Financial Projections and Preliminary Valuation Detail – Sensitivity Case  SIRE Financial Projections, SIRE management  61  Sisecam Wyoming Cash Flow Summary – Sensitivity Case  For the Years Ending December 31,  2023E  2024E  2025E  2026E  2027E  2028E  Sisecam Wyoming Distributable Cash Flow  Sisecam Wyoming EBITDA  $179.8  $186.2  $169.4  $171.4  $149.6  $146.4  Less: Cash Interest Expense  (2.4)  (1.4)  (0.7)  (0.3)  (0.1)  0.1  Less: Maintenance Capital Expenditures  (25.6)  (26.1)  (26.7)  (27.3)  (27.9)  (28.6)  Distributable Cash Flow  $151.8  $158.6  $142.0  $143.8  $121.6  $117.9  Sisecam Wyoming Distributed Cash Flow  Distributions to SIRE (51.0%)  $61.9  $64.7  $65.8  $66.7  $56.4  $54.6  Distributions to NRP (49.0%)  59.5  62.2  63.2  64.1  54.2  52.5  Distributed Cash Flow  $121.5  $126.9  $129.1  $130.7  $110.5  $107.2  Distributable Cash Flow Surplus / (Shortfall)  $30.4  $31.7  $12.9  $13.1  $11.1  $10.7  Sisecam Wyoming Coverage Ratio  1.25x  1.25x  1.10x  1.10x  1.10x  1.10x  ($ in millions) 
 
 Confidential – Preliminary and Subject to Change  Financial Projections and Preliminary Valuation Detail – Sensitivity Case  SIRE Financial Projections, SIRE management  62  Sisecam Wyoming Sources and Uses – Sensitivity Case  2023E  2024E  2025E  2026E  2027E  2028E  Sources  Distributable Cash Flow Surplus / (Shortfall)  $30.4  $31.7  $12.9  $13.1  $11.1  $10.7  Increase / (Decrease) in Net Working Capital  0.4  15.7  8.2  0.8  (9.8)  (1.0)  Cash from Revolver / (Cash to Revolver)  --  --  --  --  1.7  --  Total Sources  $30.7  $47.4  $21.1  $13.8  $2.9  $9.7  Uses  Growth Capital Expenditures  $--  $--  $--  $--  $--  $--  Mandatory Debt Paydown  8.8  9.1  9.3  9.5  3.5  4.7  Discretionary Debt Paydown  38.2  38.4  11.8  3.7  --  1.7  Cash to (from) Balance Sheet  (16.3)  --  --  0.6  (0.6)  3.4  Other  --  --  --  --  --  --  Total Uses  $30.7  $47.4  $21.1  $13.8  $2.9  $9.7  Capital Structure  Total Debt  $90.0  $42.5  $21.5  $8.3  $6.4  $0.0  Less: Cash  (5.0)  (5.0)  (5.0)  (5.6)  (5.0)  (8.4)  Net Debt  $85.0  $37.5  $16.5  $2.6  $1.4  ($8.3)  Net Debt / Adjusted EBITDA  0.5x  0.2x  0.1x  0.0x  0.0x  (0.1x)  For the Years Ending December 31,  ($ in millions) 
 
 Confidential – Preliminary and Subject to Change  Financial Projections and Preliminary Valuation Detail – Sensitivity Case  SIRE Financial Projections, SIRE management  63  SIRE Cash Flow Summary – Sensitivity Case  2023E  2024E  2025E  2026E  2027E  2028E  Consolidated EBITDA  Sisecam Wyoming EBITDA  $179.8  $186.2  $169.4  $171.4  $149.6  $146.4  Less: SIRE G&A  (4.0)  (4.0)  (4.0)  (4.0)  (4.0)  (4.0)  SIRE Consolidated EBITDA  $175.8  $182.2  $165.4  $167.4  $145.6  $142.4  EBITDA Attributable to SIRE  SIRE'S 51% Share of Sisecam Wyoming EBITDA  $91.7  $94.9  $86.4  $87.4  $76.3  $74.6  Less: SIRE G&A  (4.0)  (4.0)  (4.0)  (4.0)  (4.0)  (4.0)  EBITDA Attributable to SIRE  $87.7  $90.9  $82.4  $83.4  $72.3  $70.6  SIRE Distributable Cash Flow  Distributions from Sisecam Wyoming  $61.9  $64.7  $65.8  $66.7  $56.4  $54.6  Less: SIRE G&A  (4.0)  (4.0)  (4.0)  (4.0)  (4.0)  (4.0)  Distributable Cash Flow  $57.9  $60.7  $61.8  $62.7  $52.4  $50.6  Distributed Cash Flow  Sisecam Chemicals  $40.2  $41.7  $42.3  $42.8  $37.1  $36.1  Public  14.5  15.0  15.3  15.4  13.4  13.0  General Partner  3.3  4.0  4.3  4.5  1.9  1.5  Distributed Cash Flow  $57.9  $60.7  $61.8  $62.7  $52.4  $50.6  Unit Ownership  Sisecam Chemicals  14.6  14.6  14.6  14.6  14.6  14.6  Public  5.2  5.2  5.2  5.2  5.2  5.2  General Partner  0.4  0.4  0.4  0.4  0.4  0.4  Total Units Outstanding  20.2  20.2  20.2  20.2  20.2  20.2  Distributable Cash Flow per LP Unit  $2.76  $2.87  $2.91  $2.94  $2.55  $2.48  Distribution per LP Unit  2.76  2.87  2.91  2.94  2.55  2.48  Distributable Cash Flow Surplus / (Shortfall)  $--  $--  $--  $--  $--  $--  ($ in millions, except per unit amounts)  For the Years Ending December 31, 
 
 Confidential – Preliminary and Subject to Change  4.25x  5.50x  6.75x  8.00x  9.25x  --%  0.5%  1.0%  1.5%  2.0%  $25.57  $28.44  $31.27  $28.73  $30.01  $31.51  24.89  24.25  23.64  27.82  27.10  26.41  30.59  29.92  29.17  27.02  25.47  24.10  28.18  26.46  24.95  29.45  27.58  25.91  7.5%  8.0%  8.5%  9.0%  9.5%  $22.55 21.96  21.40  20.87  20.36  23.06  25.75  28.44  $34.11 33.34  32.60  31.88  31.12  7.5%  8.0%  8.5%  9.0%  9.5%  $27.61 26.01  24.60  23.34  22.21  22.87  23.61  24.44  $33.28 30.91  28.88  27.01  25.38  WACC  WACC   For the Years Ending December 31,    2023E 2024E 2025E 2026E 2027E 2028E   Exit   Multiple   Perpetuity   Growth   Sisecam Wyoming EBITDA  $179.8  $186.2  $169.4  $171.4  $149.6  $146.4  $710.6  $146.4  Less: Tax Depreciation and Amortization2  (608.4)  (58.0)  (51.4)  (48.9)  (47.1)  (50.5)  (28.6)  EBIT  ($428.6)  $128.2  $117.9  $122.5  $102.5  $95.9  $117.8  Less: Cash Taxes3  --  (7.6)  (7.0)  (9.1)  (7.6)  (16.3)  (43.6)  EBIAT  ($428.6)  $120.6  $111.0  $113.4  $94.9  $79.6  $74.2  Plus: Tax Depreciation and Amortization  608.4  58.0  51.4  48.9  47.1  50.5  28.6  Less: Capital Expenditures  (25.6)  (26.1)  (26.7)  (27.3)  (27.9)  (28.6)  (28.6)  Less: Changes in NWC  0.4  15.7  8.2  0.8  (9.8)  (1.0)  -  Sisecam Wyoming Unlevered Free Cash Flow  $154.6  $168.2  $143.9  $135.8  $104.3  $100.5  $74.2  SIRE Interest in Sisecam Wyoming  51.0%  51.0%  51.0%  51.0%  51.0%  51.0%  51.0%  SIRE Share of Sisecam Wyoming Unlevered Free Cash Flow  $78.8  $85.8  $73.4  $69.2  $53.2  $51.2  $37.8  Less: SIRE G&A  (4.0)  (4.0)  (4.0)  (4.0)  (4.0)  (4.0)  (4.0)  SIRE Unlevered Free Cash Flow  $74.8  $81.8  $69.4  $65.2  $49.2  $47.2  $33.8  EBITDA Multiple / Perpetuity Growth Rate  6.8x  1.0%  Implied Terminal Value  $476.8  −  $455.8  Present Value of Terminal Value @ 8.5% Discount Rate  292.3  −  279.4  Plus: Present Value of Unlevered Free Cash Flow @ 8.5% Discount Rate  314.0  Implied Enterprise Value  $606.3  −  $593.4  Less: Net Debt as of December 31, 2022 (SIRE's 51% Share)  (59.0)  Implied Equity Value  $547.3  −  $534.4  SIRE LP Units Outstanding4  20.2  Implied SIRE LP Unit Value  $27.10  −  $26.46  Terminal Exit Multiple Perpetuity Growth Rate  Financial Projections and Preliminary Valuation Detail – Sensitivity Case  Unit Price Sensitivity Analysis  Discounted Cash Flow Analysis – Sensitivity Case  4.  Includes 2.0% general partner interest, economically equivalent to 399,000 LP Units at current quarterly distribution  64  ($ in millions, except per unit amounts)  Source: SIRE Financial Projections  51% of Sisecam Wyoming EBITDA less $4.0 million SIRE G&A  2023E tax DD&A assumes 100.0% bonus depreciation calculated as the midpoint of the enterprise value range plus 80.0% bonus depreciation on 2023E capital expenditures; bonus depreciation phase-down on capital expenditures in 2024E (60.0%), 2025E (40.0%) and 2026E (20.0%)  Assumes unitholder tax rate of 29.6% from 2023E to 2025E and 37.0% thereafter 
 
 Confidential – Preliminary and Subject to Change  Financial Projections and Preliminary Valuation Detail – Sensitivity Case  Peer Group Trading Analysis – Sensitivity Case  2023E EBITDA Attributable to SIRE Relevant EBITDA Multiple  $87.7  5.0x  –  Implied Enterprise Value Based on 2023E Adjusted EBITDA  $438.5  Less: Net Debt as of December 31, 2022 (SIRE's 51% Share) Implied SIRE Equity Value  SIRE LP Units Outstanding1  Implied SIRE Unit Price Range - 2023E Adjusted EBITDA  2024E EBITDA Attributable to SIRE Relevant EBITDA Multiple  Implied Enterprise Value Based on  Less: Net Debt as of Decembe Implied SIRE Equit  SIRE LP Uni  Im  ($ in millions, except per unit amounts)  Source: SIRE Financial Projections, SIRE management  1.  Includes 2.0% general partner interest, economically equivalent to 399,000 LP Units at current quarterly distribution  65 
 
 Confidential – Preliminary and Subject to Change  Financial Projections and Preliminary Valuation Detail – Sensitivity Case  Precedent M&A Transactions Analysis – Sensitivity Case  Precedent M&A Transaction Analysis  Source: Public filings, Wall Street research, SIRE Financial Projections, SIRE management  1.  Includes 2.0% general partner interest, economically equivalent to 399,000 LP Units at current quarterly distribution  66  ($ in millions, except per unit amounts) 
 
 Confidential – Preliminary and Subject to Change  Financial Projections and Preliminary Valuation Detail – Sensitivity Case  Discounted Distributions Analysis – Sensitivity Case  For the Years Ending   December 31,    2023E 2024E 2025E 2026E 2027E 2028E   ($ per unit)  SIRE Distribution per LP Unit (Cash, As Paid)1  $2.76  $2.87  $2.91  $2.94  $2.55  $2.48  $2.48  –  $2.48  Terminal Yield2  12.0%  –  8.0%  Terminal Value  $20.67  $31.00  Equity Cost of Capital Based on CAPM  Present Value @ 7.5% Cost of Equity  $26.84  –  $33.54  Present Value @ 8.5% Cost of Equity  25.78  –  32.12  Present Value @ 9.5% Cost of Equity  24.78  –  30.78  Present Value @ 10.5% Cost of Equity  23.84  –  29.52  Present Value @ 11.5% Cost of Equity  22.95  –  28.33  Implied SIRE Unit Value – Based on CAPM  $23.84  –  $32.12   Terminal Value Low High  Source: FactSet, SIRE Financial Projections, SIRE management  1. Values LP units based on LP unit distributions and does not consider GP distributions  2.  Based on SIRE’s 52-week yield range of 6.1% to 12.1% with a median of 9.1% and mean of 9.0%  67 
 
Exhibit (c)(10)

 Discussion Materials Regarding Project Houston January 31, 2023 
 
 These materials have been prepared by Evercore Group L.L.C. (“Evercore”) for the Conflicts Committee (the “Conflicts Committee”) of the Board of Directors of Sisecam Resource Partners LLC, the general partner of Sisecam Resources LP (the “Partnership”), to whom such materials are directly addressed and delivered and may not be used or relied upon for any purpose other than as specifically contemplated by a written agreement with Evercore. These materials are based on information provided by or on behalf of the Conflicts Committee, from public sources or otherwise reviewed by Evercore. Evercore assumes no responsibility for independent investigation or verification of such information and has relied on such information being complete and accurate in all material respects. To the extent such information includes estimates and forecasts of future financial performance prepared by or reviewed with the management of the Partnership and/or other potential transaction participants or obtained from public or other third party sources, Evercore has assumed that such estimates and forecasts have been reasonably prepared on bases reflecting the best currently available estimates and judgments of such management (or, with respect to estimates and forecasts obtained from public sources, represent reasonable estimates). No representation or warranty, express or implied, is made as to the accuracy or completeness of such information and nothing contained herein is, or shall be relied upon as, a representation, whether as to the past, the present or the future. These materials were designed for use by specific persons familiar with the business and affairs of the Partnership. These materials are not intended to provide the sole basis for evaluating, and should not be considered a recommendation with respect to, any transaction or other matter. These materials have been developed by and are proprietary to Evercore and were prepared exclusively for the benefit and internal use of the Conflicts Committee.  These materials were compiled on a confidential basis for use exclusively by the Conflicts Committee and not with a view to public disclosure or filing thereof under state or federal securities laws, and may not be reproduced, disseminated, quoted or referred to, in whole or in part, without the prior written consent of Evercore or as provided in the engagement letter between Evercore and the Conflicts Committee.  These materials do not constitute an offer or solicitation to sell or purchase any securities and are not a commitment by Evercore or any of its affiliates to provide or arrange any financing for any transaction or to purchase any security in connection therewith. Evercore assumes no obligation to update or otherwise revise these materials. These materials may not reflect information known to other professionals in other business areas of Evercore and its affiliates.  Evercore and its affiliates do not provide legal, accounting or tax advice. Accordingly, any statements contained herein as to tax matters were neither written nor intended by Evercore or its affiliates to be used and cannot be used by any taxpayer for the purpose of avoiding tax penalties that may be imposed on such taxpayer. Each person should seek legal, accounting and tax advice based on his, her or its particular circumstances from independent advisors regarding the impact of the transactions or matters described herein. 
 
 Table of Contents  Section  Executive Summary  Soda Ash Market Background  SIRE Situation Analysis  Preliminary Valuation of SIRE Common Units  Preliminary Valuation Detail – SIRE Financial Projections  Financial Projections and Preliminary Valuation Detail – Sensitivity Case  Appendix  Weighted Average Cost of Capital Analysis  Additional Materials  I  II  III  IV 
 
 I. Executive Summary 
 
 Executive Summary  1  Introduction  Evercore Group L.L.C. (“Evercore”) is pleased to provide the following materials to the Conflicts Committee (the “Conflicts Committee”) of the Board of Directors of Sisecam Resource Partners LLC (the “Partnership GP”), the general partner of Sisecam Resources LP (“SIRE” or the “Partnership”), regarding Sisecam Chemicals Resources LLC’s (“Sisecam Chemicals” or “SCR”) proposal to acquire all the outstanding common units representing limited partner interests in the Partnership (each, a “Common Unit”)   Pursuant to the Agreement and Plan of Merger, dated as of the date hereof (the “Agreement”), among the Partnership, the Partnership GP, Sisecam Chemicals Wyoming LLC (“Parent”), and Sisecam Chemicals Newco LLC, an indirect wholly- owned subsidiary of Parent (“Merger Sub”), Merger Sub will merge with and into the Partnership, with the Partnership surviving and continuing to exist as a Delaware limited partnership and a wholly-owned subsidiary of Parent (the “Transaction”)   As a result of the Transaction, each outstanding Common Unit, other than the Common Units owned by Parent and its permitted transferees will be converted into a right to receive $25.00 in cash, without interest (the “Consideration”), per issued and outstanding Common Unit  Parent is a wholly-owned subsidiary of Sisecam Chemicals that currently owns:   14,551,000 Common Units (72% limited partner interest in the Partnership)   The Partnership GP, which owns a 2.0% general partner interest in the Partnership   Holders of Common Units other than the Partnership GP, Parent, Merger Sub and their respective affiliates are referred to as the "Unaffiliated Unitholders“  On July 5, 2022, Sisecam Chemicals proposed to acquire each outstanding Common Unit owned by the Unaffiliated Unitholders for $17.90 per Common Unit in cash (the “Initial Proposal”)  On January 31, 2023, Sisecam Chemicals and the Conflicts Committee reached a tentative agreement whereby Sisecam Chemicals will acquire each outstanding Common Unit owned by the Unaffiliated Unitholders at $25.00 per Common Unit in cash with quarterly distributions to be paid through and until the closing date on a pro rata basis (the “Consideration”)   The Consideration represents a 39.3% premium to SIRE’s closing Common Unit price of $17.95 as of July 5, 2022, the last unaffected trading date before public announcement of the Initial Proposal   The Consideration represents a 39.9% premium to SIRE’s 30-day volume weighted average price (“VWAP”) as of July 5, 2022 of $17.87 
 
 Executive Summary  2  In connection with rendering an opinion, Evercore has, among other things:   Reviewed certain publicly available business and financial information relating to the Partnership that we deemed to be relevant, including: the Annual Report on Form 10-K for the year ended December 31, 2021; the Quarterly Reports on Form 10- Q for the quarters ended March 31, 2022, June 30, 2022, and September 30, 2022; and certain Current Reports on Form 8-K, in each case as filed with or furnished to the U.S. Securities and Exchange Commission by the Partnership since January 1, 2022   Reviewed preliminary estimated business and financial information relating to the Partnership for the year and quarter ended December 31, 2022, as provided to us by management of the Partnership   Reviewed certain non-public projected financial and operating data and assumptions relating to the Partnership prepared and furnished to us by management of the Partnership, as approved for our use by the Partnership (the “SIRE Financial  Projections”)   Discussed with management of the Partnership their assessment of the past and current operations of the Partnership, the current financial condition and prospects of the Partnership, and the SIRE Financial Projections (including management’s views of the risks and uncertainties of achieving such projections)   Reviewed the reported prices and the historical trading activity of the Common Units   At the request of the Conflicts Committee, prepared and reviewed a sensitivity case (the “Sensitivity Case”) with respect to the projected financial and operating data and assumptions relating to the Partnership that we deemed relevant, including sensitivities related to pricing and operating expenses based on discussions with management of the Partnership   Performed discounted cash flow analyses on the Partnership based on the SIRE Financial Projections and the Sensitivity Case   Compared the financial performance of the Partnership and its stock market trading multiples with those of certain other publicly traded companies and partnerships that we deemed relevant   Compared the financial performance of the Partnership and the valuation multiples relating to the Transaction with the financial terms, to the extent publicly available, of certain other transactions that we deemed relevant   Performed discounted distribution analyses on the Partnership based on the SIRE Financial Projections and the Sensitivity Case   Reviewed a draft of the Agreement dated January 31, 2023   Performed such other analyses and examinations, held such other discussions, reviewed such other information and considered such other factors that we deemed appropriate for the purpose of providing the opinion contained herein  Evercore Evaluation Process  Opinion Requested:  Evercore has been asked by the Conflicts Committee, whether, in Evercore’s opinion, the Consideration to be received by the Unaffiliated Unitholders in the Transaction is fair, from a financial point of view, to the Unaffiliated Unitholders 
 
 Introduction  The materials include the following:  3   An executive summary, including: (i) an overview of the Transaction; (ii) a review of SIRE’s current partnership structure; (iii) the Transaction economics and (iv) an analysis of SIRE’s historical trading performance   Background information on the U.S. and worldwide soda ash market   An analysis of SIRE’s current situation, including an analysis of historical sales and expenses and a summary of the SIRE Financial Projections   A preliminary valuation of the Common Units utilizing the SIRE Financial Projections and the Sensitivity Case, as directed by the Conflicts Committee   An appendix, including SIRE’s weighted average cost of capital and a review of Sisecam Chemicals USA Inc.’s 2021 acquisition of a 60% interest in Sisecam Chemicals Resources LLC  Executive Summary 
 
 Executive Summary  Summary Organizational Structure  ($ in millions, except per unit amounts)  Source: Partnership filings  100%  100%  100%  Sisecam Chemicals Resources LLC  (“Sisecam Chemicals” or “SCR”)  Public  Sisecam Chemicals Wyoming LLC  (“Parent”)  Sisecam Wyoming LLC  (“Sisecam Wyoming”)  Natural Resources Partners LP (“NRP”)  NRP Trona LLC  (“NRP LLC”)  Sisecam Resources LP  (the “Partnership” or “SIRE”)  Sisecam Resource Partners LLC  (“Partnership GP”)  Sisecam Chemicals USA Inc.  (“Sisecam USA”)  Ciner Enterprise Inc.  (“Ciner Enterprises”)  WE Soda Ltd.  (“WE Soda”)  Türkiye Şişe Ve Cam Fabrikaları A.Ş  (“Sisecam Parent”)  100%  ~72% LP Interest 14,551,000 Common Units  ~26% LP Interest 5,248,791 Common Units  51%  49%  100%  60% 40%  Interests to be acquired in the Transaction  ~2% GP Interest 399,000 GP Units  4 
 
 Executive Summary  6.  As of January 24, 2023, Unaffiliated Unitholders owned 5,248,791 Common Units  5  Transaction Economics  ($ in millions, except per unit amounts)  Consideration  $25.00  Source: Partnership filings, FactSet, SIRE Financial Projections  As of January 24, 2023; reflects the sum of: (i) 19,799,791 Common Units outstanding and (ii) 399,000 general partner units representing an approximate 2.0% limited partner interest in SIRE and assumes pro rata allocation of equity value to Common Units and Partnership GP, with no incremental allocation to Partnership GP attributable to IDRs  SIRE’s total equity value represents a 51% interest in Sisecam Wyoming with the resulting 49% non-controlling interest stated at implied market value based on the SIRE Common Unit price  Based on a Common Unit price of $17.95 as of July 5, 2022, the last unaffected trading date before the Initial Proposal  Based on a 10-day, 20-day and 30-day VWAP prices of $17.29, $17.48 and $17.87, respectively, from July 5, 2022, the last unaffected trading date before the Initial Proposal  Per SIRE Financial Projections; reflects 100% of Sisecam Wyoming EBITDA less SIRE G&A   Unit Price   SIRE Common Unit Price  $25.00  SIRE Units Outstanding1  20.2  Total Equity Value – SIRE2  $505.0  Noncontrolling Interest2  485.2  Total Equity Value – Sisecam Wyoming  $990.1  Plus: Net Debt as of December 31, 2022  115.7  Consolidated Enterprise Value  $1,105.8  Premium to Unaffected Price3  39.3%  10-Day VWAP from Unaffected Date4  44.6%  20-Day VWAP from Unaffected Date4  43.0%  30-Day VWAP from Unaffected Date4  39.9%  SIRE Consolidated EBITDA 5  2022E  $152.0  2023E  154.0  2024E  143.5  Enterprise Value / SIRE Consolidated EBITDA  2022E  7.3x  2023E  7.2  2024E  7.7  Value of Common Units Owned by Unaffiliated Unitholders6  $131.2 
 
 $23.96  $17.87  $17.45  $19.16  $18.80  $25.00  $21.28  $15.00  $16.00  $17.00  $18.00  $19.00  $21.00  $20.00  $23.00  $22.00  $24.00  $25.00  $26.00  10/31/21  6/16/22  Last 30 Trading Days VWAP  Last 12 Months VWAP  8/31/22  11/15/22  Last 60 Trading Days VWAP  Consideration  1/15/22 4/1/22  Historical Price (SIRE)  Last 6 Months VWAP  VWAP from Announcement to 1/30/23  1/30/23  Executive Summary  SIRE Unit Trading  SIRE Price  Premium to Relative Price  Consideration $25.00  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 1/30/23  $17.95 17.87  18.80  19.16  17.45  21.28  39.3%  39.9%  33.0%  30.5%  43.3%  17.5%  7/5/22: SCR delivered a non- binding proposal to acquire all Common Units held by Unaffiliated Unitholders for  $17.90 per Common Unit  11/19/21: Ciner Enterprises agreed to sell 60% of SCR, inclusive of control, to Sisecam USA for $300 million  1/27/22: CINR / SIRE  announced a quarterly cash distribution increase from $0.34 to  $0.65 per unit  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  4/29/22: SIRE  announced a quarterly cash distribution decrease from $0.65 to  $0.50 per unit  Source: FactSet, Bloomberg  6 
 
 Executive Summary  Historical SIRE and Peer Group Valuation  Source: FactSet  --x  5x  10x  15x  20x  25x  1/30/18  1/30/19  1/30/20 1/30/21  1/30/22  1/30/23  Historical Enterprise Value-to-Adjusted EBITDA (Latest Quarter Annualized)  SIRE reported annualized Adj. EBITDA of $2.8 million for 2Q20, its COVID-19 Pandemic trough, resulting in a multiple that is not meaningful  SIRE Peer Group Range1  1.  Includes: Ciech SA; Genesis Energy, L.P.; Türkiye Sise ve Cam Fabrikalari A.S.; Solvay SA; Tata Chemicals Limited  7  Over the past five years, SIRE has generally traded between 5.0x and 8.0x run-rate EBITDA, near the bottom of the range of its peers 
 
 II. Soda Ash Market Background 
 
 Soda Ash Market Background  The U.S. soda ash industry is comprised of four companies in Wyoming operating five plants and one company in California operating one plant  The five producers have a combined annual capacity of  13.3 million metric tons  The majority of the world's trona reserves are located in the Green River Basin, Wyoming and approximately 25% of global soda ash is produced by processing trona, with the remainder being produced synthetically through chemical processes  Primary uses include as a raw material input for flat glass, container glass, detergents, chemicals, paper and other consumer and industrial products  Domestic production of soda ash returned to pre-Covid levels in 2021 and domestic consumption of soda ash exceeded pre-Covid levels  2021 U.S. Capacity by Producer  Domestic Soda Ash Market Overview  Overview  U.S. Production and Consumption of Soda Ash  12.0  11.9  11.7  10.0  12.0  5.0  5.0  4.8  4.5  5.4  --  2.0  4.0  6.0  8.0  10.0  12.0  14.0  2017  2020  2021  Metric Tons (MM)  2018  Production  2019  Consumption  End User Consumption  Genesis Alkali Wyoming LP 23.9%  Sisecam Resources LP 20.1%  Solvay Chemicals, Inc 25.4%  Tata Chemicals Partners 20.1%  Nirma, LTD 10.4%  Glass 49.0%  Source: U.S. Geological Survey, IHS Markit  8  Chemicals 28.0%  Misc.  8.0%  Detergents 5.0%  Distributors 5.0%  Soap & Desulfurization  3.0%  Flue Gas Pulp & Paper  1.0%  Water Treatment 1.0%   Company Capacity (Mmt)   Genesis Alkali Wyoming LP Sisecam Resources LP Solvay Chemicals, Inc  Tata Chemicals Partners  3.2  2.7  3.4  2.7   Nirma, LTD 1.4  Total 13.3 
 
 11.7  11.6  11.8  12.0  11.9  11.7  10.0  12.0  6.7  6.4  6.8  7.0  7.0  7.0  5.6  6.5  --  4.0  2.0  6.0  8.0  10.0  12.0  Metric Tons (MM)  2014 2015 2016 2017 2018  Domestic Production  2019 2020 2021  Exports  Soda Ash Market Background  Soda ash produced in the U.S. above the level of domestic consumption is exported, with exports representing approximately 54% of total production in 2021  Total U.S. imports, primarily from Turkey, have recently been approximately 100,000 tons per year, which was more than double  the average quantity of annual imports during the past decade  Import and Export Markets for Soda Ash  Domestic Production and Exports  U.S. and Export Markets for Soda Ash   Source: U.S. Geological Survey   9 
 
 Soda Ash Market Background  Comparison of Natural Trona and Synthetic Production  Overview  Sisecam Wyoming produces soda ash with naturally  mined soda as opposed to synthetically produced soda  Synthetic production is approximately twice as expensive to produce compared to U.S. natural soda ash production  Synthetic soda ash consumes substantially more energy, incurs additional costs associated with by- products and has a greater carbon footprint   Production related CO2 intensity in natural soda is approximately 70% lower than synthetic, while energy usage is approximately 60% lower and water usage is approximately 85% lower  Comparison of Production Costs  2021 Global Production Capacity  Comparison of Soda Ash Production Methods  U.S. Natural 18%  Solvay Process 47%  China Hou  20%  Others 15%  2.0x  2.1x  2.4x  1.0x  1.0x  0.0x  2.0x  3.0x  U.S. Natural  EU Solvay  China Solvay  China Hou  U.S. Natural  Solvay  Process China Hou  Raw Materials  Trona One  Salt (brine), Limestone, Ammonia  Salt (brine), Limestone, Carbon Dioxide  Energy Usage  4-6  MMBtu/ton  10-14  MMBtu/ton  10-14  MMBtu/ton  By-Products  None  Calcium Chloride (waste product)  Ammonium Chloride (co- product)  Source: company presentations  10 
 
 100  80  60  40  20  --  Soda Ash Market Background   Genesis plans to invest approximately $350 million to expand its Granger soda ash facilities from approximately 500,000 tons per year to approximately 1,250,000 tons per year   Expected to be in service in 3Q 2023  IHS Markit forecasts Sisecam to increase capacity by  1.3 million tons in 2024 and 2025  IHS Markit projects annual capacity growth in North America of 4.0% from 2020 to 2025  Projected Increases in Global Soda Ash Supply  North America Supply Growth  In the near-term, the most significant North American growth project is Genesis’ expansion of its Granger facility  North America, Northeast Asia and Global Capacity Growth (Million metric tons)  2021 Global Production Capacity  The majority of supply growth outside of the U.S. is  expected to come online in China   Natural soda ash plants are under construction in Inner Mongolia with annual output of up to 5.4 million tons per year to come online by 2025   A 1.2 million ton Solvay process soda ash plant is expected to come online in Qinghai, China in 2023  IHS Markit also projects plant shutdowns in China that will offset some of the new capacity coming online   An approximately 1.3 million ton soda ash plant in  Lianyungang, China was shut down in June 2022   An approximately 600,000 ton plant in Guangzhou, China is expected to be shut down in late-2022  IHS Markit projects annual capacity growth in Northeast Asia of 2.9% from 2020 to 2025   CAGR%    Range North America Northeast Asia Global   2010A-'20A 1.1% 2.9% 2.2%  2020  57  21  24  'A-'2  5E  61  22  27  4.  64  22  29  0%  65  22  30  2  .9%  65  21  31  2.4%  64  21  30  65  21  30  67  22  31  69  24  31  72  26  33  72  26  32  71  26  32  73  27  32  76  26  35  78  28  35  81  28  36  12  13  13  13  13  13  13  13  14  14  14  14  14  15  16  17  2010A  2011A  2012A  2013A  2014A  2015A  2016A  2017A  2018A  2019A  2020A  2021E  2022E  2023E  2024E  2025E  North American  Northeast Asia  Other  Source: IHS Markit  11 
 
 III.  SIRE Situation Analysis 
 
 SIRE Situation Analysis  Public Trading Statistics  ($ in millions, except per unit amounts)  Balance Sheet and Credit Data  General Partner Incentive Distribution Rights   As of December 31, 2022   Cash and Marketable Securities Short-Term Debt  Long-Term Debt  $21.3 8.8  128.2  Plus: Noncontrolling Interest (Book Value) Plus: Partners' Capital  187.2  233.0  Net Book Capitalization  $535.9  Revolver Availability / Total Revolver Capacity  $130 / $225  Plus: Net Debt2  115.7  Total Debt  $137.0  Plus: Noncontrolling Interest (Market Value)3  465.1  Net Debt  $115.7  $-- $--  Common Unit Price and Distribution Information  $30.00 $3.00  $25.00 $2.50  $20.00 $2.00  $15.00 $1.50  $10.00 $1.00  $5.00 $0.50  1/30/21  9/30/21  Distribution per Unit  Distribution per Unit  Unit Price  5/31/22 1/30/23  Unit Price  Quarterly Distribution per LP Unit $0.5000  Total Total Total Quarterly Quarterly  Total Annual  Total Annual  Quarterly Quarterly Distribution Distribution to GP  LP Units Distribution Distribution Distribution Distribution  % to LP % to GP  LP Quarterly Distribution Range  Within Range per LP Unit Outstanding to LPs to GP to LPs to GP  98.0%  98.0%  85.0%  75.0%  50.0%  2.0%  2.0%  15.0%  25.0%  50.0%  $-- 0.5000  0.5750  0.6250  0.7500  $0.5000 0.5750  0.6250  0.7500  $0.5000  --  --  --  --  $0.0102  --  --  --  --  19.8  19.8  19.8  19.8  $9.9  --  --  --  $0.2  --  --  --  $39.6  --  --  --  $0.8  --  --  --  19.8 -- -- -- --    $9.9 $0.2 $39.6 $0.8   % of Total Distributions to the GP  % of Total Distributions to the IDRs  2.0%  --%  Source: Public filings, FactSet, SIRE Financial Projections  As of January 24, 2023; includes 2.0% general partner interest  As of December 31, 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%   As of January 30, 2023   Total Units Outstanding1 Common Unit Price  20.2  $23.96  Total Equity Value  $484.1  Enterprise Value  Distribution Yield Current  $1,064.9   SIRE Financial Projections    Metric Yield/Multiple   $2.00 8.3%  2023E  2024E  EV / EBITDA4  2.41  2.22  10.1%  9.3%  Net Debt / Net Book Cap  Net Debt / 2022E EBITDA  21.6%  0.8x  2022E  $152  7.0x  2023E  154  6.9  2024E  143  7.4  4.  SIRE Consolidated EBITDA equal to 100% of Sisecam Wyoming EBITDA less SIRE G&A  12 
 
 SIRE Situation Analysis  Sisecam Resources Unit Ownership Summary  Institutional/Other (Net of Short Interest)  1,167  5.8%  Turkiye Sise Ve Cam Fabrikalari As  14,950  74.0%   Insider Ownership   Management and Directors  133  0.7%  Holder Units (000's) Ownership %   Retail  3,949  19.6%  Turkiye Sise Ve Cam Fabrikalari As  14,9501  74.0%1  Total Common  20,199  100.0%  Management and Directors  133  0.7%  Total Insider  74.7%  Short Position  4  0.0%  Source: FactSet, Public filings, Wall Street Research  Summary  Institutional Ownership  Institution  Goldman Sachs & Co. LLC (Private Banking)  552  2.7%  JPMorgan Securities LLC (Investment Management)  314  1.6%  Acadian Asset Management LLC  62  0.3%  Rockefeller & Co. LLC  27  0.1%  Sowell Financial Services LLC  26  0.1%  Capricorn Fund Managers Ltd.  25  0.1%  FIAM LLC  25  0.1%  Fidelity Management & Research Co. LLC  25  0.1%  Equitec Proprietary Markets LLC  22  0.1%  Morgan Stanley (Strategic Investments)  20  0.1%  Credit Suisse Gestion SGIIC SA  17  0.1%  Citadel Securities LLC  15  0.1%  Shapiro Capital Management LLC  13  0.1%  BNP Paribas Arbitrage SNC  13  0.1%  Bank of America, NA (Private Banking)  6  0.0%  Top 15 Institutional  1,161  5.8%  Other Institutions  10  0.0%  Less: Short Interest  (4)  (0.0%)  Total Institutional 1,167 5.8%  Units (000's)  Ownership %  Institutional  5.8%  1.  Includes General Partner Interest  13  Turkiye Sise Ve Cam Fabrikalari As  74.0%   Summary   Units  Holder (000's) Ownership %   Management and  Directors  0.7%  Retail  19.6% 
 
 $104  $121  $134  $117  $120  $139  $138  $64  $91  $165  2.27  2.31  2.41  2.49  2.46  2.37  2.50  2.02  2.55  2.41  --  1.0  2.0  3.0  4.0  5.0  6.0  $ --  $25  $50  $75  $100  $125  $150  $175  2013A  2014A  2017A  2018A 2019A 2020A  Soda Ash Volume Sold (Million Metric Tons)  2021A  2022A  Soda Ash Volume Sold (Million Metric Tons)  2015A 2016A  Sisecam Wyoming EBITDA  Owns a controlling 51% interest in Sisecam Wyoming, one of the largest and lowest cost producers of natural soda ash in the world   Sisecam Wyoming’s Green River Basin facility has been in operation for more than 50 years  2.5 million metric tons per annum (“mtpa”) of soda ash production capacity and over 50 years of trona mining reserves  Since 2019, SIRE management has been evaluating a potential new expansion project (the “Unit 8 Expansion”) that could increase production levels to 3.5 million mtpa, 134% of the last five-year average  SIRE Situation Analysis  Partnership Overview  Description  Sisecam Wyoming Plant Location and Mine Footprint  Known Sodium Leasing Area  ($ in millions)  Historical and Projected Sisecam Wyoming EBITDA and Volumes Sold  Source: Partnership filings  14 
 
 SIRE Situation Analysis   The UP Agreement began on January 1, 2022 and expires on December 31, 2025   Beginning on January 1, 2023, rates are adjusted annually based on the prior four quarterly indices of the All Inclusive Index Less Fuel with Forecast Error Adjustment (“AIILF”), as published by the Association of American Railroads   In the event the average price of Retail On-Highway Diesel Fuel calculated monthly based on prices reported on the U.S. Department of Energy Website equals or exceeds $2.30 per gallon, UP will add a mileage-based fuel surcharge to the freight charges   Shortfall payment is required to be made to UP if SIRE does not ship 85% of its production on UP  In 2021, SIRE shipped over 90% of production on UP  Production for export is transported on UP to Kansas City Southern Railroad (“KCS”) for transportation to Mexico and to terminals in the U.S. Northwest for transport via Handysize vessels to Asia and Latin America   A Handysize vessel holds 40,000 to 50,000 tons of dry bulk  Transportation Overview  Overview  SIRE’s production is transported from Wyoming via Union Pacific Railroad (“UP”) pursuant to a master contract amendment executed October 27, 2021 (the “UP Agreement”)  Historical AIILF  Historical Handysize Dry Bulk Costs (Asia)  (4.0%)  (2.0%)  0.0%  2.0%  4.0%  6.0%  8.0%  10.0%  2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022  Core CPI Inflation  All-LF with Forecast Error Adj.  $ -  Source: SIRE management, Association of American Railroads, FactSet, Bloomberg  15  $10,000  $20,000  $30,000  $40,000  Nov-2017  Nov-2018  Nov-2019  Dec-2020  Dec-2021  Jan-2023  Dayrate  2012-2022E Average Annual Change Core CPI: 2.2%  All-LF: 2.5% 
 
 Natural Gas  $21.79  Electricity  $3.97  Fixed Utilities  $5.13  After transportation, SIRE’s second most significant operating cost is energy  SIRE’s primary energy cost is natural gas, as well as electricity and fixed utilities   Natural gas cost is primarily driven by power- generation required for mining and trona processing plant equipment  SIRE Situation Analysis  Energy Costs  Energy Cost Overview  Historical Energy Cost Trend  2022A Energy Cost per Unit ($ / Metric Ton)  2022A Total Energy Cost per Metric Ton:  $30.90  3.45  3.49  4.07  3.78  3.95  $3.36  $3.25  $2.  $8.00  --  1.00  2.00  3.00  4.00  5.00  Consumption (MMBtu/mt)  Natural Gas  Fixed Utilities  Electricity  197  181  154  122  126  $0.035  $0.034  $0.039  $0.033  $0.030  $0.020  $0.025  $0.030  $0.035  $0.040  $0.045  $0.050  --  50  100  150  200  250  2018A  2019A  2020A  2021A  2022E  Actual / Projected Cost ($/kWh)  Consumption (kWh/mt)  $6.74  Source: SIRE management  16  $6.48  $6.41  $5.36  $5.13  $8.00  $7.00  $6.00  $5.00  $4.00  $3.00  $2.00  $1.00  $0.00  2018A  2019A  2020A  2021A  2022A  Unit Cost ($/mt) 
 
 Salaried  297  Hourly 147  SIRE currently employs 444 people  In 2021, SIRE completed a one-time cost of living adjustment to salaries as a retention initiative given recent tightness in the U.S. labor market  In 2022, SIRE gave certain groups of technical operations personnel an approximate 5% increase in salaries to bring them more in line with market  SIRE Situation Analysis  Personnel Costs  Personnel Cost Overview  Historical Personnel Cost Trend  Current Employee Count by Salary Type  446  452  444  444  444  $144  $150  $147  $166  $163  $--  $50  $100  $150  $200  $250  --  100  200  300  400  500  2018A  2019A  2020A  2021A  2022E  Avg. Fully-Loaded Cost ($K/employee/year)  Employees  Personnel Cost Drivers  Total Personnel Costs ($MM)  $64.3  Source: SIRE management  17  $67.8  $65.3  $73.6  $76.4  $--  $20.0  $60.0  $40.0  $80.0  $100.0  2018A  2019A  2020A  2021A  2022A 
 
 SIRE Situation Analysis  SIRE Financial Projections – Assumptions  Source: SIRE Financial Projections  18  Revenue  Long-term domestic / export revenue breakout of 50% / 50%   Domestic and export pricing based on SIRE management’s forecast  Export revenue is broken out into ANSAC and direct export projects with no sales attributable to ANSAC in 2023E+  Expenses  Expenses based on historical costs per unit, the majority of which are projected to increase 5.8% in 2023E and 2.2% in  2024E and each year thereafter   Costs per unit for domestic freight and personnel are projected to increase 5.8% in 2023E and 3.0% in 2024E and each year thereafter   Energy costs per unit are expected to increase 5.8% in 2023E, then decline in 2024E to a level which is 2.2% greater than 2022E and increase at a 2.2% annual rate thereafter  SIRE-Level G&A  Annual cash G&A incurred at the Partnership level after distributions received from Sisecam Wyoming equal to $2.9 million in 2022E and $4.0 million each year thereafter   Deducted from Sisecam Wyoming EBITDA to arrive at SIRE Consolidated EBITDA   Deducted from SIRE's 51% share of Sisecam Wyoming EBITDA to arrive at EBITDA Attributable to SIRE  Capital Expenditures  Maintenance capital expenditures of $25.0 million in 2022E are projected to increase 2.2% annually thereafter  No growth capital expenditures contemplated in the forecast   Detailed engineering work on Unit 8 Expansion completed, but SIRE management has stated that the project was postponed due to COVID-19 market conditions and is not currently contemplated given SIRE management’s view of global demand as well as increased projected capital costs for the project  Credit Facility  Assumptions  Sisecam Wyoming’s existing $225 million revolving credit facility includes an accordion provision to increase the commitment to $475 million subject to certain lender approvals  $92.0 million drawn as of December 31, 2022  2.05% interest rate  Distribution Coverage / Total Leverage  Sisecam Wyoming to maintain a distribution coverage ratio of 1.48x in 2022E, 1.25x in 2023E and 2024E, and 1.10x thereafter   SIRE to distribute 100% of distributions received from Sisecam Wyoming less G&A incurred at the Partnership  Sisecam Wyoming to use all remaining cash flow to pay down debt 
 
 $68  $66  $37  $74  $85  $92  $47  $47  $47  331  317  188  350  296  296  150  --  --  150  150  400  350  300  250  200  150  100  50  --  $--  $20  $40  $60  $80  $100  2018A  2019A  2020A  2021A  2022E  2025E  2026E  2027E  2028E  Deca Sales  2023E 2024E  Metric Tons ('000s)  SIRE Situation Analysis  Historical and Projected Sales and Deca Breakout  Historical and Projected Sales  Deca Sales By Year  Source: SIRE Financial Projections  19  ($ in millions) 
 
 SIRE Situation Analysis  Global Production and SIRE Market Share  Historical and Projected Global Soda Ash Consumption Volumes and SIRE Market Share  (metric tons in millions)  2.2  2.3  2.3  2.4  2.5  2.5  2.4  2.5  2.0  2.6  2.5  2.5  2.4  2.2  51.2  51.3  52.3  53.1  53.8  56.4  56.7  59.4  56.5  59.7  62.1  64.0  65.8  53.4  53.5  54.6  55.5  56.3  58.9  59.0  61.9  58.5  62.3  64.7  66.5  68.2  69.9  4.2%  4.2%  4.2%  4.3%  4.4%  4.2%  4.0%  4.0%  3.4%  4.1%  3.9%  3.8%  3.5%  3.2%  67.6  --%  1.0%  2.0%  3.0%  4.0%  5.0%  6.0%  7.0%  --  10.0  20.0  30.0  40.0  50.0  60.0  70.0  80.0  2012A 2013A 2014A 2015A 2016A  SIRE  2017A 2018A 2019A 2020A 2021A 2022E 2023E 2024E 2025E  Rest of World SIRE Global Volume Market Share  Source: SIRE Financial Projections, IHS Markit, U.S. Geological Survey  20 
 
 SIRE Situation Analysis  Deca Rehydration  Commentary  Historical Ore-to-Ash Ratio  331  317  188  350  296 296  150  -- --  150 150  50  --  250  200  150  100  400  350  300  '18A '19A '20A '21A '22E '23E '24E '25E '26E '27E '28E  SIRE’s surface site includes a network of natural ponds used to recapture soda ash lost in processing trona through a process called deca rehydration   During trona processing, an evaporative crystallizer technology is employed to refine and reuse soda ash throughout the purification process. A concentrated aqueous solution is introduced to maintain the purity and quality of the refined soda ash product. Run-off from this stream flows to the facility’s pond network   SIRE developed a solution to reduce the capacity of these ponds and recover purified soda ash crystals (chemically, sodium carbonate decahydrate) to be used as an additional feedstock for trona ore during processing  The Partnership considers its ore-to-ash ratio (i.e., tons of trona ore needed to produce one ton of soda ash) a key operating performance metric   A lower ratio results in lower costs and improved efficiency  After introducing deca rehydration in 2009, the Partnership reduced its ore-to-ash ratio by 11% over the next three years   Deca rehydration also reduced the energy consumption  required per ton of soda ash produced  Over the past several years, SIRE has utilized its reserves of deca from the ponds at a rate above SIRE management’s estimated rate of natural replenishment   Management expects to reduce deca consumption (and the production capacity associated with deca rehydration) beginning in 2024 to alleviate this depletion  Management estimates that SIRE’s stable, long-term deca rehydration-based production capacity is approximately 150,000 mtpa  Historical and Projected  Deca Sales Volumes (Thousand Metric Tons)  1.80  1.74  1.61 1.60  1.56 1.59  1.52 1.52 1.50 1.50 1.54 1.51  1.60  1.56 1.58  1.00  1.20  1.40  1.60  1.80  2.00  2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 1H22  SIRE Management 150,000 Metric Ton Estimated Annual Replenishment  Source: SIRE Financial Projections, SIRE management  21 
 
 25.14 23.72 23.59 21.03 26.25 30.21 26.84 27.45 28.07 28.70 29.34  27.11  27.09  32.41  28.83  32.55  35.25  37.67  41.07 42.30 41.17 42.40  10.50 10.96  9.29  6.01  7.99  8.54  7.92  7.66  7.35  4.02  3.90  4.50  3.23  7.00  4.76  4.86  4.97  5.09 5.20  7.48 7.48  5.32  24.27 22.62 22.29  25.64  28.34  32.98 31.90 30.56 28.18 30.43  31.12  55.59 63.34  41.16  43.42  72.27 70.80 62.29  58.89  57.02 51.47  151.62  146.63  133.24  128.17 70.74  172.87  184.00180.00  174.00170.00170.00167.00  $--  $20  $40  $60  $80  $100  $120  $140  $160  $180  $200  2018A 2019A 2020A 2021A 2022E 2023E 2024E 2025E 2026E 2027E 2028E  17.1%  15.6%  17.7%  16.4%  15.2%  16.4% 14.9%  15.8%  16.5%  16.9%  17.6%  18.5%  17.9%  24.3%  22.5%  18.8%  19.2%  20.9%  23.6%  24.9%  24.2%  25.4%  7.2%  7.2%  7.0%  4.6%  4.6%  4.4%  4.4%  4.4%  4.4%  2.7%  2.6%  3.4%  4.7% 4.0% 2.6% 2.7% 4.4%  3.0%  3.1%  3.2%  16.6%  14.9%  16.7%  20.0%  16.4% 17.9% 17.7%  2.5% 2.9%  17.6%  16.6% 17.9%  18.6%  37.9%  41.8%  30.9%  33.9%  40.9%  39.3%  39.3%  35.8%  34.6%  33.5%  30.8%  --%  10%  20%  30%  40%  50%  60%  70%  80%  90%  100%  2018A 2019A 2020A 2021A 2022E 2023E 2024E 2025E 2026E 2027E 2028E  Historical and Projected Margin per Ton Analysis  Per SIRE management, Sisecam Wyoming receives a net price plus payment for freight costs incurred with freight treated as a pass-  through cost  A review of gross margin excluding freight cost reveals that margin compression is primarily driven by increased personnel costs and reduced net price   Per the SIRE Financial Projections, gross profit per metric ton is projected to decline from $70.74 to $51.47, or 27.2%   Reduced net price represents 8.3% of the 27.2% margin compression from 2022E to 2028E, or a decrease of $172.87 to $167.00   Of the remaining 18.9% of margin compression between 2022E and 2028E, personnel costs are the key driver  SIRE Situation Analysis  Historical and Projected Margin Trend (Excluding Freight)  Gross Profit per Metric Ton ($ / mt)  2022E – 2028E  Margin Degradation  Gross Profit as % of Net Revenue  37.1%  2018A−2022E Avg. Gross Margin  (27.2%)  (18.9%)  % of Margin Degradation  Energy  Personnel  Royalties  Production Taxes  22  Other  Gross Profit  Source: SIRE management  (3.9%)  2.4%  0.9%  (13.9%)  (4.4%)  Net Realized Price:  $172.87 to  $167.00, or  (8.3%)  Margin Degradation 
 
 SIRE Situation Analysis  Natural Gas Consumption and Realized Price  Source: SIRE management, SIRE Financial Projections  Fixed Utilities per ton for 2024E and thereafter is calculated indirectly as management’s total energy cost per ton projection less projected natural gas and electricity costs per ton, both of which are based on separately provided usage and cost assumptions independent from management’s financial model  Henry Hub reflects EIA-reported spot prices through 8/31/22 and the NYMEX futures curve as of 8/31/22 from September 2022 and thereafter  $11.60  $11.33  $11.68  $11.26  $16.90  $20.30  $19.59  $19.51  $19.08  $20.32  $20.32  $3.36  $3.25  $2.87  $2.98  $4.28  $5.23  $4.97  $4.88  $4.77  $5.16  $5.16  $10.18  $9.14  $9.04  $6.79  $5.07  $4.67  $2.28  $3.05  $4.21  $3.22  $3.87  $25.14  $23.72  $23.59  $21.03  $26.25  $30.21  $26.84  $27.45  $28.07  $28.70  $29.34  Historical and Projected Energy Costs  Energy Costs by Source ($ / Metric Ton)  $35.00  $--  $5.00  $10.00  $15.00  $20.00  $25.00  $30.00  2018A  2019A  2020A  2021A  2022E  2028E  Natural Gas  Electricity  2023E 2024E 2025E 2026E 2027E  Fixed Utilities and Other 1  Electricity Consumption and Realized Price  3.5  3.5  4.1  3.8  3.9  3.9  3.9  4.0 4.0  3.9 3.9  $0  $2  $4  $6  $8  $10  0  1  2  3  4  5  '18A  Price ($/MMBtu)  Consumption (MMBtu/mt)  '19A '20A '21A '22E '23E '24E '25E '26E '27E '28E  Consumption Actual and Projected Price Henry Hub2  197  181  154  122  126 126 126 126 126 126 126  $0.08  $0.07  $0.06  $0.05  $0.04  $0.03  $0.02  $0.01  $0.00  0  50  100  150  200  250  Price ($/kWh)  Consumption (kWh/mt)  '18A '19A '20A '21A '22E '23E '24E '25E '26E '27E '28E  Consumption3 Actual and Projected Price EIA NWPP Industrial End-Use  3.  Electricity consumption (i) reflects management-reported historical usage through 6/30/22 and (ii) assumes usage per metric ton is constant with 1H22A for projection periods  23 
 
 SIRE Situation Analysis  Personnel Cost Drivers  $27.11  $27.09  $32.41  $28.83  $32.55  $35.25  $37.67  $41.07  $42.30  $41.17  Historical and Projected Personnel Costs  Personnel Cost per Ton ($ / Metric Ton)  $50.00  $20.00  $10.00  $--  $30.00  $40.00  446  452  444  444  454  444 444  440  440  444  444  $144  $150  $147  $166  $185  $195  $201  $207  $213  $220  $226  $--  $50  $100  $150  $200  $250  $300  --  100  200  300  400  500  2018A  2019A  2020A  2021A  2022E  2023E 2024E 2025E  Avg. Fully-Loaded Cost ($K/employee/year)  2026E  2027E  2028E  Fully-Loaded Cost ($K/employee/yr)  Employees  Employees  Source: SIRE Financial Projections, SIRE Management  24 
 
 45.9  30.3  7.4  43.3  53.1  48.8  41.6  37.7 39.3  32.8  44.1  29.2  20.6  41.6  51.0  46.9  40.0  36.2  37.8  31.5  $90.0  $59.5  $14.5  7.1 21.4  $42.0  $85.0  $104.0  $95.8  $81.5  $74.0  $77.1  $64.2  $--  $25  $50  $75  $100  $125  $150  2018A 2019A 2020A 2021A 2022E 2023E 2024E 2025E 2026E 2027E 2028E  Distributions to SIRE Distributions to NRP  SIRE Situation Analysis  Summary of the SIRE Financial Projections  Sales Volumes and Net Realized Pricing  Sales Volumes Net Realized Pricing  Sisecam Wyoming Distributed Cash Flow  Net Debt / EBITDA  ($ in millions, except per mt amounts)  1.37x  1.94x  2.75x  1.10x  1.10x  1.10x  Sisecam Wyoming Distribution Coverage  1.49x 1.48x 1.25x 1.25x 1.10x  0.96  0.79  0.85  1.18  1.17  1.26  1.19  1.11 1.11  1.19 1.19  1.41  1.71  1.16  1.37  1.35  1.26  1.19  1.11 1.11  1.19 1.19  2.37  2.50  2.02  2.55  2.52 2.52  2.37  2.22 2.22  2.37 2.37  $--  $50  $100  $150  $200  $250  --  0.50  1.00  1.50  2.00  2.50  3.00  '20A  '21A  '22E  ($ per metric ton)  (mtpa in millions)  '18A '19A  Domestic  Export  '23E '24E '25E '26E '27E '28E  Average Domestic  Export  Sisecam Wyoming Adjusted EBITDA  71.0 70.3  32.8  46.3  79.0 80.6  75.2  59.9  55.8 57.8  50.9  68.2 67.6  31.5  44.5  75.9  77.4  72.3  57.5  53.6  55.6  48.9  $139.3 $137.9  $64.3  $90.8  $154.9 $158.0  $147.5  $117.4 $109.4 $113.4  $99.7  $--  $25  $50  $75  $100  $125  $150  $175  $200  2018A 2019A 2020A 2021A 2022E 2023E 2024E 2025E 2026E 2027E 2028E  SIRE's Share (51%) NRP's Share (49%)  0.6x  0.8x  2.0x  1.3x  0.7x  0.6x  0.3x  0.3x  0.2x  0.2x  0.2x  --x  0.5x  1.0x  1.5x  2.0x  2.5x  2018A 2019A 2020A 2021A 2022E 2023E 2024E 2025E 2026E 2027E 2028E  Net Debt / EBITDA  Source: SIRE Financial Projections  25 
 
 SIRE Situation Analysis  Source: SIRE Financial Projections  26  SIRE Financial Projections – Sisecam Wyoming EBITDA  2023E  2024E  2025E  2026E  2027E  2028E  Domestic Sales Volumes (mt)  1.26  1.19  1.11  1.11  1.19  1.19  Export Sales Volumes (mt)  1.26  1.19  1.11  1.11  1.19  1.19  Sales Volumes (mt)  2.52  2.37  2.22  2.22  2.37  2.37  Volume Growth (%)  (0.1%)  (5.8%)  (6.4%)  --%  6.8%  --%  Domestic Gross Revenue  $344.1  $330.4  $310.7  $314.5  $339.9  $344.2  Export Gross Revenue  440.9  407.7  374.4  369.5  398.9  396.2  Gross Revenue  $784.9  $738.0  $685.2  $683.9  $738.8  $740.3  Domestic Freight  ($132.7)  ($128.8)  ($124.2)  ($127.9)  ($140.7)  ($145.0)  Export Freight  (189.3)  (182.4)  (174.6)  (178.5)  (195.0)  (199.3)  Freight Costs  ($321.9)  ($311.2)  ($298.8)  ($306.5)  ($335.7)  ($344.3)  Domestic Net Revenue  $211.4  $201.6  $186.5  $186.5  $199.2  $199.2  Export Net Revenue  251.6  225.3  199.8  191.0  203.9  196.8  Net Revenue  $463.0  $426.9  $386.4  $377.5  $403.1  $396.0  Average Net Realized Price  $184.00  $180.00  $174.00  $170.00  $170.00  $167.00  Energy Costs  (76.0)  (63.7)  (60.9)  (62.3)  (68.1)  (69.6)  Personnel Costs  (88.7)  (89.3)  (91.2)  (93.9)  (97.6)  (100.6)  Royalties  (21.5)  (18.8)  (17.0)  (16.6)  (17.7)  (17.4)  Severance & Ad Valorem Taxes  (12.0)  (11.5)  (11.0)  (11.3)  (12.3)  (12.6)  Other  (83.0)  (75.6)  (67.9)  (62.6)  (72.2)  (73.8)  Cost of Goods Sold  ($281.2)  ($259.0)  ($248.0)  ($246.7)  ($267.9)  ($274.0)  Gross Profit  $181.8  $167.9  $138.3  $130.8  $135.2  $122.1  Gross Margin (% of Net Revenue)  39.3%  39.3%  35.8%  34.6%  33.5%  30.8%  Operating Expenses  (23.8)  (20.4)  (20.9)  (21.4)  (21.9)  (22.3)  Sisecam Wyoming EBITDA  $158.0  $147.5  $117.4  $109.4  $113.4  $99.7  EBITDA Margin (% of Net Revenue)  34.1%  34.5%  30.4%  29.0%  28.1%  25.2%   For the Years Ending December 31,   ($ in millions) 
 
 SIRE Situation Analysis  Source: SIRE Financial Projections  27  SIRE Financial Projections – Sisecam Wyoming Cash Flow Summary  ($ in millions)  Sisecam Wyoming Distributable Cash Flow  Sisecam Wyoming EBITDA  $158.0  $147.5  $117.4  $109.4  $113.4  $99.7  Less: Cash Interest Expense  (2.4)  (1.6)  (1.0)  (0.7)  (0.6)  (0.5)  Less: Maintenance Capital Expenditures  (25.6)  (26.1)  (26.7)  (27.3)  (27.9)  (28.6)  Distributable Cash Flow  $130.0  $119.7  $89.7  $81.4  $84.8  $70.7  Sisecam Wyoming Distributed Cash Flow  Distributions to SIRE (51.0%)  $53.1  $48.8  $41.6  $37.7  $39.3  $32.8  Distributions to NRP (49.0%)  51.0  46.9  40.0  36.2  37.8  31.5  Distributed Cash Flow  $104.0  $95.8  $81.5  $74.0  $77.1  $64.2  Distributable Cash Flow Surplus / (Shortfall)  $26.0  $23.9  $8.2  $7.4  $7.7  $6.4  Sisecam Wyoming Coverage Ratio  1.25x  1.25x  1.10x  1.10x  1.10x  1.10x   For the Years Ending December 31,    2023E 2024E 2025E 2026E 2027E 2028E  
 
 SIRE Situation Analysis  Source: SIRE Financial Projections  28  SIRE Financial Projections – Sisecam Wyoming Sources and Uses  ($ in millions)  Sources  Distributable Cash Flow Surplus / (Shortfall)  $26.0  $23.9  $8.2  $7.4  $7.7  $6.4  Increase / (Decrease) in Net Working Capital  0.4  15.7  8.2  0.8  (9.8)  (1.0)  Cash from Revolver / (Cash to Revolver)  --  --  --  1.3  5.6  --  Total Sources  $26.4  $39.7  $16.3  $9.5  $3.5  $5.4  Uses  Growth Capital Expenditures  $--  $--  $--  $--  $--  $--  Mandatory Debt Paydown  8.8  9.1  9.3  9.5  3.5  4.7  Discretionary Debt Paydown  33.8  30.6  7.1  --  --  0.7  Cash to (from) Balance Sheet  (16.3)  --  --  --  --  --  Other  --  --  --  --  --  --  Total Uses  $26.4  $39.7  $16.3  $9.5  $3.5  $5.4  Capital Structure  Total Debt  $94.3  $54.7  $38.3  $30.2  $32.3  $26.9  Less: Cash  (5.0)  (5.0)  (5.0)  (5.0)  (5.0)  (5.0)  Net Debt  $89.3  $49.7  $33.3  $25.2  $27.3  $21.9  Net Debt / Adjusted EBITDA  0.6x  0.3x  0.3x  0.2x  0.2x  0.2x   For the Years Ending December 31,    2023E 2024E 2025E 2026E 2027E 2028E  
 
 SIRE Situation Analysis  Source: SIRE Financial Projections  29  SIRE Financial Projections – SIRE Cash Flow Summary  ($ in millions, except per unit amounts)  2023E  2024E  2025E  2026E  2027E  2028E  Consolidated EBITDA  Sisecam Wyoming EBITDA  $158.0  $147.5  $117.4  $109.4  $113.4  $99.7  Less: SIRE G&A  (4.0)  (4.0)  (4.0)  (4.0)  (4.0)  (4.0)  SIRE Consolidated EBITDA  $154.0  $143.5  $113.4  $105.4  $109.4  $95.7  EBITDA Attributable to SIRE  SIRE'S 51% Share of Sisecam Wyoming EBITDA  $80.6  $75.2  $59.9  $55.8  $57.8  $50.9  Less: SIRE G&A  (4.0)  (4.0)  (4.0)  (4.0)  (4.0)  (4.0)  EBITDA Attributable to SIRE  $76.6  $71.2  $55.9  $51.8  $53.8  $46.9  SIRE Distributable Cash Flow  Distributions from Sisecam Wyoming  $53.1  $48.8  $41.6  $37.7  $39.3  $32.8  Less: SIRE G&A  (4.0)  (4.0)  (4.0)  (4.0)  (4.0)  (4.0)  Distributable Cash Flow  $49.1  $44.8  $37.6  $33.7  $35.3  $28.8  Distributed Cash Flow  Sisecam Chemicals  $35.1  $32.3  $27.1  $24.3  $25.5  $20.7  Public  12.7  11.7  9.8  8.8  9.2  7.5  General Partner  1.3  0.9  0.7  0.7  0.7  0.6  Distributed Cash Flow  $49.1  $44.8  $37.6  $33.7  $35.3  $28.8  Unit Ownership  Sisecam Chemicals  14.6  14.6  14.6  14.6  14.6  14.6  Public  5.2  5.2  5.2  5.2  5.2  5.2  General Partner  0.4  0.4  0.4  0.4  0.4  0.4  Total Units Outstanding  20.2  20.2  20.2  20.2  20.2  20.2  Distributable Cash Flow per LP Unit  $2.41  $2.22  $1.86  $1.67  $1.75  $1.42  Distribution per LP Unit  2.41  2.22  1.86  1.67  1.75  1.42  Distributable Cash Flow Surplus / (Shortfall)  $--  $--  $--  $--  $--  $-- 
 
 IV. Preliminary Valuation of SIRE Common Units 
 
 Preliminary Valuation of SIRE Common Units  Sensitivity Case – Assumptions  Source: SIRE Financial Projections, SIRE management  30  Net Realized Pricing  Domestic and export net pricing reflects IHS netback forecasts less $26.00 and $39.00 per metric ton, respectively, from 2022E to 2028E   Discounts informed by the 2018A−2020A average difference between IHS pricing and SIRE realized pricing  Soda Ash  Volumes  Same as SIRE Financial Projections  Operating Costs  Non-freight operating costs as a percentage of net revenue are assumed to be:   Consistent with SIRE Financial Projections as a percentage of net revenue for 2023E and 2024E; resulting in gross margins of 39.3% in each year   Gross Margin adjusted to 37.1% in 2025E and thereafter, in line with the five-year trailing average gross margin through 2022E  Capital Expenditures  Same as SIRE Financial Projections  Debt  Same as SIRE Financial Projections 
 
 COVID-19 Impacted  $50  $75  $100  $125  $150  $200  $175  $225  2012A  2013A  2014A  2019A  2020A 2021A  COVID-19 Impacted  $50  $75  $100  $125  $175  $150  $200  $225  2012A 2013A 2014A 2015A 2016A 2017A 2018A  2019A  2020A  2021A  Exports  SIRE Net Realized Price Differential to IHS  Preliminary Valuation of SIRE Common Units  Historical Net Realized Pricing Trends – SIRE vs. IHS  Historical and Projected Soda Ash Pricing Trends – Domestic Sales vs. Exports  ($ per metric ton)  Source: SIRE management, IHS  Note: SIRE netback pricing for domestic sales and exports is expressed as the gross realized price less the freight cost per metric ton sold, respectively, by sales channel  SIRE Export, Net pricing based on the weighted average of ANSAC and Direct Export net realized pricing. ANSAC and direct export accounted for 97.6% and 2.4% of export volumes in 2020A and 52.1% and 47.9% of export volumes in 2021A, respectively  Calculated as $115.94 ANSAC Export price less $158.72 IHS Export price  Calculated as $107.49 Direct Export price less $158.72 IHS Export price  Domestic Sales  $20.27  $11.17  $4.80  SIRE Net Realized Price Differential to IHS  ($3.09) ($11.74) ($17.91) ($22.62)  2015A 2016A 2017A 2018A  ($19.01)  ($35.99)  ($42.58)  ($29.65)  ($31.16)  ($35.00)  ($42.78)  ($37.70)  Per SIRE management guidance, the appropriate differential vs. IHS is the 3-year average from 2018A to 2020A, which is ($26) for domestic sales and, assuming a 2020A export differential based only on realized direct export pricing, ($39) for exports  Legend  SIRE Domestic, Net IHS Domestic, Net Domestic Net Price  Legend  SIRE Export, Net1 IHS Export, Net Based on ANSAC  Based on Direct Export  ($51.23)  ($26.41)  ($32.88)  ($29.02)  ($32.00)  ($25.26)  2  31  3 
 
 34.6%  33.5%  30.8%  39.3% 39.3%  39.3% 39.3%  35.8% 37.1%  37.1%  37.1%  37.1%  2023E  2024E  2025E 2026E  2027E  2028E  $2.41  $2.22  $1.86  $1.67  $1.75  $1.42  $2.76  $2.87  $2.91  $2.94  $2.55  $2.48  2023E  2024E  2025E  2026E  2027E  2028E  $76.6  $71.2  $55.9  $51.8  $53.8  $46.9  $87.7  $90.9  $82.4  $83.4  $72.3  $70.6  2023E  2024E  2025E  2026E  2027E  2028E  Preliminary Valuation of SIRE Common Units  SIRE Financial Projections vs. Sensitivity Case  SIRE Financial Projections Sensitivity Case  EBITDA  Attributable to SIRE  DCF / LP Unit  % Gross Margin  ($ in millions, except per unit amounts)  32  Source: SIRE Financial Projections, SIRE management 
 
 Methodology  Description  Metrics / Assumptions  Discounted Cash Flow Analysis  Values SIRE Common Units based on the concepts of the  time value of money  Using management’s projections, Evercore:   Utilized varying WACC discount rates and terminal values to derive valuation ranges for the SIRE Common Units   Cash flows were discounted using WACC given allocated EBITDA-based cash flows   Calculated terminal values based on a range of multiples of EBITDA as well as assumed perpetuity growth rates  Discounted the projected cash flows to assumed effective  date of December 31, 2022  WACC based on the Capital Asset Pricing Model (“CAPM”)  Unitholder effective tax rate of 29.6% (80.0% of 37.0% top bracket) from 2023E to 2025E and 37.0% thereafter  For the terminal value, tax depreciation assumed to equal maintenance capital expenditures  EBITDA exit multiple of 5.5x to 8.0x and a perpetuity growth rate of 0.5% to 1.5%  Peer Group Trading Analysis  Values SIRE Common Units based on peer group’s current market enterprise value multiples of relevant EBITDA  Peer group selected based on assets similar to those owned by SIRE  Enterprise value / EBITDA multiples applied to 2023E and 2024E Adjusted EBITDA  Precedent M&A Transaction Analysis  Values SIRE Common Units based on transactions involving assets and businesses similar to those owned by SIRE  Transaction value / EBITDA multiples applied to 2023E EBITDA  Discounted Distributions Analysis  Values SIRE Common Units based on the present value of the future cash distributions to SIRE Common Unitholders  Discounted projected distributions to assumed effective date of December 31, 2022  Terminal yield range of 8.0% to 12.0%   Cost of equity of 8.5% to 10.5% based on CAPM  Premiums Paid Analysis  Implied value of SIRE Common Units based on historical premiums paid in selected relevant cash midstream mergers  Selected premiums paid range applied to 1-day prior spot price and 30-day VWAP  33  Preliminary Valuation of SIRE Common Units  Valuation Methodologies  Evercore utilized the following methodologies to analyze the value of SIRE’s Common Units:  For Reference Only 
 
 Discounted Cash Flow Analysis  Peer Group Trading Analysis  Precedent M&A Transactions Analysis  EBITDA Exit Multiple  Perpetuity Growth  2023E EBITDA  2024E EBITDA  2023E EBITDA  EBITDA Exit Multiple:  5.5x - 8.0x  Perpetuity Growth Rate: 0.5% - 1.5%  2023E EBITDA Multiple: 5.0x - 7.5x  2024E EBITDA Multiple:  4.5x - 7.0x  2023E EBITDA Multiple: 6.0x - 8.5x  Discount Rate: WACC of 8.0% - 9.0%  Terminal Yield of: 8.0% - 12.0%  Equity Cost of Capital of: 8.5% - 10.5%  1-Day Spot Premium 20.0% - 35.0%  30-Day VWAP Premium 20.0%-30.0%  Premiums Paid Analysis  Discounted Distributions Analysis  $15.09  $23.64  $14.15  $24.10  $16.04  $18.79  $12.94  $17.34  $19.83  $23.13  $15.29  $23.84  $19.77  $30.59  $17.19  $29.45  $25.52  $29.64  $21.75  $28.60  $29.32  $33.98  $20.08  $32.12  $--  $5.00  $10.00  $15.00  $20.00  $25.00  $30.00  $35.00  $50.00  $45.00  $40.00  $21.44  $24.23  Preliminary Valuation of SIRE Common Units  Consideration:  $25.00  SIRE Financial Projections vs. Sensitivity Case  FOR REFERENCE ONLY  SIRE Financial Projections Sensitivity Case  34 
 
 A. Preliminary Valuation Detail – SIRE Financial Projections 
 
 Source: SIRE Financial Projections  51% of Sisecam Wyoming EBITDA less $4.0 million SIRE G&A  2023E tax DD&A assumes 100.0% bonus depreciation calculated as the midpoint of the enterprise value range plus 80.0% bonus depreciation on 2023E capital expenditures; bonus depreciation phase-down on capital expenditures in 2024E (60.0%), 2025E (40.0%) and 2026E (20.0%)  Assumes unitholder tax rate of 29.6% from 2023E to 2025E and 37.0% thereafter  Includes 2.0% general partner interest, economically equivalent to 399,000 LP Units at current quarterly distribution  Sisecam Wyoming EBITDA  $158.0  $147.5  $117.4  $109.4  $113.4  $99.7  $46.9 1  $99.7  Less: Tax Depreciation and Amortization2  (413.9)  (52.9)  (45.0)  (41.2)  (39.5)  (39.9)  (28.6)  EBIT  ($255.8)  $94.5  $72.4  $68.2  $73.8  $59.8  $71.1  Less: Cash Taxes3  --  (5.6)  (4.3)  (5.0)  (5.5)  (18.9)  (26.3)  EBIAT  ($255.8)  $89.0  $68.1  $63.1  $68.4  $40.9  $44.8  Plus: Tax Depreciation and Amortization  413.9  52.9  45.0  41.2  39.5  39.9  28.6  Less: Capital Expenditures  (25.6)  (26.1)  (26.7)  (27.3)  (27.9)  (28.6)  (28.6)  Less: Changes in NWC  0.4  15.7  8.2  0.8  (9.8)  (1.0)  -  Sisecam Wyoming Unlevered Free Cash Flow  $132.8  $131.4  $94.6  $77.8  $70.1  $51.2  $44.8  SIRE Interest in Sisecam Wyoming  51.0%  51.0%  51.0%  51.0%  51.0%  51.0%  51.0%  SIRE Share of Sisecam Wyoming Unlevered Free Cash Flow  $67.7  $67.0  $48.2  $39.7  $35.8  $26.1  $22.9  Less: SIRE G&A  (4.0)  (4.0)  (4.0)  (4.0)  (4.0)  (4.0)  (4.0)  SIRE Unlevered Free Cash Flow  $63.7  $63.0  $44.2  $35.7  $31.8  $22.1  $18.9  EBITDA Multiple / Perpetuity Growth Rate  6.8x  1.0%  Implied Terminal Value  $316.3  −  $254.0  Present Value of Terminal Value @ 8.5% Discount Rate  Plus: Present Value of Unlevered Free Cash Flow @ 8.5% Discount Rate  193.9  − 216.0  155.7  Implied Enterprise Value  $409.8  −  $371.6  Less: Net Debt as of December 31, 2022 (SIRE's 51% Share)  (59.0)  Implied Equity Value  $350.8  −  $312.6  SIRE LP Units Outstanding4  20.2  Implied SIRE LP Unit Value  $17.37  −  $15.48   For the Years Ending December 31,   Exit  Perpetuity   2023E 2024E 2025E 2026E 2027E 2028E    Multiple    Growth   Discounted Cash Flow Analysis  Preliminary Valuation Detail – SIRE Financial Projections  Terminal Exit Multiple  Perpetuity Growth Rate  WACC  Unit Price  4.25x  5.50x  6.75x  8.00x  9.25x  WACC  --%  0.5%  1.0%  1.5%  2.0%  7.5%  $14.31  $16.31  $18.31  $20.26  $22.14  7.5%  $16.15  $16.81  $17.57  $18.46  $19.46  Sensitivity  8.0%  13.93  15.89  17.83  19.77  21.64  8.0%  15.24  15.81  16.45  17.19  18.06  Analysis  8.5%  13.58  15.48  17.37  19.26  21.14  8.5%  14.44  14.93  15.48  16.11  16.83  9.0%  13.24  15.09  16.93  18.76  20.60  9.0%  13.72  14.15  14.62  15.16  15.77  9.5%  12.92  14.71  16.50  18.29  20.07  9.5%  13.07  13.44  13.86  14.32  14.85  ($ in millions, except per unit amounts) 
 
 Preliminary Valuation Detail – SIRE Financial Projections  Peer Group Trading Analysis  Source: Public filings and FactSet  Note: No peer group company is directly comparable to SIRE  % of 52-Week  Partnership / Corporation  Price 1/30/23  High  Equity Value  ($ in millions, except per share/unit amounts)  Enterprise EV / EBITDA Net Debt / Soda Ash Value 2022E 2023E 2024E 2023E EBITDA % Revenue   1.  As of January 30, 2023  36  Chemical Companies with Soda Ash Operations  Ciech SA  $10.93  96.3%  $576  $898  4.6x  5.1x  4.8x  1.6x  40.9%  Genesis Energy, L.P.  11.14  82.9%  1,366  5,982  8.5  7.9  7.4  4.8  30.3%  Solvay SA  115.28  90.0%  11,892  14,635  4.2  5.1  4.9  0.8  15.4%  Tata Chemicals Limited  11.72  77.7%  2,985  3,814  9.2  8.4  8.1  1.7  52.4%  Türkiye Sise ve Cam Fabrikalari A.S.  2.15  86.4%  6,376  8,430  7.3  6.1  5.2  1.1  30.0%  Mean  6.8x  6.5x  6.1x  2.0x  33.8%  Median  7.3  6.1  5.2  1.6  30.3%  Other MLPs  Alliance Resource Partners, L.P.  $22.54  81.6%  $2,949  $3,108  3.4x  2.8x  2.4x  0.2x  --%  Natural Resource Partners L.P.  52.99  96.4%  728  1,490  NM  NM  NM  NM  14.7%  Mean  3.4x  2.8x  2.4x  0.2x  7.3%  Median  3.4  2.8  2.4  0.2  7.3%  1 
 
 Preliminary Valuation Detail – SIRE Financial Projections  Peer Group Trading Analysis (cont’d)  ($ in millions, except per unit amounts)  2023E EBITDA Attributable to SIRE Relevant EBITDA Multiple  5.0x  $76.6 –  7.5x  Implied Enterprise Value Based on 2023E Adjusted EBITDA  $383.0  –  $574.5  Less: Net Debt as of December 31, 2022 (SIRE's 51% Share)  (59.0)  Implied SIRE Equity Value  SIRE LP Units Outstanding1  $324.0  –  20.2  $515.5  Implied SIRE Unit Price Range - 2023E Adjusted EBITDA  $16.04  –  $25.52  2024E EBITDA Attributable to SIRE  Relevant EBITDA Multiple  4.5x  $71.2  –  7.0x  Implied Enterprise Value Based on 2024E Adjusted EBITDA  $320.4  –  $498.4  Less: Net Debt as of December 31, 2022 (SIRE's 51% Share)  (59.0)  Implied SIRE Equity Value  SIRE LP Units Outstanding1  $261.4  –  20.2  $439.4  Implied SIRE Unit Price Range - 2024E Adjusted EBITDA  $12.94  –  $21.75  Source: SIRE Financial Projections  1.  Includes 2.0% general partner interest, economically equivalent to 399,000 LP Units at current quarterly distribution  37 
 
 Date  Transaction  Transaction   Announced Acquiror / Target (Seller) Value Value / EBITDA   05/2022  Solvay SA / Remaining 20% interest in Solvay Soda Ash Joint Venture (AGC)  $120.0  5.3x  12/2021  Sisecam Chemicals USA Inc. / 60% stake in Ciner Resources Corporation (Ciner Enterprises)  300.0  9.7  12/2019  Valley Holdings Inc. (Tata Chemials) / Remaining 25% in Tata Chemicals (Soda Ash) Partners Holdings (The Andover Group, Inc.)  195.0  7.7  08/2017  Genesis Energy, L.P. / 100% of Tronox's Alkali Business, including trona mining, production and marketing assets (Tronox Limited)  1,325.0  8.0  07/2015  Park Holding A.S. (Ciner Group) / 73% LP interest, 2% GP interest and related IDRs in OCI Resources LP (OCI Company Ltd.)  429.0  9.5  02/2015  Tronox US Holdings Inc. / FMC's Alkali Chemicals business (FMC Corporation)  1,640.0  9.0  10/2014  FMC Corporation / Remaining 6.25% minority interest in FMC Wyoming Corp. (Sumitomo)  95.7  8.4  03/2013  FMC Corporation / Additional 6.25% minority interest in FMC Wyoming Corp. (Nippon Sheet Glass)  80.0  NA  01/2013  Natural Resource Partners LP / 48.51% stake in OCI Wyoming L.P., 20% interest in OCI Wyoming Co. (Anadarko)  310.0  9.0  01/2008  Tata Chemicals Ltd. / General Chemical Industrial Products Inc.  1,005.0  NA  Min  5.3x  Mean  8.3  Median  8.7  Max  9.7  Precedent M&A Transaction Analysis – SIRE Financial Projections  SIRE Share of 2023E EBITDA (Post - SIRE G&A)  $76.6  Relevant EBITDA Multiple  6.0x  –  8.5x  Implied Enterprise Value Based on 2023E Adjusted EBITDA  $459.6  –  $651.1  Less: Net Debt as of December 31, 2022 (SIRE's 51% Share)  (59.0)  Implied Equity Value  $400.6  –  $592.1  SIRE LP Units Outstanding2  20.2  Implied SIRE Unit Price Range - 2023E Adjusted EBITDA  $19.83  –  $29.32  Source: Public filings, Wall Street research, SIRE Financial Projections  1. No transaction is directly comparable to the Transaction  Precedent Green River Basin Soda Ash Transactions1  2.  Includes 2.0% general partner interest, economically equivalent to 399,000 LP Units at current quarterly distribution  38  Preliminary Valuation Detail – SIRE Financial Projections  Precedent M&A Transactions Analysis  ($ in millions, except per unit amounts) 
 
 Preliminary Valuation Detail – SIRE Financial Projections  Discounted Distributions Analysis  SIRE Distribution per LP Unit (Cash, As Paid)1  $2.41  $2.22  $1.86  $1.67  $1.75  $1.42  $1.42  –  $1.42  Terminal Yield2  12.0%  8.0%  Terminal Value  $11.87  $17.80  Equity Cost of Capital Based on CAPM  Present Value @ 7.5% Cost of Equity  $17.07  –  $20.92  Present Value @ 8.5% Cost of Equity  16.45  –  20.08  Present Value @ 9.5% Cost of Equity  15.85  –  19.29  Present Value @ 10.5% Cost of Equity  15.29  –  18.55  Present Value @ 11.5% Cost of Equity  14.76  –  17.84  Implied SIRE Unit Value – Based on CAPM  $15.29  –  $20.08  For the Years Ending   December 31,    2023E 2024E 2025E 2026E 2027E 2028E    Terminal Value Low High  Source: FactSet, SIRE Financial Projections  1. Values LP units based on LP unit distributions and does not consider GP distributions  2.  Based on SIRE’s 52-week yield range of 6.1% to 14.1% with a median of 10.3% and mean of 10.1% as of July 5, 2022  39 
 
 Premiums Paid  Analysis  Premiu  1  m  Date   Announced   Acquiror / Target  Consideration  1-Day Prior Spot  30-Day VWAP  01/06/23  Phillips 66 / DCP Midstream, LP  Cash-for-Unit  20.1%  28.5%  07/28/22  PBF Energy Inc. / PBF Logistics LP2  Cash/Stock-for-Unit  32.8%  12.5%  07/25/22  Shell USA, Inc. / Shell Midstream Partners, L.P.  Cash-for-Unit  23.0%  24.7%  06/02/22  Hartree Partners, LP / Sprague Resources LP  Cash-for-Unit  25.2%  24.1%  05/25/22  Höegh LNG Holdings Ltd / Höegh LNG Partners LP  Cash-for-Unit  35.0%  39.4%  05/16/22  Diamondback Energy / Rattler Midstream LP  Stock-for-Unit  17.3%  8.7%  04/22/22  Ergon, Inc. / Blueknight Energy Partners, L.P.  Cash-for-Unit  40.9%  40.7%  12/20/21  BP p.l.c / BP Midstream Partners LP  Stock-for-Unit  10.8%  3.0%  10/27/21  Phillips 66 / Phillips 66 Partners LP  Stock-for-Unit  4.8%  10.6%  10/04/21  Stonepeak Infrastructure Partners / Teekay LNG Partners LP  Cash-for-Unit  8.3%  7.6%  08/23/21  Landmark Dividend / Landmark Infrastructure Partners LP  Cash-for-Unit  38.4%  35.6%  03/05/21  Chevron Corporation / Noble Midstream Partners LP  Stock-for-Unit  16.7%  23.5%  12/15/20  TC Energy Corporation / TC PipeLines, LP  Stock-for-Unit  19.5%  10.0%  07/27/20  CNX Resources Corporation / CNX Midstream Partners  Stock-for-Unit  28.1%  16.1%  02/27/20  Equitrans Midstream Corporation / EQM Midstream Partners, LP  Stock-for-Unit  (1.5%)  (11.2%)  12/17/19  Blackstone Infrastructure Partners / Tallgrass Energy LP  Cash-for-Unit  56.4%  22.7%  10/01/19  Brookfield Business Partners L.P. / Teekay Offshore Partners L.P.  Cash-for-Unit  28.1%  9.8%  05/10/19  IFM Investors / Buckeye Partners, L.P.  Cash-for-Unit  27.5%  22.9%  05/08/19  MPLX LP / Andeavor (Marathon Petroleum Corporation; Andeavor Logistics LP)  Unit-for-Unit  1.8%  0.5%  04/02/19  UGI Corporation / AmeriGas Partners, L.P.  Cash/Stock-for-Unit  13.5%  22.2%  03/18/19  ArcLight Energy Partners Fund V, L.P. / American Midstream, LP  Cash-for-Unit  31.2%  32.0%  02/05/19  SunCoke Energy, Inc. / SunCoke Energy Partners, L.P.  Stock-for-Unit  9.3%  31.2%  Preliminary Valuation Detail – SIRE Financial Projections  For Reference Only  Source: Bloomberg, FactSet, Public filings  Note: No transaction is directly comparable to the Transaction  VWAP premiums paid are calculated by dividing the value of the offer, defined as the exchange ratio multiplied by the closing price of the acquiror’s shares / units on the last trading day prior to announcement plus any cash received, by the 30-trading day VWAP of the target as calculated from the last undisturbed trading day prior to the announcement  Based on the closing unit price of $13.35 on June 23, 2022, the last unaffected closing price before public disclosure of the board of directors of PBF Energy Inc.'s adoption of resolutions authorizing certain officers of PBF  Min  (1.5%)  (11.2%)  All  Median  21.6%  22.4%  Transactions  Mean  22.1%  18.9%  Max  56.4%  40.7%  Min  8.3%  7.6%  Cash-for-Unit  Median  Mean  28.1%  30.4%  24.7%  26.2%  Max  56.4%  40.7%  Energy Inc. to communicate, discuss and negotiate the terms of a potential business transaction with the conflicts committee of the board of directors of PBF Logistics LP's general partner  40 
 
 Preliminary Valuation Detail – SIRE Financial Projections  Premiums Paid Analysis (cont’d)  Summary Results – Cash-for-Unit Transactions  For Reference Only  Source: FactSet  41  1-Day Prior Spot Unit Price as of July 5, 2022  1-Day Prior Spot Price Premium  20.0%  $17.95  35.0%  Implied Purchase Pirce based on 1-Day Prior Spot Price Premium  $21.54  −  $24.23  30-Day VWAP as of July 5, 2022 30-Day VWAP Premium  20.0%  $17.87  30.0%  Implied Purchase Pirce based on 30-Day VWAP Premium  $21.44  −  $23.23  Implied Purchase Price Range  $21.44  −  $24.23 
 
 B. Financial Projections and Preliminary Valuation Detail – Sensitivity Case 
 
 Financial Projections and Preliminary Valuation Detail – Sensitivity Case  Sisecam Wyoming EBITDA – Sensitivity Case  Domestic Sales Volumes (mt)  1.26  1.19  1.11  1.11  1.19  1.19  Export Sales Volumes (mt)  1.26  1.19  1.11  1.11  1.19  1.19  Sales Volumes (mt)  2.52  2.37  2.22  2.22  2.37  2.37  Volume Growth (%)  (0.1%)  (5.8%)  (6.4%)  --%  6.8%  --%  Domestic Gross Revenue  $361.7  $344.6  $369.6  $391.1  $355.1  $363.7  Export Gross Revenue  478.6  491.9  442.2  435.0  442.8  435.3  Gross Revenue  $840.3  $836.4  $811.7  $826.1  $797.9  $799.0  Domestic Freight  ($132.7)  ($128.8)  ($124.2)  ($127.9)  ($140.7)  ($145.0)  Export Freight  (189.3)  (182.4)  (174.6)  (178.5)  (195.0)  (199.3)  Freight Costs  ($321.9)  ($311.2)  ($298.8)  ($306.5)  ($335.7)  ($344.3)  Domestic Net Revenue  $229.0  $215.8  $245.4  $263.1  $214.4  $218.8  Export Net Revenue  289.4  309.5  267.6  256.5  247.8  236.0  Net Revenue  $518.4  $525.3  $512.9  $519.6  $462.2  $454.7  Average Net Realized Price  $206.00  $221.50  $231.00  $234.00  $194.90  $191.75  Energy Costs  (85.1)  (78.3)  (82.1)  (83.1)  (73.9)  (72.8)  Personnel Costs  (99.3)  (109.9)  (118.0)  (119.5)  (106.3)  (104.6)  Royalties  (24.1)  (23.1)  (22.6)  (22.9)  (20.3)  (20.0)  Severance & Ad Valorem Taxes  (13.4)  (14.2)  (15.5)  (15.7)  (14.0)  (13.7)  Other  (92.9)  (93.1)  (84.5)  (85.6)  (76.2)  (74.9)  Cost of Goods Sold  ($314.8)  ($318.7)  ($322.6)  ($326.8)  ($290.7)  ($286.0)  Gross Profit  $203.6  $206.6  $190.3  $192.8  $171.5  $168.7  Gross Margin (% of Net Revenue)  39.3%  39.3%  37.1%  37.1%  37.1%  37.1%  Operating Expenses  (23.8)  (20.4)  (20.9)  (21.4)  (21.9)  (22.3)  Sisecam Wyoming EBITDA  $179.8  $186.2  $169.4  $171.4  $149.6  $146.4  EBITDA Margin (% of Net Revenue)  34.7%  35.4%  33.0%  33.0%  32.4%  32.2%  2023E  2024E  For the Years Ending December 31, 2025E 2026E  2027E  2028E  ($ in millions)  SIRE Financial Projections, SIRE management  42 
 
 Financial Projections and Preliminary Valuation Detail – Sensitivity Case  SIRE Financial Projections, SIRE management  43  Sisecam Wyoming Cash Flow Summary – Sensitivity Case  For the Years Ending December 31,  2023E  2024E  2025E  2026E  2027E  2028E  Sisecam Wyoming Distributable Cash Flow  Sisecam Wyoming EBITDA  $179.8  $186.2  $169.4  $171.4  $149.6  $146.4  Less: Cash Interest Expense  (2.4)  (1.4)  (0.7)  (0.3)  (0.1)  0.1  Less: Maintenance Capital Expenditures  (25.6)  (26.1)  (26.7)  (27.3)  (27.9)  (28.6)  Distributable Cash Flow  $151.8  $158.6  $142.0  $143.8  $121.6  $117.9  Sisecam Wyoming Distributed Cash Flow  Distributions to SIRE (51.0%)  $61.9  $64.7  $65.8  $66.7  $56.4  $54.6  Distributions to NRP (49.0%)  59.5  62.2  63.2  64.1  54.2  52.5  Distributed Cash Flow  $121.5  $126.9  $129.1  $130.7  $110.5  $107.2  Distributable Cash Flow Surplus / (Shortfall)  $30.4  $31.7  $12.9  $13.1  $11.1  $10.7  Sisecam Wyoming Coverage Ratio  1.25x  1.25x  1.10x  1.10x  1.10x  1.10x  ($ in millions) 
 
 Financial Projections and Preliminary Valuation Detail – Sensitivity Case  SIRE Financial Projections, SIRE management  44  Sisecam Wyoming Sources and Uses – Sensitivity Case  2023E  2024E  2025E  2026E  2027E  2028E  Sources  Distributable Cash Flow Surplus / (Shortfall)  $30.4  $31.7  $12.9  $13.1  $11.1  $10.7  Increase / (Decrease) in Net Working Capital  0.4  15.7  8.2  0.8  (9.8)  (1.0)  Cash from Revolver / (Cash to Revolver)  --  --  --  --  1.7  --  Total Sources  $30.7  $47.4  $21.1  $13.8  $2.9  $9.7  Uses  Growth Capital Expenditures  $--  $--  $--  $--  $--  $--  Mandatory Debt Paydown  8.8  9.1  9.3  9.5  3.5  4.7  Discretionary Debt Paydown  38.2  38.4  11.8  3.7  --  1.7  Cash to (from) Balance Sheet  (16.3)  --  --  0.6  (0.6)  3.4  Other  --  --  --  --  --  --  Total Uses  $30.7  $47.4  $21.1  $13.8  $2.9  $9.7  Capital Structure  Total Debt  $90.0  $42.5  $21.5  $8.3  $6.4  $0.0  Less: Cash  (5.0)  (5.0)  (5.0)  (5.6)  (5.0)  (8.4)  Net Debt  $85.0  $37.5  $16.5  $2.6  $1.4  ($8.3)  Net Debt / Adjusted EBITDA  0.5x  0.2x  0.1x  0.0x  0.0x  (0.1x)  For the Years Ending December 31,  ($ in millions) 
 
 Financial Projections and Preliminary Valuation Detail – Sensitivity Case  SIRE Financial Projections, SIRE management  45  SIRE Cash Flow Summary – Sensitivity Case  2023E  2024E  2025E  2026E  2027E  2028E  Consolidated EBITDA  Sisecam Wyoming EBITDA  $179.8  $186.2  $169.4  $171.4  $149.6  $146.4  Less: SIRE G&A  (4.0)  (4.0)  (4.0)  (4.0)  (4.0)  (4.0)  SIRE Consolidated EBITDA  $175.8  $182.2  $165.4  $167.4  $145.6  $142.4  EBITDA Attributable to SIRE  SIRE'S 51% Share of Sisecam Wyoming EBITDA  $91.7  $94.9  $86.4  $87.4  $76.3  $74.6  Less: SIRE G&A  (4.0)  (4.0)  (4.0)  (4.0)  (4.0)  (4.0)  EBITDA Attributable to SIRE  $87.7  $90.9  $82.4  $83.4  $72.3  $70.6  SIRE Distributable Cash Flow  Distributions from Sisecam Wyoming  $61.9  $64.7  $65.8  $66.7  $56.4  $54.6  Less: SIRE G&A  (4.0)  (4.0)  (4.0)  (4.0)  (4.0)  (4.0)  Distributable Cash Flow  $57.9  $60.7  $61.8  $62.7  $52.4  $50.6  Distributed Cash Flow  Sisecam Chemicals  $40.2  $41.7  $42.3  $42.8  $37.1  $36.1  Public  14.5  15.0  15.3  15.4  13.4  13.0  General Partner  3.3  4.0  4.3  4.5  1.9  1.5  Distributed Cash Flow  $57.9  $60.7  $61.8  $62.7  $52.4  $50.6  Unit Ownership  Sisecam Chemicals  14.6  14.6  14.6  14.6  14.6  14.6  Public  5.2  5.2  5.2  5.2  5.2  5.2  General Partner  0.4  0.4  0.4  0.4  0.4  0.4  Total Units Outstanding  20.2  20.2  20.2  20.2  20.2  20.2  Distributable Cash Flow per LP Unit  $2.76  $2.87  $2.91  $2.94  $2.55  $2.48  Distribution per LP Unit  2.76  2.87  2.91  2.94  2.55  2.48  Distributable Cash Flow Surplus / (Shortfall)  $--  $--  $--  $--  $--  $--  ($ in millions, except per unit amounts)  For the Years Ending December 31, 
 
 4.25x  5.50x  6.75x  8.00x  9.25x  --%  0.5%  1.0%  1.5%  2.0%  $25.57  $28.44  $31.27  $28.73  $30.01  $31.51  24.89  24.25  23.64  27.82  27.10  26.41  30.59  29.92  29.17  27.02  25.47  24.10  28.18  26.46  24.95  29.45  27.58  25.91  7.5%  8.0%  8.5%  9.0%  9.5%  $22.55 21.96  21.40  20.87  20.36  23.06  25.75  28.44  $34.11 33.34  32.60  31.88  31.12  7.5%  8.0%  8.5%  9.0%  9.5%  $27.61 26.01  24.60  23.34  22.21  22.87  23.61  24.44  $33.28 30.91  28.88  27.01  25.38  WACC  WACC  Sisecam Wyoming EBITDA  $179.8  $186.2  $169.4  $171.4  $149.6  $146.4  $70.61  $146.4  Less: Tax Depreciation and Amortization2  (608.4)  (58.0)  (51.4)  (48.9)  (47.1)  (50.5)  (28.6)  EBIT  ($428.6)  $128.2  $117.9  $122.5  $102.5  $95.9  $117.8  Less: Cash Taxes3  --  (7.6)  (7.0)  (9.1)  (7.6)  (16.3)  (43.6)  EBIAT  ($428.6)  $120.6  $111.0  $113.4  $94.9  $79.6  $74.2  Plus: Tax Depreciation and Amortization  608.4  58.0  51.4  48.9  47.1  50.5  28.6  Less: Capital Expenditures  (25.6)  (26.1)  (26.7)  (27.3)  (27.9)  (28.6)  (28.6)  Less: Changes in NWC  0.4  15.7  8.2  0.8  (9.8)  (1.0)  -  Sisecam Wyoming Unlevered Free Cash Flow  $154.6  $168.2  $143.9  $135.8  $104.3  $100.5  $74.2  SIRE Interest in Sisecam Wyoming  51.0%  51.0%  51.0%  51.0%  51.0%  51.0%  51.0%  SIRE Share of Sisecam Wyoming Unlevered Free Cash Flow  $78.8  $85.8  $73.4  $69.2  $53.2  $51.2  $37.8  Less: SIRE G&A  (4.0)  (4.0)  (4.0)  (4.0)  (4.0)  (4.0)  (4.0)  SIRE Unlevered Free Cash Flow  $74.8  $81.8  $69.4  $65.2  $49.2  $47.2  $33.8  EBITDA Multiple / Perpetuity Growth Rate  6.8x  1.0%  Implied Terminal Value  $476.8  −  $455.8  Present Value of Terminal Value @ 8.5% Discount Rate  Plus: Present Value of Unlevered Free Cash Flow @ 8.5% Discount Rate  292.3  − 314.0  279.4  Implied Enterprise Value  $606.3  −  $593.4  Less: Net Debt as of December 31, 2022 (SIRE's 51% Share)  (59.0)  Implied Equity Value  $547.3  −  $534.4  SIRE LP Units Outstanding4  20.2  Implied SIRE LP Unit Value  $27.10  −  $26.46  Terminal Exit Multiple Perpetuity Growth Rate   For the Years Ending December 31,   Exit  Perpetuity   2023E 2024E 2025E 2026E 2027E 2028E    Multiple    Growth   Financial Projections and Preliminary Valuation Detail – Sensitivity Case  Unit Price Sensitivity Analysis  Discounted Cash Flow Analysis – Sensitivity Case  4.  Includes 2.0% general partner interest, economically equivalent to 399,000 LP Units at current quarterly distribution  46  ($ in millions, except per unit amounts)  Source: SIRE Financial Projections  51% of Sisecam Wyoming EBITDA less $4.0 million SIRE G&A  2023E tax DD&A assumes 100.0% bonus depreciation calculated as the midpoint of the enterprise value range plus 80.0% bonus depreciation on 2023E capital expenditures; bonus depreciation phase-down on capital expenditures in 2024E (60.0%), 2025E (40.0%) and 2026E (20.0%)  Assumes unitholder tax rate of 29.6% from 2023E to 2025E and 37.0% thereafter 
 
 Financial Projections and Preliminary Valuation Detail – Sensitivity Case  Peer Group Trading Analysis – Sensitivity Case  2023E EBITDA Attributable to SIRE Relevant EBITDA Multiple  $87.7  5.0x  –  Implied Enterprise Value Based on 2023E Adjusted EBITDA  $438.5  Less: Net Debt as of December 31, 2022 (SIRE's 51% Share) Implied SIRE Equity Value  SIRE LP Units Outstanding1  Implied SIRE Unit Price Range - 2023E Adjusted EBITDA  2024E EBITDA Attributable to SIRE Relevant EBITDA Multiple  Implied Enterprise Value Based on  Less: Net Debt as of Decembe Implied SIRE Equit  SIRE LP Uni  Im  ($ in millions, except per unit amounts)  Source: SIRE Financial Projections, SIRE management  1.  Includes 2.0% general partner interest, economically equivalent to 399,000 LP Units at current quarterly distribution  47 
 
 Financial Projections and Preliminary Valuation Detail – Sensitivity Case  Precedent M&A Transactions Analysis – Sensitivity Case  Precedent M&A Transaction Analysis  Source: Public filings, Wall Street research, SIRE Financial Projections, SIRE management  1.  Includes 2.0% general partner interest, economically equivalent to 399,000 LP Units at current quarterly distribution  48  ($ in millions, except per unit amounts) 
 
 Financial Projections and Preliminary Valuation Detail – Sensitivity Case  Discounted Distributions Analysis – Sensitivity Case  ($ per unit)   Termin  For the Years Ending   December 31,   2023E 2024E 2025E 2026E 2027E 2028E  SIRE Distribution per LP Unit (Cash, As Paid)1  Terminal Yield2  $2.76  $2.87  $2.91  $2.94  $2.55  Terminal Value  Equity Cost of Capital Based on CAPM Present Value @ 7.5% Cost of Equity Present Value @ 8.5% Cost of Equity Present Value @ 9.5% Cost of Equity Present Value @ 10.5% Cost of Eq Present Value @ 11.5%  Impli  Source: FactSet, SIRE Financial Projections, SIRE management  1. Values LP units based on LP unit distributions and does not consider GP distributions  2.  Based on SIRE’s 52-week yield range of 6.1% to 14.1% with a median of 10.3% and mean of 10.1% as of July 5, 2022  49 
 
 Appendix 
 
 Weighted Average Cost of Capital Analysis 
 
 Unit/Share Price  Market Equity  Total Debt and  Total Debt /  Adjusted  Unlevered  Partnership/Corporation  1/30/23  Value  Preferred Equity  Total Capitalization  Beta 1  B  Risk-free Rate 3  Unlevered Beta  Debt / Total Capitalization Adjusted Levered Equity Beta  WACC  Sup   0.38   0.43  0.48  0.53  Market Risk Premium 4  15.0%  8.0%  8.3%  8.6%  8.9%   Small Company Risk Premiu  20.0%  7.9%  8.2%  8.5%  8.7%   Equity Cost of Ca  25.0%  7.8%  8.1%  8.4%  8.6%  Pre-Tax  3.8%  0.43  25.7%  Ciech SA  $10.93  $575.8  $471.4  45.0%  0  Genesis Energy, L.P.  11.14  1,365.5  4,313.0  76.0%  Solvay SA  115.28  11,892.3  3,494.4  22.7%  Tata Chemicals Limited  11.72  2,985.2  782.1  CAPM  Türkiye Sise ve Cam Fabrikalari A.S.  2.15  6,376.2  2,201.1  Mean   Median    Sisecam Resources LP $23.96 $484.1    Debt / Total Cap   30.0%  7.7%  8.0%  8.2%  8.5%  35.0%  7.6%  7.9%  8.1%  8.4%  15.0%  8.4%  8.8%  9.1%  9.5%  20.0%  8.3%  8.7%  9.0%  9.4%  25.0%  8.2%  8.6%  8.9%  9.2%  30.0%  8.1%  8.4%  8.8%  9.1%  35.0%  8.0%  8.3%  8.7%  9.0%  Weighted Average Cost of Capital Analysis  SIRE WACC Analysis – Capital Asset Pricing Model  ($ in millions, except per unit / share amounts)  Note: Capital structure includes effect of dilutive securities and GP interest; does not attribute value to the IDRs  2-year historical raw betas from FactSet; Adjusted Equity Beta calculated as: (0.67) × Raw Beta + (0.33) × 1.0  Unlevered Beta calculated as: Adjusted Equity Beta × (E/(E + D × (1-T)); assumes corporate tax rate of 29.6%  20-year Treasury as of January 30, 2023  Source: Kroll  Kroll for Decile 9, including companies with an equity market capitalization of $190.0 million to $451.8 million  Equity Cost of Capital calculated as: Risk-free rate of 3.8% + (Levered Equity Beta of 0.56 × Market Risk Premium of 6.2% (Supply Side) or 7.5% (Historical) + Small Company Risk Premium of 2.1%  Based on ICE BofA US High Yield Index (BB)  Supply-Side MRP WACC Sensitivity  Historical MRP WACC Sensitivity   Debt / Total Cap    0.38 0.43 0.48 0.53   50 
 
 Additional Materials 
 
 Additional Materials  On November 19, 2021, Ciner Enterprises agreed to sell a 60% interest in Sisecam Chemicals to Sisecam USA for $300.0 million (the “2021 Acquisition”)  As a result of the transaction:   Sisecam Parent owns a controlling interest in the Partnership and Sisecam Wyoming through its indirect, majority ownership of Partnership GP   Sisecam Parent owns 60.0% of an approximate 74.1% economic interest in SIRE  Assumed Unit Price Premium and Implied Value Paid for Partnership GP  2021 Acquisition of 60% of SCR  2021 Acquisition Overview  Illustrative Value per LP Unit  $18.34  $20.00  $22.00  $24.00  $26.00  $28.00  $30.00  $32.00  $34.36  SIRE Units Owned by Sisecam Chemicals  14.6  14.6  14.6  14.6  14.6  14.6  14.6  14.6  14.6  Implied Value of SIRE Units  $266.8  $291.0  $320.1  $349.2  $378.3  $407.4  $436.5  $465.6  $500.0  Implied Value Paid by Sisecam Parent  $500.0  $500.0  $500.0  $500.0  $500.0  $500.0  $500.0  $500.0  $500.0  Implied Value for Control  $233.2  $209.0  $179.9  $150.8  $121.7  $92.6  $63.5  $34.4  $--  Implied SIRE Equity Market Cap1  $370.3  $404.0  $444.4  $484.8  $525.2  $565.6  $606.0  $646.4  $694.1  Control Value as % of SIRE Equity Market Cap  63.0%  51.7%  40.5%  31.1%  23.2%  16.4%  10.5%  5.3%  --%  Implied Sisecam Wyoming Equity Value2  $726.2  $792.1  $871.3  $950.5  $1,029.7  $1,109.0  $1,188.2  $1,267.4  $1,360.9  Control Value as a % of Sisecam Wyoming Equity Value  32.1%  26.4%  20.6%  15.9%  11.8%  8.3%  5.3%  2.7%  --%  ($ in millions, except per unit amounts)  Source: Public filings  Based on Illustrative Value per LP Unit and 20.2 million SIRE LP and GP units  SIRE Market Cap divided by 51% to arrive at an implied equity value for Sisecam Wyoming  Implied Value of Sisecam Chemicals  Value of Sisecam Parent Interest  $300.0  Divided by Ownership in Sisecam Chemicals  60.0%  Implied Value of Sisecam Chemicals  $500.0 
 
Exhibit (c)(11)

 July 5, 2022  Sisecam Chemicals Resources LLC  Discussion Materials 
 
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 Table of Contents  Discussion Materials  Executive Summary  MLP Market Update  SIRE Situation Overview  SIRE Take Private Analysis  Take Private Process Overview Appendix  1  5  8  12  16  19 
 
 Executive Summary 
 
 MLP Market Backdrop  MLPs across all sectors continue to struggle to attract new public investors and have experienced negative fund flows, resulting in very limited access to equity capital  Small, low float MLPs have been more negatively impacted given lack of scale, trading liquidity and poor institutional interest  Even in the context of solid underlying business fundamentals and reasonably high payout ratios, MLPs broadly have experienced increasingly high dividend yields. Consequently, several sponsors have opted to execute simplification transactions or take their partnerships private  There have been 29 MLP take privates since the beginning of 2018, with very few sponsored MLPs currently remaining  BofA believes a take private of SIRE may be the best path forward for SCR for the following key reasons:  SIRE is an expensive source of capital – With its ~11% distribution yield, SIRE no longer serves the MLP’s original purpose of providing a low cost source of capital  SIRE does not provide access to capital and likely will not in the future – There is no clear catalyst to restore access to MLP capital markets as investor sentiment has permanently shifted away from the MLP model. Additionally, SIRE will struggle to attract MLP investors with its average daily trading value of $290,000, de minimus trading activity, and lack of research analyst coverage  Opportunity to retain cash flows – SIRE costs SCR ~$11MM of cash flow per year through distributions to public unitholders and public company costs, which could otherwise be reinvested into the business  Opportunity to simplify structure – A take private allows SCR to reduce management burden, simplify organizational structure, eliminate public company expenses and increase flexibility to execute desired strategy  1  BofA Securities, Inc. (“BofA”) appreciates the opportunity to meet with Sisecam Chemicals Resources LLC (“SCR”) to discuss our views on a potential take  private of Sisecam Resources LP (“SIRE”)  Executive Summary  Introduction 
 
 Process Considerations  If SCR makes an offer to SIRE, SIRE will likely form a conflicts committee of independent directors which, with the advice of its financial and legal advisors, will negotiate the terms of the transaction on behalf of the unaffiliated unitholders  Negotiations in precedent transactions have typically lasted from a few weeks to several months  A unitholder consent will be required; however, since SCR controls a majority of the common units of SIRE, it can approve the transaction alone  An initial proposal at a 0% premium to current trading levels would be consistent with recent precedent MLP buy-in proposals  Subject to any unforeseen market or macro disruption and/or moves following announcement of an initial offer, precedent  transactions would imply that the final negotiated premium would likely be in the low to high-teens range  2  Introduction  Executive Summary (Cont’d) 
 
 3  A take private of SIRE could be the best alternative for all stakeholders  Benefits  SCR  SIRE  Considerations  Free cash flow at SIRE must no longer be distributed and instead can be reinvested in the operating entity  Reduced public company costs (board, filing, audit, investor relations, etc.)  Simplified organizational structure  Greater flexibility to control and execute strategy  Reduced management burden  Lower cost of capital  ? May not have benefit of MLP structure if MLP market improves dramatically in the future (not likely)  Unitholders may receive a premium; whereas sales in the open market will likely create downward pressure  Efficient monetization of their interest without being exposed to downside and suffering from poor trading liquidity  ? Potential tax burden to certain unitholders  ? Will not enjoy possible future upside in the business  Introduction  Transaction Rationale 
 
 4  Introduction  Overview of Key Considerations  Requires evaluation of the merits and considerations of a public versus private approach to SIRE Board  If a private approach is made, SIRE’s Conflicts Committee may still elect to disclose the offer publicly  Absent a leak, a private negotiation with the conflicts committee should not cause a run-up on the “undisturbed”  SIRE unit price and avoids the risk of a public deal failure if an agreement is not reached  Of the 20 most recent MLP take privates about half have used a public approach  However, SCR’s partners will be required to update their 13Ds which will signal a potential transaction to the market even without a formal public announcement – Thus a private approach is not feasible in this situation  Given the need to file amended 13D’s, SIRE will likely decide to issue a press release upon receipt of the offer  Approach Dynamics  Conflicts Committee Process  Requires evaluation of the merits and considerations of negotiating a merger or executing a tender offer  Even with a tender offer, legal advisors will likely suggest seeking Conflicts Committee approval  Execution Method  Consideration Description  If SCR were to make an offer to the SIRE board to purchase the SIRE public units, SIRE’s Board would form a Conflicts Committee to review the transaction on behalf of unaffiliated unitholders  Conflicts Committee will hire independent financial and legal advisors  The overall process timeline can range from ~14 weeks to a number of months depending on the execution strategy and length of negotiations with the Conflicts Committee  Timeline  Per the SIRE partnership agreement, a take private can be consummated by a Unit Majority (i.e., a majority of the common units outstanding); SCR currently controls a majority of the units  The Conflicts Committee may try to negotiate for a “majority of the minority” vote, which would require the approval of a majority of common units by written consent held by unitholders unaffiliated with SCR – This has not occurred in any of the last 19 transactions  Voting Dynamics  The following discuss how best to execute a take private of SIRE  Precedent Transactions  While third-party M&A transactions typically require a control premium, affiliate take private transactions where a small minority exits the investment typically require lower premiums; since 2015 mean and median premiums of MLP take private transactions have been 12.5% and 10.7%, respectively 
 
 MLP Market Update 
 
 MLP Market Update  Capital Raising in the Midstream / MLP Sector Continues to be Challenged  5  Source: Dealogic, Factset and Private Raise.  MLPs still have minimal access to third-party equity capital even though AMZ is back above pre-Covid levels  882  1,846  2,690  3,706  5,909  7,276  3,104  1,501  1,616  5,686  12,393  11,986  12,403  10,468  8,965  4,339  1,262  323  620  421  910  517  1,677  5,022  5,714  6,417  2,350  234  138  2,124  748  961  4,931  2,679  2,670  4,901  3,922  898  1,504  17  2,146   114   504  2,393  906  1,123  42995269  541726  1,449  357  5,917  6,792  9,297  8,219  4,003  635785  13325  0  525  1,802  440  1,785  4,484  2,843  1,134  2,425  413  6,264  7,849  16,075  18,088  24,037  140  34,854  33,073  25,938  20,329  14,011  3,485  3,005  1,046  1,199  302  0  10,000  20,000  30,000  40,000  2008  2009  2010  2011  2012  2013  2014  2015  2016  2017  2018  2019  2020  2021  2022  IPO  Overnight  Marketed  Block  PIPE  ATM  PP Conv. Pref.  0  100  200  300  400  500  600  MLP Equity Issuance ($mm)  AMZ  AMZ Price ($)  IPO  14.1%  0.0%  11.5%  14.9%  15.4%  17.0%  22.0%  12.0%  1.6%  10.7%  0.0%  0.0%  0.0%  0.0%  0.0%  Overnight  25.8%  72.4%  77.1%  66.3%  51.6%  30.0%  27.1%  16.7%  6.2%  4.4%  12.1%  0.0%  8.5%  75.9%  0.0%  Marketed  33.9%  27.3%  3.2%  9.3%  20.9%  16.4%  19.4%  9.1%  1.2%  0.0%  0.0%  4.5%  91.5%  0.0%  100.0%  Block  2.2%  0.0%  0.2%  4.1%  4.0%  14.1%  8.1%  10.3%  24.1%  28.0%  25.8%  0.0%  0.0%  24.1%  0.0%  PIPE  24.0%  0.2%  1.7%  2.6%  1.5%  0.3%  1.5%  9.2%  4.5%  8.0%  10.8%  13.7%  0.0%  0.0%  0.0%  ATM  0.0%  0.0%  3.1%  2.8%  6.0%  17.0%  20.5%  35.8%  40.4%  28.6%  18.9%  1.1%  0.0%  0.0%  0.0%  PP Conv. Pref.  0.0%  0.0%  3.3%  0.0%  0.6%  5.2%  1.3%  6.9%  22.1%  20.3%  32.5%  80.7%  0.0%  0.0%  0.0% 
 
 5.0  0.0  15.0  10.0  20.0  30.0  25.0  35.0  40.0  45.0  50.0  60.0  55.0  65.0  $bn  70.0  1/2011  11/2012  10/2014  8/2016  7/2018  5/2020  4/2022  6  Source: EPFR.  MLP Market Update  MLP Dedicated Fund Flows Continue to Trend Negative  A Fundamental Shift in Investor Sentiment Surrounding MLPs is Unmistakable, with Capital Leaving Rather than Entering the Space  $17.7bn  $17.5bn  $35.3bn  MLP Open End Fund Flows MLP Passive Fund Flows Aggregate Observable Active & Passive MLP Dedicated Fund Flows  2017 – 2022YTD  1/2017 10/2017 7/2018 4/2019 1/2020 10/2020 7/2021 4/2022  ($0.2bn)  ($9.5bn)  ($9.8n)  $bn  10.0  5.0  0.0  (5.0)  (10.0)  (15.0)  2017  $309mn  2016  $3.2bn  2015  ($1.3bn)  2014  $11.4bn  2013  $10.3bn  2012  $2.3bn  2011  $1.4bn  Total Annual MLP Flows:  2018  ($1.3bn)  2019 (2.8bn)  2020  ($3.9bn)  2021  ($2.1bn) 
 
 7  MLP Market Update  Many Sponsors Have Restructured Their MLPs Given the Challenging Environment  Across the entire midstream universe, parents have been reassessing the merits of maintaining an MLP with 46 MLP take privates since 2011  ArcLight (AMID)  ETRN (EQGP)  VLO (VLP)  D (DM)  5  ArcLight (TLP)  ETE (ETP)  4  ETP (PTXP)  ENB (EEQ)  CVI (CVRR)  4  4  EPD (OILT)  3  WPO (WPT)  ENB (ENF)  ENB (EEP)  3  CEIX (CCR)  3  SHEL (SHLX)  2  KMI (KMP)  2  TRP (CPPL)  VTTI B.V. (VTTI)  WMB (WPZ)  ENB (SEP)  BX (TGE)  TRP (TCP)  BP (BPMP)  FANG (RTLR)  1  PAA (PNG)  KMI (KMR)  WNR (NTI)  RIG (RIGP)  OKE (OKS)  LNG (CQH)  L (BWP)  UGI (APU)  CNX (CNXM)  PSX (PSXP)  Hartree (SRLP)  EPD (DEP)  PXD (PSE)  KMI (EPB)  TLLP (QEPM)  SEMG (RRMS)  ENB (MEP)  EQM (RMP)  AROC (APLP)  SXC (SXCP)  ETRN (EQM)  CVX (NBLX)  Ergon (BKEP)  2011  2013  2014  2015  2016  2020  2021  2022  16  2017 2018 2019  Public offer has been made but a definitive  agreement has not been announced  MLP Take Private Transactions Since 2011(1)  Source: Dealogic and company disclosures.  Note: Based on timing of announcement. No relevant transaction available for 2012.  (1) Buyer / (Target) 
 
 SIRE Situation Overview 
 
 8  Source:  Company disclosure and FactSet as of July 1, 2022.  SIRE Situation Overview  Historical Trading Performance  Distribution Yield (Last Five Years)  0.0%  Jul-17 Jul-18  EV / LTM EBITDA (Last Five Years)  5.0%  10.0%  15.0%  20.0%  Jul-19  Jul-20  Jul-21  Jul-22  6.0x  3.0x  0.0x  15.0x  12.0x  9.0x  Jul-17 Jul-18  Jul-19  Jul-20  Jul-21  Jul-22  SIRE suspended its distribution from August 2020 through October 2021  7.8x  SIRE currently trades at an 11.2% distribution yield  11.2% 
 
 SIRE’s unit price has recovered to pre-COVID levels but remains lower than long-term historical levels  9  Historical Unit Price and Volume  SIRE Situation Overview  Source:  Company filings and Factset as of July 1, 2022.  $17.78  Jul-17  Jul-19  Jul-20  Jul-21  Jul-18  1/27/22 – SIRE announces  quarterly distribution  increase to $0.65/unit  10/29/21 – SIRE reinstates quarterly distribution at  $0.34/unit  1/23/20 – Quarantine  of Wuhan announced  8/3/20 – SIRE  suspends quarterly distributions  11/20/21 – SISE announces acquisition of 60% of Sisecam Resources Corporation  5/10/19 – SIRE cuts distribution from $0.567 to $0.34 per quarter  $/Unit  Units/Day (‘000s)  4/29/22 – SIRE announces quarterly distribution decrease to $0.50/unit  Jul-22 
 
 Last Five Years  SIRE has underperformed its soda ash peers  10  SIRE Situation Overview  Unit Price Performance  (100%)  (75%)  (50%)  (25%)  0%  25%  50%  Jul-17  Jul-18  Jul-19  Jul-20  Jul-21  Jul-22  SIRE  Refined Products & Crude MLPs  Soda Ash Peers  Gathering & Processing MLPs  Small-Cap MLPs  Wholesale Distribution MLPs  Large-Cap MLPs  (21.2%)  (32.5%)  (35.1%)  (59.4%)  (45.8%)  (0.3%)  (1.8%)  Source: Company filings and Factset as of July 1, 2022.  Note: Soda Ash Peers includes: TROX, CMP, CC, OLN, SLCA, GEL, Tata Chemicals Limited; Small-Cap MLPs includes: MMLP, USDP, SNMP, SRLP and GPP; Large Cap MLPs includes: ET, EPD, MPLX and PAA; Refined Products & Crude MLPs includes: MMP, NS, GEL, NGL, HEP, DKL, PBFX and MMLP; Gathering & Processing MLPs includes WES, DCP, HESM, CEQP, SMLP, SNMP; Wholesale Distribution MLPs includes: SUN, GLP, CAPL and SRLP. 
 
 11  Peer Benchmarking  SIRE Situation Overview  Current Distribution Yield  LP DCF Yield 2022E  EV / 2022E EBITDA  Coverage 2022E  11.2%  8.5%  9.5%  8.4%  6.4%  5.3%  0.0%  5.0%  10.0%  15.0%  Sisecam  Resources LP  Distribution  Diversified MLPs  Products &  Processing MLPs  Resources LP  Products &  Processing MLPsDiversified MLPs  Distribution  MLPs  Crude MLPs  Crude MLPs  MLPs  Small-Cap MLPs  Wholesale  Large-Cap  Refined  Gathering &  15.4%  19.7%  33.7%  30.9%  18.4%  14.1%  0.0%  15.0%  30.0%  45.0%  Sisecam  Small-Cap MLPs  Refined  Gathering &  Large-Cap  Wholesale  6.0x  7.0x  6.4x  8.8x  8.7x  8.6x  8.3x  0.0x  3.0x  6.0x  9.0x  12.0x  Sisecam Soda Ash  Resources LP Peers  Small-Cap MLPs  Large-Cap Diversified MLPs  Refined Products & Crude MLPs  Wholesale Distribution MLPs  Gathering & Processing MLPs  1.06x  1.99x  2.44x  1.95x  1.95x  1.57x  0.00x  1.00x  2.00x  3.00x  Sisecam  Resources LP  Small-Cap MLPs  Gathering & Large-Cap  Processing MLPsDiversified MLPs  Refined Products & Crude MLPs  Wholesale Distribution MLPs  Source: Note:  Company filings and Factset as of July 1, 2022.  Soda Ash Peers includes: TROX, CMP, CC, OLN, SLCA, GEL, Tata Chemicals Limited; Small-Cap MLPs includes: MMLP, USDP, SNMP, SRLP and GPP; Large Cap MLPs includes: ET, EPD, MPLX and PAA; Refined Products & Crude MLPs includes: MMP, NS, GEL, NGL, HEP, DKL, PBFX and MMLP; Gathering & Processing MLPs includes WES, DCP, HESM, CEQP, SMLP, SNMP; Wholesale Distribution MLPs includes: SUN, GLP, CAPL and SRLP.  Based on distribution per unit projections developed prior to the distribution cut on 4/29/22.  (1)  (1) 
 
 SIRE Take Private Analysis 
 
 12  Source:  Company materials, company disclosures and FactSet as of July 1, 2022.  SIRE Take Private Analysis  Analysis at Various Prices   Current    Illustrative Premium to Current Price   Illustrative Unit Price  $17.78  $16.89 $17.78 $18.67 $19.56 $20.45  $21.34  $22.23  Premium / (Discount) to: Current:  $17.78  0.0%  (5.0%) 0.0% 5.0% 10.0% 15.0%  20.0%  25.0%  52-Week High:  $22.75  (21.8%)  (25.8%) (21.8%) (17.9%) (14.0%) (10.1%)  (6.2%)  (2.3%)  52-Week Low:  $12.13  46.6%  39.2% 46.6% 53.9% 61.2% 68.6%  75.9%  83.2%  10-Day VWAP:  $17.23  3.2%  (1.9%) 3.2% 8.4% 13.5% 18.7%  23.9%  29.0%  30-Day VWAP:  $17.92  (0.8%)  (5.7%) (0.8%) 4.2% 9.1% 14.1%  19.1%  24.0%  60-Day VWAP:  $18.71  (4.9%)  (9.7%) (4.9%) (0.2%) 4.6% 9.3%  14.1%  18.8%  Total Return Since IPO (Sept. 13, 2013)  83%  74% 83% 92% 101% 110%  119%  128%  LP Units Outstanding (MM)  19.8  19.8 19.8 19.8 19.8 19.8  19.8  19.8  SIRE LP Equity Value (51% of Sisecam Wyoming)  $352  $334 $352 $370 $387 $405  $422  $440  Minority Interest (49% of Sisecam Wyoming)  $338  $338 $338 $338 $338 $338  $338  $338  Illustrative GP Value  $7  $7 $7 $7 $7 $7  $7  $7  Total Equity Value  $697  $680 $697 $715 $733 $750  $768  $785  Net Debt (incl. pension liabilities)  180  180 180 180 180 180  180  180  Enterprise Value (100% Interest)  $877  $860 $877 $895 $913 $930  $948  $965  Less: Minority Interest  (338)  (338) (338) (338) (338) (338)  (338)  (338)  Less: CWHC's Equity Interest in CINR  (266)  (253) (266) (279) (292) (305)  (318)  (330)  Illustrative Equity Purchase Price (26.0% Public Float)  $93  $89 $93 $98 $103 $107  $112  $117  Valuation Metrics  Metric  Multiples  Multiples  EV / 2022E EBITDA  $146  6.0x  5.9x 6.0x 6.1x 6.3x 6.4x  6.5x  6.6x  Current Distribution Yield  2.00  11.2%  11.8% 11.2% 10.7% 10.2% 9.8%  9.4%  9.0%  2022E LP DCF Yield  2.73  15.4%  16.2% 15.4% 14.6% 14.0% 13.4%  12.8%  12.3%  Credit Metrics  Net Debt (incl. pension liabilities) / LTM EBITDA  $180  1.6x  1.6x  Credit Ratings (Moody's / S&P)  NR / NR  NR / NR 
 
 SIRE Take Private Analysis  Illustrative Transaction Cash Savings  Source:  Company filings and FactSet as of July 1, 2022.  Total Annual Cash Flow (Net) $8.1 $7.8 $7.6 $7.4 $7.1 $6.9 $6.7  13  Take Private Savings   100% Cash    Illustrative Premium    (5%) 0% 5% 10% 15% 20% 25%   SIRE Publicly Held Units 5.2  Current Annualized SIRE Distribution Per Unit $2.00  Annual Distributions Paid to Public SIRE Unitholders $10.5  Cash Purchase Price $89 $93 $98 $103 $107 $112 $117  Illustrative Cost of Debt 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00%  Incremental Annual Cost of Cash $4.4 $4.7 $4.9 $5.1 $5.4 $5.6 $5.8  Annual Distributions Paid to Public SIRE Unitholders $10.5  (-) Total Take Private Financing (4.4) (4.7) (4.9) (5.1)  (+) Illustrative Transaction Synergies 2 2 2 2  (5.4)  (5.6)  (5.8)  2 2 2   Take Private Financing    Cash Flow (Net)    Public Distributions   A take private transaction could unlock ~$10MM or more of cash flow per year  ($ millions, except per unit amounts) 
 
 14  Company filings.  Deal size calculated as equity purchase price of publicly-held units.  Source: (1)  (2)  Premium / (Discount) calculated as total consideration paid per unit relative to the price or VWAP for the Target on the unaffected date. Unaffected date is the date of the last full trading period immediately prior to the public announcement of a definitive agreement for privately negotiated transactions and the full trading period immediately prior to the initial public offer for publicly negotiated transactions.  Publicly Negotiated  Premiums Paid in Selected Precedent MLP Take Privates  SIRE Take Private Analysis  While third-party M&A transactions require a control premium, affiliate take private transactions where a small minority exits the investment typically require lower premiums; since 2015 mean and median premiums of MLP take private transactions have been 12.5% and 10.7%, respectively  Deal Size(1)  1  $127  2  575  3  301  4  723  5  3,485  6  494  7  1,678  8  34  9  356  10  2,283  11  3,535  12  2,444  13  204  14  271  15  535  16  912  17   Announcement Acquiror Target Consideration   6/2/2022 Hartree Partners LP Sprague Resources LP Cash  5/16/2022 Diamondback Energy, Inc. Rattler Midstream LP Stock  4/22/2022 Ergon, Inc. BlueKnight Energy Partners LP Cash  12/20/2021 bp p.l.c. BP Midstream Partners LP Stock  10/27/2021 Phillips 66 Phillips 66 Partners LP Stock  3/5/2021 Chevron Corporation Noble Midstream Partners LP Stock  12/15/2020 TC Energy Corporation TC PipeLines, LP Stock  10/23/2020 CONSOL Energy Inc CONSOL Coal Resources LP Stock  7/27/2020 CNX Resources Corporation CNX Midstream Partners LP Stock  2/27/2020 Equitrans Midstream Corp. EQM Midstream Partners LP Stock  12/16/2019 Blackstone Tallgrass Energy LP Cash  4/2/2019 UGI Corporation AmeriGas Partners, L.P. Mixed  3/18/2019 ArcLight Capital Partners American Midstream Partners, LP Cash  2/5/2019 SunCoke Energy, Inc. SunCoke Energy Partners LP Stock  11/26/2018 ArcLight Capital Partners TransMontaigne Partners L.P. Cash  11/26/2018 Dominion Energy Inc Dominion Energy Midstream Partners LP Stock 11/8/2018 Western Gas Equity Partners, LP Western Gas Partners, LP Stock  5,056  18  10/22/2018  4,883  19  10/18/2018  EnLink Midstream LLC EnLink Midstream Partners, L.P. Stock  Valero Energy Corporation Valero Energy Partners LP Cash  951  20  10/9/2018  Antero Midstream Corp. Antero Midstream Partners LP Mixed  2,768  23  9/18/2018  Enbridge Inc.  Enbridge Energy Partners, L.P.  Stock  3,442  24  8/24/2018  Enbridge Inc.  Spectra Energy Partners, LP  Stock  3,276  25  8/2/2018  Energy Transfer Equity  Energy Transfer Partners, L.P.  Stock  26,856  28  3/26/2018  Tallgrass Energy LP  Tallgrass Energy Partners LP  Stock  1,685  29  1/2/2018  Archrock Inc.  Archrock Partners LP  Stock  607  32  6/20/2017  Energy Transfer Partners  Penntex Midstream Partners LP  Cash  277  33  6/2/2017  World Point Terminals, Inc.  World Point Terminals LP  Cash  444  34  5/8/2017  VTTI B.V.  VTTI Energy Partners LP  Cash  471  37  11/1/2016  TC Energy Corporation  Columbia Pipeline Partners LP  Cash  915  38  5/31/2016  SemGroup Corporation  Rose Rock Midstream, L.P.  Stock  387  39  12/21/2015  Western Refining, Inc.  Northern Tier Energy LP  Mixed  1,506  42  4/6/2015  Tesoro Logistics LP  QEP Midstream Partners LP  Stock  382  43  1/26/2015  Energy Transfer Partners, L.P.  Regency Energy Partners LP  Mixed  8,668  Overall Summary  Publicly Negotiated Summary  Mean 13.7% 11.1%  Median 10.9% 11.9%  Privately Negotiated Summary  Mean 12.5% 13.0%  Median 10.7% 12.2%  Mean 8.9% 11.8%  Median 6.8% 13.3%  51.5%  16.2%  4.8%  16.7%  19.5%  2.7%  28.1%  (1.5%)  56.4%  13.5%  (8.7%)  9.3%  6.5%  2.2%  7.6%  1.1%  6.0%  6.5%  13.9%  20.8%  11.2%  0.6%  23.4%  20.1%  5.8%  6.0%  35  2/1/2017  ONEOK, Inc.  ONEOK Partners, L.P.  Stock  9,310  25.8%  36  1/27/2017  Enbridge Inc.  Midcoast Energy Partners LP  Cash  83  (8.6%)  11.1%  0.0%  8.2%  7.2%  17.3% 8.7%  46.8%  8.1%  10.9%  23.5%  9.4%  (2.1%)  16.1%  (11.2%)  22.7%  22.0%  (16.3%)  29.1%  9.2%  11.7%  13.9%  (0.6%)  11.8%  5.9%  15.9%  18.6%  19.2%  (9.5%)  28.0%  19.9%  3.4%  6.5%  22.3%  4.4%  17.0%  26.6%  8.7%  5.6%  13.2% 16.4%   Premium / (Discount) to:   Unaffected Price(2) 30-Day VWAP(2) 10-Deal Moving Median   24.3% 38.8% 17.0%  17.0%  16.5%  14.9%  11.4%  11.4%  7.9%  7.1%  7.1%  6.3%  6.5%  6.5%  6.5%  7.1%  7.1%  9.4%  10.9%  10.9%  10.9%  12.6%  21  9/18/2018  Enbridge Inc.  Enbridge Income Fund Holdings Inc.  Mixed  3,603  17.4%  (7.9%)  12.6%  22  9/18/2018  Enbridge Inc.  Enbridge Energy Management, L.L.C.  Stock  1,000  21.7%  34.1%  10.9%  10.9%  8.6%  6.4%  26  6/19/2018  Cheniere Energy, Inc.  Cheniere Energy Partners  Stock  580  10.7%  12.2%  6.4%  27  5/17/2018  Williams Companies, Inc.  Williams Partners, L.P.  Stock  10,427  6.4%  12.7%  6.2%  6.2%  6.2%  30  11/8/2017  Delek US Holdings Inc  Alon USA Partners LP  Stock  159  2.0%  11.5%  6.2%  31  8/14/2017  Andeavor Logistics LP  Western Refining Logistics, LP  Stock  733  6.4%  (0.1%)  7.3%  9.6%  9.6%  NA  NA  NA  NA  NA  NA  40  11/3/2015  Targa Resources Corp.  Targa Resources Partners LP  Stock  6,083  18.4%  16.1%  NA  41  5/6/2015  Crestwood Equity Partners LP  Crestwood Midstream Partners LP  Stock  3,002  17.2%  20.9%  NA  NA  0.0% 
 
 15  SIRE Organizational Chart  Source:  Company disclosures and FactSet as of July 1, 2022.  Goldman Sachs & Co. LLC (Private Banking)  620,905  3.1%  $11  Fidelity Management & Research Co. LLC  217,809  1.1%  4  JPMorgan Securities LLC (Investment Management)  165,144  0.8%  3  Sphinx Trading LP  100,000  0.5%  2  Acadian Asset Management LLC  52,539  0.3%  1  Credit Suisse Gestion SGIIC SA  36,334  0.2%  1  Rockefeller & Co. LLC  25,643  0.1%  0  FIAM LLC  25,000  0.1%  0  Equitec Proprietary Markets LLC  22,416  0.1%  0  Shapiro Capital Management LLC  15,763  0.1%  0  Merrill Lynch, Pierce, Fenner & Smith, Inc. (Invt Mgmt)  4,375  0.0%  0  BNP Paribas Arbitrage SNC  3,777  0.0%  0  Securities America Advisors, Inc.  2,948  0.0%  0  National Bank Financial, Inc.  2,000  0.0%  0  UBS Securities LLC  679  0.0%  0  Wells Fargo Clearing Services LLC  301  0.0%  0  Benjamin F. Edwards & Co., Inc.  200  0.0%  0  Rise Advisors LLC  105  0.0%  0  Morgan Stanley & Co. LLC  100  0.0%  0  Morgan Stanley Investment Management, Inc.  100  0.0%  0  Top 20 Unitholders  1,296,138  6.5%  $23  Public LP Unit Total  5,248,791  26.0%  $93  SWHC Controlled LP Units  14,551,000  72.0%  $259  GP Units  399,000  2.0%  Total LP & GP Ownership  20,198,791  100.0%  $352  Voting Units Held  % of Market Voting Units Value ($MM)  Unitholder  SIRE Ownership  SIRE can be taken private via a tender offer up to the limited call right at 80% or through a negotiated merger, both typically requiring a conflicts committee process; SCR can vote its shares in favor of a negotiated merger agreement  100%  100%  2% GP  72% LP  26% LP  100%  WE Soda Ltd.  KEW Soda Ltd.  Akkan Enerji Ve Madencilik A.S.  Natural Resource Partners LP  NRP Trona LLC  Ciner Enterprises Inc.  Sisecam Chemicals Resources LLC  Sisecam Chemicals Wyoming LLC  Sisecam Resource Partners LLC  Sisecam Wyoming LLC  Sisecam Resources LP  Türkiye Şişe ve Cam Fabrikaları A.Ş.  Sisecam Chemical USA Inc.  Public  60%  51%  49%  100%  40%  100%  100%  100%  SIRE Take Private Analysis  Turkiye Is Bankasi  51% 
 
 Take Private Process Overview 
 
 16  Take Private Process Overview  Execution Methods  Description  Benefits  Considerations  Take private could be structured as a negotiated merger  SCR negotiates directly with SIRE Conflicts Committee (either publicly or privately)  Potentially greater deal certainty  Potentially requires higher premium to ensure success of the tender  Substantial market precedent  Longer statutory time table absent process delays  Negotiated Merger Tender Offer  Take private could be structured as a tender offer followed by the exercise of the limited call right  Most precedents have included a negotiation with Conflicts Committee to solicit board support  Shorter statutory timetable absent process delays  No back-end unitholder vote required if the limited call threshold (80%) is reached. Note that the tender basically acts like a unitholder vote and approval of the transaction  Possibility of a failed tender offer if premium is not accepted by market  Limited market precedent  Most MLP take privates have been executed through a negotiated merger; typically a negotiated merger has a longer statutory time table, however, a  tender offer may introduce execution risk if the price is not accepted by enough unit holders  Premium  Certainty  Execution Certainty  Shorter Statutory Timing  Available Precedents  Fuller moon means more benefit to the process 
 
 17  Take Private Process Overview  Illustrative Take Private Process Overview – Negotiated Merger  Initial Phase (~4 weeks)  SCR, together with its advisors, evaluate the merits of potential SIRE take private transaction  SCR and its advisors formulate and present take private proposals and summary evaluation materials  Upon SCR Board approval, SCR submits take private proposals to the SIRE Conflicts Committee, which the SIRE Board authorizes to review, evaluate and negotiate the proposed transaction on behalf of unaffiliated unitholders  SCR may choose to make a public approach; if private, SIRE may choose to publicly disclose the initial take private proposal  SIRE Conflicts Committee determines whether the proposal merits formal review and engages an independent advisor  The Conflicts Committee’s advisor reviews background to transaction, strategic alternatives and management forecasts and prepares preliminary evaluation materials  Negotiations (~4-6 weeks)  SCR and SIRE Conflicts Committee negotiate the terms and conditions of the potential take private transaction  SIRE Conflicts Committee may seek a revised offer price and/or negotiate the terms and conditions of the proposal  Execution  (~14 weeks)  SIRE Conflicts Committee recommends revised proposal (if consistent with the exercise of their duties) and SIRE and SCR approve the definitive agreement  Press release announcing agreement of take private transaction  Parties draft SIRE merger proxy / information statement and file with the SEC  Once declared effective, SIRE schedules a unitholder meeting to approve the transaction (if required)  Approval requires the affirmative vote or written consent of a Unit Majority of all outstanding LP units, voting as a single class, including units owned by SCR and its affiliates (SCR would provide its written consent in favor of the merger)  Transaction closing upon SIRE unitholder and regulatory approval  Below is an illustrative take private transaction process involving SCR and the Conflicts Committee of SIRE. Every Conflicts Committee Process is unique based on the circumstances and the Conflicts Committee may determine it is not in the best interests of the public unitholders to move forward with any transaction  Note: Subject to legal counsel review.  Total: ~22-24 weeks 
 
 18  Transaction Execution Timeline  (1) Both options assume customary SEC review periods.  Take Private Process Overview  Parent notifies GP Board of  potential tender offer  GP Board engages Conflicts Committee  Conflicts Committee engages outside financial and legal advisors and commences diligence  Parent files Schedule TO (Offer to Purchase) and Schedule 13E- 3 (if required) and MLP files Schedule 14D-9  Mail tender offer materials to public unitholders and provides notice through WSJ  Conflicts committee’s recommendation to public unitholders with respect to the tender offer is included in the offering materials  Tender offer closes (20 business days following commencement, absent significant SEC Staff comments)  Parent notifies MLP’s transfer agent that GP intends to exercise call right under MLP’s partnership agreement 10 days later  Parent closes exercise of call right (10 days after notice to MLP’s transfer agent)  0  2  4  6  8  10  12  14  16  18  20  22  24  Week  Parent evaluates potential transaction  Parent develops initial offer  Parent notifies GP board of potential merger  GP board delegates authority to Conflicts committee to review, negotiate and recommend the potential merger to MLP unitholders  Conflicts Committee engages outside financial and legal advisors  Parties begin negotiating Merger Agreement and deal terms  Sign Merger Agreement  Issue press release  File Form 8-K  Prepare and file Schedule 14A (Proxy / Information Statement), Schedule 13E-3 (if required)  Receive SEC comments on Schedule 14A (and Schedule 13E-3 if required)  SEC review and comment responses completed  Print and mail proxy / information statement to MLP unitholders (if needed)  MLP unitholder meeting (if needed)  Close merger  Tender Offer and Exercise of Limited Call Right (1)  Merger Agreement (1)  Most MLP take privates have been executed through a negotiated merger; typically a negotiated merger has a longer statutory time table, however, a tender offer may introduce execution risk if the price is not accepted by enough unit holders  Parent evaluates potential transaction  Parent develops initial offer 
 
 Appendix 
 
 Source: Note: (1)  (2)  (3)  (4)  Company filings, Wall Street Research and FactSet.  Includes selected public MLP take private transactions since 2015. Excludes transactions completed with a tender offer. Values in USD. Based on consideration paid to unaffiliated unitholders.  Reflects initial public proposal from Chevron Corporation. A definitive agreement has not been reached. Accounts for units owned by management pledged to vote in favor of merger.  Accounts for units owned by CEQP and Crestwood Holdings LLC.  Appendix  Negotiated Merger Timing and Vote Analysis in Selected Precedent MLP Take Privates  19  Publicly Negotiated  2  TBD  5/16/2022  TBD  TBD  TBD  Diamondback Energy, Inc.  Rattler Midstream LP  575  100% Stock  26%      X  3  10/8/2021  4/22/2022  TBD  196  TBD  Ergon, Inc.  BlueKnight Energy Partners  LP  301  100% Cash  68%     X  X  4  8/5/2021  12/20/2021  4/5/2022  137  243  bp p.l.c.  BP Midstream Partners LP  723  100% Stock  46%       X  5  4/6/2021  10/27/2021  3/9/2022  204  337  Phillips 66  Phillips 66 Partners  3,450  100% Stock  34%      X  6  2/5/2021  3/5/2021  5/11/2021  28  95  Chevron Corporation  Noble Midstream Partners LP  494  100% Stock  37%      X  7  8/18/2020  10/23/2020  12/30/2020  66  134  CONSOL Energy Inc  CONSOL Coal Resources LP  34  100% Stock  39%      X  8  10/5/2020  12/15/2020  3/3/2021  71  149  TC Energy Corporation  TC PipeLines, LP  1,678  100% Stock  76%    X  X  9  6/16/2020  7/27/2020  9/28/2020  41  104  CNX Resources Corporation  CNX Midstream Partners LP  356  100% Stock  47%      X  10  2/3/2020  2/27/2020  6/17/2020  24  135  Equitrans Midstream Corp.  EQM Midstream Partners LP  2,283  100% Stock  46%    X  X  11  8/27/2019  12/16/2019  4/17/2020  111  234  Blackstone  Tallgrass Energy LP  3,535  100% Cash  56%    X  X  12  1/28/2019  4/2/2019  8/21/2019  64  205  UGI Corporation  AmeriGas Partners LP  2,444  78% Stock  22% Cash  74%    X  X  13  9/27/2018  3/18/2019  7/23/2019  172  299  ArcLight Capital Partners  American Midstream Partners, LP  204  100% Cash  72%      X  14  11/28/2018  2/5/2019  6/28/2019  69  212  SunCoke Energy, Inc.  SunCoke Energy Partners LP  271  100% Stock  38%      X  15  7/11/2018  11/26/2018  2/26/2019  138  230  ArcLight Capital Partners  TransMontaigne Partners L  .P.  535  100% Cash  80%     X  X  16  9/19/2018  11/26/2018  1/28/2019  68  131  Dominion Energy Inc  Dominion Energy Midstream Partners LP  912  100% Stock  39%       X  17  10/30/2018  11/8/2018  2/28/2019  9  121  Western Gas Equity Partners, LP  Western Gas Partners, LP  5,056  100% Stock  60%    X  X  18  9/19/2018  10/22/2018  1/25/2019  33  128  EnLink Midstream LLC  EnLink Midstream Partners, L.P.  4,883  100% Stock  75%      X  19  9/22/2018  10/18/2018  1/10/2019  26  110  Valero Energy Corporation  Valero Energy Partners LP  951  100% Cash  33%      X  20  6/8/2018  10/9/2018  3/12/2019  123  277  Antero Midstream Corp.  Antero Midstream Partners LP  2,682  90% Stock  10% Cash  47%      X    21  5/17/2018  9/18/2018  12/20/2018  124  217  Enbridge Inc.  Enbridge Energy Partners, L.P.  3,442  100% Stock  67%      X  X  22  5/17/2018  9/18/2018  12/20/2018  124  217  Enbridge Inc.  Enbridge Energy Management, L.L.C.  1,000  100% Stock  88%      X  X  23  5/17/2018  9/17/2018  11/8/2018  123  175  Enbridge Inc.  Enbridge Income Fund Holdings Inc.  3,603  98% Stock  2% Cash  80%      X  X  24  5/17/2018  8/24/2018  12/17/2018  99  214  Enbridge Inc.  Spectra Energy Partners, LP  3,276  100% Stock  17%      X   Overall Number   41 41 18 4   Overall Summary   Mean 71 170  Median 56 148   Publicly Negotiated Summary   Mean  99  194  Median  105  214   Privately Negotiated Summary    Publicly Negotiated Number   16 16 6 2   Privately Negotiated Number   Mean  52  155  25  25  12  2  Median  33  135  Date of  Initial Offer  Date of Def.  Agreement  Date of  Close  Days from Initial Offer  to Defnitive Agreement  Days from Initial  Offer to Close  Parent  MLP  Deal Size  ($MM)  Consideration  Public Economic  Ownership  Conflicts Committee Majority Vote  Formed Required  Written Consent Only Majority of  (Majority Owned by Parent) Minority Vote  1  1/11/2022  6/2/2022  TBD  142  TBD  Hartree Partners LP  Sprague Resources LP  $127  100% Cash  26%     X  25  7/24/2018  8/2/2018  10/19/2018  9  87  Energy Transfer Equity  Energy Transfer Partners, L.P.  26,856  100% Unit  98%    X    26  5/16/2018  6/19/2018  9/20/2018  34  127  Cheniere Energy, Inc.  Cheniere Energy Partners  580  100% Stock  8%      X  27  4/14/2018  5/17/2018  8/10/2018  33  118  Williams Companies, Inc.  Williams Partners, L.P.  10,671  100% Stock  26%      X  28  2/21/2018  3/26/2018  6/30/2018  33  129  Tallgrass Energy LP  Tallgrass Energy Partners LP  1,685  100% Stock  65%    X  X  29  11/29/2017  1/2/2018  4/26/2018  34  148  Archrock Inc.  Archrock Partners LP  607  100% Stock  59% (3)   X X  30  10/16/2017  11/8/2017  2/7/2018  23  114  Delek US Holdings Inc  Alon USA Partners LP  159  100% Stock  18%      X  31  7/20/2017  8/14/2017  10/30/2017  25  102  Andeavor Logistics LP  Western Refining Logistics, LP  733  100% Stock  48%    X  X  32  3/2/2017  5/8/2017  9/15/2017  67  197  VTTI B.V.  VTTI Energy Partners LP  471  100% Cash  53%    X    33  1/24/2017  2/1/2017  6/30/2017  8  157  ONEOK, Inc.  ONEOK Partners, L.P.  6,122  100% Stock  60%    X  X  34  12/5/2016  1/27/2017  4/27/2017  53  143  Enbridge Inc.  Midcoast Energy Partners LP  83  100% Cash  46%      X  35  9/26/2016  11/1/2016  2/17/2017  36  144  TC Energy Corporation  Columbia Pipeline Partners LP  915  100% Cash  53%    X    36  5/6/2016  5/31/2016  9/30/2016  25  147  SemGroup Corporation  Rose Rock Midstream, L.P.  387  100% Stock  44%      X  37  9/24/2015  11/3/2015  2/17/2016  40  146  Targa Resources Corp.  Targa Resources Partners LP  6,083  100% Stock  91%    X  X  38 10/23/2015 12/21/2015 6/23/2016 59 244 Western Refining, Inc. Northern Tier Energy LP 1,506 35% Stock 62%   X X  65% Cash  39  4/17/2015  5/6/2015  9/30/2015  19  166  Crestwood Equity Partners LP  Crestwood Midstream Partners LP  3,002  100% Stock  85%(4)    X X  40  12/2/2014  4/6/2015  7/22/2015  125  232  Tesoro Logistics LP  QEP Midstream Partners LP  382  100% Stock  43%    X X  41  1/16/2015  1/26/2015  4/30/2015  10  104  Energy Transfer Partners, L.P.  Regency Energy Partners LP  8,668  99% Stock  1% Cash  77%   X X 
 
 20  Source: (1)  Company filings, Wall Street Research and FactSet.  Calculated as exercise price divided by unit price on day prior to announcement that limited call right would be exercised minus 1.  Tender Offer Precedents  Select Precedents  SIRE: Right to Acquire Limited Partner Interests  “Notwithstanding any other provision of this Agreement, if at any time the General Partner and its Affiliates hold more than 80% of the total Limited Partner Interests of any class then Outstanding, the General Partner shall then have the right, which right it may assign and transfer in whole or in part to the Partnership, beneficial owners or any Affiliate of the General Partner, exercisable at its option, to purchase all, but not less than all, of such Limited Partner Interests of such class then Outstanding held by Persons other than the General Partner and its Affiliates, at the greater of (x) the Current Market Price as of the date three Business Days prior to the date that the notice described in Section 15.1(b) is mailed and (y) the highest price paid by the General Partner or any of its Affiliates for any such Limited Partner Interest of such class purchased during the 90-day period preceding the date that the notice described in Section 15.1(b) is mailed.”  Date Announced  Parent  MLP  Market Cap Prior to Announcement ($MM)  Transaction Close Date  Tender Days to Close  Tender Deal Size ($MM)  Tender Consideration  Tender Premium  Conflicts Committee  Parent  Board Ownership Approval Before Tender  Parent Ownership After Tender  Limited Right Size ($MM)  Limited Call Right Consideration  Limited C Right Exer Premium  all cise  (1)  $27.63  $10.50  5/29/2018  $3,262  1/28/2019  167  $1,027  (CVI Shares)  25.0%  69.8%  84.5%  $241  (Cash)  (3.9%)  $17.30  $17.30  6/2/2017  $690  6/20/2017  13  $159  (Cash)  5.8%  73.6%  91.2%  $53  (Cash)  0.1%  $20.00  $20.00  5/18/2017  $598  6/30/2017  31  $414  (Cash)  20.1%  32.4%  92.0%  $33  (Cash)  0.2%  Appendix 
 
 Appendix  Note:  Company Disclosure.  SIRE Partnership Agreement Excerpts  Section 14.3 Approval by Limited Partners of Merger or Consolidation  (a) Except as provided in Section 14.3(d) and Section 14.3(e), the Merger Agreement or Plan of Conversion, as the case may be, shall be approved upon receiving the affirmative vote or consent of the holders of a Unit Majority unless the Merger Agreement or Plan of Conversion, as the case may be, effects an amendment to any provision of this Agreement that, if contained in an amendment to this Agreement adopted pursuant to Article XIII, would require for its approval the vote or consent of a greater percentage of the Outstanding Units or of any class of Limited Partners, in which case such greater percentage vote or consent shall be required for approval of the Merger Agreement or the Plan of Conversion, as the case may be.  Section 15.1 Right to Acquire Limited Partner Interests  (a) Notwithstanding any other provision of this Agreement, if at any time the General Partner and its Affiliates hold more than 80% of the total Limited Partner Interests of any class then Outstanding, the General Partner shall then have the right, which right it may assign and transfer in whole or in part to the Partnership, beneficial owners or any Affiliate of the General Partner, exercisable at its option, to purchase all, but not less than all, of such Limited Partner Interests of such class then Outstanding held by Persons other than the General Partner and its Affiliates, at the greater of (x) the Current Market Price as of the date three Business Days prior to the date that the notice described in Section 15.1(b) is mailed and (y) the highest price paid by the General Partner or any of its Affiliates for any such Limited Partner Interest of such class purchased during the 90-day period preceding the date that the notice described in Section 15.1(b) is mailed.  Unit Majority Definition  “Unit Majority” means (i) during the Subordination Period, at least a majority of the Outstanding Common Units (excluding Common Units owned by the General Partner and its Affiliates), voting as a class, and at least a majority of the Outstanding Subordinated Units, voting as a class, and (ii) after the end of the Subordination Period, at least a majority of the Outstanding Common Units.  21