# EDGAR Filing Document

**Accession Number:** 0001575051
**File Stem:** 0001140361-23-008785
**Filing Date:** 2023-2
**Character Count:** 441963
**Document Hash:** d869c8b66e278ad0f3a2abbaf11dc923
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001140361-23-008785.hdr.sgml**: 20230227

**ACCESSION NUMBER**: 0001140361-23-008785

**CONFORMED SUBMISSION TYPE**: SC 13E3/A

**PUBLIC DOCUMENT COUNT**: 304

**FILED AS OF DATE**: 20230227

**DATE AS OF CHANGE**: 20230227

**GROUP MEMBERS**: SISECAM CHEMICALS NEWCO LLC

**GROUP MEMBERS**: SISECAM CHEMICALS WYOMING LLC

**GROUP MEMBERS**: SISECAM RESOURCE PARTNERS LLC

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Sisecam Resources LP
- **CENTRAL INDEX KEY:** 0001575051
- **STANDARD INDUSTRIAL CLASSIFICATION:** MINING, QUARRYING OF NONMETALLIC MINERALS (NO FUELS) [1400]
- **IRS NUMBER:** 462613366
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SC 13E3/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-87613
- **FILM NUMBER:** 23671458

**BUSINESS ADDRESS:**
- **STREET 1:** FIVE CONCOURSE PARKWAY
- **STREET 2:** SUITE 2500
- **CITY:** ATLANTA
- **STATE:** GA
- **ZIP:** 30328
- **BUSINESS PHONE:** 770-375-2300

**MAIL ADDRESS:**
- **STREET 1:** FIVE CONCOURSE PARKWAY
- **STREET 2:** SUITE 2500
- **CITY:** ATLANTA
- **STATE:** GA
- **ZIP:** 30328

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Ciner Resources LP
- **DATE OF NAME CHANGE:** 20151112

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** OCI Resources LP
- **DATE OF NAME CHANGE:** 20130423
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Sisecam Resources LP
- **CENTRAL INDEX KEY:** 0001575051
- **STANDARD INDUSTRIAL CLASSIFICATION:** MINING, QUARRYING OF NONMETALLIC MINERALS (NO FUELS) [1400]
- **IRS NUMBER:** 462613366
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SC 13E3/A

**BUSINESS ADDRESS:**
- **STREET 1:** FIVE CONCOURSE PARKWAY
- **STREET 2:** SUITE 2500
- **CITY:** ATLANTA
- **STATE:** GA
- **ZIP:** 30328
- **BUSINESS PHONE:** 770-375-2300

**MAIL ADDRESS:**
- **STREET 1:** FIVE CONCOURSE PARKWAY
- **STREET 2:** SUITE 2500
- **CITY:** ATLANTA
- **STATE:** GA
- **ZIP:** 30328

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Ciner Resources LP
- **DATE OF NAME CHANGE:** 20151112

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** OCI Resources LP
- **DATE OF NAME CHANGE:** 20130423

------

**SECURITIES AND EXCHANGE COMMISSION<br> WASHINGTON, D.C. 20549**

**SCHEDULE 13E-3**

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

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

**SISECAM RESOURCES LP<br> (Name of Issuer)**

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

**Common Units Representing Limited Partner Interests<br> (Title of Class of Securities)**

**172464109**<br> (CUSIP Number of Class of Securities)

**Marla Nicholson**<br> **VP, General Counsel and Secretary**<br> **Sisecam Resources LP** <br> **Sisecam Resource Partners LLC** <br> **Sisecam Chemicals Wyoming LLC**<br> **Sisecam Chemicals Newco LLC**<br> **Five Concourse Parkway**<br> **Atlanta, Georgia 30328**<br> **(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**<br> **Potter Anderson & Corroon LLP**<br> **1313 North Market**<br> **Street, 6th Floor**<br> **Wilmington, DE 19801**<br> **(302) 984-6000** | **Scott D. Fisher**<br> **Steptoe & Johnson LLP**<br> **1114 Avenue of the Americas**<br> **New York, NY 10036**<br> **(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 "**<u>SEC</u>**") pursuant to Section 13(e) of the Securities Exchange Act of 1934, as amended (the "**<u>Exchange Act</u>**"), by: (i) Sisecam Resources LP, a Delaware limited partnership (the "**<u>Partnership</u>**") and the issuer of the common units representing limited partner interests in the Partnership ("**<u>Common Units</u>**"), (ii) Sisecam Resource Partners LLC, a Delaware limited liability company ("**<u>Partnership GP</u>**"), (iii) Sisecam Chemicals Newco LLC, a Delaware limited liability company ("**<u>Merger Sub</u>**", and (iv) Sisecam Chemicals Wyoming LLC, a Delaware limited liability company and sole member of Merger Sub ("**<u>Parent</u>**", and, together with Merger Sub, the "**<u>Parent Parties</u>."** 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 "**<u>Merger Agreement</u>**"), 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 ("**<u>Parent Units</u>**")) 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 "**<u>Merger</u>**"). 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 "**<u>Effective Time</u>**"). 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 "**<u>Merger Consideration</u>**"). 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.

------

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 "**<u>Partnership Agreement</u>**")) 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 "**<u>Conflicts Committee</u>**") of the board of directors of Partnership GP (the "**<u>GP Board</u>**") 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 "**<u>Unaffiliated Unitholders</u>**"), (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. ("**<u>Evercore</u>**"), 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.

------

Concurrently with the filing of this Transaction Statement, the Partnership is filing an information statement (the "**<u>Information Statement</u>**") 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"* 

------

(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.

------

**** 

<br> **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"*

------

** 

<br> *"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"*

------

*"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"* 

------

*"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"* 

------

*"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"* 

------

*"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"* 

------

*"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. ("  **<u>BofA</u>**") 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"* 

------

(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"* 

------

*"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"* 

------

*"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.

------

**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.

------

**** 

<br> **ITEM 16. EXHIBITS**

**Regulation M-A Item 1016**

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| [(a)(1)](https://www.sec.gov/Archives/edgar/data/1575051/000114036123008683/ny20007737x2_prem14c.htm) | 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)](https://www.sec.gov/Archives/edgar/data/1575051/000114036123008683/ny20007737x2_prem14c.htm#ny20007737x2_prem14c_101-cov_pg1) | Notice of Action of Written Consent of Sisecam Resources LP (incorporated herein by reference to the Information Statement). |
| [(a)(3)](https://www.sec.gov/Archives/edgar/data/1575051/000114036123003905/brhc10047356_ex99-1.htm) | 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)\*\*](https://www.sec.gov/Archives/edgar/data/1575051/000114036123008765/ny20007737x1_exb.htm) | 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)](https://www.sec.gov/Archives/edgar/data/1575051/000114036123008683/ny20007737x2_prem14c.htm#ny20007737x2_prem14c_301-annexb_pg1) | Opinion of Evercore Group L.L.C. (incorporated herein by reference to Annex B of the Information Statement). |
| [(c)(2)\*\*](https://www.sec.gov/Archives/edgar/data/1575051/000114036123008765/ny20007737x1_exc2.htm) | 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)\*\*](https://www.sec.gov/Archives/edgar/data/1575051/000114036123008765/ny20007737x1_exc3.htm) | 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)\*\*](https://www.sec.gov/Archives/edgar/data/1575051/000114036123008765/ny20007737x1_exc4.htm) | 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)\*\*](https://www.sec.gov/Archives/edgar/data/1575051/000114036123008765/ny20007737x1_exc5.htm) | 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)\*\*](https://www.sec.gov/Archives/edgar/data/1575051/000114036123008765/ny20007737x1_exc6.htm) | 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)](ny20007737x1_exc7.htm) | 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)](ny20007737x1_exc8.htm) | 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)](ny20007737x1_exc9.htm) | 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)](ny20007737x1_exc10.htm) | 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)](ny20007737x1_exc11.htm) | Presentation materials prepared by BofA Securities, Inc., dated July 5, 2022, for Sisecam Chemical Resources LLC. |

---

------

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| [(d)](https://www.sec.gov/Archives/edgar/data/1575051/000114036123008683/ny20007737x2_prem14c.htm#https://www.sec.gov/Archives/edgar/data/1575051/000114036123008683/ny20007737x2_prem14c.htm#ny20007737x2_prem14c_301-annexb_pg1) | 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)](https://www.sec.gov/Archives/edgar/data/1575051/000110465913070772/a13-20894_1ex3d1.htm) | 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)](https://www.sec.gov/Archives/edgar/data/1575051/000157505114000010/amendmentno1tolimitedpartn.htm) | 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)](https://www.sec.gov/Archives/edgar/data/1575051/000157505115000080/exhibit32-amendmenttoocire.htm) | 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)](https://www.sec.gov/Archives/edgar/data/1575051/000157505117000032/amendmentno3tolimitedpartn.htm) | 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)](https://www.sec.gov/Archives/edgar/data/1575051/000157505122000004/a38amendmentno4tofirstam.htm) | 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\*\*](https://www.sec.gov/Archives/edgar/data/1575051/000114036123008765/ny20007737x1_ex107.htm) | Filing Fee Table. |

---

------

\*\* Previousy filed.<br>

------

**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** | **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** | **SISECAM RESOURCE PARTNERS LLC** |
| By: | /s/ Marla Nicholson |
| Name: | Marla Nicholson |
| Title: | VP, General Counsel and Secretary |
| **SISECAM CHEMICALS NEWCO LLC** | **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** | **SISECAM CHEMICALS WYOMING LLC** |
| By: | /s/ Marla Nicholson  |
| Name: | Marla Nicholson |
| Title: | VP, General Counsel and Secretary |

---

## Ex-99.(C)(7)

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**Exhibit (c)(7)**<br>

**** 

<br> **![](ny20007737x1_exc7slide1.jpg)

Confidential – Preliminary and Subject to Change Discussion Materials Regarding Project Houston October 24, 2022

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![](ny20007737x1_exc7slide2.jpg)

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.

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![](ny20007737x1_exc7slide3.jpg)

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

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![](ny20007737x1_exc7slide4.jpg)

Confidential – Preliminary and Subject to Change I. Executive Summary

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![](ny20007737x1_exc7slide5.jpg)

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

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![](ny20007737x1_exc7slide6.jpg)

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

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![](ny20007737x1_exc7slide7.jpg)

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

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![](ny20007737x1_exc7slide8.jpg)

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

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![](ny20007737x1_exc7slide9.jpg)

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

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![](ny20007737x1_exc7slide10.jpg)

Confidential – Preliminary and Subject to Change II. SIRE Situation Analysis

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![](ny20007737x1_exc7slide11.jpg)

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

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![](ny20007737x1_exc7slide12.jpg)

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

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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)

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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

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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

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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) $-- $-- $-- $-- $-- $-- $--

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Confidential – Preliminary and Subject to Change III. Preliminary Valuation of SIRE Common Units

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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

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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

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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)

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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

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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

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Confidential – Preliminary and Subject to Change Appendix

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Confidential – Preliminary and Subject to Change A. Weighted Average Cost of Capital Analysis

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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

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Confidential – Preliminary and Subject to Change B. Preliminary Valuation Detail – SIRE Financial Projections

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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)

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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

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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

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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)

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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

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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%

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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

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Confidential – Preliminary and Subject to Change C. Financial Projections and Preliminary Valuation Detail – Sensitivity Case

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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)

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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)

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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

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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,

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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)

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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

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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)

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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

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Confidential – Preliminary and Subject to Change D. Supplemental Soda Ash Pricing Data

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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

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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

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## Ex-99.(C)(8)

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**Exhibit (c)(8)**<br>

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<br> **![](ny20007737x1_exc8slide01.jpg)

Confidential – Preliminary and Subject to Change Discussion Materials Regarding Project Houston January 29, 2023

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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.

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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

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Confidential – Preliminary and Subject to Change I. Executive Summary

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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

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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

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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

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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

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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

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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

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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

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Confidential – Preliminary and Subject to Change II. Soda Ash Market Background

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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

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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

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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

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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

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Confidential – Preliminary and Subject to Change III. SIRE Situation Analysis

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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

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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%

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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

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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%

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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)

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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

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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

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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)

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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

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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

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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

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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

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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

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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

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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)

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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

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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

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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) $-- $-- $-- $-- $-- $--

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Confidential – Preliminary and Subject to Change IV. Preliminary Valuation of SIRE Common Units

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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

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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

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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

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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

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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

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Confidential – Preliminary and Subject to Change A. Preliminary Valuation Detail – SIRE Financial Projections

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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)

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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

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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

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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)

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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

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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

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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

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Confidential – Preliminary and Subject to Change B. Financial Projections and Preliminary Valuation Detail – Sensitivity Case

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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)

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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

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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)

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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)

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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

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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

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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)

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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

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Confidential – Preliminary and Subject to Change Appendix

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Confidential – Preliminary and Subject to Change Weighted Average Cost of Capital Analysis

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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

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Confidential – Preliminary and Subject to Change Unitholder Tax Analysis

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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

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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

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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

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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

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Confidential – Preliminary and Subject to Change Additional Materials

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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

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Confidential – Preliminary and Subject to Change Comparison of 2022 Actual vs. Forecast

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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

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Confidential – Preliminary and Subject to Change IHS January 2023 Interim Monthly Price Update Case

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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

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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

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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

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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

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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)

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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)

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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,

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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

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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

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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)

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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

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## Ex-99.(C)(9)

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**Exhibit (c)(9)**<br>

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<br> **![](ny20007737x1_exc9slide1.jpg)

Confidential – Preliminary and Subject to Change Discussion Materials Regarding Project Houston January 29, 2023

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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.

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![](ny20007737x1_exc9slide3.jpg)

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

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![](ny20007737x1_exc7slide4.jpg)

Confidential – Preliminary and Subject to Change I. Executive Summary

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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

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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

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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

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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

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![](ny20007737x1_exc9slide9.jpg)

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

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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

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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

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Confidential – Preliminary and Subject to Change II. Soda Ash Market Background

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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

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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

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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

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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

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Confidential – Preliminary and Subject to Change III. SIRE Situation Analysis

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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

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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%

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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

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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%

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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)

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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

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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

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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)

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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

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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

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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

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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

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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

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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

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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)

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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

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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

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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) $-- $-- $-- $-- $-- $--

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Confidential – Preliminary and Subject to Change IV. Preliminary Valuation of SIRE Common Units

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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

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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

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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

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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

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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

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Confidential – Preliminary and Subject to Change A. Preliminary Valuation Detail – SIRE Financial Projections

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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)

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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

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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

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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)

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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

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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

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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

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Confidential – Preliminary and Subject to Change B. Financial Projections and Preliminary Valuation Detail – Sensitivity Case

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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)

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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

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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)

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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)

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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

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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

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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)

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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

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Confidential – Preliminary and Subject to Change Appendix

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Confidential – Preliminary and Subject to Change Weighted Average Cost of Capital Analysis

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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

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Confidential – Preliminary and Subject to Change Unitholder Tax Analysis

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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

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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

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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

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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

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Confidential – Preliminary and Subject to Change Additional Materials

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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

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Confidential – Preliminary and Subject to Change Comparison of 2022 Actual vs. Forecast

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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

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Confidential – Preliminary and Subject to Change IHS January 2023 Interim Monthly Price Update Case

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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

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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

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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

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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

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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)

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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)

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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,

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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

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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

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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)

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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

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## Ex-99.(C)(10)

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**Exhibit (c)(10)**<br>

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<br> **![](ny20007737x1_exc10slide1.jpg)

Discussion Materials Regarding Project Houston January 31, 2023

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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.

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**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

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I. Executive Summary

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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

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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

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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

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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

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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

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$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

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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

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II. Soda Ash Market Background

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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

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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

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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

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![](ny20007737x1_exc10slide16.jpg)

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

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III. SIRE Situation Analysis

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![](ny20007737x1_exc10slide18.jpg)

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

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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%

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$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

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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%

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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)

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![](ny20007737x1_exc10slide23.jpg)

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

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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

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$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)

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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

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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

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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

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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

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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

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![](ny20007737x1_exc10slide31.jpg)

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

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![](ny20007737x1_exc10slide32.jpg)

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)

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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

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![](ny20007737x1_exc10slide34.jpg)

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

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![](ny20007737x1_exc10slide35.jpg)

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) $-- $-- $-- $-- $-- $--

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![](ny20007737x1_exc10slide36.jpg)

IV. Preliminary Valuation of SIRE Common Units

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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

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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

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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

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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

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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

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A. Preliminary Valuation Detail – SIRE Financial Projections

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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)

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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

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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

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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)

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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

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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

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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

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B. Financial Projections and Preliminary Valuation Detail – Sensitivity Case

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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

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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)

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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)

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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,

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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

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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

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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)

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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

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Appendix

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![](ny20007737x1_exc10slide60.jpg)

Weighted Average Cost of Capital Analysis

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![](ny20007737x1_exc10slide61.jpg)

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

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Additional Materials

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![](ny20007737x1_exc10slide63.jpg)

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

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## Ex-99.(C)(11)

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**Exhibit (c)(11)**<br>

**** 

<br> **![](ny20007737x1_exc11slide1.jpg)

July 5, 2022 Sisecam Chemicals Resources LLC Discussion Materials

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![](ny20007737x1_exc11slide2.jpg)

"Bank of America" and "BofA Securities" are the marketing names used by the Global Banking and Global Markets divisions of Bank of America Corporation. Lending, other commercial banking activities, and trading in certain financial instruments are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., Member FDIC. Trading in securities and financial instruments, and strategic advisory, and other investment banking activities, are performed globally by investment banking affiliates of Bank of America Corporation ("Investment Banking Affiliates"), including, in the United States, BofA Securities, Inc. and Merrill Lynch Professional Clearing Corp., both of which are registered broker-dealers and Members of SIPC, and, in other jurisdictions, by locally registered entities. BofA Securities, Inc. and Merrill Lynch Professional Clearing Corp. are registered as futures commission merchants with the CFTC and are members of the NFA. Bank of America and BofA Securities entities (for example Bank of America Europe Designated Activity Company and BofA Securities Europe SA) and branches provide financial services to the clients of Bank of America and BofA Securities and may outsource/delegate the marketing and/or provision of certain services or aspects of services to other branches or members of the BAC Group (for example in the UK). Your service provider will remain the entity/branch specified in your onboarding documentation and/or other contractual or marketing documentation even where you communicate with staff that operate from a different entity or branch which is acting for and on behalf of your contractual service provider in their communications with you. If you are unsure who your contractual service provider is or will be please contact your usual contact. For Bank of America or BofA Securities entities in EMEA, please see additional information via the following link: www.bofaml.com/mifid2 . Note please that BofA Securities Europe SA, with registered address at 51, rue La Boétie, 75008 Paris is registered under no. 842 602 690 RCS Paris, and its share capital can be found at https://www.bofaml.com/en-us/content/BofASE.html. Investment products offered by Investment Banking Affiliates: Are Not FDIC Insured \* May Lose Value \* Are Not Bank Guaranteed. These materials have been prepared by one or more subsidiaries of Bank of America Corporation for the client or potential client to whom such materials are directly addressed and delivered (the "Company") in connection with an actual or potential mandate or engagement and may not be used or relied upon for any purpose other than as specifically contemplated by a written agreement with us. These materials are based on information provided by or on behalf of the Company and/or other potential transaction participants, from public sources or otherwise reviewed by us. We assume no responsibility for independent investigation or verification of such information (including, without limitation, data from third party suppliers) and have 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 managements of the Company and/or other potential transaction participants or obtained from public sources, we have assumed that such estimates and forecasts have been reasonably prepared on bases reflecting the best currently available estimates and judgments of such managements (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 Company and are being furnished and should be considered only in connection with other information, oral or written, being provided by us in connection herewith. 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 do not constitute an offer or solicitation to sell or purchase any securities and are not a commitment by Bank of America Corporation or any of its affiliates to provide or arrange any financing for any transaction or to purchase any security in connection therewith. These materials are for discussion purposes only and are subject to our review and assessment from a legal, compliance, accounting policy and risk perspective, as appropriate, following our discussion with the Company. We assume no obligation to update or otherwise revise these materials. These materials have not been prepared with a view toward public disclosure under applicable securities laws or otherwise, are intended for the benefit and use of the Company, and may not be reproduced, disseminated, quoted or referred to, in whole or in part, without our prior written consent. These materials may not reflect information known to other professionals in other business areas of Bank of America Corporation and its affiliates. Any League Tables referenced within these materials have been prepared using data sourced from external third party providers as outlined in the relevant footnotes where applicable. For persons wishing to request further information regarding these third party providers and the criteria and methodology used to prepare a league table please contact your usual Bank of America or BofA Securities representative/Relationship Manager. Bank of America Corporation and its affiliates (collectively, the "BAC Group") comprise a full service securities firm and commercial bank engaged in securities, commodities and derivatives trading, foreign exchange and other brokerage activities, and principal investing as well as providing investment, corporate and private banking, asset and investment management, financing and strategic advisory services and other commercial services and products to a wide range of corporations, governments and individuals, domestically and offshore, from which conflicting interests or duties, or a perception thereof, may arise. In the ordinary course of these activities, parts of the BAC Group at any time may invest on a principal basis or manage funds that invest, make or hold long or short positions, finance positions or trade or otherwise effect transactions, for their own accounts or the accounts of customers, in debt, equity or other securities or financial instruments (including derivatives, bank loans or other obligations) of the Company, potential counterparties or any other company that may be involved in a transaction. Products and services that may be referenced in the accompanying materials may be provided through one or more affiliates of Bank of America Corporation. We have adopted policies and guidelines designed to preserve the independence of our research analysts. The BAC Group prohibits employees from, directly or indirectly, offering a favorable research rating or specific price target, or offering to change a rating or price target to a subject company as consideration or inducement for the receipt of business or for compensation and the BAC Group prohibits research analysts from being directly compensated for involvement in investment banking transactions. The views expressed herein are the views solely of Global Corporate and Investment Banking, and no inference should be made that the views expressed represent the view of the firm's research department. We are required to obtain, verify and record certain information that identifies the Company, which information includes the name and address of the Company and other information that will allow us to identify the Company in accordance, as applicable, with the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) and such other laws, rules and regulations as applicable within and outside the United States. We do not provide legal, compliance, tax or accounting advice. Accordingly, any statements contained herein as to tax matters were neither written nor intended by us to be used and cannot be used by any taxpayer for the purpose of avoiding tax penalties that may be imposed on such taxpayer. If any person uses or refers to any such tax statement in promoting, marketing or recommending a partnership or other entity, investment plan or arrangement to any taxpayer, then the statement expressed herein is being delivered to support the promotion or marketing of the transaction or matter addressed and the recipient should seek advice based on its particular circumstances from an independent tax advisor. Notwithstanding anything that may appear herein or in other materials to the contrary, the Company shall be permitted to disclose the tax treatment and tax structure of a transaction (including any materials, opinions or analyses relating to such tax treatment or tax structure, but without disclosure of identifying information or any nonpublic commercial or financial information (except to the extent any such information relates to the tax structure or tax treatment)) on and after the earliest to occur of the date of (i) public announcement of discussions relating to such transaction, (ii) public announcement of such transaction or (iii) execution of a definitive agreement (with or without conditions) to enter into such transaction; provided, however, that if such transaction is not consummated for any reason, the provisions of this sentence shall cease to apply. Notice to Recipient Confidential

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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

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Executive Summary

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![](ny20007737x1_exc11slide5.jpg)

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

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![](ny20007737x1_exc11slide6.jpg)

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)

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![](ny20007737x1_exc11slide7.jpg)

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

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![](ny20007737x1_exc11slide8.jpg)

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

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![](ny20007737x1_exc11slide9.jpg)

MLP Market Update

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![](ny20007737x1_exc11slide10.jpg)

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%

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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)

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![](ny20007737x1_exc11slide12.jpg)

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)

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SIRE Situation Overview

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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%

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![](ny20007737x1_exc11slide15.jpg)

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

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![](ny20007737x1_exc11slide16.jpg)

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.

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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)

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SIRE Take Private Analysis

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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

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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)

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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%

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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%

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Take Private Process Overview

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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

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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

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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

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Appendix

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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

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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

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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

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