# EDGAR Filing Document

**Accession Number:** 0001575051
**File Stem:** 0001140361-23-008765
**Filing Date:** 2023-2
**Character Count:** 441351
**Document Hash:** fb34ffaf288c4c1624bc94134ebbe1c7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001140361-23-008765.hdr.sgml**: 20230227

**ACCESSION NUMBER**: 0001140361-23-008765

**CONFORMED SUBMISSION TYPE**: SC 13E3

**PUBLIC DOCUMENT COUNT**: 254

**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
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-87613
- **FILM NUMBER:** 23670349

**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

**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. _______)**

**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 Rule 13e-3 Transaction Statement on Schedule 13E-3 (this "**<u>Transaction Statement</u>**"), 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

------

**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.

------

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). |
| [<u>(b)</u>](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)](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)](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)](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)](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)](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)\* | Presentation materials prepared by Evercore Group L.L.C., dated October 24, 2022, for the Conflicts Committee of the Board of Directors of Sisecam Resource Partners LLC. |
| (c)(8)\* | Presentation materials prepared by Evercore Group L.L.C., dated January 29, 2023, for the Conflicts Committee of the Board of Directors of Sisecam Resource Partners LLC. |
| (c)(9)\* | Presentation materials prepared by Evercore Group L.L.C., dated January 29, 2023, for the Conflicts Committee of the Board of Directors of Sisecam Resource Partners LLC. |
| (c)(10)\* | Presentation materials prepared by Evercore Group L.L.C., dated January 31, 2023, for the Conflicts Committee of the Board of Directors of Sisecam Resource Partners LLC. |
| (c)(11)\* | Presentation materials prepared by BofA Securities, Inc., dated July 5, 2022, for Sisecam Chemical Resources LLC. |

---

------

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| [(d)](https://www.sec.gov/Archives/edgar/data/1575051/000114036123008683/ny20007737x2_prem14c.htm#ny20007737x2_prem14c_300-annexa_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](ny20007737x1_ex107.htm) | Filing Fee Table. |

---

------

\* To be Filed by Amendment.<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.(B)

**Exhibit (b)**

---

| | |
|:---|:---|
| &nbsp;&nbsp; **DEUTSCHE BANK AG NEW YORK <br> BRANCH** <br> **1 Columbus Circle<br> New York, New York 10019**  | &nbsp;&nbsp; **Societe Generale**<br> **245 Park Avenue** <br> **New York, New York 10167**<br>|

---

February 1, 2023

Sisecam Chemicals Resources LLC

5 Concourse Parkway

Suite 2500

Atlanta, GA 30328<br>

<u>Project Houston</u><br> <u>Term Loan Facility</u><br> <u>Commitment Letter</u>

Ladies and Gentlemen:

You have advised Deutsche Bank AG New York Branch ("**DBNY**") and Societe Generale ("**SG**" and together with DBNY, "**we**", "**us**" or the "**Commitment Parties**") that you intend to consummate the Transaction (such term and each other capitalized term used but not defined herein having the meaning assigned to such term in the Transaction Description attached hereto as Exhibit A or in the Term Sheet referred to below).

**Section 1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commitments.**

In connection with the foregoing, (x) DBNY is pleased to advise you of its several (and not joint) commitment to provide 50% of the principal amount of the Term Loan Facility and (y) SG is pleased to advise you of its several (and not joint) commitment to provide 50% of the principal amount of the Term Loan Facility, in each case, upon the terms and subject to the conditions set forth or referred to in this commitment letter (together with the exhibits attached hereto, this "**Commitment Letter**") and in the Summary of Principal Terms and Conditions attached hereto as Exhibit B (the "**Summary of Terms**" and together with Exhibit C attached hereto, the "**Term Sheet**").

**Section 2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Titles and Roles. You hereby appoint each of DBNY and SG to act, and each of DBNY and SG hereby agrees to act, as joint lead bookrunners and joint lead arrangers for each of the Term Loan Facility (in such capacity, the "Lead Arrangers"), in each case upon the terms and subject to the conditions set forth or referred to in this Commitment Letter. Each of DBNY and SG and will perform the duties and exercise the authority customarily performed and exercised by it in the foregoing roles. A third party agent selected by the Lead Arrangers shall act as the sole administrative agent and collateral agent (collectively, the "Administrative Agent") for the Term Loan Facility.** 

**Section 3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exclusivity.**

From the date hereof until the earliest of: (a) the mutual agreement of the parties hereto not to pursue the execution of the Facilities Documentation (as defined below); (b) the Closing Date (as defined below); and (c) the Termination Date (as defined below) (or such later date as you and the Commitment Parties shall have mutually agreed to extend the Commitment Parties' commitment hereunder), unless you first obtain our written approval, you:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shall not, and shall instruct your affiliates, agents, representatives, counsel, consultants and advisors and any other person acting on your or their behalf not to, directly or indirectly solicit, participate in any negotiations or discussions with or provide or afford access to information to any third party with respect to, or otherwise effect, facilitate, encourage or accept any offers for the funding of the Term Loan Facility or any alternative debt financing arrangements in connection with the Transactions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shall terminate or have terminated prior to the date hereof any written agreement or arrangement related to the foregoing to which you or your affiliates are parties, as well as any activities and discussions related to the foregoing as may be continuing on the date hereof with any party other than each of the Agents and their respective representatives.

------

You agree that no agents, co-agents or arrangers will be appointed, no other titles will be awarded and no compensation (other than that expressly contemplated by this Commitment Letter and the Fee Letters referred to below) will be paid in connection with the Term Loan Facility unless you and we shall so agree.

**Section 4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Syndication.**

Each Commitment Party reserves the right, before or after the execution of the definitive documentation for the Term Loan Facility (the "**Facilities Documentation**"), to syndicate all or a portion of its commitment in respect of the Term Loan Facility to one or more other financial institutions or other investors that will become parties to the Facilities Documentation pursuant to a syndication to be managed by the Commitment Parties in consultation with you and reasonably acceptable to you (such financial institutions and other investors, the "**Lenders**") in each case excluding (i) any person identified by name by you to us in writing (including by email) prior to the date hereof (or, if after the date hereof, subject to the approval of the Required Lenders in their sole discretion), (ii) any person that is a competitor of you, SIRE, Sisecam GP, SWY or your or their respective subsidiaries, in each case that is separately identified in writing by you to us from time to time prior to the Closing Date, (iii) any affiliate of any person identified in clause (i) or (ii) that is (a) identified in writing by you from time to time or (b) reasonably identifiable as an affiliate on the basis of its name (other than bona fide debt funds that purchase commercial loans in the ordinary course of business, unless explicitly excluded pursuant to clause (i) or (ii) of this paragraph) (any such person in clause (i), (ii) or (iii) above, a "<u>Disqualified Institution</u>"); provided that any such additional designation shall not apply retroactively to any prior assignment or participation to any Lender that was otherwise permitted at the time of such assignment or participation; *provided, further,* that, notwithstanding the Commitment Parties' right to syndicate the Term Loan Facility and receive commitments with respect thereto, unless you agree in writing, each Commitment Party shall retain exclusive control over all rights and obligations with respect to its respective commitment, including all rights with respect to consents, modifications, waivers, amendments and satisfaction of conditions precedent, until the Closing Date has occurred.

The Lead Arrangers will manage all aspects of the syndication of the Term Loan Facility in consultation with you, including the timing of all offers to potential Lenders, the determination of all amounts offered to potential Lenders, the selection of Lenders, the allocation of commitments among the Lenders and the assignment of any titles and the compensation to be provided to the Lenders. You agree to use commercially reasonable efforts until 60 days after the Expiration Date to actively assist the Lead Arrangers and to take other actions as the Lead Arrangers may reasonably request related thereto, including but not limited to: (a) using commercially reasonable efforts to make your senior management, representatives and advisors available to participate in informational meetings, conference calls and other direct contact with potential Lenders at such times and places as the Lead Arrangers may reasonably request; (b) using commercially reasonable efforts to ensure that the syndication effort benefits from your existing lending relationships; (c) using commercially reasonable efforts in assisting in the preparation of customary marketing materials to be used in connection with the syndication of the Term Loan Facility (together with the Projections (as defined below), the Information (as defined below) and the Term Sheet, collectively, the "**Information Materials**") and; (d) providing to the Lead Arrangers reasonably available information (including Projections) with respect to the Transaction reasonably requested by the Lead Arrangers.

------

**Section 5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information.**

You represent and warrant that (a) no written information which has been or is hereafter furnished by you or on your behalf in connection with the transactions contemplated hereby (other than the estimates, forecasts, projections and other forward-looking financing information regarding the future performance of the Borrower, SIRE, SWY and their respective subsidiaries (collectively, the "**Projections**"), other forward looking information and information of a general economic or industry specific nature) (such written information being referred to herein collectively as the "**Information**") taken as a whole contained (or, in the case of Information furnished after the date hereof, will contain), as of the time it was (or hereafter is) furnished, any material misstatement of fact or omitted (or will omit) as of such time to state any material fact necessary to make the statements therein taken as a whole not materially misleading, in light of the circumstances under which they were (or hereafter are) made (after giving effect to all supplements and updates thereto from time to time pursuant to the immediately succeeding sentence) and (b) the Projections that have been or will be made available to the Lead Arrangers by you or any of your representatives have been or will be prepared in good faith based upon assumptions that you believed to be reasonable at the time made and at the time such Projections are made available to the Lead Arrangers (after giving effect to all supplements and updates thereto from time to time pursuant to the immediately succeeding sentence), it being recognized by the Lead Arrangers that such Projections are not to be viewed as facts and that actual results during the period or periods covered by any such Projections may differ significantly from the projected results and that no assurance can be given that the projected results will be realized. You agree that if at any time prior to the later of the Closing Date and the conclusion of any syndication process conducted pursuant to Section 4 above you become aware that any of the representations and warranties in the preceding sentence would be incorrect in any material respect if the Information and Projections were being furnished, and such representations and warranties were being made, at such time, then you will promptly supplement the Information and the Projections so that such representations and warranties will be correct in all material respects under those circumstances. You understand that, in arranging the Term Loan Facility, we will be entitled to use and rely on the Information and the Projections without responsibility for independent verification thereof and do not assume responsibility for the accuracy or completeness of the Information or the Projections.

**Section 6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Conditions Precedent.**

Each Commitment Party's commitment hereunder, and its agreement to perform its obligations described herein, are subject solely to the conditions set forth in Exhibit C to the Term Sheet and, upon satisfaction (or waiver by the Commitment Parties) of such conditions, the Commitment Parties will execute and deliver the Facilities Documentation to which they are a party and the initial funding of the Term Loan Facility shall occur; it being understood and agreed that there are no other conditions (implied or otherwise) to the commitments hereunder or to the availability and funding of the Term Loan Facility on the Closing Date, including compliance with the terms of this Commitment Letter, the Fee Letters or the Facilities Documentation (other than the conditions set forth in <u>Exhibit C</u> to the Term Sheet).

------

Notwithstanding anything set forth in this Commitment Letter, the Term Sheet, the Fee Letters or the Facilities Documentation, or any other letter agreement or other undertaking concerning the financing of the Acquisition to the contrary, (i) the only representations and warranties the accuracy of which shall be a condition to the availability of the Term Loan Facility on the Closing Date shall be (x) such of the representations made by (or relating to) SIRE and Sisecam GP in the Merger Agreement as are material to the interests of the Lenders, but only to the extent that you have (or your applicable affiliate has) the right (determined without regard to any notice requirement) to terminate your (or your affiliate's) obligations (or to refuse to consummate the Merger) under the Merger Agreement as a result of a breach of such representations (the "**Merger Agreement Representations**") and (y) the Specified Representations (as defined below) and (ii) the terms of the Facilities Documentation shall be in a form such that they do not impair the availability of the Term Loan Facility on the Closing Date if the conditions set forth in the Term Sheet are satisfied (it being understood that (I) to the extent any Collateral referred to in the Term Sheet may not be perfected by (A) the filing of a UCC financing statement, (B) taking delivery and possession of a stock certificate of U.S. organized entities (including, without limitation, Sisecam Chemicals Wyoming LLC to the extent certificated) or (C) the filing of a short-form security agreement with the United States Patent and Trademark Office or the United States Copyright Office, if the perfection of the Administrative Agent's security interest in such Collateral may not be accomplished prior to the Closing Date after your use of commercially reasonable efforts to do so, then the perfection of the security interest in such Collateral shall not constitute a condition precedent to the availability of the Term Loan Facility on the Closing Date but, instead, may be accomplished within 45 days after the Closing Date (or such longer period after the Closing Date reasonably acceptable to the Administrative Agent (acting at the direction of the Required Lenders)) and (II) nothing in preceding clause (ii) shall be construed to limit the applicability of the individual conditions expressly set forth in the Term Sheet. For purposes hereof, "**Specified Representations**" means the representations and warranties set forth in the Term Sheet relating to legal existence, corporate power and authority relating to the entering into and performance of the Facilities Documentation, the due authorization, execution, delivery, validity and enforceability of the Facilities Documentation, no conflicts of Facilities Documentation with organizational documents, margin regulations, the Investment Company Act of 1940, as amended, solvency of the Borrower and its subsidiaries on a consolidated basis as of the Closing Date (after giving pro forma effect to the Transaction), use of proceeds, Patriot Act/"know your customer" laws, OFAC/anti-terrorism laws, FCPA/anti-corruption laws and anti-money laundering laws, and, subject to subclause (I) of the last parenthetical appearing in the preceding sentence, the creation, validity, perfection and priority of the security interests granted in the proposed Collateral. The provisions of this paragraph are referred to as the "**Funds Certain Provisions**".

**Section 7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clear Market.**

You hereby agree that, prior to the later of the Closing Date and the conclusion of any syndication process conducted pursuant to Section 3 above there shall be no issues, offerings or placements of debt securities or commercial bank or other credit facilities by or on behalf of the Borrower, SIRE, SWY or their respective subsidiaries in connection with the Transactions (other than indebtedness incurred in the ordinary course of business of the SWY or its subsidiaries for working capital purposes) that would reasonably be expected to materially impair the syndication process pursuant to Section 3 hereof, without the consent of the Lead Arrangers.

**Section 8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fees.**

As consideration for each Commitment Party's commitment hereunder, and its and the Administrative Agent's agreement to perform the obligations described herein, you agree to pay (or cause to be paid) to each Commitment Party and the Administrative Agent the fees to which such Commitment Party or the Administrative Agent (as applicable) is entitled set forth in this Commitment Letter and in one or more of the confidential fee letters dated the date hereof (or in the case of the Administrative Agent, to be dated after the date hereof) and delivered herewith with respect to the Term Loan Facility (each, a "**Fee Letter**").

------

**Section 9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses; Indemnification.**

To induce the Commitment Parties to issue this Commitment Letter and to proceed with the Facilities Documentation, you hereby agree that all reasonable and documented fees and expenses (limited, in the case of professional advisors, to the reasonable and documented fees and expenses of (1) White & Case LLP, as primary counsel to the Commitment Parties, (2) Hatch, as Independent Technical Consultant, (3) one primary counsel acting for the Administrative Agent, (4) one regulatory counsel acting for the Commitment Parties and the Administrative Agent and (5) one local counsel for each relevant jurisdiction acting for the Commitment Parties and the Administrative Agent (including, for the avoidance of doubt, Parr Brown Gee & Loveless, as Wyoming counsel to the Commitment Parties and the Administrative Agent)) of each of the Commitment Parties and the Administrative Agent and each of their respective affiliates arising in connection with the Term Loan Facility and the preparation, negotiation, execution, delivery and enforcement of this Commitment Letter, the Fee Letters and the Facilities Documentation (including in connection with our due diligence and syndication efforts) shall be for your account (and that you shall, on the Closing Date (or if earlier, the termination of this Commitment Letter), reimburse the Commitment Parties and the Administrative Agent and each of their respective affiliates for all such fees and expenses paid or incurred by them) whether or not the Transaction is consummated or the Term Loan Facility is made available or the Facilities Documentation is executed; <u>provided</u> that the fees and expenses of White & Case LLP and Hatch shall not exceed $546,000.00 and $129,800.00, respectively, without your prior consent. You further agree to indemnify and hold harmless the Commitment Parties, the Administrative Agent, each Lender and their respective affiliates and each director, officer, employee, representative and agent thereof (each, an "**Indemnified Person**") from and against any and all actions, suits, proceedings (including any investigations or inquiries), claims, losses, damages, liabilities or expenses of any kind or nature whatsoever which may be incurred by or asserted against or involve the Commitment Parties, the Administrative Agent, any Lender or any other such Indemnified Person as a result of or arising out of or in any way related to or resulting from the Transaction, this Commitment Letter or any Fee Letter (a "**Proceeding**") and, promptly following written demand, to pay and reimburse the Commitment Parties, the Administrative Agent, each Lender and each other Indemnified Person for any reasonable legal or other expenses paid or incurred in connection with investigating, defending or preparing to defend any such action, suit, proceeding (including any inquiry or investigation) or claim (whether or not the Commitment Parties, the Administrative Agent, any Lender or any other such Indemnified Person is a party to any action or proceeding out of which any such expenses arise or such matter is initiated by a third party or by you or any of your affiliates); <u>provided</u>, <u>however</u>, that you shall not have to indemnify any Indemnified Person against any loss, claim, damage, expense or liability to the extent same resulted from (i) the gross negligence, bad faith or willful misconduct of such Indemnified Person, (ii) a material breach of the obligations of such Indemnified Person of its obligations under this Commitment Letter, in each case, not arising out of any act or omission on the part of you or your affiliates or (iii) a dispute solely between Indemnified Persons other than any action against Administrative Agent or any Lead Arranger in its capacity as such in connection with this Commitment Letter, the Term Loan Facility, the Transaction or any related transactions contemplated hereby or thereby or any use or intended use of the proceeds of the Term Loan Facility (in the case of each preceding clauses (i), (ii) and (iii), as determined by a court of competent jurisdiction in a final and non-appealable judgment); <u>provided</u>, <u>further</u>, that you shall be responsible for the fees and expenses of only one counsel for the Commitment Parties and one counsel for the Administrative Agent (and each of their respective related Indemnified Persons) in connection with indemnification claims arising out of the same facts or circumstances and, if necessary in the judgment of the Commitment Parties or the Administrative Agent, a single local counsel to the Commitment Parties and the Administrative Agent in each relevant jurisdiction and, solely in the case of an actual or perceived conflict of interest, one additional counsel in each applicable jurisdiction to all similarly situated Indemnified Persons collectively. None of the Commitment Parties, the Administrative Agent nor any other Indemnified Person shall be responsible or liable to you or any other person or entity for (x) any determination made by it pursuant to this Commitment Letter or any Fee Letter in the absence of gross negligence, bad faith or willful misconduct or a material breach of the obligations of such Indemnified Person under this Commitment Letter on the part of such person or entity (in each case, as determined by a court of competent jurisdiction in a final and non-appealable judgment), (y) any damages arising from the use by others of information or other materials obtained through electronic, telecommunications, internet-based or other information transmission systems (including IntraLinks, SyndTrak Online or email), except to the extent such damages have resulted from the willful misconduct, bad faith or gross negligence of such other Indemnified Person (as determined by a court of competent jurisdiction in a final and non-appealable judgment). No party hereto, nor any Indemnified Person, shall be liable in any event for any indirect, special, exemplary, incidental, punitive or consequential damages (including, without limitation, any loss of profits, business or anticipated savings) which may be alleged as a result of this Commitment Letter, any Fee Letter or the financing contemplated hereby; <u>provided</u> that nothing contained in this sentence shall limit your indemnification and reimbursement obligations to the extent such special, exemplary, incidental, punitive or consequential damages are included in any third party claim with respect to which such Indemnified Person is entitled to indemnification hereunder.

------

You shall not be liable for any settlement of any Proceeding effected without your written consent (not to be unreasonably withheld or delayed), but if settled with your written consent or if there is a judgment by a court in any such Proceeding, you agree to indemnify and hold harmless each Indemnified Person from and against any and all losses, claims, damages, liabilities and expenses by reason of such settlement or judgment in accordance with and to the extent provided in the other provisions of this Section 9.

**Section 10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sharing Information; Absence of Fiduciary Relationship; Affiliate Activities.**

Each Commitment Party reserves the right to employ the services of its affiliates (including, in the case of DBNY, Deutsche Bank AG, and in the case of SG, SG Americas Securities, LLC) in providing services contemplated by this Commitment Letter and to allocate, in whole or in part, to its affiliates certain fees payable to such Commitment Party in such manner as such Commitment Party and its affiliates may agree in their sole discretion. Subject to Section 11 hereof, you acknowledge that (i) each Commitment Party may share with any of its affiliates, and such affiliates may share with such Commitment Party, any information related to the Transaction, the Borrower (and SIRE, SWY and their respective subsidiaries and affiliates), or any of the matters contemplated hereby and (ii) each Commitment Party and its affiliates may be providing debt financing, equity capital or other services (including financial advisory services) to other companies in respect of which you may have conflicting interests regarding the transactions described herein or otherwise. No Commitment Party will, however, furnish confidential information obtained from you by virtue of the transactions contemplated by this Commitment Letter or its other relationships with you to other companies (other than your affiliates). You also acknowledge that no Commitment Party has any obligation to use in connection with the transactions contemplated by this Commitment Letter, or to furnish to you, confidential information obtained by it from other companies.

You further acknowledge and agree that (a) no fiduciary, advisory or agency relationship between you and us is intended to be or has been created in respect of any of the transactions contemplated by this Commitment Letter, irrespective of whether we or our affiliates have advised or are advising you on other matters, (b) we, on the one hand, and you, on the other hand, have an arms-length business relationship that does not directly or indirectly give rise to, nor do you rely on, any fiduciary duty on our part, (c) you are capable of evaluating and understanding, and you understand and accept, the terms, risks and conditions of the transactions contemplated by this Commitment Letter, (d) you have been advised that we and our affiliates are engaged in a broad range of transactions that may involve interests that differ from your interests and that we and our affiliates have no obligation to disclose such interests and transactions to you by virtue of any fiduciary, advisory or agency relationship, and (e) you waive, to the fullest extent permitted by applicable law, any claims you may have against us or our affiliates for breach of fiduciary duty or alleged breach of fiduciary duty and agree that we and our affiliates shall have no liability (whether direct or indirect) to you in respect of such a fiduciary duty claim or to any person asserting a fiduciary duty claim on behalf of or in right of you, including your stockholders, employees or creditors.

------

You further acknowledge that certain of our affiliates are full service securities firms engaged in securities trading and brokerage activities as well as providing investment banking and other financial services. In the ordinary course of business, the Commitment Parties or their respective affiliates may provide investment banking and other financial services to, and/or acquire, hold or sell, for its own accounts and the accounts of customers, equity, debt and other securities and financial instruments (including bank loans and other obligations) of the Borrower, SIRE, SWY and their respective subsidiaries and other companies with which the Borrower, SIRE, SWY and their respective subsidiaries may have commercial or other relationships. With respect to any securities and/or financial instruments so held by any Commitment Party, any of its respective affiliates or any of their respective customers, all rights in respect of such securities and financial instruments, including any voting rights, will be exercised by the holder of the rights, in its sole discretion.

Each Commitment Party or its affiliates may also co-invest with, make direct investments in, and invest or co-invest client monies in or with funds or other investment vehicles managed by other parties, and such funds or other investment vehicles may trade or make investments in securities of you or other companies which may be the subject of the arrangements contemplated by this Commitment Letter or engage in commodities trading with any thereof.

You acknowledge that each Commitment Party or its affiliates may currently or in the future participate in other debt or equity transactions on behalf of or render financial advisory services to you or other companies that may be involved in a competing transaction. You hereby agree that each Commitment Party may render services under this Commitment Letter notwithstanding any actual or potential conflict of interest presented by the foregoing, and you hereby waive any conflict of interest claims relating to the relationship between each Commitment Party and you and your affiliates in connection with the engagement and services contemplated hereby, on the one hand, and the exercise by such Commitment Party or any of its affiliates of any of their rights and duties under any credit agreement or other agreement, on the other hand. The terms of this Section 10 shall survive the expiration or termination of this Commitment Letter for any reason whatsoever.

**Section 11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Confidentiality.**

This Commitment Letter is delivered to you on the understanding that neither this Commitment Letter nor any Fee Letter nor their existence or any of their terms or substance shall be disclosed, directly or indirectly, by you to any other person or entity except (a) to your affiliates and your and your affiliates' officers, directors, employees, attorneys, accountants and advisors who are directly involved in the consideration of this matter and on a confidential and need-to-know basis, (b) pursuant to the order of any court or administrative agency or in any pending legal or administrative proceeding, or otherwise as required by (or requested by or pursuant to) applicable law, regulation, rule, government agency, regulatory authority, administrative agency or compulsory legal process or administrative proceeding or in connection with any pending legal proceeding (in which case you agree, to the extent permitted by applicable law, to use commercially reasonable efforts inform us in advance of such disclosure) or regulatory review or (c) if the Commitment Parties consent in writing to such proposed disclosure.

------

Each Commitment Party shall treat all information received in connection with the transactions contemplated hereby solely for the purposes of providing the services that are the subject of this Commitment Letter and will not disclose any such information provided to it by or on behalf of you hereunder; <u>provided</u> that nothing herein shall prevent such Commitment Party from disclosing any such information (a) pursuant to the order of any court or administrative agency or in any pending legal or administrative proceeding, or otherwise as required by (or requested by or pursuant to) applicable law, regulation, rule, government agency, regulatory authority, administrative agency or compulsory legal process or administrative proceeding or in connection with any pending legal proceeding (in which case such Commitment Party, to the extent permitted by law, agrees to inform you promptly thereof), (b) upon the request or demand of any regulatory authority or self-regulatory body having jurisdiction or oversight over such Commitment Party or any of its affiliates, their business or their operations, (c) to the extent that such information becomes publicly available other than by reason of improper disclosure by such Commitment Party or any of its affiliates, (d) to the extent that such information is received by such Commitment Party from a third party that is not to its knowledge subject to confidentiality obligations to you, (e) to the extent that such information is independently developed by such Commitment Party, so long as not based on information obtained in a manner that would otherwise violate this provision, (f) to such Commitment Party's affiliates and our and their respective employees, legal counsel, independent auditors, and other experts or agents directly involved in the consideration of this matter and are informed of the confidential nature of such information, (g) to actual or potential insurers or reinsurers of any Commitment Party, (h) to potential Lenders, participants or assignees or any potential counterparty (or its advisors) to any swap or derivative transaction relating to the Borrower or any of its affiliates or any of their respective obligations, in each case who agree (which may be oral or pursuant to customary syndication practice) to be bound by the terms of this paragraph (or language substantially similar to this paragraph), (i) for purposes of establishing a "due diligence" defense, (j) to enforce their respective rights hereunder or under any Fee Letter, or (k) to the extent permitted by <u>Section 13</u> hereof in respect of the customary advertisements and promotional materials contemplated thereby. Each Commitment Party's obligations under this paragraph shall automatically terminate and be superseded by the confidentiality provisions in the Facilities Documentation upon the execution and delivery of the Facilities Documentation and initial funding thereunder or shall expire on the first anniversary of the date hereof, whichever occurs earlier.

**Section 12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assignments; Etc.**

This Commitment Letter and each Fee Letter (and your rights and obligations hereunder and thereunder) shall not be assignable by you without the prior written consent of each Commitment Party (and any attempted assignment without such consent shall be null and void), are intended to be solely for the benefit of the parties hereto and thereto (and Indemnified Persons), are not intended to confer any benefits upon, or create any rights in favor of, any person other than the parties hereto and thereto (and Indemnified Persons) and may not be relied upon by any person or entity other than you. Each Commitment Party may assign its commitment hereunder to one or more prospective Lenders; <u>provided</u> that (a) such Commitment Party shall not be relieved or novated from its obligations hereunder (including its obligation to fund the Term Loan Facility on the Closing Date) in connection with any syndication, assignment or participation of the Term Loan Facility (including its commitments in respect thereof) until after the initial funding of the Term Loan Facility on the Closing Date, (b) no assignment or novation shall become effective with respect to all or any portion of such Commitment Party's commitments in respect of the Term Loan Facility until the initial funding of the Term Loan Facility on the Closing Date, and (c) unless you agree in writing, each Commitment Party shall retain exclusive control over all rights and obligations with respect to its commitments in respect of the Term Loan Facility, including all rights with respect to consents, modifications, supplements and amendments, until the initial funding of the Term Loan Facility on the Closing Date has occurred. Any and all obligations of each Commitment Party hereunder may be performed, and any and all rights of such Commitment Party hereunder may be exercised, by or through any of its affiliates or branches; <u>provided</u> that with respect to the commitments, any assignments thereof to an affiliate will not relieve such Commitment Party from any of its obligations hereunder unless and until such affiliate shall have funded the portion of the commitment so assigned.

------

**Section 13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amendments; Governing Law; Etc.**

This Commitment Letter and each Fee Letter may not be amended or modified, or any provision hereof or thereof waived, except by an instrument in writing signed by you and the Commitment Parties (or in the case of any Fee Letter, by the Commitment Party who is party thereto). Each of this Commitment Letter and each Fee Letter may be executed in any number of counterparts, each of which shall be an original and all of which, when taken together, shall constitute one agreement. Delivery of an executed signature page of this Commitment Letter or any Fee Letter by facsimile (or other electronic, <u>i.e.</u> a "pdf" or "tif") transmission shall be effective as delivery of a manually executed counterpart hereof or thereof, as the case may be. The words "execution," "signed," "signature," and words of like import in this Commitment Letter or any Fee Letter shall be deemed to include electronic signatures or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar applicable state laws based on the Uniform Electronic Transactions Act. Section headings used herein and in any Fee Letter are for convenience of reference only, are not part of this Commitment Letter or such Fee Letter, as the case may be, and are not to affect the construction of, or to be taken into consideration in interpreting, this Commitment Letter or such Fee Letter, as the case may be. Each Commitment Party may, in consultation with you, place customary advertisements in financial and other newspapers and periodicals or on a home page or similar place for dissemination of customary information on the Internet or worldwide web as it may choose, and circulate similar promotional materials, after the closing of the Transaction in the form of a "tombstone" or otherwise describing the names of the Borrower and its affiliates (or any of them), and the amount, type and closing date of the transactions contemplated hereby, all at the expense of such Commitment Party. This Commitment Letter and the Fee Letters set forth the entire agreement between the parties hereto as to the matters set forth herein and therein and supersede all prior understandings, whether written or oral, between us with respect to the matters herein and therein. Matters that are not covered or made clear in this Commitment Letter or in any Fee Letter are subject to mutual agreement of the parties hereto or thereto. **THIS COMMITMENT LETTER AND EACH FEE LETTER AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING HEREUNDER OR THEREUNDER OR IN CONNECTION HEREWITH OR THEREWITH (WHETHER IN CONTRACT, TORT OR OTHERWISE) SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK**; provided that (a) the interpretation of the definition of Partnership Material Adverse Effect (as defined in the Merger Agreement) and whether there shall have occurred a Partnership Material Adverse Effect, (b) whether the representations and warranties made by or with respect to SIRE, Sisecam GP and their respective subsidiaries in the Merger Agreement are accurate and whether as a result of a breach or inaccuracy thereof you or your affiliate have the right to terminate your or its obligations under the Merger Agreement, or refuse to consummate the transactions contemplated by the Merger Agreement and (c) whether the Acquisition has been consummated in accordance with the terms of the Merger Agreement, shall be governed by, and construed in accordance with, the laws of the State of Delaware, without regard to principles of conflicts of law (whether of the State of Delaware or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of Delaware.

**Section 14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jurisdiction.**

Each of the parties hereto hereby irrevocably and unconditionally (a) submits, for itself and its property, to the exclusive jurisdiction of any New York State court or Federal court of the United States of America sitting in the County of New York, Borough of Manhattan, and any appellate court from any thereof, in any action or proceeding arising out of or relating to this Commitment Letter, any Fee Letter or the transactions contemplated hereby or thereby, or for recognition or enforcement of any judgment, and agrees that all claims in respect of any such action or proceeding shall be heard and determined only in such courts located within New York County, <u>provided</u>, <u>however</u>, that each Commitment Party shall be entitled to assert jurisdiction over you and your property in any court in which jurisdiction may be laid over you or your property, (b) waives, to the fullest extent it may legally and effectively do so, any objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Commitment Letter, any Fee Letter or the transactions contemplated hereby or thereby in any such New York State or Federal court, as the case may be, (c) waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court and (d) agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Each of the parties hereto agrees that service of any process, summons, notice or document by registered mail or overnight courier addressed to you at the address above shall be effective service of process against you for any suit, action or proceeding brought in any such court.

------

**Section 15.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Waiver of Jury Trial.**

EACH OF THE PARTIES HERETO IRREVOCABLY WAIVES ANY RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING, SUIT, CLAIM OR COUNTERCLAIM BROUGHT BY OR ON BEHALF OF ANY PARTY RELATED TO OR ARISING OUT OF THIS COMMITMENT LETTER, ANY FEE LETTER OR THE PERFORMANCE OF SERVICES HEREUNDER OR THEREUNDER.

**Section 16.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Surviving Provisions.**

The provisions of <u>Sections</u> <u>3</u>, <u>4</u>, <u>5</u>, <u>7</u>, <u>8</u>, <u>9</u>, <u>10</u>, <u>11</u>, <u>12</u>, <u>13</u>, <u>14</u>, <u>15</u> and <u>16</u> of this Commitment Letter and the provisions of each Fee Letter shall remain in full force and effect regardless of whether definitive Facilities Documentation shall be executed and delivered and notwithstanding the termination of this Commitment Letter or the commitment of any Commitment Party hereunder and our agreements to perform the services described herein; <u>provided</u> that your obligations under this Commitment Letter, other than those provisions relating to syndication, information, confidentiality and payment of amounts owing under the Fee Letters, shall automatically terminate and be superseded by the definitive Facilities Documentation relating to the Term Loan Facility upon the initial funding thereunder and the payment of all amounts owing at such time hereunder and under each Fee Letter.

**Section 17.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PATRIOT Act Notification.**

Each Commitment Party hereby notifies you that pursuant to the requirements of the USA PATRIOT ACT (Title III of Pub. Law 107-56 (signed into law October 26, 2001)) (as amended from time to time, the "**PATRIOT Act**") and 31 C.F.R. § 1010.230 (the "**Beneficial Ownership Regulation**") and the Beneficial Ownership Regulation, it is required to obtain, verify and record information that identifies the Borrower and any other obligor under the Term Loan Facility and any related Facilities Documentation and other information that will allow such Commitment Party to identify the Borrower and any other obligor in accordance with the PATRIOT Act and the Beneficial Ownership Regulation. This notice is given in accordance with the requirements of the PATRIOT Act and the Beneficial Ownership Regulation and is effective as to each Commitment Party and each Lender. You hereby acknowledge and agree that the Commitment Parties shall be permitted to share any or all such information with the Lenders.

**Section 18.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Termination and Acceptance.**

Each Commitment Party's commitment with respect to the Term Loan Facility as set forth above, and its agreement to perform the obligations described herein, will automatically terminate (without further action or notice and without further obligation to you) on the first to occur of (i) 5:00 p.m., New York City time, on July 30, 2023 (the "**Termination Date**"), unless on or prior to such time the Transaction has been consummated, (ii) any time after the execution of the Merger Agreement and prior to the consummation of the Transaction, the date of the termination or abandonment of the Merger Agreement in accordance with its terms (other than with respect to ongoing indemnities, confidentiality provisions and similar provisions) or (iii) the date of the consummation of the Acquisition without the use of the Term Loan Facility (such first date to occur, the "**Expiration Date**").

If the foregoing correctly sets forth our agreement with you, please indicate your acceptance of the terms of this Commitment Letter and of each Fee Letter by returning to us executed counterparts hereof and by returning to each respective counterparty executed counterparts of each Fee Letter, in each case not later than 11:59 p.m., New York City time, on February 1, 2023. The commitment of each Commitment Party hereunder, and its agreements to perform the obligations described herein, will expire automatically (and without further action or notice and without further obligation to you) at such time in the event that we have not received such executed counterparts in accordance with the immediately preceding sentence.

[Remainder of this page intentionally left blank]

------

We are pleased to have been given the opportunity to assist you in connection with this important financing.

Very truly yours,

DEUTSCHE BANK AG NEW YORK BRANCH

---

| |
|:---|
| By: |
| Name: |
| Title |

---

---

| |
|:---|
| By: |
| Name: |
| Title |

---

SOCIETE GENERALE

---

| |
|:---|
| By: |
| Name: |
| Title |

---

[Sisecam Chemicals Resources – Commitment Letter]

------

Accepted and agreed to as of<br> the date first above written:

SISECAM CHEMICALS RESOURCES LLC

---

| |
|:---|
| By: |
| Name: Marla Nicholson |
| Title: General Counsel |

---

[Sisecam Chemicals Resources – Commitment Letter]

------

<u>EXHIBIT A</u>

<u>Sisecam Chemicals Resources LLC</u><br> <u>Term Loan Facility</u>

<u>Transaction Description</u>

Capitalized terms used but not defined in this Exhibit A shall have the meanings set forth in the commitment letter to which this Exhibit A is attached (the "**Commitment Letter**") and in the other Exhibits to the Commitment Letter. In the case of any such capitalized term that is subject to multiple and differing definitions, the appropriate meaning thereof in this Exhibit A shall be determined by reference to the context in which it is used.

Pursuant to that certain Agreement and Plan of Merger, dated as of February 1, 2023, by and among, *inter alios*, Sisecam Chemical Wyoming LLC, a Delaware limited liability company ("**SCW**") and sole member of Merger Sub, Sisecam Chemicals Newco LLC, a Delaware limited liability company ("**Merger Sub**"), Sisecam Resource Partners LLC ("**Sisecam GP**") and Sisecam Resources LP ("**SIRE**") (together with all exhibits, schedules and disclosure letters thereto, collectively, the "**Merger Agreement**"), Merger Sub will merge with and into SIRE, with SIRE as the surviving entity (the "**Merger**"). Immediately following the Merger, SCW shall own approximately 97.8% of SIRE, Sisecam GP shall own approximately 2% of SIRE, and a newly formed limited liability company whose sole member will be SCR ("**Newco**") will own an approximately 0.2% interest in SIRE. Concurrently with the Merger, SCW shall acquire (the "**Acquisition**") 100% of the equity interests of SIRE which are held by persons other than SCW, Newco and Sisecam Resources Partners LLC.

The sources of funds needed to effect the Merger, the Acquisition and to pay all fees and expenses incurred in connection with the Transaction (the "**Transaction Costs**") shall be provided through (a) a senior secured financing consisting of a $110.0 million term loan facility (the "**Term Loan Facility**") provided to Sisecam Chemicals Resources LLC (the "**Borrower**"), in each case, upon the terms and subject to the conditions set forth or referred to in the Term Sheet and (b) cash investments by the direct or indirect parent companies of the Borrower, which shall be in the form of common equity of the Borrower or distributions from any direct or indirect subsidiary of the Borrower (the "**Contribution**").

The date on which the Merger and the Acquisition is consummated and the initial borrowing is made under the Term Loan Facility is referred to herein as the "**Closing Date**".

The transactions described above are collectively referred to herein as the "**Transaction**".

------

<u>EXHIBIT B</u>

**Sisecam Chemicals Resources LLC Financing**<br>

1. Term Loan/Size Up to $110 million, fully-funded on the closing date (the "**Holdco Term Loan** ")

2. Lenders/Participation 50% of the Holdco Term Loan to be committed by each of Deutsche Bank AG New York Branch (or an affiliate thereof) and Societe Generale (or an
 affiliate thereof) (collectively, the "**Lenders** ")

3. Administrative Agent An institution to be mutually agreed.

4. Borrower Sisecam Chemicals Resources LLC ()"**SCR**" or the "**HoldCo** ")

5. Guarantors The Borrower and each of its subsidiaries, other than Sisecam Wyoming LLC ()"**SWY** ")

 and each of its subsidiaries.

6. Use of Proceeds To fund a portion of the acquisition of the approximately 26% public share interest in Sisecam Resources LP ()"**SIRE**") (the "**Acquisition** ")

 and related fees and expenses.

7. Maturity Earliest to occur of (x) 3.5 years after the closing date and (y) October 15, 2026.

8. Interest Rate SOFR + Credit Adjustment Spread of 10/15/25 basis points + Applicable Margin

9. Applicable Margin Year 1: 400bps per annum Year 2: 425bps per annum Year 3: 450bps per annum Half-Year 4: 475bps per annum

10. SOFR Floor 1.00%

11. Default Interest Rate Interest Rate plus 2% per annum.

12. Repayment Repayment to be based on a sweep of 100% of Excess Cash Flow on a quarterly basis, subject to Minimum
 Amortization requirements.

13. Minimum Amortization Minimum Amortization requirements by fiscal year-end: Year 1: $30 million (target ending balance of $80 million) Year 2: $30 million (target ending balance of $50 million) Year 3: $30 million (target ending balance of $20 million) Half-Year 4: $20 million (target ending balance of $0)

14. Excess Cash Flow Any and all cash distributions received by the Borrower directly or indirectly from
 SIRE or SWY or contributions from Sisecam Chemicals USA Inc. and/or Ciner Enterprises Inc. *less* administrative and operating costs of the HoldCo and interest, fees and costs payable in association with the HoldCo Term Loan.

15. Voluntary Prepayments Permitted at any time, on customary notice, without premium or penalty; subject to breakage and customary
 minimums. Amounts prepaid cannot be reborrowed.

------

16. Mandatory Prepayments The Borrower shall prepay outstanding amounts and obligations under the HoldCo Term Loan with the net proceeds (or in the case of a change of control, all outstanding HoldCo Term
 Loans shall be repaid in full) of the following (and subject to any requirements pursuant to that certain credit agreement, dated October 28, 2021, by and among, inter alios, SWY, as the borrower and Bank of America, as administrative agent (as
 amended prior to the date hereof, the "**OpCo Revolving Credit Facility** ")): • The
 sale of any direct or indirect interest of the Borrower in SIRE or SWY; • Any
 non-ordinary course asset sale by the Borrower or any subsidiary of the Borrower (carve-outs or thresholds to be agreed); • Any
 material insurance events with respect to the Borrower or any subsidiary of the Borrower (thresholds to be agreed), less (if no event of default has occurred and is continuing) amounts used to replace or repair the insured asset or to pay any
 liabilities so insured within a timeframe to be agreed; • A
 change of control of the Borrower, SIRE or SWY; and • 100%
 of the proceeds of any non-permitted debt incurred.

17. Debt Service Reserve Account ()"**DSRA**") DSRA to be funded at closing and maintained in an amount equal to the next 6 months of scheduled interest due under the HoldCo Term Loan.

18. Security The HoldCo Term Loan will be secured by a first priority perfected security interest
 in (i) all of the assets of the Borrower, including (without limitation) all of the equity interests in Sisecam Chemicals Wyoming LLC and control agreements with respect to the DSRA and other deposit accounts and (ii) all assets of the Guarantors
 (excluding direct or indirect equity interests in SWY), including (without limitation) control agreements with respect to deposit accounts of the Guarantors, in each case whether now owned or hereafter acquired (the "**Collateral** ").

19. Negative Covenants Including but not limited to: indebtedness (including, for the avoidance of doubt, a prohibition on indebtedness
 of the Borrower and its subsidiaries, but with capped exceptions to be agreed for (w) indebtedness under the OpCo Revolving Credit Facility, including refinancings thereof (provided that any such refinancing facility shall be in the same or
 lesser quantum (plus fees and expenses related to such refinancing) and shall have substantially the same terms as the OpCo Revolving Credit Facility, other than maturity), (x) certain existing equipment financings, (y) a general debt basket in
 an aggregate principal amount outstanding not in excess of $55 million; provided that such general debt basket shall be reduced by any amounts outstanding under clause (x) and (z) other ordinary course indebtedness incurred by SWY, as permitted
 under the OpCo Revolving Credit Facility, it being understood and agreed that the aggregate principal amount of all such indebtedness (inclusive of undrawn commitments under the OpCo Revolving Credit Facility) under clauses (w) through (z) shall
 not exceed $280 million), liens (including, for the avoidance of doubt, a prohibition on liens on any assets of the Borrower and its subsidiaries, with a limited exception to be agreed for liens under the OpCo Revolving Credit Facility and
 certain existing equipment liens), investments (including loans, acquisitions and advances, with agreed baskets and thresholds), restricted payments, restricted debt payments, mergers, consolidations and other fundamental changes, dispositions
 (including with respect to (x) the sale, transfer or change of the Borrower's direct or indirect interest in SCR, SIRE and SWY), (y) sale or transfer of all or a portion of the equity interest held by SIRE in SWY and (z) the sale or transfer of
 material assets (threshold TBD) by SWY), changes in fiscal year, material changes in nature of business, amendment of organizational documents and other material agreements (including amendments to the OpCo Revolving Credit Facility) which are
 adverse to the Lenders, burdensome agreements, affiliate transactions with agreed exceptions, including, but not limited to, those already in place, sale leaseback transactions and business activities.

------

20. Financial Covenants SCR will be subject to covenants based on the performance of both SWY and SCR, noting that the intent is not to require additional covenants at SWY or in the OpCo Revolving Credit
 Facility (or amendments or waivers/consents thereto and thereunder). The HoldCo Term Loan will include a customary cross-default to the OpCo Revolving Credit Facility. SWY Financial Covenants: • Minimum

 tangible net worth covenant based on the tangible net worth of SWY attributable to equity interests of the Borrower (methodology TBD). <sup>1</sup> HoldCo Financial Covenant: • Minimum
 Debt Service Coverage Ratio of 1.10:1.00, which shall be tested in respect of the Borrower over the 12 months prior to the date of the test based on its share of distributions from the SWY *less* any Holdco administrative or operational
 costs *divided by* all interest and fee expenses *plus* the Minimum Amortization requirement under the HoldCo Term Loan; and • &nbsp;&nbsp;&nbsp;&nbsp; Maximum

 Total Leverage Ratio <sup>2</sup> of 3.75x. Breach of Financial Covenants is subject to customary equity cure periods to be aligned with the OpCo Revolving Credit Facility, where applicable.

21. Other Covenants and Controls Including but not limited to: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • &nbsp;&nbsp;&nbsp;&nbsp; Subject to applicable law, contractual obligations
 under the implicated organizational documents and fiduciary duties, SCR and Guarantors must exercise their respective powers and rights to effectuate the maximum distribution of any and all Available Cash (to be defined in a manner to be
 agreed, but to include any cash available to be distributed by SWY or SIRE pursuant to their respective organizational documents and (in the case of SWY) the OpCo Revolving Credit Facility) from SIRE and SWY; and &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Affirmative

 covenants customary and usual for facilities of this nature, including but not limited to: sanctions, anti-corruption, compliance with law and environmental.

<sup>1</sup> NTD: the calculation of such Financial Covenants remains to be determined and aligned with the existing OpCo Revolving Credit Facility, where applicable.

------

22. SWY Reporting Requirements to Lenders To mirror the reporting requirements of the OpCo Revolving Credit
 Facility, including quarterly unaudited and annual audited financials and other customary obligations, but to include notice of any amendment or waiver with respect to the OpCo Revolving Credit Facility and formal communication from any agent or
 lender under the Opco Revolving Credit Facility regarding a breach of any term under the OpCo Revolving Credit Facility.

23. HoldCo Reporting Requirements to Lenders Customary for transactions of this nature, including (without limitation) quarterly unaudited and annual audited financials (in each case, with
 MD&A), account balances (DSRA, etc.), quarterly compliance certificates, delivery of an annual budget and annually updated financial model, notices of default, notices of material litigation and proceedings, KYC information, etc.

24. Events of Default Documentation will include events of default customary and usual for debt facilities
 of this nature (including but not limited to a cross-default to the OpCo Revolving Credit Facility) and will include grace periods, cure periods, materiality thresholds and voting protocols typical for financings of this nature.

25. Representations and Warranties Customary for transactions of this nature and subject to appropriate materiality, grace periods and other qualifications, including but not
 limited to: legal existence, good standing, corporate power and authority, no conflicts with organizational documents, material agreements or applicable law, margin regulations, the Investment Company Act of 1940, as amended, solvency, use of
 proceeds, Patriot Act/"know your customer" laws, OFAC/anti-terrorism laws, FCPA/anti-corruption laws and anti-money laundering laws, compliance with law, litigation, governmental approvals, disclosure, accuracy of historical financial statements,
 no material adverse effect, no default, taxes, subsidiaries, intellectual property, environmental, ERISA and labor matters, ownership of properties, and the creation, validity, perfection and priority of the security interests granted in the
 Collateral.

26. Documentation Credit documentation to be based on that with respect to the Opco Revolving Credit
 Facility, subject to modifications to give effect to the terms of this Term Sheet and otherwise as may be mutually agreed. Initial drafts to be prepared by Lenders' Counsel.

27. Legal Counsel to the Lenders and Administrative Agent White & Case LLP ()"**Lenders' Counsel** ")

28. Independent Technical Consultant Hatch (the "**ITC** ").

29. Governing Law State of New York

------

<u>EXHIBIT C</u>

<u>Sisecam Chemicals Resources LLC</u><br> <u>Term Loan Facility</u><br> <u>Summary of Additional Conditions Precedent</u>

Capitalized terms used in this Exhibit C but not defined herein shall have the meanings set forth in the commitment letter to which this Exhibit C is attached (the "**Commitment Letter**") and in the other Exhibits to the Commitment Letter. In the case of any such capitalized term that is subject to multiple and differing definitions, the appropriate meaning thereof in this Exhibit C shall be determined by reference to the context in which it is used.

The initial borrowing under the Term Loan Facility on the Closing Date shall be subject to the following additional conditions precedent:

&nbsp;&nbsp;&nbsp;&nbsp;1. The execution and delivery of definitive Facilities Documentation (including, without limitation, and subject to the Funds Certain Provisions, the guarantees and security agreements required by the Summary of Terms)
 consistent with the terms of the Commitment Letter and the Term Sheet and otherwise reasonably satisfactory to each Commitment Party and the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;2. Concurrently with the initial funding under the Term Loan Facility, the Acquisition and the Merger shall have been consummated in accordance with the terms and conditions of the definitive agreement relating to the
 Merger (including, but not limited to, all schedules and exhibits thereto) (collectively, the "**Merger Agreement**") and applicable law, and the Merger Agreement shall not have been altered, amended or otherwise changed or supplemented or any
 provision or condition therein waived, and neither the Borrower nor any affiliate thereof shall have consented to any action which would require the consent of the Borrower or such affiliate under the Merger Agreement, if such alteration,
 amendment, change, supplement, waiver or consent would be adverse to the interests of the Lenders in any material respect, in any such case without the prior written consent of the Commitment Parties.

&nbsp;&nbsp;&nbsp;&nbsp;3. The Merger Agreement Representations and the Specified Representations shall be true and correct in all material respects (it being understood and agreed that any such representation or warranty which is subject to
 any materiality qualifier shall be required to be true and correct in all respects).

&nbsp;&nbsp;&nbsp;&nbsp;4. Since the date of the Merger Agreement, there shall not have been a Partnership Material Adverse Effect (as defined in the Merger Agreement, as in effect as of the date hereof), or any event, change, fact,
 development, circumstance, condition or occurrence that is reasonably likely to have or result in a Partnership Material Adverse Effect (as defined in the Merger Agreement, as in effect as of the date hereof).

&nbsp;&nbsp;&nbsp;&nbsp;5. The Contribution shall have been made or, substantially concurrently with the initial funding of the Term Loan Facility on the Closing Date, shall be made.

&nbsp;&nbsp;&nbsp;&nbsp;6. Subject to the Funds Certain Provisions, the guarantees and security agreements required by the Summary of Terms shall have been executed and delivered and, subject to the Funds Certain Provisions, the Lenders shall
 have a first priority perfected security interest in all assets of the Borrower and the Guarantors as, and to the extent, required by the Term Sheet.

&nbsp;&nbsp;&nbsp;&nbsp;7. The Commitment Parties shall have received (1) legal opinions from counsel in form, scope and substance reasonably acceptable to the Commitment Parties, (2) a solvency certificate, in form and substance reasonably
 satisfactory to the Commitment Parties, from the chief financial officer of the Borrower and (3) other customary and reasonably satisfactory closing and corporate documents, resolutions, certificates, instruments, lien searches and deliverables.

------

&nbsp;&nbsp;&nbsp;&nbsp;8. The Commitment Parties shall have received (1) a pro forma consolidated balance sheet of Borrower and its subsidiaries (including SIRE), a pro forma consolidated statement of income of Borrower and its subsidiaries
 (including SIRE) and statements of cash flows for the twelve-month period ending on the last day of the most recently completed four fiscal quarter period ended at least 45 days before the Closing Date, prepared after giving effect to the
 Transaction as if the Transaction had occurred at the beginning of such period and (2) detailed projected consolidated financial statements of Borrower and its subsidiaries (including SIRE), prepared and approved by the chief financial officer of
 Borrower, for at least the four fiscal years ended after the Closing Date, which projections shall be in form and substance satisfactory to the Commitment Parties.

&nbsp;&nbsp;&nbsp;&nbsp;9. All costs, fees, expenses (including, without limitation, legal fees and expenses) and other compensation contemplated by the Commitment Letter and each Fee Letter, payable to Administrative Agent, the Lead Arrangers
 and the Lenders or otherwise payable in respect of the Transaction shall have been paid to the extent due.

&nbsp;&nbsp;&nbsp;&nbsp;10. (i) The Borrower and each of the Guarantors shall have provided , all documentation and other information required by regulatory authorities under applicable "know your customer" and anti-money laundering rules and regulations, including without
 limitation (a) the PATRIOT Act and (b) to the extent that the Borrower qualifies as a "legal entity customer" under the
 Beneficial Ownership Regulation, certifications as to beneficial ownership in relation to the Borrower, which certification shall be in form and substance reasonably satisfactory to the Lenders (in each case, reasonably requested by the
 Lenders no later than five business days prior to the Closing Date) and (ii) the Lenders shall have successfully completed "know your customer" due diligence and adoption by all
 relevant parties to each such Lender's satisfaction, including, without limitation, obtaining any relevant anti-financial crime compliance approval.

## Ex-99.(C)(2)

------

**Exhibit (c)(2)**<br>

**** 

<br> **![](ny20007737x1_exc2slide1.jpg)

Confidential – Preliminary and Subject to Change Discussion Materials Regarding Project Houston September 9, 2022

------

![](ny20007737x1_exc2slide2.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 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. 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.

------

![](ny20007737x1_exc2slide3.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 Appendix A. Weighted Average Cost of Capital Analysis I II III IV

------

![](ny20007737x1_exc2slide4.jpg)

Confidential – Preliminary and Subject to Change I. Executive Summary

------

![](ny20007737x1_exc2slide5.jpg)

Confidential – Preliminary and Subject to Change 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") 1 Sisecam Chemicals Wyoming LLC ("SCW LLC") is a wholly-owned subsidiary of Sisecam Chemicals that currently owns 14,551,000 Common Units (72% interest in the Partnership) and SIRE GP, which owns a 2.0% general partner interest in the Partnership Sisecam Chemicals proposes to acquire each outstanding publicly-held Common Unit owned by the Unaffiliated Unitholders for $17.90 in cash (the "Proposed Consideration")  The Proposed Consideration represents a 0.3% discount to SIRE's closing Common Unit price of $17.95 as of July 5, 2022, the last unaffected trading date, and a 0.2% premium to SIRE's 30-day volume weighted average price ("VWAP") as of July 5, 2022 Executive Summary

------

![](ny20007737x1_exc2slide6.jpg)

Confidential – Preliminary and Subject to Change Introduction (cont'd) The materials include the following: 2  An executive summary, including: (i) an overview of the transaction; (ii) a review of SIRE's current partnership structure; (iii) the Proposed 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 financial projections for SIRE as provided by SIRE management on August 14, 2022 (the "SIRE Financial Projections")  A preliminary valuation of SIRE's Common Units and sensitivities based on various operating assumptions  An appendix, including SIRE's weighted average cost of capital Executive Summary

------

![](ny20007737x1_exc2slide7.jpg)

Confidential – Preliminary and Subject to Change Executive Summary 3 Summary Transaction Terms Counterparties Sisecam Chemicals Wyoming LLC Transaction Summary SCW LLC to acquire all publicly-owned Common Units from the Unaffiliated Unitholders for cash consideration SIRE will cease to be a publicly-traded partnership and the Partnership will become a wholly- owned subsidiary of SCW LLC Consideration $17.90 cash for each SIRE Common Unit Source: Partnership filings

------

![](ny20007737x1_exc2slide8.jpg)

Confidential – Preliminary and Subject to Change Implied SIRE Consolidated Enterprise Value Consideration Unit Price as of Price 9/7/22 SIRE Common Unit Price SIRE Units Outstanding¹ $17.90 20.2 $21.80 20.2 2022E 2023E 2024E 2025E $152.0 154.0 143.5 113.4 $152.0 154.0 143.5 113.4 Enterprise Value / SIRE Consolidated EBITDA 2022E 2023E 2024E 2025E 5.6x 5.5 5.9 7.5 6.6x 6.5 7.0 8.9 Executive Summary Summary Organizational Structure and Transaction Economics ($ in millions, except per unit amounts) Transaction Economics Current Partnership Ownership Structure Source: Partnership filings, FactSet, SIRE Financial Projections 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% in Sisecam Wyoming with the resulting 49% non-controlling interest stated at implied market value based on the SIRE Common Unit price 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") Ciner Enterprise Inc. WE Soda Ltd. ("WE Soda") Türkiye Şişe Ve Cam Fabrikaları A.Ş ("Sisecam Parent") 100% ~26% LP Interest 5,248,791 Common Units 51% 49% 100% Sisecam Chemicals USA Inc. ("Sisecam USA") 60% 40% Interests to be acquired in the Proposed Transaction ~72% LP Interest ~2% LP Interest 14,551,000 Common Units 399,000 GP Units 3. 100% of Sisecam Wyoming EBITDA less SIRE G&A 4 ("Ciner Enterprises") Total Equity Value – SIRE1 $361.6 $440.4 Noncontrolling Interest² 347.4 423.1 Total Equity Value – Sisecam Wyoming $708.9 $863.5 Plus: Net Debt as of December 31, 2022 140.2 140.2 Consolidated Enterprise Value $849.2 $1,003.7 SIRE Financial Projections – SIRE Consolidated EBITDA3

------

![](ny20007737x1_exc2slide9.jpg)

Confidential – Preliminary and Subject to Change 144% 108% 102% --% 50% 100% 150% 200% 7/5/21 8/25/21 10/15/21 12/5/21 SIRE 5/8/22 6/28/22 8/19/22 1/26/22 3/18/22 SIRE Peer Group Average1 AMLP 2 Executive Summary Indexed Price Performance Source: FactSet, Public Filings 1. SIRE Peer Group Average calculated as the average indexed performance of publicly-traded soda ash MLPs and C-Corps (CHIECH S.A., Genesis Energy L.P., Turkiye Sise Ve Cam Fabrikalari A.S., Solvay SA, and Tata Chemicals Ltd.) 7/5/22: SCR delivered non- binding proposal to acquire all Common Units held by Unaffiliated Unitholders 11/19/21: Ciner Enterprises agreed to sell 60% of SCR, inclusive of control, to Sisecam USA for $300 million 2. ALPS Alerian MLP ETF 5

------

![](ny20007737x1_exc2slide10.jpg)

Confidential – Preliminary and Subject to Change Executive Summary SIRE Unit Trading $21.80 $17.87 $17.45 $19.16 $18.80 $17.90 $20.47 $14.00 $16.00 $18.00 $20.00 $22.00 $24.00 10/13/21 6/5/22 7/22/22 9/7/22 $12.00 7/11/21 8/27/21 Historical Price (SIRE) 11/29/21 1/15/22 Last 30 Trading Days VWAP 3/3/22 4/19/22 Last 60 Trading Days VWAP Last 6 Months VWAP Last 12 Months VWAP Proposed Consideration Go-Forward VWAP 7/5/22: SCR delivered non- binding proposal to acquire all Common Units held by Unaffiliated Unitholders Proposed Consideration Consideration Premium SIRE Price Relative to Hist $17.90 $18.93 1 Unaffected Closing Price Last 30 Trading Days VWAP Last 60 Trading Days VWAP Last 6 Months VWAP Last 12 Mon Go 11/19/21: Ciner Enterprises agreed to sell 60% of SCR, inclusive of control, to Sisecam USA for $300 million Source: FactSet, Bloomberg 6

------

![](ny20007737x1_exc2slide11.jpg)

Confidential – Preliminary and Subject to Change Executive Summary 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 If no value were ascribed to SIRE GP's incentive distribution rights, the implied value of control for an "at-market" transaction was $217.6 million  If no value was ascribed to control, the implied unit price was $34.36, which equated to a 77.0% premium to the unaffected unit price Assumed Unit Price Premium and Implied Value Paid for SIRE GP 2021 Acquisition of 60% of SCR Value of Sisecam Parent Interest $300.0 Divided by Ownership in Sisecam Chemicals 60.0% Implied Value of Sisecam Chemicals $500.0 Source: Public filings 7 Illustrative Value per LP Unit $19.41 $22.00 $24.00 $26.00 $28.00 $30.00 $32.00 $34.36 LP Units Owned by Sisecam Chemicals 14.6 14.6 14.6 14.6 14.6 14.6 14.6 14.6 Implied Value of LP Units $282.4 $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 Implied Value for Control $217.6 $179.9 $150.8 $121.7 $92.6 $63.5 $34.4 $- ($ in millions, except per unit amounts)

------

![](ny20007737x1_exc2slide12.jpg)

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

------

![](ny20007737x1_exc2slide13.jpg)

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% Flue Gas Soap & Desulfurization 3.0% Pulp & Pape 1.0% Water Treatment 1.0% Company Capacity (Mmt) Genesis Alkali Wyoming LP 3.2 Sisecam Resources LP 2.7 Solvay Chemicals, Inc 3.4 Tata Chemicals Partners 2.7 Nirma, LTD 1.4 Total 13.3

------

![](ny20007737x1_exc2slide14.jpg)

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

------

![](ny20007737x1_exc2slide15.jpg)

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

------

![](ny20007737x1_exc2slide16.jpg)

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

------

![](ny20007737x1_exc2slide17.jpg)

Confidential – Preliminary and Subject to Change Soda Ash Market Background Industry and Research Analyst Commentary Our investment in Sisecam Wyoming continues to benefit from historically high export soda ash prices. Though global soda ash demand has weakened modestly over the last month in response to slowing global economic growth, the industry remains supply constrained due to primarily to lingering COVID effects in China, a force majeure event at a competitor in Green River, Wyoming, and ongoing delays with shipping and logistics. Higher soda ash prices have more than offset cost inflation, resulting in higher margins and cash flow. The soda ash business should remain strong over the next few years given increasing demand and limited supply additions. This is favorable for pricing and leaves room to offset rising energy/raw material costs. Source: Company transcripts, Wall Street research 12 The market for soda ash is structurally short of supply. […] This tightness is fundamentally the result of some 2 million tons a year of supply having been taken offline since 2019. The supply shortage has been exacerbated by multiple production disruptions and force majeure events experienced and declared by other natural producers in the United States over the last 5 or 6 months. At the same time, the demand is exceeding 2019 levels. This is extremely robust demand, especially considering that the automobile manufacturing business worldwide has been in a recession as a practical matter […] This supply shortfall in soda ash means prices must rise to allocate scarce tons and ultimately solicit incremental high-cost synthetic production to balance the market at the margin, all at a time when the synthetic producers cost have increased dramatically, owing primarily to rising energy and other input costs. The soda ash market currently finds itself in a spot where worldwide inventories are approaching historical levels lows and have never been so low immediately prior to entering a potential policy-induced cyclical slowdown. By way of example, it has been reported at the end of 2021, Chinese inventory levels were approximately 1.8 million metric tons. And today, they are approaching 300,000 metric tons, which is more than an 80% drop in just 6 months. Grant Sims, CEO & Chairman Genesis Energy, L.P. (7/28/2022) Saurabh Jain, HSBC (8/10/2022) Craig Nunez, President & COO Natural Resource Partners L.P. (8/4/2022)

------

![](ny20007737x1_exc2slide18.jpg)

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

------

![](ny20007737x1_exc2slide19.jpg)

Confidential – Preliminary and Subject to Change As of September 7, 2022 Total Units Outstanding1 Common Unit Price 20.2 $21.80 Total Equity Value Plus: Net Debt Plus: Noncontrolling Interest (Market Value)2 $440.4 150.9 423.1 Enterprise Value $1,014.4 Management Projections Metric Yield/Multiple Distribution Yield Current $2.00 9.2% Revolver Availability / Total Revolver Capacity $120 / $225 2023E 2.40 11.0% Net Debt / Net Book Cap 29.7% 2024E 2.21 10.1% Net Debt / 2022E EBITDA 1.0x EV / EBITDA3 2022E $152 6.7x 2023E 154 6.6 2024E 143 7.1 SIRE Situation Analysis Public Trading Statistics ($ in millions, except per unit amounts) Balance Sheet and Credit Data Common Unit Price and Distribution Information 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 Total Debt Net Debt Plus: Noncontrolling Interest (Book Value) Plus: Partners' Capital $154.3 $150.9 156.4 201.2 Net Book Capitalization $508.5 $3.00 $2.50 $2.00 $1.50 $1.00 $0.50 $-- $-- $5.00 $10.00 $15.00 $20.00 $25.00 9/7/20 5/8/21 Distribution per Unit 9/7/22 Distribution per Unit Unit Price 1/6/22 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% 2.0% $-- $0.5000 $0.5000 $0.0102 19.8 $9.9 $0.2 $39.6 $0.8 98.0% 2.0% 0.5000 0.5750 -- -- 19.8 -- -- -- -- 85.0% 15.0% 0.5750 0.6250 -- -- 19.8 -- -- -- -- 75.0% 25.0% 0.6250 0.7500 -- -- 19.8 -- -- -- -- 50.0% 50.0% 0.7500 -- -- 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 Includes General Partner 2.0% interest 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% 3. SIRE Consolidated EBITDA equal to 100% of Sisecam Wyoming EBITDA less SIRE G&A 13

------

![](ny20007737x1_exc2slide20.jpg)

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) 630 3.2% Fidelity Management & Research Co. LLC 146 0.7% JPMorgan Securities LLC (Investment Management) 118 0.6% Sphinx Trading LP 100 0.5% Acadian Asset Management LLC 55 0.3% Credit Suisse Gestion SGIIC SA 36 0.2% Sowell Financial Services LLC 27 0.1% Rockefeller & Co. LLC 27 0.1% Fidelity Institutional Asset Management 25 0.1% Equitec Proprietary Markets LLC 22 0.1% Shapiro Capital Management LLC 16 0.1% Merrill Lynch, Pierce, Fenner & Smith, Inc. (Invt Mgmt) 4 0.0% BNP Paribas Arbitrage SNC 4 0.0% Total Clarity Wealth Management, Inc. 3 0.0% Securities America Advisors, Inc. 3 0.0% Top 15 Institutional 1,217 6.1% Other Institutions 35 0.2% Less: Short Interest (10) (0.0%) Total Institutional 1,243 6.3% Institutional/Other (Net of Short Interest) 1,243 6.3% Turkiye Sise Ve Cam Fabrikalari As 14,551 73.5% Insider Ownership Management and Directors 133 0.7% Holder Units (000's) Ownership % Retail 3,873 19.6% Turkiye Sise Ve Cam Fabrikalari As 14, 5511 73.5%1 Total Common 19,800 100.0% Management and Directors 133 0.7% Total Insider 74.2% Short Position 10 0.0% Source: FactSet, Public filings, Wall Street Research Summary Institutional Ownership Institutional 6.3% 1. Includes General Partner Interest 14 Turkiye Sise Ve Cam Fabrikalari As 73.5% Summary Units Holder (000's) Ownership % Management and Directors 0.7% Retail 19.6%

------

![](ny20007737x1_exc2slide21.jpg)

Confidential – Preliminary and Subject to Change $104 $121 $134 $117 $120 $137 $135 $62 $89 $155 2.27 2.31 2.41 2.49 2.46 2.37 2.50 2.02 2.55 2.29 -- 1.0 2.0 3.0 4.0 5.0 6.0 $-- $25 $50 $75 $100 $125 $150 $175 2013A 2014A 2017A 2018A 2019A 2020A Soda Ash Volume Sold (Million Metric Tons) 2021A 2022E Soda Ash Volume Sold (Million Metric Tons) 2015A 2016A Sisecam Wyoming EBITDA Owns a controlling 51% interest in Sisecam Wyoming, one of the largest and lowest cost producers of natural soda ash in the world  Sisecam Wyoming's Green River Basin facility has been in operation for more than 50 years 2.5 million metric tons per annum ("mtpa") of soda ash production capacity and over 50 years of trona mining reserves Since 2019, SIRE management has been evaluating a potential new expansion project (the "Unit 8 Expansion") that could increase production levels to 3.5 million mtpa, 134% of the last five-year average SIRE Situation Analysis Partnership Overview Description Sisecam Wyoming Plant Location and Mine Footprint Known Sodium Leasing Area ($ in millions) Historical and Projected Sisecam Wyoming EBITDA and Volumes Sold Source: Partnership filings 15

------

![](ny20007737x1_exc2slide22.jpg)

Confidential – Preliminary and Subject to Change SIRE Situation Analysis Beginning in 2019, Sisecam Wyoming has considered the Unit 8 Expansion, including construction of a new refinery unit, rail track loop and associated facilities that would increase soda ash production levels to approximately 3.5 million mtpa  The project would involve installing a new Unit 8 circuit, construction of an additional production shaft and construction of a new rail loop track, among other additions Sisecam Wyoming began procuring engineering services related to the Unit 8 Expansion in 2019 On February 18, 2020, Sisecam Wyoming presented to the Sweetwater County Commission to obtain approval to construct the Unit 8 Expansion  At the time, Sisecam Wyoming estimated a total project cost of $426.0 million In August 2020, in light of reduced demand caused by the COVID-19 pandemic, SIRE elected to slow capital expenditures associated with the Unit 8 Expansion Leading up to the 2021 Acquisition, SIRE continued to assess the timing of the project in the context of the capital outlay, construction schedule and market recovery  Throughout this time, SIRE maintained that it planned to expand operations and it was confident in the long-term fundamentals that supported new capacity in the market In a reserve estimate filed on March 15, 2022, SIRE commented that although the Unit 8 Expansion was shown outside the 5-year capital budget, the operation is considered profitable as-is and given the uncertainties, these expansions were not considered for the economic analysis for the reserve estimate Proposed Unit 8 Expansion Project Layout Sisecam Wyoming has received several regulatory approvals for construction of the Unit 8 Expansion, including the Air Quality (New Source Review Construction Permit), Land Quality Permit, Bureau of Land Management On-Lease Action Approval and Industrial Siting Permit Sisecam Wyoming still needs a water quality permit and a construction permit from Sweetwater County Some permits can expire, and changes to design or location would require additional permitting Project Overview Permitting Status Source: Partnership filings and reports 16

------

![](ny20007737x1_exc2slide23.jpg)

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. $0 $10,000 $20,000 $30,000 $40,000 Dayrate Source: SIRE management, Association of American Railroads, FactSet, Bloomberg 17 2012-2022E Average Annual Change Core CPI: 2.2% All-LF: 2.5%

------

![](ny20007737x1_exc2slide24.jpg)

Confidential – Preliminary and Subject to Change Freight costs are primarily comprised of rail transportation, port fees and seaborne shipping costs  The majority of freight costs for domestic sales are rail transportation and storage costs, which are contracted and fairly stable  Exports incur seaborne shipping costs, which are more cyclical in nature SIRE Situation Analysis Freight Costs Freight Cost Overview Historical Freight Cost Trend 2022E Freight Cost ($MM) 2022E Projected Freight Cost per Metric Ton: $103.99 Domestic Sales Exports $78 $70 $$81 $88 $88 $75 $106 $90 $140 $120 $100 $80 $60 $40 $20 $-- 20 $62 $73 $49 $107 $172 $40 $39 $38 $71 $116 $200 $175 $150 $125 $100 $75 $50 $25 $-- 2018A 2019A Total Freight Cost ($MM) 2020A 2021A 2022E Freight Cost per Ton ($/mt) Domestic $117 Source: SIRE management 18 Export $172

------

![](ny20007737x1_exc2slide25.jpg)

Confidential – Preliminary and Subject to Change Natural Gas $16.90 Electricity $4.19 Fixed Utilities $5.16 After transportation, SIRE's second most significant operating cost is energy SIRE's primary energy cost is natural gas, as well as electricity and fixed utilities  Natural gas cost is primarily driven by power- generation required for mining and trona processing plant equipment SIRE Situation Analysis Energy Costs Energy Cost Overview Historical Energy Cost Trend 2022E Energy Cost per Unit ($/ Metric Ton) 2022E Total Energy Cost per Metric Ton: $26.25 3.45 3.49 4.07 3.78 3.95 $3.36 $3.25 $2.87 $2.98 $4.28 $0.00 $2.00 $4.00 $6.00 $8.00 -- 1.00 2.00 3.00 4.00 5.00 2018A 2019A 2020A 2021A 2022E Actual / Projected Cost ($/MMBtu) Consumption (MMBtu/mt) Natural Gas Fixed Utilities Electricity 197 Source: SIRE management 19 181 154 122 126 $0.035 $0.034 $0.039 $0.033 $0.033 $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 $6.48 $6.41 $5.36 $5.16 $8.00 $7.00 $6.00 $5.00 $4.00 $3.00 $2.00 $1.00 $0.00 2018A 2019A 2020A 2021A 2022E Unit Cost ($/mt)

------

![](ny20007737x1_exc2slide26.jpg)

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 $185 $-- $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 20 $67.8 $65.3 $73.6 $82.0 $-- $20.0 $60.0 $40.0 $80.0 $100.0 2018A 2019A 2020A 2021A 2022E

------

![](ny20007737x1_exc2slide27.jpg)

Confidential – Preliminary and Subject to Change SIRE Situation Analysis Source: SIRE Financial Projections 21 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 escalated by 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 increasing to $475 million via accordion provision 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

------

![](ny20007737x1_exc2slide28.jpg)

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 $100 2018A 2019A 2020A 2021A 2022E 2025E 2026E 2027E 2028E Deca Sales 2023E 2024E Metric Tons ('000s) SIRE Situation Analysis Historical and Projected Sales and Deca Breakout Historical and Projected Sales Deca Sales By Year Source: SIRE Financial Projections 22 ($ in millions)

------

![](ny20007737x1_exc2slide29.jpg)

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 23

------

![](ny20007737x1_exc2slide30.jpg)

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 24

------

![](ny20007737x1_exc2slide31.jpg)

Confidential – Preliminary and Subject to Change SIRE Situation Analysis Historical and Projected Realized Pricing Realized Soda Ash Sales Price by Market ($ per metric ton) Note: Gross prices are inclusive of pass-through transportation costs. SIRE began its exit from ANSAC in 2020 and will be fully transitioned to a direct export model beginning in 2023. Direct export costs include pass-through $162 $172 $157 $145 $147 $168 $170 $168 $168 $168 $168 $136 $142 $116 $114 $196 $200 $190 $172 $172 $166 $200 $200 $198 $193 $180 $-- $50 $100 $150 $200 $250 2018A 2019A 2020A 2021A 2022E Domestic Sales, Net 2023E Exports, Net 2026E 2027E 2028E 2024E 2025E IHS Export, Net seaborne shipping costs, while ANSAC sales are on a free-alongside-ship basis at the port 25

------

![](ny20007737x1_exc2slide32.jpg)

Confidential – Preliminary and Subject to Change SIRE Situation Analysis Soda Ash Pricing Trends – Domestic Sales and Exports Historical and Projected Soda Ash Pricing Trends – Domestic Sales vs. Exports ($ per metric ton) Domestic Sales Exports $150 $125 $100 2012A 2013A 2014A 2015A 2016A 2017A 2018A 2019A 2020A 2021A 2022E 2023E 2024E 2025E 2026E 2027E 2028E $175 $200 $225 $250 Legend SIRE Domestic, Net USGS, FOB Plant IHS Domestic, Net (Oct'21 Forecast) $100 2012A 2013A 2014A 2015A 2016A 2017A 2018A 2019A 2020A 2021A 2022E 2023E 2024E 2025E 2026E 2027E 2028E $125 $150 $175 $200 $225 $250 Lege SIRE ANSAC, Net SIRE Direct Export, Net USGS Export, FAS IHS Export, Net (Oct'21 Forecast) SIRE direct export net pricing is lower than IHS' Oct'21 forecast beginning in 2023E and widens through 2025E SIRE domestic net pricing consistently lower than IHS' Oct'21 forecast throughout projection period, consistent with management commentary Source: SIRE management, USGS, IHS Note: For historical periods, SIRE netback pricing for domestic sales and exports is expressed as the gross realized price less the freight cost per unit sales volume, respectively, by sales channel 26

------

![](ny20007737x1_exc2slide33.jpg)

Confidential – Preliminary and Subject to Change SIRE Situation Analysis SIRE Export Pricing – Gross vs. Net Historical and Projected Realized Export Pricing ($ per metric ton) Net realized export pricing equals the gross realized price less applicable freight costs per unit of export volume  Gross pricing for direct exports accounts for seaborne shipping costs since export customers take custody at the destination port  Gross pricing for exports via ANSAC do not bear seaborne shipping costs since ANSAC takes custody transfer on a free- alongside-ship ("FAS") basis The difference between SIRE's realized gross and net pricing for direct exports was approximately $109 in 2021 and is projected to be greater than $140 in 2022 SIRE management contends that IHS systematically underestimates the transportation and storage costs for export volumes Legend SIRE Direct Export, Gross SIRE Direct Export, Net SIRE ANSAC, Gross SIRE ANSAC, Net IHS Export, Net (Oct'21 Forecast) USGS Export, FAS $100 Source: SIRE management, USGS, IHS Note: For historical periods, SIRE netback pricing for domestic sales and exports is expressed as the gross realized price less the freight cost per unit sales volume, respectively, by sales channel 27 $125 $150 $175 $200 $225 $250 $275 $300 $325 $350 $375 $400 2018A 2019A 2020A 2021A 2022E 2023E 2024E 2025E 2026E 2027E 2028E

------

![](ny20007737x1_exc2slide34.jpg)

Confidential – Preliminary and Subject to Change SIRE Situation Analysis Historical and Projected Volumes, EBITDA and Margin Historical and Projected Sisecam Wyoming EBITDA and Volumes Sold ($ in millions) $104 $121 $134 $117 $120 $137 $135 $62 $89 $155 $158 $147 $117 $109 $113 $100 2.3 2.3 2.4 2.5 2.5 2.4 2.5 2.0 2.6 2.3 2.3 2.2 2.0 2.0 2.2 2.2 -- 1.0 2.0 3.0 4.0 5.0 6.0 $-- $25 $50 $75 $100 $125 $150 $175 2021A 2022E 2023E 2024E 2025E 2026E 2027E 2028E Soda Ash Volume Sold (Million Metric Tons) 2013A 2014A 2015A 2016A 2017A 2018A 2019A 2020A Sisecam Wyoming EBITDA $52 $64 $56 $57 $63 $41 $72 $71 $71 $62 $59 $57 $51 26% 30% $60 32% 29% 28% 27% $56 30% 21% 21% $43 25% 23% 23% 20% 19% 18% 16% 0% 5% 10% 15% 20% 25% 30% 35% $-- $10 $30 $20 $40 $50 $60 $70 $80 2013A 2014A 2015A 2016A 2017A 2018A 2019A 2020A 2021A 2022E 2023E 2024E 2025E 2026E 2027E 2028E Historical and Projected Sisecam Wyoming Gross Margin per Ton ($/ Metric Ton) Gross Margin ($/m ton) Gross Margin (%) Source: SIRE Financial Projections 28 2013A – 2019A Average Margin: 27.4% 2022E – 2028E Average Margin: 18.8%

------

![](ny20007737x1_exc2slide35.jpg)

Confidential – Preliminary and Subject to Change SIRE Situation Analysis Historical and Projected Margin per Ton Analysis ($ per metric ton) Historical and Projected Unit Margin Trend $/ Metric Ton 59 57 61 83 115 128 131 135 138 142 145 25 24 24 21 26 30 27 27 28 29 29 27 27 32 29 33 35 38 41 42 41 42 11 11 9 8 9 8 8 7 7 7 5 5 5 5 5 5 24 4 23 4 22 4 26 36 28 7 33 32 31 28 30 31 56 63 41 43 71 72 71 62 59 57 51 $205 $209 $195 $212 $287 $312 $311 $309 $308 $312 $312 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% $0 $50 $100 $150 $200 $250 $300 $350 2018A 2019A 2020A 2021A 2022E 2023E 2024E 2025E 2026E 2027E 2028E % of Gross Revenue 29% Source: SIRE management 29 27% 32% 39% 40% 41% 42% 44% 45% 45% 47% 12% 11% 12% 10% 9% 10% 9% 9% 9% 9% 9% 13% 13% 17% 14% 11% 11% 12% 13% 14% 13% 14% 5% 5% 5% 3% 3% 3% 3% 2% 2% 2% 2% 2% 2% 2% 2% 2% 2% 2% 2% 2% 2% 12% 11% 11% 12% 10% 11% 10% 10% 9% 10% 10% 27% 30% 21% 21% 25% 23% 23% 20% 19% 18% 16% 60% 2% 0% 10% 20% 30% 40% 50% 70% 80% 90% 100% 2018A 2019A 2020A 2021A 2022E 2023E 2024E 2025E 2026E 2027E 2028E

------

![](ny20007737x1_exc2slide36.jpg)

Confidential – Preliminary and Subject to Change SIRE Situation Analysis $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 Natural Gas 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 30 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

------

![](ny20007737x1_exc2slide37.jpg)

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 31

------

![](ny20007737x1_exc2slide38.jpg)

Confidential – Preliminary and Subject to Change 45.9 30.3 43.3 52.9 48.6 41.3 37.5 39.1 32.5 44.1 29.2 7.1 21.4 7.4 20.6 41.6 50.8 46.7 39.7 36.0 37.5 31.2 90.0 59.5 14.5 42.0 $85.0 $103.7 $95.3 $81.0 $73.5 $76.6 $63.7 $-- $20 $40 $60 $80 $100 $120 0.6x 0.8x 2.0x 1.3x 0.9x 0.7x 0.5x 0.5x 0.5x 0.5x 0.5x 0.0x 0.5x 1.0x 1.5x 2.0x 2.5x 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 $-- $50 $100 $150 $200 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 $250 -- 0.5 1.0 1.5 2.0 2.5 3.0 Net Realized Pricing Metric Tons (MM) SIRE Situation Analysis Summary of the SIRE Financial Projections Sales Volumes / Net Realized Pricing Sisecam Wyoming EBITDA Net Debt / EBITDA ($ in millions) Distributions to NRP SIRE NRP Net Debt / EBITDA Distributions to SIRE ` Sisecam Wyoming Distribution Coverage Sales Volume: Domestic Net Realized Price: Domestic Sales Volume: Export Net Realized Price: Export Sisecam Wyoming Distributed Cash Flow 1.37x 1.94x 2.75x 1.49x 1.48x 1.25x 1.25x 1.10x 1.10x 1.10x 1.10x Source: SIRE Financial Projections 32

------

![](ny20007737x1_exc2slide39.jpg)

Confidential – Preliminary and Subject to Change SIRE Situation Analysis Source: SIRE Financial Projections 33 Sisecam Wyoming Financial Projections – EBITDA ($ in millions) For the Years Ending December 31, 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 Expost 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%

------

![](ny20007737x1_exc2slide40.jpg)

Confidential – Preliminary and Subject to Change SIRE Situation Analysis Sisecam Wyoming Financial Projections – Cash Flow Summary ($ in millions) For the Years Ending December 31, 2022E 2023E 2024E 2025E 2026E 2027E 2 Sisecam Wyoming Distributable Cash Flow Sisecam Wyoming EBITDA $154.9 $158.0 $147.5 $117.4 $109.4 Less: Cash Interest Expense (4.1) (2.9) (2.2) (1.6) Less: Maintenance Capital Expenditures (25.0) (25.6) (26.1) Distributable Cash Flow $125.8 $129.6 $11 Sisecam Wyoming Distributed Cash Flow Distributions to SIRE (51.0%) $43.3 Distributions to NRP (49.0%) Distributed Cash Flow Distributable Cash Flow Siseca Source: SIRE Financial Projections 34

------

![](ny20007737x1_exc2slide41.jpg)

Confidential – Preliminary and Subject to Change SIRE Situation Analysis Sisecam Wyoming Financial Projections – Sources and Uses ($ in millions) Distributable Cash Flow Surplus / (Shortfall) $40.8 $25.9 $23.8 $8.1 $7.3 $7.7 $6.4 Δ in NWC (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 (1.8) (3.4) -- -- -- -- -- Other 5.0 Total Uses $13.3 $22.9 $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 (8.4) (5.0) (5.0) (5.0) (5.0) (5.0) (5.0) Net Debt $140.2 $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 2022E 2023E For the Years Ending December 31, 2024E 2025E 2026E 2027E 2028E Sources Source: SIRE Financial Projections 35

------

![](ny20007737x1_exc2slide42.jpg)

Confidential – Preliminary and Subject to Change SIRE Situation Analysis Source: SIRE Financial Projections 36 SIRE Financial Projections – 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) $-- $-- $-- $-- $-- $-- $--

------

![](ny20007737x1_exc2slide43.jpg)

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

------

![](ny20007737x1_exc2slide44.jpg)

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 equity cost of capital discount rates and terminal values to derive valuation ranges for the SIRE Common Units  Cash flows were discounted using weighted average cost of capital ("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 December 31, 2022 effective date 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 2028E and a terminal value tax rate of 37.0% For the terminal value, tax depreciation assumed to equal maintenance capital expenditures EBITDA exit multiple of 6.0x 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 December 31, 2022 effective date Terminal yield range of 8.0% to 12.0%  Cost of equity of 9.0% to 11.0% 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 37 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

------

![](ny20007737x1_exc2slide45.jpg)

Confidential – Preliminary and Subject to Change Preliminary Valuation of SIRE Common Units Valuation Summary – Common Units SIRE Financial Projections 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: 6.0x - 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 7.0x - 9.0x Range of 24.4% - 29.6% Discount Rate: WACC of 6.50% - 7.50% Terminal Yield of: 8.0% - 12.0% Equity Cost of Capital of: 9.0% - 11.0% Premiums Paid Analysis Discounted Distributions Analysis $15.71 $15.19 $17.18 $15.42 $12.32 $23.01 $17.06 $22.23 $20.02 $19.92 $26.60 $24.90 $21.14 $30.59 $22.10 $23.27 $-- $5.00 $10.00 $15.00 $20.00 $25.00 $30.00 $35.00 $40.00 Proposed Consideration: $17.90 38 FOR REFERENCE ONLY

------

![](ny20007737x1_exc2slide46.jpg)

Confidential – Preliminary and Subject to Change Preliminary Valuation of SIRE Common Units Sensitivity Analysis Per Common Unit Soda Ash Production -/+ 0.10 million mtpa Domestic Soda Ash Price -/+ $10.00/Ton Export Soda Ash Price -/+ $10.00/Ton Natural Gas Spot Price +/- $1.00/MMBtu Electricity Price +/- $0.01/kwh Personel Cost +/- $1,000/Year Multiple Method Perpetuity Method 2022E EBITDA 2023E EBITDA 2024E EBITDA Precedent Transactions 2023E EBITDA DDA Distribution Discount Peer Group Trading Analysis DCF Analysis $2.88 $3.67 $1.05 $2.03 $1.77 $2.59 $2.90 ($2.89) ($3.67) ($1.05) ($2.03) ($1.77) ($2.59) ($2.95) ($2.88) ($3.67) ($1.01) ($2.03) ($1.77) ($2.59) ($2.95) $2.88 $3.67 $1.01 $2.03 $1.77 $2.59 $2.90 ($2.14) ($2.76) ($0.58) ($0.87) ($1.16) ($1.11) ($2.21) $2.14 $2.76 $0.58 $0.87 $1.16 $1.11 $2.20 ($0.73) ($0.93) ($0.28) ($0.52) ($0.45) ($0.66) ($0.74) $0.73 $0.93 $0.28 $0.52 $0.45 $0.66 $0.74 ($1.30) ($1.66) ($0.48) ($0.88) ($0.80) ($1.12) ($1.32) $1.30 $1.66 $0.48 $0.88 $0.80 $1.12 $1.32 ($3.70) 39 ($4.68) ($1.41) ($2.66) ($2.38) ($3.39) ($3.77) $3.70 $4.69 $1.41 $2.67 $2.39 $3.40 $3.71

------

![](ny20007737x1_exc2slide47.jpg)

Confidential – Preliminary and Subject to Change For the Years Ending December 31, 2023E 2024E 2025E 2026E 2027E 2028E Perpetu Sisecam Wyoming EBITDA $158.0 $147.5 $117.4 $109.4 $113.4 $99.7 $ Less: Tax Depreciation and Amortization2 (450.3) (22.2) (18.8) (15.0) (10.5) (4.9) EBIT ($292.3) $125.3 $98.6 $94.4 $102.9 Less: Cash Taxes3 -- (7.4) (5.8) (5.6) (19. EBIAT ($292.3) $117.9 $92.8 $88.8 Plus: Tax Depreciation and Amortization 450.3 22.2 18.8 Plus: Δ in NWC 0.4 15.7 8.2 Less: Capital Expenditures (25.6) (26.1) Sisecam Wyoming Unlevered Free Cash Flow $132.8 $129.6 SIRE Interest in Sisecam Wyoming 51.0% 5 SIRE Share of Sisecam Wyoming Unlevered Free Cash Flow $67.7 Less: SIRE G&A SIRE Unlevered Free Cash Flow EBITDA Multiple / Perpetuity Growth Rate Implied Terminal Value Present Value of Terminal Value @ 7.0% Discount Plus: Present Value of Unlevered Free Cash Implied Enterprise Value Less: Net Debt as of Decem Implied Equity V SIRE LP U Im Exit Multiple 1 Discounted Cash Flow Analysis – SIRE Financial Projections Preliminary Valuation of SIRE Common Units ($ in millions, except per unit amounts) 5.0x 8.0x 9.0x --% 1.5% 2.0% Terminal Exit Multiple 6.0x 7.0x $17.15 $18.90 $20.63 Perpetuity Growth Rate 0.5% 1.0% $19.07 $20.38 $21.99 16.64 16.16 15.71 18.33 17.80 17.31 20.02 19.45 18.90 17.57 16.29 15.19 18.64 17.17 15.93 19.92 18.22 16.79 6.0% 6.5% 7.0% 7.5% 8.0% $15.41 14.95 14.52 14.11 13.73 15.28 16.84 18.39 $22.37 21.71 21.09 20.50 19.94 6.0% 6.5% 7.0% 7.5% 8.0% $17.97 16.66 15.54 14.56 13.69 14.24 14.86 15.58 $23.99 21.48 19.47 17.81 16.42 WACC WACC Unit Price Sensitivity Analysis 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 2028E and 37.0% thereafter Includes 2.0% general partner interest 40

------

![](ny20007737x1_exc2slide48.jpg)

Confidential – Preliminary and Subject to Change Price % of 52-Week Equity Enterprise EV / EBITDA Net Debt / Soda Ash Partnership / Corporation 9/7/22 High Value Value 2022E 2023E 2024E 2022E EBITDA % Revenue Chemical Companies with Soda Ash Operations 1. Includes 2.0% SIRE GP Interest 41 Ciech SA $7.16 53.1% $377 $685 4.1x 4.2x 4.1x 1.9x 40.9% Genesis Energy, L.P. 11.60 86.1% 1,422 5,873 8.7 8.0 7.5 5.0 30.3% Türkiye Sise ve Cam Fabrikalari A.S. 1.44 98.0% 4,301 6,234 5.6 4.6 4.1 1.1 30.0% Solvay SA 81.08 61.6% 8,364 11,886 4.4 4.9 4.6 1.3 15.4% Tata Chemicals Limited 14.11 91.8% 3,595 4,493 10.8 9.7 9.4 1.9 15.0% Mean 6.7x 6.3x 5.9x 2.2x 26.3% Median 5.6 4.9 4.6 1.9 30.0% Other MLPs Alliance Resource Partners, L.P. $25.38 91.9% $3,321 $3,655 3.8x 3.2x 2.8x 0.3x --% Natural Resource Partners L.P. 45.15 88.9% 606 1,311 4.0 NM NM 0.7 14.7% Mean 3.9x 3.2x 2.8x 0.5x 7.3% Median 3.9 3.2 2.8 0.5 7.3% Sisecam Resources LP 1 $21.80 92.7% $440 $1,014 6.7x 6.6x 7.1x 1.0x 100.0% Preliminary Valuation of SIRE Common Units ($ in millions, except per share / unit amounts) Peer Group Trading Analysis Source: Public filings and FactSet

------

![](ny20007737x1_exc2slide49.jpg)

Confidential – Preliminary and Subject to Change Preliminary Valuation of SIRE Common Units 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) (71.5) Implied SIRE Equity Value SIRE LP Units Outstanding1 $347.0 – 20.2 $537.2 Implied SIRE Unit Price Range - 2022E Adjusted EBITDA $17.18 – $26.60 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) (71.5) Implied SIRE Equity Value SIRE LP Units Outstanding1 $311.5 – 20.2 $503.0 Implied SIRE Unit Price Range - 2023E Adjusted EBITDA $15.42 – $24.90 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) (71.5) Implied SIRE Equity Value SIRE LP Units Outstanding1 $248.9 – 20.2 $426.9 Implied SIRE Unit Price Range - 2024E Adjusted EBITDA $12.32 – $21.14 Source: SIRE Financial Projections 1. Includes 2.0% general partner interest 42

------

![](ny20007737x1_exc2slide50.jpg)

Confidential – Preliminary and Subject to Change Date Announced Acquiror / Target (Seller) Transaction Value Transacti Va 05/2022 Solvay SA / Remaining 20% interest in Solvay Soda Ash Joint Venture (AGC) 12/2021 Sisecam Chemicals USA Inc. / 60% stake in Ciner Resources Corporation (Ciner Enterprises) 12/2019 Valley Holdings Inc. (Tata Chemials) / Remaining 25% in Tata Chemicals (Soda Ash) Partners Holdings (The Andov 08/2017 Genesis Energy, L.P. / 100% of Tronox's Alkali Business, including trona mining, production and market 07/2015 Park Holding A.S. (Ciner Group) / 73% LP interest, 2% GP interest and related IDRs in OC 02/2015 Tronox US Holdings Inc. / FMC's Alkali Chemicals business (FMC Corporation) 10/2014 FMC Corporation / Remaining 6.25% minority interest in FMC Wyom 03/2013 FMC Corporation / Additional 6.25% minority interest in 01/2013 Natural Resource Partners LP / 48.51% sta 01/2008 Tata Chemicals Ltd. / General C Min Mea Source: Public filings, Wall Street research, SIRE Financial Projections 1. Includes 2.0% general partner interest and effect of dilutive securities including phantom units and RSUs 43 Precedent Green River Basin Soda Ash Transactions Preliminary Valuation of SIRE Common Units Precedent M&A Transactions Analysis ($ in millions, except per unit amounts) SIRE Share of 2023E EBITDA (Post - SIRE G&A) Relevant EBITDA Multiple 7.0x $76.6 – 9.0x Implied Enterprise Value Based on 2023E Adjusted EBITDA $536.2 – $689.4 Less: Net Debt as of December 31, 2022 (SIRE's 51% Share) (71.5) Implied Equity Value SIRE LP Units Outstanding1 $464.7 – 20.2 $617.9 Implied SIRE Unit Price Range - 2023E Adjusted EBITDA $23.01 $30.59 Precedent M&A Transaction Analysis – SIRE Financial Projections

------

![](ny20007737x1_exc2slide51.jpg)

Confidential – Preliminary and Subject to Change Preliminary Valuation of SIRE Common Units Discounted Distributions Analysis – SIRE Financial Projections Source: FactSet, SIRE Financial Projections SIRE Distribution per Unit (Cash, As Paid) $2.00 $2.40 $2.21 $1.85 $1.66 $1.74 $1.41 $1.41 – $1.41 Terminal Yield1 8.0% 12.0% Terminal Value $17.63 $11.75 Equity Cost of Capital Based on CAPM Present Value @ 8.0% Cost of Equity $22.88 – $18.81 Present Value @ 9.0% Cost of Equity 22.10 – 18.19 Present Value @ 10.0% Cost of Equity 21.35 – 17.61 Present Value @ 11.0% Cost of Equity 20.64 – 17.06 Present Value @ 12.0% Cost of Equity 19.96 – 16.53 Implied SIRE Unit Value – Based on CAPM $17.06 – $22.10 For the Six Months Ending For the Years Ending December 31, December 31, 2022E 2023E 2024E 2025E 2026E 2027E 2028E Terminal Value Low High 1. Based on SIRE's 52-week yield range of 6.1% to 14.1% with a median of 10.5% and mean of 10.1%. Current yield is 9.2% as of September 7, 2022 44

------

![](ny20007737x1_exc2slide52.jpg)

Confidential – Preliminary and Subject to Change Preliminary Valuation of SIRE Common Units Premiums Paid Analysis For Reference Only Source: Bloomberg, FactSet, Public filings 1. 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 Premium 1 Date Announced Acquiror / Target Consideration 1-Day 30-D Prior Spot 07/28/22 PBF Energy Inc. / PBF Logistics LP Cash/Stock-for-Unit (3.0%) 07/25/22 Shell USA, Inc. / Shell Midstream Partners, L.P. Cash-for-Unit 23. 06/02/22 Hartree Partners, LP / Sprague Resources LP Cash-for-Unit 05/25/22 Höegh LNG Holdings Ltd / Höegh LNG Partners LP Cash-for-Unit 05/16/22 Diamondback Energy / Rattler Midstream LP Stock-for-Unit 04/22/22 Ergon, Inc. / Blueknight Energy Partners, L.P. Cash-for-Unit 12/20/21 BP p.l.c / BP Midstream Partners LP Stock-for-Unit 10/27/21 Phillips 66 / Phillips 66 Partners LP Stock-for-U 10/04/21 Stonepeak Infrastructure Partners / Teekay LNG Partners LP Cash 08/23/21 Landmark Dividend / Landmark Infrastructure Partners LP 03/05/21 Chevron Corporation / Noble Midstream Partners LP 12/15/20 TC Energy Corporation / TC PipeLines, LP 07/27/20 CNX Resources Corporation / CNX Midstream Partners 02/27/20 Equitrans Midstream Corporation / EQM Midstream Partners 12/17/19 Blackstone Infrastructure Partners / Tallgrass Energy LP 10/01/19 Brookfield Business Partners L.P. / Teekay Offsho 05/10/19 IFM Investors / Buckeye Partners, L.P. 05/08/19 MPLX LP / Andeavor (Marathon Petro 04/02/19 UGI Corporation / AmeriGas Par 03/18/19 ArcLight Energy Partners Fu 02/05/19 SunCoke Energy, Inc. All Min Median Transactions M Cash received, by the 30- trading day VWAP of the target as calculated from the last undisturbed trading day prior to the announcement 45

------

![](ny20007737x1_exc2slide53.jpg)

Confidential – Preliminary and Subject to Change Preliminary Valuation of SIRE Common Units Premiums Paid Analysis (cont'd) Summary Results – Cash-for-Unit Transactions 1-Day Prior Spot Unit Price as of July 5, 2022 Median 1-Day Prior Spot Price Premium Source: FactSet 46 $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 For Reference Only

------

![](ny20007737x1_exc2slide54.jpg)

Confidential – Preliminary and Subject to Change Appendix

------

![](ny20007737x1_exc2slide55.jpg)

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

------

![](ny20007737x1_exc2slide56.jpg)

Confidential – Preliminary and Subject to Change Unit/Share Price Market Equity Total Debt and Total Debt / Adjusted Unlevered Partnership/Corporation 9/7/22 Value Preferred Equity Total Capitalization Beta 1 B Risk-free Rate 3 Unlevered Beta Debt / Total Capitalization Adjusted Levered Equity Beta WACC Sup Market Risk Premium 4 Small Company Risk Premi 3.7% 0.43 37.1% Ciech SA $7.16 $377.4 $441.8 53.9% 0 Genesis Energy, L.P. 11.60 1,421.9 4,160.9 74.5% Türkiye Sise ve Cam Fabrikalari A.S. 1.44 4,301.5 2,094.1 32.7% Solvay SA 81.08 8,364.1 4,942.4 CAPM Tata Chemicals Limited 14.11 3,595.5 879.1 Mean Median Sisecam Resources LP $21.80 $440.4 Weighted Average Cost of Capital Analysis SIRE WACC Analysis – Capital Asset Pricing Model ($ 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 Source: 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 Rate as of September 7, 2022 Source: 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 (3.4%) + (Levered Equity Beta 0.60 × Market Risk Premium: Supply Side 9.4% and Historical 10.0%) + Small Company Risk Premium 2.3% Based upon SIRE Financial Projections Supply-Side MRP WACC Sensitivity Historical MRP WACC Sensitivity Debt / Total Cap Unlevered Beta 0.33 0.38 0.43 0.48 0.53 Debt / Total Cap Unlevered Beta 0.33 0.38 0.43 0.48 0.53 25.0% 6.8% 7.1% 7.4% 7.7% 8.0% Equity Cost of Cap 30.0% 6.6% 6.9% 7.1% 7.4% 7.7% Pre-Tax 35.0% 6.3% 6.6% 6.9% 7.2% 7.5% 40.0% 6.1% 6.4% 6.6% 6.9% 7.2% 45.0% 5.8% 6.1% 6.4% 6.7% 6.9% 25.0% 30.0% 35.0% 40.0% 45.0% 7.1% 6.9% 6.6% 6.4% 6.1% 7.5% 7.2% 7.0% 6.7% 6.5% 7.8% 7.6% 7.3% 7.0% 6.8% 8.1% 7.9% 7.6% 7.4% 7.1% 8.5% 8.2% 7.9% 7.7% 7.4% 47

------**

## Ex-99.(C)(3)

------

**Exhibit (c)(3)**<br>

**** 

<br> **![](ny20007737x1_exc3slide1.jpg)

Confidential – Preliminary and Subject to Change Discussion Materials Regarding Project Houston September 20, 2022

------

![](ny20007737x1_exc3slide2.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.

------

![](ny20007737x1_exc3slide3.jpg)

Confidential – Preliminary and Subject to Change **Table of Contents** Section Executive Summary SIRE Situation Analysis Preliminary Valuation of SIRE Common Units Preliminary Valuation Detail – SIRE Financial Projections Preliminary Valuation Detail – Sensitivity Cases Appendix Weighted Average Cost of Capital Analysis SIRE Reserve Report Financial Projections – Sensitivity Cases I II III

------

![](ny20007737x1_exc3slide4.jpg)

Confidential – Preliminary and Subject to Change I. Executive Summary

------

![](ny20007737x1_exc3slide5.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 Sisecam Chemicals proposes to acquire each outstanding Common Unit owned by the Unaffiliated Unitholders for $17.90 in cash (the "Proposed Consideration")  The Proposed Consideration represents a 0.3% discount to SIRE's closing Common Unit price of $17.95  The Proposed Consideration represents a 0.2% premium to SIRE's 30-day volume weighted average price ("VWAP") as of July 5, 2022, the last unaffected trading date

------

![](ny20007737x1_exc3slide6.jpg)

Confidential – Preliminary and Subject to Change Executive Summary Changes Since Conflicts Committee Meeting on September 9, 2022 Evercore made the following updates and adjustments from the draft presentation dated September 9, 2022, as requested by the Conflicts Committee:  Added the implied control premium paid by Sisecam USA in the 2021 Acquisition (as defined herein) relative to: (i) SIRE's equity market capitalization and (ii) the implied market value of Sisecam Wyoming  Analyzed historical and projected IHS pricing received on September 9, 2022  Analyzed historical and projected gross margin based on net revenue, exclusive of freight cost  Added two Sensitivity Cases for the SIRE Financial Projections: A sensitivity case including: (i) IHS price forecasts adjusted based on the historical difference between IHS pricing and SIRE's historical realized price per ton; (ii) production volumes in-line with historical levels and (iii) gross margin consistent with historical results ("Sensitivity Case #1") A sensitivity case based on the Sensitivity Case #1 that also incorporates production growth and capital expenditures associated with the project SIRE began considering in 2019 (the "Unit 8 Expansion") that would increase soda ash production levels to approximately 3.5 million metric tons per annum ("mtpa") ("Sensitivity Case #2")  Analyzed the Statement of Resources and Reserves Through Life of Mine prepared by Hollberg Professional Group, P.C. as of March 10, 2022 (the "SIRE Reserve Report")  SIRE Management provided information that informed these updates and adjustments Adjusted the weighted average cost of capital ("WACC") analysis to utilize a cost of debt based upon the ICE BofA BB U.S. High Yield Bond Index yield-to-worst as of September 15, 2022 Adjusted the terminal year Enterprise Value / EBITDA multiple range utilized in the discounted cash flow analysis to 5.5x-8.0x from 6.0x-8.0x Adjusted the Enterprise Value / 2023E EBITDA multiple range utilized in the precedent M&A transactions analysis to 6.0x-8.5x from 7.0x-9.0x ●1 ●2 2

------

![](ny20007737x1_exc3slide7.jpg)

Confidential – Preliminary and Subject to Change Executive Summary Summary Organizational Structure and Transaction Economics ($ in millions, except per unit amounts) Transaction Economics Current Partnership Ownership Structure Source: Partnership filings, FactSet, SIRE Financial Projections 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 100% of Sisecam Wyoming EBITDA less SIRE G&A 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") Ciner Enterprise Inc. WE Soda Ltd. ("WE Soda") Türkiye Şişe Ve Cam Fabrikaları A.Ş ("Sisecam Parent") 100% ~26% LP Interest 5,248,791 Common Units 51% 49% 100% Sisecam Chemicals USA Inc. ("Sisecam USA") 60% 40% Interests to be acquired in the Proposed Transaction ~72% LP Interest ~2% LP Interest 14,551,000 Common Units 399,000 GP Units 3 ("Ciner Enterprises") Total Equity Value – SIRE1 $361.6 $429.8 Noncontrolling Interest² 347.4 413.0 Total Equity Value – Sisecam Wyoming $708.9 $842.8 Plus: Net Debt as of December 31, 2022 140.2 140.2 Consolidated Enterprise Value $849.2 $983.0 SIRE Financial Projections – SIRE Consolidated EBITDA3 Implied SIRE Consolidated Enterprise Value Consideration Unit Price as of Price 9/15/22 SIRE Common Unit Price SIRE Units Outstanding¹ $17.90 20.2 $21.28 20.2 2022E 2023E 2024E 2025E $152.0 154.0 143.5 113.4 $152.0 154.0 143.5 113.4 Enterprise Value / SIRE Consolidated EBITDA 2022E 2023E 2024E 2025E 5.6x 5.5 5.9 7.5 6.5x 6.4 6.9 8.7

------

![](ny20007737x1_exc3slide8.jpg)

Confidential – Preliminary and Subject to Change $21.28 $17.87 $17.45 $19.16 $18.80 $17.90 $20.05 $12.00 $14.00 $16.00 $18.00 $20.00 $22.00 $24.00 7/8/21 9/8/21 7/15/22 9/15/22 Historical Price (SIRE) 11/9/21 1/10/22 Last 30 Trading Days VWAP 3/13/22 5/14/22 Last 60 Trading Days VWAP Last 6 Months VWAP Last 12 Months VWAP Proposed Consideration Go-Forward VWAP Executive Summary SIRE Unit Trading 7/5/22: SCR delivered non- binding proposal to acquire all Common Units held by Unaffiliated Unitholders Consideration Premium SIRE Price Relative to Hist $17.90 $21.25 1 Proposed Consideration Unaffected Closing Price Last 30 Trading Days VWAP Last 60 Trading Days VWAP Last 6 Months VWAP Last 12 Mon Go 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

------

![](ny20007737x1_exc3slide9.jpg)

Confidential – Preliminary and Subject to Change Executive Summary 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 1. Based on Illustrative Value per LP Unit and 20.2 million SIRE LP and GP units 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 2. SIRE Market Cap divided by 51% to arrive at an implied equity value for Sisecam Wyoming 5

------

![](ny20007737x1_exc3slide10.jpg)

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

------

![](ny20007737x1_exc3slide11.jpg)

Confidential – Preliminary and Subject to Change SIRE Situation Analysis Public Trading Statistics ($ in millions, except per unit amounts) Balance Sheet and Credit Data Common Unit Price and Distribution Information 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 Total Debt Net Debt Plus: Noncontrolling Interest (Book Value) Plus: Partners' Capital $154.3 $150.9 156.4 201.2 Net Book Capitalization $508.5 Revolver Availability / Total Revolver Capacity $120 / $225 Current 2023E $2.00 2.40 9.4% 11.3% Net Debt / Net Book Cap 29.7% 2024E 2.21 10.4% Net Debt / 2022E EBITDA 1.0x $3.00 $2.50 $2.00 $1.50 $1.00 $0.50 $-- $-- $5.00 $10.00 $15.00 $20.00 $25.00 9/15/20 5/16/21 Distribution per Unit 9/15/22 Distribution per Unit Unit Price 1/14/22 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% 2.0% $-- $0.5000 $0.5000 $0.0102 19.8 $9.9 $0.2 $39.6 $0.8 98.0% 2.0% 0.5000 0.5750 -- -- 19.8 -- -- -- -- 85.0% 15.0% 0.5750 0.6250 -- -- 19.8 -- -- -- -- 75.0% 25.0% 0.6250 0.7500 -- -- 19.8 -- -- -- -- 50.0% 50.0% 0.7500 -- -- 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 Includes General Partner 2.0% interest 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 September 15, 2022 Total Units Outstanding1 Common Unit Price 20.2 $21.28 Total Equity Value Plus: Net Debt Plus: Noncontrolling Interest (Market Value)2 $429.8 150.9 413.0 Enterprise Value $993.7 Management Projections Metric Yield/Multiple Distribution Yield EV / EBITDA3 2022E $152 6.5x 2023E 154 6.5 2024E 143 6.9 3. SIRE Consolidated EBITDA equal to 100% of Sisecam Wyoming EBITDA less SIRE G&A 6

------

![](ny20007737x1_exc3slide12.jpg)

Confidential – Preliminary and Subject to Change COVID-19 Impacted $104 $121 $134 $117 $120 $137 $135 $62 $89 $155 2.27 2.31 2.41 2.49 2.46 2.37 2.50 2.02 2.55 2.29 -- 1.0 2.0 3.0 4.0 5.0 6.0 $-- $25 $50 $75 $100 $125 $150 $175 2013A 2014A 2017A 2018A 2019A 2020A Soda Ash Volume Sold (Million Metric Tons) 2021A 2022E Soda Ash Volume Sold (Million Metric Tons) 2015A 2016A Sisecam Wyoming EBITDA Owns a controlling 51% interest in Sisecam Wyoming, one of the largest and lowest cost producers of natural soda ash in the world  Sisecam Wyoming's Green River Basin facility has been in operation for more than 50 years 2.5 million mtpa of soda ash production capacity and over 50 years of trona mining reserves Since 2019, SIRE management has been evaluating the Unit 8 Expansion that could increase production levels to 3.5 million mtpa, 134% of the last five-year average SIRE Situation Analysis Partnership Overview Description Sisecam Wyoming Plant Location and Mine Footprint Known Sodium Leasing Area ($ in millions) Historical and Projected Sisecam Wyoming EBITDA and Volumes Sold Source: Partnership filings, SIRE management 7 2.4 mtpa / 96.0% 2013A–2019A Avg. Sales Volumes / Capacity Utilization

------

![](ny20007737x1_exc3slide13.jpg)

Confidential – Preliminary and Subject to Change SIRE Situation Analysis Beginning in 2019, Sisecam Wyoming has considered the Unit 8 Expansion, including construction of a new refinery unit, rail track loop and associated facilities that would increase soda ash production levels to approximately 3.5 million mtpa  The project would involve installing a new Unit 8 circuit, construction of an additional production shaft and construction of a new rail loop track, among other additions Sisecam Wyoming began procuring engineering services related to the Unit 8 Expansion in 2019 On February 18, 2020, Sisecam Wyoming presented to the Sweetwater County Commission to obtain approval to construct the Unit 8 Expansion  At the time, Sisecam Wyoming estimated a total project cost of $426.0 million In August 2020, in light of reduced demand caused by the COVID-19 pandemic, SIRE elected to slow capital expenditures associated with the Unit 8 Expansion Leading up to the 2021 Acquisition, SIRE continued to assess the timing of the project in the context of the capital outlay, construction schedule and market recovery  Throughout this time, SIRE maintained that it planned to expand operations and it was confident in the long-term fundamentals that supported new capacity in the market In a reserve estimate filed on March 15, 2022, SIRE commented that the Unit 8 Expansion was shown outside the 5-year capital budget, and given the uncertainties of timing, the Unit 8 Expansion was not included in the reserve estimate. However, SIRE commented that the operation is considered profitable as-is  On September 16, 2022, SIRE management provided an updated capital expenditure estimate for the Unit 8 Expansion of $750 million to $835 million Proposed Unit 8 Expansion Project Layout Sisecam Wyoming has received several regulatory approvals for construction of the Unit 8 Expansion, including the Air Quality (New Source Review Construction Permit), Land Quality Permit, Bureau of Land Management On-Lease Action Approval and Industrial Siting Permit Sisecam Wyoming still needs a water quality permit and a construction permit from Sweetwater County Some permits can expire, and changes to design or location would require additional permitting Project Overview Permitting Status Source: Partnership filings and reports 8

------

![](ny20007737x1_exc3slide14.jpg)

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 ("AII-LF"), 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 AII-LF 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. $0 $10,000 $20,000 $30,000 $40,000 Dayrate Source: SIRE management, Association of American Railroads, FactSet, Bloomberg 9 2012-2022E Average Annual Change Core CPI: 2.2% All-LF: 2.5%

------

![](ny20007737x1_exc3slide15.jpg)

Confidential – Preliminary and Subject to Change Freight costs are primarily comprised of rail transportation, port fees and seaborne shipping costs  The majority of freight costs for domestic sales are rail transportation and storage costs, which are contracted and fairly stable  Exports incur seaborne shipping costs, which are more cyclical in nature SIRE Situation Analysis Freight Costs Freight Cost Overview Historical Freight Cost Trend 2022E Freight Cost ($MM) 2022E Projected Freight Cost per Metric Ton: $103.99 Domestic Sales Exports $78 $70 $106 $117 $81 $88 $88 $75 $90 $100 $140 $120 $100 $80 $60 $40 $20 $-- 2018A 2019A Total Freight Cost ($MM) 2020A 2021A 2022E Freight Cost per Ton ($/mt) $62 $73 $49 $107 $172 $40 $39 $38 $71 $116 $200 $175 $150 $125 $100 $75 $50 $25 $-- 2018A 2019A Total Freight Cost ($MM) 2020A 2021A 2022E Freight Cost per Ton ($/mt) Domestic $117 Source: SIRE management 10 Export $172

------

![](ny20007737x1_exc3slide16.jpg)

Confidential – Preliminary and Subject to Change Natural Gas $16.90 Electricity $4.19 Fixed Utilities $5.16 After transportation, SIRE's second most significant operating cost is energy SIRE's primary energy cost is natural gas, as well as electricity and fixed utilities  Natural gas cost is primarily driven by power- generation required for mining and trona processing plant equipment SIRE Situation Analysis Energy Costs Energy Cost Overview Historical Energy Cost Trend 2022E Energy Cost per Unit ($/ Metric Ton) 2022E Total Energy Cost per Metric Ton: $26.25 Natural Gas Fixed Utilities Electricity 3.45 3.49 4.07 3.78 3.95 $3.36 $3.25 $2.87 $2.98 $4.28 $0.00 $2.00 $4.00 $6.00 $8.00 -- 1.00 2.00 3.00 4.00 5.00 2018A 2019A Actual / Projected Cost ($/MMBtu) Consumption (MMBtu/mt) 197 181 154 122 126 $0.035 $0.034 $0.039 $0.033 $0.033 $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 $6.48 $6.41 $5.36 $5.16 $8.00 $7.00 $6.00 $5.00 $4.00 $3.00 $2.00 $1.00 $0.00 2018A 2019A 2020A 2021A 2022E Unit Cost ($/mt) 2020A 2021A 2022E During Q4 2020, SIRE placed a new natural gas-fired turbine co-generation facility into service, which provides approximately one- third of the mine's power Source: SIRE management 11

------

![](ny20007737x1_exc3slide17.jpg)

Confidential – Preliminary and Subject to Change Salaried 297 Hourly 147 Sisecam Chemicals currently employs 444 people who work at SIRE's facility In 2021, Sisecam Chemicals 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, Sisecam Chemicals 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 Facility Employee Count by Salary Type 446 452 444 444 444 $144 $150 $147 $166 $185 $-- $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: Partnership filings, SIRE management 12 $67.8 $65.3 $73.6 $82.0 $-- $20.0 $60.0 $40.0 $80.0 $100.0 2018A 2019A 2020A 2021A 2022E

------

![](ny20007737x1_exc3slide18.jpg)

Confidential – Preliminary and Subject to Change SIRE Situation Analysis Source: SIRE Financial Projections 13 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

------

![](ny20007737x1_exc3slide19.jpg)

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 $100 2018A 2019A 2020A 2021A 2022E 2025E 2026E 2027E 2028E Deca Sales 2023E 2024E Metric Tons ('000s) SIRE Situation Analysis Historical and Projected Sales and Deca Breakout Historical and Projected Sales ($ in millions) $233 $207 $209 $277 $289 $344 $330 $311 $314 $340 $344 $253 $316 $178 $114 $50 $6 $150 $385 $441 $408 $374 $369 $399 $396 $487 $523 $392 $540 $724 $785 $738 $685 $684 $739 $740 $-- $200 $400 $600 $800 2018A 2019A 2020A 2021A 2022E 2023E 2024E 2025E 2026E 2027E 2028E Domestic ANSAC Direct Export Deca Sales By Year ($ in millions, thousand mtpa) Source: Partnership filings, SIRE Financial Projections 14

------

![](ny20007737x1_exc3slide20.jpg)

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 15

------

![](ny20007737x1_exc3slide21.jpg)

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 150,000 Metric Ton Estimated Annual Replenishment Source: SIRE Financial Projections, SIRE management 16

------

![](ny20007737x1_exc3slide22.jpg)

Confidential – Preliminary and Subject to Change COVID-19 Impacted COVID-19 Impacted $300 $275 $250 $225 $200 $175 $150 $125 $100 $75 $50 2012A 2013A 2014A 2015A 2016A 2017A 2018A 2019A 2020A 2021A 2022E 2023E 2024E 2025E 2026E 2027E 2028E Source: SIRE management, USGS, IHS SIRE Situation Analysis Soda Ash Pricing Trends – Domestic Sales and Exports Historical and Projected Soda Ash Pricing Trends – Domestic Sales vs. Exports ($ per metric ton) Domestic Sales Exports SIRE direct export net pricing is in line with IHS forecast in 2023E; significant negative divergence beginning in 2024E Legend SIRE Domestic, Net USGS, FOB Plant IHS Domestic, Net Legend SIRE ANSAC, Net SIRE Direct Export, Net USGS Export, FAS IHS Export, Net $5 / mtpa 2012A–2019A Avg. IHS Premium to SIRE $48 / mtpa 2022E–2028E Avg. IHS Premium to SIRE $64 / mtpa 2022E–2028E Avg. IHS Premium to SIRE $30 / mtpa 2012A–2019A Avg. IHS Premium to SIRE Note: For historical periods, SIRE netback pricing for domestic sales and exports is expressed as the gross realized price less the freight cost per unit sales volume, respectively, by sales channel 17

------

![](ny20007737x1_exc3slide23.jpg)

Confidential – Preliminary and Subject to Change 21.03 25.14 23.72 23.59 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 7.48 7.48 7.35 4.02 3.23 7.00 4.76 4.86 4.97 5.09 5.20 5.32 24.27 22.62 3.90 22.29 4.50 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 70.74 172.87 184.00 180.00 174.00 170.00 170.00 167.00 $-- $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% 4.7% 4.6% 4.4% 2.7% 2.6% 3.4% 2.5% 4.0% 2.6% 2.7% 4.4% 4.6% 4.4% 2.9% 3.0% 3.1% 4.4% 4.4% 3.2% 16.6% 14.9% 16.7% 20.0% 16.4% 17.9% 17.7% 17.6% 16.6% 17.9% 18.6% 37.9% 41.8% 30.9% 33.9% 33.5% 40.9% 39.3% 39.3% 35.8% 34.6% 30.8% --% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 2018A 2019A 2020A 2021A 2022E 2023E 2024E 2025E 2026E 2027E 2028E SIRE Situation Analysis 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 $51.47, or 27.2%  Reduced net price represents 8.3% of the 27.2% margin compression from 2022E to 2028E  Of the remaining 18.9% of margin compression between 2022E and 2028E, personnel costs are the key driver Historical and Projected Margin Trend (Excluding Freight) Gross Profit per Metric Ton ($/ mt) Gross Profit as % of Net Revenue 37.1% Energy Personnel Royalties Production Taxes Other Gross Profit Source: SIRE management 18 2018A-2022E Avg. Gross Margin

------

![](ny20007737x1_exc3slide24.jpg)

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 19

------

![](ny20007737x1_exc3slide25.jpg)

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 20

------

![](ny20007737x1_exc3slide26.jpg)

Confidential – Preliminary and Subject to Change 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) Sisecam Wyoming Distribution Coverage 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 3 68.2 67.6 31.5 44.5 75.9 77.4 72. $139.3 $137.9 $64.3 $90.8 $154.9 $158.0 $147.5 $117 $-- $25 $75 $50 $125 $100 $150 $175 $200 2018A 45.9 30.3 43.3 52.9 48.6 41.3 37.5 39.1 32.5 44.1 29.2 20.6 41.6 50.8 46.7 39.7 36.0 37.5 31.2 $90.0 $59.5 $14.5 7.1 21.4 7.4 $42.0 $85.0 1.37x 1.94x 2.75x 1.49x 1.48x 1.25x 1.25x 1.10x 1.10x 1.10x 1.10x $103.7 $95.3 $81.0 $73.5 $76.6 $63.7 $-- $25 $50 $75 $100 $125 $150 2018A 2019A 2020A 2021A 2022E 2023E 2024E 2025E 2026E 2027E 2028E Distributions to SIRE Distributions to NRP 0.6x 0.8x 2.0x 1.3x 0.9x 0.7x 0.5x 0.5x 0.5x 0.5x 0.5x --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 21

------

![](ny20007737x1_exc3slide27.jpg)

Confidential – Preliminary and Subject to Change SIRE Situation Analysis Source: SIRE Financial Projections 22 Sisecam Wyoming Financial Projections – 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 Expost 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)

------

![](ny20007737x1_exc3slide28.jpg)

Confidential – Preliminary and Subject to Change SIRE Situation Analysis Sisecam Wyoming Financial Projections – Cash Flow Summary 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 $6.4 Sisecam Wyoming Coverage Ratio 1.48x 1.25x 1.25x 1.10x 1.10x 1.10x 1.10x 2022E 2023E For the Years Ending December 31, 2024E 2025E 2026E 2027E 2028E Sisecam Wyoming Distributable Cash Flow Source: SIRE Financial Projections 23 ($ in millions)

------

![](ny20007737x1_exc3slide29.jpg)

Confidential – Preliminary and Subject to Change SIRE Situation Analysis Sisecam Wyoming Financial Projections – Sources and Uses 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 (1.8) (3.4) -- -- -- -- -- Other 5.0 -- -- -- -- -- -- Total Uses $13.3 $22.9 $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 (8.4) (5.0) (5.0) (5.0) (5.0) (5.0) (5.0) Net Debt $140.2 $117.4 $77.8 $61.5 $53.4 $55.6 $50.2 Net Debt / Adjusted EBITDA 0.9x 0.7x 0.5x 0.5x 0.5x 0.5x 0.5x 2022E 2023E For the Years Ending December 31, 2024E 2025E 2026E 2027E 2028E Sources Source: SIRE Financial Projections 24 ($ in millions)

------

![](ny20007737x1_exc3slide30.jpg)

Confidential – Preliminary and Subject to Change SIRE Situation Analysis Source: SIRE Financial Projections 25 SIRE Financial Projections – Cash Flow Summary 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) $-- $-- $-- $-- $-- $-- $-- ($ in millions, except per unit amounts) For the Years Ending December 31,

------

![](ny20007737x1_exc3slide31.jpg)

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

------

![](ny20007737x1_exc3slide32.jpg)

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 December 31, 2022 effective date 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% Sensitivity Case #2: Unit 8 Expansion's implied net present value per SIRE unit, calculated using discount rates ranging from 10.0% to 15.0% (the "Implied Unit 8 NPV per Unit"), was added to Sensitivity Case #1's implied SIRE unit value 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 Sensitivity Case #2: the Implied Unit 8 NPV per Unit was added to Sensitivity Case #1's implied SIRE unit value 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 Sensitivity Case #2: the Implied Unit 8 NPV per Unit was added to Sensitivity Case #1's implied SIRE unit value 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 December 31, 2022 effective date Terminal yield range of 8.0% to 12.0%  Cost of equity of 9.0% to 11.0% based on CAPM Sensitivity Case #2: the Implied Unit 8 NPV per Unit was added to Sensitivity Case #1's implied SIRE unit value 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 Sensitivity Case #2: the Implied Unit 8 NPV per Unit was added to Sensitivity Case #1's implied SIRE unit value 26 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

------

![](ny20007737x1_exc3slide33.jpg)

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 7.75% - 8.75% Terminal Yield of: 8.0% - 12.0% Equity Cost of Capital of: 9.0% - 11.0% Discounted Distributions Analysis Premiums Paid Analysis $14.85 $14.10 $17.18 $15.42 $12.32 $19.21 $14.91 $22.23 $19.45 $17.29 $26.60 $24.90 $21.14 $28.70 $19.52 $23.27 $-- $5.00 $10.00 $15.00 $20.00 $25.00 $30.00 $50.00 $45.00 $40.00 $35.00 Preliminary Valuation of SIRE Common Units Valuation Summary – SIRE Financial Projections – Common Units Proposed Consideration: $17.90 FOR REFERENCE ONLY SIRE Financial Projections 27

------

![](ny20007737x1_exc3slide34.jpg)

Confidential – Preliminary and Subject to Change Preliminary Valuation of SIRE Common Units Sensitivity Cases – Assumptions Sensitivity Case # 1 Sensitivity Case # 2 Net Realized Pricing Domestic and export net realized pricing reflects IHS netback forecasts less $5.00 and $30.00 per metric ton, respectively, from 2022E to 2028E  Discounts based on the average historical difference between IHS pricing and SIRE realized pricing from 2012A to 2019A rounded to the nearest $1.00 Domestic Export Netback ($/mt) 2022E 2023E 2024E 2025E 2026E 2027E 2028E 2022E 2023E 2024E 2025E 2026E 2027E 2028E IHS Forecast $193 $203 $229 $226 $225 $207 $211 $200 $270 $270 $258 $248 $248 $238 Historical Avg. IHS-SIRE Spread (5) (5) (5) (5) (5) (5) (5) (30) (30) (30) (30) (30) (30) (30) Adjusted IHS Forecast $188 $198 $224 $221 $220 $202 $206 $170 $240 $240 $228 $218 $218 $208 Soda Ash Volumes Same deca utilization assumptions as SIRE Financial Projections Soda ash production capacity utilization of 96.0%, consistent with 2012A-2019A historical average  Any reduction in deca-related production is assumed to be replaced through increased trona mining  Results in 2.40 million mtpa of soda ash production throughout projection period Unit 8 Expansion reaches FID by year-end 2022E, adding 1.0 million metric tons of new soda ash production capacity  Incremental capacity comes online at the beginning of 2025E Same deca and capacity utilization assumptions as 1 Operating Costs Before considering the cost effects of additional trona mining, 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 in 2025E and thereafter in line with the five-year trailing average gross margin through 2022E of 37.1% To account for the cost effects of increased trona mining given reduced availability of deca, production-related costs (energy, personnel, materials, maintenance and other) were increased in proportion to the increase in mining-related production volumes relative to available capacity (excluding deca)  Results in lower gross margins than those that would be achieved before giving effect to increased trona mining Royalties and production taxes based on a percentage of net revenue consistent with SIRE Financial Projections 28

------

![](ny20007737x1_exc3slide35.jpg)

Confidential – Preliminary and Subject to Change Preliminary Valuation of SIRE Common Units Sensitivity Cases – Assumptions (cont'd) Sensitivity Case # 1 Sensitivity Case # 2 Capital Expenditures Same as SIRE Financial Projections Includes a range of capital expenditure assumptions for the Unit 8 Expansion:  Low end of $504.2 million of growth capital expenditures, reflecting SIRE management's 2019 estimate of $426.0 million adjusted for actual / projected inflation through 2023E  High end of $835.0 million, reflecting the upper end of SIRE management's revised cost estimate as of July 2022, as provided on September 17, 2022 Expenditures incurred evenly throughout 2023E and 2024E Debt Same as SIRE Financial Projections Same as SIRE Financial Projections 29

------

![](ny20007737x1_exc3slide36.jpg)

Confidential – Preliminary and Subject to Change 30.8% 40.9% 40.5% 39.3% 41.7% 39.3% 38.2% 35.8% 32.2% 34.6% 32.2% 33.5% 35.9% 35.9% 2022E 2023E 2024E 2025E 2026E 2027E 2028E $2.40 $2.21 $1.85 $1.66 $1.74 $1.41 $2.00 $2.00 $3.00 $2.95 $2.60 $2.51 $2.71 $2.64 2022E 2023E 2024E 2025E 2026E 2027E 2028E $76.6 $71.2 $55.9 $51.8 $53.8 $46.9 $76.1 $78.0 $95.7 $94.1 $73.6 $71.2 $77.2 $75.5 2022E 2023E 2024E 2025E 2026E 2027E 2028E Preliminary Valuation of SIRE Common Units SIRE Financial Projections vs. Sensitivity Case #1 SIRE Financial Projections Sensitivity Case #1 EBITDA Attributable to SIRE DCF / LP Unit % Gross Margin 1 30 ($ in millions, except per unit amounts) Source: SIRE Financial Projections, SIRE management

------

![](ny20007737x1_exc3slide37.jpg)

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: 5.5x - 8.0x 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 7.75% - 8.75% Terminal Yield of: 8.0% - 12.0% Equity Cost of Capital of: 9.0% - 11.0% Discounted Distributions Analysis $24.36 $25.51 $17.73 $20.17 $17.45 $24.90 $24.06 $31.61 $31.47 $27.39 $32.01 $29.09 $36.74 $32.59 $-- $5.00 $10.00 $15.00 $20.00 $25.00 $30.00 $35.00 $50.00 $45.00 $40.00 Preliminary Valuation of SIRE Common Units •1 Valuation Summary – Sensitivity Case #1 – Common Units Proposed Consideration: $17.90 Sensitivity Case #1 31

------

![](ny20007737x1_exc3slide38.jpg)

Confidential – Preliminary and Subject to Change Volume Impact Only Margin Impact Only Price Impact Only Total Sensitivity Case #1 Impact $1.31 $12.62 $0.96 $3.12 $20.66 $0.96 $3.12 $20.66 $17.19 $18.15 $17.19 $20.31 $17.19 $37.85 $17.19 $19.96 $28.00 $15.00 $10.00 $5.00 $20.00 $25.00 $30.00 $35.00 $40.00 $45.00 Preliminary Valuation of SIRE Common Units 1 Illustrative Volume, Pricing and Margin Impact – Sensitivity Case #1 Implied SIRE Common Unit Value – Midpoint of DCF EBITDA Exit Multiple Methodology Value per Common Unit 1A 1C 1 A B1 1B C1 C1 C2 Price increase adjusted for margin assumptions (i.e., margin limits the effect of price increase) A B1 B2 1AB Chart Legend Margin Impact under Adjusted Pricing Adjustment to SIRE Financial Projections A 2013A-2021A Avg. Capacity Utilization (96.0%) B 2018A-2022E Avg. Gross Margin 1 B2 Margin Impact of Increased Trona Mining C1 Adjusted IHS Netback Pricing C2 Implied SIRE Common Unit Value SIRE Financial Projections Volume Impact Only Margin Impact Only Price Impact Only Volume + Margin Impact Sensitivity Case #1 1A 1B 1C 1AB 1 Results in margins greater than 45% (not seen historically) 32

------

![](ny20007737x1_exc3slide39.jpg)

Confidential – Preliminary and Subject to Change Preliminary Valuation of SIRE Common Units Illustrative Unit 8 Expansion Economics Evercore analyzed the illustrative returns of the Unit 8 Expansion Assumptions are consistent with the Sensitivity Case #2 2 ($ in millions, except per unit amounts)  Unit 8 growth capital expenditures ranging from $504.2 million to $835.0 million, spent evenly throughout 2023E and 2024E  1.0 million metric tons of new soda ash production capacity coming online January 1, 2025 Terminal Value assumes a 6.75x EBITDA multiple Unit 8 Expansion Internal Rate of Return Initial Investment ($252.1) ($252.1) $-- $-- $-- $-- SIRE's Share of Initial Investment (51%) (128.6) (128.6) -- -- -- -- Incremental EBITDA $-- $-- $80.6 $78.6 $74.9 $73.8 SIRE's Share of Incremental EBITDA (51%) -- -- 41.1 40.1 38.2 37.6 $37.6 Incremental Unlevered Free Cash Flow ($252.1) ($242.0) $87.2 $85.5 $82.0 $80.3 SIRE's Share of Incremental Unlevered Free Cash Flow (51%) (128.6) (123.4) 44.5 43.6 41.8 41.0 EBITDA Multiple 6.75x Implied Terminal Value $254.0 Total Unlevered Free Cash Flow to SIRE from Unit 8 Expansion ($128.6) ($123.4) $44.5 $43.6 $41.8 $41.0 $254.0 IRR 13.5% For the Years Ending December 31, 2023E 2024E 2025E 2026E 2027E 2028E Exit Multiple Implied Unit 8 NPV Impact to Implied SIRE Common Unit Value $504.2 Unit 8 Growth Capital Expenditures $600.0 $700.0 $835.0 10.0% 11.0% 12.0% 13.0% 14.0% 15.0% $31.6 ($12.9) ($59.3) ($121.9) 22.0 (22.1) (68.1) (130.2) 13.0 (30.7) (76.3) (137.9) 4.5 (38.8) (84.0) (145.0) (3.4) (46.3) (91.1) (151.7) (10.8) (53.3) (97.8) (157.8) Discount Rate $504.2 Unit 8 Growth Capital Expenditures $600.0 $700.0 $835.0 10.0% 11.0% 12.0% 13.0% 14.0% 15.0% $1.56 ($0.64) ($2.94) ($6.04) 1.09 (1.09) (3.37) (6.45) 0.64 (1.52) (3.78) (6.83) 0.22 (1.92) (4.16) (7.18) (0.17) (2.29) (4.51) (7.51) (0.53) (2.64) (4.84) (7.81) Discount Rate 33

------

![](ny20007737x1_exc3slide40.jpg)

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: 5.5x - 8.0x 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 7.75% - 8.75% Terminal Yield of: 8.0% - 12.0% Equity Cost of Capital of: 9.0% - 11.0% Discounted Distributions Analysis $24.36 $16.54 $25.51 $17.70 $17.73 $9.92 $20.17 $12.36 $17.45 $9.64 $24.90 $17.09 $24.06 $16.25 $31.61 $33.18 $31.47 $33.03 $27.39 $28.95 $32.01 $33.57 $29.09 $30.66 $36.74 $38.31 $32.59 $34.15 $-- $5.00 $10.00 $15.00 $20.00 $25.00 $30.00 $35.00 $40.00 $50.00 $45.00 Preliminary Valuation of SIRE Common Units Valuation Summary – Sensitivity Cases – Common Units Proposed Consideration: $17.90 1 2 Sensitivity Case #1 Sensitivity Case #2 1 1. Valuation ranges represent Case 1 ranges plus / minus the upper / lower implied unit value of the Unit 8 Expansion assuming $504.2 million / $835.0 million of Unit 8 growth capital expenditures and a discount rate for incremental Unit 8 unlevered free cash flows of 10.0% / 15.0%, respectively 34

------

![](ny20007737x1_exc3slide41.jpg)

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

------

![](ny20007737x1_exc3slide42.jpg)

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%); cash taxes assum Assumes unitholder tax rate of 29.6% from 2023E to 2025E and 37.0% thereafter For the Years Ending December 31, 2023E 2024E 2025E 2026E 2027E 2028E Exit Multiple Perpetuity Growth Sisecam Wyoming EBITDA $158.0 $147.5 $117.4 $109.4 $113.4 $99.7 $46.91 $99.7 Less: Tax Depreciation and Amortization2 (427.6) (21.7) (39.8) (53.8) (63.2) (67.7) (28.6) EBIT ($269.6) $125.8 $77.7 $55.6 $50.2 $32.0 $71.1 Less: Cash Taxes3 -- (7.4) (4.6) (4.1) (3.7) (3.6) (26.3) EBIAT ($269.6) $118.4 $73.1 $51.5 $46.5 $28.4 $44.8 Plus: Tax Depreciation and Amortization 427.6 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 $66.5 $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 $33.9 $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 $29.9 $18.9 EBITDA Multiple / Perpetuity Growth Rate 6.75x 1.0% Implied Terminal Value $316.3 - $262.7 Present Value of Terminal Value @ 8.25% Discount Rate Plus: Present Value of Unlevered Free Cash Flow @ 8.25% Discount Rate 196.6 - 222.1 163.3 Implied Enterprise Value $418.7 - $385.4 Less: Net Debt as of December 31, 2022 (SIRE's 51% Share) (71.5) Implied Equity Value SIRE LP Units Outstanding4 $347.2 - 20.2 $313.9 Implied SIRE LP Unit Value $17.19 - $15.54 Terminal Exit Multiple Perpetuity Growth Rate Discounted Cash Flow Analysis Preliminary Valuation Detail – SIRE Financial Projections 4.25x 5.50x 6.75x 8.00x 9.25x --% 0.5% 1.0% 1.5% 2.0% $16.10 $18.00 $19.91 $16.85 $17.63 $18.55 15.69 15.26 14.85 17.60 17.19 16.72 19.45 19.01 18.58 15.87 14.94 14.10 16.52 15.54 14.62 17.29 16.20 15.20 7.25% 7.75% 8.25% 8.75% 9.25% $14.10 13.70 13.32 12.96 12.62 14.45 16.28 18.10 $21.82 21.31 20.81 20.33 19.87 7.25% 7.75% 8.25% 8.75% 9.25% $16.18 15.28 14.42 13.65 12.95 13.35 13.80 14.30 $19.64 18.18 16.95 15.87 14.87 WACC WACC Unit Price Sensitivity Analysis ($ in millions, except per unit amounts) 4. Includes 2.0% general partner interest, economically equivalent to 399,000 LP Units at current quarterly distribution 35

------

![](ny20007737x1_exc3slide43.jpg)

Confidential – Preliminary and Subject to Change Preliminary Valuation Detail – SIRE Financial Projections ($ in millions, except per share/unit amounts) Peer Group Trading Analysis Source: Public filings and FactSet Note: No peer group company is directly comparable to SIRE 1 Price % of 52-Week Equity Enterprise EV / EBITDA Net Debt / Soda Ash Partnership / Corporation 9/15/22 High Value Value 2022E 2023E 2024E 2022E EBITDA % Revenue Chemical Companies with Soda Ash Operations 1. Based on SIRE Financial Projections 36 Ciech SA $7.24 54.6% $382 $691 4.1x 4.2x 4.1x 1.9x 40.9% Genesis Energy, L.P. 11.59 86.0% 1,421 5,871 8.7 8.0 7.5 5.0 30.3% Türkiye Sise ve Cam Fabrikalari A.S. 1.46 94.1% 4,355 6,284 5.6 4.6 4.1 1.1 30.0% Solvay SA 81.02 63.1% 8,358 11,897 4.3 4.8 4.6 1.3 15.4% Tata Chemicals Limited 14.68 95.5% 3,740 4,639 11.1 10.0 9.7 1.9 15.0% Mean 6.8x 6.3x 6.0x 2.2x 26.3% Median 5.6 4.8 4.6 1.9 30.0% Other MLPs Alliance Resource Partners, L.P. $25.03 90.6% $3,275 $3,609 3.7x 3.2x 2.8x 0.3x --% Natural Resource Partners L.P. 47.52 93.5% 643 1,348 4.2 NM NM 0.7 14.7% Mean 3.9x 3.2x 2.8x 0.5x 7.3% Median 3.9 3.2 2.8 0.5 7.3% Sisecam Resources LP 1 $21.28 90.4% $430 $994 6.5x 6.5x 6.9x 1.0x 100.0%

------

![](ny20007737x1_exc3slide44.jpg)

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) (71.5) Implied SIRE Equity Value SIRE LP Units Outstanding1 $347.0 – 20.2 $537.2 Implied SIRE Unit Price Range - 2022E Adjusted EBITDA $17.18 – $26.60 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) (71.5) Implied SIRE Equity Value SIRE LP Units Outstanding1 $311.5 – 20.2 $503.0 Implied SIRE Unit Price Range - 2023E Adjusted EBITDA $15.42 – $24.90 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) (71.5) Implied SIRE Equity Value SIRE LP Units Outstanding1 $248.9 – 20.2 $426.9 Implied SIRE Unit Price Range - 2024E Adjusted EBITDA $12.32 – $21.14 Source: SIRE Financial Projections 1. Includes 2.0% general partner interest, economically equivalent to 399,000 LP Units at current quarterly distribution 37

------

![](ny20007737x1_exc3slide45.jpg)

Confidential – Preliminary and Subject to Change 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) (71.5) Implied Equity Value $388.1 – $579.6 SIRE LP Units Outstanding4 20.2 Implied SIRE Unit Price Range - 2023E Adjusted EBITDA $19.21 – $28.70 4. Includes 2.0% general partner interest, economically equivalent to 399,000 LP Units at current quarterly distribution 38 Precedent Green River Basin Soda Ash Transactions1 Date Transaction Transaction Announced Acquiror / Target (Seller) Value Value / EBITDA 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)

------

![](ny20007737x1_exc3slide46.jpg)

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 @ 8.0% Cost of Equity $16.63 – $20.33 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 Implied SIRE Unit Value – Based on CAPM $14.91 – $19.52 For the Years Ending December 31, 2023E 2024E 2025E 2026E 2027E 2028E Terminal Value Low High ($ per unit) 2. Based on SIRE's 52-week yield range of 6.1% to 14.1% with a median of 9.4% and mean of 10.0%. Current yield is 9.4% as of September 15, 2022 39 Source: FactSet, SIRE Financial Projections 1. Values LP units based on LP unit distributions and does not consider GP distributions

------

![](ny20007737x1_exc3slide47.jpg)

Confidential – Preliminary and Subject to Change Preliminary Valuation Detail – SIRE Financial Projections Premiums Paid Analysis For Reference Only Source: Bloomberg, FactSet, Public filings Note: No transaction is directly comparable to the Proposed Transaction 1. 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 Premium 1 Date Announced Acquiror / Target Consideration 1-Day 30-D Prior Spot 07/28/22 PBF Energy Inc. / PBF Logistics LP Cash/Stock-for-Unit (3.0%) 07/25/22 Shell USA, Inc. / Shell Midstream Partners, L.P. Cash-for-Unit 23. 06/02/22 Hartree Partners, LP / Sprague Resources LP Cash-for-Unit 05/25/22 Höegh LNG Holdings Ltd / Höegh LNG Partners LP Cash-for-Unit 05/16/22 Diamondback Energy / Rattler Midstream LP Stock-for-Unit 04/22/22 Ergon, Inc. / Blueknight Energy Partners, L.P. Cash-for-Unit 12/20/21 BP p.l.c / BP Midstream Partners LP Stock-for-Unit 10/27/21 Phillips 66 / Phillips 66 Partners LP Stock-for-U 10/04/21 Stonepeak Infrastructure Partners / Teekay LNG Partners LP Cash 08/23/21 Landmark Dividend / Landmark Infrastructure Partners LP 03/05/21 Chevron Corporation / Noble Midstream Partners LP 12/15/20 TC Energy Corporation / TC PipeLines, LP 07/27/20 CNX Resources Corporation / CNX Midstream Partners 02/27/20 Equitrans Midstream Corporation / EQM Midstream Partners 12/17/19 Blackstone Infrastructure Partners / Tallgrass Energy LP 10/01/19 Brookfield Business Partners L.P. / Teekay Offsho 05/10/19 IFM Investors / Buckeye Partners, L.P. 05/08/19 MPLX LP / Andeavor (Marathon Petro 04/02/19 UGI Corporation / AmeriGas Par 03/18/19 ArcLight Energy Partners Fu 02/05/19 SunCoke Energy, Inc. All Min Median Transactions M Cash received, by the 30- trading day VWAP of the target as calculated from the last undisturbed trading day prior to the announcement 40

------

![](ny20007737x1_exc3slide48.jpg)

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 41 For Reference Only ($ per unit)

------

![](ny20007737x1_exc3slide49.jpg)

Confidential – Preliminary and Subject to Change B. Preliminary Valuation Detail – Sensitivity Cases

------

![](ny20007737x1_exc3slide50.jpg)

Confidential – Preliminary and Subject to Change For the Years Ending December 31, Exit Perpetuity 2023E 2024E 2025E 2026E 2027E 2028E Multiple Growth Perpetuity Growth Rate 4.25x Terminal Exit Multiple 5.50x 6.75x 8.00x 9.25x --% 0.5% $26.20 $29.27 $32.34 7.25% $2 31.61 $35.41 34.60 28.63 28.00 $23.13 22.54 21.92 21.34 25.64 25.03 24 7.25% 7.75% 8.25% 8.75% 9.25% Sisecam Wyoming EBITDA $195.4 $192.3 $152.2 $147.5 $159.1 $155.9 $75.5 1 $155.9 Less: Tax Depreciation and Amortization2 (663.5) (21.7) (39.8) (53.8) (63.2) (67.7) (28.6) EBIT ($468.1) $170.6 $112.5 $93.8 $96.0 $88.3 $127.4 Less: Cash Taxes3 -- (10.1) (6.7) (6.9) (7.1) (6.5) (47.1) EBIAT ($468.1) $160.5 $105.8 $86.9 $88.9 $81.7 $80.2 Plus: Tax Depreciation and Amortization 663.5 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 $170.2 $171.8 $127.0 $114.0 $114.3 $119.8 $80.2 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 $86.8 $87.6 $64.8 $58.2 $58.3 $61.1 $40.9 Less: SIRE G&A (4.0) (4.0) (4.0) (4.0) (4.0) (4.0) (4.0) SIRE Unlevered Free Cash Flow $82.8 $83.6 $60.8 $54.2 $54.3 $57.1 $36.9 EBITDA Multiple / Perpetuity Growth Rate 6.75x 1.0% Implied Terminal Value $509.8 - $514.4 Present Value of Terminal Value @ 8.25% Discount Rate Plus: Present Value of Unlevered Free Cash Flow @ 8.25% Discount Rate 316.9 - 319.7 319.6 Implied Enterprise Value $636.5 - $639.3 Less: Net Debt as of December 31, 2022 (SIRE's 51% Share) (70.9) Implied Equity Value $565.6 - $568.4 SIRE LP Units Outstanding4 20.2 Implied SIRE LP Unit Value $28.00 - $28.14 C WACC Preliminary Valuation Detail – Sensitivity Cases Unit Price Sensitivity Analysis Source: SIRE Financial Projections, SIRE management 51% of Sisecam Wyoming EBITDA less $4.0 million SIRE G&A 2022E tax DD&A assumes 100.0% bonus depreciation calculated as the midpoint of the enterprise value range plus 2022E capital expenditures; 2023E and 2024E tax DD&A assumes 100.0% bonus depreciation on capital expenditures; bonus depreciation phase-down on growth capital expenditures in 2025E (80.0%) and 2026E (60.0%) Assumes unitholder tax rate of 29.6% from 2023E to 2025E and 37.0% thereafter 4. Includes 2.0% general partner interest, economically equivalent to 399,000 LP Units at current quarterly distribution 42 Discounted Cash Flow Analysis – Sensitivity Case #1 1 ($ in millions, except per unit amounts)

------

![](ny20007737x1_exc3slide51.jpg)

Confidential – Preliminary and Subject to Change Preliminary Valuation Detail – Sensitivity Cases Peer Group Trading Analysis – Sensitivity Case #1 2022E EBITDA Attributable to SIRE Relevant EBITDA Multiple 5.5x $78.0 – 8.0x Implied Enterprise Value Based on 2022E Adjusted EBITDA $429.1 – $624.1 Less: Net Debt as of December 31, 2022 (SIRE's 51% Share) (70.9) Implied SIRE Equity Value SIRE LP Units Outstanding1 $358.2 – 20.2 $553.2 Implied SIRE Unit Price Range - 2022E Adjusted EBITDA $17.73 – $27.39 2023E EBITDA Attributable to SIRE Relevant EBITDA Multiple 5.0x $95.7 – 7.5x Implied Enterprise Value Based on 2023E Adjusted EBITDA $478.3 – $717.4 Less: Net Debt as of December 31, 2022 (SIRE's 51% Share) (70.9) Implied SIRE Equity Value SIRE LP Units Outstanding1 $407.4 – 20.2 $646.5 Implied SIRE Unit Price Range - 2023E Adjusted EBITDA $20.17 – $32.01 2024E EBITDA Attributable to SIRE Relevant EBITDA Multiple 4.5x $94.1 – 7.0x Implied Enterprise Value Based on 2024E Adjusted EBITDA $423.3 – $658.5 Less: Net Debt as of December 31, 2022 (SIRE's 51% Share) (70.9) Implied SIRE Equity Value SIRE LP Units Outstanding1 $352.5 – 20.2 $587.6 Implied SIRE Unit Price Range - 2024E Adjusted EBITDA $17.45 – $29.09 1 Source: SIRE Financial Projections 1. Includes 2.0% general partner interest, economically equivalent to 399,000 LP Units at current quarterly distribution 43 ($ in millions, except per unit amounts)

------

![](ny20007737x1_exc3slide52.jpg)

Confidential – Preliminary and Subject to Change Preliminary Valuation Detail – Sensitivity Cases Precedent M&A Transactions Analysis – Sensitivity Case #1 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 $573.9 $95.7 – – 8.5x $813.0 Less: Net Debt as of December 31, 2022 (SIRE's 51% Share) (70.9) Implied Equity Value SIRE LP Units Outstanding1 $503.0 – 20.2 $742.2 Implied SIRE Unit Price Range - 2023E Adjusted EBITDA $24.90 – $36.74 Source: Public filings, Wall Street research, SIRE Financial Projections 1. Includes 2.0% general partner interest, economically equivalent to 399,000 LP Units at current quarterly distribution 44 1 ($ in millions, except per unit amounts)

------

![](ny20007737x1_exc3slide53.jpg)

Confidential – Preliminary and Subject to Change Preliminary Valuation Detail – Sensitivity Cases Discounted Distributions Analysis – Sensitivity Case #1 Source: FactSet, SIRE Financial Projections 1. Values LP units based on LP unit distributions and does not consider GP distributions ($ per unit) SIRE Distribution per LP Unit (Cash, As Paid)1 $3.00 $2.95 $2.60 $2.51 $2.71 $2.64 $2.64 – $2.64 Terminal Yield2 12.0% 8.0% Terminal Value $22.02 $33.03 Equity Cost of Capital Based on CAPM Present Value @ 8.0% Cost of Equity $27.09 – $34.03 Present Value @ 9.0% Cost of Equity 26.03 – 32.59 Present Value @ 10.0% Cost of Equity 25.02 – 31.23 Present Value @ 11.0% Cost of Equity 24.06 – 29.95 Present Value @ 12.0% Cost of Equity 23.16 – 28.74 Implied SIRE Unit Value – Based on CAPM $24.06 – $32.59 For the Years Ending December 31, 2023E 2024E 2025E 2026E 2027E 2028E Terminal Value Low High 1 2. Based on SIRE's 52-week yield range of 6.1% to 14.1% with a median of 9.4% and mean of 10.0%. Current yield is 9.4% as of September 15, 2022 45

------

![](ny20007737x1_exc3slide54.jpg)

Confidential – Preliminary and Subject to Change Appendix

------

![](ny20007737x1_exc3slide55.jpg)

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

------

![](ny20007737x1_exc3slide56.jpg)

Confidential – Preliminary and Subject to Change Weighted Average Cost of Capital Analysis SIRE WACC Analysis – Capital Asset Pricing Model ($ in millions, except per unit / share amounts) 2. Unlevered Beta calculated as: Adjusted Equity Beta × (E/(E + D × (1-T)); Assumes corporate tax rate of 29.6% Historical MRP WACC Sensitivity Debt / Total Cap Unlevered Beta 0.35 0.40 0.45 0.50 0.55 25.0% 8.1% 8.4% 8.8% 9.1% 9.4% 30.0% 8.0% 8.3% 8.6% 9.0% 9.3% Note: Capital structure includes effect of dilutive securities and GP interest; does not attribute value to the IDRs 35.0% 7.9% 8.2% 8.5% 8.9% 9.2% 1. Source: Predicted raw betas from FactSet; Adjusted Equity Beta calculated as: (0.67) × Raw Beta + (0.33) × 1.0 40.0% 7.8% 8.1% 8.4% 8.8% 9.1% 3. 20-year Treasury as of September 15, 2022 45.0% 7.7% 8.0% 8.3% 8.6% 9.0% Unit/Share Price Market Equity Total Debt and Total Debt / Adjusted Unlevered Partnership/Corporation 9/15/22 Value Preferred Equity Total Capitalization Beta 1 B Risk-free Rate 3 Unlevered Beta Debt / Total Capitalization Adjusted Levered Equity Beta WACC Sup Market Risk Premium 4 Small Company Risk Premi Supply-Side MRP WACC Sensitivity Debt / Total Cap Unlevered Beta 0.35 0.40 0.45 0.50 0.55 25.0% 7.7% 8.0% 8.3% 8.6% 8.9% 3.8% 0.45 37.3% Ciech SA $7.24 $381.6 $444.2 53.8% 0 Genesis Energy, L.P. 11.59 1,420.7 4,160.9 74.5% Türkiye Sise ve Cam Fabrikalari A.S. 1.46 4,355.4 2,090.1 32.4% Solvay SA 81.02 8,358.2 4,965.8 CAPM Tata Chemicals Limited 14.68 3,740.1 881.4 Mean Median Sisecam Resources LP $21.28 $429.8 Equity Cost of Cap 30.0% 7.7% 7.9% 8.2% 8.5% 8.8% Pre-Tax 35.0% 7.6% 7.8% 8.1% 8.4% 8.7% 40.0% 7.5% 7.8% 8.0% 8.3% 8.6% 45.0% 7.4% 7.7% 7.9% 8.2% 8.5% 4. 5. 6. Source: 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) 46

------

![](ny20007737x1_exc3slide57.jpg)

Confidential – Preliminary and Subject to Change Weighted Average Cost of Capital Analysis SIRE WACC Analysis – Capital Asset Pricing Model (Pre-Tax) ($ in millions, except per unit / share amounts) Supply-Side MRP WACC Sensitivity Historical MRP WACC Sensitivity Debt / Total Cap Unlevered Beta 0.30 0.35 0.40 0.45 0.50 Unit/Share Price Market Equity Total Debt and Total Debt / Adjusted Unlevered Partnership/Corporation 9/15/22 Value Preferred Equity Total Capitalization Beta 1 B Risk-free Rate 3 Unlevered Beta Debt / Total Capitalization Adjusted Levered Equity Beta WACC Sup Market Risk Premium 4 Small Company Risk Premi 3.8% 0.40 37.3% Ciech SA $7.24 $381.6 $444.2 53.8% 0 Genesis Energy, L.P. 11.59 1,420.7 4,160.9 74.5% Türkiye Sise ve Cam Fabrikalari A.S. 1.46 4,355.4 2,090.1 32.4% Solvay SA 81.02 8,358.2 4,965.8 CAPM Tata Chemicals Limited 14.68 3,740.1 881.4 Mean Median Sisecam Resources LP $21.28 $429.8 Debt / Total Cap Unlevered Beta 0.30 0.35 0.40 0.45 0.50 25.0% 8.1% 8.4% 8.7% 9.0% 9.4% Equity Cost of Cap 30.0% 8.2% 8.5% 8.8% 9.1% 9.4% Pre-Tax 35.0% 8.2% 8.5% 8.8% 9.1% 9.4% 40.0% 8.2% 8.6% 8.9% 9.2% 9.5% 45.0% 8.3% 8.6% 8.9% 9.2% 9.5% 4. 5. 6. Source: 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) 47 2. Unlevered Beta calculated as: Adjusted Equity Beta × (E/(E + D × (1-T)); Assumes corporate tax rate of 29.6% 25.0% 8.4% 8.8% 9.1% 9.5% 9.9% 30.0% 8.5% 8.8% 9.2% 9.5% 9.9% Note: Capital structure includes effect of dilutive securities and GP interest; does not attribute value to the IDRs 35.0% 8.5% 8.9% 9.2% 9.6% 10.0% 1. Source: Predicted raw betas from FactSet; Adjusted Equity Beta calculated as: (0.67) × Raw Beta + (0.33) × 1.0 40.0% 8.6% 8.9% 9.3% 9.6% 10.0% 3. 20-year Treasury as of September 15, 2022 45.0% 8.6% 9.0% 9.3% 9.7% 10.0%

------

![](ny20007737x1_exc3slide58.jpg)

Confidential – Preliminary and Subject to Change B. SIRE Reserve Report

------

![](ny20007737x1_exc3slide59.jpg)

Confidential – Preliminary and Subject to Change SIRE Reserve Report Source: SIRE Reserve Report 48 NAV Analysis – Assumptions Assumptions From SIRE Reserve Report Soda Ash Production Annual soda ash production of 2.725 million short tons, or approximately 2.472 million metric tons throughout the forecast period  Increased mine production from 4.2 million short tons per year to 5.0 million short tons per year in 2024E  Deca mining reduced to 25% in 2024E  Dry soda ash conversion of 1.835 ore to ash Soda Ash Price Soda ash price of $187.90 per short ton, or approximately $207.12 per metric ton, based on prior five years of revenue Mining Costs Mining costs per ton based on the mix of two-seam mining, thin-seam mining and Deca mining, and the respective cost of each method  Total two-seam mining costs increase 53% with mix of two-seam tonnage increasing from 25% of production to 50% of production in 2029E  Cost increase in 2032E coinciding with plant upgrade  Thin-seam mining costs increase 24% in year 2051E when the 9+ foot ore has been depleted Operating Costs Based on average of prior five years of actual costs and held constant through life of mine ("LOM") Capital Expenditures Capital costs are based on actual costs seen during operations and are projected through LOM and estimated future capital expenditures including:  Sustaining capital of $30.0 million per year for LOM  $100.0 million plant upgrade in 2032 to mitigate slugs of low-grade ore due to floor rolls  $20.0 million for new mining equipment in 2042E For Reference Only

------

![](ny20007737x1_exc3slide60.jpg)

Confidential – Preliminary and Subject to Change Year Sisecam Wyoming PTOP 2023E $72.1 $69.0 ($3.8) 2024E 72.1 63.3 (3.5) 2025E 72.1 58.1 (3.2) 2026E 72.1 53.3 (3.0) 2027E 72.1 48.9 (2.7) 2028E 61.3 38.2 (2.5) 2029E 61.3 35.0 (2.3) 2030E 61.3 32.1 (2.1) 2031E 61.3 29.5 (1.9) 2032E (46.8) (20.7) (1.8) 2033E 53.2 21.5 (1.6) 2034E 53.2 19.7 (1.5) 2035E 53.2 18.1 (1.4) 2036E 53.2 16.6 (1.2) 2037E 53.2 15.2 (1.1) 2038E 53.2 14.0 (1.1) 2039E 53.2 12.8 (1.0) 2040E 53.2 11.8 (0.9) 2041E 53.2 10.8 (0.8) 2042E 33.2 6.2 (0.7) 2043E 53.2 9.1 (0.7) 2044E 53.2 8.3 (0.6) 2045E 53.2 7.6 (0.6) 2046E 53.2 7.0 (0.5) 2047E 53.2 6.4 (0.5) 2048E 53.2 5.9 (0.4) 2049E 53.2 5.4 (0.4) 2050E 53.2 5.0 (0.4) 2051E 39.5 3.4 (0.3) 2052E 39.5 3.1 (0.3) 2053E 39.5 2.9 (0.3) 2054E 39.5 2.6 (0.3) 2055E 39.5 2.4 (0.2) 2056E 39.5 2.2 (0.2) 2057E 39.5 2.0 (0.2) 2058E 39.5 1.9 (0.2) 2059E 39.5 1.7 (0.2) 2060E 39.5 1.6 (0.2) 2061E 39.5 1.4 (0.1) 2062E 39.5 1.3 (0.1) 2063E 39.5 1.2 (0.1) 2064E 39.5 1.1 (0.1) 2065E (46.0) (1.2) (0.1) Total $2,003.3 $636.0 ($45.3) Discounted Sisecam Wyoming PTOP 1 Discounted SIRE G&A1 The NAV valuation is based on the cash flows provided in the Reserve Report SIRE's implied NAV unit price was calculated by discounting SIRE's share of Sisecam Wyoming's Pre-Tax Operating Profit ("PTOP") from January 1, 2023E to December 31, 2065E from the Reserve Report at a range of SIRE Pre-Tax WACC and subtracting Sisecam Wyoming projected net debt as of December 31, 2022E and the Present Value of SIRE projected G&A discounted at a range of SIRE Pre-Tax WACC Less: PV of SIRE G&A (47.5) (45.3) (43.2) SIRE Equity Value $219.9 $208.2 $197.5 SIRE Units Outstanding 20.2 20.2 20.2 SIRE LP Unit Value $10.88 $10.31 $9.78 Pre-Tax WACC 8.50% 9.00% 9.50% PV of Pre-Tax Operating Profit Less: Net Debt as of 12/31/2022 $663.3 (139.0) $636.0 (139.0) $610.9 (139.0) Sisecam Wyoming Equity Value SIRE Interest in Sisecam Wyoming Equity Value to SIRE $524.3 51.0% $267.4 $497.0 51.0% $253.5 $471.9 51.0% $240.7 SIRE Reserve Report NAV per SIRE LP Unit Source: SIRE Reserve Report, SIRE Financial Projections NAV Analysis Pre-Tax Operating Profit For Reference Only ($ in millions, except per unit amounts) NAV Overview 1. Discounted at a 9.0% pre-tax WACC assuming mid-year convention 49

------

![](ny20007737x1_exc3slide61.jpg)

Confidential – Preliminary and Subject to Change C. Financial Projections – Sensitivity Cases

------

![](ny20007737x1_exc3slide62.jpg)

Confidential – Preliminary and Subject to Change Financial Projections – Sensitivity Cases SIRE Financial Projections, SIRE management 50 Sisecam Wyoming EBITDA – Sensitivity Case #1 1 2022E 2023E 2024E 2025E 2026E 2027E 2028E Domestic Sales Volumes (mt) 1.17 1.20 1.20 1.20 1.20 1.20 1.20 Expost Sales Volumes (mt) 1.35 1.20 1.20 1.20 1.20 1.20 1.20 Sales Volumes (mt) 2.52 2.40 2.40 2.40 2.40 2.40 2.40 Volume Growth (%) (1.3%) (4.7%) --% --% --% --% --% Domestic Gross Revenue $337.6 $364.1 $399.2 $399.1 $402.0 $384.6 $393.3 Export Gross Revenue 400.5 468.5 472.6 462.3 454.6 458.9 451.4 Gross Revenue $738.1 $832.7 $871.8 $861.4 $856.6 $843.5 $844.7 Domestic Freight ($117.0) ($126.5) ($130.3) ($134.3) ($138.3) ($142.4) ($146.7) Export Freight (171.8) (180.5) (184.6) (188.7) (193.0) (197.3) (201.8) Freight Costs ($288.7) ($307.1) ($314.9) ($323.0) ($331.3) ($339.7) ($348.5) Domestic Net Revenue $220.6 $237.6 $268.8 $264.8 $263.7 $242.2 $246.6 Export Net Revenue 228.7 288.0 288.0 273.6 261.6 261.6 249.6 Net Revenue $449.4 $525.6 $556.8 $538.4 $525.3 $503.8 $496.2 Average Net Realized Price $178.40 $219.00 $232.02 $224.33 $218.89 $209.90 $206.75 Energy Costs (68.8) (82.4) (84.8) (93.8) (91.5) (82.3) (81.1) Personnel Costs (85.3) (96.1) (119.0) (134.9) (131.6) (118.3) (116.5) Royalties (20.8) (24.4) (24.5) (23.7) (23.1) (22.2) (21.8) Severance & Ad Valorem Taxes (18.2) (13.6) (15.0) (16.3) (15.9) (15.2) (15.0) Other (74.3) (89.9) (100.7) (96.6) (94.3) (84.8) (83.5) Cost of Goods Sold ($267.4) ($306.4) ($344.1) ($365.3) ($356.4) ($322.8) ($317.9) Gross Profit $181.9 $219.2 $212.7 $173.1 $168.9 $181.0 $178.3 Gross Margin (% of Net Revenue) 40.5% 41.7% 38.2% 32.2% 32.2% 35.9% 35.9% Operating Expenses (23.3) (23.8) (20.4) (20.9) (21.4) (21.9) (22.3) Sisecam Wyoming EBITDA $158.7 $195.4 $192.3 $152.2 $147.5 $159.1 $155.9 EBITDA Margin (% of Net Revenue) 35.3% 37.2% 34.5% 28.3% 28.1% 31.6% 31.4% For the Years Ending December 31, ($ in millions)

------

![](ny20007737x1_exc3slide63.jpg)

Confidential – Preliminary and Subject to Change Financial Projections – Sensitivity Cases Sisecam Wyoming Cash Flow Summary – Sensitivity Case #1 Sisecam Wyoming EBITDA $158.7 $195.4 $192.3 $152.2 $147.5 $159.1 $155.9 Less: Cash Interest Expense (4.1) (2.8) (1.9) (1.2) (0.8) (0.6) (0.4) Less: Maintenance Capital Expenditures (25.0) (25.6) (26.1) (26.7) (27.3) (27.9) (28.6) Distributable Cash Flow $129.5 $167.0 $164.3 $124.3 $119.4 $130.6 $126.9 Sisecam Wyoming Distributed Cash Flow Distributions to SIRE (51.0%) $43.3 $68.1 $67.0 $57.6 $55.4 $60.5 $58.9 Distributions to NRP (49.0%) 41.6 65.5 64.4 55.4 53.2 58.2 56.5 Distributed Cash Flow $84.9 $133.6 $131.4 $113.0 $108.6 $118.7 $115.4 Distributable Cash Flow Surplus / (Shortfall) $44.6 $33.4 $32.9 $11.3 $10.9 $11.9 $11.5 Sisecam Wyoming Coverage Ratio 1.53x 1.25x 1.25x 1.10x 1.10x 1.10x 1.10x 2022E 2023E For the Years Ending December 31, 2024E 2025E 2026E 2027E 2028E Sisecam Wyoming Distributable Cash Flow SIRE Financial Projections, SIRE management 51 1 ($ in millions)

------

![](ny20007737x1_exc3slide64.jpg)

Confidential – Preliminary and Subject to Change Financial Projections – Sensitivity Cases Sisecam Wyoming Sources and Uses – Sensitivity Case #1 Distributable Cash Flow Surplus / (Shortfall) $44.6 $33.4 $32.9 $11.3 $10.9 $11.9 $11.5 Δ in NWC (27.5) 0.4 15.7 8.2 0.8 (9.8) (1.0) Cash from Revolver / (Cash to Revolver) -- -- -- -- -- 1.5 -- Total Sources $17.1 $33.8 $48.6 $19.5 $11.6 $3.5 $10.5 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 2.6 24.9 39.5 10.2 2.1 -- 5.6 Cash to (from) Balance Sheet (1.8) (3.4) -- -- (0.0) 0.0 0.0 Other 7.6 -- -- -- -- -- -- Total Uses $17.1 $30.4 $48.6 $19.5 $11.6 $3.5 $10.5 Capital Structure Total Debt $147.4 $113.6 $65.1 $45.6 $33.9 $31.9 $21.4 Less: Cash (8.4) (5.0) (5.0) (5.0) (5.0) (5.0) (5.0) Net Debt $139.0 $108.6 $60.1 $40.6 $28.9 $26.9 $16.4 Net Debt / Adjusted EBITDA 0.9x 0.6x 0.3x 0.3x 0.2x 0.2x 0.1x 2022E 2023E For the Years Ending December 31, 2024E 2025E 2026E 2027E 2028E Sources SIRE Financial Projections, SIRE management 52 1 ($ in millions)

------

![](ny20007737x1_exc3slide65.jpg)

Confidential – Preliminary and Subject to Change Financial Projections – Sensitivity Cases SIRE Financial Projections, SIRE management 53 SIRE Cash Flow Summary – Sensitivity Case #1 2022E 2023E 2024E 2025E 2026E 2027E 2028E Consolidated EBITDA Sisecam Wyoming EBITDA $158.7 $195.4 $192.3 $152.2 $147.5 $159.1 $155.9 Less: SIRE G&A (2.9) (4.0) (4.0) (4.0) (4.0) (4.0) (4.0) SIRE Consolidated EBITDA $155.8 $191.4 $188.3 $148.2 $143.5 $155.1 $151.9 EBITDA Attributable to SIRE SIRE'S 51% Share of Sisecam Wyoming EBITDA $80.9 $99.7 $98.1 $77.6 $75.2 $81.2 $79.5 Less: SIRE G&A (2.9) (4.0) (4.0) (4.0) (4.0) (4.0) (4.0) EBITDA Attributable to SIRE $78.0 $95.7 $94.1 $73.6 $71.2 $77.2 $75.5 SIRE Distributable Cash Flow Distributions from Sisecam Wyoming $43.3 $68.1 $67.0 $57.6 $55.4 $60.5 $58.9 Less: SIRE G&A (2.9) (4.0) (4.0) (4.0) (4.0) (4.0) (4.0) Distributable Cash Flow $40.4 $64.1 $63.0 $53.6 $51.4 $56.5 $54.9 Distributed Cash Flow Sisecam Chemicals $29.1 $43.6 $43.0 $37.8 $36.5 $39.4 $38.5 Public 10.5 15.7 15.5 13.6 13.2 14.2 13.9 General Partner 0.8 4.8 4.5 2.2 1.7 2.9 2.5 Distributed Cash Flow $40.4 $64.1 $63.0 $53.6 $51.4 $56.5 $54.9 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 $3.00 $2.95 $2.60 $2.51 $2.71 $2.64 Distribution per LP Unit 2.00 3.00 2.95 2.60 2.51 2.71 2.64 Distributable Cash Flow Surplus / (Shortfall) $-- $-- $-- $-- $-- $-- $-- For the Years Ending December 31, 1 ($ in millions, except per unit amounts)

------

![](ny20007737x1_exc3slide66.jpg)

Confidential – Preliminary and Subject to Change Financial Projections – Sensitivity Cases SIRE Financial Projections, SIRE management 54 Sisecam Wyoming EBITDA – Sensitivity Case #2 2 2022E 2023E 2024E 2025E 2026E 2027E 2028E Domestic Sales Volumes (mt) 1.17 1.20 1.20 1.68 1.68 1.68 1.68 Expost Sales Volumes (mt) 1.35 1.20 1.20 1.68 1.68 1.68 1.68 Sales Volumes (mt) 2.52 2.40 2.40 3.36 3.36 3.36 3.36 Volume Growth (%) (1.3%) (4.7%) --% 40.0% --% --% --% Domestic Gross Revenue $337.6 $364.1 $399.2 $558.7 $562.8 $538.4 $550.6 Export Gross Revenue 400.5 468.5 472.6 647.3 636.4 642.5 631.9 Gross Revenue $738.1 $832.7 $871.8 $1,205.9 $1,199.2 $1,180.9 $1,182.5 Domestic Freight ($117.0) ($126.5) ($130.3) ($188.0) ($193.6) ($199.4) ($205.4) Export Freight (171.8) (180.5) (184.6) (264.2) (270.2) (276.2) (282.5) Freight Costs ($288.7) ($307.1) ($314.9) ($452.2) ($463.8) ($475.6) ($487.8) Domestic Net Revenue $220.6 $237.6 $268.8 $370.7 $369.2 $339.0 $345.3 Export Net Revenue 228.7 288.0 288.0 383.0 366.2 366.2 349.4 Net Revenue $449.4 $525.6 $556.8 $753.8 $735.5 $705.3 $694.7 Average Net Realized Price $178.40 $219.00 $232.02 $224.33 $218.89 $209.90 $206.75 Energy Costs (68.8) (82.4) (84.8) (128.1) (125.0) (114.5) (112.8) Personnel Costs (85.3) (96.1) (119.0) (184.1) (179.7) (164.6) (162.1) Royalties (20.8) (24.4) (24.5) (33.2) (32.4) (31.0) (30.6) Severance & Ad Valorem Taxes (18.2) (13.6) (15.0) (22.8) (22.2) (21.3) (21.0) Other (74.3) (89.9) (100.7) (131.9) (128.7) (117.9) (116.1) Cost of Goods Sold ($267.4) ($306.4) ($344.1) ($500.1) ($488.0) ($449.4) ($442.6) Gross Profit $181.9 $219.2 $212.7 $253.7 $247.5 $255.9 $252.1 Gross Margin (% of Net Revenue) 40.5% 41.7% 38.2% 33.7% 33.7% 36.3% 36.3% Operating Expenses (23.3) (23.8) (20.4) (20.9) (21.4) (21.9) (22.3) Sisecam Wyoming EBITDA $158.7 $195.4 $192.3 $232.8 $226.2 $234.1 $229.7 EBITDA Margin (% of Net Revenue) 35.3% 37.2% 34.5% 30.9% 30.7% 33.2% 33.1% For the Years Ending December 31, ($ in millions)

------

![](ny20007737x1_exc3slide67.jpg)

Confidential – Preliminary and Subject to Change Financial Projections – Sensitivity Cases Sisecam Wyoming Cash Flow Summary – Sensitivity Case #2 Sisecam Wyoming EBITDA $158.7 $195.4 $192.3 $232.8 $226.2 $234.1 $229.7 Less: Cash Interest Expense (4.1) (5.4) (11.4) (14.5) (13.4) (12.8) (12.1) Less: Maintenance Capital Expenditures (25.0) (25.6) (26.1) (26.7) (27.3) (27.9) (28.6) Distributable Cash Flow $129.5 $164.4 $154.8 $191.5 $185.4 $193.3 $189.0 Sisecam Wyoming Distributed Cash Flow Distributions to SIRE (51.0%) $43.3 $67.1 $63.1 $88.8 $86.0 $89.6 $87.6 Distributions to NRP (49.0%) 41.6 64.5 60.7 85.3 82.6 86.1 84.2 Distributed Cash Flow $84.9 $131.5 $123.8 $174.1 $168.6 $175.7 $171.8 Distributable Cash Flow Surplus / (Shortfall) $44.6 $32.9 $31.0 $17.4 $16.9 $17.6 $17.2 Sisecam Wyoming Coverage Ratio 1.53x 1.25x 1.25x 1.10x 1.10x 1.10x 1.10x 2022E 2023E For the Years Ending December 31, 2024E 2025E 2026E 2027E 2028E Sisecam Wyoming Distributable Cash Flow SIRE Financial Projections, SIRE management 55 2 ($ in millions)

------

![](ny20007737x1_exc3slide68.jpg)

Confidential – Preliminary and Subject to Change Financial Projections – Sensitivity Cases Sisecam Wyoming Sources and Uses – Sensitivity Case #2 Distributable Cash Flow Surplus / (Shortfall) $44.6 $32.9 $31.0 $17.4 $16.9 $17.6 $17.2 Δ in NWC (27.5) 0.4 15.7 8.2 0.8 (9.8) (1.0) Cash from Revolver / (Cash to Revolver) -- 227.7 214.5 -- -- -- -- Total Sources $17.1 $261.0 $261.2 $25.6 $17.6 $7.7 $16.2 Uses Growth Capital Expenditures $0.1 $252.1 $252.1 $-- $-- $-- $-- Mandatory Debt Paydown 8.6 8.8 9.1 9.3 9.5 3.5 4.9 Discretionary Debt Paydown 2.6 -- -- 16.3 8.1 4.2 11.3 Cash to (from) Balance Sheet (1.8) (3.4) -- -- 0.0 (0.0) -- Other 7.6 -- -- -- -- -- -- Total Uses $17.1 $257.6 $261.2 $25.6 $17.6 $7.7 $16.2 Capital Structure Total Debt $147.4 $366.3 $571.7 $546.1 $528.5 $520.8 $504.6 Less: Cash (8.4) (5.0) (5.0) (5.0) (5.0) (5.0) (5.0) Net Debt $139.0 $361.3 $566.7 $541.1 $523.5 $515.8 $499.6 Net Debt / Adjusted EBITDA 0.9x 1.8x 2.9x 2.3x 2.3x 2.2x 2.2x 2022E 2023E For the Years Ending December 31, 2024E 2025E 2026E 2027E 2028E Sources SIRE Financial Projections, SIRE management 56 2 ($ in millions)

------

![](ny20007737x1_exc3slide69.jpg)

Confidential – Preliminary and Subject to Change Financial Projections – Sensitivity Cases SIRE Financial Projections, SIRE management 57 SIRE Cash Flow Summary – Sensitivity Case #2 2022E 2023E 2024E 2025E 2026E 2027E 2028E Consolidated EBITDA Sisecam Wyoming EBITDA $158.7 $195.4 $192.3 $232.8 $226.2 $234.1 $229.7 Less: SIRE G&A (2.9) (4.0) (4.0) (4.0) (4.0) (4.0) (4.0) SIRE Consolidated EBITDA $155.8 $191.4 $188.3 $228.8 $222.2 $230.1 $225.7 EBITDA Attributable to SIRE SIRE'S 51% Share of Sisecam Wyoming EBITDA $80.9 $99.7 $98.1 $118.7 $115.3 $119.4 $117.2 Less: SIRE G&A (2.9) (4.0) (4.0) (4.0) (4.0) (4.0) (4.0) EBITDA Attributable to SIRE $78.0 $95.7 $94.1 $114.7 $111.3 $115.4 $113.2 SIRE Distributable Cash Flow Distributions from Sisecam Wyoming $43.3 $67.1 $63.1 $88.8 $86.0 $89.6 $87.6 Less: SIRE G&A (2.9) (4.0) (4.0) (4.0) (4.0) (4.0) (4.0) Distributable Cash Flow $40.4 $63.1 $59.1 $84.8 $82.0 $85.6 $83.6 Distributed Cash Flow Sisecam Chemicals $29.1 $43.0 $40.8 $51.3 $50.2 $51.6 $50.9 Public 10.5 15.5 14.7 18.5 18.1 18.6 18.3 General Partner 0.8 4.6 3.6 15.0 13.6 15.4 14.4 Distributed Cash Flow $40.4 $63.1 $59.1 $84.8 $82.0 $85.6 $83.6 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 $2.96 $2.81 $3.53 $3.45 $3.55 $3.50 Distribution per LP Unit 2.00 2.96 2.81 3.53 3.45 3.55 3.50 Distributable Cash Flow Surplus / (Shortfall) $-- $-- $-- $-- $-- $-- $-- For the Years Ending December 31, 2 ($ in millions, except per unit amounts)

------**

## Ex-99.(C)(4)

------

**Exhibit (c)(4)**<br>

**** 

<br> **![](ny20007737x1_exc4slide1.jpg)

Confidential – Preliminary and Subject to Change Discussion Materials Regarding Project Houston October 6, 2022

------

![](ny20007737x1_exc4slide2.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.

------

![](ny20007737x1_exc4slide3.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 #1 Sensitivity Case #2 – Illustrative Unit 8 Expansion Economics Financial Projections and Preliminary Valuation Detail – Sensitivity Case #3 I II III

------

![](ny20007737x1_exc4slide4.jpg)

Confidential – Preliminary and Subject to Change I. Executive Summary

------

![](ny20007737x1_exc4slide5.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"), and on September 20, 2022, the Conflicts Committee countered at $29.50 (the "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 "Proposed Consideration")  The Proposed Consideration represents a 5.8% 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 Proposed Consideration represents a 6.3% premium to SIRE's 30-day volume weighted average price ("VWAP") as of July 5, 2022

------

![](ny20007737x1_exc4slide6.jpg)

Confidential – Preliminary and Subject to Change Executive Summary 2 Changes Since Conflicts Committee Meeting on September 20, 2022 Evercore made the following updates and adjustments from the draft presentation dated September 20, 2022, as requested by the Conflicts Committee:  Updated market prices to October 4, 2022  Added an incremental Sensitivity Case for the SIRE Financial Projections ("Sensitivity Case #3"), including: i. IHS price forecasts adjusted based on more recent historical difference between IHS pricing and SIRE's historical realized price per ton ii. production volumes as provided in the SIRE Financial Projections iii. gross margin as a percent of net revenue consistent with historical results

------

![](ny20007737x1_exc4slide7.jpg)

Confidential – Preliminary and Subject to Change Executive Summary 3 Transaction Economics at Various Values ($ in millions, except per unit amounts) Source: Partnership filings, FactSet, SIRE Financial Projections 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 100% of Sisecam Wyoming EBITDA less SIRE G&A Conflicts Committee Initial Proposed Unit Price as of $23.00 $25.00 $27.00 Counter- Proposal Consideration 10/4/2022 Unit Price Unit Price Unit Price proposal SIRE Common Unit Price $17.90 $19.00 $21.01 $23.00 $25.00 $27.00 $29.50 SIRE Units Outstanding¹ 20.2 20.2 20.2 20.2 20.2 20.2 20.2 Total Equity Value – SIRE² $361.6 $383.8 $424.4 $464.6 $505.0 $545.4 $595.9 Noncontrolling Interest² 347.4 368.7 407.7 446.4 485.2 524.0 572.5 Total Equity Value – Sisecam Wyoming $708.9 $752.5 $832.1 $910.9 $990.1 $1,069.3 $1,168.4 Plus: Net Debt as of December 31, 2022 144.9 144.9 144.9 144.9 144.9 144.9 144.9 Consolidated Enterprise Value $853.8 $897.4 $977.0 $1,055.8 $1,135.0 $1,214.2 $1,313.3 SIRE Financial Projections – SIRE Consolidated EBITDA³ 2022E $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 2024E 143.5 143.5 143.5 143.5 143.5 143.5 143.5 Consolidated Enterprise Value / SIRE Consolidated EBITDA 2022E 5.6x 5.9x 6.4x 6.9x 7.5x 8.0x 8.6x 2023E 5.5 5.8 6.3 6.9 7.4 7.9 8.5 2024E 6.0 6.3 6.8 7.4 7.9 8.5 9.2

------

![](ny20007737x1_exc4slide8.jpg)

Confidential – Preliminary and Subject to Change $21.05 $17.87 $17.45 $19.00 $18.80 $20.02 $19.16 $12.00 $14.00 $16.00 $18.00 $20.00 $22.00 $24.00 9/7/21 11/2/21 12/28/21 2/22/22 8/9/22 10/4/22 Historical Price (SIRE) Last 30 Trading Days VWAP 4/19/22 6/14/22 Last 60 Trading Days VWAP Last 6 Months VWAP Last 12 Months VWAP Proposed Consideration Go-Forward VWAP Executive Summary SIRE Unit Trading 7/5/22: SCR delivered non- binding proposal to acquire all Common Units held by Unaffiliated Unitholders 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 Consideration Premium Relative SIRE Price to Historical VWAP Proposed Consideration $19.00 Unaffected Closing Price Last 30 Trading Days VWAP Last 60 Trading Days VWAP $17.95 17.87 18.80 5.8% 6.3% 1.1% (0.8%) 8.9% Last 6 Months VWAP Last 12 Months VWAP Go-Forward VWAP 19.16 17.45 20.02 (5.1%) Source: FactSet, Bloomberg 4

------

![](ny20007737x1_exc4slide9.jpg)

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

------

![](ny20007737x1_exc4slide10.jpg)

Confidential – Preliminary and Subject to Change SIRE Situation Analysis Public Trading Statistics ($ in millions, except per unit amounts) Balance Sheet and Credit Data Common Unit Price and Distribution Information 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 Total Debt Net Debt Plus: Noncontrolling Interest (Book Value) Plus: Partners' Capital $154.3 $150.9 156.4 201.2 Net Book Capitalization $508.5 Revolver Availability / Total Revolver Capacity Net Debt / Net Book Cap Net Debt / 2022E EBITDA $120 / $225 29.7% 1.0x $3.00 $2.50 $2.00 $1.50 $1.00 $0.50 $-- $-- $5.00 $10.00 $15.00 $20.00 $25.00 10/4/20 6/4/21 Distribution per Unit 10/4/22 Distribution per Unit Unit Price 2/2/22 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% 2.0% $-- $0.5000 $0.5000 $0.0102 19.8 $9.9 $0.2 $39.6 $0.8 98.0% 2.0% 0.5000 0.5750 -- -- 19.8 -- -- -- -- 85.0% 15.0% 0.5750 0.6250 -- -- 19.8 -- -- -- -- 75.0% 25.0% 0.6250 0.7500 -- -- 19.8 -- -- -- -- 50.0% 50.0% 0.7500 -- -- 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 Includes General Partner 2.0% interest 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 4, 2022 Total Units Outstanding1 Common Unit Price 20.2 $21.05 Total Equity Value Plus: Net Debt Plus: Noncontrolling Interest (Market Value)2 $425.2 150.9 408.5 Enterprise Value $984.6 Management Projections Metric Yield/Multiple Distribution Yield Current 2023E 2024E EV / EBITDA3 2022E 2023E 2024E $2.00 2.40 2.21 9.5% 11.4% 10.5% $152 154 143 6.5x 6.4 6.9 3. SIRE Consolidated EBITDA equal to 100% of Sisecam Wyoming EBITDA less SIRE G&A 5

------

![](ny20007737x1_exc4slide11.jpg)

Confidential – Preliminary and Subject to Change SIRE Situation Analysis Source: SIRE Financial Projections 6 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

------

![](ny20007737x1_exc4slide12.jpg)

Confidential – Preliminary and Subject to Change SIRE Situation Analysis Source: SIRE Financial Projections 7 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)

------

![](ny20007737x1_exc4slide13.jpg)

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 8

------

![](ny20007737x1_exc4slide14.jpg)

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 9

------

![](ny20007737x1_exc4slide15.jpg)

Confidential – Preliminary and Subject to Change SIRE Situation Analysis Source: SIRE Financial Projections 10 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) $-- $-- $-- $-- $-- $-- $--

------

![](ny20007737x1_exc4slide16.jpg)

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

------

![](ny20007737x1_exc4slide17.jpg)

Confidential – Preliminary and Subject to Change Preliminary Valuation of SIRE Common Units Sensitivity Cases – Assumptions Sensitivity Case # 1 Sensitivity Case # 2 Sensitivity Case # 3 Net Realized Pricing Domestic and export net realized pricing reflects IHS netback forecasts less $5.00 and $30.00 per metric ton, respectively, from 2022E to 2028E  Based on the average historical difference between IHS pricing and SIRE realized pricing from 2012A to 2019A rounded to the nearest $1.00 Domestic and export net pricing reflects IHS netback forecasts less $20.00 and $35.00 per metric ton, respectively, from 2022E to 2028E  Discounts informed by the difference between IHS pricing and SIRE realized pricing in 2019A (the most recent year unaffected by the COVID-19 pandemic) Soda Ash Volumes Same deca utilization assumptions as SIRE Financial Projections Soda ash production capacity utilization of 96.0%, consistent with 2012A-2019A historical average  Any reduction in deca-related production is assumed to be replaced through increased trona mining  Results in 2.40 million mtpa of soda ash production throughout projection period Unit 8 Expansion reaches FID by year-end 2022E, adding 1.0 million metric tons of new soda ash production capacity  Incremental capacity comes online at the beginning of 2025E Same deca and capacity utilization assumptions as 1 Same as SIRE Financial Projections Operating Costs Before considering the cost effects of additional trona mining, 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 in 2025E and thereafter in line with the five-year trailing average gross margin through 2022E of 37.1% To account for the cost effects of increased trona mining given reduced availability of deca, production-related costs (energy, personnel, materials, maintenance and other) were increased in proportion to the increase in mining-related production volumes relative to available capacity (excluding deca)  Results in lower gross margins than those that would be achieved before giving effect to increased trona mining Royalties and production taxes based on a percentage of net revenue consistent with SIRE Financial Projections 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 11

------

![](ny20007737x1_exc4slide18.jpg)

Confidential – Preliminary and Subject to Change Preliminary Valuation of SIRE Common Units Sensitivity Cases – Assumptions (cont'd) Sensitivity Case # 1 Sensitivity Case # 2 Sensitivity Case # 3 Capital Expenditures Same as SIRE Financial Projections Includes a range of capital expenditure assumptions for the Unit 8 Expansion:  Low end of $504.2 million of growth capital expenditures, reflecting SIRE management's 2019 estimate of $426.0 million adjusted for actual / projected inflation through 2023E  High end of $835.0 million, reflecting the upper end of SIRE management's revised cost estimate as of July 2022, as provided on September 17, 2022 Expenditures incurred evenly throughout 2023E and 2024E Same as SIRE Financial Projections Debt Same as SIRE Financial Projections 12

------

![](ny20007737x1_exc4slide19.jpg)

Confidential – Preliminary and Subject to Change COVID-19 Impacted $75 $100 $125 $150 $175 $200 $225 2012A 2013A 2014A 2015A 2016A 2017A 2018A 2019A 2020A 2021A COVID-19 Impacted $75 $100 $125 $150 $200 $175 $225 2012A 2013A 2014A 2019A 2020A 2021A Preliminary Valuation of SIRE Common Units Historical Net Realized Pricing Trends – SIRE vs. IHS Historical and Projected Soda Ash Pricing Trends – Domestic Sales vs. Exports ($ 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 Domestic Sales Exports Legend SIRE Domestic, Net IHS Domestic, Net Legend SIRE ANSAC Export, Net IHS Export, Net $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) ($26.41) ($32.88) ($29.02) ($35.00) ($42.78) ($37.70) SIRE Net Realized Price Differential to IHS ($32.00) ($25.26) ($29.65) ($31.16) 13

------

![](ny20007737x1_exc4slide20.jpg)

Confidential – Preliminary and Subject to Change 35.8% 34.6% 30.8% 32.2% 32.2% 40.9% 40.5% 40.9% 39.3% 41.7% 39.3% 39.3% 38.2% 39.3% 37.1% 37.1% 33.5% 35.9% 37.1% 35.9% 37.1% 2022E 2023E 2024E 2025E 2026E 2027E 2028E $2.40 $2.21 $1.85 $2.71 $2.00 $2.00 $2.00 $3.00 $2.80 $2.95 $2.86 $2.60 $2.65 $2.51 $2.56 2022 Preliminary Valuation of SIRE Common Units SIRE Financial Projections vs. Sensitivity Case #1 & Case #3 EBITDA Attributable to SIRE DCF / LP Unit % Gross Margin ($ in millions, except per unit amounts) Source: SIRE Financial Projections, SIRE management SIRE Financial Projections Sensitivity Case #1 Sensitivity Case #3 14 1 3

------

![](ny20007737x1_exc4slide21.jpg)

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 December 31, 2022 effective date 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% Sensitivity Case #2: Unit 8 Expansion's implied net present value per SIRE unit, calculated using discount rates ranging from 10.0% to 15.0% (the "Implied Unit 8 NPV per Unit"), was added to Sensitivity Case #1's implied SIRE unit value 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 Sensitivity Case #2: the Implied Unit 8 NPV per Unit was added to Sensitivity Case #1's implied SIRE unit value 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 Sensitivity Case #2: the Implied Unit 8 NPV per Unit was added to Sensitivity Case #1's implied SIRE unit value 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 December 31, 2022 effective date Terminal yield range of 8.0% to 12.0%  Cost of equity of 9.0% to 11.0% based on CAPM Sensitivity Case #2: the Implied Unit 8 NPV per Unit was added to Sensitivity Case #1's implied SIRE unit value 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 Sensitivity Case #2: the Implied Unit 8 NPV per Unit was added to Sensitivity Case #1's implied SIRE unit value 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

------

![](ny20007737x1_exc4slide22.jpg)

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: 5.5x - 8.0x 2023E EBITDA Multiple: 5.0x - 7.5x 2024E EBITDA Multiple: 4.5x - 7.0x 2023E EBITDA Multiple: 6.0x - 8.5x Range of 24.4% - 29.6% Discount Rate: WACC of 8.0% - 9.0% Terminal Yield of: 8.0% - 12.0% Equity Cost of Capital of: 9.0% - 11.0% Discounted Distributions Analysis Premiums Paid Analysis $14.56 $13.63 $17.09 $15.34 $12.24 $19.13 $14.91 $22.23 $19.15 $16.64 $26.51 $24.82 $21.05 $28.61 $19.52 $23.27 $-- $5.00 $10.00 $15.00 $20.00 $25.00 $30.00 $50.00 $45.00 $40.00 $35.00 Preliminary Valuation of SIRE Common Units Valuation Summary – SIRE Financial Projections – Common Units Proposed Consideration: $19.00 FOR REFERENCE ONLY SIRE Financial Projections 16

------

![](ny20007737x1_exc4slide23.jpg)

Confidential – Preliminary and Subject to Change Peer Group Trading Analysis Precedent M&A Transactions Analysis Discounted Cash Flow 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: 5.5x - 8.0x 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: 9.0% - 11.0% Discounted Distributions Analysis $23.95 $16.14 $23.00 $24.70 $16.89 $23.59 $17.65 $9.83 $16.53 $20.08 $12.27 $18.42 $17.36 $9.55 $16.66 $24.82 $17.00 $22.84 $24.06 $16.25 $23.35 $31.17 $32.74 $29.98 $30.31 $31.87 $28.97 $27.30 $28.87 $25.71 $31.92 $33.48 $29.46 $29.01 $30.57 $27.94 $36.66 $38.22 $33.88 $32.59 $34.15 $31.59 $-- $5.00 $10.00 $15.00 $20.00 $25.00 $30.00 $35.00 $40.00 $50.00 $45.00 1. Valuation ranges represent Case 1 ranges plus / minus the upper / lower implied unit value of the Unit 8 Expansion assuming $504.2 million / $835.0 million of Unit 8 growth capital expenditures and a discount rate for incremental Unit 8 unlevered free cash flows of 10.0% / 15.0%, respectively Preliminary Valuation of SIRE Common Units Valuation Summary – Sensitivity Cases #1, #2 and #3 – Common Units Proposed Consideration: $19.00 Sensitivity Case #1 Sensitivity Case #21 1 2 3 Sensitivity Case #3 17

------

![](ny20007737x1_exc4slide24.jpg)

Confidential – Preliminary and Subject to Change Peer Group Trading Analysis Precedent M&A Transactions Analysis Discounted Cash Flow 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: 5.5x - 8.0x 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: 9.0% - 11.0% Discounted Distributions Analysis $23.00 $23.59 $16.53 $18.42 $16.66 $22.84 $23.35 $29.98 $28.97 $25.71 $29.46 $27.94 $33.88 $31.59 $-- $5.00 $10.00 $15.00 $20.00 $25.00 $30.00 $35.00 $50.00 $45.00 $40.00 Preliminary Valuation of SIRE Common Units •3 Valuation Summary – Sensitivity Case #3 – Common Units Proposed Consideration: $19.00 Sensitivity Case #3 18

------

![](ny20007737x1_exc4slide25.jpg)

Confidential – Preliminary and Subject to Change Appendix

------

![](ny20007737x1_exc4slide26.jpg)

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

------

![](ny20007737x1_exc4slide27.jpg)

Confidential – Preliminary and Subject to Change Unit/Share Price Market Equity Total Debt and Total Debt / Adjusted Unlevered Partnership/Corporation 10/4/22 Value Preferred Equity Total Capitalization Beta 1 B Risk-free Rate 3 Unlevered Beta Debt / Total Capitalization Adjusted Levered Equity Beta WACC Sup 0.39 0.44 0.49 0.54 Market Risk Premium 4 25.0% 8.3% 8.5% 8.8% 9.1% Small Company Risk Premi 30.0% 8.2% 8.5% 8.7% 9.0% Equity Cost of Cap 35.0% 8.1% 8.4% 8.7% 8.9% Pre-Tax 4.0% 0.44 35.7% Ciech SA $6.96 $366.8 $434.5 54.2% 0 Genesis Energy, L.P. 10.05 1,231.9 4,160.9 77.2% Türkiye Sise ve Cam Fabrikalari A.S. 1.47 4,393.8 2,054.6 31.9% Solvay SA 86.42 8,915.2 4,946.4 CAPM Tata Chemicals Limited 14.00 3,567.7 861.8 Mean Median Sisecam Resources LP $21.05 $425.2 Weighted Average Cost of Capital Analysis SIRE WACC Analysis – Capital Asset Pricing Model ($ 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 4, 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 Debt / Total Cap 0.39 0.44 0.49 0.54 Debt / Total Cap 40.0% 8.0% 8.3% 8.6% 8.8% 45.0% 7.9% 8.2% 8.5% 8.7% 25.0% 8.6% 9.0% 9.3% 9.6% 30.0% 8.5% 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% 9.2% 19

------

![](ny20007737x1_exc4slide28.jpg)

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

------

![](ny20007737x1_exc4slide29.jpg)

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%); cash taxes assum 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 For the Years Ending December 31, 2023E 2024E 2025E 2026E 2027E 2028E Perpetuity Growth Exit Multiple $46.91 Sisecam Wyoming EBITDA Less: Tax Depreciation and Amortization2 $158.0 (420.4) $147.5 (21.7) $117.4 (39.8) $109.4 (53.8) $113.4 (63.2) $99.7 (67.7) $99.7 (28.6) EBIT Less: Cash Taxes3 ($262.4) -- $125.8 (7.4) $77.7 (4.6) $55.6 (4.1) $50.2 (3.7) $32.0 (6.3) $71.1 (26.3) $44.8 28.6 (28.6) EBIAT Plus: Tax Depreciation and Amortization Less: Capital Expenditures Less: Changes in NWC ($262.4) 420.4 (25.6) 0.4 $118.4 21.7 (26.1) 15.7 $73.1 39.8 (26.7) 8.2 $51.5 53.8 (27.3) 0.8 $46.5 63.2 (27.9) (9.8) $25.7 67.7 (28.6) (1.0) - Sisecam Wyoming Unlevered Free Cash Flow SIRE Interest in Sisecam Wyoming $132.8 51.0% $129.6 51.0% $94.3 51.0% $78.7 51.0% $71.9 51.0% $63.8 51.0% $44.8 51.0% SIRE Share of Sisecam Wyoming Unlevered Free Cash Flow Less: SIRE G&A $67.7 (4.0) $66.1 (4.0) $48.1 (4.0) $40.1 (4.0) $36.7 (4.0) $32.6 (4.0) $22.9 (4.0) $63.7 $62.1 $44.1 $36.1 $32.7 $28.6 SIRE Unlevered Free Cash Flow EBITDA Multiple / Perpetuity Growth Rate 6.75x $18.9 1.0% $316.3 193.9 Implied Terminal Value Present Value of Terminal Value @ 8.5% Discount Rate Plus: Present Value of Unlevered Free Cash Flow @ 8.5% Discount Rate - $254.0 - 155.7 220.1 Implied Enterprise Value $414.0 - $375.8 Less: Net Debt as of December 31, 2022 (SIRE's 51% Share) (73.2) $340.7 Implied Equity Value SIRE LP Units Outstanding4 - $302.5 20.2 Implied SIRE LP Unit Value $16.87 - $14.98 Discounted Cash Flow Analysis Preliminary Valuation Detail – SIRE Financial Projections 4.25x 8.00x 9.25x --% 1.5% 2.0% Terminal Exit Multiple 5.50x 6.75x $15.83 $17.72 $19.59 Perpetuity Growth Rate 0.5% 1.0% $16.26 $16.97 $17.80 15.39 14.97 14.56 17.32 16.87 16.42 19.15 18.71 18.26 15.32 14.42 13.63 15.94 14.98 14.11 16.64 15.61 14.65 7.5% 8.0% 8.5% 9.0% 9.5% $13.81 13.42 13.05 12.71 12.37 14.18 15.98 17.78 $21.47 20.97 20.49 20.01 19.55 7.5% 8.0% 8.5% 9.0% 9.5% $15.64 14.75 13.94 13.20 12.54 12.92 13.33 13.80 $18.79 17.45 16.31 15.26 14.33 WACC WACC Unit Price Sensitivity Analysis ($ in millions, except per unit amounts)

------

![](ny20007737x1_exc4slide30.jpg)

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 4, 2022 1 ($ in millions, except per share/unit amounts) Equity Enterprise EV / EBITDA Net Debt / Soda Ash Value Value 2022E 2023E 2024E 2022E EBITDA % Revenue 2. Based on SIRE Financial Projections 21 Price % of 52-Week Partnership / Corporation 10/4/22 High 2 Chemical Companies with Soda Ash Operations Ciech SA $6.96 61.6% $367 $670 4.1x 4.2x 4.0x 1.9x 40.9% Genesis Energy, L.P. 10.05 74.6% 1,232 5,683 8.4 7.7 7.2 5.0 30.3% Türkiye Sise ve Cam Fabrikalari A.S. 1.47 95.0% 4,394 6,290 5.7 4.8 4.3 1.1 30.0% Solvay SA 86.42 67.5% 8,915 12,440 4.5 5.1 4.9 1.2 15.4% Tata Chemicals Limited 14.00 91.1% 3,568 4,447 11.0 10.1 9.6 1.9 15.0% Mean 6.7x 6.4x 6.0x 2.2x 26.3% Median 5.7 5.1 4.9 1.9 30.0% Other MLPs Alliance Resource Partners, L.P. $24.13 87.3% $3,157 $3,491 3.6x 3.1x 2.7x 0.3x --% Natural Resource Partners L.P. 42.00 82.7% 558 1,262 3.9 NM NM 0.7 14.7% Mean 3.8x 3.1x 2.7x 0.5x 7.3% Median 3.8 3.1 2.7 0.5 7.3% Sisecam Resources LP 2 $21.05 89.5% $425 $985 6.5x 6.4x 6.9x 1.0x 100.0%

------

![](ny20007737x1_exc4slide31.jpg)

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 22

------

![](ny20007737x1_exc4slide32.jpg)

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 23 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)

------

![](ny20007737x1_exc4slide33.jpg)

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 @ 8.0% Cost of Equity $16.63 – $20.33 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 Implied SIRE Unit Value – Based on CAPM $14.91 – $19.52 For the Years Ending December 31, 2023E 2024E 2025E 2026E 2027E 2028E Terminal Value Low High ($ per unit) 2. Based on SIRE's 52-week yield range of 6.1% to 14.1% with a median of 9.4% and mean of 10.0%. Current yield is 9.5% as of October 4, 2022 24 Source: FactSet, SIRE Financial Projections 1. Values LP units based on LP unit distributions and does not consider GP distributions

------

![](ny20007737x1_exc4slide34.jpg)

Confidential – Preliminary and Subject to Change Premiums Paid Analysis 1 Premium Date Announced Acquiror / Target Consideration 1-Day Prior Spot 30-Day VWAP 07/28/22 PBF Energy Inc. / PBF Logistics LP Cash/Stock-for-Unit (3.0%) 13.4% 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 Logistic 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 received, by the 30-trading day VWAP of the target as calculated from the last undisturbed trading day prior to the announcement 25 For Reference Only Source: Bloomberg, FactSet, Public filings Note: No transaction is directly comparable to the Proposed Transaction 1. 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 Min (3.0%) (11.2%) All Median 19.5% 22.2% Transactions Mean 20.5% 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%

------

![](ny20007737x1_exc4slide35.jpg)

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 26 For Reference Only ($ per unit)

------

![](ny20007737x1_exc4slide36.jpg)

Confidential – Preliminary and Subject to Change C. Financial Projections and Preliminary Valuation Detail – Sensitivity Case #1

------

![](ny20007737x1_exc4slide37.jpg)

Confidential – Preliminary and Subject to Change 30.8% 40.9% 40.5% 39.3% 41.7% 39.3% 38.2% 35.8% 32.2% 34.6% 32.2% 33.5% 35.9% 35.9% 2022E 2023E 2024E 2025E 2026E 2027E 2028E $2.40 $2.21 $1.85 $1.66 $1.74 $1.41 $2.00 $2.00 $3.00 $2.95 $2.60 $2.51 $2.71 $2.64 2022E 2023E 2024E 2025E 2026E 2027E 2028E $76.6 $71.2 $55.9 $51.8 $53.8 $46.9 $76.1 $78.0 $95.7 $94.1 $73.6 $71.2 $77.2 $75.5 2022E 2023E 2024E 2025E 2026E 2027E 2028E Financial Projections and Preliminary Valuation Detail – Sensitivity Case #1 SIRE Financial Projections vs. Sensitivity Case #1 SIRE Financial Projections Sensitivity Case #1 EBITDA Attributable to SIRE DCF / LP Unit % Gross Margin 1 Source: SIRE Financial Projections, SIRE management 27 ($ in millions, except per unit amounts)

------

![](ny20007737x1_exc4slide38.jpg)

Confidential – Preliminary and Subject to Change Financial Projections and Preliminary Valuation Detail – Sensitivity Case #1 SIRE Financial Projections, SIRE management 28 Sisecam Wyoming EBITDA – Sensitivity Case #1 2022E 2023E 2024E 2025E 2026E 2027E 2028E Domestic Sales Volumes (mt) 1.17 1.20 1.20 1.20 1.20 1.20 1.20 Export Sales Volumes (mt) 1.35 1.20 1.20 1.20 1.20 1.20 1.20 Sales Volumes (mt) 2.52 2.40 2.40 2.40 2.40 2.40 2.40 Volume Growth (%) (1.3%) (4.7%) --% --% --% --% --% Domestic Gross Revenue $337.6 $364.1 $399.2 $399.1 $402.0 $384.6 $393.3 Export Gross Revenue 400.5 468.5 472.6 462.3 454.6 458.9 451.4 Gross Revenue $738.1 $832.7 $871.8 $861.4 $856.6 $843.5 $844.7 Domestic Freight ($117.0) ($126.5) ($130.3) ($134.3) ($138.3) ($142.4) ($146.7) Export Freight (171.8) (180.5) (184.6) (188.7) (193.0) (197.3) (201.8) Freight Costs ($288.7) ($307.1) ($314.9) ($323.0) ($331.3) ($339.7) ($348.5) Domestic Net Revenue $220.6 $237.6 $268.8 $264.8 $263.7 $242.2 $246.6 Export Net Revenue 228.7 288.0 288.0 273.6 261.6 261.6 249.6 Net Revenue $449.4 $525.6 $556.8 $538.4 $525.3 $503.8 $496.2 Average Net Realized Price $178.40 $219.00 $232.02 $224.33 $218.89 $209.90 $206.75 Energy Costs (68.8) (82.4) (84.8) (93.8) (91.5) (82.3) (81.1) Personnel Costs (85.3) (96.1) (119.0) (134.9) (131.6) (118.3) (116.5) Royalties (20.8) (24.4) (24.5) (23.7) (23.1) (22.2) (21.8) Severance & Ad Valorem Taxes (18.2) (13.6) (15.0) (16.3) (15.9) (15.2) (15.0) Other (74.3) (89.9) (100.7) (96.6) (94.3) (84.8) (83.5) Cost of Goods Sold ($267.4) ($306.4) ($344.1) ($365.3) ($356.4) ($322.8) ($317.9) Gross Profit $181.9 $219.2 $212.7 $173.1 $168.9 $181.0 $178.3 Gross Margin (% of Net Revenue) 40.5% 41.7% 38.2% 32.2% 32.2% 35.9% 35.9% Operating Expenses (23.3) (23.8) (20.4) (20.9) (21.4) (21.9) (22.3) Sisecam Wyoming EBITDA $158.7 $195.4 $192.3 $152.2 $147.5 $159.1 $155.9 EBITDA Margin (% of Net Revenue) 35.3% 37.2% 34.5% 28.3% 28.1% 31.6% 31.4% For the Years Ending December 31, ($ in millions) 1

------

![](ny20007737x1_exc4slide39.jpg)

Confidential – Preliminary and Subject to Change Financial Projections and Preliminary Valuation Detail – Sensitivity Case #1 Sisecam Wyoming EBITDA $158.7 $195.4 $192.3 $152.2 $147.5 $159.1 $155.9 Less: Cash Interest Expense (4.1) (2.8) (1.9) (1.2) (0.8) (0.6) (0.4) Less: Maintenance Capital Expenditures (25.0) (25.6) (26.1) (26.7) (27.3) (27.9) (28.6) Distributable Cash Flow $129.5 $167.0 $164.3 $124.3 $119.4 $130.6 $126.9 Sisecam Wyoming Distributed Cash Flow Distributions to SIRE (51.0%) $43.3 $68.1 $67.0 $57.6 $55.4 $60.5 $58.9 Distributions to NRP (49.0%) 41.6 65.5 64.4 55.4 53.2 58.2 56.5 Distributed Cash Flow $84.9 $133.6 $131.4 $113.0 $108.6 $118.7 $115.4 Distributable Cash Flow Surplus / (Shortfall) $44.6 $33.4 $32.9 $11.3 $10.9 $11.9 $11.5 Sisecam Wyoming Coverage Ratio 1.53x 1.25x 1.25x 1.10x 1.10x 1.10x 1.10x Sisecam Wyoming Cash Flow Summary – Sensitivity Case #1 For the Years Ending December 31, 2022E 2023E 2024E 2025E 2026E 2027E 2028E Sisecam Wyoming Distributable Cash Flow SIRE Financial Projections, SIRE management 29 ($ in millions) 1

------

![](ny20007737x1_exc4slide40.jpg)

Confidential – Preliminary and Subject to Change Financial Projections and Preliminary Valuation Detail – Sensitivity Case #1 Sisecam Wyoming Sources and Uses – Sensitivity Case #1 For the Years Ending December 31, 2022E 2023E 2024E 2025E 2026E 2027E 20 Sources Distributable Cash Flow Surplus / (Shortfall) $44.6 $33.4 $32.9 $11.3 $10.9 Increase / (Decrease) in Net Working Capital (27.5) Cash from Revolver / (Cash to Revolver) -- 0.4 -- 15.7 -- 8.2 -- 0. Total Sources $17.1 $33.8 $48.6 $19.5 Uses Growth Capital Expenditures $0.1 $-- Mandatory Debt Paydown 8.6 8.8 Discretionary Debt Paydown 2.6 Cash to (from) Balance Sheet Other (5.2) Total Uses Capital Structure Total Debt Less: Cash Net Debt N ($ in millions) SIRE Financial Projections, SIRE management 30 1

------

![](ny20007737x1_exc4slide41.jpg)

Confidential – Preliminary and Subject to Change Financial Projections and Preliminary Valuation Detail – Sensitivity Case #1 SIRE Financial Projections, SIRE management 31 SIRE Cash Flow Summary – Sensitivity Case #1 2022E 2023E 2024E 2025E 2026E 2027E 2028E Consolidated EBITDA Sisecam Wyoming EBITDA $158.7 $195.4 $192.3 $152.2 $147.5 $159.1 $155.9 Less: SIRE G&A (2.9) (4.0) (4.0) (4.0) (4.0) (4.0) (4.0) SIRE Consolidated EBITDA $155.8 $191.4 $188.3 $148.2 $143.5 $155.1 $151.9 EBITDA Attributable to SIRE SIRE'S 51% Share of Sisecam Wyoming EBITDA $80.9 $99.7 $98.1 $77.6 $75.2 $81.2 $79.5 Less: SIRE G&A (2.9) (4.0) (4.0) (4.0) (4.0) (4.0) (4.0) EBITDA Attributable to SIRE $78.0 $95.7 $94.1 $73.6 $71.2 $77.2 $75.5 SIRE Distributable Cash Flow Distributions from Sisecam Wyoming $43.3 $68.1 $67.0 $57.6 $55.4 $60.5 $58.9 Less: SIRE G&A (2.9) (4.0) (4.0) (4.0) (4.0) (4.0) (4.0) Distributable Cash Flow $40.4 $64.1 $63.0 $53.6 $51.4 $56.5 $54.9 Distributed Cash Flow Sisecam Chemicals $29.1 $43.6 $43.0 $37.8 $36.5 $39.4 $38.5 Public 10.5 15.7 15.5 13.6 13.2 14.2 13.9 General Partner 0.8 4.8 4.5 2.2 1.7 2.9 2.5 Distributed Cash Flow $40.4 $64.1 $63.0 $53.6 $51.4 $56.5 $54.9 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 $3.00 $2.95 $2.60 $2.51 $2.71 $2.64 Distribution per LP Unit 2.00 3.00 2.95 2.60 2.51 2.71 2.64 Distributable Cash Flow Surplus / (Shortfall) $-- $-- $-- $-- $-- $-- $-- ($ in millions, except per unit amounts) For the Years Ending December 31, 1

------

![](ny20007737x1_exc4slide42.jpg)

Confidential – Preliminary and Subject to Change 4.25x Terminal Exit Multiple 5.50x 6.75x 8.00x 9.25x --% Perpetuity Growth Rate 0.5% 1.0% 1.5% 2.0% $25.83 $28.86 $31.89 $29.51 $30.91 $32.54 25.28 24.60 23.95 28.23 27.61 26.92 31.17 30.48 29.80 27.76 26.20 24.70 28.94 27.23 25.63 30.31 28.39 26.69 7.5% 8.0% 8.5% 9.0% 9.5% $22.78 22.14 21.54 20.97 20.43 23.33 26.22 29.11 $34.92 34.12 33.34 32.59 31.85 7.5% 8.0% 8.5% 9.0% 9.5% $28.30 26.72 25.24 23.87 22.65 23.37 24.18 25.09 $34.47 31.90 29.72 27.84 26.12 WACC WACC For the Years Ending December 31, 2023E 2024E 2025E 2026E 2027E 2028E Perpetuity Growth Exit Multiple $75.51 Sisecam Wyoming EBITDA Less: Tax Depreciation and Amortization2 $195.4 (652.0) $192.3 (21.7) $152.2 (39.8) $147.5 (53.8) $159.1 (63.2) $155.9 (67.7) $155.9 (28.6) EBIT Less: Cash Taxes3 ($456.6) -- $170.6 (10.1) $112.5 (6.7) $93.8 (6.9) $96.0 (7.1) $88.3 (6.5) $127.4 (47.1) $80.2 28.6 (28.6) EBIAT Plus: Tax Depreciation and Amortization Less: Capital Expenditures Less: Changes in NWC ($456.6) 652.0 (25.6) 0.4 $160.5 21.7 (26.1) 15.7 $105.8 39.8 (26.7) 8.2 $86.9 53.8 (27.3) 0.8 $88.9 63.2 (27.9) (9.8) $81.7 67.7 (28.6) (1.0) - Sisecam Wyoming Unlevered Free Cash Flow SIRE Interest in Sisecam Wyoming $170.2 51.0% $171.8 51.0% $127.0 51.0% $114.0 51.0% $114.3 51.0% $119.8 51.0% $80.2 51.0% SIRE Share of Sisecam Wyoming Unlevered Free Cash Flow Less: SIRE G&A $86.8 (4.0) $87.6 (4.0) $64.8 (4.0) $58.2 (4.0) $58.3 (4.0) $61.1 (4.0) $40.9 (4.0) $82.8 $83.6 $60.8 $54.2 $54.3 $57.1 SIRE Unlevered Free Cash Flow EBITDA Multiple / Perpetuity Growth Rate 6.75x $36.9 1.0% $497.3 304.8 Implied Terminal Value Present Value of Terminal Value @ 8.5% Discount Rate Plus: Present Value of Unlevered Free Cash Flow @ 8.5% Discount Rate $509.8 - 312.5 - 317.8 Implied Enterprise Value $630.3 - $622.6 Less: Net Debt as of December 31, 2022 (SIRE's 51% Share) (72.6) $550.0 Implied Equity Value SIRE LP Units Outstanding4 $557.7 - 20.2 Implied SIRE LP Unit Value $27.61 - $27.23 Financial Projections and Preliminary Valuation Detail – Sensitivity Case #1 Unit Price Sensitivity Analysis 4. Includes 2.0% general partner interest, economically equivalent to 399,000 LP Units at current quarterly distribution 32 Source: SIRE Financial Projections, SIRE management 51% of Sisecam Wyoming EBITDA less $4.0 million SIRE G&A 2022E tax DD&A assumes 100.0% bonus depreciation calculated as the midpoint of the enterprise value range plus 2022E capital expenditures; 2023E and 2024E tax DD&A assumes 100.0% bonus depreciation on capital expenditures; bonus depreciation phase-down on growth capital expenditures in 2025E (80.0%) and 2026E (60.0%) Assumes unitholder tax rate of 29.6% from 2023E to 2025E and 37.0% thereafter Discounted Cash Flow Analysis – Sensitivity Case #1 ($ in millions, except per unit amounts) 1

------

![](ny20007737x1_exc4slide43.jpg)

Confidential – Preliminary and Subject to Change Financial Projections and Preliminary Valuation Detail – Sensitivity Case #1 Peer Group Trading Analysis – Sensitivity Case #1 2022E EBITDA Attributable to SIRE Relevant EBITDA Multiple 5.5x $78.0 – 8.0x Implied Enterprise Value Based on 2022E Adjusted EBITDA $429.1 – $624.1 Less: Net Debt as of December 31, 2022 (SIRE's 51% Share) (72.6) Implied SIRE Equity Value SIRE LP Units Outstanding1 $356.5 – 20.2 $551.5 Implied SIRE Unit Price Range - 2022E Adjusted EBITDA $17.65 – $27.30 2023E EBITDA Attributable to SIRE Relevant EBITDA Multiple 5.0x $95.7 – 7.5x Implied Enterprise Value Based on 2023E Adjusted EBITDA $478.3 – $717.4 Less: Net Debt as of December 31, 2022 (SIRE's 51% Share) (72.6) Implied SIRE Equity Value SIRE LP Units Outstanding1 $405.6 – 20.2 $644.8 Implied SIRE Unit Price Range - 2023E Adjusted EBITDA $20.08 – $31.92 2024E EBITDA Attributable to SIRE Relevant EBITDA Multiple 4.5x $94.1 – 7.0x Implied Enterprise Value Based on 2024E Adjusted EBITDA $423.3 – $658.5 Less: Net Debt as of December 31, 2022 (SIRE's 51% Share) (72.6) Implied SIRE Equity Value SIRE LP Units Outstanding1 $350.7 – 20.2 $585.9 Implied SIRE Unit Price Range - 2024E Adjusted EBITDA $17.36 – $29.01 ($ in millions, except per unit amounts) Source: SIRE Financial Projections 1. Includes 2.0% general partner interest, economically equivalent to 399,000 LP Units at current quarterly distribution 33 1

------

![](ny20007737x1_exc4slide44.jpg)

Confidential – Preliminary and Subject to Change Source: Public filings, Wall Street research, SIRE Financial Projections 1. Includes 2.0% general partner interest, economically equivalent to 399,000 LP Units at current quarterly distribution Financial Projections and Preliminary Valuation Detail – Sensitivity Case #1 Precedent M&A Transactions Analysis – Sensitivity Case #1 Precedent M&A Transaction Analysis 34 ($ in millions, except per unit amounts) 1

------

![](ny20007737x1_exc4slide45.jpg)

Confidential – Preliminary and Subject to Change Financial Projections and Preliminary Valuation Detail – Sensitivity Case #1 Discounted Distributions Analysis – Sensitivity Case #1 ($ per unit) SIRE Distribution per LP Unit (Cash, As Paid)1 $3.00 $2.95 $2.60 $2.51 $2.71 $2.64 $2.64 – $2.64 Terminal Yield2 12.0% 8.0% Terminal Value $22.02 $33.03 Equity Cost of Capital Based on CAPM Present Value @ 8.0% Cost of Equity $27.09 – $34.03 Present Value @ 9.0% Cost of Equity 26.03 – 32.59 Present Value @ 10.0% Cost of Equity 25.02 – 31.23 Present Value @ 11.0% Cost of Equity 24.06 – 29.95 Present Value @ 12.0% Cost of Equity 23.16 – 28.74 Implied SIRE Unit Value – Based on CAPM $24.06 – $32.59 For the Years Ending December 31, 2023E 2024E 2025E 2026E 2027E 2028E Terminal Value Low High Source: FactSet, SIRE Financial Projections Values LP units based on LP unit distributions and does not consider GP distributions Based on SIRE's 52-week yield range of 6.1% to 14.1% with a median of 9.4% and mean of 10.0%. Current yield is 9.5% as of October 4, 2022 35 1

------

![](ny20007737x1_exc4slide46.jpg)

Confidential – Preliminary and Subject to Change D. Sensitivity Case #2 – Illustrative Unit 8 Expansion Economics

------

![](ny20007737x1_exc4slide47.jpg)

Confidential – Preliminary and Subject to Change Sensitivity Case #2 – Illustrative Unit 8 Expansion Economics Illustrative Unit 8 Expansion Economics Evercore analyzed the illustrative returns of the Unit 8 Expansion Assumptions are consistent with the Sensitivity Case #2 2 ($ in millions, except per unit amounts) Initial Investment ($252.1) ($252.1) $-- $-- $-- $-- SIRE's Share of Initial Investment (51%) (128.6) (128.6) -- -- -- -- Incremental EBITDA $-- $-- $80.6 $78.6 $74.9 $73.8 SIRE's Share of Incremental EBITDA (51%) -- -- 41.1 40.1 38.2 37.6 $37.6 Incremental Unlevered Free Cash Flow ($252.1) ($242.0) $87.2 $85.5 $82.0 $80.3 SIRE's Share of Incremental Unlevered Free Cash Flow (51%) (128.6) (123.4) 44.5 43.6 41.8 41.0 EBITDA Multiple 6.75x Implied Terminal Value $254.0 Total Unlevered Free Cash Flow to SIRE from Unit 8 Expansion ($128.6) ($123.4) $44.5 $43.6 $41.8 $41.0 $254.0 IRR 13.5% For the Years Ending December 31, 2023E 2024E 2025E 2026E 2027E 2028E Exit Multiple  Unit 8 growth capital expenditures ranging from $504.2 million to $835.0 million, spent evenly throughout 2023E and 2024E  1.0 million metric tons of new soda ash production capacity coming online January 1, 2025 Terminal Value assumes a 6.75x EBITDA multiple Unit 8 Expansion Internal Rate of Return Implied Unit 8 NPV Impact to Implied SIRE Common Unit Value Unit 8 Growth Capital Expenditures $504.2 $600.0 $700.0 $835.0 10.0% 11.0% 12.0% 13.0% 14.0% 15.0% $31.6 ($12.9) ($59.3) ($121.9) 22.0 (22.1) (68.1) (130.2) 13.0 (30.7) (76.3) (137.9) 4.5 (38.8) (84.0) (145.0) (3.4) (46.3) (91.1) (151.7) (10.8) (53.3) (97.8) (157.8) Discount Rate Unit 8 Growth Capital Expenditures $504.2 $600.0 $700.0 $835.0 10.0% 11.0% 12.0% 13.0% 14.0% 15.0% $1.56 ($0.64) ($2.94) ($6.04) 1.09 (1.09) (3.37) (6.45) 0.64 (1.52) (3.78) (6.83) 0.22 (1.92) (4.16) (7.18) (0.17) (2.29) (4.51) (7.51) (0.53) (2.64) (4.84) (7.81) Discount Rate

------

![](ny20007737x1_exc4slide48.jpg)

Confidential – Preliminary and Subject to Change E. Financial Projections and Preliminary Valuation Detail – Sensitivity Case #3

------

![](ny20007737x1_exc4slide49.jpg)

Confidential – Preliminary and Subject to Change 30.8% 40.9% 40.9% 39.3% 39.3% 39.3% 39.3% 35.8% 37.1% 34.6% 37.1% 33.5% 37.1% 37.1% 2022E 2023E 2024E 2025E 2026E 2027E 2028E $2.40 $2.21 $1.85 $1.66 $1.74 $1.41 $2.00 $2.00 $2.80 $2.86 $2.65 $2.56 $2.61 $2.55 2022E 2023E 2024E 2025E 2026E 2027E 2028E $76.6 $71.2 $55.9 $51.8 $53.8 $46.9 $76.1 $74.2 $89.2 $91.2 $75.4 $72.9 $74.5 $72.9 2022E 2023E 2024E 2025E 2026E 2027E 2028E Financial Projections and Preliminary Valuation Detail – Sensitivity Case #3 SIRE Financial Projections vs. Sensitivity Case #3 SIRE Financial Projections Sensitivity Case #3 EBITDA Attributable to SIRE DCF / LP Unit % Gross Margin ($ in millions, except per unit amounts) Source: SIRE Financial Projections, SIRE management 3

------

![](ny20007737x1_exc4slide50.jpg)

Confidential – Preliminary and Subject to Change Financial Projections and Preliminary Valuation Detail – Sensitivity Case #3 SIRE Financial Projections, SIRE management 38 Sisecam Wyoming EBITDA – Sensitivity Case #3 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 $320.0 $362.9 $376.6 $352.5 $355.3 $362.2 $370.8 Export Gross Revenue 394.9 484.9 461.0 422.2 415.0 447.5 440.0 Gross Revenue $714.9 $847.9 $837.7 $774.7 $770.3 $809.7 $810.9 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 $203.0 $230.2 $247.9 $228.3 $227.4 $221.5 $225.9 Export Net Revenue 223.1 295.7 278.6 247.6 236.5 252.6 240.7 Net Revenue $426.1 $525.9 $526.5 $475.9 $463.8 $474.0 $466.6 Average Net Realized Price $169.18 $209.00 $222.02 $214.33 $208.89 $199.90 $196.75 Energy Costs (64.7) (86.3) (78.5) (76.1) (74.2) (75.8) (74.7) Personnel Costs (80.2) (100.7) (110.2) (109.5) (106.7) (109.0) (107.3) Royalties (19.7) (24.4) (23.2) (20.9) (20.4) (20.9) (20.5) Severance & Ad Valorem Taxes (17.3) (13.6) (14.2) (14.4) (14.0) (14.3) (14.1) Other (69.9) (94.3) (93.3) (78.4) (76.4) (78.1) (76.9) Cost of Goods Sold ($251.8) ($319.4) ($319.4) ($299.4) ($291.8) ($298.2) ($293.5) Gross Profit $174.4 $206.6 $207.1 $176.6 $172.1 $175.9 $173.1 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 $151.1 $182.8 $186.7 $155.7 $150.7 $154.0 $150.8 EBITDA Margin (% of Net Revenue) 35.5% 34.8% 35.5% 32.7% 32.5% 32.5% 32.3% For the Years Ending December 31, ($ in millions) 3

------

![](ny20007737x1_exc4slide51.jpg)

Confidential – Preliminary and Subject to Change Financial Projections and Preliminary Valuation Detail – Sensitivity Case #3 Sisecam Wyoming EBITDA $151.1 $182.8 $186.7 $155.7 $150.7 $154.0 $150.8 Less: Cash Interest Expense (4.1) (2.9) (2.0) (1.3) (0.9) (0.7) (0.6) Less: Maintenance Capital Expenditures (25.0) (25.6) (26.1) (26.7) (27.3) (27.9) (28.6) Distributable Cash Flow $122.0 $154.3 $158.5 $127.6 $122.5 $125.3 $121.6 Sisecam Wyoming Distributed Cash Flow Distributions to SIRE (51.0%) $43.3 $63.0 $64.7 $59.2 $56.8 $58.1 $56.4 Distributions to NRP (49.0%) 41.6 60.5 62.1 56.9 54.6 55.8 54.2 Distributed Cash Flow $85.0 $123.4 $126.8 $116.0 $111.3 $113.9 $110.6 Distributable Cash Flow Surplus / (Shortfall) $37.0 $30.9 $31.7 $11.6 $11.1 $11.4 $11.1 Sisecam Wyoming Coverage Ratio 1.44x 1.25x 1.25x 1.10x 1.10x 1.10x 1.10x Sisecam Wyoming Cash Flow Summary – Sensitivity Case #3 For the Years Ending December 31, 2022E 2023E 2024E 2025E 2026E 2027E 2028E Sisecam Wyoming Distributable Cash Flow SIRE Financial Projections, SIRE management 39 ($ in millions) 3

------

![](ny20007737x1_exc4slide52.jpg)

Confidential – Preliminary and Subject to Change Financial Projections and Preliminary Valuation Detail – Sensitivity Case #3 Sisecam Wyoming Sources and Uses – Sensitivity Case #3 For the Years Ending December 31, 2022E 2023E 2024E 2025E 2026E 2027E 20 Sources Distributable Cash Flow Surplus / (Shortfall) $37.0 $30.9 $31.7 $11.6 $11.1 Increase / (Decrease) in Net Working Capital (27.5) Cash from Revolver / (Cash to Revolver) -- 0.4 -- 15.7 -- 8.2 -- 0. Total Sources $9.5 $31.2 $47.4 $19.8 Uses Growth Capital Expenditures $0.1 $-- Mandatory Debt Paydown 8.6 8.8 Discretionary Debt Paydown 0.1 Cash to (from) Balance Sheet Other (5.2) Total Uses Capital Structure Total Debt Less: Cash Net Debt N ($ in millions) SIRE Financial Projections, SIRE management 40 3

------

![](ny20007737x1_exc4slide53.jpg)

Confidential – Preliminary and Subject to Change Financial Projections and Preliminary Valuation Detail – Sensitivity Case #3 SIRE Financial Projections, SIRE management 41 SIRE Cash Flow Summary – Sensitivity Case #3 2022E 2023E 2024E 2025E 2026E 2027E 2028E Consolidated EBITDA Sisecam Wyoming EBITDA $151.1 $182.8 $186.7 $155.7 $150.7 $154.0 $150.8 Less: SIRE G&A (2.9) (4.0) (4.0) (4.0) (4.0) (4.0) (4.0) SIRE Consolidated EBITDA $148.2 $178.8 $182.7 $151.7 $146.7 $150.0 $146.8 EBITDA Attributable to SIRE SIRE'S 51% Share of Sisecam Wyoming EBITDA $77.1 $93.2 $95.2 $79.4 $76.9 $78.5 $76.9 Less: SIRE G&A (2.9) (4.0) (4.0) (4.0) (4.0) (4.0) (4.0) EBITDA Attributable to SIRE $74.2 $89.2 $91.2 $75.4 $72.9 $74.5 $72.9 SIRE Distributable Cash Flow Distributions from Sisecam Wyoming $43.3 $63.0 $64.7 $59.2 $56.8 $58.1 $56.4 Less: SIRE G&A (2.9) (4.0) (4.0) (4.0) (4.0) (4.0) (4.0) Distributable Cash Flow $40.4 $59.0 $60.7 $55.2 $52.8 $54.1 $52.4 Distributed Cash Flow Sisecam Chemicals $29.1 $40.7 $41.7 $38.6 $37.3 $38.0 $37.1 Public 10.5 14.7 15.0 13.9 13.5 13.7 13.4 General Partner 0.8 3.5 4.0 2.6 2.0 2.3 1.9 Distributed Cash Flow $40.4 $59.0 $60.7 $55.2 $52.8 $54.1 $52.4 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 $2.80 $2.86 $2.65 $2.56 $2.61 $2.55 Distribution per LP Unit 2.00 2.80 2.86 2.65 2.56 2.61 2.55 Distributable Cash Flow Surplus / (Shortfall) $-- $-- $-- $-- $-- $-- $-- ($ in millions, except per unit amounts) For the Years Ending December 31, 3

------

![](ny20007737x1_exc4slide54.jpg)

Confidential – Preliminary and Subject to Change 4.25x Terminal Exit Multiple 5.50x 6.75x 8.00x 9.25x --% Perpetuity Growth Rate 0.5% 1.0% 1.5% 2.0% $24.83 $27.75 $30.68 $28.21 $29.55 $31.10 24.30 23.63 23.00 27.14 26.54 25.87 29.98 29.31 28.65 26.53 25.03 23.59 27.66 26.02 24.48 28.97 27.13 25.49 7.5% 8.0% 8.5% 9.0% 9.5% $21.87 21.25 20.67 20.12 19.60 22.40 25.19 27.97 $33.60 32.82 32.07 31.34 30.63 7.5% 8.0% 8.5% 9.0% 9.5% $27.05 25.54 24.12 22.80 21.63 22.32 23.09 23.96 $32.95 30.49 28.40 26.60 24.94 WACC WACC For the Years Ending December 31, 2023E 2024E 2025E 2026E 2027E 2028E Perpetuity Growth Exit Multiple $72.91 Sisecam Wyoming EBITDA Less: Tax Depreciation and Amortization2 $182.8 (630.3) $186.7 (21.7) $155.7 (39.8) $150.7 (53.8) $154.0 (63.2) $150.8 (67.7) $150.8 (28.6) EBIT Less: Cash Taxes3 ($447.5) -- $165.0 (9.8) $115.9 (6.9) $97.0 (7.2) $90.8 (6.7) $83.1 (6.1) $122.2 (45.2) $77.0 28.6 (28.6) EBIAT Plus: Tax Depreciation and Amortization Less: Capital Expenditures Less: Changes in NWC ($447.5) 630.3 (25.6) 0.4 $155.2 21.7 (26.1) 15.7 $109.0 39.8 (26.7) 8.2 $89.8 53.8 (27.3) 0.8 $84.1 63.2 (27.9) (9.8) $76.9 67.7 (28.6) (1.0) - Sisecam Wyoming Unlevered Free Cash Flow SIRE Interest in Sisecam Wyoming $157.5 51.0% $166.5 51.0% $130.3 51.0% $117.0 51.0% $109.5 51.0% $115.0 51.0% $77.0 51.0% SIRE Share of Sisecam Wyoming Unlevered Free Cash Flow Less: SIRE G&A $80.3 (4.0) $84.9 (4.0) $66.4 (4.0) $59.7 (4.0) $55.9 (4.0) $58.7 (4.0) $39.3 (4.0) $76.3 $80.9 $62.4 $55.7 $51.9 $54.7 SIRE Unlevered Free Cash Flow EBITDA Multiple / Perpetuity Growth Rate 6.75x $35.3 1.0% $474.8 291.0 Implied Terminal Value Present Value of Terminal Value @ 8.5% Discount Rate Plus: Present Value of Unlevered Free Cash Flow @ 8.5% Discount Rate $492.0 - 301.6 - 308.4 Implied Enterprise Value $610.0 - $599.5 Less: Net Debt as of December 31, 2022 (SIRE's 51% Share) (73.9) $525.6 Implied Equity Value SIRE LP Units Outstanding4 $536.1 - 20.2 Implied SIRE LP Unit Value $26.54 - $26.02 Financial Projections and Preliminary Valuation Detail – Sensitivity Case #3 Unit Price Sensitivity Analysis 4. Includes 2.0% general partner interest, economically equivalent to 399,000 LP Units at current quarterly distribution 42 Source: SIRE Financial Projections, SIRE management 51% of Sisecam Wyoming EBITDA less $4.0 million SIRE G&A 2022E tax DD&A assumes 100.0% bonus depreciation calculated as the midpoint of the enterprise value range plus 2022E capital expenditures; 2023E and 2024E tax DD&A assumes 100.0% bonus depreciation on capital expenditures; bonus depreciation phase-down on growth capital expenditures in 2025E (80.0%) and 2026E (60.0%) Assumes unitholder tax rate of 29.6% from 2023E to 2025E and 37.0% thereafter Discounted Cash Flow Analysis – Sensitivity Case #3 ($ in millions, except per unit amounts) 3

------

![](ny20007737x1_exc4slide55.jpg)

Confidential – Preliminary and Subject to Change Financial Projections and Preliminary Valuation Detail – Sensitivity Case #3 Peer Group Trading Analysis – Sensitivity Case #3 2022E EBITDA Attributable to SIRE Relevant EBITDA Multiple 5.5x $74.2 – 8.0x Implied Enterprise Value Based on 2022E Adjusted EBITDA $407.8 – $593.2 Less: Net Debt as of December 31, 2022 (SIRE's 51% Share) (73.9) Implied SIRE Equity Value SIRE LP Units Outstanding1 $333.9 – 20.2 $519.3 Implied SIRE Unit Price Range - 2022E Adjusted EBITDA $16.53 – $25.71 2023E EBITDA Attributable to SIRE Relevant EBITDA Multiple 5.0x $89.2 – 7.5x Implied Enterprise Value Based on 2023E Adjusted EBITDA $446.0 – $669.0 Less: Net Debt as of December 31, 2022 (SIRE's 51% Share) (73.9) Implied SIRE Equity Value SIRE LP Units Outstanding1 $372.1 – 20.2 $595.1 Implied SIRE Unit Price Range - 2023E Adjusted EBITDA $18.42 – $29.46 2024E EBITDA Attributable to SIRE Relevant EBITDA Multiple 4.5x $91.2 – 7.0x Implied Enterprise Value Based on 2024E Adjusted EBITDA $410.4 – $638.3 Less: Net Debt as of December 31, 2022 (SIRE's 51% Share) (73.9) Implied SIRE Equity Value SIRE LP Units Outstanding1 $336.5 – 20.2 $564.4 Implied SIRE Unit Price Range - 2024E Adjusted EBITDA $16.66 – $27.94 ($ in millions, except per unit amounts) Source: SIRE Financial Projections 1. Includes 2.0% general partner interest, economically equivalent to 399,000 LP Units at current quarterly distribution 43 3

------

![](ny20007737x1_exc4slide56.jpg)

Confidential – Preliminary and Subject to Change Financial Projections and Preliminary Valuation Detail – Sensitivity Case #3 Precedent M&A Transactions Analysis – Sensitivity Case #3 Precedent M&A Transaction Analysis Source: Public filings, Wall Street research, SIRE Financial Projections 1. Includes 2.0% general partner interest, economically equivalent to 399,000 LP Units at current quarterly distribution 44 ($ in millions, except per unit amounts) 3

------

![](ny20007737x1_exc4slide57.jpg)

Confidential – Preliminary and Subject to Change Financial Projections and Preliminary Valuation Detail – Sensitivity Case #3 Discounted Distributions Analysis – Sensitivity Case #3 ($ per unit) SIRE Distribution per LP Unit (Cash, As Paid)1 $2.80 $2.86 $2.65 $2.56 $2.61 $2.55 $2.55 – $2.55 Terminal Yield2 12.0% 8.0% Terminal Value $21.24 $31.86 Equity Cost of Capital Based on CAPM Present Value @ 8.0% Cost of Equity $26.29 – $32.99 Present Value @ 9.0% Cost of Equity 25.26 – 31.59 Present Value @ 10.0% Cost of Equity 24.28 – 30.27 Present Value @ 11.0% Cost of Equity 23.35 – 29.03 Present Value @ 12.0% Cost of Equity 22.48 – 27.86 Implied SIRE Unit Value – Based on CAPM $23.35 – $31.59 For the Years Ending December 31, 2023E 2024E 2025E 2026E 2027E 2028E Terminal Value Low High 3 2. Based on SIRE's 52-week yield range of 6.1% to 14.1% with a median of 9.4% and mean of 10.0%. Current yield is 9.5% as of October 4, 2022 45 Source: FactSet, SIRE Financial Projections 1. Values LP units based on LP unit distributions and does not consider GP distributions

------**

## Ex-9.(C)(5)

------

**Exhibit (c)(5)**<br>

**** 

<br> **![](ny20007737x1_exc5slide1.jpg)

Confidential – Preliminary and Subject to Change Discussion Materials Regarding Project Houston October 11, 2022

------

![](ny20007737x1_exc3slide2.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.

------

![](ny20007737x1_exc5slide3.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 #1 Sensitivity Case #2 – Illustrative Unit 8 Expansion Economics Financial Projections and Preliminary Valuation Detail – Sensitivity Case #3 Supplemental Soda Ash Pricing Data I II III

------

![](ny20007737x1_exc3slide4.jpg)

Confidential – Preliminary and Subject to Change I. Executive Summary

------

![](ny20007737x1_exc5slide5.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"), and on September 20, 2022, the Conflicts Committee countered at $29.50 (the "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 "Proposed Consideration")  The Proposed Consideration represents a 5.8% 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 Proposed Consideration represents a 6.3% premium to SIRE's 30-day volume weighted average price ("VWAP") as of July 5, 2022

------

![](ny20007737x1_exc5slide6.jpg)

Confidential – Preliminary and Subject to Change Executive Summary 2 Changes Since Conflicts Committee Meeting on October 6, 2022 Evercore made the following updates and adjustments from the draft presentation dated October 6, 2022, as requested by the Conflicts Committee:  Updated market prices to October 7, 2022  Adjusted Sensitivity Case #3 to reflect IHS netback forecasts less $26.00 and $39.00 per metric ton for domestic and export volumes, respectively, versus $20.00 and $35.00 per ton  Added an analysis of SIRE's historical soda ash production from mined trona ore from 1996 through 2021 relative to the volume forecast in the SIRE Financial Projections

------

![](ny20007737x1_exc5slide7.jpg)

Confidential – Preliminary and Subject to Change Executive Summary 3 Transaction Economics at Various Values ($ in millions, except per unit amounts) Source: Partnership filings, FactSet, SIRE Financial Projections 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 100% of Sisecam Wyoming EBITDA less SIRE G&A Conflicts Committee Initial Proposed Unit Price as of $23.00 $25.00 $27.00 Counter- Proposal Consideration 10/7/2022 Unit Price Unit Price Unit Price proposal SIRE Common Unit Price $17.90 $19.00 $20.56 $23.00 $25.00 $27.00 $29.50 SIRE Units Outstanding¹ 20.2 20.2 20.2 20.2 20.2 20.2 20.2 Total Equity Value – SIRE² $361.6 $383.8 $415.3 $464.6 $505.0 $545.4 $595.9 Noncontrolling Interest² 347.4 368.7 399.0 446.4 485.2 524.0 572.5 Total Equity Value – Sisecam Wyoming $708.9 $752.5 $814.3 $910.9 $990.1 $1,069.3 $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 Consolidated Enterprise Value $852.6 $896.1 $957.9 $1,054.5 $1,133.8 $1,213.0 $1,312.0 SIRE Financial Projections – SIRE Consolidated EBITDA 3 2022E $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 2024E $143.5 143.5 143.5 143.5 143.5 143.5 143.5 Enterprise Value / SIRE Consolidated EBITDA 2022E 5.6x 5.9x 6.3x 6.9x 7.5x 8.0x 8.6x 2023E 5.5 5.8 6.2 6.8 7.4 7.9 8.5 2024E 5.9 6.2 6.7 7.4 7.9 8.5 9.1

------

![](ny20007737x1_exc5slide8.jpg)

Confidential – Preliminary and Subject to Change $20.56 $18.80 $17.87 $17.45 $20.04 $19.16 $19.00 $12.00 $14.00 $16.00 $18.00 $20.00 $22.00 $24.00 9/10/21 10/29/21 12/17/21 2/4/22 3/25/22 5/13/22 7/1/22 8/19/22 10/7/22 Historical Price (SIRE) Last 30 Trading Days VWAP Last 60 Trading Days VWAP Last 6 Months VWAP Last 12 Months VWAP Proposed Consideration Go-Forward VWAP Executive Summary SIRE Unit Trading 7/5/22: SCR delivered non- binding proposal to acquire all Common Units held by Unaffiliated Unitholders 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 Consideration Premium Relative SIRE Price to Historical VWAP Proposed Consideration $19.00 Unaffected Closing Price Last 30 Trading Days VWAP Last 60 Trading Days VWAP $17.95 17.87 18.80 5.8% 6.3% 1.1% (0.8%) 8.9% Last 6 Months VWAP Last 12 Months VWAP Go-Forward VWAP 19.16 17.45 20.04 (5.2%) Source: FactSet, Bloomberg 4

------

![](ny20007737x1_exc3slide10.jpg)

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

------

![](ny20007737x1_exc5slide10.jpg)

Confidential – Preliminary and Subject to Change SIRE Situation Analysis Public Trading Statistics ($ in millions, except per unit amounts) Balance Sheet and Credit Data Common Unit Price and Distribution Information 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 Total Debt Net Debt Plus: Noncontrolling Interest (Book Value) Plus: Partners' Capital $154.3 $150.9 156.4 201.2 Net Book Capitalization $508.5 $3.00 $2.50 $2.00 $1.50 $1.00 $0.50 $-- $-- $5.00 $10.00 $15.00 $20.00 $25.00 10/7/20 6/7/21 Distribution per Unit 10/7/22 Distribution per Unit Unit Price 2/5/22 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% 2.0% $-- $0.5000 $0.5000 $0.0102 19.8 $9.9 $0.2 $39.6 $0.8 98.0% 2.0% 0.5000 0.5750 -- -- 19.8 -- -- -- -- 85.0% 15.0% 0.5750 0.6250 -- -- 19.8 -- -- -- -- 75.0% 25.0% 0.6250 0.7500 -- -- 19.8 -- -- -- -- 50.0% 50.0% 0.7500 -- -- 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 7, 2022 Total Units Outstanding1 Common Unit Price 20.2 $20.56 Total Equity Value Plus: Net Debt2 Plus: Noncontrolling Interest (Market Value)3 $415.3 150.9 399.0 Enterprise Value $965.2 Management Projections Metric Yield/Multiple Distribution Yield Current $2.00 9.7% Revolver Availability / Total Revolver Capacity $120 / $225 2023E 2.40 11.7% Net Debt / Net Book Cap 29.7% 2024E EV / EBITDA4 2.21 10.7% Net Debt / 2022E EBITDA 1.0x 2022E $152 6.4x 2023E 154 6.3 2024E 143 6.7 4. SIRE Consolidated EBITDA equal to 100% of Sisecam Wyoming EBITDA less SIRE G&A 5

------

![](ny20007737x1_exc5slide11.jpg)

Confidential – Preliminary and Subject to Change SIRE Situation Analysis Source: SIRE Financial Projections 6 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

------

![](ny20007737x1_exc5slide12.jpg)

Confidential – Preliminary and Subject to Change SIRE Situation Analysis Source: SIRE Financial Projections 7 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)

------

![](ny20007737x1_exc5slide13.jpg)

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 8

------

![](ny20007737x1_exc5slide14.jpg)

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 9

------

![](ny20007737x1_exc5slide15.jpg)

Confidential – Preliminary and Subject to Change SIRE Situation Analysis Source: SIRE Financial Projections 10 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) $-- $-- $-- $-- $-- $-- $--

------

![](ny20007737x1_exc3slide31.jpg)

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

------

![](ny20007737x1_exc5slide17.jpg)

Confidential – Preliminary and Subject to Change Preliminary Valuation of SIRE Common Units Sensitivity Cases – Assumptions Sensitivity Case # 1 Sensitivity Case # 2 Sensitivity Case # 3 Net Realized Pricing Domestic and export net realized pricing reflects IHS netback forecasts less $5.00 and $30.00 per metric ton, respectively, from 2022E to 2028E  Based on the average historical difference between IHS pricing and SIRE realized pricing from 2012A to 2019A rounded to the nearest $1.00 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 deca utilization assumptions as SIRE Financial Projections Soda ash production capacity utilization of 96.0%, consistent with 2012A-2019A historical average  Any reduction in deca-related production is assumed to be replaced through increased trona mining  Results in 2.40 million mtpa of soda ash production throughout projection period Unit 8 Expansion reaches FID by year-end 2022E, adding 1.0 million metric tons of new soda ash production capacity  Incremental capacity comes online at the beginning of 2025E Same deca and capacity utilization assumptions as 1 Same as SIRE Financial Projections Operating Costs Before considering the cost effects of additional trona mining, 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 in 2025E and thereafter in line with the five-year trailing average gross margin through 2022E of 37.1% To account for the cost effects of increased trona mining given reduced availability of deca, production-related costs (energy, personnel, materials, maintenance and other) were increased in proportion to the increase in mining-related production volumes relative to available capacity (excluding deca)  Results in lower gross margins than those that would be achieved before giving effect to increased trona mining Royalties and production taxes based on a percentage of net revenue consistent with SIRE Financial Projections 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 11

------

![](ny20007737x1_exc5slide18.jpg)

Confidential – Preliminary and Subject to Change Preliminary Valuation of SIRE Common Units Sensitivity Cases – Assumptions (cont'd) Sensitivity Case # 1 Sensitivity Case # 2 Sensitivity Case # 3 Capital Expenditures Same as SIRE Financial Projections Includes a range of capital expenditure assumptions for the Unit 8 Expansion:  Low end of $504.2 million of growth capital expenditures, reflecting SIRE management's 2019 estimate of $426.0 million adjusted for actual / projected inflation through 2023E  High end of $835.0 million, reflecting the upper end of SIRE management's revised cost estimate as of July 2022, as provided on September 17, 2022 Expenditures incurred evenly throughout 2023E and 2024E Same as SIRE Financial Projections Debt Same as SIRE Financial Projections 12

------

![](ny20007737x1_exc5slide19.jpg)

Confidential – Preliminary and Subject to Change COVID-19 Impacted $75 $100 $125 $150 $175 $200 $225 2012A 2013A 2014A 2015A 2016A 2017A 2018A 2019A 2020A 2021A COVID-19 Impacted $75 $100 $125 $150 $200 $175 $225 2012A 2013A 2014A 2019A 2020A 2021A Preliminary Valuation of SIRE Common Units Historical Net Realized Pricing Trends – SIRE vs. IHS Historical and Projected Soda Ash Pricing Trends – Domestic Sales vs. Exports ($ 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 Domestic Sales Exports Legend SIRE Domestic, Net IHS Domestic, Net Legend SIRE ANSAC Export, Net IHS Export, Net $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) ($26.41) ($32.88) ($29.02) ($35.00) ($42.78) ($37.70) SIRE Net Realized Price Differential to IHS ($32.00) ($25.26) ($29.65) ($31.16) Per SIRE management guidance, the appropriate differential vs. IHS is the 3-year average 13 from 2018A to 2020A, which is ($26) and ($39) for domestic sales and exports, respectively

------

![](ny20007737x1_exc5slide20.jpg)

Confidential – Preliminary and Subject to Change Preliminary Valuation of SIRE Common Units Soda Ash Production from Mined Trona Ore (metric tons in millions) Soda Ash Production from Mined Trona Ore 1.69 1.65 1.61 1.67 1.74 1.78 1.74 1.79 2.08 2.11 2.02 1.95 2.05 1.54 1.74 1.81 1.89 1.86 1.91 2.03 2.04 2.06 2.00 2.12 1.82 2.04 2.21 1.50 1.25 1.00 0.75 0.50 0.25 1.75 2.00 2.25 2.50 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Historical 2022E-2028E Projected Source: SIRE management, SIRE Financial Projections Note: Soda ash production from mined trona ora excludes production volumes from deca dehydration 14 Historically, annual soda ash production from mined trona ore, which excludes production from deca, has never exceeded SIRE management's projection for 2022E to 2028E of approximately 2.2 mtpa per the SIRE Financial Projections

------

![](ny20007737x1_exc5slide21.jpg)

Confidential – Preliminary and Subject to Change 30.8% 35.8% 36.0% 34.6% 36.0% 36.5% 33.5% 36.5% 40.9% 40.3% 40.9% 39.3% 38.7% 39.3% 39.3% 38.8% 39.3% 37.1% 37.1% 37.1% 37.1% 2022E 2023E 2024E 2025E 2026E 2027E 2028E $2.40 $2.21 $1.85 $1.66 $1.74 $1.41 $2.96 $2.87 $2.76 $2.00 $2.00 $2.00 $2.90 $2.72 $3.00 $2.79 $2.58 $2.49 $2.54 $2.70 $2.47 2022E 2023E 2024E 2025E 2026E 2027E 2028E $76.6 $71.2 $55.9 $51.8 $53.8 $46.9 $76.1 $77.7 $84.2 $81.5 $78.7 $77.0 $71.7 $92.6 $86.7 $95.7 $88.8 $73.3 $70.8 $72.3 $70.6 2022E 2023E 2024E 2025E 2026E 2027E 2028E Preliminary Valuation of SIRE Common Units SIRE Financial Projections vs. Sensitivity Case #1 & Case #3 EBITDA Attributable to SIRE DCF / LP Unit % Gross Margin ($ in millions, except per unit amounts) Source: SIRE Financial Projections, SIRE management SIRE Financial Projections Sensitivity Case #1 Sensitivity Case #3 15 1 3

------

![](ny20007737x1_exc5slide22.jpg)

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 December 31, 2022 effective date 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% Sensitivity Case #2: Unit 8 Expansion's implied net present value per SIRE unit, calculated using discount rates ranging from 10.0% to 15.0% (the "Implied Unit 8 NPV per Unit"), was added to Sensitivity Case #1's implied SIRE unit value 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 Sensitivity Case #2: the Implied Unit 8 NPV per Unit was added to Sensitivity Case #1's implied SIRE unit value 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 Sensitivity Case #2: the Implied Unit 8 NPV per Unit was added to Sensitivity Case #1's implied SIRE unit value 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 December 31, 2022 effective date Terminal yield range of 8.0% to 12.0%  Cost of equity of 9.0% to 11.0% based on CAPM Sensitivity Case #2: the Implied Unit 8 NPV per Unit was added to Sensitivity Case #1's implied SIRE unit value 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 Sensitivity Case #2: the Implied Unit 8 NPV per Unit was added to Sensitivity Case #1's implied SIRE unit value 16 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

------

![](ny20007737x1_exc5slide23.jpg)

Confidential – Preliminary and Subject to Change Peer Group Trading Analysis Precedent M&A Transactions Analysis Discounted Cash Flow 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: 5.5x - 8.0x 2023E EBITDA Multiple: 5.0x - 7.5x 2024E EBITDA Multiple: 4.5x - 7.0x 2023E EBITDA Multiple: 6.0x - 8.5x Range of 24.4% - 29.6% Discount Rate: WACC of 8.25% - 9.25% Terminal Yield of: 8.0% - 12.0% Equity Cost of Capital of: 9.0% - 11.0% Discounted Distributions Analysis Premiums Paid Analysis $14.37 $13.26 $17.09 $15.34 $12.24 $19.13 $14.91 $22.23 $18.93 $16.12 $26.51 $24.82 $21.05 $28.61 $19.52 $23.27 $-- $5.00 $10.00 $15.00 $20.00 $25.00 $30.00 $50.00 $45.00 $40.00 $35.00 Preliminary Valuation of SIRE Common Units Valuation Summary – SIRE Financial Projections – Common Units Proposed Consideration: $19.00 FOR REFERENCE ONLY SIRE Financial Projections 17

------

![](ny20007737x1_exc5slide24.jpg)

Confidential – Preliminary and Subject to Change Peer Group Trading Analysis Precedent M&A Transactions Analysis Discounted Cash Flow 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: 5.5x - 8.0x 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 8.25% - 9.25% Terminal Yield of: 8.0% - 12.0% Equity Cost of Capital of: 9.0% - 11.0% Discounted Distributions Analysis $24.54 $16.97 $21.82 $24.99 $17.42 $21.95 $17.55 $9.98 $15.84 $19.31 $11.74 $17.76 $17.72 $10.15 $16.09 $23.90 $16.33 $22.05 $24.84 $17.27 $22.64 $31.96 $33.82 $28.54 $30.52 $32.38 $26.81 $27.17 $29.03 $24.72 $30.77 $32.63 $28.49 $29.56 $31.42 $27.08 $35.35 $37.22 $32.78 $33.56 $35.42 $30.61 $-- $5.00 $10.00 $15.00 $20.00 $25.00 $30.00 $35.00 $50.00 $45.00 $40.00 1. Valuation ranges represent Case 1 ranges plus / minus the upper / lower implied unit value of the Unit 8 Expansion assuming $504.2 million / $835.0 million of Unit 8 growth capital expenditures and a discount rate for incremental Unit 8 unlevered free cash flows of 10.0% / 15.0%, respectively Preliminary Valuation of SIRE Common Units Valuation Summary – Sensitivity Cases #1, #2 and #3 – Common Units Proposed Consideration: $19.00 Sensitivity Case #1 Sensitivity Case #21 1 2 3 Sensitivity Case #3 18

------

![](ny20007737x1_exc5slide25.jpg)

Confidential – Preliminary and Subject to Change Peer Group Trading Analysis Precedent M&A Transactions Analysis Discounted Cash Flow 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: 5.5x - 8.0x 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 8.25% - 9.25% Terminal Yield of: 8.0% - 12.0% Equity Cost of Capital of: 9.0% - 11.0% Discounted Distributions Analysis $21.82 $21.95 $15.84 $17.76 $16.09 $22.05 $22.64 $28.54 $26.81 $24.72 $28.49 $27.08 $32.78 $30.61 $-- $5.00 $10.00 $15.00 $20.00 $25.00 $30.00 $35.00 $50.00 $45.00 $40.00 Preliminary Valuation of SIRE Common Units •3 Valuation Summary – Sensitivity Case #3 – Common Units Proposed Consideration: $19.00 Sensitivity Case #3 19

------

![](ny20007737x1_exc3slide54.jpg)

Confidential – Preliminary and Subject to Change Appendix

------

![](ny20007737x1_exc3slide55.jpg)

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

------

![](ny20007737x1_exc5slide28.jpg)

Confidential – Preliminary and Subject to Change Unit/Share Price Market Equity Total Debt and Total Debt / Adjusted Unlevered Partnership/Corporation 10/7/22 Value Preferred Equity Total Capitalization Beta 1 B Risk-free Rate 3 Unlevered Beta Debt / Total Capitalization Adjusted Levered Equity Beta WACC Sup 0.39 0.44 0.49 0.54 Market Risk Premium 4 25.0% 8.4% 8.6% 8.9% 9.2% Small Company Risk Premi 30.0% 8.3% 8.6% 8.8% 9.1% Equity Cost of Cap 35.0% 8.2% 8.5% 8.7% 9.0% Pre-Tax 4.1% 0.44 36.4% Ciech SA $6.68 $352.2 $422.5 54.5% 0 Genesis Energy, L.P. 10.15 1,244.2 4,160.9 77.0% Türkiye Sise ve Cam Fabrikalari A.S. 1.60 4,778.2 2,054.2 30.1% Solvay SA 82.30 8,489.5 4,861.4 CAPM Tata Chemicals Limited 14.36 3,657.6 853.2 Mean Median Sisecam Resources LP $20.56 $415.3 Weighted Average Cost of Capital Analysis SIRE WACC Analysis – Capital Asset Pricing Model ($ 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 7, 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 Debt / Total Cap 0.39 0.44 0.49 0.54 Debt / Total Cap 40.0% 8.1% 8.4% 8.6% 8.9% 45.0% 8.0% 8.3% 8.5% 8.8% 25.0% 8.7% 9.1% 9.4% 9.7% 30.0% 8.6% 9.0% 9.3% 9.6% 35.0% 8.5% 8.9% 9.2% 9.5% 40.0% 8.4% 8.8% 9.1% 9.4% 45.0% 8.3% 8.7% 9.0% 9.3% 20

------

![](ny20007737x1_exc5slide29.jpg)

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

------

![](ny20007737x1_exc5slide30.jpg)

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%); cash taxes assum 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 For the Years Ending December 31, 2023E 2024E 2025E 2026E 2027E 2028E Perpetuity Growth Exit Multiple $46.91 Sisecam Wyoming EBITDA Less: Tax Depreciation and Amortization2 $158.0 (413.6) $147.5 (21.7) $117.4 (39.8) $109.4 (53.8) $113.4 (63.2) $99.7 (67.7) $99.7 (28.6) EBIT Less: Cash Taxes3 ($255.5) -- $125.8 (7.4) $77.7 (4.6) $55.6 (4.1) $50.2 (3.7) $32.0 (8.8) $71.1 (26.3) $44.8 28.6 (28.6) EBIAT Plus: Tax Depreciation and Amortization Less: Capital Expenditures Less: Changes in NWC ($255.5) 413.6 (25.6) 0.4 $118.4 21.7 (26.1) 15.7 $73.1 39.8 (26.7) 8.2 $51.5 53.8 (27.3) 0.8 $46.5 63.2 (27.9) (9.8) $23.2 67.7 (28.6) (1.0) - Sisecam Wyoming Unlevered Free Cash Flow SIRE Interest in Sisecam Wyoming $132.8 51.0% $129.6 51.0% $94.3 51.0% $78.7 51.0% $71.9 51.0% $61.3 51.0% $44.8 51.0% SIRE Share of Sisecam Wyoming Unlevered Free Cash Flow Less: SIRE G&A $67.7 (4.0) $66.1 (4.0) $48.1 (4.0) $40.1 (4.0) $36.7 (4.0) $31.3 (4.0) $22.9 (4.0) $63.7 $62.1 $44.1 $36.1 $32.7 $27.3 SIRE Unlevered Free Cash Flow EBITDA Multiple / Perpetuity Growth Rate 6.75x $18.9 1.0% $316.3 191.2 Implied Terminal Value Present Value of Terminal Value @ 8.75% Discount Rate Plus: Present Value of Unlevered Free Cash Flow @ 8.75% Discount Rate - $245.8 - 148.6 218.1 Implied Enterprise Value $409.3 - $366.7 Less: Net Debt as of December 31, 2022 (SIRE's 51% Share) (73.2) $336.1 Implied Equity Value SIRE LP Units Outstanding4 - $293.5 20.2 Implied SIRE LP Unit Value $16.64 - $14.53 Discounted Cash Flow Analysis Preliminary Valuation Detail – SIRE Financial Projections 4.25x 8.00x 9.25x --% 1.5% 2.0% Terminal Exit Multiple 5.50x 6.75x $15.61 $17.52 $19.37 Perpetuity Growth Rate 0.5% 1.0% $15.78 $16.44 $17.20 15.17 14.76 14.37 17.10 16.64 16.20 18.93 18.49 18.02 14.86 14.02 13.26 15.45 14.53 13.71 16.12 15.11 14.21 7.75% 8.25% 8.75% 9.25% 9.75% $13.62 13.24 12.88 12.53 12.20 13.99 15.77 17.54 $21.22 20.73 20.25 19.78 19.31 7.75% 8.25% 8.75% 9.25% 9.75% $15.20 14.33 13.56 12.87 12.24 12.59 12.97 13.41 $18.09 16.86 15.78 14.78 13.90 WACC WACC Unit Price Sensitivity Analysis ($ in millions, except per unit amounts)

------

![](ny20007737x1_exc5slide31.jpg)

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 7, 2022 1 ($ in millions, except per share/unit amounts) Equity Enterprise EV / EBITDA Net Debt / Soda Ash Value Value 2022E 2023E 2024E 2022E EBITDA % Revenue 2. Based on SIRE Financial Projections 22 Price % of 52-Week Partnership / Corporation 10/7/22 High 2 Chemical Companies with Soda Ash Operations Ciech SA $6.68 59.2% $352 $647 4.1x 4.1x 4.0x 1.9x 40.9% Genesis Energy, L.P. 10.15 75.3% 1,244 5,695 8.4 7.7 7.2 5.0 30.3% Türkiye Sise ve Cam Fabrikalari A.S. 1.60 98.3% 4,778 6,674 6.0 5.0 4.5 1.1 30.0% Solvay SA 82.30 64.3% 8,490 11,954 4.3 5.0 4.8 1.2 15.4% Tata Chemicals Limited 14.36 93.4% 3,658 4,528 11.4 10.4 9.9 1.9 15.0% Mean 6.8x 6.5x 6.1x 2.2x 26.3% Median 6.0 5.0 4.8 1.9 30.0% Other MLPs Alliance Resource Partners, L.P. $24.31 88.0% $3,181 $3,515 3.6x 3.1x 2.7x 0.3x --% Natural Resource Partners L.P. 40.99 80.7% 542 1,246 3.8 NM NM 0.7 14.7% Mean 3.7x 3.1x 2.7x 0.5x 7.3% Median 3.7 3.1 2.7 0.5 7.3% Sisecam Resources LP 2 $20.56 87.4% $415 $965 6.4x 6.3x 6.7x 1.0x 100.0%

------

![](ny20007737x1_exc5slide32.jpg)

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 23

------

![](ny20007737x1_exc5slide33.jpg)

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 24 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)

------

![](ny20007737x1_exc5slide34.jpg)

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 @ 8.0% Cost of Equity $16.63 – $20.33 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 Implied SIRE Unit Value – Based on CAPM $14.91 – $19.52 For the Years Ending December 31, 2023E 2024E 2025E 2026E 2027E 2028E Terminal Value Low High ($ per unit) 2. Based on SIRE's 52-week yield range of 6.1% to 14.1% with a median of 9.4% and mean of 10.0%. Current yield is 9.7% as of October 7, 2022 25 Source: FactSet, SIRE Financial Projections 1. Values LP units based on LP unit distributions and does not consider GP distributions

------

![](ny20007737x1_exc5slide35.jpg)

Confidential – Preliminary and Subject to Change Premiums Paid Analysis 1 Premium Date Announced Acquiror / Target Consideration 1-Day Prior Spot 30-Day VWAP 07/28/22 PBF Energy Inc. / PBF Logistics LP Cash/Stock-for-Unit (3.0%) 13.4% 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 Logistic 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 received, by the 30-trading day VWAP of the target as calculated from the last undisturbed trading day prior to the announcement 26 For Reference Only Source: Bloomberg, FactSet, Public filings Note: No transaction is directly comparable to the Proposed Transaction 1. 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 Min (3.0%) (11.2%) All Median 19.5% 22.2% Transactions Mean 20.5% 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%

------

![](ny20007737x1_exc5slide36.jpg)

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 27 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

------

![](ny20007737x1_exc5slide37.jpg)

Confidential – Preliminary and Subject to Change C. Financial Projections and Preliminary Valuation Detail – Sensitivity Case #1

------

![](ny20007737x1_exc5slide38.jpg)

Confidential – Preliminary and Subject to Change 40.9% 40.3% 39.3% 38.7% 39.3% 38.8% 35.8% 36.0% 34.6% 36.0% 33.5% 36.5% 36.5% 30.8% 2022E 2023E 2024E 2025E 2026E 2027E 2028E $2.40 $2.21 $1.85 $1.66 $1.74 $1.41 $2.00 $2.00 $2.90 $3.00 $2.96 $2.87 $2.76 $2.70 2022E 2023E 2024E 2025E 2026E 2027E 2028E $76.6 $71.2 $55.9 $51.8 $53.8 $46.9 $76.1 $77.7 $92.6 $95.7 $84.2 $81.5 $78.7 $77.0 2022E 2023E 2024E 2025E 2026E 2027E 2028E Financial Projections and Preliminary Valuation Detail – Sensitivity Case #1 SIRE Financial Projections vs. Sensitivity Case #1 SIRE Financial Projections Sensitivity Case #1 EBITDA Attributable to SIRE DCF / LP Unit % Gross Margin 1 Source: SIRE Financial Projections, SIRE management 28 ($ in millions, except per unit amounts)

------

![](ny20007737x1_exc5slide39.jpg)

Confidential – Preliminary and Subject to Change Financial Projections and Preliminary Valuation Detail – Sensitivity Case #1 SIRE Financial Projections, SIRE management 29 Sisecam Wyoming EBITDA – Sensitivity Case #1 2022E 2023E 2024E 2025E 2026E 2027E 2028E Domestic Sales Volumes (mt) 1.17 1.26 1.20 1.20 1.20 1.20 1.20 Export Sales Volumes (mt) 1.35 1.26 1.20 1.20 1.20 1.20 1.20 Sales Volumes (mt) 2.52 2.52 2.40 2.40 2.40 2.40 2.40 Volume Growth (%) (1.3%) (0.1%) (4.6%) --% --% --% --% Domestic Gross Revenue $337.6 $381.8 $399.2 $399.1 $402.0 $384.6 $393.3 Export Gross Revenue 400.5 491.2 472.6 462.3 454.6 458.9 451.4 Gross Revenue $738.1 $873.0 $871.8 $861.4 $856.6 $843.5 $844.7 Domestic Freight ($117.0) ($132.7) ($130.3) ($134.3) ($138.3) ($142.4) ($146.7) Export Freight (171.8) (189.3) (184.6) (188.7) (193.0) (197.3) (201.8) Freight Costs ($288.7) ($321.9) ($314.9) ($323.0) ($331.3) ($339.7) ($348.5) Domestic Net Revenue $220.6 $249.1 $268.8 $264.8 $263.7 $242.2 $246.6 Export Net Revenue 228.7 302.0 288.0 273.6 261.6 261.6 249.6 Net Revenue $449.4 $551.1 $556.8 $538.4 $525.3 $503.8 $496.2 Average Net Realized Price $178.40 $219.00 $232.02 $224.33 $218.89 $209.90 $206.75 Energy Costs (69.0) (91.5) (83.9) (87.9) (85.7) (81.4) (80.2) Personnel Costs (85.6) (106.7) (117.8) (126.3) (123.2) (117.1) (115.3) Royalties (20.8) (25.6) (24.5) (23.7) (23.1) (22.2) (21.8) Severance & Ad Valorem Taxes (18.2) (14.2) (15.0) (16.3) (15.9) (15.2) (15.0) Other (74.5) (99.9) (99.7) (90.5) (88.3) (83.9) (82.6) Cost of Goods Sold ($268.1) ($337.9) ($340.9) ($344.6) ($336.2) ($319.8) ($315.0) Gross Profit $181.3 $213.2 $215.9 $193.8 $189.1 $184.0 $181.2 Gross Margin (% of Net Revenue) 40.3% 38.7% 38.8% 36.0% 36.0% 36.5% 36.5% Operating Expenses (23.3) (23.8) (20.4) (20.9) (21.4) (21.9) (22.3) Sisecam Wyoming EBITDA $158.0 $189.4 $195.5 $172.9 $167.7 $162.1 $158.9 EBITDA Margin (% of Net Revenue) 35.2% 34.4% 35.1% 32.1% 31.9% 32.2% 32.0% For the Years Ending December 31, ($ in millions) 1

------

![](ny20007737x1_exc5slide40.jpg)

Confidential – Preliminary and Subject to Change Financial Projections and Preliminary Valuation Detail – Sensitivity Case #1 Sisecam Wyoming EBITDA $158.0 $189.4 $195.5 $172.9 $167.7 $162.1 $158.9 Less: Cash Interest Expense (4.1) (2.8) (1.9) (1.2) (0.7) (0.6) (0.4) Less: Maintenance Capital Expenditures (25.0) (25.6) (26.1) (26.7) (27.3) (27.9) (28.6) Distributable Cash Flow $128.9 $161.0 $167.4 $145.0 $139.7 $133.6 $129.9 Sisecam Wyoming Distributed Cash Flow Distributions to SIRE (51.0%) $43.2 $65.7 $68.3 $67.2 $64.7 $62.0 $60.2 Distributions to NRP (49.0%) 41.5 63.1 65.6 64.6 62.2 59.5 57.9 Distributed Cash Flow $84.8 $128.8 $133.9 $131.8 $127.0 $121.5 $118.1 Distributable Cash Flow Surplus / (Shortfall) $44.1 $32.2 $33.5 $13.2 $12.7 $12.1 $11.8 Sisecam Wyoming Coverage Ratio 1.52x 1.25x 1.25x 1.10x 1.10x 1.10x 1.10x Sisecam Wyoming Cash Flow Summary – Sensitivity Case #1 For the Years Ending December 31, 2022E 2023E 2024E 2025E 2026E 2027E 2028E Sisecam Wyoming Distributable Cash Flow SIRE Financial Projections, SIRE management 30 ($ in millions) 1

------

![](ny20007737x1_exc5slide41.jpg)

Confidential – Preliminary and Subject to Change Financial Projections and Preliminary Valuation Detail – Sensitivity Case #1 Sisecam Wyoming Sources and Uses – Sensitivity Case #1 For the Years Ending December 31, 2022E 2023E 2024E 2025E 2026E 2027E 20 Sources Distributable Cash Flow Surplus / (Shortfall) $44.1 $32.2 $33.5 $13.2 $12.7 Increase / (Decrease) in Net Working Capital (27.5) Cash from Revolver / (Cash to Revolver) -- 0.4 -- 15.7 -- 8.2 -- 0. Total Sources $16.6 $32.5 $49.2 $21.4 Uses Growth Capital Expenditures $0.1 $-- Mandatory Debt Paydown 8.6 8.8 Discretionary Debt Paydown 2.4 Cash to (from) Balance Sheet Other (5.2) Total Uses Capital Structure Total Debt Less: Cash Net Debt N ($ in millions) SIRE Financial Projections, SIRE management 31 1

------

![](ny20007737x1_exc5slide42.jpg)

Confidential – Preliminary and Subject to Change Financial Projections and Preliminary Valuation Detail – Sensitivity Case #1 SIRE Financial Projections, SIRE management 32 SIRE Cash Flow Summary – Sensitivity Case #1 2022E 2023E 2024E 2025E 2026E 2027E 2028E Consolidated EBITDA Sisecam Wyoming EBITDA $158.0 $189.4 $195.5 $172.9 $167.7 $162.1 $158.9 Less: SIRE G&A (2.9) (4.0) (4.0) (4.0) (4.0) (4.0) (4.0) SIRE Consolidated EBITDA $155.1 $185.4 $191.5 $168.9 $163.7 $158.1 $154.9 EBITDA Attributable to SIRE SIRE'S 51% Share of Sisecam Wyoming EBITDA $80.6 $96.6 $99.7 $88.2 $85.5 $82.7 $81.0 Less: SIRE G&A (2.9) (4.0) (4.0) (4.0) (4.0) (4.0) (4.0) EBITDA Attributable to SIRE $77.7 $92.6 $95.7 $84.2 $81.5 $78.7 $77.0 SIRE Distributable Cash Flow Distributions from Sisecam Wyoming $43.2 $65.7 $68.3 $67.2 $64.7 $62.0 $60.2 Less: SIRE G&A (2.9) (4.0) (4.0) (4.0) (4.0) (4.0) (4.0) Distributable Cash Flow $40.3 $61.7 $64.3 $63.2 $60.7 $58.0 $56.2 Distributed Cash Flow Sisecam Chemicals $29.1 $42.2 $43.7 $43.1 $41.7 $40.2 $39.2 Public 10.5 15.2 15.8 15.5 15.0 14.5 14.1 General Partner 0.8 4.2 4.9 4.6 4.0 3.3 2.9 Distributed Cash Flow $40.3 $61.7 $64.3 $63.2 $60.7 $58.0 $56.2 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 $2.90 $3.00 $2.96 $2.87 $2.76 $2.70 Distribution per LP Unit 2.00 2.90 3.00 2.96 2.87 2.76 2.70 Distributable Cash Flow Surplus / (Shortfall) $-- $-- $-- $-- $-- $-- $-- ($ in millions, except per unit amounts) For the Years Ending December 31, 1

------

![](ny20007737x1_exc5slide43.jpg)

Confidential – Preliminary and Subject to Change 4.25x Terminal Exit Multiple 5.50x 6.75x 8.00x 9.25x --% Perpetuity Growth Rate 0.5% 1.0% 1.5% 2.0% $26.60 $29.64 $32.69 $29.80 $31.12 $32.65 25.88 25.19 24.54 28.99 28.27 27.52 31.96 31.25 30.51 28.08 26.45 24.99 29.23 27.48 25.88 30.52 28.65 26.89 7.75% 8.25% 8.75% 9.25% 9.75% $23.35 22.71 22.11 21.53 20.98 23.90 26.82 29.72 $35.73 34.92 34.13 33.36 32.62 7.75% 8.25% 8.75% 9.25% 9.75% $28.65 27.03 25.54 24.20 23.00 23.70 24.47 25.34 $34.44 32.01 29.93 28.03 26.32 WACC WACC For the Years Ending December 31, 2023E 2024E 2025E 2026E 2027E 2028E Perpetuity Growth Exit Multiple $77.01 Sisecam Wyoming EBITDA Less: Tax Depreciation and Amortization2 $189.4 (661.2) $195.5 (21.7) $172.9 (39.8) $167.7 (53.8) $162.1 (63.2) $158.9 (67.7) $158.9 (28.6) EBIT Less: Cash Taxes3 ($471.9) -- $173.8 (10.3) $133.1 (7.9) $114.0 (8.4) $98.9 (7.3) $91.2 (13.0) $130.3 (48.2) $82.1 28.6 (28.6) EBIAT Plus: Tax Depreciation and Amortization Less: Capital Expenditures Less: Changes in NWC ($471.9) 661.2 (25.6) 0.4 $163.5 21.7 (26.1) 15.7 $125.3 39.8 (26.7) 8.2 $105.5 53.8 (27.3) 0.8 $91.6 63.2 (27.9) (9.8) $78.2 67.7 (28.6) (1.0) - Sisecam Wyoming Unlevered Free Cash Flow SIRE Interest in Sisecam Wyoming $164.1 51.0% $174.8 51.0% $146.5 51.0% $132.7 51.0% $117.0 51.0% $116.3 51.0% $82.1 51.0% SIRE Share of Sisecam Wyoming Unlevered Free Cash Flow Less: SIRE G&A $83.7 (4.0) $89.1 (4.0) $74.7 (4.0) $67.7 (4.0) $59.7 (4.0) $59.3 (4.0) $41.9 (4.0) $79.7 $85.1 $70.7 $63.7 $55.7 $55.3 SIRE Unlevered Free Cash Flow EBITDA Multiple / Perpetuity Growth Rate 6.75x $37.9 1.0% $493.5 298.3 Implied Terminal Value Present Value of Terminal Value @ 8.75% Discount Rate Plus: Present Value of Unlevered Free Cash Flow @ 8.75% Discount Rate $519.9 - 314.3 - 329.4 Implied Enterprise Value $643.7 - $627.7 Less: Net Debt as of December 31, 2022 (SIRE's 51% Share) (72.7) $555.0 Implied Equity Value SIRE LP Units Outstanding4 $570.9 - 20.2 Implied SIRE LP Unit Value $28.27 - $27.48 Financial Projections and Preliminary Valuation Detail – Sensitivity Case #1 Unit Price Sensitivity Analysis 4. Includes 2.0% general partner interest, economically equivalent to 399,000 LP Units at current quarterly distribution 33 Source: SIRE Financial Projections, SIRE management 51% of Sisecam Wyoming EBITDA less $4.0 million SIRE G&A 2022E tax DD&A assumes 100.0% bonus depreciation calculated as the midpoint of the enterprise value range plus 2022E capital expenditures; 2023E and 2024E tax DD&A assumes 100.0% bonus depreciation on capital expenditures; bonus depreciation phase-down on growth capital expenditures in 2025E (80.0%) and 2026E (60.0%) Assumes unitholder tax rate of 29.6% from 2023E to 2025E and 37.0% thereafter Discounted Cash Flow Analysis – Sensitivity Case #1 ($ in millions, except per unit amounts) 1

------

![](ny20007737x1_exc5slide44.jpg)

Confidential – Preliminary and Subject to Change Financial Projections and Preliminary Valuation Detail – Sensitivity Case #1 Peer Group Trading Analysis – Sensitivity Case #1 2022E EBITDA Attributable to SIRE Relevant EBITDA Multiple 5.5x $77.7 – 8.0x Implied Enterprise Value Based on 2022E Adjusted EBITDA $427.3 – $621.5 Less: Net Debt as of December 31, 2022 (SIRE's 51% Share) (72.7) Implied SIRE Equity Value SIRE LP Units Outstanding1 $354.5 – 20.2 $548.7 Implied SIRE Unit Price Range - 2022E Adjusted EBITDA $17.55 – $27.17 2023E EBITDA Attributable to SIRE Relevant EBITDA Multiple 5.0x $92.6 – 7.5x Implied Enterprise Value Based on 2023E Adjusted EBITDA $462.9 – $694.3 Less: Net Debt as of December 31, 2022 (SIRE's 51% Share) (72.7) Implied SIRE Equity Value SIRE LP Units Outstanding1 $390.1 – 20.2 $621.6 Implied SIRE Unit Price Range - 2023E Adjusted EBITDA $19.31 – $30.77 2024E EBITDA Attributable to SIRE Relevant EBITDA Multiple 4.5x $95.7 – 7.0x Implied Enterprise Value Based on 2024E Adjusted EBITDA $430.6 – $669.8 Less: Net Debt as of December 31, 2022 (SIRE's 51% Share) (72.7) Implied SIRE Equity Value SIRE LP Units Outstanding1 $357.9 – 20.2 $597.1 Implied SIRE Unit Price Range - 2024E Adjusted EBITDA $17.72 – $29.56 ($ in millions, except per unit amounts) Source: SIRE Financial Projections 1. Includes 2.0% general partner interest, economically equivalent to 399,000 LP Units at current quarterly distribution 34 1

------

![](ny20007737x1_exc5slide45.jpg)

Confidential – Preliminary and Subject to Change Source: Public filings, Wall Street research, SIRE Financial Projections 1. Includes 2.0% general partner interest, economically equivalent to 399,000 LP Units at current quarterly distribution Financial Projections and Preliminary Valuation Detail – Sensitivity Case #1 Precedent M&A Transactions Analysis – Sensitivity Case #1 Precedent M&A Transaction Analysis 35 ($ in millions, except per unit amounts) 1

------

![](ny20007737x1_exc5slide46.jpg)

Confidential – Preliminary and Subject to Change Financial Projections and Preliminary Valuation Detail – Sensitivity Case #1 Discounted Distributions Analysis – Sensitivity Case #1 ($ per unit) SIRE Distribution per LP Unit (Cash, As Paid)1 $2.90 $3.00 $2.96 $2.87 $2.76 $2.70 $2.70 – $2.70 Terminal Yield2 12.0% 8.0% Terminal Value $22.46 $33.69 Equity Cost of Capital Based on CAPM Present Value @ 8.0% Cost of Equity $27.97 – $35.05 Present Value @ 9.0% Cost of Equity 26.87 – 33.56 Present Value @ 10.0% Cost of Equity 25.83 – 32.16 Present Value @ 11.0% Cost of Equity 24.84 – 30.85 Present Value @ 12.0% Cost of Equity 23.91 – 29.60 Implied SIRE Unit Value – Based on CAPM $24.84 – $33.56 For the Years Ending December 31, 2023E 2024E 2025E 2026E 2027E 2028E Terminal Value Low High 1 36 Source: FactSet, SIRE Financial Projections Values LP units based on LP unit distributions and does not consider GP distributions Based on SIRE's 52-week yield range of 6.1% to 14.1% with a median of 9.4% and mean of 10.0%. Current yield is 9.7% as of October 7, 2022

------

![](ny20007737x1_exc5slide47.jpg)

Confidential – Preliminary and Subject to Change D. Sensitivity Case #2 – Illustrative Unit 8 Expansion Economics

------

![](ny20007737x1_exc5slide48.jpg)

Confidential – Preliminary and Subject to Change Sensitivity Case #2 – Illustrative Unit 8 Expansion Economics Illustrative Unit 8 Expansion Economics Evercore analyzed the illustrative returns of the Unit 8 Expansion Assumptions are consistent with the Sensitivity Case #2 2 ($ in millions, except per unit amounts) Initial Investment ($252.1) ($252.1) $-- $-- $- SIRE's Share of Initial Investment (51%) (128.6) (128.6) -- -- Incremental EBITDA SIRE's Share of Incremental EBITDA (51%) $-- -- $-- $8 Incremental Unlevered Free Cash Flow SIRE's Share of Incremental Unlevered Free Cash Flow (51%) (EBITDA Multiple Implied Terminal Value Total Unlevered Free Cas IRR  Unit 8 growth capital expenditures ranging from $504.2 million to $835.0 million, spent evenly throughout 2023E and 2024E  1.0 million metric tons of new soda ash production capacity coming online January 1, 2025 Terminal Value assumes a 6.75x EBITDA multiple Unit 8 Expansion Internal Rate of Return For the Years Ending December 31, Exi 2023E 2024E 2025E 2026E 2027E 2028E Implied Unit 8 NPV Impact to Implied SIRE Common Unit Value Unit 8 Growth Capital Expenditures $504.2 $600.0 $700.0 $835.0 10.0% 11.0% 12.0% 13.0% 14.0% 15.0% $37.6 ($6.8) ($53.2) ($115.9) 27.7 (16.3) (62.3) (124.4) 18.5 (25.2) (70.8) (132.3) 9.8 (33.4) (78.7) (139.7) 1.7 (41.2) (86.0) (146.5) (5.9) (48.4) (92.9) (152.9) Discount Rate Unit 8 Growth Capital Expenditures $504.2 $600.0 $700.0 $835.0 10.0% 11.0% 12.0% 13.0% 14.0% 15.0% $1.86 ($0.34) ($2.64) ($5.74) 1.37 (0.81) (3.08) (6.16) 0.92 (1.25) (3.50) (6.55) 0.49 (1.66) (3.89) (6.92) 0.09 (2.04) (4.26) (7.25) (0.29) (2.40) (4.60) (7.57) Discount Rate

------

![](ny20007737x1_exc5slide49.jpg)

Confidential – Preliminary and Subject to Change E. Financial Projections and Preliminary Valuation Detail – Sensitivity Case #3

------

![](ny20007737x1_exc5slide50.jpg)

Confidential – Preliminary and Subject to Change 30.8% 40.9% 40.9% 39.3% 39.3% 39.3% 39.3% 35.8% 37.1% 34.6% 37.1% 33.5% 37.1% 37.1% 2022E 2023E 2024E 2025E 2026E 2027E 2028E $2.40 $2.21 $1.85 $1.66 $1.74 $1.41 $2.00 $2.00 $2.72 $2.79 $2.58 $2.49 $2.54 $2.47 2022E 2023E 2024E 2025E 2026E 2027E 2028E Financial Projections and Preliminary Valuation Detail – Sensitivity Case #3 SIRE Financial Projections vs. Sensitivity Case #3 SIRE Financial Projections Sensitivity Case #3 EBITDA Attributable to SIRE DCF / LP Unit % Gross Margin ($ in millions, except per unit amounts) Source: SIRE Financial Projections, SIRE management 3

------

![](ny20007737x1_exc5slide51.jpg)

Confidential – Preliminary and Subject to Change Financial Projections and Preliminary Valuation Detail – Sensitivity Case #3 SIRE Financial Projections, SIRE management 39 Sisecam Wyoming EBITDA – Sensitivity Case #3 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) 3

------

![](ny20007737x1_exc5slide52.jpg)

Confidential – Preliminary and Subject to Change Financial Projections and Preliminary Valuation Detail – Sensitivity Case #3 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 $10.6 Sisecam Wyoming Coverage Ratio 1.38x 1.25x 1.25x 1.10x 1.10x 1.10x 1.10x Sisecam Wyoming Cash Flow Summary – Sensitivity Case #3 For the Years Ending December 31, 2022E 2023E 2024E 2025E 2026E 2027E 2028E Sisecam Wyoming Distributable Cash Flow SIRE Financial Projections, SIRE management 40 ($ in millions) 3

------

![](ny20007737x1_exc5slide53.jpg)

Confidential – Preliminary and Subject to Change Financial Projections and Preliminary Valuation Detail – Sensitivity Case #3 Sisecam Wyoming Sources and Uses – Sensitivity Case #3 For the Years Ending December 31, 2022E 2023E 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 41 3

------

![](ny20007737x1_exc5slide54.jpg)

Confidential – Preliminary and Subject to Change Financial Projections and Preliminary Valuation Detail – Sensitivity Case #3 SIRE Financial Projections, SIRE management 42 SIRE Cash Flow Summary – Sensitivity Case #3 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, 3

------

![](ny20007737x1_exc5slide55.jpg)

Confidential – Preliminary and Subject to Change 4.25x Terminal Exit Multiple 5.50x 6.75x 8.00x 9.25x --% Perpetuity Growth Rate 0.5% 1.0% 1.5% 2.0% $23.61 $26.41 $29.20 $26.17 $27.34 $28.71 23.04 22.41 21.82 25.82 25.24 24.56 28.54 27.89 27.27 24.65 23.25 21.95 25.66 24.17 22.74 26.81 25.16 23.64 7.75% 8.25% 8.75% 9.25% 9.75% $20.71 20.14 19.59 19.07 18.57 21.25 23.92 26.58 $32.00 31.26 30.54 29.84 29.16 7.75% 8.25% 8.75% 9.25% 9.75% $25.14 23.77 22.43 21.24 20.17 20.79 21.48 22.25 $30.32 28.15 26.29 24.66 23.13 WACC WACC For the Years Ending December 31, 2023E 2024E 2025E 2026E 2027E 2028E Perpetuity Growth Exit Multiple $70.61 Sisecam Wyoming EBITDA Less: Tax Depreciation and Amortization2 $177.8 (599.2) $182.0 (21.7) $151.5 (39.8) $146.6 (53.8) $149.6 (63.2) $146.4 (67.7) $146.4 (28.6) EBIT Less: Cash Taxes3 ($421.4) -- $160.3 (9.5) $111.8 (6.6) $92.8 (6.9) $86.4 (6.4) $78.7 (6.8) $117.8 (43.6) $74.2 28.6 (28.6) EBIAT Plus: Tax Depreciation and Amortization Less: Capital Expenditures Less: Changes in NWC ($421.4) 599.2 (25.6) 0.4 $150.8 21.7 (26.1) 15.7 $105.2 39.8 (26.7) 8.2 $86.0 53.8 (27.3) 0.8 $80.0 63.2 (27.9) (9.8) $71.9 67.7 (28.6) (1.0) - Sisecam Wyoming Unlevered Free Cash Flow SIRE Interest in Sisecam Wyoming $152.6 51.0% $162.1 51.0% $126.4 51.0% $113.2 51.0% $105.4 51.0% $110.0 51.0% $74.2 51.0% SIRE Share of Sisecam Wyoming Unlevered Free Cash Flow Less: SIRE G&A $77.8 (4.0) $82.7 (4.0) $64.5 (4.0) $57.7 (4.0) $53.8 (4.0) $56.1 (4.0) $37.8 (4.0) $73.8 $78.7 $60.5 $53.7 $49.8 $52.1 SIRE Unlevered Free Cash Flow EBITDA Multiple / Perpetuity Growth Rate 6.75x $33.8 1.0% $441.1 266.6 Implied Terminal Value Present Value of Terminal Value @ 8.75% Discount Rate Plus: Present Value of Unlevered Free Cash Flow @ 8.75% Discount Rate $476.8 - 288.3 - 296.2 Implied Enterprise Value $584.4 - $562.8 Less: Net Debt as of December 31, 2022 (SIRE's 51% Share) (74.7) $488.1 Implied Equity Value SIRE LP Units Outstanding4 $509.7 - 20.2 Implied SIRE LP Unit Value $25.24 - $24.17 Financial Projections and Preliminary Valuation Detail – Sensitivity Case #3 Unit Price Sensitivity Analysis 4. Includes 2.0% general partner interest, economically equivalent to 399,000 LP Units at current quarterly distribution 43 Source: SIRE Financial Projections, SIRE management 51% of Sisecam Wyoming EBITDA less $4.0 million SIRE G&A 2022E tax DD&A assumes 100.0% bonus depreciation calculated as the midpoint of the enterprise value range plus 2022E capital expenditures; 2023E and 2024E tax DD&A assumes 100.0% bonus depreciation on capital expenditures; bonus depreciation phase-down on growth capital expenditures in 2025E (80.0%) and 2026E (60.0%) Assumes unitholder tax rate of 29.6% from 2023E to 2025E and 37.0% thereafter Discounted Cash Flow Analysis – Sensitivity Case #3 ($ in millions, except per unit amounts) 3

------

![](ny20007737x1_exc5slide56.jpg)

Confidential – Preliminary and Subject to Change Financial Projections and Preliminary Valuation Detail – Sensitivity Case #3 Peer Group Trading Analysis – Sensitivity Case #3 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 1. Includes 2.0% general partner interest, economically equivalent to 399,000 LP Units at current quarterly distribution 44 3

------

![](ny20007737x1_exc5slide57.jpg)

Confidential – Preliminary and Subject to Change Financial Projections and Preliminary Valuation Detail – Sensitivity Case #3 Precedent M&A Transactions Analysis – Sensitivity Case #3 Precedent M&A Transaction Analysis Source: Public filings, Wall Street research, SIRE Financial Projections 1. Includes 2.0% general partner interest, economically equivalent to 399,000 LP Units at current quarterly distribution 45 ($ in millions, except per unit amounts) 3

------

![](ny20007737x1_exc5slide58.jpg)

Confidential – Preliminary and Subject to Change Financial Projections and Preliminary Valuation Detail – Sensitivity Case #3 Discounted Distributions Analysis – Sensitivity Case #3 ($ 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 @ 8.0% Cost of Equity $25.49 – $31.96 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 Implied SIRE Unit Value – Based on CAPM $22.64 – $30.61 For the Years Ending December 31, 2023E 2024E 2025E 2026E 2027E 2028E Terminal Value Low High 3 2. Based on SIRE's 52-week yield range of 6.1% to 14.1% with a median of 9.4% and mean of 10.0%. Current yield is 9.7% as of October 7, 2022 46 Source: FactSet, SIRE Financial Projections 1. Values LP units based on LP unit distributions and does not consider GP distributions

------

![](ny20007737x1_exc5slide59.jpg)

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

------

![](ny20007737x1_exc5slide60.jpg)

Confidential – Preliminary and Subject to Change Supplemental Soda Ash Pricing Data Source: SIRE management forecasts, IHS Markit 47 Domestic Soda Ash Prices ($ per metric ton) Evercore note: Page provided by SIRE management to support management's view on projected soda ash prices

------

![](ny20007737x1_exc5slide61.jpg)

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 48

------**

## Ex-99.(C)(6)

------

**Exhibit (c)(6)**<br>

**** 

<br> **![](ny20007737x1_exc6slide1.jpg)

Confidential – Preliminary and Subject to Change Discussion Materials Regarding Project Houston October 19, 2022

------

![](ny20007737x1_exc6slide2.jpg)

Confidential – Preliminary and Subject to Change 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 Proposal ─ 7/5/2022 Proposal ─ 9/27/2022 $21.00 Unit Price $22.00 Unit Price $23.00 Unit Price $24.00 Unit Price $25.00 Unit Price $26.00 Unit Price $27.00 Unit Price proposal ─ 10/11/2022 proposal ─ 9/20/2022 SIRE Common Unit Price $17.90 $19.00 $21.00 $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 20.2 Total Equity Value – SIRE2 $361.6 $383.8 $424.2 $444.4 $464.6 $484.8 $505.0 $525.2 $545.4 $575.7 $595.9 Noncontrolling Interest2 347.4 368.7 407.5 426.9 446.4 465.8 485.2 504.6 524.0 553.1 572.5 Total Equity Value – Sisecam Wyoming $708.9 $752.5 $831.7 $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 143.6 143.6 143.6 143.6 143.6 143.6 143.6 143.6 143.6 143.6 143.6 Consolidated Enterprise Value $852.6 $896.1 $975.3 $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% 17.0% 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% 21.4% 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% 20.2% 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% 17.5% 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 $152.0 2023E 154.0 154.0 154.0 154.0 154.0 154.0 154.0 154.0 154.0 154.0 154.0 2024E 143.5 143.5 143.5 143.5 143.5 143.5 143.5 143.5 143.5 143.5 143.5 Enterprise Value / SIRE Consolidated EBITDA 2022E 5.6x 5.9x 6.4x 6.7x 6.9x 7.2x 7.5x 7.7x 8.0x 8.4x 8.6x 2023E 5.5 5.8 6.3 6.6 6.8 7.1 7.4 7.6 7.9 8.3 8.5 2024E 5.9 6.2 6.8 7.1 7.4 7.6 7.9 8.2 8.5 8.9 9.1 Source: Partnership filings, FactSet, SIRE Financial Projections Second Counter- First Counter- Initial Second Conflicts Committee Counterproposals SIRE Proposals 1

------

![](ny20007737x1_exc6slide3.jpg)

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

------

![](ny20007737x1_exc6slide4.jpg)

Confidential – Preliminary and Subject to Change Historical SIRE and Peer Group Valuation Trend Source: FactSet --x 5x 10x 15x 20x 25x 10/17/17 10/17/18 10/17/19 10/17/20 10/17/21 10/17/22 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 3 Over the past five years, SIRE has typically traded between 5.0x and 8.0x run-rate EBITDA, near the bottom of the range of its peers

------

![](ny20007737x1_exc6slide5.jpg)

Confidential – Preliminary and Subject to Change SIRE Situation Analysis Public Trading Statistics ($ in millions, except per unit amounts) Balance Sheet and Credit Data Common Unit Price and Distribution Information 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 Total Debt Net Debt Plus: Noncontrolling Interest (Book Value) Plus: Partners' Capital $154.3 $150.9 156.4 201.2 Net Book Capitalization $508.5 $3.00 $2.50 $2.00 $1.50 $1.00 $0.50 $-- $-- $5.00 $10.00 $15.00 $20.00 $25.00 10/17/20 6/17/21 Distribution per Unit 10/17/22 Distribution per Unit Unit Price 2/15/22 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% 2.0% $-- $0.5000 $0.5000 $0.0102 19.8 $9.9 $0.2 $39.6 $0.8 98.0% 2.0% 0.5000 0.5750 -- -- 19.8 -- -- -- -- 85.0% 15.0% 0.5750 0.6250 -- -- 19.8 -- -- -- -- 75.0% 25.0% 0.6250 0.7500 -- -- 19.8 -- -- -- -- 50.0% 50.0% 0.7500 -- -- 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% SIRE Consolidated EBITDA equal to 100% of Sisecam Wyoming EBITDA less SIRE G&A As of October 17, 2022 Total Units Outstanding1 Common Unit Price 20.2 $22.65 Total Equity Value Plus: Net Debt2 Plus: Noncontrolling Interest (Market Value)3 $457.5 150.9 439.6 Enterprise Value $1,048.0 Management Projections Metric Yield/Multiple Distribution Yield Current $2.00 8.8% Revolver Availability / Total Revolver Capacity $120 / $225 2023E 2.40 10.6% Net Debt / Net Book Cap 29.7% 2024E EV / EBITDA4 2.21 9.8% Net Debt / 2022E EBITDA 1.0x 2022E $152 6.9x 2023E 154 6.8 2024E 143 7.3 4

------

![](ny20007737x1_exc6slide6.jpg)

Confidential – Preliminary and Subject to Change 30.8% 40.9% 40.9% 39.3% 39.3% 39.3% 39.3% 35.8% 37.1% 34.6% 37.1% 33.5% 37.1% 37.1% 2022E 2023E 2024E 2025E 2026E 2027E 2028E $2.40 $2.21 $1.85 $1.66 $1.74 $1.41 $2.00 $2.00 $2.72 $2.79 $2.58 $2.49 $2.54 $2.47 2022E 2023E 2024E 2025E 2026E 2027E 2028E Preliminary Valuation of SIRE Common Units SIRE Financial Projections vs. Sensitivity Case SIRE Financial Projections Sensitivity Case EBITDA Attributable to SIRE DCF / LP Unit % Gross Margin ($ in millions, except per unit amounts) 5 Source: SIRE Financial Projections, SIRE management

------

![](ny20007737x1_exc6slide7.jpg)

Confidential – Preliminary and Subject to Change Peer Group Trading Analysis Precedent M&A Transactions Analysis Discounted Cash Flow 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: 5.5x - 8.0x 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 8.25% - 9.25% Terminal Yield of: 8.0% - 12.0% Equity Cost of Capital of: 9.0% - 11.0% Discounted Distributions Analysis $14.37 $21.82 $13.26 $21.95 $17.09 $15.84 $15.34 $17.76 $12.24 $16.09 $19.13 $22.05 $14.91 $22.64 $18.93 $28.54 $16.12 $26.81 $26.51 $24.72 $24.82 $28.49 $21.05 $27.08 $28.61 $32.78 $19.52 $30.61 $-- $5.00 $10.00 $15.00 $20.00 $25.00 $30.00 $35.00 $50.00 $45.00 $40.00 Preliminary Valuation of SIRE Common Units Proposed Consideration: $19.00 SIRE Financial Projections vs. Sensitivity Case SIRE Financial Projections Sensitivity Case 6

------

![](ny20007737x1_exc6slide8.jpg)

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 As of October 17, 2022 Based on SIRE Financial Projections 1 ($ in millions, except per share/unit amounts) Equity Enterprise EV / EBITDA Net Debt / Soda Ash Value Value 2022E 2023E 2024E 2022E EBITDA % Revenue 7 Price % of 52-Week Partnership / Corporation 10/17/22 High 1 Chemical Companies with Soda Ash Operations Ciech SA $6.32 55.9% $333 $632 3.9x 4.0x 3.8x 1.9x 40.9% Genesis Energy, L.P. 10.11 75.0% 1,239 5,690 8.4 7.7 7.2 5.0 30.3% Türkiye Sise ve Cam Fabrikalari A.S. 1.68 99.7% 5,009 6,904 6.0 5.2 4.3 1.1 30.0% Solvay SA 85.31 66.6% 8,800 12,275 4.4 5.1 4.9 1.2 15.4% Tata Chemicals Limited 14.12 91.8% 3,596 4,466 11.1 10.1 9.7 1.9 15.0% Mean 6.8x 6.4x 6.0x 2.2x 26.3% Median 6.0 5.2 4.9 1.9 30.0% Other MLPs Alliance Resource Partners, L.P. $22.60 81.8% $2,957 $3,291 3.3x 2.7x 2.6x 0.3x --% Natural Resource Partners L.P. 40.98 80.6% 542 1,246 3.8 NM NM 0.7 14.7% Mean 3.6x 2.7x 2.6x 0.5x 7.3% Median 3.6 2.7 2.6 0.5 7.3% Sisecam Resources LP 2 $22.65 96.3% $458 $1,048 6.9x 6.8x 7.3x 1.0x 100.0%

------

![](ny20007737x1_exc6slide9.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. 9

------**

## Ex-Filing

**Exhibit 107**

**Calculation of Filing Fee Tables**

**Table 1 - Transaction Valuation**

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Transaction Valuation** | &nbsp;&nbsp;**Fee Rate** | &nbsp;&nbsp;**Amount of Filing Fee** |
| Fees to Be Paid | $131219775<sup>(1)</sup> | 0.00011020 | $14460.42<sup>(2)</sup> |
| Fees Previously Paid | $131219775 |  | $14460.42<sup>(3)</sup> |
| **Total Transaction Valuation** | $131219775 |  |  |
| **Total Fees Due for Filing** |  |  | $0 |
| **Total Fees Previously Paid** |  |  | $14460.42 |
| **Total Fee Offsets** |  |  | $14460.42 |
| **Net Fee Due** |  |  | $0 |

---

**Table 2 - Fee Offset Claims and Sources**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Registrant or Filer Name** | &nbsp;&nbsp;**Form or Filing Type** | &nbsp;&nbsp;**File Number** | &nbsp;&nbsp;**Initial Filing Date** | &nbsp;&nbsp;**Filing Date** | &nbsp;&nbsp;**Fee Offset Claimed** |
| Fee Offset Claims |  | PRER 14C | 001-36062 | February 24, 2023 |  | $14460.42 |
| Fee Offset Sources | Sisecam Resources LP | PRER 14C | 001-36062 |  | February 24, 2023 | $14460.42<sup>(3)</sup> |

---

(1)&nbsp;&nbsp;&nbsp;&nbsp; Solely for the purpose of calculating the filing fee, the maximum aggregate value was determined based upon: 5,248,791 Common Units multiplied by $25.00 per Common Unit.

(2)&nbsp;&nbsp;&nbsp;&nbsp; In accordance with Section 14(g) of the Securities Exchange Act of 1934, as amended, the filing fee was determined by multiplying the product calculated in footnote (1) by 0.00011020.

(3)&nbsp;&nbsp;&nbsp;&nbsp; The Partnership previously paid $14,460.42 upon the filing of its Preliminary Information Statement on Schedule 14C on February 24, 2023 in connection with the transaction reported hereby.