Exhibit (c)(3)

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

Confidential – Preliminary and Subject to Change These materials have been prepared by Evercore Group L.L.C. (“Evercore”) for the Conflicts Committee (the “Conflicts Committee”) of the Board of Directors of Sisecam Resource Partners LLC, the general partner of Sisecam Resources LP (the “Partnership”), to whom such materials are directly addressed and delivered and may not be used or relied upon for any purpose other than as specifically contemplated by a written agreement with Evercore. These materials are based on information provided by or on behalf of the Conflicts Committee, from public sources or otherwise reviewed by Evercore. Evercore assumes no responsibility for independent investigation or verification of such information and has relied on such information being complete and accurate in all material respects. To the extent such information includes estimates and forecasts of future financial performance prepared by or reviewed with the management of the Partnership and/or other potential transaction participants or obtained from public or other third party sources, Evercore has assumed that such estimates and forecasts have been reasonably prepared on bases reflecting the best currently available estimates and judgments of such management (or, with respect to estimates and forecasts obtained from public sources, represent reasonable estimates). No representation or warranty, express or implied, is made as to the accuracy or completeness of such information and nothing contained herein is, or shall be relied upon as, a representation, whether as to the past, the present or the future. These materials were designed for use by specific persons familiar with the business and affairs of the Partnership. These materials are not intended to provide the sole basis for evaluating, and should not be considered a recommendation with respect to, any transaction or other matter. These materials have been developed by and are proprietary to Evercore and were prepared exclusively for the benefit and internal use of the Conflicts Committee. These materials were compiled on a confidential basis for use exclusively by the Conflicts Committee and not with a view to public disclosure or filing thereof under state or federal securities laws, and may not be reproduced, disseminated, quoted or referred to, in whole or in part, without the prior written consent of Evercore or as provided in the engagement letter between Evercore and the Conflicts Committee. These materials do not constitute an offer or solicitation to sell or purchase any securities and are not a commitment by Evercore or any of its affiliates to provide or arrange any financing for any transaction or to purchase any security in connection therewith. Evercore assumes no obligation to update or otherwise revise these materials. These materials may not reflect information known to other professionals in other business areas of Evercore and its affiliates. Evercore and its affiliates do not provide legal, accounting or tax advice. Accordingly, any statements contained herein as to tax matters were neither written nor intended by Evercore or its affiliates to be used and cannot be used by any taxpayer for the purpose of avoiding tax penalties that may be imposed on such taxpayer. Each person should seek legal, accounting and tax advice based on his, her or its particular circumstances from independent advisors regarding the impact of the transactions or matters described herein.

Confidential – Preliminary and Subject to Change Table of Contents Section Executive Summary SIRE Situation Analysis Preliminary Valuation of SIRE Common Units 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

Confidential – Preliminary and Subject to Change I. Executive Summary

Confidential – Preliminary and Subject to Change Executive Summary 1 Introduction Evercore Group L.L.C. (“Evercore”) is pleased to provide the following materials to the Conflicts Committee (the “Conflicts Committee”) of the Board of Directors of Sisecam Resource Partners LLC (the “General Partner” or “SIRE GP”), the general partner of Sisecam Resources LP (“SIRE” or the “Partnership”), regarding Sisecam Chemicals Resources LLC’s (“Sisecam Chemicals” or “SCR”) proposal to acquire all common units representing limited partner interests in the Partnership (each, a “Common Unit”) from the holders of such units other than Common Units held by Sisecam Chemicals, the General Partner or their respective affiliates (the “Unaffiliated Unitholders”) (the “Proposed Transaction”) Sisecam Chemicals Wyoming LLC (“SCW LLC”) is a wholly-owned subsidiary of Sisecam Chemicals that currently owns:  14,551,000 Common Units (72% limited partner interest in the Partnership)  SIRE GP, which owns a 2.0% general partner interest in the Partnership 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

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

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

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

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

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

Confidential – Preliminary and Subject to Change SIRE Situation Analysis Public Trading Statistics ($ in millions, except per unit amounts) Balance Sheet and Credit Data 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

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

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

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%

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

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

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

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

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

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

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

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

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

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

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

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

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)

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)

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)

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,

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

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

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

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

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

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

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

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

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

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

Confidential – Preliminary and Subject to Change Source: SIRE Financial Projections 51% of Sisecam Wyoming EBITDA less $4.0 million SIRE G&A 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

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%

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

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)

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

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

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)

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

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)

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)

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)

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

Confidential – Preliminary and Subject to Change Appendix

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

Confidential – Preliminary and Subject to Change 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

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%

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

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

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

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

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)

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)

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)

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)

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)

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)

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)

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)