Ciner Resources LP Investor Presentation May 2019 Safe Harbor - PowerPoint PPT Presentation

Ciner Resources LP Investor Presentation May 2019

Safe Harbor Statement This presentation may contain “forward - looking statements.” All statements that address operating performance, events or developments that we expect or anticipate will occur in the future are forward-looking statements. Caution should be taken not to place undue reliance on any such forward-looking statements because actual results may differ materially from the results suggested by these statements. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. In addition, forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from our historical experience and present expectations or projections. These risks and uncertainties include, but are not limited to, those described in the Risk Factors section of CINR’s 10 -K dated March 8, 2019, and those described from time-to-time in our periodic and other reports filed with the Securities and Exchange Commission. 2

Ciner Resources LP At A Glance Ciner Resources LP – At A Glance ▪ Fixed-distribution Master Limited Partnership ▪ One of the largest and lowest cost producers of natural soda ash in the world – Soda ash, an essential raw material used in the production of glass, chemicals and detergents, is a well structured global industry with steadily growing demand of ~2.5% annually, or ~ 1.2M tons per year ▪ ~2.7 million short tons annual soda ash production ▪ ~60 years of mining reserves ▪ 498 employees ▪ 2019 Q1 Revenue: $130.4 million ▪ 2019 Q1 Adjusted EBITDA: $33.2 million 3

Ciner Resources LP Competitive Advantages Our Competitive Strengths ▪ Strong safety and environmental records ▪ Amongst lowest cost producers in the world ▪ Synergies created from Ciner Group ‒ Combined globally we are the largest natural soda ash producer in the world ‒ Sponsor making port investments on East and West Coast to improve supply chain efficiency ‒ Established shipping business and low-cost solution mining technology ▪ Approximately 60 years of reserve life ▪ Operational advantages compared to other US trona-based producers ‒ Mining beds are shallow and high purity ▪ Uniquely configured asset footprint ▪ Stable domestic customer relationships ▪ Experienced management and operational team 4

Ciner Resources LP Business Strategies Business Strategies ▪ Ciner has given notice to terminate its membership in ANSAC and will begin selling directly to the international market January 1, 2022 ‒ Together Ciner Group will be the largest exporter of soda ash globally ▪ Pursuing additional growth projects to increase Ciner Wyoming production volume to 3.5MM ▪ Will leverage distribution network with parent group to market soda ash directly to international markets ‒ Plant locations on two continents allow for efficient logistics solutions to both local and global customers ‒ Provides a unique competitive advantage as compared to peers ‒ Ability to optimize our market share both domestically and internationally ▪ Intend to continue a disciplined financial policy to maintain a conservative capital structure ▪ Balanced approach of both operating cash flow and debt to fund investments 5

Ciner Resources LP Co-Gen Project New Co-Generation infrastructure provides significant energy cost reduction Project Overview Current Electrical Energy Sources ▪ Ciner will invest ~$50 million to complete the installation of a new gas turbine and associated co-generation infrastructure – New turbine will produce ~1/3 of the electricity currently purchased off the grid 100% – Cost savings will result in ~$7-$10 million of Public Utility annual EBITDA ▪ Gas turbine exhaust heat is used to “co - generate” Pro Forma Electrical Energy Sources steam for use in surface operations 10% ▪ Currently Ciner purchases 100% of its electricity off the grid – $30 million annual electricity spend 30% – ~90% surface 60% – ~10% underground ▪ Expected to be in service by Q3 2019 Public Utility Gas Turbine Steam Turbine 6

Ciner Resources LP Expansion Capital Opportunities Expansion Capital Opportunities Volume Forecast ▪ In conjunction with the CoGen project, Ciner 5.0 Wyoming is evaluating ~$400 million in expansion 4.0 3.5 capital opportunities over the next four years Million Short Tons – 0.8 This includes ~$30MM spend remaining in 2.7 3.0 0.2 2019 for the CoGen project 2.0 ▪ Potential expansion project adds production 2.7 2.5 volume of at least 1MM tons , which will help 1.0 offset ~200K ton deca depletion in 2023 0.0 – Favorable economics of at least 6-7x 2019 2023 investment multiple on incremental tons Current Deca Depletion Net Expansion based on historical EBITDA margins 2019 – 2022 $400MM Expansion Capex Detail – Does not include synergies from leveraging fixed cost asset base or improved technology ▪ Intend to maintain CINR distribution until 50% of funding at Ciner Wyoming is achieved, which is estimated to take next 10-12 quarters – Normalized long-term distribution profile targeting 1.2-1.3x distribution coverage ▪ Maintenance capital expenditures of $20-25MM per year are in addition to expansion growth plans Expansion Project CoGen Other 7

Ciner Resources LP Delivering Results to Unitholders Value Proposition Quarterly Distribution Per Unit ▪ $0.600 Focused on long term sustainable growth $0.500 – ~60 year reserve life, significant cost $0.400 inputs hedged, long-term customers $0.300 – Increasing maintenance capex to $0.200 improve plant reliability $0.100 ▪ Organic growth projects identified to grow $0.000 3Q15 1Q16 3Q16 1Q17 3Q17 1Q18 3Q18 1Q19 production volumes by 30% (3.5MM tons) by Quarterly Coverage Ratio 2023 2.40x ▪ Co-gen project to provide $7MM – $10MM 2.20x per year in energy cost savings 2.00x 1.80x 1.60x ▪ Evaluating new logistics opportunities 1.40x concurrent with exit from ANSAC 1.20x 1.00x ▪ Strong financial position at approximately 0.80x 0.60x 1.0x total leverage ratio 0.40x 3Q15 1Q16 3Q16 1Q17 3Q17 1Q18 3Q18 1Q19 8

Ciner Resources LP Growing Global Demand Significant Consumption Growth Expected Diverse End-Market Uses (Global Soda Ash Consumption, millions of tons) (Global Soda Ash Consumption by End Market, By volume, 2018) Metals/Mining Alumina STPP Lithium 71.6 4.2% 2018 – 2024 CAGR: 0.9% 1.8% Carbonate 1.7% 0.8% Flat Glass 64.8 64.7 28.7% Soaps/Detergents 61.9 60.9 60.3 11.8% 58.9 58.7 Chemicals 13.8% Other Container Glass 12.8% 19.5% 2012A 2013A 2014A 2015A 2016A 2017A 2018E 2024E Pulp & Paper Other Glass Demand = 65 MST 0.7% 5.0% Ample Room for per Capita Consumption to Grow Major Producer of Low-Cost Natural Soda Ash (2018, kg / person) (2018 Soda Ash Production Capacity) Searles Ciner Consumption per Capita Other Sythetic 10% 20% Region (kg / person) 7% Other Global Hou Natural 22% Tata 7% U.S.A. 14 20% Middle East 7 Genesis US Natural 28% 19% Solvay Latin America 5 22% Asia Ex-China 4 Global Production Capacity = 76 MST Africa 1 Solvay 45% US Production Capacity = 15 MST Source: IHS and USGS Soda Ash. 9

Ciner Resources LP Among the Lowest Cost Producers in the World Trona Based Production is Significantly Lowest-Cost Production Process Cost Advantaged U.S. Trona Solvay Hou ▪ As a producer of natural soda ash from trona, Ciner Resources has a significant cost advantage Mining and Synthetic Synthetic Process refining trona production production compared to synthetic producers around the world Salt (brine), Salt (brine), Raw Ammonia, Trona Limestone, – Trona-based production consumes less Materials Carbon Ammonia Dioxide energy and produces fewer undesirable by- products than synthetic production 4 – 6 10 – 14 10 – 14 Energy Usage MMBtu / ton MMBtu / ton MMBtu / ton – Synthetic producers incur additional costs associated with the storage, disposal, or Deca Calcium Ammonium By- attempted resale of by-products (able to process Chloride Chloride Products into soda ash) (waste product) (co-product) ▪ Even accounting for higher freight and logistics Approx. 1/2 cost of costs, Ciner Resources is cost competitive with competing processes 2.2x synthetic soda ash producers to most export 1.9x 1.8x Relative 1.0x markets around the world Soda Ash Production U.S. Trona European China China Hou ▪ Costs (Natural Gas) Ciner Resources consistently operates at high Solvay Solvay utilization rates and routinely sells 100% of its production Source: IHS and Ciner estimates 10

Ciner Resources LP Most Efficient Soda Ash Producer in Green River Basin Ciner has the highest soda ash production per employee and the best energy efficiency in the Green River Basin. Production Per Employee Green River’s Most Energy Efficient (x10 ST, 2018) Producer 6.1 5.8 ( MMBtu/ton, 2018) 599 4.8 3.6 Peer 1 599 Peer 2 410 Peer 3 473 CINR PEER 1 PEER 2 PEER 3 Source: State of Wyoming Mining Report, Wyoming Department of Environmental Quality. Annual Report State Inspector of Mines of Wyoming. Bessemer Wyoming estimates. 11