Ciner Resources LP Investor Presentation May 2017 Safe Harbor - PowerPoint PPT Presentation

Ciner Resources LP Investor Presentation May 2017

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 6, 2017, 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  Fixed-distribution Master Limited Partnership – IPO in September 2013  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 ~3% annually, or ~ 1.8M tons per year  Over 2.65 million short tons annual soda ash production  ~475 employees  66+ years of mining reserves  2016 Revenue: $475.2 million  2016 Adjusted EBITDA: $116.5 million 3

Ciner Resources - Competitive Advantages  Most efficient soda ash producer in North America  Amongst lowest cost producers in the world  Uniquely configured asset footprint  Strong safety and environmental records  Excellent workforce relationship; non-union  Stable end markets and customer relationships  Experienced management and operational team 4

Delivering Value to Unitholders  40% total unit holder return in 2016 Quarterly Distribution Per Unit  Long-term stable cash flows support MLP model – 66+ year reserve life, significant cost inputs hedged, long-term customers  Organic growth projects identified that would allow production volume growth at 1%-4% per year through 2019  Strong financial position at less than 1X leverage ratio  1.11X trailing 12 month distribution Quarterly Coverage Ratio coverage ratio  Compelling investment proposition through yield plus potential distribution growth – ~8% current yield 6

Growing Global Demand Diverse End-Market Uses Significant Consumption Growth Expected (Global Soda Ash Consumption by End Market, By volume, 2016) (Global Soda Ash Consumption, millions of tons) 74.4 Alumina & Others Metals/Mining 2016 – 2026 CAGR: 16% 6% 2.1% Chemicals 61.9 9% 61.0 60.2 Other Glass 58.7 58.9 57.9 5% Container Glass 21% STPP & Soaps/Deterge nts 15% Pulp & Paper Flat Glass 1% 27% 2011A 2012A 2013A 2014A 2015A 2016E 2026E Demand = 62 million short tons Ample Room for per Capita Consumption to Grow Major Producer of Low-Cost Natural Soda Ash (2016, kg / person) (2016 Soda Ash Production Capacity) Searles Consumption per Capita Ciner 10% Region (kg / person) 19% Other Sythetic Other Global Tata 8% U.S.A. 16 Natural Hou 2% 20% 22% Middle East 7 US Natural Tronox 20% 28% Latin America 5 Solvay 23% Asia Ex-China 3 Africa 1 Global Production Capacity = 72 million short tons Solvay US Production Capacity = 14 million short tons 48% 7 Source: IHS and USGS Soda Ash.

Amongst 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 Mining and Synthetic Synthetic Process advantage compared to synthetic producers refining trona production production around the world Salt (brine), – Trona-based production consumes Salt (brine), Raw Ammonia, Trona Limestone, less energy and produces fewer Materials Carbon Ammonia undesirable by-products than Dioxide synthetic production 4 – 6 10 – 14 10 – 14 Energy – Synthetic producers incur additional Usage MMBtu / ton MMBtu / ton MMBtu / ton costs associated with the storage, disposal, or attempted resale of by- Deca Calcium Ammonium products By- (able to process Chloride Chloride Products into soda ash) (waste product) (co-product) • Even accounting for higher freight and logistics costs, Ciner Resources is cost 1/2~3/4 cost of competitive with synthetic soda ash competing processes 1 2.0x producers to most export markets around 1.4x 1.3x Relative the world 1.0x Soda Ash Production • Ciner Resources consistently operates at U.S. Trona European China China Hou (Natural Gas) Solvay Solvay Costs high utilization rates and routinely sells 100% of its production 8 Source: IHS and Ciner estimates

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. Green River’s Most Energy Efficient Production Per Employee (x10 ST, 2016) Producer ( MMBtu/ton, 2016) 640 568 Peer 1 482 Peer 2 414 Peer 3 8 Source: State of Wyoming Mining Report, Wyoming Department of Environmental Quality. Annual Report State Inspector of Mines of Wyoming. Bessemer Wyoming estimates.

Trona Beds Closest to the Surface Beds 24 & 25 (closest to surface) are the key for lower manufacturing costs as lower halite impurities and shallow beds are conducive to efficient mining Schematic Section – Green River Basin 10

Unique Pond Network Lowers Ore to Ash Ratio Wider pond surface area and a unique pond network facilitate the minimization of soda ash lost in processing Trona Advantageous Facility Layout  Ponds enable Ciner to recover soda ash via deca rehydration otherwise lost in processing Trona  Technological innovation enables Ciner to be more cost efficient Ore to Ash Ratio (1) 1.80 1.74 1.61 1.60 1.59 1.56 1.52 1.52 1.50 2008 2009 2010 2011 2012 2013 2014 2015 2016 11 (1) Amount of short tons of Trona ore required to produce one short ton of soda ash/liquor

Ability to Execute on Growth Opportunities Ciner has the balance sheet flexibility to capitalize on organic expansion & acquisition opportunities to drive growth Balance Sheet Flexibility to Support Growth Ciner Resources Leverage and Liquidity  Approximately ~$81 million in current available revolver capacity  Conservative leverage profile with <1.0x Net Debt / EBITDA  Well-capitalized sponsor to support growth with deep operational and industry expertise Capitalize on Organic Expansion Opportunities  Emerging Market Growth  Debottlenecking, deca and efficiency enhancements driving approximately 1-4% annual production volume growth Pursue Accretive Acquisitions  Natural Resources / Industrial Minerals  Logistics Assets  Assets currently existing or to be developed at Ciner Enterprises Note: Adjusted EBITDA is a non-GAAP measure. For a description of Adjusted EBITDA and a reconciliation to the most comparable measures 12 calculated in accordance to GAAP, see the Appendix to this presentation.

Stable Operating and Financial Results Soda Ash Volume Sold (millions of ST) 2.74 2.66 2.55 2.5 2.5 2.3 2011 2012 2013 2014 2015 2016 Ciner Resources EBITDA ($ in millions) 142.4 133.9 126.0 120.5 116.5 104.4 2011 2012 2013 2014 2015 2016 13

Market Trends China prices still strong  China export prices in February at highest level in 5 years.  Government environmental inspections beginning again, which are expected to result in temporary shutdowns, leading to a reduction in soda ash supply  China Soda Ash Association calling for a 10% reduction in production between mid-April and mid-June Other international markets  South America and Middle East pricing under pressure  Expansion in Turkey pushed European synthetic producers to offer tons into other markets at lower prices Domestic prices flat so far in 2017  Ciner Turkey expansion caused a drop in prices as global market adjusts to new capacity coming online Confidential 13

Ciner Resources - Investment Highlights  Compelling investment proposition provided through yield plus distribution growth  Stable cash generation  Organic and acquisition growth opportunities supporting annual distribution growth  Conservative coverage ratio  Lowest cost soda ash production  Significant mining reserve life  Operational advantages  Strong safety record and environmental responsibility  Stable customer relationships  Proven management and operational team 15

APPENDIX Confidential 16

Process Overview Mining Process Flow Continuous Mining Haulage Crushing Surge Storage Hoisting Ciner’s Unique Process Refining Process Flow Dissolving Screening & Crushing Calcining Filtering Deca Rehydration Shipping Storage Drying Evaporation 17