Ciner Resources LPInvestor PresentationMarch 2019

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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.

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Ciner Resources LP

§ 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 ~2.5% annually, or ~ 1.2M

§ ~2.7 million short tons annual soda ash production

§ ~60 years of mining reserves

§ 488 employees

§ 2018 Revenue: $486.7 million

§ 2018 Adjusted EBITDA: $136.5 million

At A Glance

Ciner Resources LP – At A Glance

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Ciner Resources LP

§ 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

Competitive Advantages

Our Competitive Strategies

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Ciner Resources LPBusiness Strategies

§ Ciner has terminated its membership in ANSAC and will begin selling directly to international

market January 1, 2022

o Together Ciner Group will be the largest exporter of soda ash globally

§ Pursuing additional growth projects to increase production volume to at least 3.0MM

§ Will leverage distribution network with parent group to market soda ash directly to

international markets

o 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

o 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

Business Strategies

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60%

30%

10%

Public Utility Gas Turbine Steam Turbine

100% Public Utility

Ciner Resources LPCo-Gen Project

§ Ciner will invest $50 million in total 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

– Cost savings will result in ~$7-$10 million of annual EBITDA

§ Gas turbine exhaust heat is used to “co-generate” steam for use in surface operations

§ Currently Ciner purchases 100% of its electricity off the grid

– $30 million annual electricity spend

– ~90% surface

– ~10% underground

New Co-Generation infrastructure provides significant energy cost reduction

Project Overview Current Electrical Energy Sources

Pro Forma Electrical Energy Sources

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Ciner Resources LPDelivering Results to Unitholders

§ Focused on long term sustainable growth

– ~60 year reserve life, significant cost inputs hedged, long-term customers

– Increasing maintenance capex to improve plant reliability

§ Organic growth projects identified to grow production volumes by 2%-4% in 2019

§ Identified additional growth projects that would increase production volume to at least 3MM tons per year

§ Co-gen project to provide $7MM – $10MM per year in energy cost savings

§ Evaluating new logistics opportunities concurrent with exit from ANSAC

§ Strong financial position at approximately 0.7x net leverage ratio

Quarterly Distribution Per Unit

Quarterly Coverage Ratio

Value Proposition

$0.450

$0.475

$0.500

$0.525

$0.550

$0.575

2Q15 4Q15 2Q16 4Q16 2Q17 4Q17 2Q18 4Q18

0.80x

0.90x

1.00x

1.10x

1.20x

1.30x

1.40x

1.50x

1.60x

2Q15 4Q15 2Q16 4Q16 2Q17 4Q17 2Q18 4Q18

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58.7 58.9 60.3 60.9 61.9 64.8 64.7

71.6

2012A 2013A 2014A 2015A 2016A 2017A 2018E 2024E

Ciner Resources LPGrowing Global Demand

Diverse End-Market Uses

(Global Soda Ash Consumption by End Market, By volume, 2018)Significant Consumption Growth Expected

(Global Soda Ash Consumption, millions of tons)

Ample Room for per Capita Consumption to Grow

(2018, kg / person)

RegionConsumption per Capita

(kg / person)

U.S.A. 14

Middle East 7

Latin America 5

Asia Ex-China 4

Africa 1

Source: IHS and USGS Soda Ash.

Major Producer of Low-Cost Natural Soda Ash

(2018 Soda Ash Production Capacity)

Demand = 65 MST

Global Production Capacity = 76 MSTUS Production Capacity = 15 MST

2018 – 2024 CAGR: 1.7%

Flat Glass28.7%

Container Glass19.5%

Other Glass5.0%

Pulp & Paper0.7%

Other12.8%

Chemicals13.8%

Soaps/Detergents11.8%

STPP1.8%

Lithium Carbonate

0.8%

Alumina0.9%

Metals/Mining4.2%

Other Sythetic7% Other Global

Natural7%

US Natural19%

Solvay45%

Hou22%

Ciner20%

Genesis28%

Solvay22%

Tata20%

Searles10%

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Ciner Resources LPAmongst the Lowest Cost Producers in the World

U.S. Trona Solvay Hou

Process Mining and

refining trona

Synthetic

production

Synthetic

production

Raw Materials Trona

Salt (brine),

Limestone,

Ammonia

Salt (brine),

Ammonia,

Carbon

Dioxide

Energy Usage

4 – 6

MMBtu / ton

10 – 14

MMBtu / ton

10 – 14

MMBtu / ton

By-Products

Deca

(able to process

into soda ash)

Calcium

Chloride

(waste product)

Ammonium

Chloride

(co-product)

Relative Soda Ash Production Costs

U.S. Trona(Natural Gas)

China Hou

1.0x

1.8x 1.9x2.2x

Approx. 1/2 cost ofcompeting processes

Source: IHS and Ciner estimates

Lowest-Cost Production ProcessTrona Based Production is Significantly Cost Advantaged

European

Solvay

China

Solvay

§ As a producer of natural soda ash from trona, Ciner Resources has a significant cost advantage compared to synthetic producers around the world

– Trona-based production consumes less energy and produces fewer undesirable by-products than synthetic production

– Synthetic producers incur additional costs associated with the storage, disposal, or attempted resale of by-products

§ Even accounting for higher freight and logistics costs, Ciner Resources is cost competitive with synthetic soda ash producers to most export markets around the world

§ Ciner Resources consistently operates at high utilization rates and routinely sells 100% of its production

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Ciner Resources LPMost Efficient Soda Ash Producer in Green River Basin

513

475

572

609

Production Per Employee(x10 ST, 2017)

Peer 1

Peer 3

Peer 2

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 Producer (MMBtu/ton, 2017)

Source: State of Wyoming Mining Report, Wyoming Department of Environmental Quality. Annual Report State Inspector of Mines of Wyoming. Bessemer Wyoming estimates.

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Ciner Resources LPStable Operating and Financial Results

Soda Ash Volume Sold (millions of ST)

Ciner Resources EBITDA($ in millions)

104.4 120.5 133.9 117.1 120.1 136.5

2013 2014 2015 2016 2017 2018

2.50 2.55 2.66 2.74 2.71 2.61

2013 2014 2015 2016 2017 2018

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Ciner Resources LPInvestment Highlights

§ Strong safety record and environmental responsibility

§ Operational advantages, including strategic opportunities with Sponsor to leverage

both intellectual property and supply chain advantages

§ Balance sheet flexibility to support both organic and inorganic growth opportunities

§ Stable cash generation and customer relationships

§ Most efficient producer in Green River

§ Low cost soda ash production

§ Significant mining reserve life

§ Proven management and operational team

Investment Highlights

Appendix

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Ciner Resources LPOrganizational Structure

Ciner Resource Partners LLC

(2% GP Interest & IDRs)

Public (~26% LP Interest)

Ciner ResourcesCorporation

(100.0% Ownership)

Ciner Wyoming Holding Co. (72% LP Interest)

Ciner Wyoming LLC

Natural Resource Partners L.P.(100% Ownership)0.399 million

units

~5.2 millioncommon units

14.551 million common units

Ciner Resources LP

(51% Member Interest)

NRP Trona LLC(49% Member Interest)

Ciner Enterprises(100.0% Ownership)

Akkan Emerji ve Madencilik Anonim Sirketi(Akkan)

(100% Ownership Interest)

KEW Soda Ltd.(100% Ownership Interest)

WE Soda Ltd.(100% Ownership Interest)

[UK] [UK]

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Ciner Resources LPProcess Overview

Min

ing

Proc

ess

Flow

Ref

inin

g Pr

oces

s Fl

ow

Continuous Mining Haulage Crushing HoistingSurge Storage

Deca Rehydration

Screening & Crushing Calcining Dissolving Filtering

Ciner’s Unique Process

Shipping Storage Drying Evaporation

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Ciner Resources LPTrona 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

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Ciner Resources LPUnique Pond Network Lowers Ore to Ash Ratio

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

1.561.59

1.52 1.521.50 1.50

1.54

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Enhanced Operational Efficiency from Innovation

(1) Amount of short tons of Trona ore required to produce one short ton of soda ash/liquor

Wider pond surface area and a unique pond network facilitate the minimization of soda ash lost in processing Trona

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Ciner Resource LPNon-GAAP Reconciliation

Ciner Resources LP

Quarter Ended 12/31/18 Quarter Ended 12/31/17

Net Income $28.6 $27.2

Add:

Depreciation, depletion and amortization 7.0 6.9

Interest expense, net 1.1 0.3

Equity Based Compensation 0.3 0.4

Restructuring Charges / Asset Impairment 0.0 0.1

Adjusted EBITDA 37.0 34.9

Less: Adjusted EBITDA attributable to non-controlling interest 18.5 17.3

Adjusted EBITDA Attributable to Ciner Resources LP $18.5 $17.6

We define Adjusted EBITDA as net income (loss) plus net interest expense, income tax, depreciation and amortization and certain other expenses that are non-cash charges or that we consider not to be indicative of ongoing operations. Adjusted EBITDA is a non-GAAP supplemental financial measures that management and external users of our consolidated financial statements, such as industry analysts, investors, lenders and rating agencies, may use to assess:• our operating performance as compared to other publicly traded partnerships in our industry, without regard to historical cost basis in the case of Adjusted EBITDA, or financing methods;• the ability of our assets to generate sufficient cash flow to make distributions to our unitholders;• our ability to incur and service debt and fund capital expenditures; and• the viability of capital expenditure projects and the returns on investment of various investment opportunities.We believe that the presentation of Adjusted EBITDA in this investor presentation provides useful information to investors in assessing our financial condition and results of operations. The GAAP measures most directly comparable to Adjusted EBITDA are net income and cash flow from operations. Our non-GAAP financial measure of Adjusted EBITDA should not be considered as an alternative to net income or cash flow from operations. Adjusted EBITDA has important limitations as an analytical tool because it excludes some but not all items that affect net income and cash flows from operations. You should not consider Adjusted EBITDA in isolation or as a substitute for analysis of our results as reported under GAAP. Because Adjusted EBITDA may be defined differently by other companies, including those in our industry, our definition of Adjusted EBITDA may not be comparable to similarly titled measures of other companies, thereby diminishing its utility.

Non-GAAP Financial Measures

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Ciner Resources LPNon-GAAP Reconciliation

We define Adjusted EBITDA as net income (loss) plus net interest expense, income tax, depreciation and amortization and certain other expenses that are non-cash charges or that we consider not to be indicative of ongoing operations. Adjusted EBITDA is a non-GAAP supplemental financial measures that management and external users of our consolidated financial statements, such as industry analysts, investors, lenders and rating agencies, may use to assess:• our operating performance as compared to other publicly traded partnerships in our industry, without regard to historical cost basis in the case of Adjusted EBITDA, or financing

methods;• the ability of our assets to generate sufficient cash flow to make distributions to our unitholders;• our ability to incur and service debt and fund capital expenditures; and• the viability of capital expenditure projects and the returns on investment of various investment opportunities.We believe that the presentation of Adjusted EBITDA in this investor presentation provides useful information to investors in assessing our financial condition and results of operations. The GAAP measures most directly comparable to Adjusted EBITDA are net income and cash flow from operations. Our non-GAAP financial measure of Adjusted EBITDA should not be considered as an alternative to net income or cash flow from operations. Adjusted EBITDA has important limitations as an analytical tool because it excludes some but not all items that affect net income and cash flows from operations. You should not consider Adjusted EBITDA in isolation or as a substitute for analysis of our results as reported under GAAP. Because Adjusted EBITDA may be defined differently by other companies, including those in our industry, our definition of Adjusted EBITDA may not be comparable to similarly titled measures of other companies, thereby diminishing its utility.

Ciner Resources LP

Year Ended 12/31/18 Year Ended 12/31/17

Net Income $103.0 $86.4

Add:

Depreciation, depletion and amortization 28.4 27.1

Interest expense, net 3.2 2.9

Loss on disposal of assets (net) - -

Equity Based Compensation 1.8 1.3

Restructuring Charges / Asset Impairment 0.1 2.4

Adjusted EBITDA 136.5 120.1

Less: Adjusted EBITDA attributable to non-controlling interest 68.3 60.4

Adjusted EBITDA Attributable to Ciner Resources LP $68.2 $59.7

Non-GAAP Financial Measures

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Ciner Resources LPNon-GAAP Reconciliation Coverage Ratio

The following table presents a reconciliation of the non-GAAP financial measures of Adjusted EBITDA to GAAP financial measure of net income for the periods presented:

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Ciner Resources LPCapital Structure

($ in millions) Facility Size

Available Liquidity

CINR Revolving Credit Facility $10.0 $10.0

Ciner Wyoming Credit Facility 225.0 126.0

Total $235.0 $136.0

($ in millions) As of December 31, 2018

Cash and Cash Equivalents $10.2

Long Term Debt

Ciner Wyoming Credit Facility $99.0

CINR Revolving Credit Facility 0.0

Total Long Term Debt $99.0

Total Equity $260.1

Total Capitalization $369.3

Available LiquidityCapitalization – Ciner Resources

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Ciner Resource LPIDR Structure

Marginal PercentageDistribution per Unit

Range

Interest in Distributions (expressed as % of MQD)

LP Share GP Share From To

Initial Split 98% 2% 0% -- 115%

2nd Split 85% 15% 115% -- 125%

3rd Split 75% 25% 125% -- 150%

4th Split 50% 50% 150% -- above

CINR IDR Structure