Ciner Resources LPInvestor Presentation

November 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 2.75 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

▪ 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

Ciner Resources - Competitive Advantages

4

Delivering Value to Unitholders

▪ 40% total unit holder return in 2016

▪ 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 approximately

1.05X leverage ratio

▪ 1.06X trailing 12 month distribution

coverage ratio

▪ Compelling investment proposition

through yield plus potential distribution

growth

– ~9% current yield

6

Quarterly Distribution Per Unit

Quarterly Coverage Ratio

0.20x

0.40x

0.60x

0.80x

1.00x

1.20x

1.40x

1.60x

Q12014

Q32014

Q12015

Q32015

Q12016

Q32016

Q12017

Q32017

$0.450

$0.475

$0.500

$0.525

$0.550

$0.575

Q22014

Q32014

Q42014

Q12015

Q22015

Q32015

Q42015

Q12016

Q22016

Q32016

Q42016

Q12017

Q22017

Q32017

2016 – 2026 CAGR: 2.1%

57.9 58.7 58.9 60.2 61.0 61.9

74.4

2011A 2012A 2013A 2014A 2015A 2016E 2026E

Diverse End-Market Uses (Global Soda Ash Consumption by End Market, By volume, 2016)

Significant Consumption Growth Expected (Global Soda Ash Consumption, millions of tons)

Ample Room for per Capita Consumption to Grow(2016, kg / person)

Region

Consumption per Capita

(kg / person)

U.S.A. 16

Middle East 7

Latin America 5

Asia Ex-China 3

Africa 1

Source: IHS and USGS Soda Ash.

Major Producer of Low-Cost Natural Soda Ash(2016 Soda Ash Production Capacity)

7

Growing Global Demand

Demand = 62 million short tons

Alumina & Metals/Mining

6%

Chemicals9%

Container Glass21%

Flat Glass27%

Pulp & Paper1%

STPP & Soaps/Deterge

nts15%

Other Glass5%

Others16%

Other Sythetic8%

Other Global Natural

2%

US Natural20%

Solvay48%

Hou22%

Ciner19%

Genesis28%

Solvay23%

Tata20%

Searles10%

Global Production Capacity = 72 million short tonsUS Production Capacity = 14 million short tons

Historical Pricing / Volume Impact Since IPO

Confidential 7

$100,000

$105,000

$110,000

$115,000

$120,000

$125,000

$130,000

$135,000

$140,000

$145,000

2013 2014 2015 2016

EBITDA - Peak to Trough Range EBITDA - Actual

U.S. Trona Solvay Hou

ProcessMining and

refining trona

Synthetic

production

Synthetic

production

Raw

MaterialsTrona

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)

EuropeanSolvay

ChinaSolvay

China Hou

1.0x

1.4x 1.3x

2.0x

1/2~3/4 cost ofcompeting processes1

Source: IHS and Ciner estimates

Lowest-Cost Production Process

• 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

Trona Based Production is Significantly

Cost Advantaged

8

Amongst the Lowest Cost Producers in the World

414

482

568

640

Production Per Employee(x10 ST, 2016)

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.

Most Efficient Soda Ash Producer in Green River Basin

9

Green River’s Most Energy Efficient

Producer (MMBtu/ton, 2016)

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

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

Trona Beds Closest to the Surface

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

1.611.60

1.56

1.59

1.52 1.521.50

2008 2009 2010 2011 2012 2013 2014 2015 2016

(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

11

Unique Pond Network Lowers Ore to Ash Ratio

Pursue Accretive Acquisitions

• Natural Resources / Industrial Minerals

• Logistics Assets

• Assets currently existing or to be developed at Ciner

Enterprises

Capitalize on Organic Expansion Opportunities

• Emerging Market Growth

• Debottlenecking, deca and efficiency enhancements

driving approximately 1-4% annual production volume

growth

Ciner has the balance sheet flexibility to capitalize on organic expansion &

acquisition opportunities to drive growth

12

• New $235M revolver with ~ $100 million in current

available revolver capacity closed August 1st

• Conservative leverage profile with ~ 1.05x

Net Debt / EBITDA

• Well-capitalized sponsor to support growth with deep

operational and industry expertise

Balance Sheet Flexibility to Support Growth Ciner Resources Leverage and Liquidity

Note: Adjusted EBITDA is a non-GAAP measure. For a description of Adjusted EBITDA and a reconciliation to the most comparable measures calculated in accordance to GAAP, see the Appendix to this presentation.

Ability to Execute on Growth Opportunities

($ in millions)

Ciner Resources LP 9/30/2017

Cash & Cash Equivalents $13.8

Revolving Credit Facility Capacity - CINR 10.0

Revolving Credit Facility Capacity - Ciner Wyoming 225.0

Less: Revolver and IRB Borrowings (135.9)

Available Liquidity $112.9

Total Revolver Borrowings $124.5

IRB Term Loan 11.4

Total Debt $135.9

Net Debt 122.1

Total Debt / FY2016 EBITDA 1.2x

Total Net Debt / FY2016 EBITDA 1.0x

Soda Ash Volume Sold (millions of ST)

Ciner Resources EBITDA($ in millions)

2.5 2.55 2.66 2.74

2.00

2013 2014 2015 2016 2017 YTD

13

Stable Operating and Financial Results

104.4 120.5 133.9

116.5 85.3

2013 2014 2015 2016 2017 YTD

Market Trends

China prices still strong

▪ China domestic prices up sharply in Q3.

▪ Government environmental inspections resulted in temporary shutdowns, which led to a reduction in soda ash supply

▪ China exports down 24% YTD through August, which is the lowest level since 2004

▪ Asia soda ash demand up 12% YTD

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 down slightly in 2017

▪ Ciner Turkey expansion caused a drop in prices as global market adjusts to new capacity coming online

Confidential 14

▪ 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

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Ciner Resources - Investment Highlights

APPENDIX

Confidential 16

Min

ing

Pro

ce

ss

Flo

wR

efi

nin

g P

roc

es

s F

low

Continuous Mining Haulage Crushing HoistingSurge Storage

Deca Rehydration

Screening & Crushing Calcining Dissolving Filtering

Ciner’s Unique Process

Shipping Storage Drying Evaporation

17

Process Overview

Ciner Organizational Structure

Ciner Resource Partners LLC

2% GP Interest& IDRs

Public ~25% LP Interest

Ciner ResourcesCorporation

(100.0% Ownership)

Ciner Wyoming Holding Co. 73% LP Interest

Ciner Wyoming LLC

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

0.399 million units

5.10 millioncommon units

14.551 million common units

Ciner Resources LP

(51% Member Interest)

NRP Trona LLC(49% Member Interest)

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Ciner Enterprises(100.0% Ownership)

About Ciner Group

• Established in 1978, Ciner Group is primarily active in energy, mining,

shipping and media and is one of the largest conglomerates in Turkey

• Coal & Copper Mining

• Soda Ash and Sodium

Bicarbonate Production

(Eti Soda)

• Glass manufacturing

• Electricity Generation

• Newspapers & Printing

• Movie & TV Production

• TV & Radio Broadcasting

• Online media

Energy, Mining and

GlassMedia Shipping

• Owns a fleet of 26

Bulkers, Containers, and

Tankers which are

managed by time charters

19

Ciner Resources LP

Quarter Ended 9/30/17 Quarter Ended 9/30/16

Net Income $19.3 $23.1

Add:

Depreciation, depletion and amortization 7.0 6.6

Interest expense (net) 0.9 0.9

Equity Based Compensation 0.4 0.1

Restructuring Charges / Asset Impairment 1.6 -

Adjusted EBITDA 29.2 30.7

Less: Adjusted EBITDA attributable to non-controlling interest 14.7 15.6

Adjusted EBITDA Attributable to Ciner Resources LP $14.5 $15.1

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

20

Non-GAAP Reconciliation

Ciner Resources LP

Year Ended 12/31/16 Year Ended 12/31/15

Net Income $86.3 $106.2

Add:

Depreciation, depletion and amortization 26.1 23.7

Interest expense (net) 3.6 4.0

Loss on disposal of assets (net) - -

Restructuring Charges 0.5 -

Adjusted EBITDA 116.5 133.9

Less: Adjusted EBITDA attributable to non-controlling interest 59.3 67.7

Adjusted EBITDA Attributable to Ciner Resources LP $57.2 $66.2

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

21

Non-GAAP Reconciliation

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:

Non-GAAP Reconciliation Coverage Ratio

22

Available LiquidityCapitalization – Ciner Resources

(1) Includes outstanding borrowing of $124.5 mn and $11.4 mn of revenue bonds.

($ in millions)Facility

Size

Available

Liquidity

Revolving Credit Facility $10.0 $10.0

Ciner Wyoming Credit Facility 225.0 89.1 (1)

Total $235.0 $99.1

($ in millions)As of

September 30, 2017

Cash and Cash Equivalents $13.8

Long Term Debt

Ciner Wyoming Credit Facility $124.5

Revenue Bonds due 2018 11.4

CINR Revolving Credit Facility 0.0

Total Long Term Debt $135.9

Total Equity $245.3

Total Capitalization $381.2

23

Capital Structure

Marginal Percentage

Distribution 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

24

IDR Structure