Ciner Resources LPInvestor Presentation

August 2018

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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 9, 2018, 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 ~3% annually, or ~ 1.8M tons per year

▪ ~2.75 million short tons annual soda ash production

▪ ~475 employees

▪ 60+ years of mining reserves

▪ 2017 Revenue: $497.3 million

▪ 2017 Adjusted EBITDA: $120.1 million

At A Glance

Ciner Resources LP – At A Glance

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Ciner Resources LP

▪ Most efficient soda ash producer in North America

▪ Amongst lowest cost producers in the world

▪ Uniquely configured asset footprint

▪ Strong safety and environmental records

▪ Strategic opportunities with our parent company

‒ 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 costs

‒ Established shipping business and low-cost solution mining technology

▪ Experienced management and operational team

Competitive Advantages

Competitive Advantages

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Ciner Resources LPDelivering Value to Unitholders

▪ Long-term stable cash flows support MLP model

– 60+ 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 2021

▪ Co-gen project to provide $7MM per year in energy cost savings

– Increases to $12MM as project ramps up to full capacity

▪ Sponsor developing a new soda ash export terminal on the West Coast, potentially lowering supply chain costs

▪ Strong financial position at approximately 1.0X net leverage ratio

Quarterly Distribution Per Unit

Quarterly Coverage Ratio

Unitholder Value Profile

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Ciner Resources LPOrganizational 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)

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 LPGrowing Global Demand

Diverse End-Market Uses (Global Soda Ash Consumption by End Market, By volume, 2017)

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

Ample Room for per Capita Consumption to Grow(2017, kg / person)

Region

Consumption 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(2017 Soda Ash Production Capacity)

Demand = 64 million short tons

Ciner19%

Genesis28%Solvay

S.A.23%

Tata20%

Searles10%

Global Production Capacity = 74 million short tonsUS Production Capacity = 15 million short tons

2017 – 2023 CAGR: 2.1%

Other Synthetic5%

Other Global Natural

6%

US Natural20%

SolvayProcess

46%

HouProcess

23%

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Ciner Resources LPHistorical Pricing/Volume Impact Since IPO

Historical Pricing/Volume Impact Since IPO

$100,000

$105,000

$110,000

$115,000

$120,000

$125,000

$130,000

$135,000

$140,000

$145,000

$150,000

2013 2014 2015 2016 2017

($ in

Th

ou

san

ds)

EBITDA - Peak to Trough Range EBITDA - Actual

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Ciner Resources LPAmongst the Lowest Cost Producers in the World

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

CostsU.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

EuropeanSolvay

ChinaSolvay

▪ 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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Ability to Execute on Growth Opportunities

Pursue Accretive Acquisitions• Natural Resources / Industrial Minerals

• Logistics Assets

• Assets currently existing or to be developed at CinerEnterprises

Organic Cash Flow Growth• Emerging Market Growth

• Debottlenecking, deca and efficiency enhancements driving approximately 1-4% annual production volume growth

• Co-Gen to produce EBITDA impact of $7MM immediately and $12MM at full capacity

Ciner has the balance sheet flexibility to capitalize on organic expansion & acquisition opportunities to drive growth

• 5 year $235M revolver with ~ $80 million in current available revolver capacity signed in 2017

• Conservative leverage profile with ~ 1.0x 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.

Ciner Resources LP

($ in millions)

Ciner Resources LP 6/30/2018

Cash & Cash Equivalents $20.9

Revolving Credit Facility Capacity - CINR 10.0

Revolving Credit Facility Capacity - Ciner Wyoming 225.0

Less: Revolver and IRB Borrowings (145.4)

Available Liquidity $110.5

Total Revolver Borrowings $134.0

IRB Term Loan 11.4

Total Debt $145.4

Net Debt 124.5

Total Debt / FY2017 EBITDA 1.2x

Total Net Debt / FY2017 EBITDA 1.0x

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60%

30%

10%

Public Utility Gas Turbine Steam Turbine

100%Public Utility

Ciner Resource LPCo-Gen Project

▪ Ciner will invest ~$45 million over the next year to install 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 million of annual EBITDA initially, rising to ~$12 million once fully utilized

▪ 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 Resource LPStable Operating and Financial Results

Soda Ash Volume Sold (millions of ST)

Ciner Resources EBITDA($ in millions)

2.5 2.552.66

2.74 2.71

2013 2014 2015 2016 2017

104.4 120.5 133.9

117.1 120.1

2013 2014 2015 2016 2017

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Ciner Resources LPInvestment Highlights

▪ Compelling investment proposition provided through yield plus distribution growth

▪ Stable cash generation

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

▪ Conservative coverage ratio

▪ Lowest cost soda ash production

▪ Significant mining reserve life

▪ Operational advantages, including strategic opportunities with Sponsor to leverage both intellectual property and supply chain advantages

▪ Strong safety record and environmental responsibility

▪ Stable customer relationships

▪ Proven management and operational team

Investment Highlights

Appendix

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Ciner Resources LPProcess Overview

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

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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

1.611.60

1.56

1.59

1.52 1.521.50 1.50

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

(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 6/30/18 Quarter Ended 6/30/17

Net Income $55.4 $39.9

Add:

Depreciation, depletion and amortization 14.3 13.4

Interest expense (net) 1.1 1.7

Equity Based Compensation 1.0 0.5

Restructuring Charges / Asset Impairment 0.1 0.7

Adjusted EBITDA 71.7 56.0

Less: Adjusted EBITDA attributable to non-controlling interest 35.9 28.3

Adjusted EBITDA Attributable to Ciner Resources LP $35.8 $27.7

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 12/31/17 Year Ended 12/31/16

Net Income $86.4 $86.3

Add:

Depreciation, depletion and amortization 27.1 26.1

Interest expense (net) 2.9 3.6

Loss on disposal of assets (net) - -

Equity Based Compensation 1.3 0.6

Restructuring Charges 2.4 0.5

Adjusted EBITDA 120.1 117.1

Less: Adjusted EBITDA attributable to non-controlling interest 60.4 59.3

Adjusted EBITDA Attributable to Ciner Resources LP $59.7 $57.8

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

Available LiquidityCapitalization – Ciner Resources

(1) Includes outstanding borrowing of $134.0 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 79.4 (1)

Total $235.0 $103.1

($ in millions)As of

June 30, 2018

Cash and Cash Equivalents $20.9

Long Term Debt

Ciner Wyoming Credit Facility $134.0

Revenue Bonds due 2018 11.4

CINR Revolving Credit Facility 0.0

Total Long Term Debt $145.4

Total Equity $253.6

Total Capitalization $399.0

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Ciner Resource LPIDR 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