Ciner Resources LP Investor Presentation February 2016

Ciner Resources LP Investor Presentation February 2016

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 OCIR/CINR s 10-K dated March 6, 2015, and those described from time-totime 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 Over 2.6 million short tons annual soda ash production ~475 employees 67+ years of mining reserves 2015 Revenue: $486.4 million 2015 Adjusted EBITDA: $133.9 million 3

Ciner Resources - Competitive Advantages Most efficient soda ash producer in Green River Basin 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 MLP characteristics support long-term stable cash flows 67+ year reserve life, significant cost inputs hedged, long-term customers Backlog of organic growth projects expected to generate 6-8% Adjusted EBITDA growth annually with static pricing through 2017 at attractive investment multiples Supported recent distribution increase Strong financial position at less than 1X leverage ratio 1.27X trailing 12 month distribution coverage ratio Compelling investment proposition through yield plus distribution growth ~10.5% current yield with ~5% distribution growth in last 12 months Low cost position and production scale $0.575 $0.550 $0.525 $0.500 $0.475 $0.450 1.60x 1.50x 1.40x 1.30x 1.20x 1.10x 1.00x Quarterly Distribution Per Unit Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Quarterly Coverage Ratio Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q3 2015 Q4 2015 Q4 2015 5

Ciner Organizational Structure Ciner Enterprises (100.0% Ownership) Ciner Resources Corporation (100.0% Ownership) Public ~25% LP Interest Ciner Wyoming Holding Co. ~73% LP Interest 4.776 million common units 9.776 million subordinated units Natural Resource Partners L.P. (100% Ownership) 5.056 million common units Ciner Resource Partners LLC 2% GP Interest & IDRs 0.399 million units NRP Trona LLC (49% Member Interest) Ciner Resources LP (51% Member Interest) Ciner Wyoming LLC 6

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 Energy, Mining and Glass Coal & Copper Mining Soda Ash and Sodium Bicarbonate Production (Eti Soda) Glass manufacturing Electricity Generation Media Newspapers & Printing Movie & TV Production TV & Radio Broadcasting Online media Shipping Owns a fleet of 26 Bulkers, Containers, and Tankers which are managed by time charters 7

Growing Global Demand Diverse End-Market Uses (Global Soda Ash Consumption by End Market, By volume, 2014) Alumina & Metals / Mining 6% Other Glass 6% Chemicals 8% STPP & Soaps / Detergents 16% (2014 Soda Ash Production) Other Synthetic 5% Hou 25% Pulp & Paper 1% Solvay 45% Others 19% 61 million tons Other Global Natural 6% U.S. Natural 19% Flat Glass 25% Container Glass 19% Major Producer of Low-Cost Natural Soda Ash Tata 19.5% Solvay 20.0% Searles 9.0% Ciner 19.5% Tronox 32.0% Significant Consumption Growth Expected (Global Soda Ash Consumption, millions of tons) 49.1 54.3 57.6 58.8 59.4 61.1 84.5 2009A 2010A 2011A 2012A 2013A 2014E 2024E Ample Room for per Capita Consumption to Grow (2014, kg / person) Region Consumption per Capita (kg / person) U.S.A. 17 Middle East 7 Latin America 5 Asia Ex-China 3 Africa 1 Source: IHS and USGS Soda Ash. 8

Amongst the Lowest Cost Producers in the World Trona Based Production is Significantly Cost Advantaged As a producer of natural soda ash from trona, Ciner Wyoming has a significant cost advantage compared to synthetic producers of soda ash 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 byproducts Even accounting for higher freight and logistics costs, Ciner Wyoming is cost competitive with synthetic soda ash producers to most export markets around the world Ciner Wyoming consistently operates at high utilization rates and routinely sells 100% of its production Lowest-Cost Production Process Process Raw Materials Energy Usage By- Products Relative Soda Ash Production Costs U.S. Trona Solvay Hou Mining and refining trona Trona 4 6 MMBtu / ton Deca (able to process into soda ash) 1/3~1/2 cost of competing processes 1 1.0x U.S. Trona (Natural Gas) Synthetic production Salt (brine), Limestone, Ammonia 10 14 MMBtu / ton Calcium Chloride (waste product) 2.5x European Solvay 2.1x China Solvay Synthetic production Salt (brine), Ammonia, Carbon Dioxide 10 14 MMBtu / ton Ammonium Chloride (co-product) 3.6x China Hou Trona-based production is one-third to one-half the cost of synthetic production Source: IHS and Ciner estimates 9

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 1.56 1.59 1.52 1.52 2008 2009 2010 2011 2012 2013 2014 2015 (1) Amount of short tons of Trona ore required to produce one short ton of soda ash/liquor 11

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 Approximately ~$110 million in current available revolver capacity Conservative leverage profile with <1.0x Net Debt / EBITDA Well-capitalized sponsor to support growth with deep operational and industry expertise Capitalize on Organic Expansion Opportunities Emerging Market Growth Debottlenecking, deca and efficiency enhancements driving approximately 3-4% annual production volume growth Pursue Accretive Acquisitions Industrial Minerals / Inorganic Chemical Assets Logistics Assets Ciner Resources Leverage and Liquidity ($ in millions) Ciner Resources LP 12/31/2015 Cash & Cash Equivalents $20.4 Revolving Credit Facility Capacity - CINR 10.0 Revolving Credit Facility Capacity - Ciner Wyoming 190.0 Less: Revolver Borrowings (110.0) Available Liquidity $110.4 Total Revolver Borrowings $110.0 Term Loan Total Debt $110.0 Net Debt 89.6 Total Debt / FY2015 EBITDA 0.8x Total Debt / FY2015 EBITDA 0.7x Assets currently existing or to be developed at Ciner Enterprises Note: EBITDA is a non-gaap measure. For a description of EBITDA and a reconciliation to the most comparable measures calculated in accordance to GAAP, see the Appendix to this presentation. 12

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

Strong Financial Performance Since IPO $ in Millions (except volume amounts) 2015 2014 Financial Metrics Net Sales 486.4 465.0 Adjusted EBITDA 133.9 120.5 Distributable Cash 55.7 53.1 Net Income 106.2 91.9 Operating Metrics Volumes Sold ST 2,655 2,548 Ore to Ash Ratio / Efficiency (lower is better) 1.52 1.52 14

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

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

Non-GAAP Reconciliation Ciner Resources LP Quarter Ended 12/31/15 Quarter Ended 12/31/14 Net Income $28.3 $27.6 Add: Depreciation, depletion and amortization 6.6 5.9 Interest expense (net) 1.0 1.3 Loss on Disposal of Assets (net) - - Adjusted EBITDA 35.9 34.8 Less: Adjusted EBITDA attributable to non-controlling interest 18.0 17.5 Adjusted EBITDA Attributable to Ciner Resources LP $17.9 $17.3 Non-GAAP Financial Measures 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 liquidity and performance measure 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 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. 18

Non-GAAP Reconciliation Ciner Resources LP Year Ended 12/31/15 Year Ended 12/31/14 Net Income $106.2 $91.9 Add: Depreciation, depletion and amortization 23.7 22.4 Interest expense (net) 4.0 5.2 Loss on disposal of assets (net) - 1.0 Provision for income taxes - - Adjusted EBITDA 133.9 120.5 Less: Adjusted EBITDA attributable to non-controlling interest 67.7 60.8 Adjusted EBITDA Attributable to Ciner Resources LP $66.2 $59.7 Non-GAAP Financial Measures 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 liquidity and performance measure 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 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. 19

Non-GAAP Reconciliation Coverage Ratio ($ in millions, except per unit data) Reconciliation of Adjusted EBITDA to net income: Rolling Non-GAAP Reconciliation Schedule Cumulative Four Quarters ended Q4-2015 Q4-2015 Q3-2015 Q2-2015 Q1-2015 Q4-2014 Net income $ 106.2 $ 28.3 $ 26.9 $ 24.5 $ 26.5 $ 27.6 Add backs: Depreciation, depletion and amortization expense 23.7 6.6 5.7 5.8 5.6 5.9 Interest expense 4.0 1.0 1.0 1.1 0.9 1.3 Adjusted EBITDA $ 133.9 $ 35.9 $ 33.6 $ 31.4 $ 33.0 $ 34.8 Less: Adjusted EBITDA attributable to non-controlling interest 67.7 18.0 16.9 16.0 16.7 17.5 Adjusted EBITDA attributable to Ciner Resources LP $ 66.2 $ 17.9 $ 16.7 $ 15.4 $ 16.3 $ 17.3 Reconciliation of distributable cash flow to Adjusted EBITDA attributable to Ciner Resources LP: Adjusted EBITDA attributable to Ciner Resources LP $ 66.2 $ 17.9 $ 16.7 $ 15.4 $ 16.3 $ 17.3 Less: Cash interest expense, net attributable to CINR $ 2.1 $ 0.5 $ 0.5 $ 0.6 $ 0.5 $ 0.3 Maintenance capital expenditures attributable to CINR (1) $ 8.4 $ 0.7 $ 2.8 $ 2.7 $ 2.2 $ 2.7 Distributable cash flow attributable to Ciner Resources LP $ 55.7 $ 16.7 $ 13.4 $ 12.1 $ 13.6 $ 14.3 Cash distribution declared per unit $ 2.1910 $ 0.5575 $ 0.5510 $ 0.5445 $ 0.5380 $ 0.5315 Total distributions to unitholders and general partner $ 43.8 $ 11.1 $ 11.0 $ 10.9 $ 10.7 $ 10.6 Distribution coverage ratio 1.27 1.50 1.22 1.11 1.27 1.35 (1) The Partnership may fund expansion-related capital expenditures with borrowings under existing credit facilities such that expansion-related capital expenditures will have no impact on cash on hand or the calculation of cash available for distribution. In certain instances, the timing of the Partnership s borrowings and/or its cash management practices will result in a mismatch between the period of the borrowing and the period of the capital expenditure. In those instances, the Partnership adjusts designated reserves (as provided in the partnership agreement) to take account of the timing difference. Accordingly, expansion-related capital expenditures have been excluded from the presentation of cash available for distribution. 20

Capital Structure Capitalization Ciner Resources Available Liquidity ($ in millions) As of December 31, 2015 ($ in millions) Facility Size Available Liquidity Cash and Cash Equivalents $20.4 Long Term Debt Ciner Wyoming Credit Facility $90.0 Revenue Bonds due 2017 8.6 Revenue Bonds due 2018 11.4 Revolving Credit Facility 0.0 Total Long Term Debt $110.0 Total Equity $263.2 Total Capitalization $373.2 Revolving Credit Facility $10.0 $10.0 Ciner Wyoming Credit Facility 190.0 80.0 (1) Total $200.0 $90.0 (1) Includes outstanding borrowing of $90 mn and $20 mn of revenue bonds. 21

IDR Structure & Subordination Period CINR IDR Structure Marginal Percentage Interest in Distributions Distribution per Unit Range (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 Subordinated LP Units Subordination % 49% Subordination Period Early Termination of Subordination Period The subordination period will end on the first business day after the MLP has earned and paid at least the minimum quarterly distribution on an annualized basis on each outstanding common, subordinated and general partner unit, for each of three consecutive, non-overlapping four-quarter periods ending on or after September 30, 2016 None 22