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  "notes": "Includes a specific Evercore note regarding management's view on the data.",
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      "text": "Evercore note: Page provided by SIRE management to support management's view on projected soda ash prices",
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      "text": "Export Soda Ash Prices",
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      "text": "IHS vs Actuals Reporting Differential: Historically, SWY's realized export pricing has been consistently below IHS pricing estimates primarily due to differences in the way IHS approximates logistics costs (particularly rail costs) as compared to SWY's true contractual agreements with logistics providers. IHS also makes inaccurate assumptions on inland costs for exports and takes more favorable view on Chinese soda ash capacity, costs, and pricing.",
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      "text": "IHS vs Mgmt. Forecast Difference in View: IHS is forecasting future export pricing at unprecedented levels, higher than SWY's projected estimates and higher than their own historical pricing. Costs in China are expected to decline in 2023 compared to 2022 due to lower energy and other input costs. Chinese margins in 2022 are 2-3 times higher than the historic normal due to limited availability of product/max operating rates.",
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      "text": "There has been a historical difference in how IHS and actual pricing is reported; there is also a difference in forecast viewpoint which we have tried to express in the table below; SIRE management does not rely on IHS forecasts for budgeting purposes; SIRE management's long-term forecasts utilize contracting activity, client discussions and detailed market analysis",
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      "text": "Source: SIRE management forecasts, IHS Markit",
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      "text": "Export Price Differences ($/MT)",
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      "text": "Supplemental Soda Ash Pricing Data",
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