Quantafuel

Investor Presentation • Nov 30, 2022

Fearnley Securities Renewables & Clean-Tech Conference

QUANTAFUEL ASA

30 November 2022

DISCLAIMER - IMPORTANT NOTICE

THIS DOCUMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO OR FROM THE UNITED STATES OF AMERICA, ITS TERRITORIES OR POSSESSIONS, AUSTRALIA, CANADA, JAPAN OR SOUTH AFRICA OR TO ANY RESIDENT THEREOF, OR ANY JURISDICTION WHERE SUCH DISTRIBUTION IS UNLAWFUL. THIS DOCUMENT IS NOT AN OFFER OR AN INVITATION TO BUY OR SELL SECURITIES.

This presentation (the "Company Presentation") has been prepared by Quantafuel ASA, reg. no. 915 119 484 (the "Company", and together with its consolidated subsidiaries, the "Group").

This Company Presentation has been prepared for information purposes only, and does not constitute or form part of, and should not be construed as, any offer, invitation or recommendation to purchase, sell or subscribe for any securities in any jurisdiction, and neither the issue of the information nor anything contained herein shall form the basis of or be relied upon in connection with, or act as an inducement to enter into, any investment activity. This Company Presentation does not purport to contain all of the information that may be required to evaluate any investment in the Company or any of its securities and should not be relied upon to form the basis of, or be relied on in connection with, any contract or commitment or investment decision whatsoever. This presentation is intended to present background information on the Company, its business and the industry in which it operates and is not intended to provide complete disclosure upon which an investment decision could be made.

This Company Presentation is furnished by the Company, and it is expressly noted that no representation or warranty, express or implied, as to the accuracy or completeness of any information included herein is given by the Company. The contents of this Company Presentation are not to be construed as financial, legal, business, investment, tax or other professional advice. Each recipient should consult with its own professional advisors for any such matter and advice. Generally, any investment in the Company should be considered as a high-risk investment.

This Company Presentation is current as of the date of presentation. Neither the delivery of this Company Presentation nor any further discussions of the Company with any of the recipients shall, under any circumstances, create any implication that there has been no change in the affairs of the Company since such date. This Company Presentation may contain forward-looking statements relating to the business, financial performance and results of the Company and/or the industry in which it operates. Forward-looking statements concern future circumstances and results and other statements that are not historical facts, sometimes identified by the words "believes", "expects", "predicts", "intends", "projects", "plans", "estimates", "aims", "foresees", "anticipates", "targets", and similar expressions. Any forward-looking statements contained in this Company Presentation, including assumptions, opinions and views of the Company or cited from third party sources, are solely opinions and forecasts which are subject to risks, uncertainties and other factors that may cause actual events to differ materially from any anticipated development. The Company provides no assurance that the assumptions underlying such forward-looking statements are free from errors and does not accept any responsibility for the future accuracy of the opinions expressed in this Company Presentation or the actual occurrence of the forecasted developments.

The distribution of this Company Presentation by the Company in certain jurisdictions is restricted by law. Accordingly, this Company Presentation may not be distributed or published in any jurisdiction except under circumstances that will result in compliance with any applicable laws and regulations. This Company Presentation does not constitute an offer of, or an invitation to purchase, any securities.

IN RELATION TO THE UNITED STATES AND U.S. PERSONS, THIS PRESENTATION IS BEING FURNISHED ONLY TO INVESTORS THAT ARE "QIBs", AS DEFINED IN RULE 144A UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE "U.S. SECURITIES ACT"). THE SHARES HAVE NOT BEEN, AND WILL NOT BE, REGISTERED UNDER U.S. SECURITIES ACT OR WITH ANY SECURITIES REGULATORY AUTHORITY OF ANY STATE OR OTHER JURISDICTION IN THE UNITED STATES, AND MAY NOT BE OFFERED OR SOLD WITHIN THE UNITED STATES, OR TO OR FOR THE ACCOUNT OR BENEFIT OF A U.S. PERSON, EXCEPT PURSUANT TO AN APPLICABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE U.S. SECURITIES ACT AND IN COMPLIANCE WITH ANY APPLICABLE STATE SECURITIES LAWS.

This Company Presentation is subject to Norwegian law, and any dispute arising in respect of this Company Presentation is subject to the exclusive jurisdiction of Norwegian courts with Oslo District Court as first venue.

QUANTAFUEL HAS SECURED A PIPELINE OF PROJECTS

Quantafuel's presence and near-term pipeline

QUANTAFUEL'S EDGE

Early mover advantage

First industrial scale plastics-to-liquids provider with an organisation, set-up and network ready for roll-out

Continuous production

process

Only provider with an operating continuous PtL process at commercial scale, leading to unmatched energy efficient and high-product quality process

Plant in operation

Highly experienced and capable technology

Partners and offtake

Strong industrial, strategic and financial partners across the full value chain

driven organisation Knowhow, technology and IP

Developed knowhow and IP over years of development and testing. Second generation plant based on learnings from operation

THE EVOLUTION OF QUANTAFUEL

Years of R&D and testing evolving into a large scale roll-out phase

• Continuous research, development and testing over two decades with pilot plant operational in 2016

Quantafuel 1.0

• Skive plant operational, delivering commercial quality offtake

• Joint development agreement with BASF

• Mk II plant and process design with BASF and Saipem

• Ready for roll-out of large scale plants
• Licensing model in collaboration with Saipem

QUANTAFUEL MK II PROCESS

Way forward

• Skive learnings key for the Mk II process continue to reach new milestones
• FEED progressing as planned
• Final Investment Decision (FID) expected early next year
• Saipem cooperation moving ahead has led to significant interest from major petrochemical actors

SUNDERLAND PROJECT PROCEEDING AS PLANNED

Quantafuel continues to receive strong support

• Approval of planning application for Sunderland expected early next year
• Positive discussions with feedstock suppliers
• Engaged UK-based financial advisors CBRE Limited
• Will work to secure funding commitments for up to four pipeline projects in the UK
• Quantafuel will hold a minority share (~20%)
• The minority share will be funded by the developers fee, competence and IP Quantafuel brings to the project

CBRE is the world's largest commercial real estate services and investment company

PROJECT PIPELINE

Significant upside from acting now – clear first mover advantage for Quantafuel

SKIVE

Improving operational cost and margin

• Our systematic improvement approach continues to show progress
• All four production lines equipped with instrumentation allowing heating with self-generated gas (NCG)
• Testing and optimization has led to bringing operating load towards design capacity with high process stability
• Promising testing to improve operating time between line shutdowns
• Offtake agreement for our products renegotiated and improved

ESBJERG – RESOURCE DENMARK

Becoming a market leader in an attractive part of the value chain

• The construction is well under way
• Ground-breaking ceremony with Esbjerg's Mayor in September
• Commissioning late 2023
• A game-changer for the post-consumer plastic waste market in Denmark and a key advantage for the co-located large-scale PtL plant

State-of-the art sorting plant and later PtL plant

CONCLUDING REMARKS

We offer a unique value chain integration with Geminor and Esbjerg sorting plant

III

II

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Quantafuel has turned the learnings from R&D and industrial production into an improved process - Mk II. In cooperation with BASF and Saipem

We have secured partnerships with some of the world's most influential companies and have a pipeline of attractive plastic-to-liquid plant projects

Quantafuel offers a great investment opportunity with strong project margins in a market expected to grow strongly in the next years.

QUESTIONS & ANSWERS

www.quantafuel.com IR@quantafuel.com