Quantafuel

Regulatory Filings • Feb 3, 2022

Pareto Securities' Power & Renewable Energy Conference

QUANTAFUEL ASA

3 February 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 3 February 2022. 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.

TURNING PLASTIC WASTE PROBLEM INTO BUSINESS

Attractive economics and supportive opinion drives change towards recycling

Tonnes of plastic produced yearly

86%

Of plastic packaging is not recycled

>8mill

Tonnes of plastic ends up in the ocean every year

50% / 55%

EU plastic recycling target 2025 / 2030

QUANTAFUEL HAS A STRONG ESG PROFILE

The sustainability case for plastics waste recycling

Environmental Social Governance

• Provides a solution to the growing plastic problem as it recycles the waste into high quality products
• Creates a circular economy for plastic
• Chemical recycling of plastic waste reduces the carbon footprint by > 50%
• Increases resource efficiency

• Reduces the need for long-distance transport of waste

• Strict operational procedures and HSEQ management systems based on ISO standards for the Skive plant

• No major reported HSE incidents to date, including both subsidiaries and contractors

• No family relationships among the board members or between board members and management

• Limited arrangements with major shareholders, customers and suppliers, pursuant to which members of the board/management were selected. However, Board representation from largest shareholders-
• One share with one voting policy gives all shareholders a say proportionally to their respective ownership

UN's sustainable development goals

The more plastic waste Quantafuel can process, the more barrels of oil and gas will be left in the ground

Builds sustainable industry based on resource-efficient use of local wastebased resources

Creates green jobs in production facilities designed to meet the highest sustainability standards

Contributes to a circular efficient use of resources by rescuing plastic waste from its final stop at the incineration plant

Plastic is expected to drive oil demand in the coming decades, in a context where the world has committed to decarbonize

QUANTAFUEL – A LEADING RECYCLER OF PLASTIC WASTE

• A technology-based recycling company converting plastic waste back into low-carbon synthetic oil products replacing fossil oil feedstock
• Has one recycling plant in Denmark, one in Norway, and targets to build a number of facilities across Europe and beyond
• 90 employees with headquarters in Oslo, Norway
• Listed on Euronext Growth with solid liquidity and a market cap of around NOK 4 billion
• In collaboration with dedicated partners, Quantafuel works to achieve the dual goals of recycling low-quality plastic and sustainable waste management
• Quantafuel has strengthened waste sourcing operations by acquiring 40%¹ of the leading resource management company Geminor, which covers ten European markets

KEY HIGHLIGHTS

Building foundation for 2022 operations

• HSE: Zero recordable incidents

• Significant production at Skive
• Key steps forward with Esbjerg
• Kristiansund ramping up production
• Project pipeline developing to plan
• Strong interest in Quantafuel products
• Strong cash position

SIGNIFICANT ACHIEVEMENTS REACHED AT SKIVE

PRODUCTION STATUS

• Two lines in operation
• Converting 100 MT plastic waste into valuable products weekly
• Current uptime achieved is 69%
• Average load is 79%
• Six product shipments delivered to BASF in 2022

GUIDING MAINTAINED

• Starting additional production lines, ramping up volumes
• CAPEX NOK 610 million
• 2022 production (Guiding): 12,000 tonnes
• 2023 production (Guiding): 20,000 tonnes

The management and board are confident in continuing the planned PtL projects based on Skive learnings

KRISTIANSUND – RAMP-UP ON TRACK

Market prices better than expected

• Developing a unique plant with 30,000 tonnes annual capacity for sorting, 20,000 tonnes annual mechanical (and chemical recycling – pilot test)
• New mechanical recycling line in operations from November 2021
• Market prices in mechanical recycling better than expected
• Testing of pilot reactor for chemical line is ongoing

QUANTAFUEL ENABLES A CIRCULAR PLASTIC ECONOMY

Chemical recycling complements traditional mechanical recycling

INTERNATIONAL ROLL-OUT STRATEGY

Secure enough upstream integration to understand waste flow, pricing and commercial market opportunities

Scalability and driving economy of scale through optimised, standardised and modulised processing plants

Deliver traceability through credible endto-end certificates of source and product

PIPELINE PROJECTS

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

ESBJERG (DK)

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

Large untapped potential for plastic sorting and recycling in Denmark

Ready to start construction of the sorting plant

Attractive plant economics Sorting plant NOK 670 million capex, unlevered IRR >30%

Favourable political landscape

Significant contributor to the circular economy. Taking control of the early value stream for plastic recycling in Denmark in a sustainable manner

State-of-the art sorting plant and PTL plant

The strategic rationale for establishing a large-scale plastic sorting plant in Denmark is strong. The Danish government recently announced a 60%¹recycling target and today, the sorting and recycling capacity in Denmark is low.

1) Jan 2022 target for recycling of municipal plastic waste in Denmark Source: Company information, Rambøll

SUMMARY

www.quantafuel.com IR@quantafuel.com

Quantafuel ASA

Ticker: QFUEL Euronext Growth Oslo

This will become a multi-billion dollar industry Quantafuel aims to become the market leader