Quantafuel

Investor Presentation • Aug 31, 2021

Q2 2021 presentation

QUANTAFUEL ASA

31 August 2021

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.

MANAGEMENT TEAM

Terje U. Eiken Interim CEO & COO

Dr. Christian Lach CCO

Kristian Flaten CFO

Strong management with extensive experience from the engineering, chemistry and energy industry, as well as project financing

PLANT UPDATE

TECHNOLOGY & VALUE CHAIN

GROWTH

FINANCE

WE ARE 100% COMMITTED TO CONTRIBUTING TOWARDS SOLVING THE GLOBAL WASTE PROBLEM

• UN's climate report a need for urgent action
• We are acting now
• Quantafuel's efforts were recently recognised by the Danish Broadcasting Corporation (DR)

Photos: Facsimile from DR Nyheder, 11 August 2021 Kristiansund – mechanically recycling landfill plastic

• HSE: Zero recordable incidents during last 12 months
• Skive plant
• Running lines at high load for three to five days at a time
• Successfully processing mixed post-consumer plastics
• Increased ownership in Skive plant to 100%
• CAPEX forecast adjusted to NOK 610 million
• BASF largest shareholder after converting loan to shares
• Purchased plot for the Esbjerg plant
• Increasing sorting and recycling capacity Kristiansund / Aalborg
• CEO recruitment in process

PLANT UPDATE

TECHNOLOGY & VALUE CHAIN

GROWTH

FINANCE

SKIVE – PROCESS ACHIEVEMENTS

Highlights from operations:

• ✓ Producing chemical products within specification
• ✓ Produced at high load for three to five days with each line
• ✓ Produced at design capacity
• ✓ Processed large span of plastic qualities
• ✓ Delivered products to BASF

SKIVE – ROADMAP TO FULL PRODUCTION CAPABILITY

• Removing the last known obstacle preventing long-term stable production
• Install sufficient utility system capacity for full production
• During turnaround in Q4 2021 the plant will undergo necessary upgrades allowing for stable, long-term commercial production
• Combined with all previous achievements this secures Proof of Concept and enables full production capability

KRISTIANSUND – PLANT EXPANSION

• Developing a unique plant with combined mechanical and chemical recycling
• On track with expansion of mechanical recycling capacity and capability, with installation and commissioning towards end Q3 2021
• Testing of pilot reactor for chemical line is ongoing, processing plastic waste and producing chemicals with promising quality

PLANT UPDATE

TECHNOLOGY & VALUE CHAIN

GROWTH

FINANCE

TECHNOLOGY FOR THE CIRCULAR ECONOMY

TECHNOLOGY COMPLETING THE VALUE CHAIN

Aalborg – increasing recycling rate and quality control

TESTING MIXED FEEDSTOCK WITH SKIVE TECHNOLOGY

• Skive designed for mixed plastic waste
• Output quality tightly controlled in our plant lab at each step
• The end products replace fossil feedstock

In Q2 Skive reached sufficient stability for testing different plastic fractions

DEVELOPING OUR TECHNOLOGY FOR FUTURE CHALLENGES

• Over time

• Our feedstocks will be more challenging
• Our customers will be more demanding
• Our R&D-team works diligently to continuously improve our technology to be ready for the coming challenges
• Active projects ongoing with our partners in NTNU as well as BASF and their affiliates

SUSTAINABILITY IS AT THE CORE OF QUANTAFUEL

• ISCC Plus certificates for Skive and Kristiansund obtained in April
• Certificates guarantee traceability and makes Quantafuel and outstanding recycling partner
• Life cycle analysis (LCA) for Skive will give full openness of our environmental footprint

PLANT UPDATE

TECHNOLOGY & VALUE CHAIN

GROWTH

FINANCE

SIGNIFICANT STEPS IN ESBJERG

• Esbjerg plant is proceeding according to plan
• Will be one of the biggest plastic sorting plants in Europe, as well as the first of its kind in Denmark
• The plant will consist of a state-of-the-art plastic waste sorting facility integrated with a chemical recycling plant
• In July Quantafuel purchased a 58,000 m² site, with an option to extend with additional 48,000 m²
• We are evaluating future partnerships for the sorting plant

PRODUCTION PLANTS AND PIPELINE PROJECTS

Several additional production plants planned with existing partners

PLANT UPDATE

TECHNOLOGY & VALUE CHAIN

GROWTH

FINANCE

KEY FINANCIAL HIGHLIGHTS

• NOK 495 million in cash per 30 June 2021
• Completing projects for Skive and Kristiansund
• Completed key M&A transactions
• High focus on lean and cost-efficient day-to-day operations
• BASF largest shareholder after conversion of convertible loan

Per 30.06.21 Remaining capex includes Skive and Kristiansund Excluding BASF convertible loan

BROAD INVESTOR INTEREST

PLANT UPDATE

TECHNOLOGY & VALUE CHAIN

GROWTH

FINANCE

• We are confident that we will reach our goals in Skive
• We are making significant steps towards a combined mechanical and chemical recycling set-up
• We have a robust financial position

THIS WILL BECOME A MULTI-BILLION DOLLAR INDUSTRY

Quantafuel aims to become the market leader

Quantafuel ASA

25 Ticker: QFUEL Euronext Growth Oslo