Quantafuel

Investor Presentation • May 14, 2021

Q1 2021 presentation

QUANTAFUEL ASA

14 May 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.

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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.

PLANTS

STRATEGY & VALUE CHAIN

GROWTH

FINANCE

• Achieved targets from Q4 2020 of operating two lines and reaching full capacity on one line of 625 kg per hour
• Started shipments to BASF
• Started feeding of plastics in new reactor in Kristiansund
• Signed MoUs with BASF/Remondis and Corepla/Saipem
• Aquired 40% of Geminor with option to buy remaining shares
• Certified as material recycling
• Strong financial position

PLANTS

STRATEGY & VALUE CHAIN

GROWTH

FINANCE

QUANTAFUEL PLANTS

Two recycling plants with clear plans for further expansion

Continuous process designed to run at constant temperature and load for extended periods, saving energy and lowering operating cost

Purification process integrated in design

Scalability

Basic design and detailed engineering, adjusting for local requirements, enabling scalable and costefficient project execution

Efficiency Integration Quality

Integration with the value chain provides traceability of the products for our customers and operating cost advantages

SKIVE UPDATE (I)

• Skive has proven the ability to reach design capacity
• Achieved max load of 625 kg per hour, and operating on parallel lines
• Focusing on enhancements to secure stability and robustness. Number of small process improvements
• Proof-of-concept remains target for Q2 2021

SKIVE UPDATE (II)

• Modification projects for reaching full production end Q3 2021 on schedule
• Implementing particle removal measures
• Progressing well on process and chemistry
• Excellent cooporation between Quantafuel and BASF
• Cost estimate unchanged from last update

KRISTIANSUND UPDATE

Developing a unique, integrated facility for chemical and mechanical recycling of plastics

• A great milestone achieved: First feeding of plastic and stable production of pyrolysis oil
• Significant progress on testing new pyrolysis reactor
• Progress on plan for permanent chemical recycling plant
• Expansion of mechanical sorting line on schedule
• Co-located mechanical and chemical lines will lift Quantafuel's Kristiansund plant into a unique position

PLANTS

STRATEGY & VALUE CHAIN

GROWTH

FINANCE

A PIONEER WITHIN CHEMICAL RECYCLING

Quantafuel has built the Skive plant converting mixed waste to high quality liquids

THE CIRCULAR PLASTIC ECONOMY

TAKING CONTROL OF WASTE STREAMS

Trace the waste and follow the money

ISCC Plus and REDcert2 certifications make Quantafuel an outstanding recycling partner across the value chain

As recycling targets are growing…

Competition for waste is increasing…

We are taking control of waste streams…

This helps Quantafuel build capacity quickly… Ensuring products of the highest quality

TO GET THE GOLD YOU NEED TO CONTROL THE MINE

The valuable plastics are found in the household market...

CERTIFICATION PUTS QUANTAFUEL AHEAD

First fully certified chemical recycling value chain in the world

We are pleased to contribute to Quantafuel's idea of solving the world's plastic waste problem with our robust ISCC PLUS standard that provides credibility and traceability throughout the supply chain. "

Dr. Jan Henke, Director of ISCC system

Certification is key to credibility and sustained value creation.

DRIVERS OF DEMAND COMING FROM ALL SIDES OF THE MARKET

Consumer giants have ambitious targets to increase their recycling rates

Recycled content shares 2019 Target % recycled share

These targets alone represent an additional demand of 2.1M tonnes of food grade recycled plastics, which need chemical recycling

PLANTS

STRATEGY & VALUE CHAIN

GROWTH

FINANCE

PRODUCTION PLANTS AND PIPELINE PROJECTS

Several additional production plants planned with existing partners

ESBJERG PLANT

Taking control of the early value stream in a sustainable manner by collection and sorting of plastic domestically for our purpose

Chemical recycling Upgrading and production Collection and sorting

Trusted partnerships to guarantee our output is used for production of products of virgin plastic quality

Plant and process designed to ensure a robust chemical recycling process optimizing utilisation of collected plastic volumes

SECURING STRONG PARTNERS FOR THE FUTURE (I)

International partnership strategy to accelerate industrial growth

• GEMINOR supplying plastic waste to a pyrolysis plant
• QUANTAFUEL build and operate the plant
• VTTI provide site locations in existing plants
• VITOL utilizing the chemical oil off-take

SECURING STRONG PARTNERS FOR THE FUTURE (II)

International partnership strategy to accelerate industrial growth

BASF, Quantafuel and REMONDIS have signed a Memorandum of Understanding (MoU) to jointly evaluate a cooperation in chemical recycling including a joint

SECURING STRONG PARTNERS FOR THE FUTURE (III)

International partnership strategy to accelerate industrial growth

• QUANTAFUEL build and operate the plants

PLANTS

STRATEGY & VALUE CHAIN

GROWTH

FINANCE

FINANCE

Strong cash reserves and ready to grow

• NOK 577 million in cash per 31 March 2021
• High focus on lean and cost-efficient day-to-day operations
• Building team and organisation for controlled project execution and international growth
• Strong public commitment from strategic investors

NOK million

Debt excludes EUR 10 million convertible loan to BASF. Estimated equity conversion effects included in P&L

PLANTS

STRATEGY & VALUE CHAIN

GROWTH

FINANCE

• Modifications to the Skive plant progressing well with target proof-of-concept in Q2 2021
• Pilot production in Kristiansund gradually increasing into commercial volumes
• Executing on international growth strategy with industrial partner

THIS WILL BECOME A MULTI-BILLION DOLLAR INDUSTRY

Quantafuel aims to become the market leader

Quantafuel ASA

27 Ticker: QFUEL Euronext Growth Oslo

APPENDIX

UNIQUE SOLUTION TO PURIFY AND UPGRADE

Quantafuel's technology starts where others stop

• Removes ash particles, oxygen, nitrogen, chlorine and sulphur
• Changes the molecular structure
• Produces 800 kg of products from 1,000 kg of plastic with 90% CO2 reduction
• Uses the light fractions to run the reactors
• Ash fraction goes to energy production

PLASTIC WASTE IS A MAJOR PROBLEM GLOBALLY

Plastic waste provides a significant global problem…

32% of all plastic packaging ends up in nature…

32%

World's oceans will contain more plastic than fish in 2050

> 8 million tonnes of plastic ends up in the ocean annually

… and only 14% of plastic packaging is recycled

Government, businesses and consumers are driving the increased focus on plastic waste recycling

EU targets for plastic recycling 2025: 50% 2030: 55%

4

PLASTIC WASTE IS A MAJOR PROBLEM GLOBALLY

…that Quantafuel handles with chemical recycling

Mechanical recycling Plastic waste made into pellets used for new plastic production.

Chemical recycling

A wider range of plastic waste recycled into petrochemical products – to be used towards new plastics, substances or chemicals

Energy recovery

Incineration of organic and in-organic (plastics) substances into heat and electricity production."High energy efficiency, but results in "burning oil" when plastics are used as feedstock."

PLASTIC WASTE IS A MAJOR PROBLEM GLOBALLY

…that Quantafuel handles with chemical recycling

From non-recyclable plastic waste…

… to recycled liquids for the petrochemical industry

Recycled plastic products

A FIRM AND SUPPORTIVE POLICY TREND

EU reguIation requires investment in new plastic recycling technology

2020: EU Green Deal

Enormous reform program to support circular economy and green industry

EUR 0.80 tax per kg non-2021: Plastic tax

recycled plastic

2021: Stricter waste shipment rules

Means EU countries must build capacity to handle their own waste

Will be introduced for packaging, 2021/22: Requirements on recycled plastic content

construction materials and vehicles

2025: 50% recycling of plastic packaging

Increases to 55% in 2025. Today's actual plastic recycling level is 10-20%

2030: 55% GHG reduction

Target is codified in law and will trigger strong measures across industries

MANAGEMENT

Experienced leadership with strong industry background

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

www.quantafuel.com IR@quantafuel.com