Agilyx — Investor Presentation 2020

Dec 16, 2020

Third Quarter Update

December 16, 2020

Making plastic a circular resource

Thispresentation(the"Presentation")hasbeenpreparedbyAgilyxAS,aNorwegianprivatelimitedcompany withitsshares admittedtotradingonEuronextGrowth(Oslo)undertheticker "AGLX" (the"Company"). InthisPresentation,references tothe"Company","Group", "we", "our", "us",orsimilartermsrefertoAgilyxASanditsconsolidatedsubsidiaries,exceptwherecontextotherwise requires.

This Presentation hasbeenpreparedfor informationpurposes only,anddoes notconstitute or form partof,andshouldnotbeconstruedas,any offer, invitationor recommendation topurchase,sell orsubscribeforany securitiesinany jurisdiction and neither the issue of the information nor anything contained herein shall form thebasis of or be relied upon in connection with, or actasan inducementto enter into,any investmentactivity. This presentation does notpurportto contain all of the information that may be required to evaluateany investmentin the Company or anyof itssecurities and should notberelied upon to form thebasis of, orbe relied on in connection with,any contract or commitment or investmentdecision 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 Presentation isfurnished by the Company,and itis expressly noted that no representation or warranty, express or implied,asto theaccuracy or completeness ofany information included herein is givenby the Company. The contents of this 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 Companyshouldbeconsideredasahigh-risk investment.

Unlessotherwisestated,the Company isthesourcefor information includedin this Presentation. Informationprovidedon themarketenvironment,developments,trendsandonthecompetitivesituation isbasedondataandreportspreparedby thirdpartiesand/orthe Companybasedonitsowninformationandinformationderivedfromsuchthird-party sources. Thirdparty industrypublications,studiesandsurveysgenerally statethatthedatacontainedthereinhavebeenobtainedfrom sourcesbelievedtobereliable,butthatthereisnoguaranteeoftheaccuracyorcompletenessofsuchdata.

This Presentation is current as of 16 December 2020. Neither thedelivery ofthis Presentation nor any further discussions of the Company with any ofthe recipientsshall, under any circumstances, create any implication thattherehasbeen no change in the affairs of the Company since such date. This Presentation contains several forward-looking statements, including statements relating to the business 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. The forward-looking statements contained in this Presentation, including assumptions, opinions and views of the Company or cited from third party sources, are solely opinions and forecasts which aresubjecttorisks,uncertaintiesandotherfactorsthatmaycauseactualeventstodiffermateriallyfromanyanticipateddevelopment.

ThedistributionofthisPresentationby the Company incertainjurisdictionsmayberestrictedby law.Accordingly,thisPresentationmaynotbedistributedorpublishedinany jurisdictionexceptundercircumstancesthat willresultincompliance with anyapplicablelawsandregulations.. This Presentationdoesnotconstituteanofferof,oraninvitationtopurchase,anysecurities.

THE COMPANY´S SHARESHAVENOT BEEN,ANDWILLNOTBE,REGISTERED UNDERU.S. SECURITIESACTORWITHANYSECURITIESREGULATORYAUTHORITYOFANYSTATEOR OTHERJURISDICTIONINTHEUNITEDSTATES,ANDMAYNOTBE OFFEREDOR 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 ACTANDINCOMPLIANCEWITH ANYAPPLICABLESTATE SECURITIES LAWS.

This Presentation issubjecttoNorwegian law,andanydisputearisinginrespectofthisPresentationissubjecttotheexclusivejurisdictionofNorwegian courts with OsloDistrict Courtasfirstvenue.

Important information

1. The Agilyx Solution

2. Project Economics: A Case Study

1. Cyclyx

2. Operational Update

3. Packaging

4. Electronics
5. Agriculture

6. Building & construction

7. Healthcare

8. Mobility & Transport
9. Sports & Leisure
10. Energy

Plastic has transformed modern life

…but plastic waste is a problem that needs to be solved now!

Limitations of Mechanical Recycling

Source: 1) Geyer et al. (2017) ; 2) company estimate

Landfill

Waste plastics

Agilyx and Cyclyx enable a new and circular life to plastic waste

Chemical recycling True recycling ~90% recycling rate(2)

Our technology powers the world's plastics recycling

UNDERSTANDING CHARACTERIZATION & APPLICABILITY OF FEEDSTOCK… …IS A KEY COMPETENCE TO OPTIMIZE PLASTIC-TO-PLASTIC CONVERSION

Cyclyx Sophisticated Plastic management Agilyx Plastic-to-plastic conversion technology

Product flexibility Enhance throughput Maximize yield

Optimize chemistry Product consistency Contamination control

We solve two of the main challenges: used plastics sourcing and the chemical recycling

Source: Company estimates; Note: Companies shown includes pyrolysis technology-focused players, chemical majors, waste & recyclers and gasification players

ATTRACTIVE COMPETITIVE POSITIONING AS THE MOST FULLY INTEGRATED PLAYER…

Agilyx is a leader in the emerging waste plastic conversion landscape

Agilyx offering: Circular pathway by plastic type

PET	Polyethylene Terephthalate
PE	Polyethylene
PP	Polypropylene
PS	Polystyrene
PMMA	Polymethylmethacrylate

Capital light go-to-market strategy AGILYX SUPPORTS CUSTOMERS IN ALL PHASES OF A RECYCLING FACILITY

• Sale of Agilyx conversion equipment
• conversion technology and product

Construction phase (1-2 years)

• Royalties technology license
• Operations and maintenance
• Feedstock optimization drives efficiency

Revenues (per 50 tons/day project)

Royalties; margins on feedstock volumes; operational support

Operations phase (20+ years)

= Decision gate

1. The Agilyx Solution

2. Project Economics: A Case Study

1. Cyclyx

2. Operational Update

Estimated financial project return for an Agilyx customer without product premiums or other incentives ~13-20% 20-yr IRR

PRODUCT YIELD/OFFTAKE: Product conversion (%) of inbound material and \$/Ton. Price applied to offtake stream(s).

Estimate High 70's % product yield Offtake price of \$1,000/Ton; annual rev of ~\$25M - \$30M.

PLANT FIXED COSTS: Expenses related to safely operating and maintaining Agilyx technology at a facility.

Annual fixed cost of ~4M.

FEEDSTOCK COST & UTILITY DEMAND: Acquisition cost of feed & Energy demand.

Feedstock cost of \$110/Ton 4MWh electrical demand.

CAPITAL: Comprised of Agilyx core equipment & balance of plant (BOP).

Total capital cost of ~\$80M with a 20% contingency. 36-month project timeline.

PRODUCT UTILIZATION: The uptime of a facility.

Steady state of 330 days/year.

THROUGHPUT: The capacity of a facility. Measured in Short Tons per Day (TPD).

100 TPD facility. Facilities may range from 50 – 250 TPD.

SIGNIFICANT ASSUMPTIONS

1. The Agilyx Solution

1. Project Economics: A Case Study

3. Cyclyx

1. Operational Update

Cyclyx understands the chemical complexity of waste plastics

WE COLLABORATE WITH PARTNERS TO BRING INNOVATIVE SOLUTIONS TO INCREASE PLASTIC RECOVERY AND REDIRECT PLASTIC WASTE INTO CIRCULAR PATHWAYS

Technical Expertise

New Supply Chains Consortium Approach

Cyclyx transforms waste plastic into a recyclable resource

Characterize & qualify waste plastic to meet customer specification/s

mechanical and chemical recyclers

Novel Sourcing & aggregation Methods

CUSTOMER DEMAND DRIVEN THROUGH CUSTOM DEVELOPED FEEDSTOCK

Overview of the Partnership

• Cyclyx collaboration with GE to apply Artificial Intelligence to a feedstock business
• IP and feedstock know how; largest plastic waste database
• Provides low-cost feedstock to Agilyx customers and to Exxon
• Global focus targeting 300,000 tons annually by 2025 and 3 million tons annually by 2030
• Agilyx receives royalties for all feedstock processed by the system.

Landmark Agreement: Cyclyx Joint Venture

PROVIDING FEEDSTOCK ADVANTAGE TO AGILYX LICENSEES AND EXXONMOBIL

1. The Agilyx Solution

2. Project Economics: A Case Study

1. Cyclyx

4. Operational Update

New Announcement: Developing Polypropylene from Mixed Waste Plastic

About Braskem:

• Largest polyolefins (polyethylene and polypropylene) producer in the Amercias and a leading producer of biopolymers
• Total revenue of \$13B in 2019

About the announcement:

• Collaboration to examine production of polypropylene from mixed waste plastic
• Utilizing Agilyx technology to allow for recycling of difficult-to-recycle waste
• Mixed waste plastic to be source by Cyclyx International
• Represents a new product pathway entering into development for Agilyx

Recently announced partner milestones

ANNOUNCEMENT	DATE	PARTNER
Agilyx and Braskem Announce Collaboration to Explore Advanced Recycling Project in North America	Dec 2020
ExxonMobil, Agilyx form Cyclyx Joint Venture for Plastic Waste Recycling	Dec 2020
Agilyx Signs Agreement with A.Eon. Converting Mixed Waste Plastics to Generate Electricity	Dec 2020	A.Eon
Agilyx and Toyo Styrene Advance Development of facility in Chiba, Japan	Dec 2020
AmSty and Agilyx Announce Completion of a Certified Circular Recycling Pathway for Polystyrene	Nov 2020
Lucite International and Mitsubishi Chemical Corporation Advance Collaboration with Agilyx. Progressing development of circular solutions for PMMA	Oct 2020

Active Development Pipeline

Expect to bring one new project into development on average every quarter

Development and Growth Status Update

OPERATIONAL FOCUS

STRENGTHEN EXISTING

TECHNOLOGY POSITION

Expand intellectual property footprint

DRIVE COMMERCIALIZATION PROCESS OF EXISTING DEVELOPMENT PROJECTS

• Project Capacity of 260 TPD in development in 2020
• Project Capacity of 610 TPD in development/construction in 2021
• Innovation to strengthen and broaden existing technology platforms e.g. new lab FEL2
• Increase focus on developing new product pathways
• Strengthen business development activities in Europe and North America
• Accelerate development of new large-scale projects
• Secure process to deliver first commercial plants in Europe and Asia
• Publicly launch Cyclyx and begin recruiting partners deliver increased scale to feed sourcing
• Enhance project support capabilities through project execution
• Invest in and build foundational corporate services, e.g. new ERP system
• Invest in building brand awareness for Agilyx with the value chain and partners

BUILD ORGANIZATIONAL INFRASTRUCTURE AND CAPABILITIES

Join Agilyx in creating a new life for waste plastics

1. The Agilyx Solution

1. Project Economics: A Case Study

2. Cyclyx

3. Operational Update

Agilyx income statement

(USD '000s)	2019	H1-2020	9/30 YTD
Total revenue	2056	1572	3858
Total COGS	3096	784	2232
Gross profit	-1040	788	1626
Gross margin	-51%	50%	42%
Overhead	3224	2841	3954
R&D	3048	592	897
Total SG&A	6272	3433	4851
SG&A / Sales	305%	218%	123%
Operating income	-7132	-2645	-3225
Operating margin	-356%	-168%	-84%

Development phase revenue progression improving over prior year

Gross Profit reflective of combined engineering and license profitability

Less R&D spend in current year as business progressing to operational focus

Net loss decreasing with scale of work performed on conversion projects

P&L

• 2019 financials based on Agilyx Corporation consolidated statements audited in accordance with US GAAP
• H1-2020 financials based on Agilyx AS consolidated statements prepared in accordance with Norwegian GAAP
• 50% JV interest in Regenyx is included in 2019 figures, but not included in financial figures for H1-2020 and is accounted for by applying the equity method on the balance sheet
• 9/30 YTD financials based on Agilyx AS unaudited consolidated statements prepared in accordance with Norwegian GAAP

Agilyx balance sheet

(USD '000s)	Assets	(USD '000s)	Equity & liabilities
Cash	5149	Accounts payable	756
Accounts receivable	170	Other payables	1995
Other rec – primarily listing finds	30137	Accued liabilities	441
Prepaid expenses	191	Deferred revenue	2025
Total current assets	35647	Total current liabilities	5217
Machinery & equipment	292	Non-current liab & debt	1881
Furniture & fixtures	37	Total non-current liabilities	1881
Total fixed assets	329
Other non-current assets	4658	Common stock	81
Investments	1575	Additional paid in capital	40991
Total non-current assets	6562	Retained earnings	-
		Net income	-5961
Total Assets	42209	Total equity	35111
		Total equity & liabilities	42209

AGILYX AS UNAUDITED CONSOLIDATED BALANCE SHEET AS OF SEPTEMBER 30, 2020*

Current Assets include cash and listing fund of \$35M

Deferred Revenue of \$2M attributable to current projects

*Prepared in accordance with Norwegian GAAP