Agilyx — Investor Presentation 2020

Nov 24, 2020

Agilyx AS©

Fearnley Securities Annual Renewables Seminar

Making plastic a circularresource

24 November 2020

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, ORANY JURISDICTION WHERE SUCH DISTRIBUTION ISUNLAWFUL. THIS DOCUMENT IS NOT AN OFFER ORAN INVITATION TO BUY ORSELL SECURITIES.

This presentation (the "Presentation") has been prepared solely for information purposes by Agilyx AS, a Norwegian private limited company with shares registered in the VPS (the "Company"). In this Presentation, references to the "Company", "Group", "we", "our","us", or similarterms refer toAgilyx AS and its subsidiaries, except where context otherwise requires.

This Presentation has been prepared forinformation purposes only, and does not constitute orform part of, and should not be construed as, any offer, invitation orrecommendation 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 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 notintended to provide complete disclosure upon which an investment decision could be made.

This Presentation is furnished by theCompany, anditis expressly noted thatno representationorwarranty, expressorimplied, as to the accuracy or completenessof any information includedherein isgiven by theCompany. The contents ofthis 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 investmentin the Company should be considered as a high-risk investment.

Unless otherwise stated, the Company is the source for information included in this Presentation. Information provided on the market environment, developments, trends and on the competitive situation is based on data and reports prepared by third parties and/ortheCompany basedon itsown information and informationderived from such third-party sources. Third party industry publications, studies and surveysgenerally state thatthe data contained therein have beenobtained from sources believed to be reliable, butthatthere is no guarantee ofthe accuracy or completeness of such data.

Agilyx AS© Agilyx AS©

This Presentation is current as of 22October 2020.Neitherthedelivery ofthis Presentation nor any further discussionsoftheCompany with any ofthe recipients shall, under any circumstances, create any implication thatthere has been no change in the affairsofthe Company since such date. This Presentation contains several forward-looking statements relating to the business, future financial performance and results of the Company and/or the industry in which it operates. In particular, this Presentation contains forwardlooking statements such as with respect to the Company's potential future revenues and cash flows, the Company's equity and debtfinancing requirements and its ability to obtain financing in a timely manner and at favourable terms. 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 are subject to risks, uncertainties and otherfactors that may cause actual events to differ materially from any anticipated development.

The distribution of this Presentation by the Company in certain jurisdictions is restricted by law. Accordingly, this Presentation may not be distributed or published in any jurisdiction except under circumstances that will result in compliance with any applicable laws and regulations.. ThisCompany 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 THEUNITED STATES, OR TO OR FOR THEACCOUNT OR BENEFIT OFAU.S. PERSON, EXCEPT PURSUANT TO AN APPLICABLE EXEMPTION FROM, OR IN ATRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THEU.S. SECURITIES ACTAND IN COMPLIANCE WITH ANY APPLICABLE STATE SECURITIES LAWS.

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

2

Importantinformation

Agilyx AS©

Plastic has transformed modern life,…

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

Chemical recycling:

• Returns plastic to its original chemical components
• Creates new plastics with qualities equal to the original material
• Allows producers to meet recycled content mandates
• 50% 70% lower carbon footprint compared to virgin manufacturing(1)

Chemical recycling makes plastic a circular resource Moving from 10%-90% recycling rate

CHEMICAL RECYCLING SET TO IMPROVE WASTE PLASTIC RECYCLING RATES(1)

Note: 1) Plastic manufacturing based on crude oil production; 2) company estimate

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

Agilyx has a dedicated focus on chemical recycling and an enabling feedstock management expertise

Note: 1) Wholesalers, retailers, businesses private individuals, public entities, etc.

How does Agilyx plan to enable plastic-to-plastic recycling to go from 10% to 90%(1)?

10% to 90%

…supporting customers throughout the plastic-to-plastic lifecycle

Development phase Construction phase Operations phase

• Deliver feasibility studies

• Pre-engineering support

• Technology license sale

• Sale of Agilyx conversion equipment
• Operations and maintenance
• Royalties from use of conversion technology

UNIQUE COMBINATION OF CAPABILITIES VALUED BY CUSTOMERS

1 Plastic-to-plastic conversion technology

Sophisticated feedstock management

… ENABLING AGILYX TO SUPPORT CUSTOMERS IN ALL LIFECYCLE PHASES

Conversion technology Conversion technology Conversion technology

▪ Identification and characterization of plastics

▪ Feedstock recipe matched to conversion technology and product

▪ Optimization to drive efficiency

Feedstock management Feedstock management Feedstock management

Agilyx benefits from diversified revenue streams

REVENUE STREAMS SCALABLE TO FACILITY CAPACITY

Revenue recognition
Contract win	Firm contract value at signing
Payments	Typically prepaid
Revenue	Revenue recognised based on project completion rate

Agilyx AS©

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

Agilyx is a leader in the emerging waste plastic conversion landscape

Only fully integrated player (with circular offering)

• Customers are looking for solutions that handle both feedstock management and conversion technology
• Agilyx delivers complete offerings to address this need
• Customers seek deep knowledge of waste stream remediation to optimize conversion rates and deliver an efficient technology
• The investments into conversion technology as well as building up the feedstock management system including the conversion database is the basis for a robust competitive edge

ATTRACTIVE COMPETITIVE POSITIONING AS THE MOST FULLY INTEGRATED PLAYER… …INCREASINGLY RECOGNIZED AS A COMPETITIVE EDGE

Agilyx offering: Circular pathway by plastic type

OVER 15 YEARS OF TECHNOLOGY DEVELOPMENT:

• 7 TECHNOLOGIES RELEASED
• USD ~150 MILLION INVESTED

Well-invested proprietary technology platform developed over more than 15 years

• 2006 Gen 1: 18-hour cycle
• 2007 Gen 2: 12-hour cycle
• 2008 Gen 3: 6.5-hour cycle
• 2010 Gen 4: 5.25-hour cycle
• 2012 Gen 5: Semi-batch production

HISTORICAL DEVELOPMENT IN TECHNOLOGY GENERATIONS

A TRULY DIFFERENTIATING PROPRIETARY TECHNOLOGY PLATFORM

Base technology enables multiple product pathways

System design: enhances throughput and product flexibility

Agilyx launched the first commercial closed loop plastic-to-plastic facility in 2018

	FACILITY FACT SHEET
	Converting waste plastic into new plastic raw material with food grade quality
Facility
Launched	2018
Capacity	10 tonnes per day
Location	Tigard (Oregon, US)
Operations
Pathway	Polystyrene to styrene monomer
Certification	ISCC PLUS Certified Circular Pathway
Brand	PolyUsable (end-product)
Ownership
	Facility is owned by Regenyx
Regenyx	is a JV owned by Agilyx and AmSty 50/50
AmSty	is owned by Chevron Phillips Chemical and Trinseo

New regulatory requirements drives a growing need for chemical recycling

Walmart to use at least 20% postconsumer recycled content in all private brand packaging by 2025

By 2030, all IKEA products and packaging materials will be based on renewable and/or recycled materials

Nestle to purchase USD 1.6bn (2 million metric tons) of recycled plastic through 2025, invest USD 260m in sustainable packaging startups

By 2025, Unilever plans to use at 25% of recycled plastic in its packaging

By 2025, Coca-Cola aims to source 50% of its plastic bottles from recycled content

SABIC outlines intentions for TRUCIRCLE™ to close loop on plastic recycling

REQUIRING ACTIONS BY PLASTIC MAJORS

Toyo Styrene licenses Agilyx technology for Japanese market

Americas Styrenics forms Regenyx joint venture with Agilyx

To offer 30% recycled polystyrene in plastic packaging in Europe by 2025

	REGULATORY FRAMEWORK FAVORING RECYCLING		ACTIONS ARE TAKEN BY MAJORS (CPGS)
EU	Target set for 50% recycling rate for plastic packaging by 2025 (up from 30% now) and 55% by 2030 EU plastic recycling volumes can no longer be sent to China (China "National Sword" policy)		Nestle to purchase USD 1.6bn (2 million metric tons) of recycled in sustainable packaging startups
	2018 EU strategy for Plastics in a Circular Economy: by 2030 sorting and recycling capacity in EU has increased four-fold (10 million tonnes of recycled plastics)		of recycled plastic in its packaging
UK	New plastic tax of EUR 800 / tonnes effective from January 2021 Plastic Packaging Tax on all plastic packaging that		By 2025, Coca-Cola aims to source 50% of its plastic bottles from recycled content
US	does not contain at least 30% recycled content RECOVER ACT calls for \$500 million in recycling infrastructure grants		By 2030, all IKEA products and
	Break Free From Plastics Pollution Act aims to phase out single-use plastics		Walmart to use at least 20% post consumer recycled content in all private brand packaging by 2025

A consortium of sector leaders that have committed \$1.5 billion to address the collection and recycling deficiencies of waste plastics

Note: Publicly available information

Unveiled plans to offer an average of 30% recycled content to customers for polystyrene packaging in Europe by 2025

Recently announced partner milestones with world leading chemical and plastics companies

Toyo Styrene licenses Agilyx technology for Japanese market, with operation expected early 2022 GE and Agilyx partner on Artificial Intelligence for Plastic Circular Economy Lucite Int'l and Mitsubishi Chemical Corporation working with Agilyx on PMMA with goal of commercialization by 2023 Agilyx receives International Sustainability & Carbon Certification Plus May 2020 Exclusive collaboration with TechnipFMC to enable new pathways for post-use polystyrene Jun 2020 IneosStyrolution and AmSty Announce Joint Facility for Advanced Recycling using Agilyx Technology Sep 2020 Lucite and Mitsubishi Chemical Advance Collaboration with Agilyx Agilyx joins AmSty, IneosStyrolution and Trinseo as Technology Partner to Accelerate Realization of Circular polystyrene Sep 2020 AmSty and Agilyx Announce Completion of a Certified Circular Recycling Pathway for polystyrene Nov 2020

ANNOUNCEMENT	TIME	PARTNER
	Oct 2020
	May 2020
	Apr 2020
	Dec 2019

Current pipeline overview

Feasibility study	Preliminary analysis on feedstock availability and conversion yields
FEL engineering	Pre-engineering work in phases – Increasing level of precision
Land	Process to find/purchase a suitable plot for facility – often co-located
Permits	Regulatory process including engaging EPC contractors

Key development workstreams

Plant overview	Development	Construction	Operations
Tigard, US	Complete	Complete	Commercial
Dev. project #1			Target start in 2022
Dev. project #2			Not disclosed
Dev. project #3			Not disclosed
Dev. project #4			Target start in 2023

Note: Dev. project #5 has been combined with dev. project #2

Targeted capacity development

Our capacity development assessment is based on the current pipeline visibility

Due to Covid-19 the construction phase for some projects have been delayed into 2021, however we continue to add attractive development projects

Strong growth prospects in project pipeline Feedstock (tons/day) CAPACITY DEVELOPMENT BY LIFECYCLE PHASE 150 210 260 400 210 10 10 10 10 0 500 1 000 1 500 2019 YE 0 Current 2020 YE 2021 YE 0 0 Development Construction Operations

Medium term we target a run-rate installed capacity of over 500 tons per day

Longer term we see the run-rate installed capacity increasing to over 1500 tons per day. New development and construction projects to run in parallel

Strategy to become the leading technology platform for plastic-to-plastic conversion

Thank you

Tim Stedman, Chief Executive Officer TimStedman@Agilyx.com +41 764 663 261

For further information:

Russ Main, Chief Financial Officer Russ,Main@Agilyx.com +1 (561) 306 0616

Glossary list

Description
Fuels with lower carbon intensity, typically alternative fuels and cleaner fossil fuels
Polystyrene (type of plastic)
Polymethyl methacrylate, also known as Acrylic (type of plastic)
Polyethylene (type of plastic)
Polypropylene (type of plastic)
Polyethylene terephthalate (type of plastic)
Plastic manufacturing based on crude oil production
Grinding or shredding of plastic into smaller pieces before melting them into new form
Using a chemical process to break down plastic to its original chemical components
International Sustainability and Carbon Certification
Toxic Substances Control Act
In any chemical process, it is the raw materials used in the chemical process; in the case of Agilyx, waste plastic is the feedstock
Tonnes per day