Agilyx — Investor Presentation 2021

Aug 27, 2021

Leading the way to make plastics circular

H1 2021 Highlights & Results

August 27, 2021

Important Information

This presentation (the "Presentation") has been prepared by Agilyx AS, a Norwegian private limited company with itsshares admitted to trading on Euronext Growth (Oslo) underthe ticker "AGLX" (the "Company"). In this Presentation, referencesto the "Company", "Group", "we", "our", "us", orsimilartermsrefertoAgilyx ASandits consolidated subsidiaries, exceptwhere context otherwise requires.

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Solid Foundations: Positioned For Developing Opportunity

Recycling Pioneer

• Leader in advanced mixed-waste plastics recycling solutions
• Diversified revenue streams from technology license, equipment sales, operating royalties and feedstock service fees
• Working with a broad range of industries focused on petrochemical, retail and technology
• Sophisticated feedstock management and analytics

Overview Corporate Structure and Key Activities

Highlights

• Strong interest from both traditional and non-traditional companies in chemical recycling projects.
• Agilyx and Cyclyx investing in both capability and capacity to meet market opportunity. Building pipeline.
• Project sponsors recognizing criticality of feedstock; engagement reinforcing Cyclyx value proposition.
• Faster than expected ramp in the Cyclyx business.
• Continue to anticipate Toyo moving into construction in H2.
• Maintain previously stated objectives on projects into development and mid-term revenues.
• As a result of the expected growth trajectory, the Board has decided to proceed with a listing on the main list of the Oslo Stock Exchange within 12 months.

Current Market Opportunity >250Mta

Today's Recycling Landscape for Plastic Waste Globally

Source: IHS Markit, * 100 TPD conversion unit ** over project lifetime

Expanding Customer Base & Market for Polystyrene Pathway

ANNOUNCEMENT	DATE
Agilyx and Kumho Petrochemical Assess a Chemical Recycling Facility to produce raw material for tires out of post-use plastic	August 2021
Agilyx technology provides the capability to recycle hundreds of thousands of tons of previously unrecyclable flame retardant insulation	July 2021
Agilyx Announces First Ever Recycled Monomer Food Contact Packaging on Store Shelves	July 2021
Technip Energies collaborate with Agilyx to accelerate and scale up implementation of its Polystyrene Recycling Technology	June 2021
AmSty and Agilyx Announce Collaboration to build Advanced Recycling Facility	April 2021

Agilyx/Technip Breakthrough Central to New Opportunities

Agilyx Polystyrene Processing: Output products & applications

Polystyrene Latex Solution Styrene-Butadiene Rubber (SSBR) Acrylonitrile Butadiene Styrene (ABS)

Industry partners secured to accelerate commercialization

Typical Unit Size
Polystyrene	50-100 tpd
Polystyrene w/ distillation	100 tpd
Mixed Waste Plastic	100-200 tpd

DATE	PATHWAY	TYPE	REGION	PARTNER
August 2021	Polystyrene/SSBR	New plant development	Asia
June 2021	Polystyrene/Styrene	Technology Alliance	Global
April 2021	Polystyrene/Styrene	New plant development	USA
March 2021	Mixed Waste Plastics	Technology/EPC Alliance and development of new plants	Global
Dec 2020	Mixed Waste Plastics	New plant development	USA
Dec 2020	Cyclyx	JV formation	Global
Dec 2020	Mixed Waste Plastics	New plant development	Australia	A.Eon
Dec 2020	Polystyrene/Styrene	Project advancement	Japan
Oct 2020	PMMA	Project advancement	NA

Cyclyx Mission

Increase recycling rate from 10% to 90%

➢ New recycled product pathways that do not exist today

➢ Divert plastics from landfill through novel programs

➢ Lower the cost of custom feedstocks

Cyclyx: Three Innovations Creating a New Plastic Recycling Model

• Largest chemical conversion database
• Custom Feedstock Recipes; Artificial Intelligence, predictive modeling
• ISCC+ qualified feedstock

Chemical Characterizations New / Custom Supply Chains Consortium Approach ROBUST SET OF TECHNOLOGIES FEEDSTOCK MANAGEMENT SYSTEMS BUSINESS MODEL

• Demand Based Sourcing
• Custom Supply Chains; Preprocessing to Specification

• AI Optimized Logistics

• International Consortium Model

• Benefits all Members
• Operates as Profit Neutral Utility

Agilyx Conversion Technology

Agilyx Conversion Technology

Cyclyx Creating a New Supply Chain for Waste Plastic

Operational Update

Operations Stats with Member Companies:

• JV effective Jan 2021
• Staffing: > 30 employees
• Received ISCC+ international certification in Q1

• 1,000 feedstock Suppliers

• Tested and qualified additional 400 suppliers since January 2021
• Selling custom feed to ExxonMobil as of July 2021
• Active & Proposed Feedstock Audits/Studies: 11
• Sourcing and/or assessing waste sheds: 8 countries: US, Canada, Greece, Spain, Finland, South Korea, Brazil, Mexico
• Cyclyx Member companies equates to reach of 145,000 employees

Growing List of Founding Members & Partners

Current Forecasted Annual Cyclyx Demand: Scalability

Cost/Royalty Per Ton

Summary

Capital light go-to-market strategy

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

Development phase (1-2 years)	Construction phase (1-2 years)	Operations phase (20+ years)
• Feasibility studies and engineering support	• Technology license sale •	• Royalties technology license •
• Identification and characterization of plastics	Sale of Agilyx conversion equipment • Feedstock recipe matched to conversion technology and product	Operations and maintenance • Feedstock optimization drives efficiency
Revenues	Revenues (per 100 tons/day project)	Revenues (per 100 tons/day project)
USD 3-5 million	USD 15 -20 million	Royalties; margins on feedstock volumes; operational support

2025/26 Objective: Agilyx Revenue of \$200-300M

500 TPD in operation

1,500 to 2,000 TPD in development/construction

Consistent with longer term ambition for 1 500+ TPD in operation

Revenue Streams

• Feasibility Studies •
• Project Development •
• Core Equipment & Installation •
• Engineering Support •
• Construction Pass-Through •
• Royalties (Tech and Cyclyx) •

550,000 to 800,000 tons per annum

Consistent with longer term ambition for 3,000,000+ tons p.a.

Financial Implications at Goal Year

• Agilyx Revenues: USD 200 300 million
• Represents conversion business revenues
• Includes royalties from Cyclyx to Agilyx
• Cyclyx revenues not included

H1 Results: Consistent with Planned Stage of Development & Investment

• Planned Investment:
  • Headcount and capacity for Agilyx projects
  • Cyclyx feedstock management infrastructure
  • Building of diverse & global project pipeline
• Cash sufficient to support business needs

Agilyx Proposition

Emerging waste plastic conversion market; core to ESG

Capital-light business model

Fully integrated player with feedstock and conversion technology

Strong growth with potential to accelerate

Highly versatile, proven and proprietary conversion technology

Established partnerships with credible and relevant companies

Experienced and dedicated team; Chemicals and Waste Management

Leading the way to make plastics circular

Appendix

Agilyx Income Statement P&L

All figures in USD

	Unaudited	Unaudited
	Group	Group	Group
Operating revenue and operating
expenses	H1 2021	H1 2020	FY 2020
Revenues	790,508	1,571,615	4,336,151
Cost of revenues	1,194,852	783,949	2,441,487
Gross margin	-404,344	787,666	1,894,664
Research and development	1,367,258	592,012	1,505,752
Sales and marketing	774,777	179,382	412,285
General and administrative	5,264,529	2,661,081	6,668,667
Total operating expenses	7,406,564	3,432,475	8,586,704
Operating loss	-7,810,908	-2,644,809	-6,692,040
Financial income and financial expenses
Result from investment in joint
venture	-1,446,358	-1,693,357	-3,248,453
Interest expense	-78,595	-172,342	-277,823
Other financial income, net	758,314	14,992	82,218
Net financial items	-766,639	-1,850,707	-3,444,058
Net result	-8,577,547	-4,495,516	-10,136,098
Net result attributable to minority interest	-462,935	-	-
Net result attributable to Agilyx AS	-8,114,612	-4,495,516	-10,136,098