Agilyx — Investor Presentation 2021

Jun 2, 2021

Leading the way to make plastics circular

Introduction to Agilyx Xtrainvestor Forum, June 2021

Agilyx Snapshot

Toyo

• AmSty
• Exxon
• Lucite
• Braskem • NextChem

16 years of technology development:

7 technologies released

Leader in Advanced Recycling

First commercial closed loop plastic to plastic facility

Agilyx & Cyclyx Management Team

Tim Stedman CHIEF EXECUTIVE OFFICER 25+ years of experience

Beatriz Malo de Molina CHIEF FINANCIAL OFFICER 25+ years of experience

Mr. Stedman has nearly 30 years of experience in polymer and olefins production, global supply chains, operations, business leadership, strategic development and implementation. Prior to joining Agilyx, Mr. Stedman was the Senior Vice President, Strategy and Corporate Development for Trinseo where he was responsible for leading Trinseo's mergers and acquisition strategy development.

Ms. Malo De Molina has over 25 years of finance experience in investment banking, venture investment, strategy, and M&A. She most recently served as head of Mergers & Acquisitions with Orkla ASA, has worked at McKinsey & Co. in Oslo and spent 10 years in the Investment Banking Division of Goldman Sachs in the firm's New York, Mexico City, Frankfurt and London offices.

Joseph Vaillancourt BOARD MEMBER, PRESIDENT OF CYCLYX 30+ years of experience

Mr. Vaillancourt brings over 25 years of operational, financial, and strategic experience in industrial, environmental and energy innovation and infrastructure development. Throughout his career, Mr. Vaillancourt has led in excess of \$2 billion of debt and equity financings as well as M&A activities and has helped commercialize 15 environmental technologies.

and stewardship.

Chris Faulkner, Ph.D CHIEF TECHNOLOGY OFFICER 15+ years of experience

Dr. Faulkner brings over 15 years of technical and organizational expertise on the engineering, process, analytics and administrative fronts to deliver products and operating assets. He has held engineering, scientist and management positions in the renewable energy and chemicals industry sectors with a focus on sustainability

Mark Barranco SENIOR VICE PRESIDENT OF ENGINEERING AND EXECUTION 30+ years of experience

Mr. Barranco brings over 30 years of petrochemical industry experience in a variety of technical and business roles spanning basic chemical products, such as olefins and aromatics, to derivatives such as polymers and resins. Prior to joining Agilyx, Mr. Barranco worked for ExxonMobil Chemical Company where he progressed through numerous managerial and leadership assignments

Agilyx: What is the size of the market opportunity?

• Complementary to mechanical recycling

• Chemical Recycling takes the difficult-to-recycle plastics out of waste stream

• Our global addressable market is 80% of > 250 million metric tons annually

• With <0.1% of plastic waste currently being chemically recycled, we are at the very beginning of an exciting journey

Today's Recycling Landscape for Plastic Waste Globally

White Space Equivalent to 6000 Agilyx systems at average lifetime revenue to Agilyx of \$40 million per system

Source: IHS Markit

Mechanical Recycling: delaying landfill by degrading plastic

Source: 1) Geyer et al. (2017)

Chemical Recycling: making a linear process circular

Agilyx: proven technology to meet market opportunity

Highly flexible and robust plastic waste conversion technology

~ \$150M invested over 16 years in proprietary technology platform

Fundamental understanding of waste allowing feedstock challenge to be addressed

Proven technology to convert both mixed and PS waste

Agilyx: a robust conversion processes is key to recyclability

Versatile Technology for variety of outputs & pathways Robust Process allows contaminated feedstocks No Catalyst allows broad range of plastic feedstocks & blends

Post-use plastics: Solving complexity to make waste a useable feedstock

• Plastics made up of a huge great variety of chemical substrates, tailored for thousands of specific uses.
• Variability, complexity, and unknown composition of post-use plastics makes them unsuitable for making new, high-quality products.
• However, through consistent characterization of the chemistry of post-use plastics, we open the possibility of processing them to new plastics feedstocks.

Type	Demand		Packaging uses	Non-packaging uses
PET	24%		Beverage bottles (Transparent)	Seat belts Apparel
$\mathbf{\Omega}$ HDPE	14%	$\overline{\circ}$	Milk/Shampoo bottles (Opaque)	Water pipe Dust bins
$\boldsymbol{\mathsf{\Delta}}$ $2^3$ PVC	14%		Cosmetic Containers Oil/Cleansing products Cling Wrap	Window sheet Water pipe Electrical insulation
$\boldsymbol{\Delta}$ $\mathbb{Z}_\mathbb{C}^4$ LDPE	17%		Plastic bags Bin bags Films inside packages	Toys Buckets Electrical insulation
$\boldsymbol{\mathsf{\Lambda}}$ PP	23%		Straws Ice cream Tubs Lock & Lock	Consumer electronics Textiles Auto parts
$\ddot{\mathbf{a}}$ ΡS	6%		Disposable cups Protective packaging	Cutlery Appliances

Data & Analytics

Agilyx dataset of waste plastic is unmatched in the industry, enabling us to create vertically integrated, customized pathways from plastic feedstock to products.

Agilyx is Data-Driven

Over the last 16 years, we have built a dataset of more than 2,000 plastic waste characterizations and 1,000 hydrocarbon substrates.

For each source, we have more than 100+ data points and continues to build on this foundation.

Agilyx has recipes for more than 1,500 commercial conversions of various waste plastics to more than 1,000 variations of hydrocarbon products.

Cyclyx: Landmark JV Agreement allows for scaling feedstock solution

PROVIDING FEEDSTOCK ADVANTAGE TO AGILYX LICENSEES AND EXXONMOBIL

Overview of the Partnership

• GE collaboration: applying Artificial Intelligence to feedstock business
• IP and know how; largest plastic waste database
• Provide low-cost feedstock to Agilyx customers and Exxon
• Globally target 300 kTa by 2025 and 3000 kTa by 2030
• Agilyx paid royalties on all feedstock processed
• Next phase to build out consortium: new members driving greater scale

Regenyx: The worlds first commercial closed loop plastic-to-plastic facility

Facility Fact Sheet

Converting waste plastic into new plastic raw material with food grade quality

FACILITY

Launched	2018
Capacity	10 tons per day
Location	Tigard (Oregon, US)

OPERATIONS

Pathway	Polystyrene to styrene monomer
Certification	ISCC PLUS Certified Circular Pathway
Brand	PolyUsable (end-product)

OWNERSHIP

Regenyx is a JV owned by Agilyx and AmSty 50/50

AGILYX HIGHLIGHTS

• Manage operations and maintenance of facility
• Unit demonstrates flexibility being used for both MWP and Polystyrene Approx. 12,000hrs operation at commercial rates
• All production has been accepted within contracted specification
• ISCC PLUS Recycled Content Certification
• Cyclyx is managing feedstock for Regenyx

Agilyx is a leader in the emerging waste plastic conversion landscape

Competitive positioning: a fully integrated player

Circular pathway by plastic type

Capital light go-to-market strategy

AGILYX SUPPORTS CUSTOMERS IN ALL PHASES OF A RECYCLING FACILITY

Development phase (1-2 years)	Construction phase (1-2 years)	Operations phase (20+ years)
• Feasibility studies and engineering support	• Technology license sale • Sale of Agilyx conversion equipment	• Royalties technology license • Operations and maintenance
• Identification and characterization of plastics	• Feedstock recipe matched to conversion technology and product	• 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

Active Development Pipeline

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

Consistent with developing a business revenue of \$200- 300M in the mid-term

Recently announced partner milestones

ANNOUNCEMENT	DATE	PARTNER
AmSty and Agilyx Announce Collaboration to build Advanced Recycling Facility	April 2021
Maire Tecnimont Group's NextChem and Agilyx Sign an Agreement for the Global Deployment of Chemical Recycling Projects Based on Pyrolysis	March 2021
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

Agilyx: midterm ramp-up objective based on 500 TPD in operation

Revenue Streams

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

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 •

Solid, international shareholder base invested for the long term

	Investor	% share	No. of shares
1	CITIBANK, N.A.*	50.44	38,507,400
2	SIX SIS AG*	8.30	6,333,129
3	CLEARSTREAM BANKING S.A.*	6.48	4,947,250
4	MERRILL LYNCH, PIERCE, FENNER & SM*	4.77	3,642,400
5	SUNDT AS	2.63	2,006,700
6	BNP PARIBAS SECURITIES SERVICES*	2.59	1,979,056
7	MP PENSJON PK	2.53	1,934,151
8	DNB MARKETS AKSJEHANDEL/-ANALYSE	1.37	1,043,231
9	JPMORGAN CHASE BANK, N.A., LONDON*	1.18	902,578
10	MORGAN STANLEY & CO. INT. PLC.*	1.12	853,124

* Nominee accounts Source: VPS As of 14.5.2021

• Underlying shareholders

• Saffron Hill Ventures (~50%), an open-ended venture capital investment company, has been a supportive investor in Agilyx since 2009
• Caspla Securities (~8.5%) is an investment vehicle
• Corvina Holdings (~5%) is an investment vehicle associated with Richard Branson
• Sundt AS is an Oslo based family-owned investment firm

13 Patents for Advanced Recycling Technology

• System for recycling plastics
• Systems and methods for recycling plastics (2)
• Devices, systems, and methods for recycling plastic (2)
• Methods for recycling plastics and treating pyrolysis vapors
• Methods for conditioning synthetic crude oil from pyrolysis
• Methods and systems for conditioning synthetic crude oil
• Systems and methods for recycling waste plastics, including polystyrene (2)
• Systems and methods for recycling plastic (2)
• Systems and methods for conditioning synthetic crude oil