Investor Update

25 March 2021

Making plastic a circular resource

Confidential & Proprietary. Agilyx Corporation ©

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Important information

Agilyx Snapshot

4 global locations

Number of employees

70+

16 years of technology development:

7 technologies released

Toyo •
Exxon •
Braskem •
AmSty •
Lucite •
NextChem

Norway

Leader in Advanced Recycling

First commercial closed loop plastic to plastic facility

What is our addressable market?

Agilyx – where do we fit into the solution space?

• We are a complementary technology to mechanical recycling

Chemical Recycling aims to take 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

FOSSIL FUELS

VIRGIN PLASTICS HIGH VALUE PLASTIC

LOWER VALUE PLASTIC

Agilyx – making a linear process circular for the chemical industry

What is our advantage?

Understanding characterization & applicability of feedstock Agilyx Conversion Technology

Agilyx and Cyclyx: feedstock technology and robust conversion technology

Coordinate Offtake Demand and Distribution

Pathway flexibility
Enhance throughput
Maximize yield
Optimize chemistry
Product consistency
Contamination control

Plastics are composed of a great variety of chemical substrates, tailored for thousands of specific uses.

This complexity makes re-using plastics extremely challenging.

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

Complexity: plastics are not one single material, but complex chemical products

Traditionally, the variability, complexity, and unknown composition of post-use plastics has made them unsuitable for making new, high-quality products.

If we can consistently characterize the chemistry of post-use plastics, we open the possibility of processing them to new plastics feedstocks.

Base Feedstocks

Butane Condensate Ethane Naphtha Natural Gas Propane

Products

Adhesives Bunker Fuel Chemicals Coatings Diesel Dyes Explosives Foams Paint Plastics Power Resins Synthetic Crude Synthetic Rubber

Basic Chemicals

Ammonia Aromatics Benzene Butadiene Butylene Ethylene Methanol Propylene Toluene Xylene

Chemical intermediaries

Acrylonitrile Ethylene Glycol Glycerin Isobutylene Styrene …and others

Pathways from feedstock to product

We understand the chemical complexity of waste plastics

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.

Data & Analytics

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

Cyclyx: transforms waste plastic into a recyclable resource

Agilyx: a robust conversion processes is key to recyclability

7 th Generation with 16 years of improvement
Continuous Process for high throughput
Versatile Technology for variety of outputs & pathways
Fully Automated system operations for scalability
Robust Process allows contaminated feedstocks
No Catalyst allows broad range of plastic feedstocks & blends

How to accelerate growth?

The current pace of technology scaling and infrastructure build increases volumes of unmanaged plastics waste.

Acceleration of collection rates, infrastructure and technology is required to meet targets.

Scenario A: STATUS QUO

Significant scaling of chemical recycling critical to close the demand gap

Mechanical Recycling
Other
Chemical Recycling
Landfill & energy
Global Plastics Demand

Scenario B: CLOSING THE GAP

Capital light go-to-market strategy is based on technology licensing and royalty streams

= Decision gate

Levers to Growth

In the long term, Asia with even larger potential market

Biggest potential to scale globally in mixed-waste plastic (MWP) and larger PS plants supported by Cyclyx sourcing strategy

Focused capital investments in proof-of-concept (PoC) full-scale plants can accelerate growth and unlock demand for technology licensing

Partnership key to scaling: JVs with chemical companies & collaboration with

Accelerating Growth: partnerships and co-investment

NextChem: validation and acceleration of growth

• Technological solutions to ensure the Energy Transition • Licensing, EPC Services and Project Development

Partnership Models: scaling to accelerate capital light growth

Opportunities to Accelerate

Collaboration with technology licensor
Manufacturers favor licensing BUT preference for co-investment around proof of concept
Co-investment facilitates decision making; speed into development and to construction

Shared plant (JV)

Conversion Project: estimated financial parameters

Principal assumptions for 100TPD PS to 200TPD MWP installations

PRODUCT YIELD/OFFTAKE: 75% - 90%

• Product yields increase in quality with distillation • Bi-products (light and heavy oils) are also of value • Products can be further refined in customer downstream installations

PLANT COSTS: fixed and variable

Electricity + Utilities: ~\$2.5M to \$3M
Plant Operations: ~\$6M to \$10M
Costs can vary significantly by geography
Greenfield vs. integrated facility costs vary widely

REVENUES & MARGINS: significant variation between PS and MWP

Annual Revenues: \$30M to \$40M
Gross Margins: 80% for PS to 90%+ for MWP
EBITDA Margins: 50% to 60%
Feedstock Margin: PS ~\$1,000/ton; MWP ~\$600/ton

CAPITAL: Agilyx core equipment & balance of plant (BoP)

Total capital cost: \$85M \$160M
Time to operation: 24 to 42 months

PLANT UTILIZATION: 90%

• Days of operation: 330 per year

THROUGHPUT: nameplate capacity in TPD

Currently, our base unit is 50 TPD
MWP facilities require scale of >200 TPD
1 short ton = 2000 lbs.
✓ Total project pipeline in line with prior ambition.
✓ New projects in portfolio offset delays in others.
✓ Leading-edge project, Toyo, progressing on schedule.
✓ Target: one new project into development on average every quarter.
✓ No change in longer term aspiration.
✓ Partnerships and co-invest provide a route to acceleration.