Agilyx — Investor Presentation 2022

Jun 29, 2022

Today's Presenter

Tim Stedman Chief Executive Officer 25+ years of experience in the chemical industry Work experience

Fellow of the Institution of Chemical Engineers

Our Partners are Our Most Valuable Voices

Agilyx Value Proposition

Source: Company data, ResearchGate, UN Environmental Programme.

Plastic Waste Pollution is One of the Greatest Challenges to Environment with Strong Regulatory and Commercial Commitments towards Finding Solutions

Plastic accumulation is one of the key modern environmental challenges – only 9% of produced amount is recycled

…Supported by recycling commitments of global brand owners

Of recycled materials

EU

• 50% recycling rate for plastic packaging by 2025
• EUR800/t tax on non-recycled plastic waste
• UK • Tax of GBP200/t on all plastic packaging with less than 30% recycled plastic
  • RECOVERY ACT called for US\$500mn in recycling infrastructure grants

US

Source: Companies' data, OECD, ResearchGate, UN Environmental Programme, public sources.

Chemical Recycling Makes Plastic a Circular Resource

Tolerance to contamination

Usability in high-quality end products

Treatment of mixed plastic waste

Wide range of inputs

…And is expected to cover sizeable portion of demand by 2030…

Global polymer demand 2020-2040 (1) , mt p.a.

Source: Company data, IHS Markit, McKinsey.

Notes: (1) Polymer demand includes fibers (polyesters and polyamide), excludes rubbers and intermediates. (2) May not sum up to 100% because of rounding. (3) Assuming capital intensity range of US\$1,500 – 3,000 per ton. (4) Assuming 330 working days.

…With Agilyx being capable of recycling c.60% of polymers on the current market

Plastic market size by polymer type, mt p.a.

~12-63mt p.a. Can be recycled by Agilyx ~360-1,900plants From Agilyx to cover the demand 60% of polymers At 33kt p.a. capacity (4) 100% of polymers ~20-105mt p.a. can be processed by Cyclyx

Integrated Recycling Solution

Source: Company data.

Cyclyx Brings a Unique and Differentiated Approach to Plastics Recycling

NEW / CUSTOM SUPPLY CHAINS

• Chemical characterisation of waste plastics leveraging chemical conversion database
• Development of custom feedstock recipes for wide range of recycled products
• Artificial Intelligence tools and predictive modeling

CHEMICAL PROFILING TECHNOLOGIES

• Demand based custom sourcing
• New takeback programs to capture new waste plastics
• New supply chains and sourcing
• Artificial intelligence optimized logistics

Cyclyx Provides Multiple Solutions to Its Wide Member Base

Revenue models

Membership	Membership Fee paid Annually
Feedstock Analysis	Waste shed analysis generally required for all sourcing activities
Feedstock Sourcing	FS sourcing leveraging APPF and or tolling partners Basis of royalty to Agilyx
Takeback Programs: C&I Municipal Retail	Cyclyx and/or Member sponsored programs designed to flow more waste plastics away from landfill
Circularity Center Development	Offtake will fully guarantee facilities; Cyclyx will manage and control

Differentiated Conversion Technology…

Source: Company data.

Notes: (1) Represents high priority projects. (2) Includes other pathways.

…With Multiple Product Pathways for Recycled Mixed Plastic Waste…

Fuels

Several large-scale end markets

Source: Company data, Data Bridge Market Research, Precedence Research, Climateworks. Notes: (1) Total global market size.

…And Wide Range of Potential Applications for Styrene Monomers

Source: Company data, The Insight Partners.

Strong segment potential with diverse end-use alternatives representing a large market…

…Backed by a strategic partnership with Technip Energies

Leader in chemical recycling

• Purification technology owner
• Styrenics licensing leadership
• Styrene monomer experience
• Engineering excellence
• Project management
• EP (engineering procurement) and support services

Leader in styrene technology

Enables access to all styrene applications

Commercially-validated Solution

Regenyx – unique proof-of-concept facility and the first commercial-scale chemical recycling plant in the world

Toyo Styrene facility – first pure licensed polystyrene plant moving into construction

Source: Company data.

Asset-light Business Model with Front-skewed Cash Flow Stream

Illustrative cumulative cash flow profile

Source: Company data.

Index value, illustrative for 33kt p.a. plant

Company	Asset light	Technology	Feedstock variability	Operating facilities	Upstream integration
		Pyrolysis		PS: since 2018 MWP: since 2011	Via Cyclyx
Peer 1		Pyrolysis w/ catalysis		Since 2020	
Peer 2		Pyrolysis			
Peer 3		Selective depolymerisation		Since 2018	
Peer 4	 (1)	Pyrolysis		Since 2014	
Peer 5	Long-term intention	Physical purification			Coordination with waste producers, feedstock pre-processing
Peer 6		n.a			

Uniquely Differentiated in Peer Universe

Source: Companies' data.

Notes: (1) Recently announced licensing agreements with partners.

Entering Phase of Rapid Growth…

…With Strong and Diversified Project Pipeline

• •Polystyrene, 3.3kt p.a.
• •In construction

•Polystyrene, 33kt p.a.

•Mixed Waste Plastic, 66kt p.a.

•Polystyrene, •Polystyrene, 33kt p.a.

33kt p.a.

•Mixed Waste Plastic, 66kt p.a.

•Low Carbon Fuels

•Mixed Waste Plastic •Acrylics, 17kt p.a. for Energy Generation, 17-33kt p.a.

• •Polystyrene, 3.3kt p.a.
• •JV with AmSty
• •In operation

Project A Project B

•Polystyrene, 17-33kt p.a. •Mixed Waste Plastic,

Project C •Mixed Waste Plastic, 17-33kt p.a.

17-33kt p.a.

Source: Company data.

Selected projects in negotiation / feedstock evaluation Projects in development / construction

Prospecting (NDA)			Feedstock
68 Projects

Attractive Standalone Growth Opportunity for Cyclyx

Forecast demand from existing customers

kt p.a.

2031 demand represents only ~1% of the addressable market

Recycling commitments of selected members

Source: Companies' data.

1.0mt p.a. To be collected, reused or recycled by 2030

2.0mt p.a. Of recycled and renewable based polymers by 2030

0.3mt p.a. By 2025 1.0mt p.a. By 2030 Sales of recycling-based products:

0.5mt p.a. Of recycled material to be used by 2032

85% Of production volumes to be recycled by 2025

Mid-term Goals for 2025/26

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

Source: Company data.

Up-listing to the Main Oslo Børs Targeted by Mid September 2022

The key workstreams are already running…

1. Getting Agilyx AS 'up-listing ready'

• Conversion of Agilyx AS into an ASA; become 'up-listing ready' from a corporate and governance point of view including Board composition – the proposals included in AGM
• Existing liquidity sufficient for up-listing requirements

2. Audit and the prospectus

• Finalization of the audited IFRS Financials (targeted: end of June 2022)
• Preparation of the Prospectus to be filed with the Finanstilsynet (targeted: July 2022)

3. Listing process with Oslo Børs

• Undergoing legal and financial due diligence exercise (targeted: June / July 2022)
• Submitting Introductory Report and Listing Particulars (targeted: August / September 2022)
• First day of listing at Oslo main exchange (targeted: mid September 2022 dependent on NFSA approval)

Increased investment attractiveness post up-listing on the back of enhanced liquidity and better investor awareness

…Setting the scene for further investment case improvement

Asset-light business model: de-risking, diversification, revenue acceleration

Unique integrated recycling proposition with additional upside from standalone Cyclyx development

Addressing huge TAM with ESG-friendly solution

Source: Company data.