Agilyx — Investor Presentation 2023

Nov 28, 2023

Plastic recycling technology for a sustainable future

Third Quarter Trading Update

28 November 2023

Repositioned our business for profitable growth

• Refocused the conversion business on waste-to-product applications where we are unique
• Changed the Cyclyx business model to enable the industry groundbreaking platform for industrial scale recycling of plastics
• •Secured investment for Cyclyx to enable it to accelerate growth
• •Gross profit contribution has improved, despite revenue being down on prior year
• •Materially reduced overhead costs
• Invested in FEL3 design with Ineos
• Raised \$20m of capital
• Repaid debt in a high interest rate environment

Steady performance, with improvement in Cyclyx volumes in Q3

• Unaudited revenue of \$10.9m down from \$12.7m last year
  • Agilyx revenue driven by Toyo Styrene
  • Cyclyx revenue is lower than PY due to customer facility maintenance in 1H, but volumes ahead of PY in Q3
• Continued improvement in gross profit contribution
• Operating costs forecasted to reduce following cost saving initiatives
  • Net cash of \$8.2m at 30 September (vs \$17.8m PY)
  • Substantially increased following \$20m capital raise in October
  • Opex currently running at c.\$0.6m per month
• Cyclyx will be deconsolidated from November 2023
  • Pro forma P&L is provided as an appendix to the statement

Agilyx focusing on core strengths and acceleration of project pipeline

Core strengths and focus

Technology developed and demonstrated over 19 years and 8 generations; core is an electrified pyrolysis reactor that can be used with different types of waste plastic per customer need

Differentiated in "waste-to-product" space; conversion of plastic waste to a tradable product - no need for intermediate steps. Technology partners Technip (TruStyrenyx); BioBTX; Mitsubishi

Asset-light business model provides flexibility to address multiple opportunities with limited capital deployment. Extensive pipeline of opportunities

Continue to leverage competitive advantage within waste-to-product conversion pathways and asset-light business model

Key projects and further potential in pipeline

Project	Project Status
	▪ Project construction on track for start up in early 2024
	▪ TruStyrenyx development with Technip ▪ Final stage of engineering to be completed Q12024
	▪ TruStyrenyx development with Technip ▪ License discussions ongoing
	▪ PMMA (plexiglass) circularity ▪ Ongoing evaluation; decision expected towards year end
	▪ BTX (aromatic chemicals) ~40% of total petchem market ▪ Fast track engineering underway ahead of licensing and construction

First customer plant nearing completion

• •Toyo Styrene plant in Japan is nearing completion
  • Construction making good progress
  • Expect commissioning in 1Q24
  • 3.0kta once fully operational
• •Toyo team have been to Tigard for training
  • Our commissioning team due to arrive in Japan in early December
• •Toyo are sourcing their own post-industrial waste feedstock from existing customers to create circular styrene
• •Styrene produced will be fed into their styrene facility on site, to create polystyrene

CCC1 is a first of its kind, fully funded industrial scale system unlocking the business opportunity, while still generating attractive earnings to Agilyx

Strong contribution from CCC#1 when operational 2025

Future Cyclyx Circularity Centers with stronger underlying economics Cyclyx Centers

Agreement with EM and LYB provides opportunity for additional capacity to meet their feedstock requirements

• Offtake commitments from EM and LYB
• Agilyx has option to participate in future CCCs with EM and LYB at its discretion

Example of future cash generation roll up attributable to Agilyx1
USDm	Yr 1	Yr 2	Yr 3	Yr 4	Yr 5
CCC#1	3.5	3.5	3.5	3.5	3.5
CCC#2		11.5	11.5	11.5	11.5
CCC#3			11.5	11.5	11.5
CCC#4				11.5	11.5
CCC#5					11.5
Royalty to Agilyx	2.5	5	7.5	10	12.5
Total	6	20	34	48	62

• CCC#1: Agilyx is not investing in the asset, just shared services
• CCC#2 onwards: Investible return of ~15%
• Each 178kta CCC to generate royalties to Agilyx of USD ~2.5m pa

Significant growth opportunity with other customers

o New structure enables rapid scale up

• Cyclyx can build or license CCCs for other customers
• Agilyx can choose to participate
• o Agilyx does not take the operational risk in CCCs with EM and LYB and therefore returns are lower
  • Significant opportunity to sell output at market returns
  • Potential cash generation attributable to Agilyx USD ~30m p.a.²
• o Funding for subsequent CCCs likely to be through project or debt finance
• o All CCCs (licensed or BOO) will generate a volume-based royalty to Agilyx
• o Agilyx entitled to 50% of Cyclyx earnings
  • Cyclyx will no longer be consolidated: will be accounted for using the equity method with projected \$200m carrying value

Note 1: This table reflects the Company's current projections of estimated annual cash generation based on CCC capacities of 178kta. Actual results may differ due to various factors outside the Company's control and the Company assume no obligation to update these estimates.

Note 2: Based on Agilyx 50% owning of each 178kta plant with all feedstock being sold at market rate

Transaction de-risks Cyclyx and lowers opex burden for Agilyx

• \$135m investment into Cyclyx provides the working capital until CCC1 is operational
  • Fully funds CCC1 capex
  • Includes investment in sourcing capability and earlystage engineering for CCC2
• Funds raised by Agilyx enable investment into shared services such as IT infrastructure to support Cyclyx
• \$6.4m operating expenses in FY22 attributable to Cyclyx will no longer be fully consolidated
• Agilyx operating costs have reduced following cost reduction measures taken in September and are currently running at c.\$0.6m per month

Cyclyx building out the organisation

• CCC1 FID before the end of the year
  • New JV parnters focused on achieving FID and releasing final funding
  • Site in Houston has been secured
  • Construction expected to commence on FID
• New Hampshire lab now fully operational
  • Conducts chemical characterization tests, including from collected plastic waste samples
• Expanded the engineering and sourcing teams and now focused on increasing operations capability

We have made significant changes to the business this year

• Refocused the conversion business on waste-to-product applications where we are unique
• Secured investment for Cyclyx to enable it to accelerate growth
• Materially reduced overhead costs
• Invested in FEL3 design with Ineos
• Raised \$20m of capital
• Repaid debt in a high interest rate environment

As a result, we enter 2024 with a sound balance sheet and ambitions for growth

Plastic recycling technology for a sustainable future

Q&A

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The Integrated Solution for Plastic Waste