Plastic recycling technology for a sustainable future

Cyclyx Investment

26 October 2023

Agilyx is at a strategic inflection point and will accelerate scaling of Cyclyx

Market backdrop: Plastic recycling

Feedstock is the limiting factor – availability, classification and management of feedstock is the key for industrial scaling of chemical recycling

Chemically recycled polymer demand is estimated to be 20-40 million tons by 2030¹ , equivalent to >110 Cyclyx Circularity Centers at 178kta capacity

Implications for Agilyx's business model and development

Agilyx has been incubating Cyclyx for over 5 years to prepare to meet this opportunity; Cyclyx is now ready for scale
The transaction with LyondellBasell ("LYB") and ExxonMobil ("EM") has aligned Cyclyx with two strong JV partners to fully cover costs and risks of first major Cyclyx plant
FID for the first Cyclyx Circularity Center (CCC#1) expected in the near term
Cyclyx's business model will become Build-Own-Operate ("BOO") as well as licensing to meet significant near term scaling opportunity
Agilyx is moving strategically to deploy capital and management resources towards rapid scaling of Cyclyx
Continue to focus Agilyx on specific waste-to-product pathways where Agilyx's business model is unique, value accretive and where competition is limited
Agilyx conversion business continues with its asset light approach with focus on delivering existing pipeline of high priority projects
Investment from EM & LYB combined with recent capital raise will fund Agilyx and Cyclyx through 2024

Cyclyx positioned to solve industry-wide feedstock challenges 1a

Core strengths and focus Designed to handle all plastic; can serve the entire plastic recycling market with custom feedstock for all recycling technologies Enables Cyclyx to develop an investible, scalable business model Fully committed JV partners Moving forward with full scale feedstock investments Ambition for initial deployment of 5 key CCCs in large US metropolitan areas over the next few years ✓ ✓ ✓ Unique offering and substantial lead in the market set to capitalize on burgeoning/fast-growing demand for (plastic) waste feedstock 100% of polymers ~20-105mt p.a. Can be processed by Cyclyx ~110-590 plants Total addressable market by 2030 At 178kt p.a. capacity Opportunity for Cyclyx by 2030 Major companies taking actions to recycle plastic with feedstock being the limiting factor Cyclyx to address demand by making first-of-its-kind, advanced plastic feedstock processing facility, with CCC#1 Cyclyx positioned for growth

Recent capital raise supports transition and development of Cyclyx 1b

Increased demand for viable feedstock solutions - Cyclyx repositioning and moving towards full-scale investments to become a BOO-player

Cyclyx Circularity Center #1 is a first of its kind, fully funded industrial scale system unlocking the business opportunity, while still generating attractive earnings to Agilyx 1c

Cyclyx Circularity Center #1

Cyclyx gains first operating plant, de-risked and also profitable

Industrial scale and fully vetted after close engineering cooperation with LB and EM through 12 months of detailed planning and costing

All CAPEX risk borne by LYB and EM Operating risk mitigated by offtake agreements with EM and LYB for the life of the facility

CCC#1 will pay an annual USD 7m management fee to Cyclyx, and Agilyx´s ownership in Cyclyx entitles it to 50% of Cyclyx earnings

CCC#1 also pay USD ~2.5m p.a. in royalties direct to Agilyx for use of the background intellectual property

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

Agilyx focusing on core strengths and acceleration of project pipeline 2

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

Management adjustments to align with strategic inflection

Agilyx ASA will focus more specifically on building the organizations of its two business units (Agilyx Corp and Cyclyx LLC) and is arranging resources to meet the growth needs of Cyclyx.

New CEO

Jan Secher will become working Chairman of Agilyx ASA, effective immediately, to maintain alignment between Cyclyx and Agilyx, while also expanding his role to also work with strategic stakeholders and the investment community

-

chemical business that was sold to Petronas in May 2022 • Significant public company experience, having served as the CEO of Clariant (SWX: CLN)

• Former CEO of Perstorp AB, a USD 1.3bn specialty

• Current board member of Elekta AB (Nasdaq Stockholm: EKTA B)

• Currently a Board Director of the European Chemical Industry Council

Tim Stedman resigning as CEO of Agilyx ASA for personal reasons. A search is already underway for a new CEO and Tim will remain in the role until end of December

Senior executive team remains unchanged

Joe Vaillancourt continues as CEO of Cyclyx, which he cofounden (been with Agilyx group for 7 years). Former senior executive managing corporate investments for Waste Management Inc

Carsten Larsen continues as Chief Commercial Officer of Agilyx, managing the conversion business (with Agilyx 2 years). Formerly Commercial Director Plastic Circularity EMEA/APAC for DOW

Russ Main continues as CFO for the group (3 years with Agilyx). 25 years experience as Finance executive including Tyco

Agilyx key investment highlights

Competitive advantage in feedstock sourcing and unique conversion pathways

Waste-to-product model to take leading position in selected chemical recycling spaces

Strong market fundamentals and management team to solve global challenge of plastic waste

Secured strategic investment and offtake commitments from blue-chip clients to further boost sorting capabilities

Significant value creation for CCC#1 and enabler of future CCCs

Agenda

1 Transaction highlights
2 Company overview
3 Appendix

Agilyx at a glance

Company overview Key highlights

Developing advanced recycling systems that unlock the circularity of plastics on a global scale

Founded 2004, >19 years experience
20 active patents granted across North America, Europe, the Middle East, and Asia
Worldwide presence with offices across the US and several locations in Europe
Operations in North America (Portland and Houston) with first commercial plant in construction in Japan

JV with JV with

We contribute to solving one of the greatest environmental challenges

Demand continues to grow

Global polymer demand 2020-2040¹ Million metric tons/year

Global polymer demand expected to double by 2040 Large investments in chemical recycling needed to meet demand

Global polymer demand expected to double by 2040 and large investments needed

Note 1: McKinsey; Note 2: Plastic Pollution - Our World in Data

Table may not sum up to 100% because of rounding.

Agilyx and Cyclyx continue to strengthen differentiation

Agilyx offers differentiated conversion technology

Cyclyx Brings a unique and differentiated approach to plastics recycling

There is an attractive growth opportunity for Cyclyx

• 6,000 kt pa would represent 100 CCCs at 60 ktpa capacity, or

33 CCCs at 178ktpa capacity

Forecast demand from existing customers… …Endorsed by announced recycling commitments of consortium members

Offering an integrated recycling solution across the value chain

Cyclyx is creating a new innovative supply chain for waste plastic

Cyclyx is building new advanced plastic feedstock processing assets (CCCs) that will establish a national footprint, enable the diversion and aggregation of all types of plastics not currently recycled and will produce custom feedstock for mechanical and chemical recycling

Source and categorize plastic waste according to its chemical components
Build new supply chains and use AI to optimize logistics
Make available right volume and quality to each conversion technology
Leverages chemical conversion database to custom blend waste plastic into feedstock tailored to customers' individual conversion processes
Creates opportunity for step-change in creation of, and access to, data

Profitable economics for future CCCs¹

USD ~14 million

Annual cash run rate value to Agilyx (incl. royalties)

Agilyx receives royalty and is entitled to a 50% share of Cyclyx profits from CCC's

What is a CCC? Illustrative Cyclyx enabled sorting plant

Strong underlying market demand for future CCCs – new structure enables Cyclyx to scale rapidly

CCCs are unique in design, focus, scale and products

Designed to handle all plastics

All plastics accepted: type 1-7 and non-classified plastics

Films, foams and rigids

Applicable across the whole mixed waste plastic market

Focused on chemical recycling feedstocks

Capable of meeting chemical and physical specifications

Leverages chemical database to build custom recipes

Mechanical recyclate separated

Options for residual streams of plastics

Significant scale to bridge waste and chemical interests

Some of the world's largest plastics processing assets

40kta to 100kta of outbound chemical feedstocks

Increased volumes of mechanical feedstocks

ISCC+ Certified Products

Ability to certify ISCC+ compliance from source through to prepared feedstock delivery

Products meet the chemical and physical specifications of downstream processes

IP through chemical database and recipe making Leveraging existing sorting technology in a novel way

Agenda

1 Transaction summary
2 Company overview

3 Appendix

CCC modelling

• 178kta volume

EM & LYB contributing all capex (USD 120m)
Offtake agreement with EM & LYB for feed at cost with a management fee

Offtake agreement with EM & LYB for feed at cost

• Plant life ~15 years

Plant life c.15 years

• Circa USD 7m cash generated p.a. by the CCC

c.\$7m cash generated p.a. by the CCC

contributing all capex (\$120m)

with a management fee

CCC#1 Subsequent CCCs with EM & LYB

Agilyx to contribute its share (50%) of capex
Plant life c.15 years
c.\$23m cash generated p.a. by each CCC (at 178kta)

Offtake agreement with EM & LYB for feed at cost

• CCC to generate c.15% IRR over life

contributing all capex (\$120m)

c.\$7m cash generated p.a. by the CCC

• May be equity or debt financed

with a management fee

Plant life c.15 years

Income statement

USD	2020	2021	2022	HY20231
Revenues	4,336,151	4,889,227	16,457,319	8,144,584
Cost of revenues	(2,441,487)	(4,825,819)	(15,884,357)	(7,517,526)
Gross margin	1,894,665	63,408	572,962	627,058
Research costs	(1,505,752)	(2,252,214)	(3,528,553)	(1,732,421)
Sales and marketing	(412,285)	(1,097,922)	(1,831,796)	(1,353,479)
General and administrative cost	(6,922,973)	(13,172,488)	(17,095,874)	(8,413,695)
Total operating expenses	(8,841,010)	(16,522,624)	(22,456,223)	(11,499,595)
Operating loss	(6,946,346)	(16,459,216)	(21,883,261)	(10,872,537)
Financial income and financial expenses
Impairment of investment in associate	(505,781)	(948,272)	(2,539,270)	(1,095,819)
Fair value gain on financial instruments	(13,517,913)	1,331,559	1,267,458	1,273,425
Interest expense	(346,811)	(199,635)	(104,277)	(29,563)
Other financial income	112,738	799,999	48,749	20,095
Other financiel expense	(30,519)	(92,158)	(174,053)	(330,301)
Net financial items	(14,288,286)	891,493	(1,501,393)	(162,163)
Profit (loss) before tax	(21,234,632)	(15,567,723)	(23,384,654)	(11,034,700)
Income tax expense	-	-	-	-
Profit (loss) after tax	(21,234,632)	(15,567,723)	(23,384,654)	(11,034,700)
Other comprehensive profit (loss) for the period	-	-	(101,111)	(16,671)
Total comprehensive profit (loss) for the period	(21,234,632)	(15,567,723)	(23,485,765)	(11,051,371)

	2020	2021	2022
Loss for the period attributable to:
Equity holders of the parent	(21,234,632)	(14,609,256)	(22,008,657)
Non-controlling interest	-	(958,467)	(1,375,997)
	(21,234,632)	(15,567,723)	(23,384,654)
Total comprehensive profit (loss) for the period attributable to:
Equity holders of the parent	(21,234,632)	(14,609,256)	(22,109,768)
Non-controlling interest	-	(958,467)	(1,375,997)
	(21,234,632)	(15,567,723)	(23,485,765)
Earnings per share, basic	(0.35)	(0.19)	(0.28)
Earnings per share, diluted	(0.35)	(0.19)	(0.28)

Balance sheet

Non-current assets	2020	2021	2022
Intangible assets	4,577,180	4,398,430	4,002,430
Property, plant and equipment	270,992	835,117	1,619,988
Investment in joint venture	930,340	-	-
Right of use asset	-	974,460	708,848
Shares in subsidiaries	-	-	-
Other non-current assets	27,700	35,802	89,624
Total non-current assets	5,877,067	6,243,809	6,420,890
Current assets
Accounts receivable	9,064	1,669,890	2,443,453
Inventory	-	157,770	1,687,126
Prepaid expenses and other current assets	165,165	368,125	367,873
Cash and cash equivalents	38,898,928	19,570,154	13,671,319
Total current assets	39,073,157	21,765,939	18,169,771
TOTAL ASSETS	44,950,224	28,009,748	24,590,661

Equity	2020	2021	2022
Share capital	83,365	86,222	143,040
Share premium	39,771,028	40,493,564	53,854,378
Additional paid-in capital	2,937,059	7,042,680	8,591,495
Total paid-in equity	42,791,452	47,622,466	62,588,913
Uncovered loss	(19,506,921)	(34,116,177)	(56,124,834)
Foreign currency translation	-	-	(101,111)
Non-controlling interest	2,000,000	1,041,533	696,640
Total equity	25,284,531	14,547,822	7,059,608
Non-current liabilitites
Long-term notes payable	875,000	-	-
Long-term lease liability	701,885	745,439	465,435
Warrant liability	11,267,832	7,570,647	6,303,189
Other long-term liabilities	536,840	-	-
Total non-current Liabilities	13,381,557	8,316,086	6,768,624
Current liabilites
Accounts payable	627,429	1,447,148	2,640,756
Accrued expenses and other current liabilities	494,069	801,415	1,909,543
Provision	1,030,000	-	-
Payables to group companies	-	-	-
Deferred revenue	1,896,848	-	-
Contract liability	-	1,376,452	5,945,535
Current portion lease liability	240,348	248,972	266,595
Current portion of notes payable	1,995,443	1,271,853	-
Total current liabilities	6,284,136	5,145,840	10,762,429
Total Liabilities	19,665,693	13,461,926	17,531,053
TOTAL LIABILITIES AND STOCKHOLDERS EQUITY	44,950,224	28,009,748	24,590,661

Cash flow statement

USD	2020	2021	2022
Profit (loss) for the period	(21,234,286)	(15,567,723)	(23,384,654)
Depreciation and amortization	210,014	254,850	545,243
Amortization on ROU assets	209,110	251,018	265,612
Loss on lease modification/termination	-	(480)	-
Result from investment in Regenyx	506,151	948,272	2,539,270
Stock based compensation	478,274	1,739,995	1,548,815
Government PPP loan forgiveness	-	(769,400)	-
Fair value gain on financial instruments	13,517,913	(1,331,559)	(1,267,458)
Interest expense	73,657	69,342	35,666
Changes In:
Accounts receivable	240,936	(1,660,826)	(773,563)
Inventory	-	(157,770)	(1,529,356)
Accounts payable and accrued liabilities	161,224	1,111,022	2,301,736
Contract liability	-	(520,396)	4,569,083
Prepaid expenses and other assets	(84,076)	(360,730)	252
Other timing differences	(825,413)	321,580	(108,361)
Net cash from operations	(6,746,842)	(15,672,805)	(15,257,715)

USD	2020	2021	2022
Cash contribution from parent to subsidiaries	-	-	-
Regenyx investment funding	(3,253,790)	(1,978,272)	(2,539,270)
Purchases of property and equipment	(178,031)	(640,225)	(934,114)
Net cash from investments	(3,431,821)	(2,618,497)	(3,473,384)
Proceeds from government programs	779,400	-	-
Proceeds from capital increases	39,802,448	725,393	14,418,939
Costs related to capital increases	-	-	(1,001,063)
Proceeds from Cyclyx member contributions	8,000,000	-	1,000,000
Share capital paid back at formation	(3,704)	-	-
Principal paid on lease liabilities	(197,217)	(242,480)	(262,381)
Interest paid on lease liabilities	(73,657)	(69,342)	(69,441)
Interest paid on notes payable	-	-	(414,104)
Principal paid on notes payable	(1,573,716)	(1,451,043)	(839,686)
Net cash from financing	46,733,554	(1,037,472)	12,832,264
Net increase (decrease) in cash and cash equivalents	36,554,891	(19,328,774)	(5,898,835)
Cash and cash equivalents at beginning of the period	2,344,037	38,898,928	19,570,154
Cash and cash equivalents at end of the period	38,898,928	19,570,154	13,671,319