Circa Group AS

Investor Presentation • Oct 14, 2021

ReSolute project update

Investor Presentation 14/10/21

• Well-funded and long financial runway
• Operational efficiencies (FC5) continue to improve yields
• Working with suppliers and optimising project scope
• Exploring grant and vendor financing opportunities
• Circa sees limited risk of further ReSolute-related equity financing

High level two year cash forecast based on updated case

Circa Group's available cash balance as per Q3 21 is approximately €48m

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• €4.2m being 45 % of the EU Flagship grant to the ReSolute consortium was received in 2020 and thus included in current cash balance. The remaining 55 % is phased in in Q3 22 and at year-end 2023 upon grant acquittal
• Other grants estimated between €2m and €5m, and €3m has been used in the two year cash forecast
• Cash spending on ReSolute plant is given as a range from €50- 55m based on the most recent estimates

Two year cash forecast

Cash	EURm	Cash spending Q321-Q423	EURm
Cash balance as per Q321	48	ReSolute plant CAPEX	50-55
EU Flagship grant (55 %)	5	ReSolute OPEX	3
Other grants	3	Corporate costs incl market dev etc	9
Sum cash available	56	FC5 operations (less R&D tax)	2
Other financing options	6-13	Sum cash spending	64-69

High level two year cash forecast based on updated case

• Circa Group's available cash balance as per Q3 21 is approximately €48m
• €4.2m being 45 % of the EU Flagship grant to the ReSolute consortium was received in 2020 and thus included in current cash balance. The remaining 55 % is phased in in Q3 22 and at year-end 2023 upon grant acquittal
• Other grants estimated between €2m and €5m, and €3m has been used in the two year cash forecast
• Cash spending on ReSolute plant is given as a range from €50- 55m based on the most recent estimates
• Circa is working with various options further grant support, volume efficiencies and vendor financing opportunities

Based on preliminary phasing of ReSolute cash spending. Final phasing may impact the timing of cash flows

Market commentary

• Market interest and support remains high
• Market growth strong, prices holding
• Merck, Will & Co and 1 other European distributor negotiations continue positively
• Levoglucosenone derivative development project is in the second phase led by Dr Marc Hein – assessing specific opportunities in pharma, ag and paints and coatings
• Levoglucosenone derivative trials successful in new MSD anti cancer drug (MK1026) now in phase II trials
• Activities to replace DMF with Cyrene in production of PU commencing with major US clothing / sportswear company

Competitor Price Growth continues

*Sources: Grandview Research (2020): NMP /DMF Market Analysis (2018-2025); Cognitive Market Research – NMP Market Report (2021); 360 Research – NMP / DMF (2021); BCC Research – Global Study on NMP (2020)

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NMP

• Current pricing, as June 2021 is approximately USD\$6840 per ton on average across all geographies (US\$7060 per ton in China) - Average market pricing /ton in 2017 was US\$3100
• Market size in 2020 was US\$860M and is expected to reach US\$1536M by 2028 at a CAGR of 7%
• Demand for NMP is on a strong upward trajectory, with BASF increasing prices in Europe by 630E/ton in January 2021
• Anticipated supply constraint (2022-2024) out of China will impact pricing.

DMF

• June 2021 market price at US\$2380 per ton (North American and European markets vs \$2250 per ton in China), compared to March 2021 price of US\$1765 per ton, and December 2020 of US\$1570 per ton
• Strong bounce back has delivered healthy m-o-m growth since the start of 2021, with pricing currently exceeding pre pandemic levels
• Pricing growth from October 2021 over forward 5 years is expected to track at approximately 7-8% CAGR
• Main driver of the growth is applications predominantly in the paint and coatings segments
• Market of US\$660M in 2020 expected to reach US\$1200M by 2028

Next steps

• Validation and commitment to reactor supplier November '21
• Validation of current cost down activities ongoing
• Appointment of Global Head of Manufacturing end October '21
• Finalise market offtake commitments ongoing
• Detailed update in Q3 presentation November '21

Tony.Duncan@circa-group.com Tone.Leivestad@circa-group.com