CLOSE THE LOOP LTD. — Interim / Quarterly Report 2022

Feb 28, 2022

1H22 Results Presentation

February 2022

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Disclaimer

This presentation has been prepared by Close the Loop Limited ACN 095 718 317 (“Close the Loop” or the “Company”) and does not constitute or form part of, and should not be construed as, an offer, solicitation or invitation to subscribe for, underwrite or otherwise acquire, any securities of Close the Loop or any member of its group nor should it or any part of it form the basis of, or be relied on in connection with, any contract to purchase or subscribe for any securities of Close the Loop or any member of its group, nor shall it or any part of it form the basis of or be relied on in connection with any contract or commitment whatsoever.

This presentation is not a prospectus, product disclosure statement or other disclosure document under Australian law (or any other law), and has not been lodged with the Australian Securities and Investments Commission (or any other regulatory body in Australia or abroad). This presentation contains summary information about Close the Loop and its activities, which is current as at the date of this presentation. The information included in this presentation is of a general nature and does not purport to be complete nor does it contain all the information which a prospective investor should consider when making an investment decision. Each recipient of this presentation should make its own enquiries and investigations regarding all information in this presentation including but not limited to the assumptions, uncertainties and contingencies which may affect future operations of Close the Loop and the impact that different future outcomes may have on Close the Loop. This presentation has been prepared without taking account of any person’s investment objectives, financial situation or particular needs. Before making an investment decision, prospective investors should consider the appropriateness of the information having regard to their own objectives, financial situation and needs, make their own assessment of the information and seek legal, financial, accounting and taxation advice appropriate to their jurisdiction in relation to the information and any action taken on the basis of the information.

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The information included in this presentation has been provided to you solely for your information and background and is subject to updating, completion, revision and amendment and such information may change materially. Unless required by applicable law or regulation, no person (including Close the Loop) is under any obligation to update or keep current the information contained in this presentation and any opinions expressed in relation thereto are subject to change without notice. No representation or warranty, express or implied, is made as to the fairness, currency, accuracy, reasonableness or completeness of the information contained herein. Neither Close the Loop nor any other person accepts any liability and Close the Loop, its related bodies corporate and their respective directors, officers and employees, to the maximum extent permitted by law, expressly disclaim all liabilities for any loss howsoever arising, directly or indirectly, from this presentation or its contents.

This presentation includes forward-looking statements that reflect Close the Loop’s intentions, beliefs or current expectations concerning, among other things, Close the Loop’s results of operations, financial condition, liquidity, performance, prospects, growth, strategies and the industry in which Close the Loop operates. These forward-looking statements are subject to risks, uncertainties and assumptions and other factors, many of which are beyond the control of Close the Loop. Close the Loop cautions you that forward-looking statements are not guarantees of future performance and that its actual results of operations, financial condition, liquidity, performance, prospects, growth or opportunities and the development of the industry in which Close the Loop operates may differ materially from those made in or suggested by the forward-looking statements contained in this presentation. In addition, Close the Loop does not guarantee any particular rate of return or the performance of Close the Loop nor does it guarantee the repayment or maintenance of capital or any particular tax treatment. Investors should note that past performance may not be indicative of results or developments in future periods and cannot be relied upon as an indicator of (and provides no guidance as to) Close the Loop’s future performance. Close the Loop, its related bodies corporate and each of their respective directors, officers and employees expressly disclaim any obligation or undertaking to review, update or release any update of or revisions to any forward-looking statements in this presentation or any change in Close the Loop’s expectations or any change in events, conditions or circumstances on which these forward-looking statements are based, except as required by applicable law or regulation.

This presentation and any materials distributed in connection with this presentation are not directed to, or intended for distribution to or use by, any person or entity that is a citizen or resident or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation or which would require any registration or licensing within such jurisdiction.

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INTRODUCTION & 1H22 RESULT HIGHLIGHTS

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Joe Foster - CEO

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About Us

As the only ASX-listed company offering end-to-end solutions, Close the Loop is focused on the future growth, sustainability and the circular economy.

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• We create innovative products and packaging that includes recyclable and made-from-recycled content, as well as collect, sort, reclaim and reuse resources that would otherwise go to landfill.

• Close the Loop consists of the merging of two secondary business groups - Close the Loop and O F Pack.

• The combining of these two entities allows for end-to-end solutions across packaging and consumables to a variety of markets, with advanced innovation in product development, sustainable packaging offerings as well as end of life take-back and recovery systems for complex commodities to greatly reduce waste to landfill.

• We create innovative products and packaging that includes recyclable and made-from-recycled content, as well as collect, sort, reclaim and reuse resources that would otherwise go to landfill.

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Our Divisions

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Take-Back
Plastics)
Australian-Made Flexographic
Print Packaging
Bulk Handling and Retail
Seafood Packaging
Acquisition of Crasti & Co.
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Medium- Large Volume Offshore Gravure Print Production Orders Complimentary Packaging Services (Technical and Artwork Support)

Print Consumables & Cosmetics Take-Back Post Consumer Recyclate (PCR) Products (Including Use of Soft Plastics)

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Commercial Paper and
Cardboard Materials
Recovery
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Bag
Closures &
Bread Clips
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Australian-Made Short Run
Digital Print Packaging
Unprinted Off-the-Shelf Bags
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Market Overview: Circular Economy

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• A circular economy is an economic system that tackles climate change, biodiversity loss, waste, and pollution.

• It seeks to correct the problems of the linear economy where consumers and businesses follow a “take, make, waste” process, meaning most products and resources become waste.

• It employs reuse, sharing, repair, refurbishment, remanufacturing and recycling to create a closed-loop system, minimising the use of resource inputs and the creation of waste, pollution and carbon emissions.

• This results in products, materials, equipment and infrastructure being in use for longer and improving their productivity.

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How We Fit Into the Circular Economy

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Create & Reuse
Divisions:
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Collection &
Recovery
Divisions:
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Macro and Regulatory Tailwinds

• Almost US$3 trillion (per year) of additional capital investment is required to meet increasing sustainability metrics[1]

• Continued high landfill rates for plastic and print consumables

• Low adherence to recycling²

• Single-use plastics: There continues to be widespread use of single-use plastic despite ban by many countries.[3]

• Customers are examining more effective and efficient recovery and take back/re-use of valuable product resources to increase their “social license to operate”

• The Australian Government has been proactive for several years:

   - 2018 promoted the National Waste Management Policy
  

• 2020 by legislating the Recycling and Waste Reduction Bill 2020 ⁴ - 2021 Plastics Export Waste Ban

• BIG IMAGE

   - 2022 Pure Recycled Stream
  

• EU’s Waste Electrical and Electronic Equipment (WEEE) Directive

• Chinese National Sword ban on importing mixed recycled plastic waste ⁵

  • 1https://www.iea.org/reports/world-energy-model/sustainable-development-scenario

  • 2 https://ec.europa.eu/eurostat/statistics-explained/index.php?title=Waste_statistics

  • 3https://www.unep.org/interactive/beat-plastic-pollution/

  • ₄https://www.legislation.gov.au/Details/C2020A00119

  • ⁵ http://documents.packagingcovenant.org.au/public-

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documents/Market%20Impact%20Assessment%20Report%20Chinese%20Import%20Restrictions%20For%20Packaging%20in%20A ustralia

Financials

$40.7M $7.4M REVENUE EBITDA +22.6% on pcp +51% on pcp $4.97M $14.4M NPBT CASH +67.7% on pcp +109% on 30 June

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• Key Comments:

• • On track to exceed prospectus forecasts

• • Strong year-on-year growth across the Group

• • Business generating strong free cash flows

• • Results based on aggregated accounts

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Highlights 1H22

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• Showing good performance against forecasts and would expect to achieve budget despite the challenges with supply chain logistics from Asia and Foreign currency pressures

• Orders inwards are positive over the course of the next three months, giving us confidence that we will meet the expected budget for FY22

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• Year-on-year is showing positive growth of 40% following strong demand from international markets for recycled cardboard with stable prices

• Sales are tracking well to date and performing strongly against forecast as new sales opportunities continue to grow

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• Sales are up on last year, showing excellent growth following the high demands for local production of flexible packaging for Horticulture, Petfood and Confectionery markets

• Sales are expected to achieve the forecast showing growth of 85% on revenue compared to last year

• We are seeing high demand for locally produced packaging containing high percentages of recycled content and more recyclable-ready packaging

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Highlights 1H22

• As a specialist in bulk and retail seafood packaging in Australia, this business was natural bolt on to the current O F Packaging business with opportunities for excellent growth through cross selling across the Packaging divisions

• With two months of trading since the purchase of Oceanic Agencies, we have seen strong sales compared to the previous period

• As this is the busy period for harvesting within the aquaculture industry, we expect to see strong sales over the next two months

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• Revenue is tracking above forecast and we expect to achieve the FY22 budget based on the strong forward sales and order book

• We are seeing strong demand for recyclable-ready packaging and recycled content which are products that are readily available through the O F Pack offering

• With FX movement and raw material increases putting margins under pressure, these adjustments are been passed on when possible

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Highlights 1H22

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- Australia

• Close the Loop’s Australian operations have been impacted by the COVID pandemic and the lockdowns in its major markets of Melbourne and Sydney during the half year

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• Close the Loop is a volume-based business and collection volumes continue to be subdued compared to before the start of the pandemic

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- USA

• The USA recycling businesses has bounced back strongly post-COVID with collection volumes approaching pre-pandemic levels

• This business unit continues to trade ahead of budget for FY22

• Close the Loop USA is expanding with a number of new collection programs outside its traditional imaging consumables business commencing during the reporting period

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- EU (ClozDloop)

• The European business has continued to have COVID-related challenges yet it is still tracking to its FY22 budget

• The business is in the process of expanding its service offering that will see it become more ingrained in the supply chain of its existing customers

• The expansion of service offering will be extended to other existing and new customers in the future

• The new service offering is expected to drive increased revenue opportunities in Q4 of FY22 and into FY23 where the true impact of the new services will be reflected in the financial results of this business unit

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1H22 Summary

• EBITDA of $7.4 million

• Revenues of $40.7 million

• ASX listing following strongly supported $12 million IPO: Close the Loop becomes the first company to list on the ASX that provides full circular-economy solutions – from design, manufacture, collection and reuse or recycling

• Acquisition of Oceanic Agencies strengthens Close the Loop’s bulk and commercial seafood packaging capability with good strong cross-selling opportunities

• Post the end of the half, expansion into bulk packaging market through acquisition of Crasti & Co., who are one of the leading bulk handling specialists in the Australian market with over 25 years market experience

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Financial Results Marc Lichtenstein - CFO

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Income Statement

Proforma	1H22*	1H21*	Change	FY22/Prospectus
Revenue	40.7	33.2	22.6%	73.9
Cost of sales	25.9	21.1	22.7%	45.1
Gross profit	14.8	12.1	22.3%	28.8
Operating expenditure	9.8	8.0	22.5%	16.9
Operating profit	5.0	4.1	22.0%	11.9
Other Income	2.4	0.8	200.0%	0.5
EBITDA	7.4	4.9	51.0%	12.4
Depreciation & Amortisation	1.6	1.7	(5.9%)	5.2
EBIT	5.8	3.2	81.3%	7.2
Oceanic Agencies*	0.1			0.7
Crasti & Co.**	-			0.5
Adjusted EBIT				8.4

• Based on aggregation financial report

• ** Oceanic Agencies incorporated from 1 Dec 2021 included above

*** Crasti & Co incorporated from 30 April 2022

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• Results based on aggregation for the reporting periods

• Strong year-on-year revenue growth

• Gross profit margin consistent at 36% for each period

• IPO costs of $1.1m in 1H22

• Core operating expenditure growing slower than revenue growth reflecting operating leverage

• • PPP Term Note forgiven in 1H22 of $1.4m

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“Private & Confidential” ($m) 1H22 30 June 2021 Change Assets Cash and cash equivalents 14.4 6.9 109% Trade and other receivables 15.3 13.0 18% Inventories 3.6 2.2 64% Other assets 1.2 0.4 200% Total Current Assets 34.5 22.5 53% Property, plant & equipment 8.0 8.5 (6%) Intangibles 24.9 1.2 1,975% Right of use assets 14.0 14.8 (5%) Other 1.6 2.6 (38%) Total Non-Current Assets 48.5 27.1 79% Liabilities Trade and other payables 7.8 11.1 (30%) Borrowings 3.5 4.5 (22%) Tax liabilities 0.4 0.9 (56%) Lease liabilities 2.3 2.2 (5%) Other 3.9 1.7 129% Total Current Liabilities 17.9 20.4 (12%) Non-current borrowings 3.7 5.2 (29%) Lease liabilities 13.5 14.0 (4%) Other 0.7 0.6 17% Total Non-Current Liabilities 17.9 19.8 (10%) Net Assets 47.2 9.4 402% • Strong working capital position • Intangibles generated by merger and acquisition accounting • Significant borrowing capacity for organic and inorganic growth options • 30 June 2021 based on aggregated financial report Balance Sheet	“Private & Confidential” ($m) 1H22 30 June 2021 Change Assets Cash and cash equivalents 14.4 6.9 109% Trade and other receivables 15.3 13.0 18% Inventories 3.6 2.2 64% Other assets 1.2 0.4 200% Total Current Assets 34.5 22.5 53% Property, plant & equipment 8.0 8.5 (6%) Intangibles 24.9 1.2 1,975% Right of use assets 14.0 14.8 (5%) Other 1.6 2.6 (38%) Total Non-Current Assets 48.5 27.1 79% Liabilities Trade and other payables 7.8 11.1 (30%) Borrowings 3.5 4.5 (22%) Tax liabilities 0.4 0.9 (56%) Lease liabilities 2.3 2.2 (5%) Other 3.9 1.7 129% Total Current Liabilities 17.9 20.4 (12%) Non-current borrowings 3.7 5.2 (29%) Lease liabilities 13.5 14.0 (4%) Other 0.7 0.6 17% Total Non-Current Liabilities 17.9 19.8 (10%) Net Assets 47.2 9.4 402% • Strong working capital position • Intangibles generated by merger and acquisition accounting • Significant borrowing capacity for organic and inorganic growth options • 30 June 2021 based on aggregated financial report Balance Sheet	“Private & Confidential” ($m) 1H22 30 June 2021 Change Assets Cash and cash equivalents 14.4 6.9 109% Trade and other receivables 15.3 13.0 18% Inventories 3.6 2.2 64% Other assets 1.2 0.4 200% Total Current Assets 34.5 22.5 53% Property, plant & equipment 8.0 8.5 (6%) Intangibles 24.9 1.2 1,975% Right of use assets 14.0 14.8 (5%) Other 1.6 2.6 (38%) Total Non-Current Assets 48.5 27.1 79% Liabilities Trade and other payables 7.8 11.1 (30%) Borrowings 3.5 4.5 (22%) Tax liabilities 0.4 0.9 (56%) Lease liabilities 2.3 2.2 (5%) Other 3.9 1.7 129% Total Current Liabilities 17.9 20.4 (12%) Non-current borrowings 3.7 5.2 (29%) Lease liabilities 13.5 14.0 (4%) Other 0.7 0.6 17% Total Non-Current Liabilities 17.9 19.8 (10%) Net Assets 47.2 9.4 402% • Strong working capital position • Intangibles generated by merger and acquisition accounting • Significant borrowing capacity for organic and inorganic growth options • 30 June 2021 based on aggregated financial report Balance Sheet	“Private & Confidential” ($m) 1H22 30 June 2021 Change Assets Cash and cash equivalents 14.4 6.9 109% Trade and other receivables 15.3 13.0 18% Inventories 3.6 2.2 64% Other assets 1.2 0.4 200% Total Current Assets 34.5 22.5 53% Property, plant & equipment 8.0 8.5 (6%) Intangibles 24.9 1.2 1,975% Right of use assets 14.0 14.8 (5%) Other 1.6 2.6 (38%) Total Non-Current Assets 48.5 27.1 79% Liabilities Trade and other payables 7.8 11.1 (30%) Borrowings 3.5 4.5 (22%) Tax liabilities 0.4 0.9 (56%) Lease liabilities 2.3 2.2 (5%) Other 3.9 1.7 129% Total Current Liabilities 17.9 20.4 (12%) Non-current borrowings 3.7 5.2 (29%) Lease liabilities 13.5 14.0 (4%) Other 0.7 0.6 17% Total Non-Current Liabilities 17.9 19.8 (10%) Net Assets 47.2 9.4 402% • Strong working capital position • Intangibles generated by merger and acquisition accounting • Significant borrowing capacity for organic and inorganic growth options • 30 June 2021 based on aggregated financial report Balance Sheet
($m)	1H22	30 June 2021	Change
Assets
Cash and cash equivalents	14.4	6.9	109%
Trade and other receivables	15.3	13.0	18%
Inventories	3.6	2.2	64%
Other assets	1.2	0.4	200%
Total Current Assets	34.5	22.5	53%
Property, plant & equipment	8.0	8.5	(6%)
Intangibles	24.9	1.2	1,975%
Right of use assets	14.0	14.8	(5%)
Other	1.6	2.6	(38%)
Total Non-Current Assets	48.5	27.1	79%
Liabilities
Trade and other payables	7.8	11.1	(30%)
Borrowings	3.5	4.5	(22%)
Tax liabilities	0.4	0.9	(56%)
Lease liabilities	2.3	2.2	(5%)
Other	3.9	1.7	129%
Total Current Liabilities	17.9	20.4	(12%)
Non-current borrowings	3.7	5.2	(29%)
Lease liabilities	13.5	14.0	(4%)
Other	0.7	0.6	17%
Total Non-Current Liabilities	17.9	19.8	(10%)
Net Assets	47.2	“Private & Con 9.4	fidential” 402%

Balance Sheet

Cashflow Statement

($m)	1H22	30 June 21	Change
Cash flows from operating activities
Receipts from customers	21.4	74.9
Payments to suppliers and employees	(20.8)	(62.5)
Interest paid	(0.4)	(1.6)
Income taxes paid	(1.4)	(1.3)
Other receipts	-	2.6
Net cash provided by/(used in) operating activities	(1.2)	12.1
Cash flows from investing activities
Payment for intangible asset		(0.1)
Purchase of property, plant and equipment	(0.6)	(0.9)
Purchase of subsidiary net of cash acquired	(0.5)	0.1
Purchase of financial assets		(0.3)
Net cash provided by/(used in) investing activities	(1.1)	(1.2)
Cash flows from financing activities
Proceeds from share issue net of issue costs	11.4	-
Proceeds from borrowings	1.0	-
Payment of lease liability	(0.3)	(2.2)
Repayment of borrowings	-	(3.3)
Dividends paid	(1.0)	(0.5)
Net cash provided by/(used in) financing activities	11.1	(6.0)
Net increase/(decrease) in cash and cash equivalents held	8.8	4.9
Cash and cash equivalents at beginning of year	5.6	2.0
Cash and cash equivalents at end of financial year	14.4	6.9	109%

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• 1H22 cashflow statement reflects acquisition accounting

• Generating strong cash flows from operations

• Ongoing Investment in new capital equipment expanding offerings in USA, EU and Australia

• Strategic synergistic acquisitions where appropriate

• 30 June 2021 based on aggregated financial report

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Strategy and Outlook Joe Foster CEO

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Growth Strategy

• Greater investment in plastic washing and separation capability in Australia and the US

• More automation in the US to drive higher operational efficiencies; estimated savings of US$500K p.a.

• International market expansion in Q3 FY22

• Further acquisition targets identified to grow within the niche packaging and recycling space

• Additional investment in resource recovery equipment for recycling with pyrolysis

• Further urban mining opportunities identified, and new projects being implemented

• Cross-selling opportunities identified for the packaging division

• Soft plastics programs being developed for key packaging divisions clients

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Current and Future Growth Opportunities

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Recycling Program Objectives Cross Division Integration

National Pet Store

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PARTNERSHIP

COLLECT

RECYCLE

CREATE

We partner with customers We leverage our national logistics and retailers create a infrastructure to collect the soft take-back program. plastic packaging from customer

We leverage our national logistics All packaging is recycled infrastructure to collect the soft and recovered with zero plastic packaging from customer waste to land fill. stores.

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From the recycled output streams we create circular

products:

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Outlook

• Close the Loop accelerates growth momentum with record 1H22 results

• Strong organic growth enhanced by the acquisition of Oceanic Agencies and Crasti & Co.

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• Integration of the business progressing well

• Expertise gained through the O F Packaging and Close the Loop division merger bodes well for future acquisitions

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Investment Summary

• ✓ Significant market opportunity : with the growing need for a circular economy solution

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• ✓ Leading industry player for urban mining in the rapidly growing circular economy

• ✓ Global business with significant growth options in the USA, EU and South Africa

• ✓ Deep and widely regarded management team

• ✓ Well capitalised to pursue growth options

• ✓ Committed to ongoing innovative customer solutions to drive future growth

• ✓ Track record of profitability and cash generation

• ✓ Well positioned within the sustainability packaging space

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Contact

investors@ctlgroup.com.a u ctlgroup.com.au

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Marc Lichtenstein Chief Financial Officer- Group E: marc@ctlgroup.com.au

Joe Foster Chief Executive Officer - Group E: joe@ctlgroup.com.au

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