Pryme N.V. — Investor Presentation 2021

May 25, 2021

Q1 2021 presentation

Funding secured

Focus on construction of first plant Preparing for ambitious rollout strategy

This presentation (the "Presentation") has been produced by Pryme B.V. (the "Company" or "Pryme"). This Presentation and any information contained herein or provided at this Presentation are being made available for informational purposes only, and may not be distributed to any other person, reproduced, published or used in whole or in part for any other purpose. If does not constitute, and should not be construed as, any offer or invitation or recommendation to buy or sell any of the securities mentioned or described herein.

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• Q1 2021 key developments
• Plant update
• Market opportunity
• Positioning & economics
• Outlook 2021 & beyond
• Financials
• Team
• Q & A

Q1 2021: Key developments

1

Successful IPO: raised NOK 287 million through private placement & listing on Oslo Euronext Growth Exchange

Go ahead given for construction of first industrialscale plant with an annual intake of 60,000 tonnes

Increase of existing asset-backed loan: from EUR 3.7 million to EUR 8.2 million

Negotiations with several potential value chain partners

5

Executive team strengthened with two experienced members

• Q1 2021 key developments
• Plant update
• Market opportunity
• Positioning & economics
• Outlook 2021 & beyond
• Financials
• Team
• Q & A

Plant update

Plant construction on track

Go ahead

Go ahead given after funds were secured in February February 2021

Plant update

• Initial intake volume: 40,000 tonnes p/a

• scale up in 2023: 60,000 tonnes p/a

• Initial oil production: 30,000 tonnes p/a

• scale up in 2023: 45,000 tonnes p/a

• located in port of Rotterdam
• CAPEX EUR 25 million

7

• Q1 2021 key developments
• Plant update
• Market opportunity
• Positioning & economics
• Outlook 2021 & beyond
• Financials
• Team
• Q & A

Majority of plastic waste goes to landfill or incineration

Market opportunity

• Currently less than 20% collected for recycling
• Enormous potential to utilize waste streams that currently go to landfill and incineration
• McKinsey estimates that ~50% could be collected for recycling by 2030

Source: McKinsey: How plastics-waste recycling could transform the chemical industry (December 2018) 9

Chemical recycling: growth potential

Growth in global profit pool from 2016 to 2030 (billion USD)

Market Opportunity

• A significant increase of pyrolysis based recycling is needed to fill a large part of the gap on the plastics disposal-reuse
• alternative to recycle plastic waste for which no feasible mechanical recycling option exists

Supportive EU regulation

Market opportunity

2018

EU Plastics Strategy: 50% of all plastic packaging to be recycled by 2025

EU Green Deal: Boost efficient use of resources by moving to a clean, circular economy

2019

EU Plastic Tax of EUR 800 per tonne on non-recycled plastic packaging waste

2020

2021

Stringent regulation on EU exports of plastic waste

Chemical recycling: sustainability case

Climate change impact per plastic recycling technology: Kilograms CO2 eq. / kilograms polyolefins

92,000 tonnes of CO2 emissions avoided

Market opportunity

• Reduction of need for virgin oil and gas
• Increase in resource efficiency by diverting waste otherwise destined for incineration or landfill
• Possibility to upcycle mixed plastic waste to food-grade packaging
• Complementing mechanical recycling

At least 10 million tonnes of usable European feedstock for Pryme

Market Opportunity

Source: Plastics – The Facts 2019; Company research

The major players are mobilizing

Market opportunity

See large potential in more sustainable supply and expect chemical recycling to play a key role, investing significantly, increasing shareholder pressure

Acting on shifting consumer preferences as well as regulatory requirements

Forced by regulation and taxonomy to recycle larger volumes, which requires chemical recycling

"

We're committed to making 100% of our packaging recyclable or reusable by 2025

"

Shell's ambition is to use one million tonnes of plastics waste a year in its global chemicals plants by 2025

"

…proud to be the first to implement a project for chemical recycling of challenging plastic waste into feedstock for steam crackers

• Q1 2021 key developments
• Plant update
• Market opportunity
• Positioning & economics
• Outlook 2021 & beyond
• Financials
• Team
• Q & A

Pryme positioning: pure play pyrolysis

Positioning & economics

• Focus on production of crude pyrolysis oil from broad plastic waste spectrum
• Removal of some contaminants
• Further chemical processing by petrochemical industry
• Pyrolysis oil will achieve the highest circular value as feedstock for naphtha crackers

New approach to existing and proven technology

Positioning & economics

Process yields

Positioning & economics

ü 5 tonnes per hour

• ü High capacity reactor and strong scalability
• ü Low carbonization
• ü Proprietary process IP
• ü 100% plastic conversion
• ü Efficient heating technology

Mass balance

Efficient process & cost leadership

Positioning & economics

2

YIELD

100% plastic conversion – 98% plastic to usable hydrocarbons

75% oil yield from waste (on the basis of 85% plastic content of the waste intake)

ENERGY

Processes driven by electrical power, with aim to procure 100% from renewable sources

PRODUCT

The produced the pyrolysis oil will achieve the highest circular value as feedstock for naphtha crackers - some key contaminants removed by Pryme

CAPEX

Capex EUR 700 per tonne oil output p/a, which is considerably lower than competition

Typical plant – basic calculation

Positioning & economics

• Intake: 150,000 tonnes p/a
• Output: 112,500 tonnes p/a
• Capex: EUR 80 million

• Payback period: 3 years

• Q1 2021 key developments

• Plant update
• Market opportunity
• Positioning & economics
• Outlook 2021 & beyond
• Financials
• Team
• Q & A

Rollout & strategic partners

Outlook 2021 & beyond

• Pryme will decide on five European locations and start permitting process in Q4 2021
• Based on a joint learning curve that will come with the production and logistics of the first plant, strategic partners will have a prime position in the rollout

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Outlook 2021 & beyond Growth and timelines

Oil equivalent production phase 1 & 2 (first megaplant)

Estimated projected development in oil output (x 1,000 tonnes p/a)

Outlook 2021 & beyond

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• Q1 2021 key developments
• Plant update
• Market opportunity
• Positioning & economics
• Outlook 2021 & beyond
• Financials
• Team
• Q & A

Balance Sheet

Financials

					31/03/21		31/12/20
Assets
	Fixed Assets
		Intangible fixed assets
			Development costs	€	2.290.674	€	2.290.674
		Tangible fixed assets	Machinery	€	11.646.775	€	8.729.086
			Other fixed assets	€	5.836	€	2.500
		Financial fixed assets		€	37.303	€	37.303
	Total fixed assets			€	13.980.588	€	11.059.563
	Current assets
		Receivables		€	1.091.528	€	1.105.942
	Cash & cash equivalents			€	19.683.092	€	154
Total Assets				€	34.755.209	€	12.165.659
Equity & Liabilities
	Equity			€	28.902.635	€	6.469.699
	Long Term liabilities
	Current liabilities	Accruals and deferred income		€	4.991.511 €		4.991.511
		Trade payables		€	733.759	€	585.297
		Other liabilities		€	127.304	€	119.152
				€	34.755.209	€	12.165.659
The data included in this report	are unaudited.

Profit & loss

Financials

			31/03/21		31/12/20
Operating revenue		€	-	€	-
Cost of Sales		€	-	€	-
Gross Margin		€	-	€	-
Operating expenses
	Wages & Salaries	€	3.000	€	11.778
	Oher expenses employee benefits	€	157.302	€	212.500
	Housing expenses	€	42.557	€	89.311
	Audit & Accounting	€	23.109	€	117.344
	Legal advisory	€	25.744	€	81.922
	Insurances	€	-	€	62.295
	Other operating expenses	€	12.333	€	12.562
Total opering expenses		€	264.045	€	587.712
Depreciation		€	67	€	-
Operating result		€	-264.112	€	-587.712
Financial income / (expense)		€	-11.792	€	1.846
EBIT		€	-275.904	€	-585.866

The data included in this report are unaudited.

Cashflow

Financials

Forecast to end of commissioning (estimated to be 30.09.2022)
		Cash available		Expenses remaining
Cash balance at 31/3/2021	€	19.683.092
Proceeds from asset backed financing	€.	8.200.000
Grants	€	1.035.878
Remaining Capex			€	18.575.356
Estimated OPEX			€	5.701.298
	€	28.918.970	€	24.276.654
Balance at 30.09.2022	€	4.642.316
The data included in this report are unaudited.

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• Q1 2021 key developments
• Plant update
• Market opportunity
• Positioning & economics
• Outlook 2021 & beyond
• Financials
• Team
• Q & A

EXECUTIVE TEAM

Strengthening the team

J.D. van der Endt

FOUNDER & CEO

• Owner and former MD of VDEL, a world leader in ishell products for animal feed
• Experienced in sourcing of raw materials
• Investing in and researching thermal depolymerization since '08

Rik Van Meirhaeghe

EXECUTIVE DIRECTOR, CTO

• Seasoned executive in multitechnical services (SPIE) and (technology) start-ups
• Experienced in M&A and development of technologybased ventures

Wim Van den Broeck

BUILD DIRECTOR

• Senior positions in construction industry, project manager for several complex constructions
• Prince2 certified, technological expertise in multi-disciplinary environments

Stephan Anzenhofer

CFO

• Previous senior financial executive in (multi) technical industry (SPIE, Volker Rail) and technically oriented start ups
• Financial Control and Governance

Boudewijn van Vliet

EXECUTIVE DIRECTOR

• Entrepreneur with successful background in commodity trading
• Commercial management and funding

EXECUTIVE TEAM

Strengthening the team

• Appointing two non-executive directors in coming month
• Plant manager hired
• Chemical engineer identified

• Technical manager identified

• Q1 2021 key developments

• Plant update
• Market opportunity
• Positioning & economics
• Outlook 2021 & beyond
• Financials
• Team
• Q & A

Any questions?

ir@pryme-cleantech.com

www.pryme-cleantech.com

Annex : Top 20 Shareholders as per 14.05.2021

rank	shares	percentage	Name
1	7'525'000	50.17%	Omnis C.V
2	1'800'000	12.00%	OLIPHANT HOLDING SA
3	1'200'000	8.00%	van Meirhaeghe
4	810'627	5.40%	SPESIALFONDET KLP ALFA GLOBAL ENER
5	585'937	3.91%	SAGA PURE ASA
6	375'000	2.50%	Van den Broeck
7	360'625	2.40%	TYCOON INDUSTRIER AS
8	300'000	2.00%	Moem Invest B.V.
9	234'375	1.56%	The Bank of New York Mellon SA/NV
10	195'312	1.30%	AS CLIPPER
11	183'742	1.22%	Skandinaviska Enskilda Banken AB
12	175'781	1.17%	State Street Bank and Trust Comp
13	120'384	0.80%	Goldman Sachs International
14	117'900	0.79%	DnB NOR Bank ASA
15	97'023	0.65%	Merrill Lynch Prof. Clearing Corp.
16	88'146	0.59%	Goldman Sachs & Co. LLC
17	85'781	0.57%	MATSER
18	70'635	0.47%	Morgan Stanley & Co. LLC
19	58'593	0.39%	SKEIE TECHNOLOGY AS
20	58'325	0.39%	CACEIS Bank Spain SA