Quantafuel — Investor Presentation 2020

May 27, 2020

Transforming plastic waste into valuable low-carbon products

Company presentation 27 May 2020

Disclaimer

This presentation (the "Presentation") has been prepared by Quantafuel AS (the "Company") and is made solely for information purposes. The Presentation does not constitute any recommendation to buy, sell or otherwise transact with any securities issued by the Company.

No representation, warranty or undertaking, express or implied, is made by the Company and no reliance should be placed on the fairness, accuracy, completeness or correctness of the information or the opinions contained herein. The Company shall have no responsibility or liability whatsoever (for negligence or otherwise) for any loss arising from the use by any person or entity of the information set forth in the Presentation. All information set forth in the Presentation may change materially and without notice. In making the Presentation public the Company undertakes no obligation to provide additional information or to make updates thereto. The information set forth in the Presentation should be considered in the context of the circumstances prevailing at the date hereof and has not been and will not be updated to reflect material developments which may occur after such date unless specifically stated in such update(s).

Matters discussed in the Presentation could include "forward looking statements". "Forward looking statements" are statements that are not historical facts and are usually identified by words such as "believes", "expects", "anticipates", "intends", "estimates", "will", "may", "continues", "should" etc. These "forward looking statements" reflect the Company's beliefs, intentions and current expectations concerning, among other things, the Company's results, financial condition, liquidity position, prospects, growth and strategies. "Forward looking statements" include statements regarding: objectives, goals, strategies, outlook and growth prospects, future plans, events or performance and potential for future growth, liquidity, capital resources and capital expenditures, economic outlook and industry trends, developments in the Company's market, the impact of regulatory initiatives and the strength of the Company's competitors. "Forward looking statements" involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. The "forward looking statements" included herein are based upon various assumptions, many of which, in turn, are based upon further assumptions. This includes, without limitation, the Company's review of historical operating trends, data contained in the Company's records and data available from third parties.

Although the Company believes that these assumptions were reasonable when the relevant statements were made, they are inherently subject to significant known and unknown risks, uncertainties, contingencies and other factors which are difficult or impossible to predict and which are beyond the Company's control. "Forward looking statements" are not guarantees of future performance and such risks, uncertainties, contingencies and other important factors which are inherent thereto could cause the actual results of operation, financial condition and liquidity position of the Company or the industry in which it operates to differ materially from those results which, expressed or implied, are contained herein. No representation to the effect that at any of the "forward looking statements" or forecasts will come to pass or that any forecasted result will be achieved are made.

The Presentation and the information contained herein does not constitute or form a part of and should not be construed as an offer for sale or subscription or of solicitation or invitation of any offer to subscribe for or purchase any securities issued by the Company.

Quantafuel with unique and proprietary catalyst and enabling small, efficient plant design constructed with tried and tested components

Feedstock handling system

Pyrolysis reactor

Unique catalyst solution

Distillation column and storage

EU targets and actions drive the market

50% recycling of plastic packaging by 2025

Pledge to use more than 10 million tonnes of recycled plastic in 2025

Strengthened Waste Framework Directive

Strategy for Plastics in the Circular Economy calls for innovation in chemical recycling

Circular Economy Action Plan published March 2020

"The Commission will propose mandatory requirements for recycled content" EU Circular Economy Action Plan

• Life Cycle Analysis of fuel produced from waste plastics showed 90% Green House Gas reduction
• Quantafuel is "RSB Compliant Advanced Fuels" and well above expected EU performance target
• ISCC membership and evaluating certifications for chemical recycling
• An LCA of chemical recycling is currently in the works in a cooperation with BASF

Need a rise of structured plastic waste management and recycling

2030: "Alternative reuse" of plastic biggest profit growth

Luckily it is on the way…

Started preparation for two large scale projects – goal of 5

• Aligned to start preparation for two large sites
• Antwerp and Amsterdam
• 100.000 ton + capacity per location
• Pre-engineering, site allocation, permitting, feed-stock supply, location, budgets
• 50/50 JV structure Vitol QF
• 2 X 100 MUSD investment
• 150 MUSD revenue 100 MUSD EBITDA potential
• FID right after Skive
• Pre-project financed by Vitol

Antwerp

Amsterdam

Strategic partnership with BASF

Largest chemical company in the world with EUR 65 billion turnover and 115.000 employees.

• EUR 20 million investment; EUR 10 million equity and EUR 10 million convertible bond
• Access to process and operation capacity for the start-up of Skive
• Engineering resources to reach industrial scale roll-out
• Off-take in Denmark to build the market
• Development of a naphtha solution
• Intention to replace part of the 20 MTON use of naphtha with recycled material
• None-exclusive agreement
• Collaboration agreement signed

S T R A T E G I C P A R T N E R S H I P

'It's all in the circle'

S T R A T E G I C P A R T N E R S H I P Strategic investor

• Quantafuel in discussion with an undisclosed strategic investor
• Outside of the petrochemical industry
• Target ownership 12-15%
• Complimentary and ancillary business
• Closing the loop on chemical recycling
• Fasten the process of getting new legislation implemented
• Terms expected in June

D E M A N D

Huge demand for recycled content

	PACKAGING DESIGN	RECYCLED CONTENT
	%, by weight, of plastic packaging reusable, recyclable, or compostable 2025 Target 2018	%, by weight, of post- consumer recycled content in plastic packaging 2018 2025 Target
1. Nestlé	65%	15% 2%
2. Procter & Gamble		NOT A GLOBAL COMMITMEN
3. PepsiCo	77%	3% 25%
4. AB InBev		NOT A GLOBAL COMMITMEN
5. Unilever	$-50\%$ *	$ 1\% $ 25%
6. JBS		NOT A GLOBAL COMMITMEN
7. Tyson Foods		NOT A GLOBAL COMMITMEN
8. Mars, Incorporated	19%	$\log$ 30%
9. The Coca-Cola Company	99%**	N/A*** 9%
10. L'Oréal	$N/A$ ****	5% 40%

Companies from across the plastics value chain have committed to quadruple postconsumer recycled content by 2025

QF MK2 – 40,000T/yr typical layout

QF MK2 – 80,000T/yr typical layout

Commercial studies

• Commercial studies with selected parties
• Collaboration agreement with BASF, including among others cooperation on technology development related to reactors
• Agreement with Equinor to support their work to mature their understanding and confidence in Quantafuel's PtL process, as well as analysis of the pyrolysis offtake/oil to validate suitability for using it in Equinor's existing refining facilities

Quantafuel's business model is to build, own and operate PtL plants, each established as a separate SPV

Next steps

• Production from Skive
• Finalise agreement with strategic investor
• Building organisation
• Agree project structures with BASF and Vitol
• Defining project execution model matching growth plans
• Selectively seeking additional partners
• Industrial scale roll-out of capacity

To the beginning of a partnership