Quantafuel — Investor Presentation 2021

Nov 24, 2021

Fearnley Securities –

Annual Renewables & Clean-Tech Conference

QUANTAFUEL ASA

24th November 2021

DISCLAIMER - IMPORTANT NOTICE

THIS DOCUMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO OR FROM THE UNITED STATES OF AMERICA, ITS TERRITORIES OR POSSESSIONS, AUSTRALIA, CANADA, JAPAN OR SOUTH AFRICA OR TO ANY RESIDENT THEREOF, OR ANY JURISDICTION WHERE SUCH DISTRIBUTION IS UNLAWFUL. THIS DOCUMENT IS NOT AN OFFER OR AN INVITATION TO BUY OR SELL SECURITIES.

This presentation (the "Company Presentation") has been prepared by Quantafuel ASA, reg. no. 915 119 484 (the "Company", and together with its consolidated subsidiaries, the "Group").

This Company Presentation has been prepared for information purposes only, and does not constitute or form part of, and should not be construed as, any offer, invitation or recommendation to purchase, sell or subscribe for any securities in any jurisdiction, and neither the issue of the information nor anything contained herein shall form the basis of or be relied upon in connection with, or act as an inducement to enter into, any investment activity. This Company Presentation does not purport to contain all of the information that may be required to evaluate any investment in the Company or any of its securities and should not be relied upon to form the basis of, or be relied on in connection with, any contract or commitment or investment decision whatsoever. This presentation is intended to present background information on the Company, its business and the industry in which it operates and is not intended to provide complete disclosure upon which an investment decision could be made.

This Company Presentation is furnished by the Company, and it is expressly noted that no representation or warranty, express or implied, as to the accuracy or completeness of any information included herein is given by the Company. The contents of this Company Presentation are not to be construed as financial, legal, business, investment, tax or other professional advice. Each recipient should consult with its own professional advisors for any such matter and advice. Generally, any investment in the Company should be considered as a high-risk investment.

This Company Presentation is current as of the date of presentation. Neither the delivery of this Company Presentation nor any further discussions of the Company with any of the recipients shall, under any circumstances, create any implication that there has been no change in the affairs of the Company since such date. This Company Presentation may contain forward-looking statements relating to the business, financial performance and results of the Company and/or the industry in which it operates. Forward-looking statements concern future circumstances and results and other statements that are not historical facts, sometimes identified by the words "believes", "expects", "predicts", "intends", "projects", "plans", "estimates", "aims", "foresees", "anticipates", "targets", and similar expressions. Any forward-looking statements contained in this Company Presentation, including assumptions, opinions and views of the Company or cited from third party sources, are solely opinions and forecasts which are subject to risks, uncertainties and other factors that may cause actual events to differ materially from any anticipated development. The Company provides no assurance that the assumptions underlying such forward-looking statements are free from errors and does not accept any responsibility for the future accuracy of the opinions expressed in this Company Presentation or the actual occurrence of the forecasted developments.

The distribution of this Company Presentation by the Company in certain jurisdictions is restricted by law. Accordingly, this Company Presentation may not be distributed or published in any jurisdiction except under circumstances that will result in compliance with any applicable laws and regulations. This Company Presentation does not constitute an offer of, or an invitation to purchase, any securities.

IN RELATION TO THE UNITED STATES AND U.S. PERSONS, THIS PRESENTATION IS BEING FURNISHED ONLY TO INVESTORS THAT ARE "QIBs", AS DEFINED IN RULE 144A UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE "U.S. SECURITIES ACT"). THE SHARES HAVE NOT BEEN, AND WILL NOT BE, REGISTERED UNDER U.S. SECURITIES ACT OR WITH ANY SECURITIES REGULATORY AUTHORITY OF ANY STATE OR OTHER JURISDICTION IN THE UNITED STATES, AND MAY NOT BE OFFERED OR SOLD WITHIN THE UNITED STATES, OR TO OR FOR THE ACCOUNT OR BENEFIT OF A U.S. PERSON, EXCEPT PURSUANT TO AN APPLICABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE U.S. SECURITIES ACT AND IN COMPLIANCE WITH ANY APPLICABLE STATE SECURITIES LAWS.

This Company Presentation is subject to Norwegian law, and any dispute arising in respect of this Company Presentation is subject to the exclusive jurisdiction of Norwegian courts with Oslo District Court as first venue.

MANAGEMENT TEAM

Lars Rosenløv	Chris Lach	Terje U. Eiken	Kristian Flaten
CEO	CCO	COO	CFO

QUANTAFUEL ENABLES A CIRCULAR PLASTIC ECONOMY

Chemical recycling complements traditional mechanical recycling

KEY HIGHLIGHTS

PLANT UPDATE

GROWTH

KEY HIGHLIGHTS

Building foundation for 2022 operations

• New CEO appointed Lars Rosenløv

• HSE: Zero recordable incidents

• Skive turnaround on track

• Kristiansund investment on track
• Project pipeline developing to plan
• Strong interest in Quantafuel products

FINANCIAL OUTLOOK

• NOK 379 million in cash per 30 September 2021
• SG&A monthly run rate of NOK 10 million
• High focus on lean and cost-efficient day-to-day operations
• Targeting positive cash flow from operations by year end 2022

Per 30.09.21, NOK million Remaining capex includes Skive, Kristiansund and Aalborg

GROWTH KEY HIGHLIGHTS PLANT UPDATE

SKIVE – ACHIEVEMENTS

• Modifications/turnaround on schedule
• The forecasted CAPEX remains unchanged
• Focus on testing in preparation for commercial operations
• First shipment containing oil made from Norwegian household plastic waste

SKIVE – UPGRADES ON TRACK

• Turnaround: 30,000 man-hours and 70 persons at peak on site
• Upgrading process sub-systems
• Removing the last known obstacle preventing long-term stable production
• Hot commissioning primo December
• Following the turnaround, Proof-of-Concept is forecasted around year-end – a key step towards full production capability

TESTING MIXED FEEDSTOCK IN SKIVE

• Continuous focus on feedstock
• A large span of plastics qualities tested in Skive
• The product quality is in line with offtake agreement
• The end products replace fossil feedstock
• Aalborg sorting facilities stabilizing feedstock quality

KRISTIANSUND – RECYCLING INVESTMENT ON TRACK

• Developing a unique plant with combined mechanical and chemical recycling
• On track with expansion of mechanical recycling capacity and capability, with first plastics in the new line this month
• Margin development in mechanical recycling better than expected
• Testing of pilot reactor for chemical line is ongoing, processing plastic waste and producing chemicals with promising quality

KEY HIGHLIGHTS PLANT UPDATE

GROWTH

EVOLVING OUR SOLUTIONS FOR TOMORROW'S NEEDS

• Over time

• Our feedstocks will be more challenging
• Our customers will be more demanding
• Our R&D-team works diligently to continuously improve our technology to be ready for the coming challenges
• Quantafuel is building the purification toolbox to serve specific customer demands at lowest cost
• Continuing Joint Development with BASF. Skive will continue to supply current mix as existing set-up would require modifications to reach future product specifications.

EXECUTING ON OUR STRATEGY

• Integrate into recycling economy and grow further internationally
• There is a significant interest for our products
• Quantafuel is well positioned to capitalise on these opportunities based on our process and technology toolbox
• Many exciting plans in the pipeline

PRODUCTION PLANTS AND PIPELINE PROJECTS

Several additional production plants planned with existing partners

SIGNIFICANT STEPS IN UK

• Quantafuel's first UK plant is planned for Sunderland, in Northeast England
• A prime 50,000 m² site in the Port of Sunderland has been selected
• More than 100,000 tonnes of plastic waste to be processed
• Strong support from the City Council

ESBJERG UPDATE

• Infrastructure is being prepared
• The tender process for civil works and the plastic sorting supplies is progressing
• Partner screening is ongoing and the project is proceeding with detailed discussions in Q4

KEY HIGHLIGHTS

PLANT UPDATE

GROWTH

• Forecasted Proof-of-Concept around yearend is maintained
• Notable progress on project pipeline in preparation for roll-out
• Global interest in our plants and products

THIS WILL BECOME A MULTI-BILLION DOLLAR INDUSTRY

Quantafuel aims to become the market leader

Quantafuel ASA

21 Ticker: QFUEL Euronext Growth Oslo

www.quantafuel.com IR@quantafuel.com