Quantafuel

Investor Presentation • Feb 28, 2022

Q4 2021 presentation

QUANTAFUEL ASA

28 February 2022

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.

PLANT UPDATE

STRATEGY AND GROWTH

3

FINANCIALS

Building foundation for 2022 operations

• Skive successfully completed turnaround and transitioning into production
• Raised NOK 400 million in additional growth capital
• Secured Esbjerg sorting line manufacturing slot and closing in on financial partner
• Progressing on international PtL projects

PLANT UPDATE

STRATEGY AND GROWTH

5

FINANCIALS

SIGNIFICANT ACHIEVEMENTS REACHED AT SKIVE

PRODUCTION STATUS

• Two lines in operation
• Converted 200 MT plastic waste into valuable products last two weeks of January
• Achieved uptime of 69% at an average load of 79%
• Five product shipments delivered to BASF in January 2022
• Ongoing burner chamber repair

Ramp up & CAPEX status

• Starting additional production line and ramping up volumes in Q2
• Skive project completed: CAPEX NOK 620 million
• 2022 production (guiding): 12,000 tonnes
• 2023 production (guiding): 20,000 tonnes

6

The management and board are confident in continuing the planned international PtL projects

SKIVE STATUS TODAY

KRISTIANSUND – RAMP-UP ON TRACK

• High demand for sorted hard plastics
• New line in operation for processing of industrial plastics
• Expanding unique sorting capability
• Producing high-quality pellets
• Testing of pilot reactor for chemical line continues

PLANT UPDATE

STRATEGY AND GROWTH

9

FINANCIALS

QUANTAFUEL ENABLES A CIRCULAR PLASTIC ECONOMY

Chemical recycling complements traditional mechanical recycling

INTERNATIONAL ROLL-OUT STRATEGY

Secure enough upstream integration to understand waste flow, pricing and commercial market opportunities

Scalability and driving economy of scale through optimised, standardised and modulized processing plants

Deliver traceability through credible end-to-end certificates of source and product

PIPELINE PROJECTS

Significant upside from acting now – clear first mover advantage for Quantafuel

	'22	Kristiansund	20-30,000 tonnes per year	Sorting, Mechanical & establishing Chemical1
	'23	Esbjerg	160,000 tonnes sorting per year 80,000 tonnes per year (phase 2)	Sorting & Chemical
est.) n ( o	'23/ '24	Dubai	80-120,000 tonnes per year	Chemical
cti u d o pr	'24-	Sunderland	80-120,000 tonnes per year
First	'25/ 26	Amsterdam (ARA)	80-120,000 tonnes per year	Chemical
		BASF & BASF & Remondis Remondis BASF & Remondis	Corepla & Corepla & Saipem Saipem& Saipem Corepla	Other European projects
		40 -	120,000 tonnes per year per plant

ESBJERG (DK)

Becoming a market leader in an attractive part of the value chain

• Sorting plant progressing as planned State-of-the art sorting plant and PtL plant
  • Manufacturing contract signed with Eggersmann
  • Construction start up first half 2022
• A game-changer for the post-consumer plastic waste market in Denmark
• Capacity to sort more than 160,000 tonnes of plastic waste into clean mono-fractions
• Operational from second half of 2023
• First step towards developing an integrated recycling site
• Phase two will include a large-scale plastic-to-liquid (chemical recycling) plant

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
• Around 100,000 tonnes of plastic waste to be processed
• Full planning application and permitting application will be finalised and submitted in March

14

• Site layout and design completed

PLANT UPDATE

STRATEGY AND GROWTH

15

FINANCIALS

A PIONEER WITHIN CHEMICAL RECYCLING

Integrating upstream – chemical recycling remains main focus

Differentiators	Plant economics
	CAPEX	Average Plastic in	Products
1 Production	USD 100-150 million	100,000 MT	80,000 MT
Continuous process 2 (energy efficient)
Upstream 3 integration	Offtake price per ton	OPEX per ton	EBITDA per annum
Build, Own, Operate 4	USD 1,000	< USD 350	USD 50 million

FINANCIAL OUTLOOK

• NOK 284.9 million in cash per 31 December 2021
• SG&A monthly run rate of NOK 10 million
• High focus on lean and cost-efficient day-to-day operations
• Targeting positive operational cash flow from the plants within second half of 2022
• Raised NOK 400 million for additional growth in January 2022, primarily related to Esbjerg sorting plant and initial investments in the early phase of the plastic-to-liquid plants in Dubai and UK

Per 31.12.21, NOK million Remaining capex includes Skive, Kristiansund and Aalborg

PLANT UPDATE

STRATEGY AND GROWTH

18

FINANCIALS

SUMMARY

• Quantafuel's focus on reaching full production capability at Skive continues
• We are ready to continue our announced projects
• Targeting positive operational cash flow from the plants within second half of 2022
• There is a global interest in our plants and products

THIS WILL BECOME A MULTI-BILLION DOLLAR INDUSTRY

Quantafuel aims to become the market leader

Quantafuel ASA

20 Ticker: QFUEL Euronext Growth Oslo

www.quantafuel.com IR@quantafuel.com