Q4 2021 presentation

QUANTAFUEL ASA

28 February 2022

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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").

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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

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

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

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

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

• Site layout and design completed

PLANT UPDATE

STRATEGY AND GROWTH

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

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

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Quantafuel Investor Presentation 2022

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QUANTAFUEL ASA