Refuels N.V. — Investor Presentation 2023

Jun 20, 2023

Company Presentation June 2023

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This presentation (the "Company Presentation") has been prepared by Refuels N.V. (the "Company", and together with its consolidated subsidiaries, the "Group").

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REFUELS IS DECARBONIZING EUROPE'S TRUCK FLEET

EXCEPTIONAL VOLUME GROWTH OF 75.6% LAST TWELVE MONTHS ⁴

Total dispensed volume

Source: Company data Note: (*) estimate; monthly EBITDA contribution from certificates assumes 50% biomethane margin and an RTFC price of 30 GBP

INVESTMENT HIGHLIGHTS 6

Fast-track option for net-zero trucks

Through 100% renewable biomethane (bio-CNG), heavy truck operators can reduce emissions by more than 90% compared to diesel

Green station

A leading integrated supplier of alternative fuels with a UK-wide network of publicstations on major

infrastructure Strong volume growth each month

access refuelling trucking routes Strong blue-chip customer base with highly supportive biomethane ambitions, including Amazon, DHL, Royal Mail, Lidl and Aldi

Expanding the station footprint

The target is to have 30-40 stations in operation in the UK towards end-2025, and longer-term the ambition is, expand into other European

Low-carbon multi-

markets Stations can be adapted to a lowcarbon multi-fuel future offering with hydrogen and electricity in addition to

fuel future Industrial stamp of approval

biomethane Secured GBP 100m in infrastructure funding from leading infrastructure investor Foresight Group

Philip Fjeld – Chief Executive Officer, Board of Directors Baden Gowrie-Smith – Chief Financial Officer, Board of Directors Jasper Nillesen – Board of Directors Nicholas Reid – Commercial Director MANAGEMENT TEAM WITH PROVEN TRACK RECORD 7

• 20 years of experience in the gas industry

• Founded FLEX LNG in 2006, listed the company & raised over \$600m in equity

• Investment advisor with UBS for six years managing A\$750m in assets

• Current & previous experience at board level across several industries

• Managing Director and co-founder of RTFS

• Seven years in strategy consulting and six years working for the energy trading platform Powerhouse in various roles.

• Senior Manager with ANZ Bank in Australia for six years across various industries

• Four years of consulting and private equity work in New York and London

Peter Eaton – Sales & Business Development Director • Seven years' experience at Halewood International encompassing various positions from sales, to marketing, to brand management and business development

Luke Preston – Operations Director roles at Scania, and as Fleet Manager at John Lewis Partnership where he was instrumental in the change to bio-CNG Mike Scott – Construction Director

• 22 years experience within the civil engineering and construction industry, with 4½ years at William Pye Ltd

MARKET FOR BIO-CNG DRIVEN BY EMISSIONS TARGETS 9

Government decarbonization mandate

Binding commitment to reach net-zero emissions The UK has committed to a legally binding target of net-zero emissions by 2050

Transport is the largest emissions sinner Transport was the largest greenhouse gas emitting sector in the UK in 2020, responsible for almost a quarter of emissions

Huge effect from decarbonizing Heavy Goods Vehicles long driving range, high pay load and low production volume

CNG Fuels is strongly aligned with government policies Using biomethane to decarbonize HGVs enjoys strong policy support through Renewable Transport Fuel Certificates (RTFC) and reduced fuel duty

UK transport greenhouse gas emissions (2020)

Source: Department for Transport, Element Energy, Department for Business, Energy & Industrial Strategy Notes: Chart excludes buses, coaches and other vehicles (4% of emissions)

Bio-CNG emissions benefits (gCO2 / km)

% of greenhouse The biomethane that CNG Fuels supplies to its customers achieves a >90% reduction in emissions compared to diesel

UNDERLYING MARKET GROWTH AND RAPID CONVERSION 10

• Currently ~255 000 licensed HGVs >18t in UK
• Assuming 10-year useful life, average annual additions of HGVs are approx. 31 000 p.a.

This implies a need for up to 170 CNG refueling stations.

Source: Company information, Element Energy, European Commission

Note: GVW = Gross vehicle weight; (1) Assuming same annual absolute growth towards 2030, number of HGVs in 2030 expected to reach ~303,000

ALL THE LARGEST TRUCK MANUFACTURERS ARE OFFERING CNG-FUELLED TRUCKS ¹¹

OFFERING VERTICALLY INTEGRATED BIO-CNG REFUELLING SOLUTIONS ¹³

End-to-end control unlocking value from certificates

ReFuels sits at the center of the value chain, also engaging in the trading of biomethane (certificates)

CLEAR COST ADVANTAGE FOR CUSTOMERS 14

Highlights for customers

01	Historical annual fuel cost savings of £15k+ compared to diesel
02	Historical vehicle upfront capex premium of £20k to 25k, with OEM pricing becoming more competitive over time
03	Customer have achieved payback periods of 1-2 years in the past, with high Project IRRs over a 5+ year operating period
04	Futures prices for natural gas vs diesel indicate continued strong economics going forward

Fuel and AdBlue savings greatly outweigh capex and maintenance premiums related to CNG.

Customer pay-back period estimated to 1-2 years.

Illustrative TCO over a 5-year period

Source: Company information

Note: AdBlue is a non-toxic diesel exhaust fluid used to treat exhausts on diesel engines to reduce harmful emissions Note: Cost comparison assumes an average 4x2 truck driven 100,000 miles p.a.

ROLL-OUT PLAN IN PLACE FOR THE UK 15

Network and development highlights (UK) CNG Fuels planned roll-out map (UK)

• CNGF has a concrete roadmap to rolling out additional stations in the UK in the mid-term and long-term. • 11 sites are already operational.
• Largest footprint of operating public access stations providing significant first-mover advantage 01
• Modular and replicable site design enables standardized service across network
• Proprietary insights into customer traffic routing enables identification of sites best suited for rapid customer uptake
• Customer relationships enable visibility on new site customers before FID 02
• Rapidly expanding development team (6 FTEs up from 2 in 2021) for an increased number of planning applications per quarter
• Targeting 3 planning applications per quarter, with an ambition of commencing construction of 10 stations p.a. from April 2023 and onwards 03
• 04
• Significant pipeline of late-stage development and identified sites
• Total of 40+ sites in tangible pipeline de-risks business plan projections of 30-40 stations by FY2025

Source: CNG Fuels

GAINING CUSTOMER TRACTION 16

REFUELS STATISTICS TO DATE 18

115,968 kg p.d.

of biomethane fuels

90% UK market refuelling share for Bio-CNG trucks

dispensed per day in May 2023 in operation today, with funding of GBP 100m provided by renown infrastructure investor

11 stations 85 employees

Foresight Group working full-time at CNG Fuels with highly talented staff continuously added since company's

inception in 2014 using CNG Fuels' stations today with a confirmed order book of more than 900 additional trucks to be delivered in the coming 12 months

of greenhouse gases avoided by customers converting to CNG Fuels

ROBUST MARKET-BASED CERTIFICATE SYSTEM 19

Renewable Transport Fuel Certificates (RTFC) generation and trading process in the UK

RTFC price (GBPp) and RTFO obligation level (%)

Source: Element Energy, Department for Transport

Note: 1.9 RTFCs per kg biomethane from a crop feedstock, 3.8 RTFCs per kg biomethane from waste feedstock, 1.75 RTFCs per kg of biopropane. RTFCs are awarded at the duty point, which can be at the point of sale or at the

ESTIMATED P&L BUILD-UP AT STEADY STATE 20

BUILT PROFITABLE AND LEADING POSITION IN THE UK 22

Identified the market opportunity and established CNG Fuels

2014 First mover advantage has led to CNG Fuels being the UK's largest biomethane station operator with 11 sites today

Mid-term target

June 2023 Tangible pipeline of achieving 30–40 sites in

Ambition to have 100 operational stations in the UK and to expand station footprint into Europe

Existing Joint Venture

CNGF INFRASTRUCTURE READY FOR A MULTI-FUEL FUTURE 23

SUMMARY 24

Fast-track option for net-zero trucks

Green station

infrastructure Strong volume growth each month

Expanding the station footprint

Low-carbon multi-

fuel future Industrial stamp of approval

refuels.com