Vow ASA — Investor Presentation 2020

Jan 13, 2020

Giving waste value

Astrup Fearnley Shipping, Energy & Offshore Conference 2020

13 January 2020

Disclaimer

This presentation has been prepared by the management of Vow ASA using commercially reasonable efforts to provide estimates and information about the company and prospective new markets.

The presentation includes and is based, inter alia, on forward-looking information and statements that are subject to risks and uncertainties.

In addition, important factors that could cause actual results to differ materially from those expectations include, among others, economic and market conditions in the geographic areas and industries that are or will be major markets for Vow's businesses, market acceptance of new products and services, changes in governmental regulations, interest rates, fluctuations in currency exchange rates and such other factors as may be discussed from time to time in the Presentation.

Vow ASA is making no representation or warranty, expressed or implied, as to the accuracy, reliability or completeness of the information contained in the Presentation, and neither Vow ASA nor any of its directors, officers or employees will have any liability to you or any other persons resulting from your use of the information in the Presentation.

"Vow can be interpreted in many ways, such as Valorization of Waste - a common denominator for what we do. Personally, I like to think of the new name as a reminder of our promise – our vow to our customers, to our investors and to the world. It underlines our passion for preventing pollution"

Henrik Badin, CEO, Vow ASA

Vow at a glance

• World leading technology and solutions that bring an end to waste and stop pollution, required in a truly sustainable circular economy
• Converting biomass and waste into valuable resources and generating clean energy
• Customers in cruise, aquaculture and a wide range of land-based industries
• Headquartered in Norway, with subsidiaries in US, France and Poland
• Listed on the Oslo Stock Exchange since 2014 under ticker VOW
• Revenues of NOK 430 million in 2018

Scanship

Ecotechnologies

Etia

Scanship Americas Scanship Poland

Ascodero Robotics

Key investment highlights

• Attractive market opportunities driven by multiple global mega trends
• Record-high order backlog of 126 systems for delivery 2020-2026
• 403 systems installed, generating recurring life cycle revenues
• Proven technology and scalable delivery model
• Strategic acquisition of technology and access to new markets in 2019
• Solid track-record of profitable growth
• Experienced management team, committed with large ownership

Solid client base with long term partnership in the Cruise Industry

leading position with 253 systems in operation and 119 systems on order

Solid client base in the land based Industry

leading position with 150 systems in operation and 7 systems on order

Profitable growth

296 330 346 ^{364 373 35 39 41 46 47} 11.7% 11.9% 12.0% 12.5% 12.6% LTM Q318 LTM Q418 LTM Q119 LTM Q219 LTM Q319 Revenue EBITDA EBITDA %

Revenues and EBITDA (MNOK)*

10%

12%

14%

*All numbers excluding ETIA

0

50

100

150

200

250

300

350

400

Global megatrends

Increasing carbon tax is a market driver

Average price (EUR/t CO2)

Biomass to fuels and biogenic materials

Record-high order backlog

Backlog firm contracts & options (MNOK)

Concluding remarks

• Attractive market opportunities
• Relevant offering to meet global mega trends
• Large installed base and record-high order backlog
• Proven technology and scalable delivery model
• Solid track-record of profitable growth

THANK YOU FOR YOUR ATTENTION

www.vowasa.com

Henrik Badin, CEO, Vow ASA