Vow ASA — Investor Presentation 2021

Jan 21, 2021

VALORISING WASTE, DECARBONIZING INDUSTRIES VALORISING WASTE, DECARBONISING INDUSTRIES

Pareto Securities Power & Renewable Energy Conference 21 January 2021 21 January 2021

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.

ABOUT US

• Provider of world leading technologies to eliminate pollution, enhance circular economy and mitigate climate change
• Offering patented unique solutions that turn waste and biomass into CO2 neutral energy, decarbonised energy, low-carbon fuels and biocarbon
• Our technology is ready, it integrates easily into industrial processes and does not depend on large and complicated infrastructure to be effective
• Proven and scalable delivery model, record high backlog of orders and large installed base for leading players in a wide range of industries, providing recurring business
• International footprint, headquartered in Norway with subsidiaries in US, France and Poland

Our brands

LTM Revenues (in NOK million)

Q4 2019 Q1 2020 Q2 2020 Q3 2020

LTM EBITDA (in NOK million)

Order backlog and options (in NOK million)

MAIN DRIVERS

The fight against climate change and for protection of the environment require us to replace fossil carbon and turn waste into valuable resources

That is what our smart technologies do – and we also combine the two

Leading industrial players are racing to reduce use of fossil fuels, decarbonize their processes and find ways to become net-zero

They are coming to us for help

Cost of capital, EU taxonomy, carbon tax and rising consumer concerns drives business towards sustainable solutions

National and international law makers and governments are pushing for new legislation and regulation, i.e. EU Green Deal

Engineers, entrepreneurs and industrialists are bringing down the cost of technology in new solutions

STRONG PULL FOR OUR SOLUTIONS

Sustainable tourism	Reduction of CO2 emissions, Reaching CO2 Neutrality			Industry 4.0	Food
	Circular economy solutions to recover valuable resources and eliminate pollution				safety
Clean Ship	Biomass and Waste Valorization Industry Decarbonization		Chemical Recycling of Plastics & Polymers		AI Waste Sorting Robotics	Sterilisation, toasting, drying

Ongoing projects and cooperation 2H2020

RECENT STRATEGIC PARTNERSHIPS

• A global multi-energy provider and one of the first energy companies to make a net-zero emissions commitment by 2050 and with intermediate goals for 2025, 2030+ and 2040.
• Partnership to explore multiple applications such as solutions to produce CO2 neutral and decarbonised energy
• ETIA technology and Vow's overall delivery model central elements.

World leading manufacturing company Customer name to be announced

• Memorandum of understanding to build biogas production plant to reduce CO2 emissions from metallurgical processes.
• Cooperation on engineering, business modelling and financing of a dedicated biogas plant, with the aim to have the plant operational in 2022.
• Plant will be based on Vow's patented 'Biogreen' pyrolysis technology. Biogas will replace use of fossil natural gas in the metallurgical plant.
• By-products such as biocoke and biochar will add further economics to the concept

OUR NEXT STEP

Introducing VOW Industries

VALUE PROPOSITION

Valorising waste | Decarbonising industry

Intake (examples)

Organic waste and biomass

Plastics and polymers

Vow Industries business idea CO2 removal certificates Build, own and operate plants

and an incubator that can establish more companies based on Vow's technology

Offtake (examples)

Biocarbon (biocoke, biochar, biocoal)

Carbon products (graphite, graphene and recycled carbon black)

CO2 neutral gas and hydrogen (decarbonised energy)

Low-carbon fuels

VOW INDUSTRIES

The Follum plant

• Business idea | Build, own and operate full scale demo plant based on Vow's process technology
• Production | biocarbon to replace fossil coke as a reducing agent in the metallurgical industry in Norway, as well as providing CO2 neutral gas for district heating and low-carbon fuels
• Setup | Base for development of fully standardized and replicable facilities
• Equipment CAPEX in the range of NOK 175-200 mill for basic 10,000 tonnes capacity
• Aiming for easy and flexible scale-up to higher capacities
• Financing | Through Enova grants, debt and equity

LOCAL PARTNERSHIPS IN PLACE

SCALABLE TO MEET GROWING DEMAND

• Large, international industrial groups are undergoing a significant restructuring in order to achieve their goals of CO2 neutrality
• Demand for biocarbon is expected to increase significantly in the next few years, driven partly by increasing CO2 taxation and corporate net zero strategies
• Pipeline includes expansion in the Nordics as well as larger production facilities to meet industry needs
• Norwegian market 400.000 tonnes (40% of 1 mill tonnes total fossil market by 2030)
• Nordic market 1.8-2 mill tonnes (40% of 4.5-5 mill tonnes total fossil market by 2030)
• Several possible locations. Access to feedstock, infrastructure and proximity to client will be key

… and profitable

CONCLUDING REMARKS

• Provider of world leading technologies that can eliminate pollution, enhance circular economy and mitigate climate change
• Proven and scalable delivery model, record high backlog of orders and large installed base for leading players in a wide range of industries, providing recurring business
• Offering patented unique solutions that turn waste and biomass into CO2 neutral energy, decarbonised energy, low-carbon fuels and biocarbon
• With the launch of Vow Industries, we are taking the first steps to expand our business, developing, owning and operating plants, stand alone or together with partners
• We are gearing up to offer "decarbonisation as a service"

THANK YOU FOR YOUR ATTENTION

Vow ASA | Lysaker Torg 12 | 1366 Lysaker | Norway | www.vowasa.com