Vow Green Metals AS

Investor Presentation • Jul 12, 2021

Investor presentation July 2021

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This Presentation and its appendices (the "Presentation") has been prepared by Vow Green Metals AS, company reg. no. 926 589 989 (the "Company") in consultation with DNB Markets, a part of DNB Bank ASA and Clarksons Platou Securities AS (jointly, the "Managers"), solely for information purposes. For the purposes of this notice, "Presentation" means and includes this document and its appendices, any oral presentation given in connection with this Presentation, any question-and-answer session during or after such oral presentation and any written or oral material discussed or distributed during any oral presentation meeting. The distribution of this Presentation may be restricted by law in certain jurisdictions and persons into whose possession this Presentation comes should inform themselves about, and observe, any such restriction. Any failure to comply with such restrictions may constitute a violation of the laws of any such jurisdiction. Neither the Company nor the Managers shall have any responsibility for any such violations. No representation, warranty or undertaking, express or implied, is made by the Company, the Managers or any of their respective affiliates or representatives as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or the opinions contained herein, for any purpose whatsoever. Neither the Company, the Managers nor any of their respective affiliates or representatives shall have any responsibility or liability whatsoever (for negligence or otherwise) for any loss whatsoever and howsoever arising from any use of this Presentation or its contents or otherwise arising in connection with this Presentation. This Presentation speaks as of the date hereof. All information in this Presentation is subject to updating, revision, verification, correction, completion, amendment and may change materially and without notice. None of the Company, the Managers or any of their respective affiliates or representatives undertake any obligation to provide the recipient with access to any additional information or to update this Presentation or any information or to correct any inaccuracies in any such information. The information contained in this Presentation should be considered in the context of the circumstances prevailing at the time and has not been, and will not be, updated to reflect developments

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VOW GREEN METALS

• An industrial processing company Providing products that are essential for the green transition
• Enabling the metallurgical industry to decarbonize Our products can easily replace fossil carbon with biocarbon in the metal making process
• Large and growing market As our customers are moving fast to meet new regulation and economic realities in a carbon neutral future
• A product and promoter of the circular economy Using biomass and biogenic waste as raw materials and source of CO² neutral energy and feedstock for petrochemical industry as valuable by-products
• Fully funded, backed by committed partners and buyers of our products Planned for completion in 2022, our first plant in Norway will make Vow Green Metals the largest producer of biocarbon in Europe
• Supported by Vow Our largest owner and provider of technology and experience in delivering industry scale industrial solutions

COMPANY STATUS

• Vow Green Metals AS created by and spun off from Vow ASA through a demerger completed in July 2021
• Shares distributed to Vow shareholders, 1 Vow Green Metals share for 1 Vow ASA share
• Vow retaining a 30.5% ownership stake
• Experienced company management and board recruited
• Planning of company's first biocarbon production facility well underway
• Agreements in place with feedstock providers Viken Skog and Lindum, and customer Elkem and Vardar Green Energy
• Company listed on Euronext Growth Oslo on or about 12 July 2021
• Ticker VGM

Planning of Europe's largest biocarbon factory well underway

Listed as separate company on Euronext Growth on or about 12 July 2021

INVESTMENT HIGHLIGHTS

EXPERIENCED BOARD OF DIRECTORS

Active Board of Directors with industry relevant experience

Narve Reiten Elise Must

Chairman

• Founder of Reiten & Co
• Extensive investing and operational experience
• On the Board of Directors of Vow ASA, Con-Form AS and Navamedic ASA

Education: MSc in Business and Economics from BI and CFA from NHH

Board member

• Head of Strategy and Sustainability in Batteries at Norsk Hydro
• Broad experience from Norsk Hydro

Education: MSc in Global Politics and PhD in Political Science from London School of Economics

Kari Stine Tærum

Board member

• Senior Engineer for R&D in REC Solar
• 17 years experience from the cellulose industry with Hunsfos Fabrikker

Education: Degree in Pulp Technology from NTNU and degree in Analytical Chemistry from University of Agder

Line Tønnessen

Board member

• Investment Director in Reiten & Co
• Strong analytical and corporate finance background

Education: BSc in Business Administration from BI and MBA in Finance and CFA from NHH

Carl Hartmann

Board member

• CEO of NOAH AS
• 16 years experience in the oil and gas industry, and 18 years experience in the process industry

Education: Degree in Business Economics from BI and MSc in Chemical Engineering from NTNU

MANAGEMENT WITH PROVEN TRACK RECORD

Dedicated and competent management with 50 years of relevant experience

Chief Executive Officer

• Broad experience from valorizing biomass on an industrial scale
• Previously held the position as Director of Operations Support in Norske Skog, where she has held various positions in Germany and Norway since 2005

Education: MSc in Chemical Engineering from NTNU

Chief Financial Officer

• Broad experience from financial transactions, structured finance and capital markets across several capital-intensive industries
• Previously CFO of Gram Car Carriers
• Experience from Höegh LNG and Kistefos

Education: MSc in Finance from NHH

Technology adviser

• Vice President in Vow ASA, and based on the Cooperation agreement, responsible for technology for metallurgical industry
• 14 years experience with thermal conversion of biomass. The last seven years at SINTEF
• Several research projects for Elkem and other potential Vow Green Metals customers

Education: PhD Energy Engineering from Luleå University of Technology

VALUE PROPOSITION OF VOW GREEN METALS

Valorising organic waste | Decarbonizing industry

Scalable and standardized

Input

Biomass and organic waste from forestry or construction

Offtake

Biocarbon (biocoke, biochar, biocoal)

Potential for other Carbon products (graphite, graphene)

CO² neutral gas

Low-carbon fuels

CO² removal certificates

End user

Replacing fossilbased reducing agents in Metallurgic Industry

Gas and bio-fuels for industry decarbonization

Build, own and operate plants which produce advanced high-quality biocarbon, CO² neutral gasses and low-carbon fuels, resulting in diversified revenue streams and risk mitigation

DECARBONIZING INDUSTRIES GLOBALLY

Circular economy will be crucial... ...in decarbonising industries

Across industries, growing realization that waste is value and an asset which must be utilized

Strong demand from energy intensive industries for solutions that can replace fossil coal and fossil energy

BIOCARBON FOR INDUSTRY DECARBONIZATION

Replacing fossil coal and energy

Large emissions from metallurgical industry Vow Green Metals provides the solutions

• Almost 10% of the world's emissions come from the metallurgical industry
• The Norwegian metallurgical industry consumes approx. 1 mill tonnes of fossil coal, which represents 7-10% of Norway's annual CO² emissions

• Working with Clients that use 40% of the fossil based reducing agents in Norwegian today

• Biocarbon as a reducing agent: 1 ton of biocarbon reduces up to 3.6 tonnes CO²

• Replacing fossil energy with advanced high-quality biocarbon from Vow Green Metals is a giant leap for carbon neutrality for metallurgical industry
• Biocarbon-based steel offers the lowest cost and fastest way to decarbonize
• CO² neutral gas and oil as other products

BUSINESS CASE DRIVEN BY INCREASED CO2 TAX

Carbon price is imperative for Vow Green Metals...

As an important part of the price achievement, rising cost on carbon emission supports the economics

Emission Trading Systems (ETS) Designed to reduce CO² emissions which could drive prices

METALLURGICAL INDUSTRY IS RESPONDING

Elkem is targeting a 40% reduction in CO² emissions by 2030 by using biocarbon, with an aim to reach net-zero emissions by 2050.

"Using climate-neutral renewable biocarbon instead of fossil coal as a reduction agent is a key part of our sustainable production strategy. Through our activities in biocarbon, like this exciting cooperation with Vow Industries, we aim to secure long-term access to low-cost, highquality renewable biocarbon to replace fossil reduction material, and further improve our competitive position for the sustainable future"

Michael Koenig, Former CEO Elkem

… AND MAJOR INDUSTRIAL PLAYERS HAVE COMMITTED

"We are determined to be a climateneutral company by 2050 in line with the Paris Agreement (…) This means that our vehicles and machines will be emissionfree when in operation, but also that we will review the materials, like steel, used in our products and will gradually switch to fossil-free alternatives here as well (…) This is an important step on the road to completely climate-neutral transports."

Martin Lundstedt, President and CEO at Volvo Group

HUGE REPLACEMENT DEMAND IN EUROPE

Use of coking coal

Primarily used in production of

Metallurgical industry in Europe chasing net zero by 2050

2030 coking coal demand in Europe of est. 56 million tonnes highlights the huge replacement potential with biocarbon

COMMITTED TO BECOME CO2 NEUTRAL BY 2050

Norwegian metallurgical industry commitments

2021	~1 million tonnes of fossil coal and coke is • consumed annually in Norway • 7% of Norway's CO emissions is due to the 2 consumption of fossil coke in the metallurgical industry
2030	• 400,000 tonnes of biocarbon per year is the estimated demand in Norway (equivalent to 40x capacity at first plant phase 1) ~40% of fossil coke is replaced with • biocarbon (Elkem's commitment)
2050	• Zero fossil-based coal and coke is consumed annually in Norway (industry commitment • The metallurgical industry in Norway is CO - 2

Norwegian biocarbon market

neutral

STRATEGIC PARTNERS IN PLACE

SUPPORTED BY VOW'S PROVEN CAPABILITIES

• Vow Green Metals has secured strong support from Vow, which will be instrumental in delivering the projects
• Building on Vow expertise and legacy in technology development and project execution
• Vow offers solid experience and a track record of delivering complex technology in large industrial solutions

Biogreen systems in operation
Biomass	17
Plastic and polymers
Calcination
Sludge	6
Other
Total number of systems

Nearly 300 Scanship systems for processing waste and purifying waste water installed on 140 cruise ships

KEY DETAILS OF THE FOLLUM PROJECT

Elkem is targeting a 40% reduction in CO² emissions by 2030 by using biocarbon. Aim to reach net-zero emissions by 2050 by entirely replacing coal with biocarbon

Joining forces, competence and technology solutions with Elkem ASA to produce biocarbon at Vow Green Metal's planned plant in Norway

• Production capacity of more than 10,000 tonnes
• Requiring up to 40,000 tonnes of feedstock
• Equipment Capex in the range of 175-200 MNOK
• First production 2H2022, ramping up in 2023
• Phase I fully funded by 150 MNOK from Vow and 80.7 MNOK granted from Enova in May 2021
• Fully standardised and replicable facilities

STEPWISE EXPANSION PLAN

Huge market potential

Uniquely positioned

Proven execution capability

Attractive economics

THANK YOU FOR YOUR ATTENTION

Vow Green Metals AS Lysaker Torg 12 | 1366 Lysaker | Norway | www.vowgreenmetals.com Vow