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P A R T O F T H E S O L U T I O N Quantafuel turns a global environmental problem into low-carbon products 20 March 2020 | 2

P L A S T I C – A M A N M A D E “ W O N D E R M A T E R I A L ” Plastic production grows steadily – fastest growing man-made material Million tonnes es per year ar ~650 50 (2035) 86 86 (1985) 1950 1950 1970 1970 1990 1990 2010 2010 2030 2030 2050 2050 20 March 2020 | 3 Source: Plastics Europe

The most difficult material to recycle mechanically 20 March 2020 | 4

P L A S T I C W A S T E I N D E N M A R K ~110,000 tonnes separated plastic waste and ~750,000 total plastic waste – ~50,000 tonnes separated for mechanical recycling Separated Plastic waste included in plastic waste other waste streams Plastic waste ~110,000 MT ~650,000 MT streams Quantafuel relevant feedstock 50 – Recycling 300 – 400,000 MT 300 – 400,000 MT 100,000 potential MT Mechanical Chemical Hard to separate recycling recycling plastic waste Source: http://mst.dk/affald-jord/affald/affaldsdatasystemet/find-affaldsdata/affaldsstatistikker/ 20 March 2020 | 5

H I G H G R O W T H N A S C E N T M A R K E T Need a rise of structured plastic waste management and recycling 2030: “Alternative reuse” of plastic 2030: >200 million tonnes plastic reused biggest profit growth >50 million ~25 BUSD for tonnes for pyrolysis pyrolysis Luckily it is on the way… 20 March 2020 | 6 Source: McKinsey&Company

M A R K E T M A C R O O U T L O O K Global players scrambling for developing their position Oil majors Chemical majors Recycling majors Compa pany y exampl mples es Compa pany y exampl mples es Compa pany y exampl mples es State ted d ambiti tion: State ted d ambiti tion: State ted d ambiti tion: “Neste targets to process more “BASF is working on “REMONDIS has initiated a than one million tons of plastic recovering and recycling of project to develop and operate waste annually by 2030.“ plastics through our so so-called chemical recycling ChemCycling project.“ facilities.“ Need to increase recycling – See major opportunities in Expect chemical recycling to alternative fuels become a major factor require chemical recycling 20 March 2020 | 7

E F F I C I E N T P L A S T I C R E C Y C L I N G Quantafuel is pioneering the plastic recycling industry – giving waste plastic now being incinerated a second life Capturi ring loc ocal al plast stic ic …through small plants …producing high -quali lity, waste as a resource… and proven technology… synth thetic tic prod roducts. cts. Low-carbon fuel ÷ 90 % GHG emission in Re-use plastic waste Reduce local emissions fuel production Quantafuel first company with 30 USD/boe break-even 20 March 2020 | 8

U N I Q U E C A T A L Y S T S O L U T I O N A N D P L A N T D E S I G N Quantafuel with unique and proprietary catalyst and enabling small, efficient plant design constructed with tried and tested components 1 2 3 4 5 Plas Pl astic tic Feedin ding Plas Pl astic tic pyrol olysis sis reactor actor Quan antaf afuel el reactor actor Distill stillation tion Sto torage age and offlo loadin ading 20 March 2020 | 9

B Technology T E C H N O L O G Y R E F I N E M E N T S 1 Feedstock handling system 20 March 2020 | 10

U N I Q U E C A T A L Y S T S O L U T I O N A N D P L A N T D E S I G N 20 March 2020 | 11

B Technology T E C H N O L O G Y R E F I N E M E N T S 2 4 Pyrolysis reactor 20 March 2020 | 12

B Technology T E C H N O L O G Y R E F I N E M E N T S 3 Unique catalyst solution 20 March 2020 | 13

U N I Q U E C A T A L Y S T S O L U T I O N A N D P L A N T D E S I G N 20 March 2020 | 14

B Technology T E C H N O L O G Y R E F I N E M E N T S 4 5 Distillation column and storage 20 March 2020 | 15

S T R A T E G I C P A R T N E R S H I P A G R E E M E N T S I G N E D Started preparation for two large scale projects – goal of 5 Antwerpen erpen Aligned to start preparation for two • large sites Antwerpen and Bayern • 100.000 ton + capacity per location • Pre-engineering, site allocation, • permitting, feed-stock supply, location, budgets Bayern 50/50 JV structure Vitol – QF • 2 X 100 MUSD investment • 150 MUSD revenue – 100 MUSD EBITDA • potential FID right after Skive • Pre-project financed by Vitol • 20 March 2020 | 16 1) ARA is the abbreviation for the ports of Amsterdam, Rotterdam and Antwerp

S T R A T E G I C P A R T N E R S H I P A G R E E M E N T S I G N E D Strategic partnership with BASF Largest chemical company in the world with 63 BEUR turnover and 122.000 employees. 20 MEUR investment – 10 MEUR equity, • 10 MEUR convertible bond Access to process and operation • capacity for the start-up of Skive Engineering resources to reach • industrial scale roll-out Off-take in Denmark to build the • market Development of a naphtha solution • Intention to replace part of the 20 • MTON use of naphtha with recycled material None-exclusive agreement • 20 March 2020 | 17 1) ARA is the abbreviation for the ports of Amsterdam, Rotterdam and Antwerp

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O W N T H E V A L U E C R E A T I O N Quantafuel’s business model is to build, own and operate PtL plants, each established as a separate SPV Local partner • Invest capital • Plant technology and design • Local competence • Plant planning, construction and commissioning • Potentially contribute with feedstock • Operational support Dividend 3 Service fee 2 1 Plant owning SPV Plant price • Quantafuel ownership >50 % • Plant construction and operations • Plant financing • Secure feedstock and fuel sales 20 March 2020 | 25

To the beginning of a partnership