#1AVANTIUM Investor Presentation H2 2021 Avantium | Investor Presentation H2 2021 1#2Disclaimer Avantium | Investor Presentation H2 2021 This presentation has been prepared by Avantium N.V. (the “Company”). For the purposes of this notice, the presentation that follows (the "Presentation") shall mean and include the slides that follow, the oral presentation of the slides by the Company, the question-and- answer session that follows that oral presentation, hard copies of this document and any materials distributed at, or in connection with, that presentation. Some of the statements in this Presentation constitute forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause the Company's actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward- looking statements. Forward-looking statements relate to future events or the Company's future financial performance. In some cases, forward-looking statements can be identified by terminology such as “may,” “will,” “should,” “expects,” “plans,” “anticipates," "believes," "estimates," "predicts," "potential" or "continue" or the negative of such terms or other comparable terminology. These statements are only predictions. Actual events or results may differ materially. In evaluating these statements, various risk factors should be taken into account. Risk factors may cause actual results to differ materially from any forward-looking statement. Although the Company believes that the expectations reflected in the forward looking statements are reasonable, the Company cannot guarantee future results, levels of activity, performance or achievements. Moreover, neither the Company nor any other person assumes responsibility for the accuracy and completeness of such statements. The Company is under no duty to update any of the forward-looking statements after the date of this Presentation or to conform such statements to actual results. The information contained in this Presentation is for information purposes only. The information does not constitute or form part of, and should not be construed as, an offer to sell or issue, or a solicitation of any offer to buy or subscribe for any securities of the Company. 2#3Avantium: experienced leadership team Proven track record of technological and operational excellence Management Team Today's presenters Tom van Aken CEO (@Avantium since 2002) Gert-Jan Gruter CTO (@Avantium since 2000) Education: Economics (Amsterdam) and Chemistry (Utrecht) Selected previous other positions: Now: several advisory positions, such as Top Team Chemie 1999-2002: Director Business development at DSM Education: Law (Leiden) and MBA (Boston) Selected previous / other positions: Now: Supervisory Board Sanquin 2012-2019: CFO at Centrient Pharmaceuticals 2003-2012: CFO at DSM Resins 2002-2003: CFO at Kiadis Pharma 1997-1999: Sales manager at Bart Welten CFO DSM (@Avantium since 2020) Carmen Portocarero Bas Blom Managing Director General Renewable Counsel Polymers (@Avantium since (@Avantium since 2021) 2012) Avantium | Investor Presentation H2 2021 Eelco Blum Managing Director Renewable Chemistries a.i. (@Avantium since 2017) Steven Olivier Managing Director Catalysis (@Avantium since 2015) Supervisory Board Edwin Moses, Chairman Margret Kleinsman Michelle Jou Cynthia Arnold Trudy Schoolenberg Nils Björkman (nominee) Former CEO Ablynx NV and Oxford Asymmetry International CFO Agrifirm President Covestro Polycarbonates Business Former CTO Sun Chemical and Valspar Held various senior management positions at Shell and AkzoNobel Worked for 33 years in various senior management positions at Tetra Pak Group 3#4Consumers have increasing environmental concerns Pressure on industries to shift to circularity and decouple plastics from fossil feedstock Carlsberg FILEWER Avantium | Investor Presentation H2 2021 4#5Avantium | Investor Presentation H2 2021 Avantium: innovation-driven chemical technologies Producing chemicals from renewable sources for a wide range of consumer goods Two lead products: FDCA, the chemical building block for PEF: a novel, plant-based polyester targeting $200+ billion markets; entering commercial manufacturing PlantMEGT: a sustainable and cost-effective plant-based alternative for fossil-MEG, a key ingredient for PET and PEF; in pilot phase A pipeline of chemical technology programmes: Biorefinery process for industrial sugars from non-food biomass Conversion of CO2 to chemicals via electrochemistry Supported by a revenue-generating Catalysis Business 3 operational pilot plants in Geleen (FDCA) & Delfzijl (plantMEG™, biorefinery), NL Extensive R&D laboratories and partnerships with industry leaders 20+ years experience in renewable polymers, chemical process development and catalysis Cash position at €43.3 million on 30 June 2021, cash outflow in first half of 2021 was €9.6 million HQ in Amsterdam - listed on Euronext Amsterdam, Brussels (AVTX) PEF PET Carlsber polyethylene furanoate polyethylene terephthalate FDCA = furandicarboxylic acid MEG mono-ethylene glycol 5#6Avantium | Investor Presentation H2 2021 Investment highlights Avantium offers solutions for consumer-driven renewable trends of plastic waste and CO2 reduction Renewable feedstock textiles packaging film ◉Leading innovative products FDCA and plantMEGTM are the key ingredients for novel w polymer PEF: 100% plant-based, recyclable and degradable with superior performance Addressing $200B+ end-markets with consumers demanding change Pipeline of innovative chemical technologies at various stages of commercialisation Partnerships with industry leaders and brand owners to make innovations global successes Scalable licensing business model with a clear growth path to profitability, balancing risk and reward Proven ability to scale with three operational pilot plants, state of the art R&D lab and robust portfolio of 137 patent families Strong management, board and technical & commercial team and a proven revenue- generating track record with the Catalysis business ESG is built into Avantium's DNA and drives the company's business model 6#7A business model delivering growth and margins Multiple routes to monetise our innovations ° Multiple partners: To share scale-up requirements and cost-of-capital • To provide validation of the product applications To form the supply chain from feedstock to end-market Scale Lab scale Pilot plant Flagship plant Innovator Innovator Earnings model Timing Collaborations Product validation and applications Demonstrate technology & market Own & operate Revenues flagship plant Industrial scale Licensor Licensing License fee / Plant cashflow & profit Today Realised in ~2023 As of 2024 Avantium | Investor Presentation H2 2021 7#81. THE PROBLEM _ Avantium | Investor Presentation H2 2021 Global warming stripes by climate scientist Ed Hawkins 8#91. The Problem 2. Our Solutions 3. The (Future &) Benefits 4. Key Takeaways 5. Addendum Plastic is a 'success' story 20x increase over the last 50 years - expected to more than triple by 2050 1,200Mt (2050) 350 300 250 200 150 100 50 50 15 Mt (1964) 20x 311Mt (2014) 0 1950 1960 1970 1980 1990 2000 2010 2014 Avantium | Investor Presentation H2 2021 2050 Sources: Ellen MacArthur Foundation, Plastics Europe; World Economic Forum; Nova Institute 2020 6#101. The Problem 2. Our Solutions 3. The (Future &) Benefits 4. Key Takeaways 5. Addendum Production, use and waste cause major environmental problems Source: OECD, background report G7 (2018) >90% of conventional plastic is not recycled (1950 - 2015): Many plastic applications, such as small-sized bottles are not recyclable, as they include other materials (e.g. nylon) for barrier properties Global unrecycled plastic waste by industrial sector, measured in million tonnes per year, 2015 0 20 40 60 80 100 120 140 160 Packaging Textiles Other sectors Consumer Products Transportation Electrical/Electronic Building and Construction Source: Our World in Data: Geyer et al. 2014 Conventional plastics production 2050 自自自 311 Million Tonnes 1,200 Million Tonnes Plastics' share of global oil consumption OIL OIL 6% 20% Plastics' share of carbon budget Ratio of plastics to fish in the ocean 1% 15% Avantium | Investor Presentation H2 2021 (weight) 1:5 >1:1 10 Source: Ellen MacArthur Foundation, Plastics Europe; World Economic Forum; Nova Institute 2020#112. OUR SOLUTIONS Avantium | Investor Presentation H2 2021 11#121. The Problem 2. Our Solutions 3. The (Future &) Benefits 4. Key Takeaways 5. Addendum Avantium | Investor Presentation H2 2021 Avantium to revolutionise the plastics industry 16 May 2020 Picked up by numerous global media outlets and on social media The Guardian The end of plastic? New plant-based bottles will degrade in a year Carlsberg and Coca-Cola back pioneering project to make 'all- plant drinks bottles Daily Mail MORE STORIESQ The end of plastic bottles? Coca- Cola and Carlsberg back new all- plant drinks containers that will rot away to nothing within a year By Sam Baker For Mailonline 13:21 17 May 2020, updated 16:21 19 May 2020 This startup's plant-based GreenBiz plastics promise circularity. Can it deliver? By Jesse Klein July 22, 2020 "You don't need one drop of petroleum. It's all plant-based. The carbon footprint is less than 50 percent of petroleum-based plastics. And it's fully recyclable, so it's really circular." That's the promise Avantium CEO Tom Van Aken makes about his company's new plastic material. {{{{Schem$$+જ+ 278514&rts | Beer and soft drinks could soon be sipped from "all-plant" bottles under new plans to turn sustainably grown crops into plastic in partnership with major beverage makers, A biochemicals company in the Netherlands hopes to kickstart investment in a pioneering project that hopes to make plastics from plant sugars rather than fossil fuels, The Weather ....... Channel A New Plant-Based Plastic Will Degrade in a Year By Rachel Delia Benaim 3 days ago Plastic waste and debris carried by the storm of the last days at sea in the quit of Naples, Italy on December 22, 2019 Photo by Salvatore Laporta KONTROLAB/LightRocket/Getty Images) At a Glance Dutch company Avantium developed a fully plant-based plastic made from corn, wheat and beet sugars. LEXPRESS Plastique: de nouvelles bouteilles d'origine végétale dégradables en un an Par LEXPRESS 18050001820 Une entreprise hollandaise souhaite remédier au fléau des bouteilles en plastique en se lancant dans une production à Evening Standard Coca Cola and Carlsberg to introduce new plant-based bottles Developers hope to deliver by 2023 18 May 2020 LAD BIBLE New Plant-Based Bottles Backed By Coca-Cola And Carlsberg Will Degrade In Just A Year UNILAD 17 May 2020. NEW YORK POST 22 May 2020 New plastic-like product made from plant sugars only takes a year to degrade 12 12#131. The Problem 2. Our Solutions 3. The (Future &) Benefits 4. Key Takeaways 5. Addendum A coherent portfolio of renewable products Focused on plant-based plastics, advancing towards commercialisation = Avantium technology agri crops T TEEEE- non-food biomass forestry & agri waste sugars FEEDSTOCK 0 FDCA packaging >$150bn PEF II plantMEGTM 100% plant-based CHEMICALS textiles >$40bn film >$8bn closed-loop recycling/reuse PLASTICS END MARKETS LAB SCALE PILOT FLAGSHIP INDUSTRIAL FDCA plantMEGT Avantium | Investor Presentation H2 2021 13#141. The Problem 2. Our Solutions 3. The (Future &) Benefits 4. Key Takeaways 5. Addendum FDCA and plantMEG™ together make a 100% plant-bottle A 100% green plastic bottle can only be produced using plantMEG and FDCA PET Crude oil PEF Sugars MEG PTA plantMEG™M FDCA PET 100% fossil Bio-PET PEF 100% plants FDCA = furandicarboxylic acid PEF = polyethylene furanoate PET = polyethylene terephthalate MEG mono-ethylene glycol PTA = purified terephthalic acid Avantium | Investor Presentation H2 2021 14#151. The Problem 2. Our Solutions 3. The (Future &) Benefits 4. Key Takeaways 5. Addendum PEF addresses the need for a circular new plastics economy ESG impact of PEF: 50-70% lower carbon footprint and fully circular Avantium | Investor Presentation H2 2021 PEF solves specific issues in the value chain cascaded recycling chemical recycling mechanical recycling T sorted waste collector waste used product re-use biobased feedstock virgin feedstock FDCA (monomer) PEF (polymer) converter packaging avantium Source carbon footprint PEF: Copernicus Institute at the University of Utrecht (Eerhart et al. 2012) brand owner product Biobased 1 100% Renewable: PEF is plant-based instead of fossil- based unintended leakages: degradation 2 3 4 consumer retailer 5 Reduce: PEF is superior allowing thinner applications and reducing weight by more than 20% in line with European legislation Reuse: PEF in combination with PET allows PET bottles to be reused by up to 5x more Recycle: • • PEF has a proven fit with existing sorting and recycling facilities PEF can substitute small and multi-layer packaging that cannot be recycled Degradable: when PEF unintentionally ends up in nature, tests show that PEF degrades Degradation tests show that PEF degrades much faster than PET under industrial composting conditions (250-400 • days with air/oxygen @ 58°C in soil)* Initial results from ongoing 10-year degradability field trial demonstrate that PEF degrades under ambient conditions** * Accelerated study by OWS, Gent, Belgium ** Trial by Avantium and University of Amsterdam 15#161. The Problem 2. Our Solutions 3. The (Future &) Benefits 4. Key Takeaways 5. Addendum FDCA, the building block for PEF, the plastic of the future Superior performance, sustainable and well-positioned for (high-) value applications Highly differentiated performance plastic PEF 100% PLANT-BASED 100% RECYCLABILITY PLASTIC GAS BARRIER LIGHTWEIGHT KG HEAT RESISTANCE High-value PEF applications Multi-layer bottles PEF as barrier layer providing performance and enabling recycling Single-layer bottles Single-layer PEF in small bottles for soft drinks, beer and juice; replacing glass bottles, aluminium cans and multilayer bottles, enabling closed-loop recycling Film PEF film in recyclable flexible packaging or as film used in electronics applications (e.g. displays) Avantium | Investor Presentation H2 2021 16#171. The Problem 2. Our Solutions 3. The (Future &) Benefits 4. Key Takeaways 5. Addendum ◉ Example: partnership with PabocoⓇ Industry consortium developing the 'Paper Bottle' Paboco®, Paper Bottle Project, an innovation community joining leading brands ALPLA Carlsberg The Absolut Company avantium Pernod Ricard COCA-COLA IN EUROPE L'ORÉAL BILLERUDKORSNÄS TEINDE OF " Carlsberg presented the first prototypes of the Paper Bottle in October 2019, testing in 2020 PEF will provide the Paper Bottle with the high barrier properties needed for beverages such as beer and carbonated soft drinks Avantium and Carlsberg signed a Collaboration Agreement to jointly develop several PEF applications, with the aim to validate the circularity of the applications and to establish the demand for commercial production from Avantium's flagship plant Carlsberg PROUD PANDEE ER N Avantium | Investor Presentation H2 2021 17#181. The Problem 2. Our Solutions 3. The (Future &) Benefits 4. Key Takeaways 5. Addendum PlantMEG™, a key ingredient for plastics and textiles Meeting the needs of consumers Consumers are increasingly making environmentally conscious choices: I choose... Brands must adapt to Large end- their consumers: ...the way I dress markets: Textiles Value proposition: The use of plantMEGTM will provide brands with a sustainable, recyclable, and innovative ingredient capable of attracting environmentally conscious consumers. Favourable global MEG market dynamics: Projected to grow from 28 million tonnes to 35 million tonnes in 2035 with a CAGR of 3.5% Impact: Significant CO2 reduction compared to fossil-MEG and independent from fossil feedstock ...the way I eat Packaging Cost competitive: Best-in-class ...the way I move Automotive ...the way I live Furniture Avantium | Investor Presentation H2 2021 catalytic process making single-step plantMEGT costcompetitive with chemical equivalence Scalable: Demonstration plant opened in 2019 and was successfully commissioned in 2020, with a clear path to scale-up and commercialisation Strong IP position and know-how (15 patent families) Source: Nexant Petrochemical Market Dynamics, Polyester & Intermediates, 2017 18#193. MONETISE FDCA, THE KEY BUILDING BLOCK FOR PEF Avantium | Investor Presentation H2 2021 19#201. The Problem 2. Our Solutions 3. The (Future &) Benefits 4. Key Takeaways 5. Addendum Scaling-up FDCA/PEF: first-to-market advantages Achievements and next steps Y FLAGSHIP 2023 onwards INDUSTRIAL 2024 and beyond ◉ Global " >100 kilotonnes/annum/plant " Delfzijl " 5 kilotonnes/annum Commercial launch " LABORATORY " 2008 Amsterdam Kilogrammes/annum PILOT 2011 - today ■ Geleen " Tonnes/annum Innovative research " Technology development " Technology fully Final Investment Decision proven Avantium | Investor Presentation H2 2021 Licensing: cashflow and profit growth driver Technology leadership (i.e. no new inventions required) 20 20#211. The Problem 2. Our Solutions 3. The (Future &) Benefits 4. Key Takeaways 5. Addendum Addressing $200B+ markets FDCA/PEF: focus on (high-)value applications Collaborations im PILOT: 10t/a €0-1,000/kg Providing customers with FDCA & PEF for testing and application development purposes 2020 2021 2022 Product offtake im in in in in Licensing FLAGSHIP: 5kt/a €8-10/kg Niche, high-value applications 300kt/a-6% CAGR INDUSTRIAL: 100kt/a €4-5/kg Value applications 5-10mt/a 3.6% CAGR 0.5L 0.5L 2023 2024 Price/kg: market price estimates to be competitive in that particular market segment in in in in in in i INDUSTRIAL: >250kt/a €1.5-2.5/kg Mainstream applications >70mt/y 4.2% CAGR 1L 1L it Longer term Avantium | Investor Presentation H2 2021 Sources: Report Global Multilayer PET bottles Industry 2019-2020; The Future of High Barrier Packaging Films to 2024; Soft drink database 2015; Packaging master database 2015 21#221. The Problem 2. Our Solutions 3. The (Future &) Benefits 4. Key Takeaways Partnerships throughout the PEF value chain Validating the commercial production and driving commercialisation Some examples: Feedstock Engineering Polymerisation Tereos Worley Selenis Specialty Polyesters Solutions TOYOBO Funding partners (grants): BIO-BASED INDUSTRIES ** PEFerence The Renewable Innovation 5. Addendum Converters Brand owners Consumers TOYOBO Refresco Carlsberg TERPHANE Resilux LEGO MITSUI&CO. HUSKY Henkel Logoplaste ALPLA Horizon 2020 European Union Funding for Research & Innovation nationaal programma groningen Funding partners (equity): Worley provincie groningen NOM Groningen Consortium GRONINGEN SEAPORTS *NIEUWE DOEN RINGS GROElfonds Instwert in Nocringy Avantium | Investor Presentation 22#231. The Problem 2. Our Solutions 3. The (Future &) Benefits 4. Key Takeaways 5. Addendum FDCA flagship plant: expected start-up in 2023 Flagship plant: validate marketed products and production Scale 5 kilotonnes of FDCA/annum Location Chemie Park Delfzijl Market focus High-value applications Timing Operational in 2023 Objective Market launch Partners Committed partners throughout the value chain Earnings model Unlocking licensing business in high-volume markets Funding €150 million (excl. 20% contingency) Rendered image of the Flagship Plant design Greenfield plot @ Chemie Park Delfzijl Avantium | Investor Presentation H2 2021 23#241. The Problem 2. Our Solutions 3. The (Future &) Benefits 4. Key Takeaways 5. Addendum Avantium | Investor Presentation H2 2021 Update on the Final Investment Decision process Avantium will take the Final Investment Decision (FID) concerning the construction of the FDCA flagship plant when the following Key Conditions are satisfied: 1. Securing €150m financing (excl. 20% contingency) 2. Obtaining sufficient offtake commitments 3. Engineering & supply chain 24 24#251. The Problem 2. Our Solutions 3. The (Future &) Benefits 4. Key Takeaways 5. Addendum Term sheets signed with Worley and Groningen Consortium Subject to multiple conditions 1 Avantium Renewable Polymers ("RNP") Groningen Consortium 2 Worley energy chemicals | resources €10m €30m new equity €20m provincie groningen NUM SP GRONINGEN SEAPORTS AGSF NIEUWE DOEN G GRONINGEN GROElfonds Investeert in Noord-Groningen Avantium | Investor Presentation H2 2021 Contribution in kind nationaal programma groningen 3 €7.5m grant Groningen Consortium €2.5m subordinated debt Part of the previously agreed conditional financing of €30m 25#261. The Problem 2. Our Solutions 3. The (Future &) Benefits 4. Key Takeaways 5. Addendum Update funding FDCA flagship plant (Avantium subsidiary) Estimates in €m 35 150 40 1 2 3 20 20 Committed Netherlands Enterprise Agency The Dutch government Corporate Financing Guarantees (GO and GO-C) give banks a Dutch state guarantee of 50%, 80% or 90% on medium-sized and large loans issued to Dutch corporates. 55 Total funding need¹ Avantium Group² 1. Excluding 20% contingency Conditional financing by Groningen Consortium (equity, grant, debt) and Worley (equity) BBI grant³ 2. €35 million will be funded by Avantium of which €26.5 million has already been invested as per 30 June 2021 3. BBI JU grant under grant agreement No 744409. To date, €6.5 million cash has been received Additional debt, equity and grants4 4. Avantium Renewable Polymers is in continued discussions with a number of debt providers on the remainder of the required financing, including funding of the 20% contingency Avantium | Investor Presentation H2 2021 26#271. The Problem 2. Our Solutions 3. The (Future &) Benefits 4. Key Takeaways 5. Addendum Key commercial condition satisfied Offtake commitments for >50% of the output of the FDCA flagship plant signed First five conditional offtake agreements signed for the supply of PEF resin to manufacture food packaging for bottles and films: Major food & beverage brand owner (Global) Refresco (The Netherlands) TERPHANE TOYOBO (Japan) (USA) Resilux (Belgium) This represents over 50% of the flagship plant FDCA production capacity The commercial partners will purchase Avantium's FDCA at agreed price levels for a period of at least five years The commitments are subject to a positive FID and financial closing, other approvals and party- specific conditions Avantium | Investor Presentation H2 2021 27#281. The Problem 2. Our Solutions 3. The (Future &) Benefits 4. Key Takeaways 5. Addendum Testimonials commercial partners TOYOBO "Toyobo believes PEF is the only bio-based polymer which has superior properties compared to its closest fossil based equivalent. PEF fits well in our strategy to introduce sustainable and innovative materials and products to the market." - Chikao Morishige, Senior Managing Executive Officer at Toyobo. "The partnership with Avantium will enable us to reduce waste and the carbon footprint of our packaging material, a key part of our sustainability programme Together Towards ZERO. We highly value the many performance and sustainability features of PEF. Together, we aim at shaping the next-generation packaging for a circular and low-carbon future" - Myriam Shingleton, Vice President Group Development at Carlsberg Group Carlsberg Refresco "With PEF, we will be able to offer retailers and branded beverage companies another sustainable and renewable packaging solution. As PEF is plant- based and fully recyclable, it is well aligned with our efforts to increase recycled content in our packaging and offer circular solutions." - Hans Roelofs, CEO of Refresco Avantium | Investor Presentation H2 2021 "Terphane is continuously looking for solutions to improve the barrier properties of packaging material and extend the shelf life of the packaged products. We strongly believe that PEF offers this with its improved barrier."- Marcos Vieira, North America Sales and Global R&D Director "PEF will allow us to offer sustainable solutions in special, high end Resilux applications. We are pleased to be one of the first companies that will bring this innovative material to the market." - Dirk De Cuyper, CEO of Resilux TERPHANE 28#291. The Problem 2. Our Solutions 3. The (Future &) Benefits 4. Key Takeaways 5. Addendum Avantium | Investor Presentation H2 2021 Engineering completed & supply chain established Engineering: Front-End-Engineering and Design (FEED) phase of the flagship plant is completed Heads of terms of the engineering, procurement and construction (EPC) contract for the FDCA flagship plant established with Worley Avantium and Worley foresee to collaborate in the execution phase of Avantium's licensing strategy Supply chain: Agreement on the principal terms for a multi-year commercial polymerisation agreement with Selenis Avantium and a European feedstock provider reached agreement on the terms of a strategic supply contract for the supply of high fructose syrop as the feedstock for the FDCA flagship plant Worley energy chemicals | resources Selenis Specialty Polyesters Solutions 29#303. MONETISE plantMEG™M, A KEY INGREDIENT FOR PET AND PEF Avantium | Investor Presentation H2 2021 30#311. The Problem 2. Our Solutions 3. The (Future &) Benefits 4. Key Takeaways Scaling-up and commercialising plantMEG™M PlantMEG™ has potential in existing markets and applications Y LABORATORY " 2010 " Amsterdam Kilogrammes PILOT FLAGSHIP 2024 - 2025 Location TBD " Scale TBD Commercial launch plantMEG™ " 2020 start-up ■ " Delfzijl 10 tonnes Innovative research " Develop technology & " economic feasibility 5. Addendum INDUSTRIAL " " TBD Global Industrial scale Licensing: cashflow and profit growth driver Validation of technology and data: 1 year after pilot plant is fully operational Contemplated joint venture with Cosun Estimated timelines: Technology leadership ✓ Process Design Package 6 - 12 (i.e. no new inventions required) months ✓ Front-End Engineering Design 6 12 months Beet Co. to construct & ✓ Construction ~2 years Cosun Beet operate commercial COMPANY plant Avantium | Investor Presentation H2 2021 31#32ray 1. The Problem 2. Our Solutions 3. The (Future &) Benefits 4. Key Takeaways 5. Addendum Avantium and Cosun Beet Company Join Forces Ambition to jointly construct and operate the first plant-based glycols commercial plant Envisioned Commercial Plant: • Jointly owned by Cosun Beet Co & Avantium • Products: Ray plantMEGT • •Ray plantMPGTM •Ray Glycerine •Technology: Ray TechnologyTM license sale from Avantium • Feedstock: Beet sugar from Cosun Beet Co. • Location: Northwestern Europe • Investment decision (FID): 2023 • Desired start-up: 2025 Avantium | Investor Presentation H2 2021 32 32#331. The Problem 2. Our Solutions 3. The (Future &) Benefits 4. Key Takeaways 5. Addendum Cosun Beet Company & Avantium: Complimentary Capabilities to Market Plant-based Glycols beet sugar refining Cosun Beet COMPANY From beet fields to high quality refined sugar Cosun Beet COMPANY SUGAR E Ray Technology™ ray avantium Ray plantMEGT Ray plant MPG™ From sugar to high quality plant-based glycols Cosun Beet COMPANY avantium Avantium | Investor Presentation H2 2021 33#341. The Problem 2. Our Solutions 3. The (Future &) Benefits 4. Key Takeaways ° • Partnerships throughout the plantMEGTM value chain Driving commercialisation in existing MEG-markets Multiple partners possible: Feedstock providers who wish to diversify their markets Chemical companies with the aspiration to transition to fossil-free chemicals Consumer brands who are looking for plant-based solutions for textiles and packaging Fibers PET Apparel Feedstock Engineering Polymerisation Converters " Furniture PEF Cosun Beet COMPANY Funding partners (grants): SNN Europese Unie VEHICLE IMPRESS Automotive Resin: Bottles Packaging Other: ☐ Solvents (e.g. paint and coatings) Coolants 5. Addendum Brand owners Consumers Avantium | Investor Presentation H2 2021 34#354. KEY TAKEAWAYS Avantium | Investor Presentation H2 2021 35#361. The Problem 2. Our Solutions 3. The (Future &) Benefits 4. Key Takeaways 5. Addendum Avantium | Investor Presentation H2021 Evolution of Avantium since IPO Accelerating the transition towards a circular economy THEME 1 Who is driving change? 2 Business model (Avantium Renewable Polymers) 3 Industrial partners (Avantium Renewable 4 от Polymers) Offtake partners 2017 (@IPO) Industry & Governments Joint venture (Synvina) 49% ownership Avantium BASF None 2021 (delayed to 2023 in 2018) 5 Timing start-up flagship plant 6 Scale flagship plant 25-50 kt/a Antwerp 7 Market focus (Avantium Renewable Polymers) Commodity applications 8 Technology (Avantium Renewable Polymers) Mostly developed 9 Sustainability focus 10 Development programmes (Avantium Renewable Chemistries) • • Renewable source • PlantMEGTM: laboratory (AMS) · Biorefinery: laboratory (AMS) Electrochemistry: laboratory (AMS) TODAY Consumers Avantium with minority partners >50% ownership Avantium, master of own destiny Term sheets signed with Worley and Groningen consortium Five offtake commitments signed representing >50% over the flagship plant output 2023 5 kt/a Delfzijl High-value applications Fully proven & de-risked Fully circular (reusable, recyclable and degradable) . . PlantMEGTM: pilot plant (Delfzijl) • Biorefinery: pilot plant (Delfzijl) Electrochemistry: Pre-pilot units (AMS) 36#371. The Problem 2. Our Solutions 3. The (Future &) Benefits 4. Key Takeaways 5. Addendum Avantium | Investor Presentation H2 2021 Value drivers Summary of milestones reached and key upcoming potential milestones FDCA / PEF PlantMEGT Other ✓ 2020 Q1 2021 €20M PEFerence grant and €30M conditional equity funding for flagship FDCA/PEF plant Joined the PabocoⓇ Paper Bottle Project Signed the first four offtake commitments, representing over 50% of the flagship plant capacity ✓ Engineering has reached the final stages ✓ Successful commissioning and start-up of the plantMEG™ demonstration plant ✓ Unveiled Sustainability Plan Chain Reaction 2030 ✓ Proven revenue stream Catalysis Business Explore partnerships to further develop and scale-up other pipeline programmes 2021-2023 Key commercial condition satisfied Engineering completed & supply chain established Secure the remainder of the required funding for FID Start construction PEF flagship plant Commercial roll-out PEF licensing agreements in place ✓ Envisaged joint venture with Cosun Beet Co. to construct and operate commercial glycols plant Engineering of commercial plantMEG™ plant Commercial validation plantMEGT Financing and partnerships plantMEG™ Financing and partnerships for other programmes in the pipeline Scale-up other programmes in the pipeline 37#381. The Problem 2. Our Solutions 3. The (Future &) Benefits 4. Key Takeaways 5. Addendum Investment highlights Avantium offers solutions for consumer-driven renewable trends of plastic waste and CO2 reduction Avantium | Investor Presentation H2 2021 Renewable feedstock textiles packaging film Leading innovative products FDCA and plant-MEG are the key ingredients for novel polymer PEF: 100% plant-based, recyclable and degradable with superior performance Addressing $200B+ end-markets with consumers demanding change Pipeline of innovative chemical technologies at various stages of commercialisation Partnerships with industry leaders and brand owners to make innovations global successes Scalable licensing business model with a clear growth path to profitability, balancing risk and reward Proven ability to scale with three operational pilot plants, state of the art R&D lab and robust portfolio of 137 patent families Strong management, board and technical & commercial team and a proven revenue- generating track record with the Catalysis business ESG is built into Avantium's DNA and drives the company's business model 38#39Avantium | Investor Presentation H2 2021 5. ADDENDUM σε#40Avantium | Investor Presentation H2 2021 Contents Addendum Financial Overview (39 - 41): Consolidated statement of comprehensive income 2018 -2020 (39) Consolidated balance sheet 2018 -2020 (40) Consolidated cash flow statement 2018 2020 (41) Shareholder structure (42) Technologies & business units (43 - 48): FDCA / PEF technology (43-44) PlantMEG™ technology (45) Avantium Catalysis business unit (46) Biorefinery technology (47) Electrochemistry technology (48) Other (49-53): ESG: Chain Reaction 2030 (49) The new plastics economy; change driven by consumers (51) 2020 was a promising year for bio-based polymers (52) 40 40#411. Financial overview 2. Shareholder structure 3. Technologies & business units 4. Other Consolidated statement of comprehensive income in Euro x 1,000 Continuing operations Revenues Other income Total revenues and other income Operating expenses 2020 Year ended 31 December 2019 2018 9,863 8,403 18,266 13,821 11,283 4,217 18,038 3,637 14,920 Raw materials and contract costs (2,339) (3,666) Employee benefit expenses (19,262) (19,747) (3,065) (13,731) Office and housing expenses (1,990) (1,800) (2,208) Patent, license, legal and advisory expenses (4,204) (3,185) (1,897) Laboratory expenses (3,664) (3,606) Advertising and representation expenses (679) (1,438) (1,737) (1,311) Expense due for onerous contract 492 Other operating expenses Net operating expenses (1,528) (33,173) (724) (890) (35,056) (13,088) (447) (37,483) EBITDA (14,907) (17,018) Depreciation, amortisation and impairment (7,597) (5,948) (22,563) (1,799) charge EBIT (22,504) (22,966) (24,362) Finance costs net (325) Share in loss of joint ventures Loss before income tax (22,830) (319) (259) (23,544) (68) (43,948) (68,378) Income tax expense Loss for the period (22,830) (23,544) (68,378) Total comprehensive expense for the year (22,830) (23,544) (68,378) Avantium | Investor Presentation H2 2021 Loss attributable to: Owners of the parent (22,830) (23,544) (22,830) (23,544) (68,378) (68,378) Total comprehensive expense attributable to: Owners of the parent (22,830) (23,544) (68,378) (22,830) (23,544) (68,378) 41#421. Financial overview 2. Shareholder structure 3. Technologies & business units 4. Other Consolidated balance sheet in Euro x 1,000 Assets Non-current assets As at 31 December 2020 2019 2018 Property, plant and equipment 25,198 27,677 15,186 Intangible assets Right-of-use assets 559 9,042 684 9,732 722 Investments in joint ventures and associates Total non-current assets 34,799 38,092 4,249 20,157 Current assets Inventories Trade and other receivables Cash and cash equivalents Total current assets 1,225 7,333 1,440 11,541 1,160 26,626 35,184 45,443 58,425 9,307 83,302 93,769 Total assets 69,983 96,517 113,926 Equity Equity attributable to owners of the parent Ordinary shares 2,591 Share premium Other reserves 204,296 10,407 Accumulated losses (171,057) Total equity attributable to the owners of the 46,238 2,583 204,296 9,862 (148,527) 68,215 2,583 204,296 9,331 (125,053) 91,157 Total equity 46,238 68,215 91,157 Liabilities Avantium | Investor Presentation H2 2021 Non-current liabilities Lease liabilities Total non-current liabilities 8,003 8,003 9,264 9,264 Current liabilities Lease liabilities 1,703 Trade and other payables 13,894 1,534 17,367 Provisions for other liabilities and charges 145 Total current liabilities 15,742 137 19,038 9,525 13,244 22,769 Total liabilities 23,745 28,303 22,769 42 Total equity and liabilities 69,983 96,517 113,926#431. Financial overview 2. Shareholder structure 3. Technologies & business units 4. Other Consolidated cash flow statement in Euro x 1,000 Year ended 31 December 2020 2019 Cash flows from operating activities Loss for the year from continuing operations Adjustments for: - Depreciation of property, plant and - Amortisation (22,830) 5,818 152 - Depreciation of right of use assets - Share in loss of joint ventures - Share-based payment Finance costs net - Non cash portion of onerous contract - Impairment of property, plant and Changes in working capital (excluding - Decrease/(increase) in inventories - Decrease/(increase) in trade and other (Decrease)/increase in trade and other - Increase/(decrease) in provisions Interest (paid) on current accounts Net cash used in operating activities 2018 (23,544) (68,378) 1,589 839 4,130 183 1,635 259 599 1,550 249 43,948 1,169 325 319 68 (492) 492 38 215 4,251 (3,228) 7 (13,315) (280) (2,192) 8,442 (13,107) (23,064) 95 171 (789) 13,107 (8,810) (69) (13,383) (17) (23,080) (24) (8,834) Cash flows from investing activities Purchases of property, plant and equipment Purchases of intangible assets (3,425) (27) Acquisition of subsidiary Net cash used in investing activities (3,453) (8,458) (86) (4,189) (12,734) (7,958) (120) (8,078) Avantium | Investor Presentation H2 2021 37 27 19 (1,946) (2,021) 56 (94) (2,032) 43 (80) (18) 45,443 (1) 26,626 (37,846) 83,302 (12) 45,443 (16,930) 100,237 (5) 43 83,302 Cash flow from financing activities Interest received from current accounts Principal elements of lease payments Other interest received Other interest paid and financing costs Net cash generated from financing activities Net decrease in cash and cash equivalents Cash and cash equivalents at beginning of the Effect of exchange rate changes Cash and cash equivalents from continuing (72) (1,981) (18,817)#441. Financial overview 2. Shareholder structure 3. Technologies & business units 4. Other Shareholder Structure & Research Coverage Avantium | Investor Presentation H2 2021 Investor Ownership Last Reporting Date ■ Ticker: AVTX - Euronext Amsterdam & Brussels ■ # of outstanding shares: 31,253,392 APG 12.0% 15-Apr-2021 Capricorn 9.9% 19-Apr-2017 ■ Analyst coverage: PMV 9.0% 16-Mar-2017 ING Reg Watson ING Corporate 5.5% 12-Apr-2017 Investments Kepler Aescap 4.8% 19-Apr-2021 Cheuvreux Patrick Roquas Rise Merit 4.0% 16-Mar-2017 Vinke 3.8% 28-May-2020 KBC Securities % Degroof Petercam Wim Hoste Timber 3.2% 16-Mar-2017 RobecoSAM 3.2% 19-Apr-2021 Fernand de Boer Free float 44.7% Source: Register substantial holdings and gross short positions of the Dutch Authority for the Financial Markets (AFM)#451. Financial overview 2. Shareholder structure 3. Technologies & business units FDCA/PEF 4. Other PEF versus PET The influence of a small change in chemical structure Property Molecule Density Tm Tg Crystallization time E-modulus Yield strength 02 permeability CO2 permeability PET (Amorphous ) from) 1.36 g/cm³ 250-270°C ~76°C** 2-3 min** 2.1-2.2 GPa 50-60 MPa 0.114 barrer* 0.46 barrer* PEF (Amorphous) 1.43 g/cm³ 210-230°C ~88°C** 20-30 min** 3.1-3.3 GPa 90-100 MPa 0.0107 barrer* 0.026 barrer* *S. Burgess et. al. (PhD project Georgia Tech, funded by The Coca-Cola Company), a.o. Marcomol. 2014, Polymer 2014, J. Polym. Sci. 2014 **A. Codou / L. Martino et al., (Part of EU Project BIOFUR between Avantium and Nice University) a.o. Macromol. Chem. Phys. 2014, Phys. Chem. Chem. Phys. 2016 Avantium | Investor Presentation H2 2021 45#46Biodegradation (%) 1. Financial overview 2. Shareholder structure 3. Technologies & business units FDCA/PEF Biodegradation of PEF: initial results In industrial composting conditions (58 °C in soil) 120 110 100 90 80 70 60 50 40 30 20 10 0 40 80 120 160 200 240 280 320 360 400 440 -10 -20 Time (days) Cellulose PEF unweathered -PET unweathered --PEF weathered PET weathered 4. Other OWS Biodegradation (%) = amount of polymer converted to CO2 Cellulose reference: 60 days to 90% biodegradation PEF (weathered): 240 days to 90% biodegradation PEF (unweathered): 385 days to 90% biodegradation Avantium | Investor Presentation H2 2021 46#471. Financial overview 2. Shareholder structure 3. Technologies & business units PlantMEGT 4. Other Unique single-step process Avantium's plantMEG™ 2 ethanol Sugars INDIA GLYCOLS LIMITED (+2 CO2) 2 ethylene (+ 2 H2O) 2 ethylene oxide plant-MEG Braskem HALDOR TOPSOE H Sugars glycolaldehyde plant-MEG Sugars Catalysis: 1-step plantMEGT avantium m Avantium | Investor Presentation H2 2021 47#481. Financial overview 2. Shareholder structure 3. Technologies & business units Avantium Catalysis 4. Other Profitable Catalysis business Extensive experience as chemicals innovation provider in advanced catalysis R&D Business description Services & Systems Avantium Catalysis provides advanced catalysis R&D Services & Systems to international blue- chip players ■ Avantium Catalysis has provided the technological basis on which many of our innovative technologies have been developed Services: Sustainable solutions to develop innovative and improved chemical processes Systems: Capability to rapidly develop unique new hardware for chemical R&D Financials Revenue (2020): EUR 9.2m (HY2021: EUR 4.3 million) Selection of clients Energies nouvelles ExxonMobil MITSUBISHI CHEMICAL سابك عنداك DOW 中国石化 SASOL lopec AkzoNobel Celanese SEKISUI bp Chevron SCG Avantium | Investor Presentation H2 2021 48#491. Financial overview 2. Shareholder structure 3. Technologies & business units Biorefinery 4. Other Avantium | Investor Presentation H2 2021 Biorefinery: sugars and lignin from non-food biomass Producing chemicals and materials from non-food biomass Benefits sugars from residual forestry and agricultural streams Proven technology with the increasing need of the chemical industry to reduce the reliance on oil Extracts the remaining valuable sugars from non-food sources ■Suitable for locally sourced biomass Market for industrial sugars (glucose) in chemical production The chemical industry consumed $16 billion worth of glucose from starch and sugars in 2019 Source: Sugar Year Book 2019; Corn Refiners Association, "Biorenewable Insights: Conventional Sugars", Nexant (2016) Current status Strong IP position and know-how (13 patent families) Our pilot biorefinery is operational in Delfzijl, the Netherlands, focused on improving efficiency and unit operations We will work with partners on technology scale-up in line with timing of market demand 49#501. Financial overview 2. Shareholder structure 3. Technologies & business units Electrochemistry 4. Other Avantium | Investor Presentation H2 2021 Converting CO₂ to chemicals via electrochemistry 2 Unlocking a new renewable feedstock for the chemical industry Benefits electrochemical CO2 conversion Preventing CO2 emissions of industrial parties Enabling cleaner chemical processes Turning waste into valuable products Current status Strong IP position and know-how (36 patent families) Pre-pilot test units opened in 2019 in the Port of Amsterdam Leading patent portfolio: global top-5 in electrochemical CO2 conversions Cooperation with >35 partners in European grant consortia, also providing >€5M of grants Founding member of CO 2 Value Europe 50#511. Financial overview 2. Shareholder structure 3. Technologies & business units 4. Other Avantium | Investor Presentation H2 2021 ESG: our sustainability priorities At Avantium, sustainability is built into our very purpose. It drives our employees, informs our technology development and excites our commercial partners Every technology we develop affirms our commitment to helping create a fossil-free future for the planet In February 2021, Avantium published its Sustainability Plan ‘Chain Reaction 2030': a pioneering roadmap to achieve a fossil-free chemical industry by 2050 CHAIN REACTION 2030 Towards a fossil-free chemical industry by 2050 51#521. Financial overview 2. Shareholder structure 3. Technologies & business units 4. Other Chain Reaction 2030 - At a glance Our Technologies We will accelerate innovation to deliver products that use renewable carbon and support the circular economy. Targets By 2030, our technologies will deliver 1.5 million tonnes of CO, savings across the chemical industry. By 2030, we will become a circular business. By 2030, 100% of our plant-based feedstock for Renewable Polymers and Renewable Chemistries will come from sustainable sources. Our Technologies A fossil-free chemical industry in 2050 Our O Operations Our Operations We will minimise the impact of our own operations and have net-zero carbon emissions. Targets Y 0 By 2030, our own operations will achieve net-zero carbon emissions. By 2025, we will send zero non-hazardous waste to incineration and landfill. By 2023, all our plants will achieve an ISO45001 certification (healthy and safe working environment). Our Leadership We will be the leading advocate for greater action by the chemical industry to address the climate emergency. Targets By 2030, 100% of our advocacy will focus on transforming the chemical industry to becoming circular and fossil-free. Leadership Our People Avantium | Investor Presentation H2 2021 Our People We will mobilise our colleagues and the next generation of scientists to help solve the climate's most pressing problems. Targets (88 By 2030, Avantium will be one of the 10 best companies to work for in the Netherlands. By 2030, we will have engaged 100,000 students about using chemistry to create a fossil-free world. By 2025, we will improve upon our baseline of being an inclusive and diverse company, ensuring that we are representative of the societies and communities we operate within. 52#531. Financial overview 2. Shareholder structure 3. Technologies & business units 4. Other The new plastics economy; change driven by consumers Si cor WARNING TOP dont Let dersing Sto Se F Oint IT'S GETTING IN HOTHERE STOP BURN ALL HAT C RESPECT Yout NET MOTHER THIS PLA FUTURE C Card for our Wa "PERU RESTRICTS SINGLE-USE PLASTIC" NATIONAL GEOGRAPHIC "D.C. PLASTIC STRAW BAN BEGINS" NATIONAL GEOGRAPHIC "CANADA AIMS TO BAN SINGLE- USE PLASTICS BY 2021." Circular Economy facilitating 6 CLEAN WATER AND SANITATION 7 AFFORDABLE AND CLEAN ENERGY 8 12 RESPONSIBLE CONSUMPTION AND PRODUCTION 13 CLIMATE ACTION TECTIONS SUSTAINABLE DEVELOPMENT GOALS DECENT WORK AND ECONOMIC GROWTH 11 SUSTAINABLE CITIES AND COMMUNITIES LIFE 14 BELOW WATER 15 LIFE ON LAND G Avantium | Investor Presentation H2 2021 Greenpeace Philippines gpph-Jul 2 It's #Plasticfreely Here are things we can start doing now to #breakfree from plastic Let's also call on the gov't & businesses to replace single-use with REAL solutions, if we want a #BetterNormal in our cities. Take a stand by signing up >> act gp/betternormal Oceana SC @OceanaSC. 29 jul. That's why we need policies that reduce the production and use of single- use plastics. In the spirit of #PlasticFreeJuly, help us make that happen. Sign Oceana's petition in support of the Break Free From Plastic Pollution Act: bit.ly/2Yljraz #BreakFreeFromPlastic Big consumer brands aim to use 100% reusable, recyclable or compostable packaging by 2025 ecover PEPSICO evian amcor Unilever Werner & Mertz Professional M&S L'ORÉAL PARIS Coca-Cola Mars Walmart Source: National Geographic.com, Bioplasticsnews, Globenewswire.com 53#541. Financial overview 2. Shareholder structure 3. Technologies & business units 4. Other Avantium | Investor Presentation H2 2021 2020 was a promising year for bio-based polymers In 2020, the total production volume of bio-based polymers was 4.2 million tonnes (1% of the total production volume of fossil-based polymers) The CAGR is, with 8%, significantly higher than the overall growth of polymers (3–4 %) – this is expected to continue until 2025 - Overall, the global land requirement for bio-based polymers is only 0.006 % of the global agricultural land Production 400 350 300 250 200 150 100 50 Plastics production from 1950 to 2019 Bio-based worldwide 3.8 million 2019 Fossil-based worldwide 373 million t incl. Europe (EU28+ NO/CH) 64 million t 1950 1955 1900 1965 1970 1975 1980 1935 1990 1995 20:00 2005 2010 2015 2020 available at www.newable-sertion.graphics includes thermoplast cs, polyurethanes, thermosets, elastomar coalingan saints and PP-Bores. Not included PP, and polyacryl-res Data sources PasticeEurope, Consutic and nova Institute nova Institute.eu | 2021 Source: Nova Institute, Report on the global bio-based polymer market 2020 - A deep and comprehensive insight into this dynamic market (28 January 2021) 54#55Thank You [email protected] Avantium | Investor Presentation H2 2021 55