#1avantium Investor Presentation February 2022 Avantium | Investor Presentation Q1 2022 1#2_ Avantium | Investor Presentation Q1 2022 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issue, or a solicitation of any offer to buy or subscribe for any securities of the Company in any jurisdiction, and is not for publication or distribution in the US or to persons in the US (within the meaning of Regulation S under the US Securities Act of 1933 (the "Securities Act")), Canada, Japan, Australia or any other jurisdiction where such distribution or offer is unlawful. The Company does not intend to register any portion of the offering in the United States or to conduct a public offering of any securities in the United States. Subject to certain limited exceptions, neither this Presentation nor any copy of it may be taken, transmitted or distributed, directly or indirectly, into the US, its territories or possessions. The distribution of this Presentation in other jurisdictions may be restricted by law and persons into whose possession this Presentation comes should inform themselves about, and observe, any such restrictions. Disclaimer 2#3Today's speakers Tom van Aken CEO Since 2002 25y of industry experience Selected previous experience: DSM Bart Welten CFO Since 2020 30+y of industry experience Selected previous experience: CENTRIENT Pharmaceuticals DSM Kiadis Avantium | Investor Presentation Q1 2022 3#4Introduction Avantium | Investor Presentation Q1 2022 4#5Avantium at a glance: a pioneer in renewable chemistry Who we are A pioneer in the emerging industry of renewable chemistry Our mission Create disruptive technologies to accelerate transition from fossil- based to renewable and circular plastics avantium Our ambition A fossil-free chemical industry by 2050 Avantium | Investor Presentation Q1 2022 5#6Increasing worldwide use of plastics causes major environmental challenges Global plastics production will triple by 2050 Plastic production and waste cause major environmental problems Annual Emissions from the Plastic Lifecycle 295. 615 Coal Plants Plastic pollution 2020 2050 15Mt 1964 367Mt 2020 1,200 Mt 2050 189 Coal Plants 0.86 GE CO, Coal Plants 1.34 Gt COe 2.80 Gt CO₂e 2019 2030 Sources: Ellen MacArthur Foundation; Plastics Europe; World Economic Forum; Nova Institute 2020; Center for International Environmental Law (CIEL) 2050 1:5 DD >1:1 _ Avantium | Investor Presentation Q1 2022 9#7Next generation consumers calling for action CLIMATE IS CHANGING WHY ARENT WE? 85% of global respondents among millennials feel strongly that companies should help improve the environment Governments putting regulatory targets & frameworks in place The European Green Deal EU PLÁSTICS STRATEGY "Single-use plastics are now forbidden in the EU when an affordable alternative exists" US PLASTICS PACT "By 2025, all plastic packaging is 100% reusable, recyclable or compostable" _ Companies throughout the value chain are shifting towards sustainable and carbon neutral plastics NETW PLASTICS CONOMY Global Commitment "By 2025, all of our plastic packaging will be 100% reusable, recyclable or compostable to help build a circular economy for plastic" Coca-Cola DANONE SOLVAY H&M Sources: Ellen MacArthur Foundation; Plastics Europe; World Economic Forum; Nova Institute 2020; Center for International Environmental Law (CIEL); Nielsen Holdings Note: (1) Sample of companies committed to Ellen MacArthur foundation's sustainable goals DS Smith Avantium | Investor Presentation Q1 2022 RALPH LAUREN BOREALIS Cargill 7#8Fossil-based products are expected to phase out World plastic and chemicals production (in Mt) Sustainable 40 Mt 10% 400 360 Mt Fossil-based 90% Sources: Nova Institute 1,200 Key market drivers Demographic growth and increasing purchase power of a growing worldwide middle class 1,200 Mt Sustainable 100% Tougher regulations geared towards recycling and/or bio-based feedstock, combined with neutral carbon footprint via CO2 taxation Increasing industry commitment towards sustainable products Avantium | Investor Presentation Q1 2022 0 Mt 0% Fossil-based t↓t Product performance determines size of market, speeds of adoption and price level 2018 2050 80#9Avantium offers disruptive technologies for the production of PEF Renewable feedstock plantMEG FDCA 666 Technology pipeline Packaging Textile PEF Films Numerous other applications Avantium | Investor Presentation Q1 2 9#10Avantium's cutting-edge PEF led to numerous strategic collaborations & recent offtake agreements DANONE Coca-Cola Development of PEF for beverage applications avantium Carlsberg Group "We highly value the many performance and sustainability features of PEF" High R&D collaborations performance PEFerence The Renewable Innovation Carlsberg Group Nestle 8 W Avantium | Investor Presentation Q1 2022 TERPHANE PEFerence aims to establish an innovative supply chain for FDCA & PEF Henkel LEGO Tereos ALPLA Worley ke ny "We strongly believe that PEF improves the barrier properties of packaging materials and extends shelf life" "PEF will allow us to offer sustainable solutions in special, high-end applications" Resilux "With PEF, we will be able to offer another sustainable and renewable packaging solution" Cost competitive Long-term offtake agreements Refresco "Toyobo believes PEF is the only bio-based polymer which has superior properties compared to its closest fossil-based equivalent" TOYOBO Fully sustainable Major food & beverage brand owner 10#11Avantium's succesful trajectory towards growth (1) 20+ 135+ €12.5m 2 Years of R&D Patents Profitable Core products catalysis business 2006 Initiating PEF technology Exit JV BASF (2016-2019) 2017 00 2021 2022 Carlsberg Worley Refresco GRONINGEN SEAPORTS Resilux TOYOBO 888 F Strategic & commercial partners 225+ Employees 3 Pilot plants EGM approval capital raise Establish plantMEG JV Sale of 1st PEF licenses 2026 2023 2024 2019 IPO on Euronext Amsterdam & Brussels FID Flagship Plant FDCA Commercial offtake agreements Commissioning Flagship Plant FDCA Start-up 1st Commercial plantMEG Plant Sale of 1st plantMEG licenses Note: (1) Avantium 2019 results 11 Avantium | Investor Presentation Q1 2022#12Key investment highlights 1 Avantium | Investor Presentation Q1 2022 Cutting-edge products & technologies Successful execution of strategy avantium Accelerating market adoption to renewable & circular plastics Attractive addressable markets 2 Clear path to growth 4 3 12 12#13Part 1: CUTTING-EDGE PRODUCTS & TECHNOLOGIES Avantium | Investor Presentation Q1 2022 13#14PEF is a 100% plant-based plastic made from FDCA and plantMEG Feedstock flexible Unique technological platform centered around catalysis process Broad range of applications Agri crops Agri & forestry residue Forest residues: softwood and hardwood chips Corn stover Bagasse FDCA Plant-based sugar Crude Pure FDCA PEF 250 ml APPROX FDCA 200 150 100 plantMEG Packaging Film Textile Furniture Textile Automotive Packaging Solvent & Coolants MEG Avantium | Investor Presentation Q1 2022 14#15Avantium's PEF addresses the need for a circular new plastics economy PEF solves the challenges of today's conventional plastics Challenges cannot be solved by recycling only O « Unintended leakage Recycle Proven fit with existing sorting and recycling facilities Reuse PEF in reuse applications currently under development Bio-based feedstock PEF is 100% plant-based Notes: (1) Trial by Avantium and University of Amsterdam; (2) National Association for PET Container Resources Degradable (1) America simply does not have enough recycled PET supply or processing capacity to satisfy commitments being made by brand owners to increase recaptured resin content in their bottles. NAPCOR(2) الى المبرم "We won't recycle or dispose our way out of plastic pollution... Future scenarios focused on collection, recycling, and disposal alone have been shown to fall short, with high ocean leakage and GHG emissions... Upstream innovation offers opportunities to rethink how products can be delivered to users without the need for single-use packaging. The global commitment 2021 Progress Report ELLEN MACARTHUR FOUNDATION UN → environment " " Avantium | Investor Presentation Q1 2022 15#16Showing enhanced performance while being cost competitive Enhanced product properties Gas barrier Lightweight Heat resistance Enhanced performance R avantium Fully Sustainable Avantium | Investor Presentation Q1 2022 Volume economies of scale € Cost competitive Today: High-value applications € € € Tomorrow: Value applications € € Longer-term: Mainstream applications € 16#17plantMEG is a key drop-in ingredient for large end-markets Avantium value proposition plantMEG will provide brands with a sustainable & innovative ingredient Key ingredient in a wide range of end applications (PEF, fibers, PET, coolants, solvents and other performance applications) Significant CO2 reduction impact compared to fossil-MEG and independent from fossil feedstock Cost competitive with fossil equivalent by superior single-step catalytic process avantium € 0000 Pilot Plant successfully commissioned in 2020, with a clear path to scale up towards commercialization 會 EDD لسا Avantium | Investor Presentation Q1 2022 Strong IP position and know-how (15 patent families) Drop-in, no need to develop the market (like for PEF) 17#18Part 2: ATTRACTIVE ADDRESSABLE MARKETS Avantium | Investor Presentation Q1 2022 18#19Avantium targets large and diverse PEF and MEG markets PEF addressable market - 100mt+ Total expected value $200bn+ MEG addressable market - 35mt+ Total value today $23bn+ Mainstream applications Value applications Packaging and bottles ($160bn) Tomorrow Textiles High-value applications ($40bn) $23bn+ today $3bn Specialty Films ($3bn) $40bn Others $160bn Engineering plastics Automotive Sources: Chapter 12 Avantium IPO prospectus (March 2017); MEG values calculated based on market data of Wood Mackenzie (2021), Nexant (2020) and Tecnon Orbichem (2022) Solvent PET PEF Chemical Intermediates Anti-freeze and Coolants Avantium | Investor Presentation Q1 2022 19#20Addressing an extensive number of end-markets over time Today Tomorrow Longer-term High-value applications Value applications Mainstream applications Specialty bottles: • • Multi-layer Monolayer PEF bottles to replace Glass bottles Aluminium cans Specialty films: • Barrier Optical Films & Fibers: • Technical fibers Flexible films (shrink films and skin layer) • PEF bottles to replace PET bottles (beverages, personal care) Other • • TTET Fiber - Apparel Automotive Thermoforming Avantium | Investor Presentation Q1 2022 20 20#21Oxygen barrier (3) PEF has enhanced product performance Sustainability vs degradability Fossil-based Plant-based 0.1 10 100 1,000 10,000 Bio- PET PE/PP rPET Selected companies PEF PLA PBS PHA PEF NOVAMONT storgenso avantium Most mature PEF player ADM Non-degradable Barrier properties(¹) 1 PA 1,000 PLA PBS PLA NatureWorks TOTAL Corbion Degradable PHA EVOH High barrier MXD6 PEF PET 100 10 Water vapor barrier(2) PP PE 0.1 danimer капека NEWLIGHT scientific PBS ROQUETTE Offering the best of nature ptt MCC Biochem Anellotech BioPET ORIGIN rPET Carbios Source: European Bioplastocs; Company Assessment based on: Markus Schmidt et al, Properties of Whey-Protein-Coated Films and Laminates as Novel Recyclable Food Packaging Materials with Excellent Barrier Properties (International Journal of Polymer Science, Volume 2012), https://www.mgc.co.jp/eng/products/ac/nmxd6/barrier.html, http://asuka-platech.com/wp/wp-content/uploads/2013/12/BIOPBS.pdf Note: (1) Barrier properties for 50μm film; (2) Water vapor barrier: WTR at (39 dC 85 % RH) [mL/(m2-day)]; (3) Oxygen barrier: OTR (23, 0% RH) [mL/(m2-day-atm)] 21 Avantium | Investor Presentation Q1 2022#22Part 3: SUCCESSFUL EXECUTION OF STRATEGY 120 _ Avantium | Investor Presentation Q1 2022 22#23From technology development to commercialization R&D disruptive technologies Innovative research across distruptive technologies Technology testing Demonstrate technology & market testing Commercial roll-out Develop technology economic feasibility Product validation and applications Commercialization & industrial roll-out via technology licensing R&D lab scale Pilot Plants Technology demonstration Commercial launch Flagship Plants Industrial Mission: create & commercialize disruptive technologies & products to accelerate the transition to renewable & circular plastics Avantium | Investor Presentation Q1 2022 23#24The world's first plant producing FDCA on a commercial scale e Location Chemie Park Delfzijl (NL) Timing Construction completion 2023 & operational 2024 12 Avantium | Investor Presentation Q1 2022 Scale 5 kilotonnes of FDCA p/a Objective Prove technology at scale: Sales PEF & Unlock licensing business Commercialisation Over 50% offtake capacity committed Funding Plant financing secured 24 24#25Avantium | Investor Presentation Q1 2022 FDCA Flagship Plant secured financing breakdown Funding sources €45m €90m €192m €27m €30m Funding uses CAPEX: €115m Running cost (OPEX): €65m Interest, other: €12m Grants (€27m): ■ €20m PEFerence grant (1) ■ €7.5m grant from the National Programme Groningen Third Party Equity (€30m): ■ €20m equity from Groningen consortium ■ €10 million equity from Worley PEFerence The Renewable Innovation BB * JU Bio-based Industries Consortium Represents 22.6% of the Renewable Business equity Avantium Equity (€45m): ■ €45m investment by Avantium (increased from €35m) Represents 77.4% of the Renewable Business equity Debt Financing (€90m): ■ Each bank has committed €15m Invest-NL, government backed Dutch impact investment fund, has committed €30m ■Interest consists of three components: cash interest, accrued interest and warrants Horizon 2020 European Union Funding for Research & Innovation nationaal programma groningen Worley energy chemicals GRONINGEN SEAPORTS GROElfonds western Nord-Groningen NOM avantium GROWING INVESTNL ABN AMRO ING asn bank Rabobank Note: (1) This project has received funding from the Bio-based Industries Joint Undertaking (JU) under the European Union's Horizon 2020 research and innovation program under grant agreement No744409. The JU receives support from the European Union's Horizon 2020 research and innovation program and the Bio-based Industries Consortium. 25#26Successfully de-risked across the entire value chain Plant financing secured * PEFerence The Renevrable Innovation Bio-based Industries Horizon 2020 European Union Funding for Research & Innovation Consortium BBI JU nationaal programma groningen GROE fonds NOM Tereos ABN-AMRO ING INVEST.NL asnbank Rabobank Selenis Specialty Polyesters Solutions Worley energy chemicals GRONINGEN SEAPORTS Worley energy | chemicals | resources GRONINGEN SEAPORTS Offtake agreements committed Over 50% capacity secured Resilux The power of PET Major food & beverage brand owner Refresco TERPHANE TOYOBO Supply chain partnerships signed Engineering & construction partners contracted Note: (*) This project has received funding from the Bio-based Industries Joint Undertaking (JU) under the European Union's Horizon 2020 research and innovation program under grant agreement No744409. The JU receives support from the European Union's Horizon 2020 research and innovation program and the Bio-based Industries Consortium. O Avantium | Investor Presentation Q1 2022 26#27Avantium has a well-defined and scalable go-to-market strategy for PEF/FDCA Flagship Plant (5kt/a) Industrial Plant (100kt/a) Product characteristics In-house production € € € Competitive positioning Today Licensing € € Tomorrow wwwww High-value applications Value applications 100% 0.51 0.51 Industrial (>250kt/a) Licensing € Longer-term Mainstream applications 10ЯT 1.01 1.01 Competition: multi-layer barrier materials Competition: glass bottles, alumina cans Competition: PET, other polymers Initial focus on high-value applications with further volume growth to result in cost reduction, leading to a competitive offering across high volume end-markets Avantium | Investor Presentation Q1 2022 27#28Part 4: CLEAR PATH TO GROWTH - Avantium | Investor Presentation Q1 2022 28#29Avantium tomorrow: further develop & commercialize its innovative technologies Technology development avantium FDCA plantMEG CO2 based polymers Biorefinery Commercial roll-out Product testing Avantium | Investor Presentation Q1 2022 29#30Construction of its plantMEG Commercial Plant, leveraging on the succesful experience in FDCA Location Northwestern Europe Joint venture Jointly owned by Cosun Beet Co & Avantium 00 00 avantium Size >100kt per annum (expected) Success of FDCA strategy execution will accelerate plantMEG execution Applications Wide range: packaging, fibers & other Cosun Beet COMPANY Timing FID 2023/2024 Operational in 2026 Technology plantMEG license sale from Avantium to JV Feedstock Beet sugar from Cosun Beet Co. Engineering Objective Commercial launch plantMEG Commercial Financing Avantium | Investor Presentation Q1 2022 30#31Momentum to accelerate in 2022 driven by increasing PEF adoption Commercial 2022 ■Further broaden PEF use beyond packaging applications Additional offtake agreements PEF/FDCA Flagship Plant ■ Development PEF partnerships Finalise JV with Cosun Beet Company Operational Technological Start construction FDCA Flagship Plant 2023-2024 First LOIs plantMEG LCAS (Life Cycle Analysis) PEF applications and plantMEG First Pile in the Ground ceremony for Flagship Plant (Spring 2022) Strengthen senior operational team with new hires Application validation plantMEG (bottles, fibers, films) Final Investment Decision Commercial Plant plantMEG Securing of new grants FDCA Flagship Plant on stream Start construction Commercial Plant plantMEG Scale-up CO2 based polymers to Pilot Plant Avantium | Investor Presentation Q1 2022 31#32Key drivers supporting Avantium's market potential N Market segments and geographic opportunity Plant capacities Pricing and profitability Number of industrial licenses per technology Flagship Plant avantium Milestone payments/ royalty fees Timing and execution Avantium | Investor Presentation Q1 2022 32#33Use of proceeds from future capital raise avantium €45m plantMEG: Further develop plantMEG technology (technical validation, commercial & application validation) Scale-up towards further commercialization via technology licensing Other technologies: Further develop biorefinery and CO2 based chemicals and polymers technologies Assess economic feasibility & scale-up towards further commercialization Overall funding: Allowing positive cash balances for the following 3yrs Sufficient funding in conjunction with secured debt financing Avantium | Investor Presentation Q1 2022 33 33#34Key takeaways Avantium | Investor Presentation Q1 2022 Key milestones successfully achieved... Proven R&D and innovative technologies Successful technology testing Proven de-risking capacity for commercial production Blue-chip client partnerships Highly experienced management team INNOVATION-DRIVEN TECHNOLOGY LEADER IN RENEWABLE CHEMISTRY avantium ...Forming the foundation for commercialization Construct FDCA Flagship Plant Construct plantMEG Commercial Plant Commercial ramp-up via industrial licensing 34#35Q&A SUGAR 2006 PEF 2022 PEF PEF PEF PER PER PEF 2024> Avantium | Investor Presentation Q1 2022 35#36Appendix Avantium | Investor Presentation Q1 2022 36#37Avantium: experienced leadership team Management Team Education: Chemistry (Utrecht) and Economics (Amsterdam) Selected previous / other positions: Now: several advisory positions, such as Top Team Chemie 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 Tom van Aken CEO 1999-2002: Director Business development at DSM Bart Welten CFO (@Avantium since 2002) (@Avantium since 2020) 1997-1999: Sales manager at DSM Avantium | Investor Presentation Q1 2022 Gert-Jan Gruter Carmen Portocarero CTO (@Avantium since 2000) General Counsel (@Avantium since 2012) Bas Blom Managing Director Renewable Polymers (@Avantium since 2021) Supervisory Board Edwin Moses, Chairman Former CEO Ablynx NV and Oxford Asymmetry International Margret Kleinsman Michelle Jou CFO Agrifirm President Covestro Polycarbonates Business Cynthia Arnold Trudy Schoolenberg Nils Björkman Eelco Blum Managing Director Renewable Chemistries a.i. (@Avantium since 2017) Former CTO Sun Chemical and Valspar Steven Olivier Managing Director Catalysis (@Avantium since 2015) Held various senior management positions at Shell and AkzoNobel Worked for 33 years in various senior management positions at Tetra Pak Group 37#38Avantium tomorrow: Successfully delivering the next bio chemicals from disruptive technologies Today Tomorrow plantMEG CO2 based polymers Biorefinery OH BIO HO FDCA PEF Building blocks Но OH Avantium | Investor Presentation Q1 2022 Avantium value proposition Status Catalytic conversion of plant-based sugars into FDCA 100% renewable & recyclable Superior performance Feedstock flexibility Initially serving value applications then volume Operational Pilot Plant Flagship Plant operational by 2024 Conversion of sugars into plantMEG Improved sustainability credentials Market competitive Drop-in Operational Pilot Plant Commercial Plant expected to be operational by 2026 Conversion of CO2 into high-value chemicals & polymers Valorizes waste carbon ✓Clean conversion process using renewable energy ✓ Proprietary electro-chemistry platform for carbon capture and utilization Prepilot units being tested Conversion of biomass via a biorefinery into industrial sugars ✓ Valorizes biomass into valuable feedstock ✓ Clean and efficient conversion technology Significantly lower energy Operational Pilot Plant Avantium's expertise in catalysis processes as development platform of disrupting biochemical technologies 38#39PEF is able to address value-added markets thanks to enhanced performance Barrier Properties Thermal Properties Oxygen Barrier CO2 Barrier Water Barrier Glass transition temperature Melting point temperature 265°C 235°C 10.0x 8.0x 1.0x 1.0x 2.0x 1.0x 86°C 74°C PEF PET Avantium | Investor Presentation Q1 2022 39#40Avantium | Investor Presentation Q1 2022 Global warming stripes by climate scientist Ed Hawkins 40