Li-Cycle SPAC Presentation Deck

Summary Financial Table ($US in mm) Revenue Growth (%) OPEX % of Revenue EBITDA Margin (%) Growth (%) CAPEX Cumulative CAPEX Cash Flow (EBITDA - CAPEX) Cumulative Cash Flow (EBITDA - CAPEX) Source: (1) Expected net proceeds from transaction will fully fund Li-Cycle's business plan. 2021E $12 1,175.4% $15 130.0% ($6) (53.8%) NM $137 $137 2022E $75 550.8% $63 84.5% $3 3.6% NM $246 $384 2023E $264 251.6% $138 52.3% $109 41.3% 3,989.9% $181 $565 ($144) ($244) ($72) 1 Cash outflow of $459mm fully funded through 2023E(¹) ($144) ($387) ($459) 2024E $700 165.3% $345 49.4% $339 48.4% 210.6% $10 $574 $329 ($130) 2025E $958 36.9% $403 42.1% $541 56.5% 59.8% $372 $947 $169 $38 Accounts for future Jexpansion post 2025 Reflects increased capex spend in 2025E but not the incremental EBITDA that will come in the years that follow, post-expansion Li-Cycle 37

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