Li-Cycle SPAC Presentation Deck

...At Attractive Valuation Levels Firm Value / EBITDA 10.1x Li-Cycle 2023E Firm Value / EBITDA 3.2x Li-Cycle 2024E 30 22.3x Electrification Facilitators 2023E 10.9x Electrification Facilitators 2024E Source: Company filings, Equity research reports and FactSet. Market data as of January 27, 2021. Note: Negative EBITDA multiples are excluded from the median. (1) Multiples for Nio only available in 2023E. 12.1x (1) Disruptive Battery EVs 2023E 6.0x (1) Disruptive Battery EVs 2024E 21.4x Battery Manufacturers 2021E 18.6x Battery Manufacturers 2022E 16.1x Waste Management & Recycling Providers 2021E 15.0x Waste Management & Recycling Providers 2022E Median: 21.4x 35.9x Lithium Producers 2021E Median: 15.0x 23.7x Lithium Producers 2022E Li-Cycle 33

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