GREEN CHEMISTRY DAY

NextChem-MyReplast, Bedizzole (BS)

12 June 2019

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DISCLAIMER

This document has been prepared by Maire Tecnimont S.p.A. (the “Company”) solely for use in the presentation ofthe Maire Tecnimont Group (the “Group”).

This document does not constitute or form part of any offer or invitation to sell, or any solicitation to purchase anysecurity issued by the Company.

The information contained and the opinions expressed in this document have not been independently verified. Inparticular, this document may contain forward-looking statements that are based on current estimates andassumptions made by the management of the Company to the best of its knowledge. Such forward-lookingstatements are subject to risks and uncertainties, the non-occurrence or occurrence of which could cause the actualresults – including the financial condition and profitability of the Group – to differ materially from or be morenegative than those expressed or implied by such forward-looking statements. This also applies to the forward-looking estimates and forecasts derived from third-party studies. Consequently, neither the Company nor itsmanagement can give any assurance regarding the future accuracy of the estimates of future performance set forthin this document or the actual occurrence of the predicted developments.

The data and information contained in this document are subject to variations and integrations. Although theCompany reserves the right to make such variations and integrations when it deems necessary or appropriate, theCompany assumes no affirmative disclosure obligation to make such variations and integrations.

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SUMMARY

1. NextChem at a Glance

2. Plastic Market Overview

3. MyReplast Positioning

4. Recycling Plant Data

5. Q&A

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GREEN MARKET: AREAS OF NEXTCHEM ACTIVITY

Already a Profitable Reality

MARKET FRAMEWORK

Green Green

(use of biological components as

feedstock)

Circular Economy(re-use of wastes)

Greening the Brown(industrial processes pollution reduction)

KEY GREEN INDUSTRIES

Renewable energies

RES** to Chemicals

Green Green(use of biological components as

feedstock)

Bio-fuels

Bio-polymers

Fertilizers Bio-Coating

Bio-chemicals

Circular economy(re-use of wastes)

MSW* to Chemicals

Plastics Recycling

Greening the Brown

(industrial processes pollution reduction)

Energy efficiency

Carbon footprint reduction

Create

Improve

Reduce

Rene

wab

le e

nerg

ies

Flaring Reduction

MSW* to Fuels

RES** to Fuels

* MWS : Municipal Solid Waste** RES : Renewable Energy Source

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NEXTCHEM ADDRESSABLE MARKETG

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MAIN CURRENT INITIATIVES

Use of low-cost waste to produce of Fuels and Chemicals

High efficiency technology for the conversion of Electricity into Hydrogen (first step) and/or direct production of Fuels (second step)

Upcycling of Plastic waste to High Value Polymers

Waste to Fuels and Chemicals

Power/Hydrogen to

Chemicals

PlasticRecycling

Bio-Fuels

Production of high value Bio-Polymers from Renewable Resources

Production of second generation Bio-Fuels and Renewable fuels from biogenic feed-stocks

Bio-Polymers

Circ

ular

Eco

nom

yG

reen

Gre

enG

reen

ing

the

Brow

n

1st Generation

2nd

Generation

2021-20232019-2020

Development Timeline

> 2023

To 3rd Generation

Mechanical Recycling

Integrated Recycling (Mechanical and Chemical)

Renewable Energy to Chemical &Fuels

High Value Applications

Fuels

Chemicals

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BUSINESS MODEL

OPERATORProduction plant

player

JOINT DEVELOPEREquity and tech

partnershipwith industrial player

EPCEPC service provider

LICENSORIP and Feed sale

to industrial players

SMALL SIGNIFICANTMEDIUM

INVESTMENT SCALE

BUSINESS MODEL NOT VIABLE DUE TO SIGNIFCANT INVESTMENT SCALE

JOINT DEVELOPER OPTION MAY NOT BE FEASABLE DUE TO INVESTMENT

SCALE

EPC AND LICENSOR BUSINESS MODELS TO BE PURSUED ONLY IF JOINT DEVELOPER OPTION IS

POSSIBLE

GREEN BUSINESS MODEL

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PLASTIC RECYCLING

• Integration of different Recycling Technologies for a MIX solution

• Covering the gap between “Waste Management” and “Plastic Production” companies approach

Feedstock Supply Advanced Sorting Compounding / Finishing

• Collection of various plastic types

• Advanced physical separation of plastic by size, family and colour

• UPCYCLING of plastic material by extrusion and compounding

KEY NEXTCHEM BUSINESS ACTIVITIES• Major contact on going with:

§ Waste Management Companies

§ Major Plastics Producers

§ “Ecosytem” integrator

• Business Model: EPC, Licensing and Project Development activities as average plant size is €10-30m (depending on plant capacity and type of products)

• Project Development for utilization of Waste plastic stream and production of Renewable Fuels via Pyrolysis: agreement with undisclosed partner

KEY TRENDS• International Institutional (EU) Targets to ensure that

75% of Collected Plastic are recycled by 2025

• Economic incentives for producers to put greener products on the market and support recovery and recycling schemes

TECHNOLOGY

Integration with Chemical Recycling

• Small size chemical recycling plant in synergy with mechanical recycling: utilization of Plastic recycling residuals

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WASTE TO FUELS AND CHEMICALS

Collection Gasification Renewable Chemical Production

RDF MARKET SIZE (€ BN)• Large availability: today going in Landfield and

incineration

• Reduction in residual waste laid in landfields

• Production of renewable chemicals and renewable fuels

• Implementation of efficient gasification process

• RDF (Refused Derivative Fuel): Feed-stock of choice for enhancing the overall project economics

KEY NEXTCHEM BUSINESS ACTIVITIES• Ongoing discussions with Major Oil Company for the production of

Renewable Hydrogen and Renewable Fuels:

§ Expected PDPs by 2019

§ Expected project execution in 2020

• Business Model: EPC and Licensing as average plant size is $200m

• Agreement with ENI on transformation of RDF into valuable chemicals and fuels

KEY TRENDS• The biogenic portion of the waste is eligible for incentives

• Key factor will be the flexibility in taking cheap raw material

2,6 2,6 2,7 2,8

2,3 2,3 2,3 2,5

1,8 1,9 1,92,2

2018 2019 2020 2025

Europe USA China

6.7 6.8 6.97.5

Source: MET elaboration of OECD historical data and projections; assumed constant CAGR. World’s Bank “What a waste” data

BUSINESS MODEL

Disposal of Residual Waste

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BIO-FUELS − 2G ETHANOL AND RENEWABLE DIESEL

MARKET SIZE (€ BN) KEY NEXTCHEM BUSINESS ACTIVITIES

• Total renewable fuel market is expected to grow in the next 10 years mainly from cellulosic (2G) and renewable bio-fuels

• Ongoing negotiations for alliances in:

§ 2G Ethanol Licensing Technology

§ 2G Renewable Diesel Licensing Technology

• Business Model: EPC or Licensing as average plant size is $150-180m

Feedstock Supply Bio-fuels production Distribution

• Bio-feedstock to produce Ethanol (Biomass and Agricultural Waste not in conflict with food)

• Fatty Acids for Renewable Diesel

• Production of 2G bio-ethanol

• Production of Renewable Diesel (Hydrotreated Vegetable Oil)

• Oil Companies are obliged to blend fossil fuels with bio-fuels

KEY TRENDS• Reduction of Greenhouse Gas and Decarbonization of

Transportation Fuels

• Obliged Parties to mix renewable and biofuels in the Energy pool

0,43 4 5 61 12

4

15

2018 2019 2020 2025

EU 2G Biodiesel India 2G Ethanol USA 2G Ethanol EU 2G Ethanol

15.4

7.96.1

4.6

Source: MET elaboration of IEA Renewable energy outlook 2016; USA Environmental Protection Agency - Renewable Fuel Standard Program; World Energy Outlook 2016 (current policies scenario) data

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POWER/HYDROGEN TO CHEMICALS/FUELS

HYDROGEN AS FIRST PRODUCT OF POWER TO CHEMICALS/FUELS

(GLOBAL ENERGY DEMAND SUPPLIED WITH HYDROGEN, EXA JOULES)

KEY NEXTCHEM BUSINESS ACTIVITIES

• Partnership discussion with major Technology owners of Electrolysis for a Joint Development Agreement

• Cooperation with Major Renewable energy producers for conversion of renewable energy and capture of geothermal CO2

• Cooperation with Gas Infrastructure owners for energy storage (power to SNG)

• Discussion with producers for biogenic CO2 capture and fuel production• Business Model: EPC or Technology Integration in Electrolysis, as

average plant size is $200m

KEY TRENDS• Reduction of Greenhouse Gases and decarbonization of Transportation Fuels• Renewable Energy as Raw Material for Fuels and Chemicals

8 8 8 8 10

911

16

22

9

2015 2020 2030 2040 2050

Existing Feedstock New Feedstock Building Heat & PowerIndustrial Energy Transportation Power Generation

78

28

14108

BUSINESS MODEL

Source: MET analysis of Hydrogen Council Data

Feedstock Supply Electrolysis Distribution

• Distributed generation plant for local utilization of Hydrogen

• Distribution of renewable fuels using the existing infrastructures;

• Storage of the renewable energy (electrons) in another form of energy (fuels)

• High efficiency technology for the conversion of electricity in Hydrogen (first step) and/or direct production of chemicals and fuels (second step)

• Supply of low-cost renewable energy

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BIO-POLYMERS

MARKET SIZE (€ BN) KEY NEXTCHEM BUSINESS ACTIVITIES• Focus on product application

• Interest in new PHA and PLA solutions as co-materials in high margin, full bio-degradable plastic applications

• Collaboration on going for PHA application licensing

• Business Model: Project Development, EPC and Licensing as average plant size up to $100m.

KEY TRENDSIn BioChemistry and BioPlastic new Paradigms are:

§ Small is good (O&G/Petchem = Big is good)

§ It’s not all about costs (O&G/Petchem = It’s all about costs)

2018 2019 2020 2025

Biodegradable Non-biodegradable

2.5 2.6 2.6

Higher adoption case depends on product

applications

Source: MET elaboration of Ellen McArthur, The new Plastic Economy, European Bioplastics, Europa.eu data

3.0

BUSINESS MODEL

Feedstock Supply Polymerisation Compounding / Finishing Distribution/Applications

• Bio-degradable PHA, PLA, etc.

• Bio-based PP, PE, etc.

• Preparation of plastic formulations by mixing polymers and additives into granules

• Combination of a large number of monomers to form polymer chains

• Bio-feedstock

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FINANCIAL IMPLICATIONS

Solid Capital Structure from the start

Ø Start-up Capex already incurredØ Future Capex to be mainly financed from non-recourse debt and/or Equity

syndication and grants

€50 million of EBITDA in 2023

Ø Business is profitable alreadyØ Non-linear progression over the period maximizing Returns while

minimizing Capex

Capex 2019-2023 to develop/implement initiatives: €40-50m (excluding what has already been incurred for MyReplast Ind.)

Ø Higher proportion in the first three yearsØ Capex payback in three years

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BUSINESS FINANCING MODEL

Financial Instruments for eligible Green Projects

BUSI

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NA

NCI

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DEVELOPMENT PHASES & INVESTMENT SCALE

PRE SEED STARTUP PRE-REVENUE IN-REVENUE

NextChem will activate an optimal business financing model on a case by case basis with the objective of maximizing return of IP Portfolio and commercial opportunities

R&D / Proof of Concept / Pilot Plant

Proof of Concept / Minimum Viable Product / Pilot Plant / Scaling-up

Industrial Plants

Scaling-up

Green BondMini Bond

Project/Vendor Financing

Venture Capital

Public Funding

Club Deal

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SUMMARY

1. NextChem at a Glance

2. Plastic Market Overview

3. MyReplast Positioning

4. Recycling Plant Data

5. Q&A

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GLOBAL PLASTIC HISTORICAL PRODUCTIONSource: Plastic; the facts 2018 https://www.plasticseurope.org

0

50

100

150

200

250

300

350

1940 1950 1960 1970 1980 1990 2000 2010 2016 2017

348 MMtons of Plastics Produced in the World in 2017

MMtons

• Global plastic production has increased more than 20 times in the last 50 years

• More than 300 MMTons/y of plastic produced

• Plastic CAGR 5% (about additional 20MMTons/y)

• Urgent need to tackle the environmental problems

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GLOBAL PLASTIC PRODUCTION BY GEOGRAPHY

Europe imports significantly more of its virgin plastic production. Recycling is the way to use waste in order to reduce resource dependency

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Source: Plastic; the facts 2018 https://www.plasticseurope.org

300 MMT/y

PLASTIC CONSUMPTION IN EUROPE (1/2)

Main EU Consumers (%, 2016)

5%

5%

6%

8%

8%

10%

14%

25%

0% 5% 10% 15% 20% 25% 30%

Netherlands

Belgium & Lux.

Poland

United Kingdom

Spain

France

Italy

Germany

The Six Largest European Countries and Benelux covered almost 80% of the European Demand in 2016Potential Market is around us

Source: Plastic; the facts 2018 https://www.plasticseurope.orgG

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PLASTIC CONSUMPTION IN EUROPE (2/2)

Consumption by Plastic Family

6,7% 7,4% 7,5%10,0%

12,3%

17,5%19,3% 19,3%

PS,PS-E PET PUR PVC PE-HM, PE-MD PE-LD,PE-LLD PP Others

Eyeglasses,Frames, Cups

Drink/Cleaner Bottles

Building Insulation, Pillows, Mattresses

Windows Frames, Pipes, Cables

Toys, Milk & Shampoo Bottles

Reusable Bags, Agricultural &Food Films

Food Packaging, Microwaves Containers, Automotive

Lenses, Touchscreens, Cables Coating, Aerospace

MyReplast decided to concentrate on the most spread out families of Plastic, which represent about 50% of the total Plastic Consumption

Source: Plastic; the facts 2018 https://www.plasticseurope.orgG

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EUROPEAN PLASTIC LIFE CYCLE

Only 5% of Virgin Plastic Goes to New Use

60

37

27

84 3

37

27

84 3

0

10

20

30

40

50

60

Total PlasticProduction

Plastic Consumables Available PlasticWaste

Collected waste Recycled Waste Recycled Polimers tonew use

23

10

19

41

Exported Plastic and Durable Application

Environmental Leakage

No Selection:Landfill/Inceneration

Exported

2016 data

MMtons

=5%

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EU 2025-2030 TARGETS

To reach EU 2025 targets of 11.9 million tons of recycled plastic, the market needs 175 additional recycling plants with a capacity of 50 thousands tons each

• EU recycling targets by 2025Ø 65% of collected municipal wasteØ 75% of collected packaging waste

• Binding landfill target to reduce to maximum of 10% of municipal waste by 2025

• Economic incentives for producers to put greener products on the market and support recovery and recycling schemes (e.g. for packaging, batteries, electric and electronic equipment, vehicles)

Polyolefins and PET European

Recycling Situation

2016 % on Tot.

2025 EU Targets % on Tot.

Total Production 60.0 MMtons 68.6 MMtons

Collected Waste 8.4 MMtons 14.0% 16.0 MMtons 23.4%

Recycled Waste 3.1 MMtons 5.2% 11.9 MMtons 17.3%

Required Plants (50 kta) ~ 175

• The European Commission has included a national contribution to be paid for Plastic Waste in the last Financing EUBudget (May 2018). It will be based on the amount of non-recycled plastic packaging waste of each Member State whoseamount could reach €80 cents per kilogram of non-recycled plastic waste

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SUMMARY

1. NextChem at a Glance

2. Plastic Market Overview

3. MyReplast Positioning

4. Recycling Plant Data

5. Q&A

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MYREPLAST POSITIONING

• Integrator from product development to waste valorization

• Our technological know-how, capability, industrial approach, size and international presence enable us to satisfy a wider range of Stakeholders in the plastic recycling

• Leveraging our adaptive business model, all market players can be considered potential clients

Investment Funds

Virgin Polymer

Producers

Oil Companies

Utilities &Waste

Management Companies

Plastic Recyclers

Compounders

&Transformers

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RECYCLING MARKET ARENA

WorldTargets for Recycled Waste

Large Expansion Potential

Single Market for All Producers

175+ Plants Needed Accordingto 2025 EU Targets

MARKET

Access to a GlobalMarket

Differentiation by Quality & Price

Growing Quality Standard of Recycled Plastic for Industrial Use

Unique Industrial Approach

NextChem Producers / Our Clients

Growing Needs for Recycled Plastic Worldwide

Growing Demand of Technological Know-how

Synergies Between Virgin & Recycled Plastic

Producers

International Bans on Single-Use Plastic

Solutions for Waste Managers

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MYREPLAST: RECYCLING OF PLASTIC WASTE

INTEGRATIONAdvanced Sorting Technologies

Advanced Sorting, Grinding, Washing and Color separation

Finishing/Compounding Higher Quality Plastic Granules thanks to Regradation, Additivation and

Compounding Technologies

Polymer Granules

Technology Recipes

Network

Access to Primary Polymers Market

The most consumed

type of plastic: mainly PP, PE, LDPE

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SUMMARY

1. NextChem at a Glance

2. Plastic Market Overview

3. MyReplast Positioning

4. Recycling Plant Data

5. Q&A

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UPCYCLING PLANT - KEY TECHNICAL INFORMATION

Plant Production

Recycling Rate

Feedstock

Output

Range of 40/50 ktons/year

~ 95%

Any type of Polymers (according to clients’ needs)

Upcycled Polymers

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UPCYCLING PLANT - KEY ECONOMIC INFORMATION

Yearly Revenues

EBITDAMarginality

% IRR

Financing

~ EUR 20-30m

~ 15-20%

ca. 25%

€ 20-30mPerfect fit for non-recourse project financing

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SUMMARY

1. NextChem at a Glance

2. Plastic Market Overview

3. MyReplast Positioning

4. Recycling Plant Financial Data

5. Q&A

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Q&A

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IMO

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Maire Tecnimont Group’s Headquarters

Via Gaetano De Castillia, 6A20124 Milaninfo@mairetecnimont.it

www.mairetecnimont.com

Investor Relations T +39 02 6313-7823 F +39 02 6313-733702 6313-7823Investor-relations@mairetecnimont.It

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