NEWCO-Joint Venture Modelorganisation

PTFPlusOne Ltd/SPV

Newco

General Partner

PTF-Production

Refinery

lean structure

1

Synergies

2

PTF People

Executive

• Nina Gallois CEO (LU/CH) ZFS AG/CPW PlC

• Jelmer Klaassen COO (NL) Government/ABNAmro/Engineering Delft

• Rick Graves (Houston, US) Chevron

Non-executive

• Prof. Helyette Geman (UK) Commodities/Trading oversight (Johns Hopkins, Birkbeck)

• Annemie Turtelboom (BE) Former 1st.Minister Finance/Justice/Energy Belgium 2015

• Rudy Goetzee (NL) Shell/Reliant

• J Stack (Ireland) Celtic Shipping

Shareholders/Significant ControlGallois/Lherault/Courtney

12-5-2014

Business case

Newco/Joint Venture

• PTF existing revenues from traditional refining/BAU activities

• Investment planned into further plant 2016/17

• Standalone LSMGO/ISO 8217 Production: adding 32 Mio p/a ebitda in full steady state production- max 1, plus 1 further planned (Ireland, UK, Germany)

• Outright licensing of further LSMGO Plants- max 4 EU/CIS

• Revenue sharing with licensees: max 2 (of 4), inc. OEM manufacturer(s)

• Partnering with chemical recycling companies: Glyeco, DSM, Haltermann

3

PTF process: Raw material trading and re-processing

hydrocarbons/oil

Consumerphase as nondurable goods

hydrocarbons

Collection/recovery

ProcessingPTF

4

Partnering

• Ince & Co- Maritime Legal/Mason Hayes & Curran- General Counsel

• Technip SA- Oil&Gas- Plant Engineering/Procurement/ Construction (EPCm)

• Steinbeis Institute - Wax and Paraffin off-set

• Ettrickhall UK- Waste acquisition for PTF

• Marsh Rotterdam-Underwriting/Insurance/CAR/LoR

• Corelab- Test reference /PTF Petroleum Refinery Process and Distillation Recovery

• Jiskoot- Maritime Fuel Testing and Certification

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PTFOne: Legislation-driven since 2011: “Sulphur Emission Controlled Areas”

Source: http://ec.europa.eu/transport/modes/maritime/events/doc/2011_06_01_stakeholder-event/item2.pdf

Enforcement due in 2015-2020

With 0.1% sulphur fuel becoming mandatory across North European and Baltic waters in 2015 enforcement will be a key factor says fuel tester Veritas Petroleum Services (VPS).Echoing the concerns of shipowners such as those behind the Trident Alliance Eirik Andreassen, managing director of VPS (formerly DNVPS) said: “Enforcement is one the key areas going forward.” He noted that, “Some shipowners are very concerned about consistent enforcement.”

Source: http://www.seatrade-global.com/news/americas/enforcement-key-factor-in-01-sulphur-cap-in-europe-vps.html

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Process(es): “Plastic “ to “fuel”

PTFOne operates:

- Polymeric cracking by catalytic conversion, also suitable for higher levels of contamination-waste into fuel through replaceable catalyst-cartridges

- Catalytic depolymerisation process for plastic conversion to fuel

- Rotary drum gasification system incl. gas cleaning for processing by-products and production of E-power and thermal energy

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9

Process general PFD part 1

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Process general PFD part 2

End of Life processing

The conversion efficiency to fuel depends on the specification of the input material

Graph: Typical yield of different types of input

100% 80% less % low %0%

20%

40%

60%

80%

100%

Typical yield examples

HC content

Yiel

d

clean plastic

polluted plastic RDF tires

11

End of Life Plastic processing

EOL plastics from:

- HH Collecting system

- Agri

- Production waste

- Landfill mining

Pre-

trea

tmen

t-

Shre

dder

-Se

para

tion

Catalytic Depolymerisation,

Thermal Cracking plus catalytic conversion

Gasification plus energy production

Prod

uct

-LS

MGO

PlasticsBy-productsProduct: Fuel

By-productsE + Th. energy

In to process

12

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Sankey flow diagram @ 200 kTon/yr input

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Sankey flow diagram @ 400 kTon/yr input

Plastic: quantities in EU

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Available financing

For the realization of a 200 KT plant in the EU/Ireland:-PTFPlusOne Ltd/SPV. : (€ 8 MM paid up capital)/€ 150 MM in equity and 110M debt finance available

Parameters8 PTF plants (=24 lines per location) to 66% yield to hydrocarbons 198,000 ton / yr =138,847,500 ltr/yr (including infeed acquisition costs)

Ebitda € 32MM per annum (on basis of combined PTF processes, inc. gasefication units) Development period: 10 months lead-time plus re-engineering=> 14 months to full steady state (while build and test are mutually phased per modular plant)

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PTF: risk management approach

It is PTF’ s approach to manage operational and financial risk by way of redundancy and replication.

Redundancy and Replication integrated into design and operational process- 2 parallel fuel processing techniques for an increased range of input materials.- Additional gasifier for processing by-products into energy.

Full outsource EPCm and Turnkey delivery (and revenue assurance) of Plant by Technip SA- Minimum scaling of techniques/equipment assuring realistic capacity per unit/line

- Replication of independent lines to raise capacity as opposed to scaling individual equipment and resulting in revenues in an early stage and no maintenance stops

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UK/Ireland: implementation 1/2

Location:- requirements- Dow process accredited- Traditional (medium scale) refinery capacity in fss operation/processing plant- Accessible by road, rail, sea- Storage- Human resources and loyal trained workforce

Synergistic opportunity: - Utilities as power, water, gas

- Waste water treatment- Energy- Reduced production costs refinery- Contract blending and testing

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UK/Ireland: implementationsynergies contd. 2/2

-Exchange of energy- reduced capital req’s due to full integration- reduction of intake of crude by up to 7%- high-value HC special skillsets available through

refinery existing personnel- re- optimisation of surplus utilities at refinery- combined chemical and laboratory facilities- refinery human resources extended to PTF- corporate overhead dilution - joint-marketing- strategic investment geographically and

economically

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