The science & solutions of true recycling

2021 Half-Year Report

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TABLE OF CONTENTS

02 About Agilyx

02 OurGlobalOperations

03 OurMission

04 OurDevelopmentProcess

04 OurApproach

05 2021LifeCycleAnalysis

05 OperatingMilestones

01 H1 2021 IN BRIEF

08 AboutCyclyx

08 HowitWorks

09 ExpandingtheCyclyxConsortium

09 OperatingMilestones

07 CYCLYX

12 FinancialDevelopmentandPosition

14 AgilyxASGroupConsolidatedFinancialStatements

17 NotestotheFinancialStatements

11 FINANCIALS

Table of ContentsAgilyx 2021 Half-Year Report

Letter from our CEO

Asthefirstcompanytouseadvancedrecyclingtounlockthecircularityofplasticonaglobalscale,Agilyxcontinuestocementitsplaceasaleaderintheplasticsrecyclingspace,givingpost-useplasticanew,circularlife.

Operationally,Agilyxhasseenastrongstartto2021,announcingseveralkeypartnermilestonesforthedevelopmentoffacilitiestorecyclebothpost-usepolystyreneandmixedwasteplastics.Agilyxisuniquelypositionedtomeetspecificcustomerrequirementsthoughourcapabilitytomatchtherightpost-useplasticwastestreamswiththeoptimumconversioninfrastructuredeliveringanintegratedsolutionthatistrulydifferentiated.Thisisevidencedbytherangeofpathwaysandgeographiesencompassedbytheseannouncements.

Inadditiontoourrapidprogressionintechnologycollaborations,weareexperiencingcontinuedgrowthasacompany,with25newemployeeshiredsinceJanuary2021.AsAgilyxcontinuestogrow,ourmissionremainsconstant–toacceleratethenecessarychangestosolvetheglobalchallengesassociatedwithplasticwaste.

SevenmonthsafteritslaunchinDecember2020,Cyclyxisalsomakingimpressiveprogressin2021bybringingmuchneededinnovationtofeedstockmanagement,whichhaslongbeenalimitingfactorintherecyclingindustry.BycombiningAgilyx’stechnicalknow-howandcutting-edgetechnology,Cyclyxistakinganewdata-drivenapproachtodramaticallyincreaseplasticrecyclingratesacrosstheglobe.

Itdoesthisbyunderstandingwasteatthelevelofitschemicalprofile,developingcustomizedpreprocessingfacilitiesandleveragingaconsortiumapproachtoaggregatenewmaterial.Inearly2021,CyclyxreceivedISCCPLUScertificationforitssourcingactivitiesinternationally,ensuringitscompliancewithsustainabilityandtraceabilityrequirementsalongthesupplychain.

Circularityandsustainabilityarethefoundationalbuildingblocksuponwhichourentirebusinessisbuilt.ThatiswhyourfirstAgilyxReportonSustainabilitywasreleasedaspartofour

AnnualReportinApril2021;ourcommitmenttosustainabilityisandwillbeakeypillarofoursuccess.

AsoutlinedinourSustainabilityReport,wehavealignedourcompanysustainabilitygoalswiththoseUnitedNationsSustainabilityDevelopmentGoalsmostdirectlyrelevanttoourmission,valuechainandstakeholders,andcontinuetomakeourambitiousgoalsrelatedtocircularity,climateandsocietaltargetsapriority.

Wehavemadegreatprogresswithoursustainabilitycommitmentstodate,butourworkisnowhereclosetobeingdone.Wehearthecallstorethinkandrebuildthewaytheworldiscurrentlyrecycling,andweareexcited–andinspired–tomeetthechallenge.Withourcommitmenttodevelopingtechnologiesthatcontributetoamoresustainableworld,weplantocarrythemomentumfromthefirsthalfoftheyearforwardthroughtherestof2021.

Throughcollaborativeindustrypartnerships,innovativeproductsandnewpolymer-to-polymerpathways,welookforwardtoenablingourpartnerstomakecircularityarealityandtorepositionpost-useplasticsfromwastetoarenewableresource.

TimStedman CEO,Agilyx

Agilyx 2021 Half-Year Report Letter from our CEO

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H1 2021 in Brief

H1 2021 in BriefAgilyx 2021 Half-Year Report

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About AgilyxAgilyxisapioneerinthechemicalrecyclingofdifficult-to-recyclepost-useplasticstreams.CombinedwiththefeedstockmanagementexpertiseofourjointventureCyclyxInternational,LLC,weareworkinghardtoincreaserecyclingratesofpost-useplastics.Whilemanyagreethatplasticwasteisanimmenseglobalchallenge,only10%ofpost-useplasticisrecycledtoday.Therestendsupinlandfills,incineratorsandtheenvironmentduetoitschemicalcomplexity,contaminationandaninfrastructurebuiltforadifferentkindofeconomy.AtAgilyx,webelievethesesystemicchallengesneedtobeaddressedandwehavemadeitourmissiontomakesuretheyare.

Thetimetoexpandchemicalrecyclingisnow.Wearehelpingourcustomersgivepost-useplasticautility,aperpetualcircularlifebyconvertingthisvaluablematerialbackintoitsoriginalbuildingblocksforreuse.Byenablingplasticcircularityonaglobalandcommercialscale,weaimtoplayavitalroleinacceleratingtheshifttoalow-carboneconomy.

Overthepast17years,Agilyxhasbeenhardatworkdevelopingpyrolysistechnologies,understandingthecomplexchemistriesofwasteplastics,feedstocksupplychainissues,andcomprehensivesolutionsetswithonegoalinmind:toincreasetherecyclabilityofplasticsfrom10%to90%.

NORTH AMERICA

PORTLAND, U.S.AgilyxTechnicalServices,RegenyxJV(50:50Agilyx,AmSty),CyclyxTigard

BOSTON, U.S.CyclyxPortsmouth,AgilyxCorporateOffice

OUR GLOBAL OPERATIONS

EUROPE

GREATER ZURICH, CHGroupManagementServices

OSLO, NOAgilyxCorporateOffice

H1 2021 in BriefAgilyx 2021 Half-Year Report

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Our Mission

Responsiblemanagementofpost-useplastichasbeenchallengedglobally.Weviewwasteplasticasaresourcethatcouldhavesignificanteconomicandenvironmentalbenefitsifmanagedproperly.Ourgoalistoenableourcustomerstogivepost-useplasticanew,circularlifebyconvertingthisvaluablematerialbackintoitsoriginalbuildingblocksforreuse.

Todothis,weleverageacombinationoftechnicalexpertise,operatingknow-how,technologyplatformsandpartnershipswithindustryleaderscommittedtoamoreenvironmentallyresponsiblefutureforplastics andpolymers.

CyclyxiskeytotheoverallAgilyxstrategy,giventheimportanceofchemicallymanagingthediversityofplasticwaste,feedstockavailabilityandappropriatesourcingmanagement.Feedstockisacriticalpartoftheplasticsrecyclingvaluechain,andtogetherwithAgilyx’srobustconversiontechnologyandexpertiseinthisfield,formsthebasisforCyclyx’sbusinessmodelandgo-to-marketstrategy.

We are committed to enabling the conversion of waste plastics into reusable We are committed to enabling the conversion of waste plastics into reusable polymers and feedstock.polymers and feedstock.

H1 2021 in BriefAgilyx 2021 Half-Year Report

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Our Development Process

CONSTRUCTION

Conversion Technology

Technologylicensesale

SaleofAgilyxcoreequipment

Feedstock ManagementFeedstockrecipematched toconversiontechnology

andproduct

DEVELOPMENT

Conversion Technology

Deliverfeasibilitystudies

Pre-engineeringsupport

Feedstock Management

Identificationand characterizationsofplastics

OPERATIONS

Conversion Technology

Operationsandmaintenance

Royaltiesfromuseof conversiontechnology

Feedstock Management Optimizationtodrive

efficiencycharacterizations ofplastics

OUR APPROACH: MECHANICAL AND CHEMICAL RECYCLING

LANDFILL

VIRGIN PLASTICS

FOSSIL FUELS

MECHANICAL RECYCLING

CHEMICAL RECYCLING

HIGH VALUE PLASTICS

LOW VALUE PLASTICS

END USER

WASTE

Chemical recycling is circular. It allows continuous re-use with no downgrade, reducing the amount of virgin plastics required.

Mechanical recycling is linear. After a few cycles mechanically recycled materials end up in landfill or are incinerated.

H1 2021 in BriefAgilyx 2021 Half-Year Report

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2021 Life Cycle Analysis

2021 Year-to-Date Agilyx Operating Milestones

LCAfindingshighlightedfavorableCO2savingsforAgilyxchemicalrecyclingtechnology,indicatingthatAgilyx’sdepolymerizationtechnologysavesapproximately75%ofCO2-emissionsincomparisontotheproductionofpolystyrenefromvirginrawmaterialsfollowedbyincineration.TheSCSLCAfocusedonclosedlooprecyclingroutesbacktofoodcontactquality,analyzingfood-qualitypolystyrenerecyclingoptions.

Resultsfromthestudyindicatedthatdepolymerizationisthemostefficientprocesstorecyclepolystyreneintotrulycircularfoodqualityproducts.Furthermore,depolymerizationistheshortestrecyclingprocessincomparisontomechanicalrecyclinganddissolutiontoachievevirginfoodgradequality,enablingafullycircularprocess.

Earlier this year, Agilyx participated in the Styrenics Circular Solutions Life Cycle Analysis (LCA), Earlier this year, Agilyx participated in the Styrenics Circular Solutions Life Cycle Analysis (LCA), contributing data for its depolymerization technology.contributing data for its depolymerization technology.

Jul. 27 Agilyx Technology Provides The Capability to Recycle Hundreds of Thousands of Tons of Previously Unrecyclable Flame Retardant Insulation Agilyxreachesmilestone,whichallowsfortherecyclingofbrominatedflameretardant-laden polystyreneintohighpuritystyrenemonomerfordirectuseindownstreamproducts.

Jul. 13 Agilyx Announces First Ever Recycled Monomer Food Contact Packaging on Store Shelves Agilyxreachessignificantmilestoneforfoodcontactpackaging,producingrecycledstyrene monomerthatissuccessfullyusedforthemanufactureofyogurtpots,anddemonstratingthat depolymerizationtechnologycanprovidethebuildingblocksneededtocreatenew,virgin-quality plastics,withouttheneedforharvestingnewfossilfuels.

Jul. 08 Life Cycle Analysis Indicates Favorable CO2 Savings for Agilyx Chemical Recycling Technology AgilyxannouncesLifeCycleAnalysis(LCA)results,whichindicatethatAgilyx’sdepolymerization technologysavesapproximately75%ofCO2-emissionsincomparisontotheproductionof polystyrenefromvirginrawmaterialsandincineration.

Jul. 03 Technip Energies Collaborate with Agilyx to Accelerate and Scale-up the Implementation of its Polystyrene Recycling Technology TechnipandAgilyxpartnershipacceleratetheimplementationofAgilyx’stechnologyforthe advancedrecyclingofpost-usepolystyrene.

H1 2021 in BriefAgilyx 2021 Half-Year Report

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Jul. 01 Agilyx Announces Major Operating Milestone Agilyxsurpasses16,000hoursofcommercialoperationsatitsISCCPLUScertifiedchemical recyclingoperationsinOregon,converting8.9millionlbsofmixedwasteplasticand polystyrenewaste.

Apr. 22 Agilyx Announces Publication of 2020 Annual Report AgilyxissuesfirstSustainabilityReportoutliningnewsustainabilitygoals.

Apr. 08 AmSty and Agilyx Announce Collaboration to Build Advanced Recycling Facility AmStyandAgilyxannounceplanstobuilda50to100ton-per-dayadvancedrecyclingfacility locatedatAmSty’sstyreneproductionfacilityinSt.James,Louisiana–anextgeneration expansionofAgilyx’sadvancedrecyclingtechnologyalreadyinuseatitsRegenyxjointventure operatinginTigard,Oregon.

Mar. 24 Agilyx Announces Approval of European Patent EuropeanPatentOfficegrantsapatentfortheproprietaryprocessforpolishingAgilyxSynthetic CrudeOil,underscoringAgilyx’scommitmenttobringingitstechnologicalexpertiseandIP knowledgetotheEuropeanmarket.

Mar. 15 Maire Tecnimont Group’s NextChem and Agilyx Sign an Agreement for the Global Deployment of Chemical Recycling Projects Based on Pyrolysis ThepartnershipcombinesAgilyx’spyrolysisadvancedrecyclingtechnology,withNextChemasa technologyandEngineering,Procurement,andConstructionpartner.

Feb. 25 Agilyx and ExxonMobil Establish Cyclyx Joint Venture to Supply Plastics Recycling Industry Thejointventure,leveragingAgilyx’sexpertiseinplasticsrecyclingandthescaleofExxonMobil, representsanentirelynewpropositiononhowwehandleplasticwaste.

Jan. 25 Agilyx and Toyo Styrene Progress Development of Advanced Recycling Facility AgilyxandToyoStyrenereach60%completiontowardthedevelopmentofanadvanced recyclingfacilityinChiba,Japan,whichisontracktomeetitsgoalofcommencingoperations inearly2022.

H1 2021 in BriefAgilyx 2021 Half-Year Report

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Cyclyx

CyclyxAgilyx 2021 Half-Year Report

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TheCyclyxplatformisdesignedasanindustryconsortiumcomprisedofpartnersacrossthevaluechain,allowingCyclyxtopartnerwithbusinesses,brands,wasteserviceprovidersandmunicipalities.Throughthisapproach,Cyclyxenablesnewsupplychainstodivertlargevolumesofwasteplasticawayfromlandfilltowardnewrecyclingsolutionscurrentlynotavailableinthemarket.

HOW IT WORKSCyclyxaggregatesandpre-processeslargevolumesofplasticwastetobeusedasafeedstocktomanufacturenewpetrochemicalproducts.Throughacombinationoftechnicalexpertise,newsupplychainsandaconsortiumapproach,Cyclyxiscollaboratingwithpartnerstoincreaseplasticrecoveryandredirectplasticwasteintocircularpathways.

TheCyclyxmissionistoincreasetherecyclingrateofplasticsfrom10%to90%byutilizingitsexpertiseinunderstandingthechemicalcompositionofwasteplasticincollaborationwithindustrypartnerstocreateanew,innovativesupplychain.

Cyclyx International, LLC, a joint venture with ExxonMobil, was launched in December 2020 as a consortium-based plastic feedstock management company and combines three innovations:

→ Chemically characterizing waste plastic and creating custom feedstock for mechanical and chemical recycling pathways

→ Novel sourcing, preprocessing and supply chain management

→ A consortium-based business model

CREATING A NEW SUPPLY CHAIN FOR WASTE PLASTIC

About Cyclyx

END USER

CHEMICAL CONVERSION

CHARACTERIZE & QUALIFY WASTE PLASTIC

TO MEET CUSTOMER SPECIFICATION/S

NOVEL SOURCING & AGGREGATION

METHODS

MINIMAL PREPROCESSING STEPS

CUSTOM FEEDS TO MEET CUSTOMER

NEEDS

DELIVER TO RECYCLING

FACILITY

FEEDSTOCK PROCESS INTO NEW PLASTICS

WASTE FINAL PRODUCT

CERTIFIED CUSTOM FEEDSTOCK

CyclyxAgilyx 2021 Half-Year Report

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Expanding the Cyclyx Consortium

Thisnewpartner-drivenmodelboostsplasticcircularity–andbreaksthecyclethathaskeptrecyclingfromreachingitsfullpotential.

MembercompanieshaveaccesstoCyclyx’sservicesthatprovideplasticusersthroughoutthevalue-chainwiththird-partyaudited,circular,end-of-lifepathwaysfortheirproductsthroughinnovationsincludingchemicalcharacterizationofplasticsandpredictivemodelingoffeedstocksourcestoproductpathways,customfeedstockrecipesandcustomizedsupplychains.

By working with partners to source, collect and pre-process large By working with partners to source, collect and pre-process large volumes of waste plastic based on exact technical specifications, Cyclyx volumes of waste plastic based on exact technical specifications, Cyclyx can redirect more plastic into recycling options.can redirect more plastic into recycling options.

2021 Year-to-Date Cyclyx Operating Milestones

Aug. 16 INEOS Styrolution Joins Cyclyx as Founding Member INEOSStyrolution,agloballeaderinstyrenics,joinstheCyclyxconsortiumasafoundingmember.

Aug. 12 LyondellBasell Joins Cyclyx as Founding Member LyondellBasell,oneoftheworld’slargestproducersofplasticsandchemicals,joinsCyclyx asafoundingmember.

Jul. 06 Chevron Phillips Chemical Joins Cyclyx as Founding Member ChevronPhillipsChemical(CPChem),aleadingchemicalcompanyattheforefrontofcultivating acirculareconomyforplastics,joinsCyclyxasafoundingmember.

Jun. 28 Cyclyx Announces Appointment of Catherine Keenan to Executive Advisory Board CyclyxappointsCatherineKeenantoitsEABtofocusonsustainability,ESGandgovernment affairstohelpdrivethecompany’smission.

May 21 Cyclyx International Welcomes North American Plastics as New Member NorthAmericanPlastics,afamilyofleadingbrandsinplasticsdistribution,becomesamember oftheCyclyxconsortium.

CyclyxAgilyx 2021 Half-Year Report

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May 12 Cyclyx Announces Three New Additions to Executive Advisory Board CyclyxappointsSuzanneShelton,GeoffreyInchandJuanBecerratoitsEAB.

May 6 Cyclyx Appoints James Trevathan as Vice President of Feedstock Sourcing and Supply Chain CyclyxappointsJamesTrevathanasVicePresidentofFeedstockSourcingandSupplyChainto buildoutthecompany’ssupplychainandfeedstockpreprocessinginfrastructure.

Apr. 20 Braskem Joins Cyclyx as Founding Member Braskem,thelargestpolyolefinsproducerintheAmericasandleadingproducerofbiopolymers intheworld,joinsCyclyxasafoundingmember.

Apr. 6 Cyclyx Receives ISCC PLUS Certification for its Circular Recycling Pathway CyclyxobtainscertificationthroughtheInternationalSustainabilityandCarbonCertificationPlus (ISCCPLUS)processforitspost-useplasticmanagementsystems,providingcustomersassurance thattheplasticfeedstockacquiredfortheirprocessessatisfiesconditionsofbeingpost-useand aretraceableandauditable.

Mar. 29 Cyclyx Announces the Addition of Plastics Industry Experts to Executive Advisory Board CyclyxaddsSteveRussellandPaulTurnertoitsEAB,bringingvaluableexperiencetohelpdrive missionofincreasingrecyclingofpost-useplastic.

Mar. 19 Cyclyx Appoints Kevin Paine as Vice President of Finance – Business Partner CyclyxappointsKevinPaineasVicePresidentofFinance,BusinessPartnertosupportthe growthoftheorganizationthroughstrategicandbusinessdevelopmentefforts.

Mar. 17 AmSty Joins Cyclyx International as Founding Member AmStyhasaccesstoCyclyx’sintegratedsetofinnovationstodeliverwasteplasticfeedstocks appropriateforallexistingandnewmechanicalandadvancedrecyclingpathways.

Feb. 25 Agilyx and ExxonMobil Establish Cyclyx Joint Venture to Supply Plastics Recycling Industry ThejointventurecombinesAgilyx’sexpertiseinplasticwasteconversionwithExxonMobil’s technologyexpertiseandlarge-scalepetro-chemicalmanufacturingnetwork.

Feb. 4 Cyclyx International Expands Executive Team CyclyxappointsRickCochraneasSeniorVicePresident,StrategyandBusinessDevelopment andLaurenEtlingerasGeneralCounseltoadvanceitsinnovativeconsortium-based recyclingplatform.

CyclyxAgilyx 2021 Half-Year Report

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Financials

FinancialsAgilyx 2021 Half-Year Report

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Financial Development and Position

AgilyxGmbH(CH)was establishedalsoasawhollyownedsubsidiaryoftheGroup.AgilyxAS,theNorwegianentity,beganoperationsinJanuary2021.Forthesereasons,theconsolidatedaccountsforthegroupofcompanies(referredtoas“Groupconsolidated”)andthefinancialstatementsforAgilyxASasaholdingcompanyarecomparableforthesix-monthperiod.Nevertheless,giventhattheoperationsoftheNorwegianentityaresmallandofan

administrativenature,the six-monthfiguresof2021and2020canbeseenrelativetoeachotherasawayofbetterunderstandingtheGroupperformanceanddevelopment.

Groupconsolidatedrevenuesforthesix-monthperiodendingJune30,2021,were$791,000,withanegativegrossmarginof$404,000.Thisincludestheimpactoftargetedinvestmentsintheinitialdevelopmentphasesofcertainprojects.GeneralandAdministrativeexpensesof$5.3

million,R&Dexpensesof$1.4millionandSalesandMarketingexpensesof$775,000relatedtotheGroupgearingforgrowthandexpansionledtoanoperatinglossof$7.8million.

Lossfrominvestmentsinjointventuresof$1.4millionandinterestexpensesof$79,000weresignificantlyoffsetbyotherfinancialincomeof$758,000,relatingmostlytodebtforgivenessinAgilyxCorp.Thisresultedinanetlossfortheperiodof$8.6million,ofwhich$463,000isattributabletominorityinterest inCyclyx,whoseoperationsbeganinJanuary2021,andtheremaining$8.1millioninlosses toAgilyxAS.

Duringthefirsthalfof2021, Agilyxannouncedseveralprojects.Inlinewiththeconceptofearly-stageinvestment,atargetednumberoftheseprojectsincludepre-investmenttosupportthemthroughtheinitialdevelopmentstageoftheprojectandthus havegeneratedlimitedrevenue in1H2021.However,weanticipatethatallofthosewheresuchpre-investmentwasmadewillbecomerevenue-generating inthecomingmonths.

TheinitiationinJanuary2021ofCyclyxactivityhashadasignificantimpactonthefinancialperformanceofAgilyxintheperiod,asstartupof

The legal structure of Agilyx AS (Norway) was formed in early 2020 largely as a holding company The legal structure of Agilyx AS (Norway) was formed in early 2020 largely as a holding company for the activities of Agilyx Corporation (USA), which is a wholly owned subsidiary. for the activities of Agilyx Corporation (USA), which is a wholly owned subsidiary.

FinancialsAgilyx 2021 Half-Year Report

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operationsandsignificantactivityisconductedpriortorevenuegenerationandrecognition.

Whiletheannouncedprojectsareinthedevelopmentstages,webelievetheyrepresentimportantmilestonesforAgilyxinitsglobalimpactandgrowth.

AsofJune30,2021,totalconsolidatedassetsreached $36.5million,ofwhichcashandcashequivalentswere$28.1

million.TheGrouphadtotalnon-currentliabilitiesof$881,000andcurrentliabilitiesof$4.5million(includingdeferredrevenueof$1.4millionandcurrentportionofnotespayableof$1.2million).Totalequity,includingnetlossfortheperiod,reached$31.2million.

CashflowsfromoperationsfromJanuary1,2021throughJune30,2021werenegative$8.5millionasaresultofscalingtodeliver

thegrowthstrategy.TheliquiditysecuredfromtheCompany’sfinancingoperationsprovidesfundingforitsactivitiesandstrategyasplanned.

SUBSEQUENT EVENTSTherewerenosubsequenteventsafterthebalancesheetdate.

FinancialsAgilyx 2021 Half-Year Report

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Financial StatementsAll figures in USD.All figures in USD.

AGILYX AS CONSOLIDATED INCOME STATEMENTUnaudited

Group Group GroupOperating revenue and operating expenses Note H1 2021 H1 2020 FY 2020Revenues - 790,508 1,571,615 4,336,151

Costofrevenues 2 1,194,852 783,949 2,441,487

Gross margin - -404,344 787,666 1,894,664 Researchanddevelopment - 1,367,258 592,012 1,505,752

Salesandmarketing - 774,777 179,382 412,285

Generalandadministrative - 5,264,529 2,661,081 6,668,667

Total operating expenses 2 7,406,564 3,432,475 8,586,704 Operating loss - -7,810,908 -2,644,809 -6,692,040 Financial income and financial expensesResultfrominvestmentinjointventure - -1,446,358 -1,693,357 -3,248,453

Interestexpense - -78,595 -172,342 -277,823

Otherfinancialincome,net - 758,314 14,992 82,218

Net financial items - -766,639 -1,850,707 -3,444,058 Net result - -8,577,547 -4,495,516 -10,136,098 Net result attributable to minority interest - -462,935 - -Net result attributable to Agilyx AS - -8,114,612 -4,495,516 -10,136,098

FinancialsAgilyx 2021 Half-Year Report

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AGILYX AS CONSOLIDATED BALANCE SHEETUnaudited

Group Group GroupAssets Note Jun. 30, 2021 Jun. 30, 2020 Dec. 31, 2020Non-current assetsIntangibleassets - 4,487,805 4,666,555 4,577,180

Property,plantandequipment,net - 382,246 245,288 349,288

Investmentinjointventure - 2,028,800 1,567,642 1,608,846

Othernon-currentassets - 118,550 35,801 98,555

Total non-current assets - 7,017,401 6,515,286 6,633,869Current assetsAccountsreceivable - 13,359 - 9,064

Prepaidexpensesandothercurrentassets - 1,464,950 563,955 165,165

Cashandcashequivalents - 28,050,830 7,825,684 38,898,928

Total current assets - 29,529,139 8,389,639 39,073,157Total assets - 36,546,540 14,904,925 45,707,026Liabilities and stockholders’ equityEquityCommonstock - 84,654 63,451 83,365

Sharepremium - 88,495,864 58,669,976 88,328,914

Additionalpaid-incapital - 560,963 - 174,875

Total paid-in equity - 89,141,481 58,733,427 88,587,154Otherequity - -59,490,662 -52,515,333 -51,376,050

Minorityinterest - 1,537,065 - 2,000,000

Total equity 3 31,187,884 6,218,094 39,211,104LiabilitiesNon-current liabilitiesLong-termnotespayable - 275,000 1,475,000 875,000

Otherlong-termliabilities - 605,646 598,230 591,091

Total non-current liabilities - 880,646 2,073,230 1,466,091Current liabilitiesAccountspayable - 1,064,170 645,849 627,429

Accruedexpensesandothercurrentliabilities - 760,104 574,412 510,112

Deferredrevenue - 1,437,693 3,413,940 1,896,848

Currentportionofnotespayable - 1,216,043 1,979,400 1,995,443

Total current liabilities - 4,478,010 6,613,601 5,029,831Total liabilities - 5,358,656 8,686,831 6,495,922Total liabilities and stockholders equity - 36,546,540 14,904,925 45,707,026

FinancialsAgilyx 2021 Half-Year Report

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AGILYX AS CONSOLIDATED STATEMENTS OF CASH FLOWS Unaudited

Group Group GroupH1 2021 H1 2020 FY 2020

Net loss -8,577,547 -4,495,516 -10,136,098Depreciation 128,325 98,275 217,131

Resultfrominvestmentinjointventure 1,446,358 1,693,357 3,248,823

Stockbasedcompensation 386,088 - 174,875

Governmentloanforgiveness -779,400 - -

Accountsreceivable -4,295 250,000 240,936

Accountspayableandaccruedliabilities 686,732 281,258 177,268

Prepaidexpensesandotherassets -1,381,560 -481,892 -84,076

Othertimingdifferences -382,812 616,664 -774,569

Net cash from operations -8,478,111 -2,037,854 -6,935,710Regenyxinvestmentfunding -1,866,312 -1,657,490 -3,253,790

Purchasesofpropertyandequipment -71,907 -130,340 -263,444

Net cash from investments -1,938,219 -1,787,830 -3,517,234Proceedsfromconvertibledebtoffering - 2,060,000 -

Proceedsfromgovernmentprograms - 779,400 779,400

Proceedsfromprivatestockoffering - 9,354,392 39,716,312

ProceedsfromCyclyxmembercontributions - - 8,000,000

Stockredemptionandoptionexercises 168,232 -26,900 86,136

Sharecapitalpaidbackatformation - - -3,704

Repaymentofnotespayable -600,000 -2,862,968 -1,573,716

Net cash from financing -431,768 9,303,924 47,004,428 Netincrease(decrease)incashandcashequivalents -10,848,098 5,478,240 36,551,484 CashandcashequivalentsAgilyxCorpatbeginningofperiod

- 2,344,037 2,344,037

Cashandcashequivalentsatbeginningoftheperiod 38,898,928 3,407 3,407

Cash and cash equivalents at end of the period 28,050,830 7,825,684 38,898,928

FinancialsAgilyx 2021 Half-Year Report

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Note 1: Accounting Policies

ThefinancialstatementshavebeenpreparedinaccordancewiththeNorwegianAccountingActandgenerallyacceptedaccountingprinciplesinNorway.ThefinancialstatementsarepresentedinUSDasitisconsideredto bethefunctionalcurrency.

PRINCIPLES OF CONSOLIDATION TheconsolidatedfinancialstatementsincludetheaccountsofAgilyxASanditssubsidiariesAgilyxCorporation,AgilyxGmbHandCyclyxInternational,LLC.Thecostpriceofsharesandpartnershipunitsareeliminatedagainsttheequityintheunderlyingcompanies.Allintercompanyaccountsandtransactionsareeliminatedinconsolidation.AgilyxCorporationhold50%inRegenyxLLC,aninvestmentunderjointcontrolandaccountedforaftertheequitymethod.

TheaccountingpoliciesusedinthepreparationofthesefinancialstatementsareconsistentwiththoseusedfortheGroup’s2020annualreport.ThestatementsdonotincludealltheinformationanddisclosuresrequiredintheannualfinancialstatementsandshouldbereadtogetherwiththeGroup’sannualconsolidatedstatementsasofDecember31,2020.

COST OF SALES AND OTHER EXPENSES Theconsolidatedincomestatementspresentcostsaccordingtofunction.Costsclassifiedbynaturearepresentedinnote2.

Agilyx AS is a Norwegian company and the parent company in the Agilyx Group.Agilyx AS is a Norwegian company and the parent company in the Agilyx Group.

NOTE 2: OPERATING EXPENSES BY NATUREAgilyx presents the operating expenses by function in the profit and loss statement. Payroll tax relief of $1.2 million, of which $0.3 million was generated in H2 2020, results from benefits generated by the United States CARES Act and related tax legislation. Below is the total operating expenses presented by nature. The parent company’s operating expenses included fees related to its function as parent.

UnauditedGroup Group Group

Operating expenses classified by nature H1 2021 H1 2020 FY 2020Rawmaterialsandconsumables 530,403 267,770 686,885

Salariesandrelatedcosts 5,256,119 2,082,399 5,326,657

Payrolltaxrelief -1,164,657 - -

Depreciationandamortisation 128,325 98,275 217,131

Otheroperatingexpenses 3,851,226 1,767,980 4,797,518

Total expenses 8,601,416 4,216,424 11,028,191

FinancialsAgilyx 2021 Half-Year Report

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NOTE 4: EVENTS AFTER BALANCE SHEET DAYTherearenosignificanteventsafterbalancesheetdate.

NOTE 3: EQUITY

Group equity Common stock

Share premium

Additional paid-in capital

Other equity Minority Total

Balance, January 01, 2020 3,407 - - - - 3,407Reductionofcommonstock -3,407 - - - - -3,407Capitalincreasebyinversion 51,945 48,557,886 - -47,239,952 - 1,369,879Proceedsfromstockofferingattimeofinversion 11,506 10,758,277 - - - 10,769,783

Costsrelatedtostockoffering - -646,398 - - - -646,398Proceedsfromstockofferingpre-listing 17,529 31,464,308 - - - 31,481,837

Costsrelatedtostockoffering - -1,888,910 - - - -1,888,910Proceedsfromexerciseofstockoptions 2,385 83,751 - - - 86,136

PaymentmadefromminorityinCyclyxInt.LLC - - - 6,000,000 2,000,000 8,000,000

Shareoptionadjustment - - 174,875 - - 174,875Netresultfortheyear - - - -10,136,098 - -10,136,098Balance, December 31, 2020 83,365 88,328,914 174,875 -51,376,050 2,000,000 39,211,104Proceedsfromexerciseofstockoptionsandwarrants 1,289 166,950 - - - 168,239

Shareoptionadjustment - - 386,088 - - 386,088Netresultfortheyear - - - -8,114,612 -462,935 -8,577,547Balance, June 30, 2021 (Unaudited) 84,654 88,495,864 560,963 -59,490,662 1,537,065 31,187,884

FinancialsAgilyx 2021 Half-Year Report

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