GREEN CHEMISTRY DAY

Nextchem-MyReplast, Bedizzole (BS)

12 June 2019

DISCLAIMER

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

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

The information contained and the opinions expressed in this document have not been independentlyverified. In particular, this document may contain forward-looking statements that are based oncurrent estimates and assumptions made by the management of the Company to the best of itsknowledge. Such forward-looking statements are subject to risks and uncertainties, the non-occurrence or occurrence of which could cause the actual results – including the financial conditionand profitability of the Group – to differ materially from or be more negative than those expressed orimplied by such forward-looking statements. This also applies to the forward-looking estimates andforecasts derived from third-party studies. Consequently, neither the Company nor its managementcan 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 the Company reserves the right to make such variations and integrations when it deemsnecessary or appropriate, the Company assumes no affirmative disclosure obligation to make suchvariations and integrations.

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SUMMARY

1. NextChem at a Glance

2. Plastic Market Overview

3. MyReplast Positioning

4. Recycling Plant Data

GREEN MARKET: AREAS OF NEXTCHEM ACTIVITY

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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

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

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Use of low-cost waste toproduce 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

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the

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2021-20232019-2020

Development Timeline

1st Generation

2nd Generation

> 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

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OPERATORProduction plant player

JOINT DEVELOPEREquity and tech partnership

with 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

BUSINESS MODEL DEPENDING ON THE BUSINESS SCALE

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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

• 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

BUSINESS MODEL

TECHNOLOGY

Integration with Chemical Recycling

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

KEY NEXTCHEM BUSINESS ACTIVITIES

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WASTE TO FUELS AND CHEMICALS

Collection Gasification Disposal of Residual WasteRenewable 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 2025Europe 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

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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 Gases and Decarbonization

of Transportation Fuels

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

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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

BUSINESS MODEL

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POWER/HYDROGEN TO CHEMICALS/FUELS

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

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

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2015 2020 2030 2040 2050

Existing Feedstock New FeedstockBuilding Heat & Power Industrial EnergyTransportation Power Generation

78

28

1410

8

BUSINESS MODEL

11Source: MET analysis of Hydrogen Council Data

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BIO-POLYMERS

BUSINESS MODEL

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Feedstock Supply Polymerisation Compounding / FinishingDistribution/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

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 TRENDS• In 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

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FINANCIAL IMPLICATIONS

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

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

• Solid Capital Structure from the start

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

syndication and grants

• €50 million of EBITDA in 2023

Business is profitable already Non-linear progression over the period

13Maximizing Returns while minimizing Capex

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BUSINESS FINANCING MODEL

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Finance, in whole or in part, eligible Green Projects, which are expected to contribute to climate change mitigation and protection of natural resources objectives

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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

GLOBAL PLASTIC HISTORICAL PRODUCTION

16Source: 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

17Source: Plastic; the facts 2018 https://www.plasticseurope.org

~300 MMT/y

• 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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PLASTIC CONSUMPTION IN EUROPE

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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 2016

Potential Market is around us

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

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CONSUMPTION BY PLASTIC FAMILY IN EUROPE

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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.orgGRE

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EUROPEAN PLASTIC LIFE CYCLE

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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 2025 65% of collected municipal waste 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 ~ 175

• The European Commission has included a national contribution to be paid for Plastic Waste in thelast Financing EU Budget (May 2018). It will be based on the amount of non-recycled plasticpackaging waste of each Member State whose amount 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

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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 According to 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

INTEGRATION

Advanced Sorting Technologies

Advanced Sorting, Grinding, Washing andColor 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

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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 Revenue

s

EBITDAMarginality

% IRR

Financing

~ EUR 20-30m

~ 15-20%

ca. 25%

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

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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