A TRUSTED PARTNER IN BIOMASS

The Fox Group

Our Environment

Almost 50% of the Global energy demand is heat derived, which means the majority

of carbon emitters are large power plants that rely on burning finite fuels to produce

our energy. However, global initiatives are underway to sustainably reduce carbon

emissions by converting to a cleaner, renewable fuel source.

We are on the verge of going from this….

….to this.

The case for bioenergy:• Infinitely renewable• Closed carbon cycle• Amongst lowest cost renewable energy• Only renewable energy capable of producing ≥ 20% of Total Energy Demand• Only cost effective renewable option

WHY BIOMASS MAKES SENSE

We understand the need for a certification system to guarantee the sustainability of biomass all the way through the supply chain

Overview of initiatives* included in assessment

18

19

10

9

3Biomass and bioenergy

(incl. electricity labels)

Biofuels only

Forestry*

Agriculture (incl. crops and

commodities)

Social and ethical labels

Wood Pellet production Power PlantTransport

Independent audit on

sustainability of the feedstock

results in certificate

Certified biomass is tracked and traced throughout the

supply chainBiomass certificate

received at power plant

New Systems

NTA8080 / 81 (NL)

ISCC (Du)

EU – RES directive

GBEP (global)

RSB (Round table

sustainable)

Commodity specific

RSPO (palm oil)

FSC (wood)

RTRS (soya)

Copernicus study shows

that there are currently 59

sustainability systems world

wide.

Harmonization is essential to

enable growth towards a liquid

market in biomass.

The Fox family understands Resource Management, our lively hood depends

on it! We manage our resources, either physically or via third party

agreements, for an infinite harvest.

Sustainable Resource Management

• We employ on-site qualified forestry professionals.

• We are committed to the long-term sustainable supply of biomass to our and our customers operations.

• We partner with fibre suppliers who share our belief in creating long-term value by combining proven forestry practices with new forestry techniques.

• Under sustainable harvesting techniques, we allow for natural regeneration where soil & economics conditions are ideal.

• We are strong believers in siviculture management. We actively replant, thin and provide wildlife refuge to ensure optimal sustainable growth of the natural resource.

• We develop strong relationships with regulators, environmentalists, public, and contractors. We have been publicly recognized several times by conservationists & forest agencies for our forest management practices.

Our Partners import bio energy from all over the world….

Origination market very active

Origination market active

Potential new sourcing markets

Canada

Wood pellets Bio Coal

US

Peanut Wood Pellets

Mexico/Brazil

Coffee husk Bagasse

South Africa

Wood pellets

Sub-Sahara Africa

Wood Pellets Cocoa

Russia

Wood pellets Sun flower husk

Germany

Wood pellets

Baltics

Wood pellets

China

Wood Pellets Bamboo Pellets

Thailand

Wood Pellets

Australia(Malaysia/Indonesia)

Wood Pellets

Italy

Olive cake

Portugal

Olive cake

Vietnam

Rice Husk

Netherlands

Wood pellets Demolition wood Wood chips Bio Coal

… like they are importing coal energy from all over the world.

API2

US

Wide range of qualities

Arbitrage domestic / South America / Europe

Colombia

Generic quality, easily tradeable

Cape size ports

Russia

Low Sulphur coals Uneconomic in long

distances Germany / Baltics or

premium market (UK)

South Africa

Low volatile, low Sulphur

Cape size port Atlantic-Pacific

swing market

Indonesia

High volatile, lower NCV

Pacific market coals

Poland

High NCV Growing domestic

market Export to inland

destinations (South Germany / Chezc)

Venezuela High NCV Premium

markets

Key supply Markets

Potential supply Markets

Wind and solar technologies have the lowest carbon footprint while biomass is lower in co-firing than in dedicated technology

Carbon footprint of electricity generation technologies

0

100

200

300

400

500

600

700

800

900

1,000

Best in

class

Onshore

Wind 3MW

turbine

Nuclear

(centrifuge

enrichment)

Best in

class

Offshore

Wind 3MW

turbine

Solar PV

Mono-

crystalline

Co-firing

Torrefied

Pellets

made from

sawmill

residues

Co-firing

Pellets

made from

sawmill

residues

Dedicated

Torrefied

Pellets

made from

sawmill

residues

Dedicated

Pellets

made from

sawmill

residues

Dedicated

Wood chips

from sawmill

residues

Palm oil

Gas co-

firing

Best in

class CCGT

power

plants

(57,5%)

Avg Natural

Gas power

plants - NL

Best in

class Coal

power

plants

(46%)

Avg Coal

power

plants - NL

Kg

of

CO

2 e

qu

i (G

WP

10

0 Y

ea

rs)

pe

r M

Wh

ele

c

Raw material sourcing Raw material logistic Construction/Decomissioning Electricity generation Fuel waste product

156

434

596

796

929

5 5 5

235

53

Fuel independent

Biomass

Gas

Coal

130 171 205

296

The net carbon savings in ton Co2 /MWhelec is highest for co-firing, ahead of wind and dedicated biomass

Amount of CO2 saved when renewable technologies replace thermal fired

electricity generation

0

100

200

300

400

500

600

700

800

900

Best in

class

Onshore

Wind 3MW

turbine

Nuclear

(centrifuge

enrichment)

Best in

class

Offshore

Wind 3MW

turbine

Solar PV

Mono-

crystalline

Co-firing

Torrefied

Pellets

made from

sawmill

residues

Co-firing

Pellets

made from

sawmill

residues

Dedicated

Torrefied

Pellets

made from

sawmill

residues

Dedicated

Pellets

made from

sawmill

residues

Dedicated

Wood chips

from sawmill

residues

Palm oil

Gas co-

firing

Kg o

f C

O2 e

qui. / M

Wh e

lec

Wind

Fuel independent Biomass

Co-firing

Biomass

Dedicated

Biomass

A Partnership with the Fox Group• We have over 150 years operating in the North American

Forest Industry

• We have been recognized as leaders in Sustainable Resource Management

• We have relationships with major European utilities seeking our expertise

• We have a current development strategy well underway

• We are experienced Project Developers, with a focus on risk mitigation

• We are well funded and have access to Institutional Capital

• We fundamentally understand how to create and extract value from the bioenergy supply chain