TRADEBE

A World leader in ENVIRONMENTAL SERVICES since 1984.

Propelling the circular economy & GLOBAL TRADE creating a more sustainable world PRESENTATION LOREM IPSUM DOLOR SIT AMET

Growth People Legacy Tradebe Environmental Services MARF Investors’ Update April 2021 Portfolio Presentation I. Today’s Speakers

Victor Creixell Jordi Borrell Miriam Pineda CEO CFO Global Treasury and Funding Manager

2 I. Today’s Speakers……………….……………………………..2 II. About us………………………………………………………...4 III. Executive summary……………………………………………8 Agenda IV. 2020 Financial Performance………………………………. 13 V. ESG ……………………………………………………….…..20 VI. Corporate update ………………………………………….....23 Annex

3 About us

4 II. About US | Tradebe a World leader in Environmental Services since 1984

International leading hazardous management ENVIRONMENTAL SERVICES and company headquartered in Barcelona, with operations in the US, the UK, Spain, Germany, France and Italy and with more than 35 years of history.

Grupo Tradebe Medio Ambiente S.L

€500m €69m 2.390 40% 31% 26% 2% Revenues (1) Recurrent EBITDA (1) 84 Employees Permitted facilities US SP UK RoW

5 (1) 2020 Consolidated and Audited Figures (rounded figures) II. About US | and Recycling is mainly industrial

Hazardous and Recycling is mainly industrial and operates under chemical industry standards and stringent environmental regulation.

Industrial Hazardous Waste(1) Municipal Non-hazardous Waste

Key Success Factors Key Success Factors . State-of-the-art processes in supply chain  Permit ownership management  Advanced treatment and recycling . Attractive catchment area technology . Long-term contracts with administration and  Superior operations and handling know-how city councils  Deep knowledgeExamples of commodities of Waste market . Access to final disposal facility  Track record and reputation Type of waste: Solvents, Oils,Sludges, Industrial Type of waste: Glass, Plastic, Paper & cardboard, Metal craps, Wood Water, Clinical Waste, Expired Drugs, Contaminated Soil, Acids, Chlorinated Organic Compounds

Tradebe provides… With… That protect customers from… Partner of choice for NON-DISCRETIONARY Severe REPUTATIONAL LOW P&L IMPACT SERVICES. DAMAGE / EXPOSURE leading ESG driven (Customers forced by regulation) customers

(1) Hazardous waste poses substantial or potential threats to public health or the environment. Hazardous waste exhibits one or more of the following traits: ignitability, reactivity, corrosivity, toxicity or similar. 6 II. About US | Our Services

RECYCLING & ENERGY RECOVERY

SOLVENTS FUEL OIL METAL LWA (PRODUCT) ALTERNATIVE POWER 35% FUEL GENERATION

TECHNICAL SERVICES

PHYSICO-CHEMICAL BIOLOGICAL+ THERMAL WASTE WATER NORM AND LOW LEVEL HIGH CONTROLLED DESORPTION TEMPERATURE DISPOSAL 59% TREATMENT

FIELD SERVICES

ENVIRONMENTAL DEEP SEA, SHORES ON SITE WASTE INDUSTRIAL CLEANING EMERGENCY REMEDIATION INSPECTION AND AND FLUVIAL BED MANAGEMENT (TANK EQUIPMENT) RESPONSE 6% MONITORING ANALYSIS

7 Source: Audited Consolidated Non-Financial Information Report (Estado de Información No-Financiera (EINF)) as of 31 December 2020 Executive Summary

8 III. Executive Summary | COVID-19 road map

On March 11, the WHO declared the outbreak of the Coronavirus COVID-19 an international pandemic.

Ensure the health of all our employees and a safe work environment Strict adoption of the hygienic-sanitary measures, protocols and recommendations dictated SAFE WORK by Authorities and Government bodies ENVIRONMENT COVID-19 Health and Safety Training campaigns. Tele-working, mobility restrictions,…

All the plants of the group have been operational under strict hygienic-sanitary BUSINESS protocols and despite the impact of ERTE’s and Furloughs programs and Leave of CONTINUITY Absence (LoA) related to COVID-19.

Cost Cutting programs or initiatives COST ERTE's & Furloughs programs Sale or Discontinuation of non-core or non-profitable operations

Lockdown or delay of non-critical or non-strategic investments or acquisitions INVESTMENT Freeze March 2020 LIQUIDITY and Additional liquidity (45M EUR) FINANCIAL Undrawn RCF & CAPEX Facility (110M EUR) COMPLIANCE Close liquidity, cash flow, profitability and covenant compliance monitoring and reporting

9 III. Executive Summary | 2020 Business Highlights

BUSINESS • Highly RESILIENT business and industry under the COVID-19 pandemic crisis.

• The hazardous waste management industry considered ESSENTIAL activity.

• BUSINESS CONTINUITY. Operations have continued impacted by strict hygienic-sanitary measures and protocols and ERTE/Furlough programs (c. 13% of all the employees in March peak) and LoA1 due to COVID-19 (5% of the employees in March and November peaks). • [Relatively low] decline in activity (2020 consolidated revenues of c. 500M EUR (14% vs PY)) but recurrent EBITDA level secured and preserved to 69M EUR ( 7% vs PY).

STRATEGIC • Start of operations of the main STRATEGIC EXPANSION PROJECTS due in 2020: PROJECTS • US/Norlite modernization ((c. $30m investment); • UK NHS Scotland 10-year contract. (18 boards onboarding completed); • Germany Schwarzheide solvent recycling plant (BASF Contract); • Italy: Fidenza solvent recycling plant. • Spain: restart of our operation in our controlled disposal plant of Valdilecha • Port of Barcelona. NEW CONCESSION awarded (23y (2043) and 24.2k m²) (Treatment and recycling plan (industrial and marine waste)) • 5 y contract with PDO Satisfactorily completed (Oman)

(1) LoA means Leave of Absence. 10 III. Executive Summary | 2020 Financial Highlights

• Consolidated revenues [relatively limited] decline from 576M EUR (2019) to 497M EUR (2020) (14% vs PY) P&L • Statutory EBITDA increase up to 71M EUR (9% vs PY) • Recurrent EBITDA [limited] decline from 74M EUR to 69M EUR ( 7% vs PY) • Net profit in excess of 11M EUR

BALANCE • Net Equity secured at 47M EUR despite 10M EUR negative impact from USD and GBP deterioration SHEET • Positive Working capital (in excess of 43M EUR) • LEVERAGE: 2.7x Recurrent EBITDA (Total Net Debt: 188M EUR) • Investment effort of 36M EUR (22M EUR Growth related)

CASH FLOW • DELEVERAGE OF C. 29M EUR and Covenant compliance. & LIQUIDITY • c. 45M EUR ADDITIONAL LIQUIDITY injected (ICO and CESCE backed loans (29,5M EUR), Government Aid (US SBA PPP $10M) and Profit Participating Loan repayment (EUR 7M) Including secured MARF prom notes levels (backed by ICO guarantee) (38.6M EUR)) • LIQUIDITY AVAILABLE IN EXCESS OF 210M EUR (Cash and equivalents (103M EUR) plus undrawn RCF (65M EUR) and partially undrawn EUR Capex Facility (45M EUR). 11 III. Executive Summary | ESG highlights

SUSTAINABILITY AT WORK • 1.7 MILLION TONS of waste managed

• c. 45% of tons managed were RECYCLED (Including c.15.000 tons of our own certified Tradebe Green Fuel sold under the Sustainability Declaration)

• c. 120,000 tons of alternative fuel that reduce the need for coal and gas consumption at cement kilns

• 66 Health, Safety & Environmental compliance dedicated people

12 2020 Financial Performance

13 IV. FINANCIAL PERFORMANCE | CONSOLIDATED REVENUES | M EUR

 [Relatively low] decline in activity (▼78M EUR (▼6M EUR FX Impact ) and ▼14% vs PY)

 Stable geographical diversification

2019 VS 2020 2019 2020

-14% 576 RoW RoW 3% 2% 498 SP SP 176 31% USA 31% USA 42% 40% 155 SP 24% 26% 141 UK 132 USA UK UK RoW 244 201

16 10 2019 2020 14 IV. FINANCIAL PERFORMANCE | RECURRENT EBITDA | M EUR

2019 VS 2020  Cost cutting initiatives have helped to preserve a healthy EBITDA -7% 74 margin in a COVID-19 scenario 69

27 23 SP  FX impacts of  3M EUR (driven by USD depreciation vs EUR) 14 13 UK USA  USA (c.1M EUR (3 M FX impact) and  2% vs PY) 31 32 OMAN Global Structure Healthy performance despite declining volumes April May 2020, also helped 4 by Norlite annualization. -3 -3 3    2019 2020 SPAIN (c 4M EUR) and 14% vs PY). Negative impact on the Recycling/Fuel activity driven by the maritime traffic reduction and Field Services (Industrial and Environmental Consultancy services). 2019 2020  UK (c.1M EUR) and 4% vs PY) Nuclear waste and North Sea Oil & Gas markets significantly impacted by OMAN OMAN lockdowns while the rest of the business held steady. 5% 4% SP Non-performing businesses restructured or sold. 35% SP 32% USA 41% USA 45%  OMAN (c. 1M EUR) and  22% vs PY) 18% 18% Main customer (PDO) restricted operations from April forcing us to readjust UK UK our cost base.

15 IV. FINANCIAL PERFORMANCE | OPERATING CAPEX | M EUR

Norlite site modernization 14  Actual 36M€ ( ▼10M€ VS Budget. A COVID-19 Capex freeze action) Chemicals expansion (Schwarzheide (Ger) and Fidenza (Ita)) 5 Bellshill (NHS Scotland Contract) and Swindon sites 1  22M€ invested in growth projects Inutec Rads treatment facility 1 Controlled disposal (Valdilecha and Bolaños) 1  14M maintenance/compliance TOTAL Growth Projects 22

NHS Scotland Controlled disposal Contract (Bellshill Site) and Swindon site

Norlite Site Modernization Inutec Rads Treatment Facility

Chemicals expansion

16 IV. FINANCIAL PERFORMANCE | CONSOLIDATED BALANCE SHEET 2019 and 2020 | M EUR

ASSETS LIABILITIES

- Net equity. Preserved at 47 M EUR.

+1% - 11M EUR Net Profit offset by 565 568 565 568 c.-11M EUR FX & swap valuation +1% 46 47 - 20M EUR dividend distribution offset by a 20M EUR 318 304 shareholders contribution. 338 343 (Neutral cash and Equity impact)

32 - Profit Participating loan to affiliate. 46 Net 7M EUR repayment (Cash Injection) 129 139 - Other debt. $10M US SBA Paycheck 160 157 Protection Program (PPP). Loan 103 62 forgiveness application in progress. 20 22 2019 2020 2019 2020 - Trade WC improves by c.1M EUR (overdue under control)

Net equity Non current assets Cash Non-current liabilities Goodwill Current assets excl. Cash Current liabilities excl S/T bank debt S/T bank debt 17 IV. DEBT & LEVERAGE ANALYSIS | M EUR

1. Leverage 31/12/2020: 2.7x (vs 3.75x syndicated debt leverage covenant) 2. Significant liquidity available (+213M EUR) 1. ICO and CESCE COVID new long term facilities (29.5M EUR) (1 year + [2-4] years amortizing) 2. MARF prom notes levels preserved (backed by ICO guarantee) (38.6M EUR) 3. Increasing amortization profile starting in 2022 (potential refinancing in 2022)

NET DEBT DETAIL & LIQUIDITY AVAILABLE Gross bank debt amortization schedule

18 IV. CASH FLOW | M EUR

Recurrent CF • 29M EUR Deleverage (In an unprecedented WW sanitary and economy crisis) • 41M EUR recurrent Cash Flow offset by: • -13M EUR non-recurrent CF (Including FX Impact) 41

64 29

Profit participating PPP | CF loan Net Government Aid Maintenance Repayment Discontinued / compliance Other FIN Cash impact CAPEX Trade WC 7 8 10 1 0 -2 -2 FX Recurrent -10 -11 Other NFD EBITDA* -14 Final -22 NFD -188 Initial Extraordinaries -13 Cash impact

Growth -216 CAPEX -188

Non-Recurrent CF

-216 19 Initial* Recurrent EBITDA excluding annualizations Other Strategic PPP | US DiscontinuedOther non NFD Net Debt Capex subsidy operations recurrent CF Final ESG

20 V. ESG | Environmental, Social, Governance & Recognitions

ENVIRONMENTAL

• Actively engaged in researching and developing projects to 2018 increase the recycling First Worldwide Green • Carbon footprint reduction projects • Coal consumption reduction projects Syndicated Loan • Zero goal projects

SOCIAL 2019 Ecovadis CSR Rating | Silver recognition | UK plants • Proactive management of Safety and Health thru Training to employees (i.e.PROUD program) • Monitoring programs and reporting to EXCOM (i.e. near misses…) International Sustainability and • Local community engagement scheme Carbon Certification Plus (ISCC Plus) (Spain). Tradebe Green Fuel (TGF). 1st Waste Management Company GOVERNANCE that receives the ISCC Plus (Spain).

• Anti-slavery policy 2020 • Equality reviews “Sustainability Award 2020” in • Internal training to comply with anticompetition the Chemicals Northwest Awards (UK).

21 V. ESG | Actions speak louder than words

UK | SP | Specific project for a long term blue-chip customer that is Port of Barcelona Concession (Spain) aligned with EU delivering annualized net carbons savings of 30,000 Circular Economy Goals and includes Best Available tons of CO2. Second phase of the project will deliver an Techniques (BAT) reference documents (BREFs) in additional 6.000 tons of CO2 savings coming from anticipation of the adoption of the 2020/75/UE Directive additional waste streams (i.e. Energy savings up to 6.500 MW/year). New Healthcare plant in Scotland moving away from landfill and into waste to energy treatment More than 100 actions identified in the Spanish sites in Our UK Business generates more energy from the waste that 2020 that improve 8 out of the 17 Goals to we receive than the fuel and Gas that it uses. Transform our Word defined by the United Nations ( The biz generates c.350% more energy than used)

GER | BASF Schwarzheide US | Tradebe has developed and commissioned a solution that allows the customer to recycle $30M Norlite plant modernization (instead of incinerate) 55.000 tones in 5 years and (US) driving savings of 5.500 provides carbon savings of 10,000 tons of tons/year of water disposal. CO2/year.

22 Corporate

23 VI. Corporate update

SHAREHOLDING STABILITY (TRANSITION TO 2ND GENERATION)

In December 2020, Oshare, SL acquired the 8,64% of Grupo Tradebe Medio Ambiente, S.L. from the minority shareholder and currently holds 100% of Grupo Tradebe Medio Ambiente, S.L.

MANAGEMENT UPDATE

Robin Randall, UK CEO has retired and has been replaced by Kristian Dale (See Executive committee in appendix)

BUSINESS STRATEGY

Business and Mercantile segregation (2021-2022). Segregation of the Environmental Services Business and the Chemicals Services Business (Solvent Recycling/Purification).

24 25 ANNEX Appendix | Port of Barcelona new concession

- Term: 23y (2043) (16y (2036) (phase 1 and 2) + 3,5y (2039) + 3,5y (2043))

- Surface: 24.204 m2 (x2 previous surface))

- Site in Port of Barcelona that treats Industrial and maritime waste

- Committed investment: c.16,5M EUR for phase 1 and 2 (7,6 M EUR expansion + c.8,9M EUR maintenance | 3,9M EUR in 2021 and also in 2022). Phase 3 and 4 subject to Tradebe ‘s option to extend the concession.

- Goals: - Optimize the lay out (split logistic area inbound and outbound from production shopfloor) - Expansion in new treatments (from Disposal codes to Recycling/Reuse codes | i.e. acid regeneration R6 under analysis) - Adapt production to the new BREFs politics (i.e. develop gas treatment to reduce emissions and develop a new biological treatment) - Energetic savings up to 6.500 MW/year (new natural gas boiler vs New surface current fuel boilers will significantly reduce the carbon footprint) Existing surface - In 2019 Tradebe Green Fuel technology was awarded the ISCC Plus certificate (International Sustainability and Carbon Certification plus) for recycling the MARPOL in a high-quality fuel and reducing the energy consumption by half compared to the traditional recovery processes. First company ever.

27 Appendix | Recurrent EBITDA reconciliation

Cash impacts: c.-11M EUR

28 VII. Corporate | Environmental Services Executive Committee

ENVIRONMENTAL SERVICES EXECUTIVE COMMITEE

Victor Creixell Jordi Borrell Alex Gazulla Sandra Erliso Iñaki Zaldúa Jeff Beswick Kristian Dales CEO Chief Financial Development & Global HR & CEO Spain CEO US CEO UK Officer Expansion Director Comm Officer

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