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ORIGIN INTERNATIONAL INCSustaining Communities | Protecting The Environment

I

Company PresentationNovember 2019

Origin’s Vertically Integrated Environmental Platform

Collection Sale

Basic Treatment(Low Sulphur utility fuel oil, etc.)

Recycling Plant(High quality marine gasoil and lubricants, etc.)

* For illustrative purposes only

Experienced Management is Key Element Group Expertise

Logistics Infrastructure and Storage

Targeted Capex InvestmentSourcing high margin feedstock

Guaranteed oil sale andefficient risk

management

Origin’s success derives from the synergy of bringing together local waste oil collection, processing infrastructure and global oilsupply and trading which creates a unified and vertically integrated environmental platform.

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2 Capital, asset development and good site logistics

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=• High profit margins• Long term growth• Stable and assetbacked

2© 2019 Copyright Origin International Inc All rights reserved.

2018 2019+2017

• Nicholas Myerson resignsfrom Gunvor SA

• Element Group & NicholasMyerson agree to form Origin

• Initial $15mm of equity raised• $100mm debt facility withOrion

Energy Partners signed• Board of Directors identified• First asset identified in Baltimore,

Maryland

Baltimore1st Asset Acquired

Stabilize Operations

Financial Performance

Finance, technical, HSE andcommercial teams established

Annualized operating EBITDA >$4mm

Acquisition & Development Pipeline

Locations

Services

Processing

Vertical Integration & Diversification

Financial Stability & Reduced Debt Costs

USA

North West Europe &

Mediterranean

Caribbean

• Baltimore asset acquired, establishing Origin as the largest independent used oil collector in the mid-Atlantic basin

• Financial Controller, Treasurer,Head of Technical & HSE, and Head of US Commercial hired and respective departments established

• Achieved above forecasted performance in the first financialyear

• Acquisition and development pipeline refined and progressed with Texas and Antwerp beingsecured and implemented as well as five other projects shortlisted

• Geographic diversification helping withminimizing seasonality aspects of used oil collection volumes combined with the Baltimore recycling plant construction for great vertical integration

• Origin providing de-gassing, filtration, cryogenic, vaporizing services as part of the Antwerpacquisition, which diversifies Origin’s service revenue as well ascreating strong organic growth by rolling out these new services in all of Origin’s US locations

Increase Balance Sheet Strength

Annualized asset operatingEBITDA > $10mm

Lower financing costs with

traditional banks


Origin’s Firm History

• Purchase under utilized assets at attractive valuations

• Focus: distressed feedstocks with significant margin and limited competition

• Includes maritime slops/sludges, used motor oils, contaminated crude oils and pipelinetransmixes

• Strategic locations with excellent logistics for feedstock and product flow (rail, truck, vessel and barge)

• Deploy cost effective and flexible recycling units to maximize margin

• Proven and safe technology

• Rapid construction and commissioning (~18 months)

• First class engineering and construction partners

• Optionality from increased feedstocks and refined product streams

• Immediate increase in profitability by leveraging Element’s offtake capability

• No incremental capital required to execute

• Hedging and risk management to protect from falling commodity prices

• Trade finance to increase volumes and market share on collected feedstock

• Immediate profitability uplift from execution of trading strategy

• Rapid investor pay back on recycling plant deployments

• Strong cash flow margins driven by diverse feedstock optionality

• Substantial risk reduction and downside protection via control of existing assets in strategic locations

• Opportunistic private or public exit strategy

Monetize

Deploy

Transform

Purchase


The Purchase, Transform and Deploy Strategy provides investors with:

• Rapid cash generation and compelling unlevered returns

• Substantial downside protection through enhanced cash flows as well as underlying hard assetvalues

• An investor friendly structure due to a pre-agreed arms length marketing fee for all products traded between Element andOrigin

Capital will be drawn down in phases consistent with the purchase of assets, transformation, and deployment of the recycling units over the next 2 years

Origin’s Execution Strategy: Purchase, Transform & Deploy

Origin’s Target Market: Highly Fragmented & Scalable

47%

2% 2%4% 3%

Marine Slops

14%

Used Lubricants

Abundant and Diverse Supply of Low Cost Feedstocks

Available Feedstock Breakdown (bbl pa, USA and Europe)

SUPPLY Highly Fragmented Asset Base with Attractive Entry ValuesASSETS

~50%Used oil burnt in

incinerators

Only ~25%Recycled

Transmixes

9%

Contaminated Crudes 19%


Available QuantityPerProduct

Annum(BBL)

Used Lubricants 50,000,000

Contanimated Crudes 19,600,000

Marine Slops & Sludges 10,000,000

Pipeline Transmixes 14,800,000

High Moisture Crudes 4,320,000

Petroelum Tank Bottoms 3,600,000

Off Specification asphalt blend stocks (flash point, viscosity anddensity) 2,160,000

Off Secification vaccum gasoils (color andchlorides) 1,900,000

TOTAL 106,380,000

Origin’s Acquisition Strategy: Prudent Cash Flowing Growth Assets

• Facilities in US and Europe going through a generational change, with limited financial sophistication

• Origin offers liquidity while allowing vetted incumbent families to carry on running the company they built and/or allowing them to capture future upside as the platform grows

• The acquisition pipeline includes key logistically located terminals to receive and process feedstocks with storage and trans-loading viatruck, rail, barge, vessel or pipe.

• Origin has already acquired three well established and positive EBITDA producing businesses in the US and Belgium

Pipeline50 Projects

Shortlisted8 Projects

Acquired3 Assets

Origination50 projects reviewed in detail in last 18 months

Selection

Cash flow accretion Initial screening, desk top duediligence Initialdiscussion on valuation and transaction terms

Target Valuation justified on standalone cash flow basis Defensible regional market competitive barriers Feasible offtake to de-riskproduction

Successful Acquisitions

Strategically located in key port locations with robust logistics including rail, barge, truck and deep water vessel access

Existing cash flow and opportunity for growth

1 Strategic regional role for the aggregation, processing and storage of waste hydrocarbon streams sought after by Origin’s Europeancustomers

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3 Undergoing generational transition in ownership or experiencing some form of dislocation (e.g. access to capital)

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Current Focus

Origin’s Asset Base Overview

Current Locations Pipeline LOI/HOT

Today Origin operates three core waste hydrocarbon recycling assets, all of which are anchored by multiple long-term offtake contracts. TheFirm has over 125 employees across:

Origin has pre-identified acquisitions of existing EBITDA-producing, positive cash flow businesses that are currently under LOI/HOT negotiations

1 BALTIMORE, MARYLAND

Acquisition Date: March 2018

Collection/Service: 500-1000 bbl UMO/day

2 HOUSTON, TEXAS


Collection/Service: 1,500 bbl UMO/day

3 ANTWERP, BELGIUM

Acquisition Date: May 2019

Collection/Service: Degassing+

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Baltimore Overview

• ~50 Acre terminal in the Baltimore port, including 250 mbbl ofoil products storage and 10 acres of dry bulkstorage

• Origin is the only UMO collection company on the US east coast with deep water draft maritimeaccess

• Oil collection volumes are between 500 to 1,000 BBL per day, and are decanted and de-sedimented at the Baltimore terminal andthen sold as a utility fuel oil to Element per a 7-year offtakeagreement

• Site is serviced by CSX rail (8 rail car off/on loading stations), includestruck on and off loading for oil and dry bulk products and has a 700ftdock with a 24ft draft

• Asset also includes the largest independent used motor oilcollection company in the Mid-Atlantic basin, with over 25 collection trucks servicing the states of Maryland, Pennsylvania, Delaware and Virginia

• Element further provides risk management and inventoryfinancing

BALTIMORE, MARYLAND


Collection/Service: 500-1000 bbl UMO/day

HIGHLIGHTS

– Recycling plant will be running at 70% capacity in 2021and 90% capacity in FY2022

• Additionally, capex is being allocated for adding 16 rail car loading/offloading spots, connection to the Colonial pipeline toallow receipt of pipeline feedstocks (transmix) and diesel/gasoil blending, and repairing and rebuilding the existingdock

GROWTH• Mid-Atlantic region has no base oil or VGO re-refining capacity. Origin

is constructing a fully integrated UMO recycling plant to extract a highyield of low Sulphur vacuum gasoil:

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solutions for Origin such as hedging and prepayments© 2019 Copyright Origin International Inc All rightsreserved.

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Baltimore Overview (Continued)Site Overview

• ~41-acre site with truck, rail, vessel / barge loading andunloading capability

• Dock has ~28ft draft and 600ft length

• On-site warehouses for agricultural and bulk and break-bulk storage

• ~250,00 bbl of in-service liquids storage including asphalt / bitumen,and used oil (see summary table below)

• 30 total trucks, 22 of which are currently inservice

Origin Baltimore Terminals

Buckeye Terminal

CSX Railroad

Arclight Terminal

Interstate 895

Summary of Assets

Warehouse

Dock Structure

Asphalt Tanks

UMO tanks storage prior

to sale

Excluded AcreageUMO tanks for

processing

CSX Rail

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Baltimore Recycling Plant Construction

Compelling Thesis Unit yield, UMO to VGOVGO 81%Flux (asphalt) 13%Naphtha 1%Water 5%

• Apply Origin’s contractually guaranteed offtake to a larger spread between VGO andUMO

• Origin have shovel ready plans and permits in place to build a recycling plant at the Baltimore location

• Extremely high barrier to entry with no existing re-refining capacity nearby – a greenfieldcompetitor

would need ~7 years to permit and build a newfacility

Compelling Operating Model• Feedstock will be additional collected UMO, contaminatedgasoline

and diesel, pipeline transmix and ship slops &sludges

• Product will be vacuum gasoil, naphtha andasphalt

• 2,200 bbl/day product generation

• Well-positioned facility that can provide blending sales and

feedstock optionality (via pipeline, rail, marine and truck) to further

lower cost of production

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Houston (Flex) Overview

• Largest independent collector and third party purchaser in the state of Texas for used motor oils, with a fleet of 20 collection trucks and 4 collection terminals that it rents in various locations throughout the state (which include Tyler, Waco and SanAntonio)

• Oil collection volumes are on average over 1,500 BBL perday

• Main terminal is located on the Houston ship channel, where all thefeedstock is gathered, treated in the same manner as Baltimore andthen sold as a utility fuel oil to Element ona similar basis

• Remote monitoring of tank levels anddiagnostics

HOUSTON, TEXAS


Collection/Service: 1,500bbl UMO/day

HIGHLIGHTS

• Gives Origin a strategic position in the US Gulf Coast and supports the acquisition of a terminal in the region and potentially the development of a recycling plant (similar to the one being constructed in Baltimore)

• Origin intends to be rolling out additional services at the Texas sites that are being offered at other locations such as vacuum truck services, additional waste water collections, degassing and filtering services

• Other smaller collectors in the region are alsobeing screened aspotential acquisitionadditions

GROWTH

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Antwerp (AQ) Overview

• Largest mobile degassing provider in Europe for commercial ships,tankage and refineries; full range of off-specification filtration andtreatment services

• Degassing is a system of capturing and recovering vapours from oils and chemicals that evaporate into the atmosphere, and then either re-condense those vapours into liquid products that can be resoldor (if required by law) vaporize the recovered vapours through mobile flaring

ANTWERP, BELGIUM

Acquisition Date: May 2019

Collection/Service: Degassing+

HIGHLIGHTS

• Gives Origin a strategic position in northwest Europe for service provision and feedstock for future regional Origin recycling plantsto be developed

• The degassing platform that the business has developed will be additionally rolled out in all Origin locations in the US andEurope providing a further environmental service to customers and integrating the various business units of Origin to maximize profitable synergies

GROWTH

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Antwerp (AQ) Overview (Continued)

• Ship to ship services to the oil andshipping industries since 2009

• Transfer between vessels of any size

• Equipment includes reducers, fenders and hoses

• Certified by SIR

• Emission reduction to comply with local regulations

• Mobile Cryogenic Unit – Recovery of product

• Mobile Scrubber, evaporator, mobile flareand mobile activated carbonunit

• Cooling down LNG tanks beforeloading

• Temperatures lowered to -170o Celsius

• Removing water

• Removing particles (rust, sediments,etc.)

• Deodorizing

• Discoloration

Founded in 2005 in Antwerp, Belgium as a treater of off-spec liquid bulk shiploads, AQ has grown to offer arange of at-the-port vesseltreatment and cleaning services.

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© 2019 Copyright Origin International Inc All rights reserved.

• Head of Residual Oils, Gunvor SA• Head of waste oils and off specification crude oil processing and trading, as well

as niche gasoil and bitumen blending and break bulk programs.• Commercial management positions at OW Bunker and NEOS Resources PLC• Responsible for processing and trading maritime and land based waste oils• MA in Law, Cambridge University

• Founding partner of CRI Global Grupo CRI de Mexico,ECR4Kids, Lightspeed Outdoors, Mobile home Ventures2004, PR Investors, LFT Capital, which primarilymanufacture various products in Mexico/Asia forwholesale distribution, manufactured home financingand real estate development

• Sr. Exec Vice-President, Director and Member ofExecutive Committee of Costco/Price, President, Directorand Member of Executive Committee of the Board ofDirectors of The Price Company and a Founding Directorof Bodega Latina, a privately owned warehouse grocerychain operation

• Currently a Director of PriceSmart (NASDAQ: PSMT) thatowns/ operates U.S.-style membership shoppingwarehouse clubs in Latin America and the Caribbean

• BA Economics and MS Business Administration, UCLA

• Nearly 20 years experience trading physical oil, refinedproducts, oil derivatives & credit derivatives.

• Trading & management positions at companies such asMaddox (former PS Trading SA), SET Select Energy, Citigroup, JP Morgan, or Mendex

in English, Russian,• Native German speaker, also fluentSpanish and French

• Business degree from ESCP Paris, Madrid, Oxford and Masterfrom City University London. Nino co-founded ELEMENT withGregor La Valette

Dr. Christoph Beckmann: Non-ExecDirector

• Top Management positions in first class internationalcompanies

• Led project finance team at Deutsche Bahn AG and wasManaging Director for Opus 5 Interaktive Medien GMBH

• Then joined Swiss International Airlines Ltd first as SeniorVice President of Corporate Strategy and a year after as ChiefMarketing & Strategy Officer and Member of theManagement Board.

• Greatly contributed to the turnaround of SWISS into aleading European airline

• Mentor and executive coach for top managers, as well asfounding and co-owning Turgot Ventures AG, a venturecapital firm, investing in and helping to build innovative earlystage companies

Gregor von la Valette: Non-ExecDirector

Michael O’Hara: USA Head of Commercial

• Senior positions at Ergon West Virginia Inc including Vice President of Refining, Plant Manager, Technical Services Manager

• Senior technical managerial positions at Amerada Hess Corporation and Exxon Company USA

• Brings Origin sophistication and operational excellence to Origin’s capitaldeployment as well as HS&E and operations/management

Diana Ryan: Group Controller &Treasurer

• Senior financial positions at large multinationals Laureate InternationalUniversities (Senior Finance Manager), Aveniu Brands (Financial Controller),Under Armour (Director of Financial Planning), Ernst & Young (Audit Manager),Mclean, Kheler (Audit and Tax Associate)

• Led Under Amour’s financial planning department of through its 2005 IPO andsecondary offering in 2006

Management

Nicholas Myerson: CEO & Executive Director

ELEMENT Representatives

Nino Mendiburu: Non-Exec Dir & Chairman

Independent Shareholder Representatives

Mitch Lynn: Non-Executive Director

Neil Stanton: Head of Technical &HSE

• Track record in commodity trading & leveraged finance• Analyst then associate at Morgan Stanley (New York and

London) Leveraged Finance.• Oil Product Trader at Maddox SA focused on physical oil

operations, risk management and all aspects of book• Degree in International Business Economics, University of

Maastricht• Co-founded ELEMENT with Nino Mendiburu.

Derek Becht: Non-Executive Director

Andrew Caplan: Non-Executive Director

• Vice-President of Operations and Sales for Origin Baltimore asset since 2006• Senior management at NFIB and RSC Equipment Rental• Sales expertise and continuity with 12 years of oil collection experience• Well equipped to lead the roll out expansion in the USA

• Started at Valero Energy improving refinery day-to-dayoperations through plant troubleshooting, operationalsupport, training & mentoring, and capital projectinvestment

• Becht Engineering (family business) in 2015 to develop theProcess Engineering & Process Safety division

• Vice President, Maintenance and Projects with oversightof the Turnaround, Capital Projects, Heavy Lift, MechanicalIntegrity, Inspection Planning and Advisor ResourcesDivisions in 2017

• Professional Engineer (PE) with Bachelor’s in ChemicalEngineering, Rowan University and MBA, IndianaUniversity

• Wealth of global commodity supply and trading knowledge• Head of Aluminium at Trafigura Pte and Glencore

International PLC over a 20 year period• Chair of Origin’s audit and compensation committees

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Origin’s Deep Expertise in Environmental Processing, Asset Development, Trading & Principal Investments

Wade Adkins, CPA: VP ofFinance

• Regional Controller and Sr Executive Director of Accounting, Laureate Education:lead IPO preparation, accounting strategy, disclosure pronouncements for SECand US GAAP compliance and financial due diligence in M&A contexts

• Dual bachelor of sciences in accounting and management information systems,Salisbury University (summa cum laude)

Legal Organizational Structure

ORIGIN INTERNATIONAL

INC

ORIGIN AMERICAS LLC

ORIGIN EUROPE BVBA

15%

100%100%

85%

ORIGIN BALTIMORE LLC

ORIGIN BALTIMORE RECYCLING LLC

ORIGIN BALTIMORE TERMINALS LLC

AQ GROUP BVBA

AQDEGASSING

BVBAAQ NV

Degassing & filtering Antwerp, Belgium

ORIGIN TEXAS RECYCLING LLC

UMO collection & storage Houston, TX

UMOcollection Baltimore, MD

UMO recycling and storage Baltimore, MD

Orion Energy Partners (Debt Provider)

KBC (Debt Provider)

OTHER SHAREHOLDERSMANAGEMENT

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