Life begins at forty (thousand kilometers!) Innovative Agricultural and Industrial Tire Development 3 rd 4 th December 2015 Chris Twigg

>> The Black Bear Team, who we are, what we do and where we re heading >> Environmental benefits of using Black Bear carbon black >> Deep dive into our technical value proposition 1

PASSIONATE PEOPLE THAT CHOOSE FOR BIG IMPACT In fact we love carbon black so much, you better hope you don t sit next to one of us at a dinner party 2

What we do.. We choose to change the game by creating a better product in a sustainable way From depleting our world to a Circular Economy 3

We asked ourselves.. Does life actually end or begin at forty (thousand kilometers?) At Black Bear we harvest, re-design/upcycle and re-fashion the high quality furnace carbon blacks hidden away in end-of-life tires 4

Where we are and where we re heading.. 2010 Black Bear Founded Company founded: Jan Jonkman Ronald Verberne 2011-2013 R&D successes in rubber Markets 2011: Chris Twigg joins as partner 2011 2013: R&D activities leading to proven process and rubber products 2013 2015 Financial/Investment/ JV Successes Pieter ter Kuile, Martijn Lopes Cardozo (CEO), and Joost Raimond join as partners Joint venture with Kargro Dutch Green Carbon (DGC) established 2014 2015 R&D Successes Specialty Markets Product development in specialty market segments: - Coatings - Inks - Polymers DGC on track progress with first plant Q2 2016 DGC goes Live! First Black Bear line goes live: Nederweert, Netherlands producing 4.500 tons/y carbon black Ongoing International Roll-out Target 10 20 additional Black Bear lines till 2020 5

Black Bear developed breakthrough technology to produce green, high quality carbon blacks Black Bear is able to upcycle carbon black, oil and gas from waste tires = Carbon Black Oil Gas at high quality for many applications Coatings Inks Plastics & Rubbers Tires 6

Demand in carbon black market is diversified and BlackBear will compete in all segments Global Carbon Black market Specialties Coatings, Inks, Polymers, etc 1,2 Mton Technical Rubbers Targeting demanding dynamic applications 3,6 Mton Tires Improved performance 6,9 Mton Source: The Freedonia Group, Inc. ~12 Mton 7

Given the vast quantities of waste tires globally, hundreds of regional lines can be built Western European feedstock market 100% = 2.850 ktons* 150 1.100 200 lines To upcycle all tires in Europe would require almost 200 production lines ktons 2.850 1.100 Black Bear s first plant requires ~0,5% of Western European feedstock All tires Land fill Incineration Granulate production 500 Re-use To upcycle all tires globally would require around 750 production lines *After removal of steel Source: European Tire and Rubber Manufacturer s Association, estimates 8

>> The Black Bear Team, who we are, what we do and where we re heading >> Environmental benefits of using Black Bear carbon black >> Deep dive into our technical value proposition 9

CO2 SAVINGS WORTH 1 MILLION TREES 10

Currently, production of carbon black causes severe environmental damages One ton of carbon black requires around 2.000 to 2.500 liters of crude oil* Worldwide, approximately 12 mln tons of carbon black is produced each year, causing emissions of 35-40 mln ton CO₂ Approximately 60% of carbonblack is used in tires Worldwide about 1-1,5 bln waste tires are dumped, landfilled or burned, with them ~4,5 mln tons of carbon black is wasted into the environment *Currently under investigation as we learn that much higher amounts of crude oil or gas are often required to produce many specialty pigment grades 11

Re-using waste tires provides tremendous positive environmental impact Save 2.000 to 2.500 liters of crude oil* per ton carbon black Save 5 tons CO₂ per ton carbon black Produce green energy Reduce air pollution by around 80% (e.g. dust, CO, SO₂, NO₂, VOCs) With one BBC production line we put >15 kton waste tires to valuable use and save more CO₂ than 1 million trees consume *Currently under investigation as we learn that much higher amounts of crude oil or gas are often required to produce many specialty pigment grades 12

Recycling tires into carbon black strongly reduces CO₂ emissions and provides net energy CO₂ ton 5 CO₂ emission* (per ton carbon black) A plant of 11 ktons feedstock recovers 4,5 kton carbon black and saves 21,6 ktons CO₂ 2,5 0-2,5 3,2 furnace black BAT** BBC -1,6 Reduction 4,8 tons Energy production: 5 ktons high calorific oil & 6MW green electricity The CO 2 benefits can be capitalized in various ways: Sale of CO 2 credits Sale of green energy; steam, gas or electricity * Source : Life Cycle Assessment by partners for innovation 2014 ** BAT: Best Available Technology 13

In addition, Black Bear s carbon black has huge other positive environmental impacts Comparison of Environmental Impact Index* Competing Furnace Carbon Black 100 BBC: Total Impact -33 BBC: Particulate matter formation 2 BBC: Fossil Depletion -29 BBC: Human Toxicity 15 * Source : Life Cycle Assessment by partners for innovation 2014 14

Detailed Life Cycle Assessment (comparison vs. virgin carbon black furnace process) Source: Independent Life Cycle Assessment by Partners for Innovation Impact Category Unit/ton Carbon Black Conventional Carbon Black Process BlackBear Process Total impact Pt 416-137 Climate change kg CO2 eq 3180-1650 Human toxicity kg 1,4-DB eq 351 54 Ionising radiation kbq U235 eq 356-102 Terrestrial acidification kg SO2 eq 24 0.3 Photochemical oxidant function kg NMVOC 18 0.6 Particulate matter formation kg PM10 eq 6.8 0.1 Agricultural land occupation m2a 26 5 Urban land occupation m2a 5.2 1.3 Natural land transformation m2 1.8-0.6 Terrestrial ecotoxicity kg 1,4-DB eq 0.120 0.009 Freshwater ecotoxicity kg 1,4-DB eq 9.8 1.7 Marine ecotoxicity kg 1,4-DB eq 12.0 1 Water depletion m3 955-567 Metal depletion kg Fe eq 87 47 Fossil depletion kg oil eq 2093-610 Freshwater eutrophication kg P eq 0.240 0.119 Marine eutrophication kg N eq 0.579 0.000 Ozone depletion kg CFC-11 eq 0.434 0.180 15

>> The Black Bear Team, who we are, what we do and where we re heading >> Environmental benefits of using Black Bear carbon black >> Deep dive into our technical value proposition 16

Key fundamental properties of the carbon blacks tested and compared Property BET STSA OAN Total inorganic content SiO₂ content in ash Test Method ASTM D6556 ASTM D6556 ASTM D2414 DIN 51719 DIN EN 15309 Unit BBC T30 BBC T30S N330 N660 N347 m²/g 86 77 78 35 85 m²/g 69 62 75 34 83 cm³/100g 96 88 102 90 124 % 12-16 30-35 < 1 < 1 < 1 % 5-7 24-26 0 0 0 17

Not unexpectedly the new BBC grades behave similar to ASTM N300 types in rubber compounds 18

BBC T30 imparts higher mechanical reinforcement than N330 with lower modulus and a step-improvement in dynamic performance >> For all values: high = good Tested in ASTM D3192 (carbon black evaluation in natural rubber) Tan delta by DMTA temperature sweep, frequency 1 Hz, strain 2% 19

BBC T30S provides comparable/improved mechanical performance than N660 at a slightly lower modulus and enhances dynamic performance with a marked improvement in flex fatigue >> For all values: high = good Tested in ASTM D3192 (carbon black evaluation in natural rubber) Tan delta by DMTA temperature sweep, frequency 1 Hz, strain 2% Crosslink density (MH-ML) adjusted to compensate the effect of silica The 25% silica content in BBC T30S is receptive to silane-coupling. For example, the addition of 1.5% silane (Si69) will increase tensile modulus M300 by around 30% in SBR recipes 20

Compared with N347 an 80:20 blend of N330:BBC T30 imparts better abrasion and tear resistance with a marked improvement in dynamic performance >> For all values: high = good Tested in ASTM D3192 (carbon black evaluation in natural rubber) Tan delta by DMTA temperature sweep, frequency 1 Hz, strain 2% 21

In conclusion, we seek launching partners within the Agricultural Tire Sector with a flare for Innovation, and a desire to improve their tire performance in the greenest way possible! We believe: 1. Our upcycled carbon blacks can improve tire performance in the areas of durability and reduced rolling resistance 2. We will drastically improve your carbon footprint!! 22

.and we are firm believers that life begins at.000 km! 23

>> Black Bear Carbon was co-funded by the Eco-Innovation Initiative of the European Union >> We express our thanks to Trelleborg Wheel Systems (Rome) who participated in the Eco-Innovation project by evaluating and proving the value of Black Bear products in agricultural tires 24