Date: May 2, 2023
Announcement no: 14

ISIN: DK0061676400

NOT FOR DISTRIBUTION OR RELEASE, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN
OR INTO THE UNITED STATES OF AMERICA (INCLUDING ITS TERRITORIES AND POSSESSIONS,
ANY STATE OF THE UNITED STATES OF AMERICA AND THE DISTRICT OF COLUMBIA) (THE
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WPU - Plastic waste upcycling conversion rate in the interval of 76 to 84 %

WPU - Waste Plastic Upcycling A/S ("Waste Plastic Upcycling" or "WPU") is
pleased to announce that reactor line one has completed several process cycles
upcycling plastic waste to pyrolysis oil.

The process cycles have achieved plastic waste upcycling conversion rates
(yield) in the interval of 76 to 84 percent. An upcycled conversion rate around
70 % is in accordance with expectations.

The plastic waste upcycling conversion rate is calculated as the weight of the
produced pyrolysis oil relative to the weight of plastic feedstock loaded into
the reactor.

For the avoidance of doubt the syngas used in the production cycle is not
calculated into the equation.

The achieved yield is above previously achieved levels and is mainly a result of
the implemented design upgrades on the reactors announced in company
announcement no. 2 dated January 30, 2023.

FACTS about the WPU Faarevejle facility:

o The Faarevejle facility is based on the WPU Batch technology - an advanced
chemical upcycling technology which converts end-of-life plastic waste to
upcycled plastic oil liquid (PtL) that can be used for example to produce new
plastic,
o The facility is the first commercial scale WPU facility,
o The construction and installation of equipment was done in one year,
o The Facility is based on six reactor line with the initial capacity to upcycle
a total of approx. 42,000 tons (92,000,000 US pounds) of plastic waste per year,
o The upcycling process is materially energy self-sufficient as reactor gas
(syngas) from production is utilized to heat the reactors,
o CAPEX for the construction of the facility was EURm 14 (EUR 333 pr. metric ton
capacity)
o Once fully operational the Faarevejle facility will generate a yearly EBITDA
of EURm 15,
o The facility is expected to be cash positive from Q3 and fully operational by
Q4-2023.

About WPU:

WPU Waste Plastic Upcycling A/S is a Danish company focused on upcycling plastic
waste to pyrolysis oil, that may be used as full range Naphtha or may be
distilled to kerosene/jet fuel. The strategy and main goal of Waste Plastic
Upcycling A/S is to upcycle end-of-life plastic waste by using its batch
pyrolysis technology. WPU aims for further expansion, in the European market as
well as globally. WPU is well positioned for this expansion with its proven
technology that is peer-leading in respect of low CAPEX, high capacity and
fast-paced construction which will set the future standards in the growing
market for plastic pyrolysis within the waste plastic industry.

For further information, contact:

Klaus H Lindblad, Vice Chairman, Global Head of IR and Legal, e-mail:
KL@WPU-DK.COM.

Important notice:

This announcement is not and does not form a part of any offer to sell, or a
solicitation of an offer to purchase, any securities of the Company. Copies of
this announcement are not being made and may not be distributed or sent into any
jurisdiction in which such distribution would be unlawful or would require
registration or other measures. The securities referred to in this announcement
have not been and will not be registered under the U.S. Securities Act of 1933,
as amended (the "Securities Act"), and accordingly may not be offered or sold in
the United States absent registration or an applicable exemption from the
registration requirements of the Securities Act and in accordance with
applicable U.S. state securities laws. The Company does not intend to register
any part of the offering in the United States or to conduct a public offering of
securities in the United States. Any sale in the United States of the securities
mentioned in this announcement will be made solely to "qualified institutional
buyers" as defined in Rule 144A under the Securities Act. In any EEA Member
State, this communication is only addressed to and is only directed at qualified
investors in that Member State within the meaning of the Prospectus Regulation,
i.e., only to investors who can receive the offer without an approved prospectus
in such EEA Member State. The expression "Prospectus Regulation" means
Regulation (EU) 2017/1129 as amended (together with any applicable implementing
measures in any Member State. This communication is only being distributed to
and is only directed at persons in the United Kingdom that are (i) investment
professionals falling within Article 19(5) of the Financial Services and Markets
Act 2000 (Financial Promotion) Order 2005, as amended (the "Order") or (ii) high
net worth entities, and other persons to whom this announcement may lawfully be
communicated, falling within Article 49(2)(a) to (d) of the Order (all such
persons together being referred to as "relevant persons"). This communication
must not be acted on or relied on by persons who are not relevant persons. Any
investment or investment activity to which this communication relates is
available only for relevant persons and will be engaged in only with relevant
persons. Persons distributing this communication must satisfy themselves that it
is lawful to do so. Matters discussed in this announcement may constitute
forward-looking statements. Forward-looking statements are statements that are
not historical facts and may be identified by words such as "believe", "expect",
"anticipate", "strategy", "intends", "estimate", "will", "may", "continue",
"should" and similar expressions. The forward-looking statements in this release
are based upon various assumptions, many of which are based, in turn, upon
further assumptions. Although the Company believe that these assumptions were
reasonable when made, these assumptions are inherently subject to significant
known and unknown risks, uncertainties, contingencies and other important
factors which are difficult or impossible to predict, and are beyond their
control. Such risks, uncertainties, contingencies and other
important factors could cause actual events to differ materially from the
expectations expressed or implied in this release by such forward-looking
statements. The Company does not make any guarantee that the assumptions
underlying the forward-looking statements in this announcement are free from
errors nor does it accept any responsibility for the future accuracy of the
opinions expressed in this announcement or any obligation to update or revise
the statements in this announcement to reflect subsequent events. You should not
place undue reliance on the forward-looking statements in this announcement. The
information, opinions and forward-looking statements contained in this
announcement speak only as at its date, and are subject to change without
notice. The Company does not undertake any obligation to review, update,
confirm, or to release publicly any revisions to any forward-looking statements
to reflect events that occur or circumstances that arise in relation to the
content of this announcement. Neither the Manager nor any of its affiliates
makes any representation as to the accuracy or completeness of this announcement
and none of them accepts any responsibility for the contents of this
announcement or any matters referred to herein. This announcement is for
information purposes only and is not to be relied upon in substitution for the
exercise of independent judgment. It is not intended as investment advice and
under no circumstances is it to be used or considered as an offer to sell, or a
solicitation of an offer to buy any securities or a recommendation to buy or
sell any securities of the Company. Neither the Manager nor any of its
affiliates accepts any liability arising from the use of this announcement. The
distribution of this announcement and other information may be restricted by law
in certain jurisdictions. Persons into whose possession this announcement or
such other information should come are required to inform themselves about and
to observe any such restrictions. This announcement is an advertisement and is
not a prospectus for the purposes of Regulation (EU) 2017/1129 of the European
Parliament and of the Council of 14 June 2017 on prospectuses to be published
when securities are offered to the public or admitted to trading on a regulated
market, and repealing Directive 2003/71/EC (as amended) as implemented in any
Member State. This information is considered to be inside information pursuant
to the EU Market Abuse Regulation, and is subject of the disclosure requirements
of section 5-12 of the Norwegian Securities Trading Act.