Date: January 30, 2023

Announcement no: 2

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
"UNITED STATES"), AUSTRALIA, CANADA, THE HONG KONG SPECIAL ADMINISTRATIVE REGION
OF THE PEOPLE'S REPUBLIC OF CHINA OR JAPAN, OR ANY OTHER JURISDICTION IN WHICH
THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL.

WPU - Waste Plastic Upcycling A/S update - Update on the Fårevejle facility,
strengthening of general safety and enhancements to design technology and
capital requirements

WPU - Waste Plastic Upcycling A/S ("WPU" or the "Company") reiterates the
ambition to complete the construction and the equipment installation of the
Fårevejle facility by end of Q1 2023 and receive all relevant public
authorisations to commission the reactor lines by Q2-2023. The facility will
hence be upcycling plastic waste from Q2-2023.

WPU has decided to upgrade the safety standards and protocols on the Fårevejle
facility to satisfy global customer requirements, invest in enhanced reactors to
allow increased temperatures and longer lifetime, and increase the cooling
system capacity to increase the overall efficiency and processing capacity of
the facility. These safety and technology enhancements of design level of the
Fårevejle facility will subsequently be rolled-out on future facilities. The
safety and technological enhancements, in combination with general corporate
needs associated with preparing the organization for the completion of
Fårevejle, has led to an additional funding need of DKK 40 million.

Chairman Niels Stielund: "WPU is progressing as planned. As mentioned in our H1-
2022 announcement, Health, Safety & Environment is a prime priority throughout
all WPU operations. WPU is taking new territories in respect of capacity,
production volume etc. which in turn require additional measures to be
implemented in order to safeguard the core values of WPU. Investment in these
enhancements will further boost fast pace roll-out facilities in Denmark, Europe
and abroad."

The funding needed will be partially financed by additional debt of DKK 10
million from existing financial partner Nykredit. The Company has received a
term sheet for debt financing for the remaining DKK 30 million on reasonable
commercial terms, which the Company may or may not accept.
WPU is actively considering various ways of financing this amount, which could
be in the form of additional debt, new equity and/or other structures. The
timing, structure and size of the capital raise will be subject to, inter alia,
prevailing market conditions and necessary corporate resolutions.

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.

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