Fostering energy transition
Presentation at Funseam: Opportunities for the energy industry
European Funds & Public/Private Collaboration
Andrés Suárez – Global Strategy & Growth Lead | Ventures & Innovation Lead
May 10th 2022

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Exolum has more than 90 years of experience in logistics management
Exolum is the leading logistic company of bulk liquid products in Europe
68 terminals
for product storage
+6.000 km
Of refined products
pipelines
46 airport facilities
+11.000.000 m3
Of storage capacity
13 port facilities
Exolum global assets Exolum services
More than 90
years of
experience
More than
2.100
employees
1st logistic operator
of liquid product in
Europe
Present in 9 countries: Spain, United
Kingdom, Ireland, Germany, Netherlands,
Ecuador, Panama, Peru, Oman
Exolum Group overview
We are engaged in the transportation and storage of a wide range
of bulk liquid products, in a sustainable and efficient manner with
high degree of automation
Exolum is expert in the logistic management of diverse liquid product:
• Refined product
• Chemicals
• Biofuels
Broad experience in the development of infrastructure projects:
from design through engineering and construction to operation

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5
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Exolum operates in 9 countries
Exolum started its international expansion in 2014 and continue to grow
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Spain
• 4,000 km of oil pipelines
• 39 storage terminals
• 8 million m3 of storage capacity
• 13 port facilities
• 37 airport facilities
• 6 hydrant networks
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Oman
• 290 km of oil pipelines
• 1 storage terminal
• 174,000 m3 of storage capacity
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United Kingdom
• 2,000 km of oil pipelines
• 24 storage terminals
• 2.5Mm3 of storage capacity
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Peru
• 1 airport facility
• 34,800 m3 of storage capacity
• 1 hydrant network
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Ireland
• 1 storage terminal
• 30,000 m3 of storage capacity
• 1 airport facility
• 1 hydrant network
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Panama
• 6 airport facilities
• 18,000 m3 of storage capacity
• 1 hydrant network
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Germany
• 1 storage terminal
• 30,000 m3 of storage capacity
• 1 airport facility
• 1 hydrant network
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Ecuador
• 1 airport facility
• 5,800 m3 of storage capacity
• 1 hydrant network
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The Netherlands
• 1 storage terminal
• 614,000 m3 of storage capacity
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Exolum Group overview

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Strong and resilient financials
Diverse group of financial investors ensuring investment capacity
25% 25%
20%
10%
10%
10%
0,23%
24.77% OMERS Administration Corporation
0.23% Others
20% Macquarie European Infrastructure
10% Crédit Agricole Assurances S.A.
10% APG Infrastructure Pool 2017 II
10% The Workplace Safety and Insurance Board (WSIB)
Operating income
2020 2021
878
Financial key indicators (M€)
Our shareholders include major international investors
CAPEX
Operating expenses
2020 2021
EBITDA
2020 2021
Profit for year
2020 2021
635 407
548
338
471
170
214
Financials & shareholders
25% CVC (Capital Partners)
2020 2021
101 105
CAPEX 17’-21’: 476M€

Exolum is focused on four growth pillars
Capture opportunities in new energy vectors and resilient businesses
Growth avenues
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Become a leader in chemicals logistics by growing the
business through acquisition & integration of existing
companies/businesses in Europe & North America
• Midstream assets with significant chemicals business
• Focus on high value-added chemical products
(specialty chemicals)
• Carve-outs
Inorganic growth in chemicals (M&A)
Grow the current business maximizing the use of
current assets and locations by deploying capital to
perform new services and growth our customer base
• Become the reference partner for OilCos for their
logistics services
• Co-investments and carve outs of their assets where
synergies can be captured
Invest around current customers or assets
Become the largest and most profitable international &
independent player in the field of fuels infrastructure
logistics services in airports
• Investment in fuel farms in new airports or airports
expansion (tank farm and hydrant systems)
• Assets divestments from airlines or airport consortiums
• Tenders for fuel farms O&M
Aviation
New business models in line with energy transition
trends levering on our capabilities in infrastructure design,
construction and O&M
• Renewable gases and related products
• Circular transformation
• Renewable power and CO2 management
• Business venturing
Ventures & Diversification

Renew. Power & CO2
Circular Transformation
Renewable Gases
Energy transition and diversification levered on nine focus areas
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Dynamic management of our projects portfolio
Green Hydrogen
Production, storage, transport & supply for
mobility & industrial decarbonization as a solution
integrator in partnership with relevant players
H2
Advanced biofuels
Develop alternative fuels from sustainable
sources (WtX) - focus on logistics services (land,
marine & aviation) & open to molecule exposure
Energy storage
Identification,
development and
investing in business
models for mass & long-
term renewable energy
storage
Biogas
Promote biogas development (mobility and
industrial) & leverage to acquire competencies
applicable to H2
Synthetic fuels
Enable technological development of CO2
conversion into fuels (ammonia, methanol…)
CCUS & transp.
Investigate & promote
technologies and
business models to
reduce carbon emissions
across industries
Carriers
Support technological development of carriers
and identify business opportunities around
existing assets in storage and transportation
Water
Investing in business areas where technology,
efficiency & optimization are a competitive
advantage for infrastructure mgmt.
Business
Ecosystem
Business Venturing
Promote and invest in open innovation (start-ups) linked to the focus areas or that will foster/support their development
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# Number of projects in each focus area (as of presentation date)
Ventures & Diversification appetite

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Our strengths are embedded in our approach to new businesses
Exolum businesses rely on strategic assets and Exolum long standing experience
Integral solutions
Exolum offers integrated
services covering different
part of value chain
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Optimization experts
Cost efficiency across all
processes tailored to your
customers' needs enabling
competitive services
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Technical expertise
Promoting technological
progress through people,
facilities and arrangements
with Centers of Excellence
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Financial capacity
Financial capacity to
undertake projects with high
investment requirements
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International presence
Exolum beneficiate of a
broad coverage and keep
expending at a fast pace
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Regulatory enforcement
Experience in adapting to
regulatory changes, having
continuous contact with
public administrations
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Guarantee of supply
Experience in the supply of
products and services that
guarantee the continuity of
supply
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Our strengths
Partnerships
Growth through partnerships
and alliances based on trust,
flexibility and open
collaboration
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Green hydrogen
The decarbonization carrier for all the sectors
Why green hydrogen?
• Green hydrogen is positioned as the most
competitive decarbonization alternative to
achieve the Green Deal objectives
• Strong support from the European and
Spanish institutions to boost the hydrogen
economy, as well as in other countries
• Good solution to decarbonize some difficult
to electrify transportation segments
• New production infrastructures to substitute
natural gas and grey h2
• We aim to cover the whole hydrogen value
chain, from production to supply, including
storage, transport and distribution
• We design, develop, invest in, and operate
hydrogen infrastructures
• Projects originated around existing h2
industrial demand
• Large h2 production sites and infrastructure
• Projects that may extend the life of existing
infrastructures
The opportunity
The projects we are looking for
h2
Green Hydrogen

Key drivers
Challenges
Cost reduction and bigger scale production are the main challenges for H2
However, the obligation to decarbonize industry and transport will be a key enabler
Source: Hydrogen Roadmap Europe 2019, IEA 2019, Hydrogen Council 2020, Exolum analysis
Regulation
and subsidies
Infrastructure
& logistics
Components
costs
reduction
CO2 pricing
increase
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H2 to
decarbonize
 Awareness & positioning of EU reflected on dedicated funds for H2 in
transport and industrial
 Adaptation of current natural gas network will allow the use of H2 in
domestic and industrial heating applications
 Some initiatives developing a network of HRS (i.e. Win4H2)
 Government promoting initiatives to develop new technologies to
improve efficiency and allow costs reduction
 Many companies investing in H2 development
 Increase of CO2 price will encourage the use of H2 in industrial
processes
 The price already increased from ~23 to ~75€/t since 2020
 Europe pushing for green H2 as the greener & more plausible solution
 Refining/chemicals: no other alternative than green H2 to decarbonise
 Regulation to make decarbonized alternatives more attractive and
penalize the conventional polluting alternatives
• Application during certain period of time
• Maintain technological neutrality
 Higher development for long-haul transport required to foster
international trade of H2
 HRS network not available to enable free mobility
 Renewables electricity cost to reach ~10/20 €/MWh
 Industrial production (mass scale) of electrolysers
 New green H2 production technologies
 Vehicles cost reduction
 H2 costs of production remaining high and can be a stopper
 The Emission Trading System doesn’t consider transportation
(except aviation) for the moment
Green Hydrogen

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Grants intensity are key to foster development of green H2 projects for mobility
Production of H2 represents between 40% and 50% of total Capex
75%
70% 18
65%
60%
55%
50%
45%
0%
50% 60% 70% 80% 90%
100
%
Grants
(%
of
investment)
% of H2 production
sold
% IRR
IRR depending on grants and commercial
IRR 5% - 10%
IRR >15%
IRR <0%
IRR 0% - 5%
Green Hydrogen
Hypothesis
• Electricity: 40 €/MWh
• Aggressive ramp-up: 2 years
• H2 pricing: ~10/12€/kg
• Production capacity: 150 t/y
61%
49%
6%
8%
2%
3%
8%
10%
15%
19%
8% 10%
Solar PV + Electrolyzer HEVO
H2 Production Compression 40 bar Purification
Compression 500 bar Storage 500 bar Dispensing
Contribution of H2 stages to total Capex
39% to
supply
green H2
for mobility
51% to
supply
green H2
for mobility
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Is the current level of grants enough to foster the development of the green hydrogen industry?
Are the end customers ready to shift to green hydrogen? Do they have the right level of grants for vehicles acquisition (case of mobility)

• Develop a network of 50 HRS to enable
transportation using H2 as fuel
• Guarantee the hydrogen supply in the
main national routes (TEN-T corridors)
• Establish the needed corridors between
Spain and France and Portugal.
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Win4H2
Whole Iberian Network for Hydrogen
Own funds project
Spain
>400 M€
Design Permitting Execution Operation
• Reach between 30%-50% of the
Spanish Hydrogen Roadmap
• Phase I: 4+1 HRS by 2023, generating
700 tH2/y (supply for ~70 vehicles)
• 50 HRS by 2030, generating 4-7 MtH2/y
(supply for ~800 vehicles)
Model definition
completed
2022
First route into
operation
2023
Full project in
operation-50 HRS
2030
HRS Phase I
International
connections
Ports linked
to Phase I
HRS
Objectives Description
Green Hydrogen

• Construction of the 1st on-site green H2
generation and dispensing plant in Madrid
• Promote H2 application for heavy road
transportation
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H2 Henares
First on-site green hydrogen production and supply plant in Madrid
Own funds project
Madrid
2 M€
Design Permitting Execution Operation
• 1 HRS with production plant (applying
fusion fuel) tec
• 60t of green H2 per years
• Supply of 8 vehicles per day
Model definition
completed
2021
Execution and
construction
2022
In operation
2023
Objectives Description
With the collaboration of
Green Hydrogen
Madrid

• Develop innovative technologies for
efficient and cost-effective storage of
surplus renewable energies
• To be applied for industrial processes for
the production of green fuels, hydrogen,
methane and hythane.
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Regenera
Developing large scale energies storage & distribution technologies
Project financed with 'NextGenerationEU' recovery fund for Europe, subsidised by the Centre for the Development of Industrial Technology (CDTI) and
supported by the Ministry of Science and Innovation.
Spain
~0.8 M€
Design Permitting Execution Operation
• Research into technologies for the
storage and distribution of hydrogen of
renewable origin in liquid carriers.
• Developing technologies for large-
scale, long-term energy storage.
• Energy optimisation & management
based on ML models.
Definition
2021
Operation &
features of pilots
2024
Objectives Description
Project´s images/schemes, etc.
REGENERA
predictive
models for
energy
optimization
Renewables Surplus
Technologies P2G
REGENERA
H2 CH4 H2 / CH4
Design, modelling
Predictive energy optimisation models
Starting operation
2022 & 2023
Green Hydrogen

• Investigate new materials and
manufacturing processes focused on the
generation, storage and transport of
hydrogen in a cost-effective form
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Green H2 Pipes
R&D project to develop transportation and storage technology throuyh LOHC
Spain
~0.75 M€
Design Permitting Execution Operation
• Research new materials in all
electrolyser components with a final
price reduction
• Increase storage capacity in organic
liquids
• Improve the efficiency of hydrogen and
natural gas separation membranes
New materials and new electrolyser stack
LOHC and decarbonisation of the natural gas grid
Recycling and LCA
2021-2024
Objectives Description
Project financed with 'NextGenerationEU' recovery fund for Europe, subsidised by the Centre for the Development of Industrial Technology (CDTI) and
supported by the Ministry of Science and Innovation.
Green Hydrogen
h2
h2
LOHC
+
LOHC
-
Hydrogenation
Storage
Dehydrogenation
Release

Thank you
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