REFINVERSE Group, Inc.
（Stock Code：7375）

Sep. 21th, 2023

About the REFINVERSE Group

REFINVERSE Group, Inc.

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Company overview
Creating various materials from waste
Next-generation materials manufacturer“Waste to Wealth”
Company name: REFINVERSE Group, Inc.
President and CEO: Akira Ochi
Capital: 160 million yen (as of the end of June 2023)
Established: July 2021 (founded 1983)

No. of employees:220 (Group-wide)Group companies: Refinverse, Inc.
GMS, Inc.
CONNECTION, Inc.
REFINE MATERIAL, Inc.
Head Office: Yurakucho, Chiyoda-ku, Tokyo
Main Site: Chiba Factory: Yachiyo-shi, Chiba
REFINVERSE Innovation Center (RIVIC): Futtsu-shi, Chiba
Ichinomiya Factory: Ichinomiya-shi, Aichi

REFINVERSE Group, Inc.

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History➢ Founded in 2003 as a manufacturer that utilizes waste materials to create new materials.
➢ Received seed funding from Ohmae Business Developments to start operations.
2019

2021

Established
REFINVERSE
Group, Inc. andtransitioned toa holdingcompany
structure⚫

2017
2016
Listed on theTSE Mother’smarket⚫

201120062003Established
Refinverse,
Inc.

⚫

Startedoperation of theCarpet Tile
Recycling
Factory (ChibaFactory) in
Yachiyoshi,Chiba
Prefecture⚫

REFINVERSE Group, Inc.

Started salesof recycled
carpets jointly
developed bySumitomo
Corporationand Suminoe
Textile Co., Ltd.

⚫

Establishmentof RefineMaterial Co.,
Ltd., asubsidiary forrecycled resin
manufacturing.

⚫

Completed theconstruction of
REFINVERSE
Innovation
Center(RIVIC)⚫

Commenced
the production
and sale ofsteel
byproducts
made fromconstructionwastematerials."⚫

Completed theconstruction of
Ichinomiya
Factory as amanufacturingsite in therecycled nylonbusiness⚫ Started selling
recycled nylon
compound‘REAMIDE.
⚫ Initiated oursolution
business⚫

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Introduction of our recycling business
We utilize our proprietary technology to recycle previously unused waste materials,
regenerating them into various materials. These materials find applications in a wide range offields, including apparel, automotive components, and construction materials, serving as 'postconsumer recycled materials.

《Examples of Refinverse Recycling Projects》
CarpetFishing net

AirbagfeatherPVC

Nylon6Nylon66

FeatherPlastic

Materials（Waste）

Recycled
Materials《Used as raw material for consumer goods and industrial products》
UsageExamples

REFINVERSE Group, Inc.

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Our plastic chemical recycling businessWe are implementing a capital and business partnership with Mitsubishi Chemical Group andpreparing to create a business for the conversion of waste plastics into naphtha and plastics.

《Plastic Value Chain and Recycle》

Crude OilOil refining

Monomer

Polymer

PlasticProductsMarket(消費・滞留)

Collecting

Landfill
Incineration《Chemical Recycle》
Plasticliquefaction

Mitsubishi Chemical

REFINVERSE Group, Inc.

Quality Control
Traceability

Waste
plastic
processing

Refinverse

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fishing net recycling

REFINVERSE Group, Inc.

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The situation of marine plastic debris
40% of marine plastic debris consists of fishing net and ropes.
Utilizing these plastic debris as resources can contribute to addressing the marine plastic
debris issue.
《Breakdown of marine debris (plastics only) by type》
TypeWeight%

Volume%Fishing net、Rope

41.8%

26.2%

Buoy10.7%

8.9%

Beverage bottle

7.3%

12.7%

Other plastic bottles

5.3%

6.5%

Styrofoam buoy

4.1%

14.9%

Other fishing gears

2.7%

2.6%

Containers (Seasoning container, trays, Cups, etc.)

0.5%

0.5%

Cutlery (Straw, Fork, Spoon, Knife, Muddler)

0.5%

0.5%

Plastic bag

0.4%

0.3%

Other plastics (Lighter, Injector, Styrofoam, etc.)

26.7%

26.9%

(Source) Prepared by us from “Recent trends in marine debris”, Ministry of the Environment,

REFINVERSE Group, Inc.

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7Fish net recycling process
Used fishing nets often have various contaminants attached to them, making the technology
for removing these contaminants crucial. Simplifying the process of removing contaminants
can reduce environmental impact and costs, allowing us to offer products to the market at a
price of virgin resin.
《Waste fish net recycling process》

Waste fishing net

Cutting

Washing

Cutting to the
optimal size toenhance cleaning
and removal
efficiency

Removing
deposits throughspecialized
cleaning toincrease material
purityExtrusion

Pelletize

Our proprietary key process
サイズに裁断REFINVERSE Group, Inc.

Usage examples

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8CO2 reduction through fishing net recycling➢ Achieving Overwhelming CO2 reduction through efficient recycling processes➢ The CO2 emissions are reduced by 85% when compared to virgin nylon resin.
《LCA virgin Nylon6 V.S. fishing net recycled Nylon6》(kg-CO2eq/kg)

1.1
Fishing net
recycled
Nylon685％ reduction

6.7Nylon6• The rules for calculation and declaration, as well as the system boundaries, are referenced from the ProductCategory Rules (PCR) provided by the Japan Sustainable Business Promotion Organization (Certified PCR Number:PA-165000-BA-02), applicable to the product category: Recycled Plastic Raw Materials (Intermediate Goods).
• The CO2 emissions at each stage of the process are calculated by our company, with reference to IDEAv2.3.
• The CO2 emissions for virgin nylon are calculated by our company based on research results.
REFINVERSE Group, Inc.

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The business strategy of our fishing net recycling

REFINVERSE Group, Inc.

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Amount of waste fishing nets
Fishing nets are used and discarded worldwide, and if utilized them as post-consumer recycledmaterials, they can become highly valuable raw materials.

《Amount of waste fishing nets》

ChinaEurope

125kt

27kt

North America

11kt
AfricaMiddle East

Asia / Pacific

23kt

108kt

Latin America

24kt(Our estimation)

REFINVERSE Group, Inc.

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Small discrete business modelTo utilize waste as a resource, conducting recycling processes at the site of wasting not only
reduces environmental impact but also enhances economic viability. From the point of view ofcircular economy, the benefits of traditional large-scale, mass-production economies arediminishing, making it crucial to create "small discrete businesses model”.

《Traditional mass-production model》

REFINVERSE Group, Inc.

《Circular economy model》

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Business expansion through licensing
We aim to expand our business by licensing our proprietary recycling process to various recycling
ventures using our technology for each country/region both domestically and internationally. The
waste amount in each area is limited, and the key success factor (KSF) is to be the first toundertake business in each area and create a "niche/monopoly" position.

Implementing《The status of licensing business》◆ Hokkaido◆ Asia✓ Fishing net recycle✓ Licensing to the local
metal recycler✓ Air bag recycle◆ Ibaraki◆ Latin America✓ Steelmaking by-products✓ Licensing to the on-site
operator✓ Air bag recycle◆ Middle East

◆ Vietnam✓ Air bag recycle✓ Fishing net recycle✓ Air bag recycle✓ Licensing to Toyota
Tsusho Corporation◆ South Korea✓ Fishing net recycle✓ Licensing to the start-up
in South Korea

REFINVERSE Group, Inc.

exploring◆ Japan◆ Japan✓ Carpet tile recycle✓ Steelmaking by-products◆ North America✓ Fishing net recycle

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Licensing process
We offer a comprehensive license package, including the necessary support, to smoothly launch
recycling businesses utilizing our technology. This package covers everything from providing
performance data required for business feasibility assessments to assisting in selecting theoptimal equipment based on the scale of the business and supporting the startup process.

Main Task

Preliminary
studyFeasibility
study

Equipment
selection

Basic design ofthe recycling
line✓Studying profit
model based ona model case✓Optimizing
business scale✓Selecting
equipment basedon the businesssize✓Provide the basic
design of themanufacturingline✓Modifying
equipment
specifications toaddress recycle
process issues✓Based on thebasic design, theengineering
company on thelicensee side willrefine it into
detailed design✓Studying
Approximate
investment
amountFree ofcharge
offering
REFINVERSE Group, Inc.

✓Disclose cost
items andfigures based onactual data
✓Developing a
profit plan
throughassumed price,
cost based on
actual data

✓Studying
maintenanceperformance on
operation

Startup supportfor the recyclingline✓Attending the trial
run and provide
guidance✓Supporting thealignment withthe equipment
manufacturer✓Conducting initialtraining✓Following throughuntil the initialbatch production

Paid offering
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Outline of Fish net recycling factory
License the fishing net recycling technology to local businesses in Hokkaido, produce recycled
nylon from the waste fishing net. This can be achieved by building a production line based on
the amount of waste fishing net, enabling business development with a small-scale investment.

《Outline of Fish net recycling factory》
Tomakomai ECO Factory

Business operator: Suzuki Shoukai(Scrap recycler in Hokkaido）
Building area of a plant: 1,100m2
Established in 2022
Capacity: 2,000t/year
Investment: Under 5 million US$

REFINVERSE Group, Inc.

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Demand outlook for PCR plastic materials
The demand for recycled plastics is expected to significantly increase in the future due to EUELV regulations. To control the QCD of post-consumer plastics, the key factor will be the speedof securing high-quality waste plastics as a row materials.

《EU ELV Directive》

Background• Oct., 2020 Publish a roadmap• July, 2021 Start public consultation• July 2023 Publish “Proposal for aRegulation on circularity requirementsfor vehicle design and on managementof end-of-life vehicles”《Forecast for recycled plastics demandin the automotive sector》
MoneyWeight
2,620kt

813
Million US$240kt

Direction ofrevision• Promoting effective measures to facilitate
high-quality recycling of used cars andthe reuse of parts, as well as
incorporating recycled materials into new
car manufacturing.
• Currently, due to the lack of detailed
information and specific figures, there
are plans to engage in discussions
regarding the addition of more detailed
items and the introduction of specificnumerical targets, such as setting therecycling material inclusion rate

REFINVERSE Group, Inc.

11,696
Million US$2022

2035

2022

2035

(Our estimation)• The adoption rate of recycled plastics
currently stands at around 1%• After 2027, the demand is expected to expand
rapidly due to the impact of stricter
regulations• It is predicted that the adoption rate ofrecycled plastics in 2035 will be around 10%

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Current status of fishing net recycling network
In 2020, we established a mother plant in Aichi, Japan and initiated our fishing net recycling
business. After that we formed partnerships with companies in the regions where waste fishingnets are generated and granted them fish net recycling licenses.

《Current status of fishing net recycle network》◆ Hokkaido（Licensee plant）✓ Business start：2022✓ Capacity：2,000t/year◆ South Korea（Licensee plant）✓ Business start：2024 (plan)✓ Capacity：2,000t/year◆ Aichi（Mother plant）✓ Business start：2020✓ Capacity：3,000t/year

REFINVERSE Group, Inc.

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Expand of fishing net recycling network
Fishing nets are used worldwide, and we aim to expand our recycling network by collaboratingwith licensing partners in different countries and regions to recycle fishing nets.

《Future fishing net recycling network》

REFINVERSE Group, Inc.

Copyright© REFINVERSE Group,Inc. All rights reserved. 18Considerations Regarding Future Outlook

The materials and information provided in this presentation include forward-looking statements.
These statements are based on assumptions involving current expectations, forecasts, and risks,and may entail uncertainties that could lead to results that differ substantially from thesedescriptions.
These risks and uncertainties include general domestic and international economic conditions suchas industry and market conditions, interest rates, and currency exchange fluctuations.

REFINVERSE Group, Inc.

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