#1FE Investor Presentation February 2021 R E Li-Cycle PERIDOT#2Disclaimer FORWARD LOOKING STATEMENTS This presentation includes "forward-looking statements" within the meaning of the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as "estimate," "plan," "project," "forecast," "intend," "will," "expect," "anticipate," "believe," "seek," "target" or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding estimates and forecasts of financial and performance metrics, projections of market opportunity and market share, expectations and timing related to commercial product launches, potential benefits of the transaction and the potential success of Li-Cycle's strategy, and expectations related to the terms and timing of the transaction. These statements are based on various assumptions, whether or not identified in this presentation, and on the current expectations of Li-Cycle's and Peridot's management and are not predictions of actual performance. Actual events and circumstances are difficult or impossible to predict and will differ from the underlying assumptions. Many actual events and circumstances are beyond the control of Li-Cycle and Peridot. These forward-looking statements are subject to a number of risks and uncertainties, whether currently known or not yet known, including but not limited Li-Cycle's and Peridot's inability to complete the proposed business combination; matters discovered by the parties as they complete their respective due diligence investigation of the other; the number and percentage of Peridot's public shareholders voting against the proposed business combination and/or seeking redemption; the ability of Peridot to satisfy the listing criteria of the New York Stock Exchange; changes adversely affecting the business in which Li-Cycle is engaged; management of growth; general economic conditions; geopolitical events, natural disasters, acts of God and pandemics, including, but not limited to, the economic and operational disruptions and other effects of COVID-19; commodity price risk; environmental/permitting risk; Li-Cycle's business strategy and plans and the result of future financing efforts. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. In addition, forward-looking statements reflect Peridot's and Li-Cycle's expectations, plans or forecasts of future events and views as of the date of this presentation. Peridot and Li-Cycle anticipate that subsequent events and developments will cause Peridot's and Li-Cycle's assessments to change. However, while Peridot and Li-Cycle may elect to update these forward-looking statements in the future, each of Peridot and Li-Cycle specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing Peridot's and Li-Cycle's assessments as of any date subsequent to the date of this presentation. Accordingly, you should not place undue reliance on the forward-looking statements. USE OF PROJECTIONS This presentation contains projected financial information with respect to Li-Cycle. Such projected financial information constitutes forward-looking information, is included for illustrative purposes only and should not be relied upon as necessarily being indicative of future results. The assumptions and estimates underlying such projected financial information are inherently uncertain and are subject to a wide variety of significant business, economic, competitive and other risks and uncertainties that could cause actual results to differ materially from those contained in the forward-looking financial information. Actual results may differ materially from the results contemplated by the projected financial information contained in this presentation, and the inclusion of such information in this presentation should not be regarded as a representation by any person that the results reflected in such projections will be achieved. The independent auditors of Peridot and of Li-Cycle did not audit, review, compile or perform any procedures with respect to the projections for the purpose of their inclusion in this presentation, and accordingly, neither of them expressed an opinion or provided any other form of assurance with respect thereto for the purpose of this presentation. FINANCIAL INFORMATION; NON-IFRS FINANCIAL MEASURES The financial information and data contained in this presentation has not been audited and does not conform to Regulation S-X. Accordingly, such information and data may not be included in, may be adjusted in or may be presented differently in, any proxy statement, registration statement or prospectus to be filed by Peridot with the SEC. Some of the financial information and data contained in this presentation, such as projected EBITDA and EBITDA margin, have not been prepared in accordance with IFRS. Li-Cycle defines EBITDA as net income (loss) before interest, taxes, and depreciation, and EBITDA margin as EBITDA divided by total revenues. Peridot and Li-Cycle believe these non-IFRS measures of financial results provide useful information to management and investors regarding certain financial and business trends relating to Li- Cycle's financial condition and results of operations. These non-IFRS measures may not be indicative of Li-Cycle's historical operating results nor are such measures meant to be predicative of future results. These measures and ratios may not be comparable to those used by other companies under the same or similar names. As such, undue reliance should not be placed on these non-IFRS financial measures. Li-Cycle 2#3Disclaimer - Continued ADDITIONAL INFORMATION ABOUT THE PROPOSED BUSINESS COMBINATION AND WHERE TO FIND IT If the parties enter into definitive documentation, the proposed business combination will be submitted to shareholders of Peridot for their consideration. Peridot intends to file a preliminary and definitive proxy statement to be distributed to Peridot's shareholders in connection with Peridot's solicitation of proxies for the vote by Peridot's shareholders in connection with the proposed business combination and other matters described therein. Peridot will mail a definitive proxy statement and other relevant documents to its shareholders as of the record date established for voting on the proposed business combination. Peridot's shareholders and other interested persons are advised to read, once available, the preliminary proxy statement and, once available, the definitive proxy statement, in connection with Peridot's solicitation of proxies for its special meeting of shareholders to be held to approve, among other things, the proposed business combination, because these documents will contain important information about Peridot, Li-Cycle and the proposed business combination. Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of the securities to be issued in the proposed business combination or determined if this presentation is truthful or complete. PARTICIPANTS IN THE SOLICITATION Peridot, Li-Cycle and certain of their respective directors, executive officers and other members of management and employees may, under SEC rules, be deemed to be participants in the solicitations of proxies from Peridot's shareholders in connection with the proposed business combination. Information regarding the persons who may, under SEC rules, be deemed participants in the solicitation of Peridot's shareholders in connection with the proposed business combination will be set forth in Peridot's proxy statement when it is filed with the SEC. You can find more information about Peridot's directors and executive officers in Peridot's prospectus dated September 23, 2020 relating to its initial public offering. NO OFFER OR SOLICITATION This presentation does not constitute an offer to sell or the solicitation of an offer to buy any securities, or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. TRADEMARKS This presentation contains trademarks, service marks, trade names and copyrights of Li-Cycle, Peridot and other companies, which are the property of their respective owners. Li-Cycle 3#4Attractive Business Combination Between Leading Li-Ion Battery Recycling Business and Highly Regarded SPAC Investment Team Li-Cycle PERIDOT TENASKA CAPITAL MANAGEMENT, LLC Ajay Kochhar Co-Founder, President & CEO, Executive Director Tim Johnston Co-Founder, Executive Chairman HATCH Bruce MacInnis CFO HATCH #certicom bioscrypt redline communications Alan Levande Chairman, CEO - Peridot Carnelian Energy Capital Preston Powell Peridot Director Carnelian Managing Director COVEYPARK ENERGY Goldman Sachs KKR Li-Cycle 4#5Transaction Overview OVERVIEW PIPE OVERVIEW CAPITAL STRUCTURE VALUATION Li-Cycle is a market leading lithium-ion battery resource recovery company and the largest lithium-ion battery recycler in NAM Peridot Acquisition Corp. is a blank check company sponsored by Carnelian Energy Capital targeting energy transition-focused opportunities Proceeds raised via Peridot merger and PIPE fully fund required capex to build Li-Cycle's Spoke-and-Hub facilities Fully committed, upsized $315 million PIPE PIPE investors include Neuberger Berman Funds, Franklin Templeton and Mubadala Capital. Also includes Peridot sponsor Carnelian Energy Capital, existing Li-Cycle investor Moore Strategic Ventures and global marketing and strategic off-take partner Traxys Li-Cycle's shareholders are rolling 100% of their equity Pro Forma for the transaction, Li-Cycle will have $566mm of cash and no debt(¹) Li-Cycle is commercial today and expects to be cash flow positive (net of capital expenditures) by 2024E Enterprise Value of $1,099mm, which is 10.1x of 2023E EBITDA or 3.2x 2024E EBITDA Represents a 73% discount to future value derived from 2024E EBITDA discounted to today Li-Cycle is a unique and compelling investment opportunity and is a market leader in the lithium-ion battery recycling sector Note: (1) Assumes no Peridot shareholder redemptions. Li-Cycle 5#6Li-Cycle Sits at the Intersection of Three Core Themes Sustainable Li-lon Battery Recycling is the Missing Battery Supply Chain Step Domestic Supply Of Strategic Materials EV Revolution Li-Cycle ESG Li-Cycle 6#7Patented, Sustainable Technology with a Durable Moat Sustainable Recycling Solution Zero impact air emissions(); non-pyro /no burning; water recirculated in a closed loop; regionally-driven business, reducing cost associated with battery transport Robust Customer Network 40+ existing commercial contracts with blue chip suppliers and off-take agreements through 2030; sticky supply contracts A Industry-leading up to 95% recycling efficiency rate(2) (versus ≤50% of competitors) with significant IP moat Proven, Patented Technology Growing Electrified Market Large and growing market in lockstep with the manufacturing of batteries; critical to meet demands of an accelerated transition to an electrified future Source: (1) Based on emissions directly from the process. (2) Recycling Efficiency Rate (RER) is defined as [(The mass exiting the process and returning to the economy / The battery material mass entering the process) x 100%]. Commercial Today, Poised to Scale Further BC Capital being raised will allow us to establish a defensible footprint in the global market for recycling KE Material Demand & Regulatory Tailwinds Increasingly stringent policy directives have accelerated the demand for battery materials and recycling Li-Cycle 7#8Massive Electrification Ramp Creating Lithium-Ion Recycling Imperative Electric Vehicle Sales (millions) Global EV and Battery Adoption Manufacturing scrap and end-of-life battery waste Critical need for scalable, environmentally friendly recycling solution Shortage of domestic lithium, cobalt and nickel Source: Benchmark Mineral Intelligence, BloombergNEF Electric Vehicle Outlook 2020. 2 2020 465 9 Lithium-Ion Batteries for Recycling (Thousands of tonnes/year) 2020 2025 +19% CAGR 1,344 2025 26 2030 2,619 2030 5% - 10% of battery production is typically rejected as waste during the manufacturing process, creating significant recycling needs during EV ramp-up, in addition to building end-of-lifecycle supply Li-Cycle 8#9Economically Advantageous and Customer-Centric Spoke & Hub Model Shredding & Mechanical Separation Extraction & Material Recovery Battery Grade & Refined Materials Lithium-ion Batteries for Recycling Spoke Ⓒ 日 Spoke 1 Kingston, ON Spoke 2 Rochester, NY Spoke "N" Network of Spokes Sold into the market Intermediate Products Mechanical Black Mass Interim sales to nickel recovery; input to Hub; easily transportable relative to batteries Shredded Cu/Al Copper and precious metals recovery Hub Mixed Plastics Plastics conversion into products Hub Hub 1 Rochester, NY Hub "N" Centralized Hub per Region Hydrometallurgical Lithium Carbonate Battery cathode, battery electrolyte salt, glass, pharmaceuticals Cobalt Sulphate Battery cathode, glass pigment Nickel Sulphate Battery cathode, electroplating, glass pigment Manganese Carbonate Intermediate for battery grade product production, steel making Li-Cycle 9#10Contracted Supply and Off-Take Complete a Closed Loop Strategy Industry Inputs Key Highlights of Li-Cycle's Supply and Off-Take Example Industry Sources of Batteries for Recycling gm Large Format: Top Electric Auto Manufacturers MITSUBISHI MOTORS NISSAN PORSCHE Mercedes-Benz HONDA (ΚΙΛ) TOYOTA ZOOX CIN Ford Audi WeRecycle Batteries com ☐ NEW FLYER. PROTERRA amazon Small Format: Largest Battery Aggregators call @recycle APEX ENVIRONMENTAL SERVICES INC. Battery Solutions B M W Source: (1) Company data calculated by total addressable market forecast. T RIVIAN TESLA RMC RAW MATERIALS COMPANY INC. aevitas Li-Cycle 9,500 t/y Contracted Supply Commercial supply contracts with 41 total customers Energy Storage Systems, 5% Consumer Electronics, 50% Auto OEMs / Transportation, 16% Manufacturing Scrap, 29% -30% of North American Market Share(1) Current Off-Take Agreements with largest global consumers of black mass TRAXYS Traxys is contracted to off-take 100% of end products from NA Commercial Hub. Future Off-Take Hub completion and start of ramp-up expected between Q4 2022 and 01 2023 Li-Cycle 10#11Li-Cycle's Technology Is Superior to Other Forms of Recycling Smelting or Thermal Pre-Treatment + Refining Recycling Efficiency Rate(1) Battery Chemistry & Charge Agnostic Non-Thermal, Zero Impact Air Emissions No Landfill Waste or Wastewater Minimal Human Operating Risk "Future Proofed" O Li-Cycle Spoke-and-Hub Technologies Up to 95% ≤ 50% X X х х X X Cathode-to-Cathode 30% (cathode proportion only) Source: (1) Recycling Efficiency Rate (RER) is defined as [(The mass exiting the process and returning to the economy / The battery material mass entering the process) x 100%] X X X X X Li-Cycle 11#12Electrification Drives Critical Demand for Battery Grade End Products Nickel (tonnes) 1,200,000 1,000,000 800,000 600,000 400,000 200,000 0 2020 Source: (1) 13.4x 2025 2030 IHS Markit - Li-lon Battery Recycling Report: 2020. The Wall Street Journal. Lithium Carbonate (tonnes) 1,150,000 900,000 650,000 400,000 150,000 2020 5.1x 2025 2030 Total Demand for Batteries - Cobalt (tonnes) 250,000 200,000 150,000 100,000 50,000 0 2020 2.3x 2025 "Any mining companies out there, please mine more nickel... go for efficiency, obviously environmentally-friendly nickel mining at high volume. Tesla will give you a giant contract for a long period of time, if you mine nickel efficiently and in an environmentally-sensitive way. So hopefully this message goes out to all mining companies. Please get nickel." 2030 75%+ of today's cobalt is sourced from the Congo, where a non-negligible portion of supply has been tied to child labor (1) Elon Musk, Co-Founder, Chief Executive Officer, Director, Tesla, Tesla's Q2 2020 Earnings Call Li-Cycle 12#13Diversified Supply of Batteries Drives Recycling Need Battery Waste Sources Today gm NISSAN PORSCHE MITSUBISHI MOTORS Scrap materials, production and end-of-life O CILO Mercedes-Benz Audi Manufacturing Scrap & Auto OEMs(¹) HONDA Consumer Electronics 50% $2.7bn Total Value Contained Material Value (KIA) Energy Storage Systems 5% TOYOTA Source: Company data. (1) Ford NEW FLYER. PROTERRA ZOOX→→ amazon Manufacturing Scrap 29% Auto OEMs 16% Sources of batteries for recycling available in the market. RO T TESLA RIVIAN * Battery Consolidators & Electronic Waste Recyclers(1) WeRecycle call recycle Batteries RMC) RAW MATERIALS COMPANY INC Battery Waste Sources in 2025 APEX ENVIRONMENTAL SERVICES INC. End-of-life collection through aggregators com Consumer Electronics Auto OEMs 25% 5% $7.5bn Total Value Contained Material Value Battery Solutions aevitas Energy Storage Systems 2% Energy Storage Systems(¹) Manufacturing Scrap 68% End-of-life supply from storage facilities RENEWANCE STEWARDSHIP OPERATIONALIZED Portable Electric THE FUTURE OF POWER, TODAY. → ROMEO POWER TECHNOLOGY @ecamion Li-Cycle 13#14"Future Proofed" Technology Sets Li-Cycle Apart from Competitors Process Designed To Benefit From Battery Market Evolution 2050 Net Zero Cobalt Reduction Solid State Batteries ✓ Environmentally friendly recycling approach ✓ Non-pyro / thermal processes without harmful emissions Water recirculated in a closed loop, zero impact air emissions, minimal solid waste Capable of processing any cathode chemistry ✓ Unique ability to profitably recycle lithium iron phosphate ✓ Ability to process solid state batteries Higher total recovery value End products used in new battery tech Li-Cycle 14#15Li-Cycle Management Team is Experienced and Public Company Ready Extensive Battery, Metals and Engineering Background Ajay Kochhar Co-Founder, President & CEO, Executive Director Tim Johnston Co-Founder, Executive Chairman Bruce MacInnis CFO Chris Biederman CTO Kunal Phalpher CCO HATCH HATCH certicom bioscrypt redline communications HATCH Celectrovaya financeinmotion BE BIEDERMAN ENGINEERING CRIUS ENERGY EuPD Research Company Overview ■ Headquartered in Toronto, Li-Cycle was founded in 2016 2 commercial Spokes and a Hub in late stage development Significant battery supply chain experience; deep strategic relationships with critical counterparties ■ 80 person team with international experience and industry knowledge Global Cleantech 100 winner (2020, 2021) RECOGNITIONS: 2020 GLOBAL CLEANTECH100 COMPANY BusinessGreen Leaders Awards 2020 2021 GLOBAL CLEANTECH100 BIG INNOVATION 20 21 WORLD CIRCULAR ECONOMY FORUM OUR CHALLENGE 1000 EFFICIENT SOLUTIONS Li-Cycle 15#16Strong Strategic Partnership with Peridot Team Brings Track Record of Shareholder Value Creation Peridot Acquisition Corp. Overview Significant experience in natural resources, electric power, clean energy and energy technology Sponsored by an affiliate of Carnelian Energy Capital Management, L.P. ("Carnelian"), a leading investment firm focused on opportunities in the North American energy space Full support of the entire Carnelian investment and back office team Li-Cycle transaction is consistent with Peridot's initial investor pitch Peridot's Due Diligence on Li-Cycle ✓ In depth reviews of business plan, Li-Cycle's partnerships and global growth plans Thorough review and analysis of company's financial projections Detailed study of Spoke-and-Hub technologies Conducted customer due diligence calls and virtual plant visits Performed extensive legal, environmental, regulatory and accounting due diligence ✓ PERIDOT Top-Tier Leadership Alan Levande Chairman, CEO Markus Specks CFO and SVP of Corporate Development Scott Prochazka Director Jonathan Silver Director June Yearwood Director Preston Powell Director COVEYPARK - ENERGY Tomas Ackerman Carnelian Co-Founder TENASKA CAPITAL Goldman MANAGEMENT, LLC Sachs VÄRDE LAZARD PLUG POWER CenterPoint Energy LPO Loan Programs Office Obama Administration CHURCH PENSION GROUP Carnelian Energy Capital Carnelian Energy Capital J.P. Morgan KKR NGP Li-Cycle 16#17TECHNOLOGY, COMMERCIAL AND INDUSTRY OVERVIEW [#18Spokes Use Scalable, Standard Equipment Patented Apparatus / System Lithium-Ion Batteries - all chemistries, form factors in a single stream, at their state of charge (SoC) as-is Neutralizing Solution Shredder Screen Screen I I Filter I I I Shredded Plastics Cu/Al Foils Black Mass LiPF, electrolyte solvent, binder Hygiene Ventilation Patented Composition Plastics: Plastics to fuel or reuse Copper/Aluminum foils: Copper and precious metals recovery Black mass: Interim sales to nickel recovery; input to the Hub; easily transportable relative to batteries Li-Cycle 18#19Hubs Use All Proven Equipment Black Mass |db| H Graphite Patented Process; 12 Formalized Trade Secrets |d1| |db| + HHH Copper Sulfide HHH |db| 8 I Gypsum Manganese Carbonate 1 3 E Nickel Cobalt Sulphate Sulphate الا B Lithium Sodium Sulphate Carbonate Reaction Tank / Agitator Filter Press Solvent Extraction Mixer/ Settler Crystallization Li-Cycle 19#20Specialty Grade Battery Products with Contracted Off-Take Hub Converts Black Mass Into Materials for Re-Entry Directly Into the Supply Chain Lithium Carbonate Nickel Sulphate Cobalt Sulphate Li-Cycle Hub End Products – Key Differentiators ■ Li-Cycle reproduces battery grade and high purity materials Li-Cycle end products are "future proofed" - providing the building blocks of batteries that are not at risk of technological obsolescence (unlike the production of active battery materials, e.g., cathode) Li-Cycle 20#21Regional Presence and Global Footprint ■ ■ ■ I Regional Spokes reduce safety risk and cost associated with battery transport Closer to supply centers while developing supplier relationships and cementing first mover advantage Centralized Hubs maximize economies of scale and efficiencies Hub has capacity to process feedstock from a network of Spokes globally Boots on the ground: Li-Cycle in advanced discussions with multiple partners in each geography for supply and off-take 5-Year Rollout Plan North America ●●● Europe ●●● *** 3 Spokes 1 Hub 6 Spokes 11 Spokes 3 Hubs APAC & China ***** 000000 866 Li-Cycle 21#22Government Mandates Accelerating Recycling Growth Heightened Battery Regulation Infrastructure Spending USA: California Requires recovery as close to 100% as possible starting in 2022 CA: Ontario 8888 Requires recovery rates of 70%+ by 2023 China Has required recovery rates greater than 80% since 2018 European Union Proposed update to the EU Battery Directive under discussion during 2021 with more aggressive recycling targets UNITED Source: NAATBaat, Miit.gov, EU Union, CA Legislature, Ontario.ca STATES STATE OF CALIFORNIA ENERGY COMMISSION bdc* European Commission EDC USA: Federal Biden's administration will make a $2 trillion investment in infrastructure and the clean energy economy USA: California $1.5 billion to develop the EV / battery supply chain in California Canada $1 billion towards clean technology investment, including recycling European Union $3.5 billion towards the EU lithium-ion battery supply chain, including recycling Li-Cycle's high recovery rates and sustainable, environmentally friendly process are major competitive advantages Li-Cycle 22#23Rochester Hub Has Received Significant State and Local Support Li-Cycle will further grow its U.S. operations at Eastman Business Park, committing to creating over 100 new jobs GREAT THE OF SEAL THE EX E PLURIBUS UNUM STATE OF NEW YORK The NYS investment complements "Finger Lakes Forward" - the region's comprehensive strategy to revitalize communities and grow the economy "This international partnership with Li-Cycle will foster the supply chain of lithium-ion batteries, which are in high demand, and will further expand the thriving energy storage industry in the region. By investing in New York's cleantech economy we are creating quality jobs and supporting our state's clean energy businesses as we build back stronger from the COVID crisis and continue to move the Finger Lakes forward." Andrew Cuomo, New York Governor September 14, 2020 Li-Cycle 23#24Truly Sustainable Recycling, Localized Source of Critical Materials Recovery for All Forms of Lithium-lon Batteries ■ ■ Patent Protection 100% Li-Cycle owned 18 total patents and patent applications across all applicable jurisdictions that tie back to 3 core patent families 12 trade secret categories ■ Proven Technology Utilizes standard equipment Readily scalable Pre-existing customer relationships ■ ■ ■ Commercial and Intangibles Seasoned management team No wastewater or pyro (thermal) aspects Cheaper than mining First choice recycler Sticky supply contracts Contracted off-take Li-Cycle's process is inherently sustainable and optimal from a recovery/ efficiency standpoint, protected by a multi-layered IP strategy, thereby securing Li-Cycle's long-term leadership position Li-Cycle 24#25FINANCIAL OVERVIEW [#26Approach to Growth 1 Regional partnerships (e.g., Joint Ventures): progressed stage opportunities corresponding to 10 additional Spokes and 2 incremental Hubs by 2025 (as part of the global plan) (2) Organic: sourcing batteries through new / expanded commercial agreements 3 Inorganic: buy-side M&A Largest Lithium-lon Battery Recycler in NAM 2 Operating Spokes Today Total Capacity (tonnes LIB equivalent/year) 10,000 t/y 1 Hub in Late Stage Development 60,000 t/y 20 Total Operating Spokes 100,000 t/y 2025 4 Total Operating Hubs 240,000 t/y Li-Cycle 26#27Attractive Unit Economics Ready to Scale Commercial Spoke 100% 38% 62% Avg. Annual OPEX Margin Avg. Annual EBITDA Margin Highlights Capacity 5,000 tpa LIB Initial CAPEX ~$4mm After-Tax IRR -67% 100% 20% 80% Commercial Hub Avg. Annual OPEX Margin Avg. Annual EBITDA Margin Highlights Capacity 60,000 tpa LIB (25,000 tpa Black Mass) Initial CAPEX -$172mm After-Tax IRR -60% Li-Cycle 27#28Li-Cycle Financial Projections Revenue ($US in millions) $12 $1 $11 2021E $75 $7 $68 2022E +82% CAGR Contracted Off-Take $264 $51 $213 2023E $700 $394 $306 2024E Uncontracted Revenue $958 $655 $303 2025E EBITDA ($US in millions) Commentary NM ($6) 2021E 4% $3 2022E EBITDA 41% $109 2023E 48% $339 2024E EBITDA Margin Cumulative EBITDA, 2021E-2025E = $985mm Cumulative CAPEX, 2021E-2025E = $947mm Cumulative Cash Flow (EBITDA - CAPEX), 2021E-2025E = $38mm 0 Includes consideration of significant CAPEX spend in 2025 but not the associated EBITDA that will come in the years to follow Peak capital need of $459mm from 2021E-2023E 0 The net proceeds from this transaction enable the complete funding of Li-Cycle's business plan 56% $541 2025E Li-Cycle 28#29TRANSACTION OVERVIEW [#30Fully Committed, Upsized $315mm PIPE Key Transaction Terms ■ Fully committed, upsized $315 million PIPE PIPE investors include Neuberger Berman Funds, Franklin Templeton and Mubadala Capital. Also includes Peridot sponsor Carnelian Energy Capital, existing Li-Cycle investor Moore Strategic Ventures and global marketing and strategic off-take partner Traxys Peridot currently has $300 million in cash held in trust account $1.1 billion pro forma enterprise value with strong balance sheet 10.1x of 2023E EBITDA or 3.2x of 2024E EBITDA Proceeds raised fully fund required capex to build Li-Cycle's Spoke-and-Hub facilities Pro Forma Ownership Pro Forma Ownership @ $10.00 / Share SPAC Public Shareholders Peridot Founder Shares PIPE Shareholders Existing Li-Cycle Shareholders Total Shares (1) Shares (mm) % Ownership ($US in mm) 30 18% $300 8 32 98 167 Note: (1) Pro forma ownership assumes no redemptions by SPAC shareholders. 5 19 59 100% 75 315 975 $1,665 Pro Forma Valuation Pro Forma Valuation Share Price Pro Forma Shares Outstanding Equity Value Plus: Debt Less: Cash Enterprise Value 2023E EBITDA EV / 2023E EBITDA 2024E EBITDA EV / 2024E EBITDA Pro Forma Sources & Uses Total Sources Peridot Cash in Trust PIPE Peridot Founder Shares Stock Consideration to Exisiting Li-Cycle Shareholders Total Sources Total Uses Cash to Balance Sheet Stock Consideration to Exisiting Li-Cycle Shareholders Estimated Fees & Expenses Peridot Founder Shares Repayment of Business Development Bank of Canada Debt Total Uses ($US in mm) $10.00 167 $1,665 0 (566) $1,099 $109 10.1x $339 3.2x ($US in mm) $300 315 75 975 $1,665 $566 975 44 75 $1,665 Li-Cycle 30#31What is the Comp Universe For Li-Cycle? Disruptive Battery EVs Similar growth profiles Positioned to benefit from increase in EV demand Different end markets ▾ Different business models Considerations Illustrative Companies Electrification Facilitators ▲ Benefit from the continued growing electrification trend ▲ Do not rely on the winning EV OEM ▾ Different end markets Specialized niches eos -chargepoint. ROMEO POWER TECHNOLOGY ⒸHYLIION TESLA I - CANOO- NIO LORDSTOWN. Battery Manufacturers A Similar end users / customers ▲ Aligned with projected increase in battery market demand ▲ Use of similar input materials Difference in margins ▼ Medium to low growth companies LG Chem Panasonic CATL BYD Waste Management & Recycling Providers A Similar business model of reducing / recycling waste materials A Positioned to benefit from sustainability initiatives Large target markets Different end markets ▼ Established late stage companies Stericycle GFL environmental WASTE CONNECTIONS, INC. casella umicore GEM** 资源有限 循环无限 Recycling for future! Lithium Producers Similar end products Proliferation of EV market to drive battery recycling market ESG friendly ▾ Different inputs, Li-Cycle uses recycled materials Higher production cost structure ALBEMARLE 赣锋锂业 GanfengLithium Livent SQM Solutions for human progress Li-Cycle 31#32Market Leading Growth and Margin Profile... CY 2021E-2024E Revenue CAGR 293% Li-Cycle EBITDA Margin (1) (2) (3) 48% 30 Li-Cycle 2024E 105% Electrification Facilitators 15% Electrification Facilitators 2024E Source: Company filings, Equity research reports and FactSet. Market data as of January 27, 2021. Nio margin shown on a 2023E basis due to availability of projections. LG Chem revenue CAGR calculated on a 2020E - 2022E basis. 128% Disruptive Battery EVs 16% (1) Disruptive Battery EVs 2024E 18% Battery Manufacturers 14% (2) Battery Manufacturers 2022E Casella, GFL Environmental, SteriCycle and Waste Connections revenue CAGR calculated on a 2021E-2023E basis. GEM Co revenue CAGR calculated on a 2020E - 2022E basis. Ganfeng revenue CAGR calculated on a 2020E - 2022E basis. 7% (3) Waste Management & Recycling Providers 23% Waste Management & Recycling Providers 2022E 17% (4) Lithium Producers 29% Lithium Producers 2022E Li-Cycle 32#33...At Attractive Valuation Levels Firm Value / EBITDA 10.1x Li-Cycle 2023E Firm Value / EBITDA 3.2x Li-Cycle 2024E 30 22.3x Electrification Facilitators 2023E 10.9x Electrification Facilitators 2024E Source: Company filings, Equity research reports and FactSet. Market data as of January 27, 2021. Note: Negative EBITDA multiples are excluded from the median. (1) Multiples for Nio only available in 2023E. 12.1x (1) Disruptive Battery EVs 2023E 6.0x (1) Disruptive Battery EVs 2024E 21.4x Battery Manufacturers 2021E 18.6x Battery Manufacturers 2022E 16.1x Waste Management & Recycling Providers 2021E 15.0x Waste Management & Recycling Providers 2022E Median: 21.4x 35.9x Lithium Producers 2021E Median: 15.0x 23.7x Lithium Producers 2022E Li-Cycle 33#34Discounted Future Value - ADJ. EBITDA ($US in billions) Future $7.4bn $6.8bn 20.0x22.0x FV / 2024E EBITDA (1) Discounted $4.3bn $3.9bn Implied Discounted Firm Value (2) (Discounted 3 Periods @20.0%) Source: Company filings and presentations, FactSet. Market data as of January 27, 2021. (1) The applied range of EBITDA multiples based on median of comp universe. The Li-Cycle future firm value is calculated by applying the range of EBITDA multiples to Li-Cycle's 2024E EBITDA. (2) The implied discounted firm value calculated using the future firm value and discounting it back three periods at a 20% discount rate to arrive at the implied discounted firm value range. -73% discount to midpoint $1.1bn Post Money Enterprise Value Li-Cycle 34#35APPENDIX [#36Public Company-Ready Leadership Team and Board Board of Directors Leadership Team Ajay Kochhar Co-Founder, President & CEO, Executive Director Tim Johnston Co-Founder, Executive Chairman Kunal Phalpher CCO Bruce Maclnnis CFO Chris Biederman CTO Advisory Board Adonis Pouroulis Senior Strategic Advisor Ahmad Ghahreman Technical Advisor Dr. Yuan Gao Technical Advisor | | HATCH C-electrovaya HATCH financeinmotion HATCH * Queen's UNIVERSITY certicom bioscrypt redline communications Puead RAINBOW RARE EARTHE Petra Diamonds BARRICK CRIUS ENERGY EuPD Research PULEAD TECHNOLOGY INDUSTRY CO.,LTD. BIEDERMAN ENGINEERING UBC WE BE PELLA RESOURCES LIMITED University Of British Columbia Molycorp FMC THE RARE EARTHS COMPANY Ajay Kochhar Co-Founder, President & CEO, Executive Director Tim Johnston Co-Founder, Executive Chairman Mark Wellings Non-Executive Director Rick Findlay Non-Executive Director Anthony Tse Non-Executive Director Alan Levande Non-Executive Director Scott Prochazka Non-Executive Director HATCH INFOR FINANCIAL INC. LINCit HATCH Cit GALAXY Goldman Sachs PSTG WDO *to COVEYPARK ENERGY GMP Securities Griffiths McHumey CenterPoint. Energy Waste Diversion Ontario tom TENASKA CAPITAL MANAGEMENT, LLC Li-Cycle 36#37Summary Financial Table ($US in mm) Revenue Growth (%) OPEX % of Revenue EBITDA Margin (%) Growth (%) CAPEX Cumulative CAPEX Cash Flow (EBITDA - CAPEX) Cumulative Cash Flow (EBITDA - CAPEX) Source: (1) Expected net proceeds from transaction will fully fund Li-Cycle's business plan. 2021E $12 1,175.4% $15 130.0% ($6) (53.8%) NM $137 $137 2022E $75 550.8% $63 84.5% $3 3.6% NM $246 $384 2023E $264 251.6% $138 52.3% $109 41.3% 3,989.9% $181 $565 ($144) ($244) ($72) 1 Cash outflow of $459mm fully funded through 2023E(¹) ($144) ($387) ($459) 2024E $700 165.3% $345 49.4% $339 48.4% 210.6% $10 $574 $329 ($130) 2025E $958 36.9% $403 42.1% $541 56.5% 59.8% $372 $947 $169 $38 Accounts for future Jexpansion post 2025 Reflects increased capex spend in 2025E but not the incremental EBITDA that will come in the years that follow, post-expansion Li-Cycle 37#38Li-Cycle to Benefit from Commodity Pricing Tailwinds Management Uses Conservative Forecasts Compared to Leading Market Intelligence Firms Cobalt ($ / tonne) 90,000 Nickel ($ / tonne) 22,000 20,000 18,000 16,000 14,000 12,000 10,000 13,500 (1) (2) (3) 13,970 20,946 19,198 18,214 14,571 14,571 118,912 20,946 20,946 18,488 18,291 18,291 2018A 2019A 2020A 2021E 2022E 2023E 2024E 2025E Lithium Carbonate ($/tonne) Historicals (1) 19,000 17,000 15,000 13,000 11,000 9,000 7,000 5,000 17,000 10,500 10,100 9,950 9,800 7,349 8,252 Broker Projections (2) 10,226 9,896 11,998 13,003 10,478 10,478 2018A 2019A 2020A 2021E 2022E 2023E 2024 2025E 80,000 70,000 60,000 50,000 40,000 30,000 81,869 37,400 35,635 39,880 37,330 49,004 44,549 Benchmark Mineral Intelligence Projections (3) 41,264 61,255 Li-Cycle Commentary Li-Cycle stands to benefit from the increase in prices of Li, Ni and Co, through production of battery grade materials The growing electrification demand is driving much of the increase of prices Commodity prices are also dependent on battery composition as manufacturers may alter their choice of inputs to increase battery range and are not necessarily indicative of battery grade pricing Li-Cycle management uses more conservative pricing assumptions relative to Benchmark Mineral Intelligence estimates 43,940 46,109 Sourced from Benchmark Mineral Intelligence, Q4, 2020. Broker Projections as of December 28, 2020. Nickel broker median includes BAML, Barclays, BMO, CIBC, Citi, Credit Suisse, Deutsche Bank, HSBC, JP Morgan, Morgan Stanley, RBC and TD Securities. Lithium Carbonate broker median includes Credit Suisse, Citi, Morgan Stanley and UBS. Cobalt broker median includes BAML, Barclays, BMO, CIBC, Citi, Credit Suisse, Deutsche Bank, Morgan Stanley and RBC. Benchmark Mineral Intelligence, Q4 2020. 2018A 2019A 2020A 2021E 2022E 2023E 2024E 2025E 67,116 46,109 ■ Benchmark Mineral Intelligence is a leading market intelligence firm and data provider in the lithium-ion battery supply chain that has materially higher pricing forecasts Source: Company Projections, Broker Estimates, Benchmark Mineral Intelligence, Q4 2020. Note: All values in real terms. Li-Cycle 38#39Detailed P&L ($US) Revenue Product Sales Recycling Services Total Revenue Cost Of Goods Sold Gross Profit Expenses Professional Fees Personnel Research & Development Office and Administrative Marketing and Business Development Plant Operations Travel & Entertainment Depreciation Share-based Compensation Total Expenses Operating Loss Other Income Interest Expense Interest Income Foreign Exchange Gain Total Other Income Net Loss Loss per Common Share - Basic and Diluted 2020A(¹) $653,242 250,426 $903,668 665,779 $237,889 $3,117,441 2,977,909 812,353 517,040 384,401 891,336 168,712 511,695 323,615 $9,704,502 ($9,466,613) $333,501 (36,532) (316,497) ($19,528) ($9,447,085) ($5.04) Note: Based on financial statements prepared using IFRS. Converted to USD from CAD, based on average exchange rates for 2020 and 2019, respectively. Exchange rate sourced from FactSet. (1) Based on preliminary FY20 P&L figures and subject to final audit approval. 2019A $49,338 $49,338 5,926 $43,412 $560,019 622,689 2,163,315 427,276 67,450 141,318 186,942 99,638 $4,268,647 ($4,225,236) 24,137 $24,137 ($4,201,098) ($2.43) Li-Cycle 39#40RIUS Li-Cycle (R