IMPORTANT NOTICE TO CUSTOMERS

WARNING: THE CONTENTS OF THIS DOCUMENT HAVE NOT BEEN REVIEWED OR ENDORSED BY ANY REGULATORY AUTHORITY IN HONG KONG OR SINGAPORE. YOU ARE ADVISED TO EXERCISE CAUTION IN RELATION TO THE INVESTMENT AND THIS DOCUMENT. IF YOU ARE IN DOUBT ABOUT
ANY OF THE CONTENTS OF THIS DOCUMENT, YOU SHOULD CLARIFY WITH THE BANK. WHERE APPROPRIATE, YOU SHOULD CONSIDER TAKING PROFESSIONAL ADVICE INCLUDING AS TO YOUR LEGAL, TAX OR ACCOUNTING POSITION.

The Private Banking divisions of each of The Hongkong and Shanghai Banking Corporation Limited ("HSBC" or “we”) and the Singapore branch of HSBC have not been involved in the preparation of this document. This document has been distributed by HSBC and the Singapore branch of HSBC in the
conduct of their respective regulated businesses in Hong Kong and Singapore respectively.

This communication is provided for your information only and does not constitute a distribution or a solicitation of an offer to buy any securities. The information in this communication should not be construed as a recommendation or advice. HSBC Private Bank has not performed due diligence and
has no investment view on the securities described in this communication. HSBC is not making any recommendation or solicitation to you as regards this potential investment opportunity.

It is not intended for anyone other than the recipient and should not be distributed by you to any other persons. The recipient(s) should qualify as professional investor(s) as defined under the Securities and Futures Ordinance in Hong Kong or accredited investor(s) or other relevant person(s) as
defined under the Securities and Futures Act in Singapore. This document must not be distributed to any person in the United States, Canada or in any other jurisdiction where its distribution is unlawful. It must not be reproduced or further distributed, in whole or part, for any purpose.

The information contained in this document has been distributed by HSBC specifically for the information of HSBC customers only. The information may be modified at any time and without prior notification at the sole discretion of the issuer.

Whilst HSBC believes information contained within this document to be reliable, it has not independently verified any such information. HSBC and the HSBC Group make no guarantees, representations or warranties as to its accuracy or completeness. The information stated and/or opinion(s)
expressed herein constitute best judgment at the time of publication and are subject to change without notice.

In all cases, we recommend that you make investment decisions only after having carefully reviewed the relevant investment product and offering documentation including without limitation, the issuer's term sheet, product highlights, product brochure, product guide, pricing supplement,
information memorandum, fact sheet, offering circular, prospectus, presentation, HSBC’s Standard Terms and Conditions, the “Risk Disclosure Statement” detailed in the Account Opening Booklet, and all notices, risk warnings and disclaimers contained in or accompanying such documents and
having understood and accepted the nature, risks of and the terms and conditions governing the relevant transaction and any associated margin requirements. You should exercise your own judgment in deciding whether or not a particular product is appropriate for you, taking into account your
own circumstances (including, without limitation, the possible tax consequences, legal requirements and any foreign exchange restrictions or exchange control requirements which you may encounter under the laws of the countries of your citizenship, residence or domicile and which may be
relevant to the subscription, holding or disposal of any investment) and, where appropriate, you should consider taking professional advice including as to your legal, tax or accounting position. Please note that this information is neither intended to aid in decision making for legal or other consulting
questions, nor should it be the basis of any such decision. If you require further information on any product or product class or the definition of Financial Products, please contact your Relationship Manager.

Past performance is not an indication of future performance. The historical performance presented in this document is not indicative of and should not be construed as being indicative of or otherwise used as a proxy for future or specific investments. Your decision to invest should not be based
mainly or solely on past performance. Past performance information may be out of date. For up-to-date information, please contact your Relationship Manager.

It is important to note that the capital value of, and income from, any investment may go down as well as up and you may not get back the full amount invested. When an investment is denominated in a currency other than your local or reporting currency, changes in exchange rates may have an
adverse effect on the value, price or income of that investment. There is no guarantee of positive trading performance. In the case of investments for which there is no recognised market, it may be difficult for investors to sell their investments or to obtain reliable information about their value or
the extent of the risk to which they are exposed. Investment in any market may be extremely volatile and subject to sudden fluctuations of varying magnitude due to a wide range of direct and indirect influences. Such characteristics can lead to considerable losses being incurred by those exposed
to such markets. If the investment is withdrawn or terminated early, it may not return the full amount invested. In addition to the normal risks associated with investing, international investments may involve risk of capital loss from unfavourable fluctuations in currency values, from differences in
generally accepted accounting principles or from economic or political instability in certain jurisdictions. Narrowly focused investments and smaller companies typically exhibit higher volatility.

HSBC is part of the HSBC Group. Companies within the HSBC Group and/or their officers, directors and employees may have positions in any securities mentioned in this document (or any related or underlying investment) and may from time to time add to or dispose of any such securities (or
investment). Companies within the HSBC Group may act as market maker or have assumed an underwriting commitment in securities discussed in this document (or related investments), may sell them or buy them from customers on a principal or agency basis and may also perform or seek to
perform investment banking or underwriting services for or relating to or have banking or other commercial relationships with the issuer of those securities or the issuer of the shares underlying those securities. HSBC and members of the HSBC Group may receive monetary and non-monetary
benefits from HSBC affiliates or third parties in connection with the origination, distribution and/or sale of investment products to customers, some of which HSBC Private Banking may not be aware of, including spreads taken by another part of HSBC or HSBC Group as our counterparty.

These products may be issued by members of the HSBC Group which includes, without limitation, all branches and subsidiaries of HSBC Holdings plc including HSBC, Hang Seng Bank Limited, Hang Seng Investment Management Limited. An investment product issuer that uses "HSBC" as part of its
entity name is reasonably presumed to be a member of the HSBC Group. If you are in any doubt, please contact HSBC. More information on the fees and benefits which may be received by HSBC can be found in HSBC’s Disclosure of Monetary and Non-Monetary Benefits, as well HSBC’s prevailing
Schedule of Fees.

Conflicts of interest may arise which investors and HSBC may not become aware of. Separate elements within the HSBC Group may be aware of an interest or relationship which may give rise to a conflict of interest. By receipt of this information, investors are deemed to acknowledge and accept
that the HSBC Group (including HSBC) may have interests or duties which conflict with investors’ interests and which would or might otherwise conflict with the duties owed by HSBC to investors. Furthermore, investors accept that HSBC’s agreement to provide services to investors does not require
any other member of the HSBC Group or any HSBC division to restrict its activities in any way nor to provide investors or HSBC with any information whatsoever about, or derived from, those activities nor does it create any obligation to advise investors of any conflict of interest which exists or may
arise.

In the event this investment opportunity claims to adopt certain principles or aspects relating to environmental, social, or governance (ESG) and/or sustainability matters, clients should note that this investment is not an investment which considers ESG or other sustainability factors. References to
such terms in the teaser have not been verified by HSBC and HSBC makes no representation as to the sustainable or ESG characteristics of any products or services described as such in the teaser.

PUBLIC
 Direct Air Capture via
carbon mineralization

Investment opportunity
November 2023

Video overview
© 2023 Heirloom Carbon Technologies | Confidential and proprietary
INTERNAL
 Our mission:
High-quality CO2 removal at gigaton scale

Our plan by 2030:

8 Mt / year removed from air at ~$200 / tCO2 cost

2
INTERNAL
 Demand for DAC is expected to grow significantly
8 Gt CO2 / year of demand unlocked at $300 / tCO2 price point

Power generation Transport (road, aviation, shipping) Industry Buildings Agricuture Non-abatable¹

>8 Gt/y Current DAC

market market at
$1,000 / tCO2
1,400 unlocked at
$300 / tCO2
1,200
Cost of technology (US$ / tCO2eq)

1,000

800

600

400 DAC selling price: $300 / tCO2

200
Heirloom cost target: ~$200 / tCO2
0

(200)
0 4 8 12 16 20 24 28 32 36 40 44 48 52
Global GHG emissions abatement potential (Gt CO2eq)

3
INTERNAL
Source: November 2022 Carbonomics report; Note: 1 “Non-abatable” emissions include industrial combustion / heating, cement, iron, steel, and petrochemicals
 Government support for DAC has never been stronger
Heirloom is a direct beneficiary of IRA tailwinds

Old New Applicable to Heirloom?

Enhanced 45Q $50 / tCO2 $180 / tCO2 ✓

(Stacked with voluntary CDR)

Direct pay -nil- Five years ✓

(Efficiency of tax attributes)

DOE DAC Hub

-nil-
$3.5 billion
(To support four large-scale,
✓
funding (DOE DAC Hub grant recipient
regional DAC hubs)
with up to $600mm funding)

4
Source: Inflation Reduction Act (2022), U.S. Department of Energy DAC Hubs INTERNAL
 Heirloom at a glance

#1 First and only commercial DAC facility in U.S. with 5,000 run time hours
Uno facility, Tracy CA
Significant first mover advantage achieved by reaching ~$200 / tCO 2 cost by 2030 1

Over $295mm of signed contracts with an additional $194mm in term sheet /

contracting phase and $1bn+ in advanced discussions 2,3

Up to $600 million DOE DAC Hub grant recipient for Project Cypress

14 patents providing strong IP protection on technology and design

100+ experts in carbon removal, scaling companies, and automation

Proprietary software and AI technology enables optimized operations

Asset light business model with optionality to invest in compelling DAC projects

Best-in-class partners Thought-leader investors

Uno facility,
Tracy California

Notes: 1 Cost target excludes cost of capital; 2 Heirloom additionally has signed customer options and is under negotiation for customer options for the future purchase of $5.7bn and $2.8bn, respectively, of Heirloom CDR; 3 Contract value includes 45Q tax
5
credits INTERNAL
 Additional
Our process detail
Simple, robust, and proven technology STEP 4
The calcium hydroxide is spread onto stacked
trays to capture CO2 from the air for 3 days.
This process converts it back to limestone, and
the entire cycle begins again
STEP 1
Heirloom takes crushed calcium
carbonate (CaCO3) or limestone
and places it in a renewable-
powered electric kiln

STEP 3
The calcium oxide is hydrated with
STEP 2 water to form calcium hydroxide
The limestone is heated in the kiln which (Ca(OH)2)
separates it into CO2 gas and calcium oxide
(CaO) powder. The CO2 is extracted and
Did you know?
sequestered permanently (by partners)
Heirloom’s process can run 25+
cycles without degradation
6
INTERNAL
 Limestone is a low cost and naturally occurring CO2 sponge
Our core input, limestone, enables acceleration of cost down and scale out
Limestone Other DAC
(Heirloom’s sorbent) (Engineered sorbents)
Heat

Cost $30 – $50 / t $100,000–$200,000 / t 4

Water
+
Time
4% of earth’s surface2
Limestone calcium Inputs into sorbents are
carbonate Available in every region
Availability currently not mass-
globally and represents ~9%
produced5
of mineral raw materials
production globally3
CO2
Calcium oxide

Did you know? Extremely mature as a Nascent supply chains will

Supply
Approximately 44% of result of the ubiquity of need to scale rapidly to
chains
naturally occurring the cement industry meet demand6
limestone is CO2 1
Calcium hydroxide
Source: Heirloom estimates; Notes: 1 Sourced from U.S. EPA; 2 Sourced from Royal Society of Chemistry; 3 Sourced from “The Availability of Limestone and Other Raw Materials for Ocean Alkalinity Enhancement” paper published by Advanced Earth and
Space Science; 4 Sourced from “A sorbent-focused techno-economic analysis of direct air capture” paper by H. Azarabadi and K. S. Lackner (2019); 5 Sourced from “Systems Design and Economic Analysis of Direct Air Capture of CO2 through Temperature 7
Vacuum Swing Adsorption Using MIL-101(Cr)-PEI-800 and mmen-Mg2(dobpdc) MOF Adsorbents” paper by A. Sinha, L. A. Darunte, C. W. Jones, M. J. Realff, and Y. Kawajiri (2017); 6 U. Steuerle and R. Feuerhake in Ullmann's encyclopedia of industrial
chemistry, Wiley, Chichester (2010) INTERNAL
 Heirloom’s technology advantage
Disruptive DAC technology with no innovation breakthrough required

5 1
Efficient land footprint: Low-cost sorbent:
Contactors are 10,000x more land efficient than trees Limestone is abundant, inexpensive,
(Gigaton facility would fit inside Disney World) and effective at capturing CO2

4 2
Simple and modular design: Highly durable process:
Allows for low-cost, gigaton scaling without No degradation of limestone
technological breakthroughs efficacy observed after 25+ cycles

3
Fast cycle time:
Proprietary carbonation cycle time of
~3 days versus years in nature
8
Source: Heirloom estimates INTERNAL
Heirloom’s high-quality CDRs are in demand
Permanently stored and precisely measured (4 decimals) with ultra high MRV

Current customers across our sales funnel:

Long-term agreement signed

September 2023
for 315,000 tCO2

One of the largest CDR offtake

contracts

9
INTERNAL
 Contracted volumes
Term sheet / contracting
Facility contracting status Optioned
Uncontracted volumes
>75% of Heirloom’s next three plants are fully contracted / contracting / optioned

Uno Dos Tres

21%
100% 31% 31%

Capacity of Capacity of Capacity of

500 20,000 100,000
tCO2 / year tCO2 / year tCO2 / year

69%

49%

Customer pre-payments Long-term offtakes Long-term offtakes

Over $295mm of signed contracts with an additional $194mm in term sheet / contracting phase and $1bn+ in advanced discussions 1,2
10
INTERNAL
Note: 1 Heirloom additionally has signed customer options and is under negotiation for customer options for the future purchase of $5.7bn and $2.8bn, respectively, of Heirloom CDR; 2 Contract value includes 45Q tax credits
Commercial deployment from tons to megatons
Pilot phase Scale out operations Expansion

Gamma Dorado Uno Scaled rendering Scaled rendering

2021 – 2022 Q4 2022 Q4 2023 Q1 2025 H1 2027 H1 2028 2028+

Alpha, Beta, Dorado Uno Dos Tres Cuatro Expansion
Gamma Operating Commissioning FEED Pre-FEED
Capacity Up to 6 Over 100 Up to 500 20,000 100,000 1,000,000 7,000,000
(tCO2 / year)

Location Brisbane, CA Brisbane, CA Tracy, CA Shreveport, LA Lake Charles, LA TBD TBD

Funding Heirloom equity Heirloom equity Heirloom equity Project financing Project financing Project financing Project financing

•Commercial •Terminal project •Ramping

•Integrated •Outdoor Deployment manufacturing
contactor size (will be
research •Fully integrated •Banked project Module (flash
replicated) capacity
platform scaled- network deployment (10-yr offtakes) kiln module; 6
Goals deployment tubes) •High-volume •Seven 1 million
up •Customer •Deploying single tCO2 / year
integrated with manufactured
•Fully-integrated deliveries tube flash kiln •Optimized land projects
material flow and parts
single container use distributed across
regeneration •DAC Hubs
•DAC Hubs the gulf coast

11
INTERNAL
 DAC plant economics at scale
Delivers >20% unlevered project IRR at $300 / tCO2 prices

Project IRRs by market price per tCO21

Capacity Projected cost

Project Name $200 $250 $300 $350
(tCO2 / year) ($ / tCO2)2

2028
1,000,000 < $250 ~10% ~15% ~20% ~25%
Cuatro

2028+
7,000,000 ~$200 ~15% ~20% ~25% ~30%
Expansion projects

Heirloom cost target of Heirloom projected

~$200 / tCO2 market price conditions

12
INTERNAL
Source: Heirloom estimates; Notes: 1 Pricing excludes 45Q; IRR includes 45Q as stacked credit; Assumes project life of 25 years; 2 Amortized capex + opex, excluding cost of capital and G&A overhead
Why invest in Heirloom:

1 Demand for high-quality CDR is accelerating with buyers including Microsoft and Amazon

2 Government support for DAC has never been stronger with unprecedented policy tailwinds

3 Establish first-mover advantage by delivering DAC at costs of ~$200 / tCO2 by 2030

4 Naturally occurring and inexpensive limestone enables low-cost scale out

5 Commercially established having signed one of the largest CDR contracts ever with Microsoft

6 Proven track record currently operating the largest commercial DAC facility in the United States

7 Asset light business model with future optionality to invest in high IRR DAC projects

8 Department of Energy DAC Hub grant recipient with access of up to $600mm in non-dilutive funding

9 Strong competitive moat with 14 patents surrounding process and proprietary artificial intelligence to drive efficiency

10 World class team with 100+ experts supported by thought leader investors having > $100mm raised to date
13
INTERNAL
Process overview and key contacts
• Heirloom is seeking investors for an equity raise of US$200mm

• HSBC has been engaged by Heirloom to solicit interest related to the equity raise

• To learn more about Heirloom, please contact the HSBC representatives listed below

• Interested counterparties will be invited to meet with HSBC via video calls

• Additional information, including access to a virtual data room, will be provided upon execution of a non-disclosure agreement

• All communication should be directed through HSBC

HSBC Process Contacts

Jacques Plaa Alexandre Falcao George Liu Anoushka Mehta Matt Harrison
Managing Director - PURE Director – Equity Capital Markets Director – Natural Resources Head of ESG Banking, Americas Associate – Equity Capital Markets
+1 (832) 406-1572 +1 (646) 891-6185 +1 (832) 695-8060 +1 (862) 727-6986 +1 (929) 694-1530
jacques.plaa@us.hsbc.com alexandre.falcao@us.hsbc.com george.q.liu@us.hsbc.com anoushka.mehta@us.hsbc.com matt.harrison@us.hsbc.com

Key HSBC contacts for NDA

14
INTERNAL
Join us
in the fight against
climate change

INTERNAL
Disclaimer
This presentation was prepared exclusively for the benefit and internal use of the selected interested parties whom it is directly addressed and delivered in
order to assist in evaluating, on a preliminary basis, the feasibility of a possible investment in Heirloom Carbon Technologies, Inc. (the “Company”) and does
not carry any right of publication or disclosure, in whole or in part, to any other party. The Presentation was prepared to assist interested parties in making
their own evaluation of the Company and is incomplete without reference to, and should be viewed solely in conjunction with, the oral briefing provided by
the Company. In all cases, interested parties should conduct their own investigation and analysis of the information and data set forth in this Presentation.
The Presentation is not to be considered as a recommendation by the Company to make an investment in the Company or any subsidiary. Neither this
presentation nor any of its contents may be disclosed or used for any other purpose without the prior written consent of the Company or its advisor (HSBC
Securities (USA) Inc. or “HSBC” or the “Advisor”).

No representations or warranties, express or implied, are given in, or in respect of, this Presentation, any information contained herein or any transaction
contemplated hereby. In no event will the Company or any of its affiliates, shareholders, directors, officers, employees, members, managers, representatives,
advisers or agents have any liability to any person in connection with the use of the information in this presentation. The information in this presentation is
based upon prevailing conditions and our views as of this date, all of which are subject to change. In preparing this presentation, we have relied upon and
assumed, without independent verification, the accuracy and completeness of all information available from public sources, industry publications and other
third parties. The Company cannot guarantee the accuracy or completeness of the data.

No securities commission or similar regulatory authority in the United States has reviewed or approved this Presentation or has in any way passed upon the
merits of the securities referenced herein and any representation to the contrary is an offence. This Presentation does not constitute an offer to sell or a
solicitation of an offer to buy any securities.

UNDER NO CIRCUMSTANCE SHOULD THE COMPANY OR ANY OF ITS AFFILIATES, DIRECTORS, MANAGEMENT, EMPLOYEES, CUSTOMERS, CLIENTS OR
SUPPLIERS BE CONTACTED DIRECTLY. ALL INQUIRIES REGARDING THE PROPOSED TRANSACTION AND ANY REQUESTS FOR ADDITIONAL INFORMATION
SHOULD BE DIRECTED TO THE CONTACTS OF THE ADVISOR.

16
INTERNAL