1. Cardolite Company Confidential Cardolite CNSL in PU applications January 2017

2. Cardolite Company Confidential 2 Contents Introduction to CNSL technology and cardanol-based derivatives Cardanol-based Polyols: Typical QC properties Compatibility with oil-polyols Compatibility with blowing agents Aromaticity Thermal stability Cardanol-based polyols in PUR foams: Examples and properties Cardanol-based polyols in flexible PU foams Cardanol-based polyols in coatings and adhesives Alkoxylated cardanol-based surfactants NX-2026 as NCO blocking agent

3. Cardolite Company Confidential 3 Cardolite is the leading manufacturer of products derived from cashew nutshell liquid (CNSL), a natural, renewable chemical raw material.

4. Cardolite Company Confidential Cardolite History 4 Last 30 years… Cardolite focused primarily on CNSL based epoxy curing agents, epoxy diluents, polyols and friction products. 3M sells Newark factory to existing management. 1984 1953 3M acquires Irvington V&I and it’s New Jersey plant. Harvel Corporation and Irvington Varnish and Insulator 1926

5. Cardolite Company Confidential Manufacturing The most advanced CNSL plants in the world Newark, NJ built in the 1950’s Zhuhai, Guangdong, China built in 2004 Mangalore, India built in 2013 Large capacity to produce Epoxy & Polyol resins Epoxy curing agents Friction particles and resins Close to strategic ports Warehouse and tank storage R&D, Tech Service, and QC labs 24/7 operation 5

6. Cardolite Company Confidential Cashew Liquid Technology 6 CNSL is a naturally occurring, non-food chain, renewable oil from the shell of the cashew nut, obtained as by-product of the cashew nut industry mainly in Brazil, India, and Vietnam. CNSL is approximately 25% of the cashew kernel by weight.

7. Cardolite Company Confidential Cardanol :Average Structure and Benefits Adhesion Fast cure Low temperature cure Water resistance Humidity resistance Corrosion resistance Pot life Low viscosity Surface tension Flexibility Chemical & thermal resistance 7

8. Cardolite Company Confidential Cardanol as building block: examples

9. Cardolite Company Confidential Phenalkamine Chemistry 9 Polyamine Epoxy Curing Agents

10. Cardolite Company Confidential Phenalkamine Structure & Properties 10 Adhesion Fast cure Low temperature cure Thermal and chemical resistance Water resistance Corrosion resistance Pot life Surface tension Low viscosity Flexibility Reactive group Cross-linking density

11. Cardolite Company Confidential NC-513 LITE 2513HP Ultra LITE 513 CNSL based Epoxy Functional Modifiers and Diluents NC-514 NC-514S NC-547 GX-2510 11

12. Cardolite Company Confidential Epoxy Diluent Chemistry 12 Reactive Hydrophobic Flexible NC-513, LITE 2513HP, UL-513

13. Cardolite Company Confidential Specialty Epoxy Resin Chemistry 13 Toughness Wetting Hydrophobicity Low viscosity

14. Cardolite Company Confidential Multifunctional Epoxy Resin Chemistry 14 Extremely flexible under low temperature Elastomeric Hydrophobic

15. Cardolite Company Confidential Alkoxylation Chemistry 15 Excellent diluent power Solvent free and high solids coatings Epoxy & polyurethane GX-5166 and GX-5167 are REACh Compliant

16. Cardolite Company Confidential Polyol Resin Chemistry 16 Reactivity Hydrophobicity Flexibility Excellent acid/alkali resistance

17. Cardolite Company Confidential CNSL Polyols Overview

18. Cardolite Company Confidential 18 Typical QC properties 18 GradePolyol TypeAppearance Avg. Viscosity (cPs@25 o C) Avg. OH value (mg KOH/g) Avg. Func. Biocontent (calc. %) NX-5285CNSL AromaticDark brown liquid2500210~3.590% NX-9004CNSL AromaticDark brown liquid5250185~3.890% NX-9001CNSL NovolacRed-brown liquid2100175~4.4 88% NX-9001LVCNSL NovolacRed-brown liquid1000175~3.8 88% LITE 9001CNSL NovolacOrange liquid2000170~4.3 88% GX-9005 non-CNSL branched polyether-polyester Yellow liquid 3300170~3.279% GX-9006CNSL NovolacRed-brown liquid3000205~4.4 95% GX-9007CNSL BranchedYellow liquid2900180~3.3 80% GX-9008CNSL Polyether triolYellow liquid3300330~3 61% GX-9101CNSL MannichRed-brown liquid2500420~3 72% GX-9102CNSL MannichRed-brown liquid7750440~4 78% GX-9103CNSL MannichRed-brown liquid10500475~4 60% GX-9104CNSL MannichRed-brown liquid5500245~3 59% GX-9105CNSL MannichRed-brown liquid2500390~3 71% GX-9201CNSL Polyester diolBrown liquid140072~2 87% GX-9203CNSL Polyester diolBrown liquid370098~2 69% GX-9301LVCNSL AminoalcoholYellow liquid2750318~3 72% GX-9301CNSL AminoalcoholDark yellow liquid3750285~3 72% GX-9302CNSL AminoalcoholPale amber liquid1500382~371% Cardanol-based polyols are designed to cover a wide range of physico- chemical properties and functionality, while maintaining a high bio-content

19. Cardolite Company Confidential 19 Cardanol-based polyols show excellent compatibility with polyether polyols, but limited with polyester polyols Cardanol-polyol petro-polyolGX-9101GX-9102GX-9104NX-9001GX-9006 Mannich (OH 425)XXXXX Aromatic Polyester (OH 240)XXXXXX XX Aliphatic Polyester (OH 350)XXXXXX XX Propoxylated sorbitol polyether (OH 300)XXXXX Alkoxylated sucrose based polyether (OH 360)XXXXXXX Alkoxylated sucrose/DEG based polyether (OH 440)XXXXXXXX Ethoxylated/propoxylated glycerine based polyether (OH 33)XXXXXXX PPG1000 (OH 114)XXXXX Propoxylated glycerine polyether polyol (OH 156)XXXXX Propylene oxide/ethylene oxide based polyether polyol (OH 48)XXXXX Xclear blend at both 25/75 and 50/50 CNSL/petroleum ratio XXclear blend at 50/50, but phase separation at 25/75 CNSL/petroleum ratio XXXclear blend at 50/50 and cloudy but non-separating blend at 25/75 CNSL/petroleum ratio XXXXcloudy blend at 50/50, but phase separation at 25/75 CNSL/petroleum ratio XXXXXcloudy blend at 25/75, but phase separation at 50/50 CNSL/petroleum ratio XXXXXXphase separation at both 25/75 and 50/50 CNSL/petroleum ratio Compatibility with petro-polyols

20. Cardolite Company Confidential 20 Cardanol-based polyols show excellent miscibility with methyl- formate (ECOMATE), n-pentane and HFO (Solstice LBA), and acceptable compatibility with HFC (Solkane 365/227) Polyol/methyl-formate (60/40 w/w) Polyol/HFC (60/40 w/w) Polyol/n-pentane (60/40 w/w) Polyol/HFO (60/40 w/w) Polyol Type Storage conditions Wt. Miscibility (%) GX-9101 24 h @ RT ≥ 40~ 10≥ 40 GX-9102 ≥ 40~ 12≥ 40 GX-9104 ≥ 40~ 10≥ 40 Petro-Mannich (OH 425)≥ 40~ 25 ~ 4 ≥ 40 Petro-Mannich (OH 450)≥ 40~ 26 ~ 2 ≥ 40 GX-9006≥ 40~ 6≥ 40 NX-9001 ≥ 40~ 6≥ 40 Aromatic-PA polyester (OH 240)≥ 40~ 6 ~ 2~ 9 Aromatic-PET polyester (OH 240)≥ 40~ 12~ 2 ~ 25 Aliphatic polyester (OH 350)≥ 40~ 14~ 1 ~ 23 Polyether polyol (OH 360)≥ 40 Compatibility with blowing agents

21. Cardolite Company Confidential Aromaticity 21 Cardanol-based polyols’ aromaticity values are not too far from the typical ones of aromatic polyester polyols (20-22%) and petro- based Mannich polyols (17.5-19%)

22. Cardolite Company Confidential Thermal stability PolyolType Temperature @ 20% weight loss (°C)* Jeffol SG-360Sucrose-based polyether (OH 360)222.03 Isoexter 4356Aromatic-PET based polyester polyol (OH 240)245.16 Isoexter 4442Aromatic PA-polyester polyol (OH 240)217.01 Isoexter 4537Aliphatic polyester (OH 350)260.96 Jeffol R425Xnonylphenol-based Mannich (OH 425)234.95 Rokopol RF151Vnonylphenol-based Mannich (OH 448)241.03 GX-9006CNSL-based novolac polyol (OH 200)299.92 GX-9104CNSL-Mannich (OH 240)295.95 GX-9102CNSL-Mannich (OH 450)255.95 GX-9101CNSL-Mannich (OH 430)248.08 Cardanol-based polyols show high thermal resistance, equal (polyester) or superior (polyether, Mannich) to petro based polyols *TGA analysis conditions: air flow, scan from 25 °C to 400 °C 12

23. Cardolite Company Confidential Cardanol-based rigid PU foams

24. Cardolite Company Confidential CNSL-based foams: color Reference (spray foam) NX-5285 based spray foam 24 Reference (PIR foam) GX-9104 based PIR foam NX-9001 based foam GX-9101 based foam

25. Cardolite Company Confidential GX-9101, GX-9102 and GX-9103: SPF Systems

26. Cardolite Company Confidential Comparison to petro-based Mannich 26 CNSL-based Mannich polyols provide equal or better self-catalytic power and mechanical strength compared to petroleum-based Mannich polyols at similar FRD.

27. Cardolite Company Confidential 27 Cardanol-based Mannich polyols GX-9101 and GX-9102 provide faster reactivity, achieving at least comparable, when not improved, compression strengths at similar densities. Spray foam closed cell: Example 1

28. Cardolite Company Confidential 28 Cardanol-based Mannich polyols GX-9101 and GX-9102 provide faster reactivity, achieving at least comparable, when not improved, compression strengths at similar densities. Spray foam closed cell: Example 2

29. Cardolite Company Confidential 29 PU foams containing cardanol-Mannich polyols show good thermal conductivity values Thermal conductivity

30. Cardolite Company Confidential Fire performances: burning Rate 30 CNSL-based Mannich polyols show lower combustion rate than petroleum-based Mannich polyols. Foam Formulation 1 Mannich Polyol Sucrose/glycerine based polyether Polyester polyol TCPP Silicone surfactant Water Amine catalysts Solkane 365/227 pMDI Index 115 Foam Formulation 2 Mannich Polyol Polyester & Sucrose based polyols TCPP Silicone surfactant Water Amine catalysts Tin catalyst Solkane 365/227 pMDI Index 115

31. Cardolite Company Confidential 31 PU foams based on cardanol-Mannich polyols show Limiting Oxygen Index (LOI) values comparable to petro-based references Fire performances: LOI

32. Cardolite Company Confidential 32 GX-9102 based foam shows lower THR (Total Heat Released), faster char formation and lower emissions of both dangerous carbon dioxide and carbon monoxide during combustion. Fire performances: cone calorimeter

33. Cardolite Company Confidential 33 A GX-9102-based foam (HFO blown), tested accordingly to E84 tunnel test, has been rated as Class B (35 flame spread), with a very low smoke developed value (300). Fire performances: tunnel test (E84)

34. Cardolite Company Confidential GX-9104 PUR & PIR Systems

35. Cardolite Company Confidential 35 GX-9104, a low OH-value cardanol-based Mannich polyol, can be used in PIR systems, providing good final foam performances. PIR boardstock and panel: Example

36. Cardolite Company Confidential 36 PU foams containing cardanol-polyols show good thermal conductivity values Thermal conductivity

37. Cardolite Company Confidential Performance in PUR Systems ComponentsType Ref. 11 Ref. 22 Ref. 33 Puranol RF8360 360 OH (Sucrose based polyether polyol) 35 20 GX-9104257 OH (CNSL Mannich polyol) 25 35 30 Rokopol RF-151V448 OH (petro-based Mannich polyol)40 70 Daltolac R140440 OH (polyether polyol) 45 Isoexter 4356240 OH (Aromatic polyester polyol)25 35 30 Isoexter 4537350 OH (Aliphatic polyester polyol) 20 TCPPFlame retardant20 30 20 TEATriethanolamine 1.5 DABCO T12Tin-based catalyst0.5 0.7 0.50.4 DABCO T120Tin-based catalyst DABCO 33LVTertiary amine catalyst22 DABCO DC193Silicone surfactant1.4 Tegostab B8461Silicone surfactant 2.5 Polycat 5Tertiary amine catalyst Polycat 9Tertiary amine catalyst 1.2 2.51.9 DMCHAAmine catalyst 1.2 32.3 WaterBlowing agent1.91.892.121.9 Solkane 365/227Blowing agent18 14 18 pMDI IndexIsocyanate (Ongronat 2100)110 100 110 Performance MT (sec) 55 55 43 ST (sec) 1714/1514 13 85/6 TFT (sec) 232221 23 1212/13 Density (kg/m 3 ) 35.736.139 39.1 36.5 Compression (kPa) 140146138 158 135147 GX-9104 can replace aromatic polyester polyols (at high levels) and maintain excellent reactivity and fire and mechanical properties 27

38. Cardolite Company Confidential Performance in PIR Systems Components (parts)TypeRef.1 2 Isoexter 4356240 OH (aromatic polyester polyol) 44 Voranol RN482482 OH (polyether polyol)13 TERATE 7541LOV187 OH (aromatic polyester polyol)15 Glycerol1828 OH 0.4 GX-9104224 OH (CNSL Mannich polyol) 43.615 TCPP flame retardant 21 RT0073 silicone surfactant 333 DABCO TMR 2 tertiary amine catalyst 1.71.611.62 DABCO K15 catalyst is a solution of potassium-octoate in diethylene glycol 10.89 NIAX A-1 amine catalyst 0.580.40.49 Water blowing agent 0.77 Part Atotal100 Pentaneblowing agent12.1 pMDI Indexisocyanate280 Performance Mix Time (sec) 777 String Time (sec)424945 Tack Free Time (sec)838483 Density (kg/m 3 )34.0 34.5 Compression (kPa)170184163 UL-94 VerticalV0 HorizontalHBF 28 GX-9104 can replace aromatic polyester polyols (at high levels) and maintain excellent reactivity and fire and mechanical properties

39. Cardolite Company Confidential 39 GX-9104-based PU LOI values comparable to petro-based references Fire performances: LOI

40. Cardolite Company Confidential GX-9105 PL-9215 GX-9301LV

41. Cardolite Company Confidential Burning Rate & Compression Strength Foam Formulation 1 Mannich Polyol Sucrose/glycerine based polyether Polyester polyol TCPP Silicone surfactant Water Amine catalysts Solkane 365/227 pMDI Index 115 41 CNSL-based Mannich polyols show less flammability than petroleum- based Mannich polyols. *GX-9105 is a lower reactivity version of GX-9101

42. Cardolite Company Confidential Reactivity and Compression Strength 42 Reference formula ComponentsParts Sucrose/glycerine polyol65 Aromatic polyester polyol25 Mannich/CNSL polyol10 TCPP20 Water1.5 Polycat 51.2 Dabco 33LV1.2 Solkane 365/22714 Index120 *GX-9301LV is a non- Mannich self-catalytic polyol. Lighter in color.

43. Cardolite Company Confidential GX-9008 Spray Systems

44. Cardolite Company Confidential GX-9008 providing average good mechanical properties and fire performances Performance in Spray Systems 34

45. Cardolite Company Confidential CNSL-based novolac polyols: PUR & PIR Systems

46. Cardolite Company Confidential GX-9104 and CNSL-novolac polyols can be used in spray foams formulations maintaining excellent reactivity, fire resistance and mechanical properties. Spray Systems 36

47. Cardolite Company Confidential Components (parts)TypeReference12 356 Voranol RN490490 OH (polyether polyol)25 Stepanpol PS2352239 OH(aromatic polyester polyol)27.65 Terate 7541LoV187OH(aromatic polyester polyol)21.65 Isoexter 4537350 OH(aliphatic polyester polyol) 21.65 NX-9001194 OH(CNSL novolac polyol) 21.65 GX-9006198 OH(CNSL novolac polyol) 21.65 GX-9104224 OH(CNSL Mannich polyol) 27.65 TCPP flame retardant 14.3 RT0073 silicone surfactant 1.8 DABCO K2097 catalyst 111111 DMCHA amine catalyst 1.10.91.1 0.871.1 Jeffol PC propylene carbonate (visco-reducer) 5.8 Water blowing agent 1.7 1.851.7 Part Atotal100 Pentaneblowing agent10.5 pMDI Indexisocyanate180 Performance Mix Time (sec) 10 String Time (sec)5273 755878 Tack Free Time (sec)126148152172131140 Density (kg/m 3 )28.429.128.529.528.228.5 Compression (kPa)130110107121129108 UL-94 VerticalV0 V1 V0V1 HorizontalHBF HF1 HBFHF1 PIR Systems 180 Index 37 GX-9104 and CNSL-novolac polyols can be used in spray foams formulations maintaining excellent reactivity, fire resistance and mechanical properties.

48. Cardolite Company Confidential PIR Systems 280 Index ComponentsType Ref12A2B 2C3A3B3C4A5A5B Isoexter 4356 240OH (aromatic polyester polyol) 44 Isoexter 3392190OH (aliphatic polyester polyol) 15 Voranol RN482482OH (polyether polyol) 13 Glycerol1828 OH 0.4 0.30.470.3 GX-9104224OH (CNSL Mannich polyol) 43.6 43.744 GX-9006198OH (CNSL novolac polyol) 15 NX-9001194OH (CNSL novolac polyol) 15 GX-9005 170OH (branched polyether- polyester) 15 GX-9007178OH (CNSL branched poyol) 15 TCPP flame retardant 21 RT0073 silicone surfactant 33333333333 DABCO TMR 2 tertiary amine catalyst 1.71.651.571.611.61.71.721.631.6 DABCO K15 catalyst is a solution of potassium-octoate in diethylene glycol 10.910.880.970.8411.10.930.840.870.84 NIAX A-1 amine catalyst 0.580.4 0.520.40.580.620.510.4 Water blowing agent 0.77 Part Atotal 100 Pentaneblowing agent 12.1 pMDI Indexisocyanate 280 Performance Mix Time (sec) 77777777777 String Time (sec) 55 574656534554595759 Tack Free Time (sec) 928810086 8494989395 Density (kg/m 3 ) 34.034.535.134.835.735.834.635.2 34.834.5 Compression (kPa) 151157174160180174187167155161179 UL-94 Vertical V0 Horizontal HBF NX-9001, GX-9006, and GX-9007 can replace aliphatic polyester polyols to improve compression strength and maintain excellent fire properties and reactivity 38

49. Cardolite Company Confidential Cardanol-based surfactants

50. Cardolite Company Confidential Cardanol alkoxylation Cardanol phenoxy OH can be alkoxylated to provide suitable alternatives to standard alkoxylated nonylphenol-based surfactants 40 R = H, n = 0: LITE 2020, 1 EO R = H, n = 6: GX-5166, cardanol 7EO R = H, n = 8: GX-5167, cardanol 9EO R = H, n = 11: Cardanol 12EO

51. Cardolite Company Confidential Ethoxylated cardanol: QC 41 PropertiesLITE 2020GX-5166GX-5167 Cardanol 12 EO (Dev.) Color (Gardner)12<10 Viscosity (cps)90154173479 pH (1% Aq. Soln.)~7.06.66.16.2 HLB values (calc.)2.610.111.412.8

52. Cardolite Company Confidential Comparison with alkoxylated NP Ethoxylated cardanol show generally lower viscosity than ethoxylated-NP grades with the same EO moles number, at comparable HLB values. 42 EO moles Nonylphenol Ethoxylates HLB Viscosity (cps) Cardanol Ethoxylates HLB Viscosity (cps) Lite 20202.690 4NP 48.9238 7NP 712221GX-516610.1154 8NP 812.6220 9NP 912.9243GX-516711.4173 12NP 1213.8240Exp. 12 EO12.8479 13NP 1313.9253 15NP 1515solid

53. Cardolite Company Confidential Conclusions CNSL based polyols for Rigid Foam: Are a non-food chain, bio-renewable alternative to both petroleum and other renewable based polyols Are compatible with standard blowing agents Are compatible with polyether polyols and can be used with polyester polyols with minor modifications to the formulas Increase reactivity which reduces the use level of catalysts Can contribute to fire performances Can increase compression strength Can be designed to give a wide range of properties Can be used at high levels to maximize final bio- content Chemistry can be easily tuned to obtain cardanol- based surfactants as alkoxylated-NP replacement with comparable HLB values 53

54. Cardolite Company Confidential CNSL in Flexible PU foams

55. Cardolite Company Confidential CNSL Polyols Overview

56. Cardolite Company Confidential Typical Values 56 GradePolyol Type Avg OH value (mg KOH/g) Viscosity (cPs@25 o C) Avg Func.Appearance NX-9001CNSL Novolac~1751700-2500~4.4Red-brown liquid NX-9001LVCNSL Novolac~175800-1200~3.8Red-brown liquid LITE 9001CNSL Novolac~1701000-3000~4.3Orange liquid GX-9005 (non-CNSL) Branched 145-1952600-4000~3.2Yellow liquid GX-9006CNSL Novolac185-2252000-4000~4.4Red-brown liquid GX-9007CNSL Branched155-2052400-3400~3.3Yellow liquid GX-9101CNSL Mannich395-4451500-3500~3Red-brown liquid GX-9102CNSL Mannich420-4655500-10000~4Red-brown liquid GX-9103CNSL Mannich450-5008000-13000~4Red-brown liquid GX-9104CNSL Mannich220-2703500-7500~3Red-brown liquid GX-9105CNSL Mannich370-4101500-3500~3Red-brown liquid PL-9215CNSL Mannich~415-430~5500-10000~3.8Red-brown liquid GX-9201CNSL Polyester diol65-80950-1850~2Brown liquid GX-9203CNSL Polyester diol80-1152200-5200~2Brown liquid GX-9301CNSL Aminoalcohol~260-3102000-5500~3Dark yellow liquid GX-9301LVCNSL Aminoalcohol~300-3352000-3500~3Yellow liquid

57. Cardolite Company Confidential Performance in Flexible Foam 57

58. Cardolite Company Confidential CNSL polyols 58 CNSL based polyols can be used in lighter color foams GX-9202 based foam NX-9001 based foam NX-9001LV based foam

59. Cardolite Company Confidential Co-polyol in Flexible Foams - Polyester Diols 59 CNSL Polyester diols can be easily formulated in high percentages with standard polyols and maintain good properties. Foam Formulation 2Arcol 1107 Arcol 1107/GX-9201Type Arcol 1107100 50 GX-9201 type--50 Water5.635.5 Tegostab BF 23701.0 Tegoamin 330.380.45 Kosmos 290.3 TDI 80/20 Index110 Mix time; Gel time10''; 1'36''10''; 1'47'' Density (kg/m 3 )30.130 Compression strength, 40% (kPa)4.675.49 GradePolyol Type Avg OH value (mg KOH/g) Viscosity (cPs@25 o C) GX-9201 type CNSL Polyester diol60-701500-2000 Arcol 1107 (Ref.) Trifunctional inactive PO/EO polyether polyol 46-50500-620

60. Cardolite Company Confidential Foam hardeners – CNSL Aminoalcohols 60 GradePolyol Type Avg OH value (mg KOH/g) Viscosity (cPs@25 o C) GX-9301 CNSL Amino alcohol ~2762000-5500 Reference hardener OH containing tertiary amine ~300~1400 Foam Formulation No hardener Ref. hardener GX-9301 Desmophen 115910092 Foam hardener Ref.--8 Foam hardener GX-9301-- 8 Water5.43 Methylene chloride14.5 Tegostab BF 23702.07 Tegoamin 330.16 0.15 Kosmos 290.360.280.27 Index (Desmodur T80)117111 Density (kg/m 3 )131212.2 Compression strength (40%, kPa) 3.03.94.8 GX-9301 provides improved compression strength compared to reference hardener and unmodified system, requiring a lower amount of catalysts too. Reference hardener: NIAX FH-400

61. Cardolite Company Confidential Foam hardeners – CNSL Polyol 61 GradePolyol Type Avg OH value (mg KOH/g) Viscosity (cPs@25 o C) NX-9001CNSL Novolac~175~1700-2500 Reference hardenerAlkoxylated polyol160-170500-700 Foam FormulationDesmophen 1159 Arcol 1107 Desmophen 1159 (polyether polyol modified with styrene-acrylonitrile polymer) 100 -- Arcol 1107 (polyether polyol)--100 Water5.434.8 Methylene chloride14.54 Tegostab BF 23702.071.1 Tegoamin 330.16-- DMEA--0.11 Kosmos 290.360.26 Index (Desmodur T80)117110 Mix time; Gel time10''; 1'41''10''; 1'35'' Density (kg/m 3 )1317.9

62. Cardolite Company Confidential Foam hardeners – CNSL Polyol 62 NX-9001 increases the compression strength of formulations based on both types of polyols. As a further effect, NX-9001 based formulations require a lower amount of catalysts, without a significant impact on final densities (e.g. Arcol 1107/NX-9001 85/15: 18.4 kg/m 3 ).

63. Cardolite Company Confidential Foam hardeners – CNSL Polyol 63 NX-9001 increases the compression strength of the foam more efficiently than reference polyol hardener.

64. Cardolite Company Confidential Foam hardeners – CNSL Polyol 64 NX-9001’s aromaticity contributes to the burning rate reduction of flexible foams Foam Formulation Polyol (OH-48) Water DCM Niax Silicone L-580 Niax Catalyst A-33 Niax Catalyst DMEA Niax Stannous octoate TDI index 110 Burning rate measurements have been carried out accordingly to ASTM D1692

65. Cardolite Company Confidential Examples: polyether polyols 65 CNSL polyols provide good average reactivity and compression strength when formulated with standard polyether polyols Components REF B1B2BREF C1C2CREF DREF E GX-9203 40 30.1 Arcol 110710050601008060 GX-9201 Type 50 204047.1 Voranol CP 3055 47.164.1 Water4.23.93 Tegostab BF23700.710.8 DMCHA0.13 0.15 Niax A-10.07 0.09 0.16 Tegoamin 33 0.350.36 0.420.41 Kosmos 290.24 0.20.17 0.150.1 TDI Index103110100 MT (sec)810 GT (sec)77807794 967879 Density (kg/m 3 )25.524.824.92625.625.331.329.3 Compression (40%, kPa)2.852.913.154.074.253.263.423.06

66. Cardolite Company Confidential 66 Examples: SAN polyols CNSL polyols can be used in combination with SAN based polyols, still providing good reactivity and acceptable mechanical properties ComponentsRIF A1ARIF G1G2GRIF H1H2H3H4H Rokopol M6000 705070 50705070 Rokopol MS5240 3010 Desmophen 1159 10050 3010 GX-9201 4020 GX-9203 50 4020 4020 Water3.23.5 Tegostab BF237010.6 Tegoamin 330.4 0.350.3 0.35 Kosmos 290.14 0.16 0.150.16 TDI Index100105100105 100105100105 MT (sec)108 GT (sec)1091079091909289919290 Density (kg/m 3 )28.229.931.127.428.631.630.930.626.427.7 Compression (40%. kPa)3.633.346.093.444.064.833.94.083.183.46

67. Cardolite Company Confidential Benefits CNSL based polyols for flexible foam: Are a non-food chain, bio-renewable alternative to both petroleum and other renewable based polyols Can be used as partial replacement of polyol or as a hardener Can increase compression strength of the foam while keeping similar density and reactivity Can improve fire resistance properties Are compatible with standard blowing agents Are compatible with standard polyols (polyether, polymeric SAN polyols, NOPs) Can be designed to give a wide range of properties 67

68. Cardolite Company Confidential Cashew Nutshell Liquid based Polyols and Diols: Their Hydrophobicity and Outstanding Durability

69. Cardolite Company Confidential Contents Introduction of CNSL technology CNSL based Polyols Typical properties Mechanical/hydrophobicity CNSL Diols Typical properties Compatibility Reactivity Prepolymer performances 2K PU performances 69

70. Cardolite Company Confidential Benefits CNSL based polyols/diols for CASE application: Are a non-food chain, bio-renewable alternative to both petroleum and other renewable based polyols Excellent water resistance for good durability and processability Fast cure/high reactivity Well balanced mechanical properties (aromatic structure and long aliphatic chain) Excellent alkali resistance Excellent compatibility 70

71. Cardolite Company Confidential CNSL Polyols 71

72. Cardolite Company Confidential Polyols 72 Product Average OH value (mg KOH/g) Viscosity (Cps@25 o C) Avg Functionality Color (Gardner) NX-900117520004.318 LITE 900117520004.3≤7 NX-9001LV17510003.818 GX-900517030003.2≤5 GX-900717529003.3≤14

73. Cardolite Company Confidential Product Tensile Strength (MPa) Shore D hardness Gel time, @ 25 °C (min) Lap shear Strength, (MPa) Elongation at break (%) Tg(°C) NX-9001/PMDI =100/41.6 8.562467.43540 LITE 9001/PMDI =100/41.6 11.265139.02254 NX-9001LV/PMDI =100/41.6 3.756605.44126 GX-9005/PMDI =100/40.3 17.6724811.28324.5 GX-9007/PMDI =100/40.3 17.3714710.78423.2 Castor oil based polyol/PMDI = 100/40.3 1665437.27129 Mechanical Properties Polymeric MDI(PMDI): Mondur MR Light or Desmodur 44V20L Cure condition: 7days/RT 73

74. Cardolite Company Confidential Cure Speed 74 Formulation Dry hard(hr) at 25°C Dry hard(hr) at 5°C Dry hard(hr) at 0°C GX-9005/PMDI = 100/40.34.117.822.9 GX-9007/PMDI=100/40.34.517.322.7 NX-9001/PMDI=100/41.64.28.512.8 NX-9001LV/PMDI=100/41.67.721.224.8 LITE9001/PMDI=100/41.61.63.23.8 Castor oil based polyol /PMDI=100/40.3 5.919.926.9 Polymeric MDI(PMDI): Desmodur 44V20L NCO index:100 Cure speed: LITE 9001>NX-9001>GX-9005=GX-9007> Castor oil based polyol>NX-9001LV

75. Cardolite Company Confidential Impact and Pull off Adhesion 75 Formulation Direct impact (60µm)/kg.cm Reverse impact (60µm)/kg.cm Pull off adhesion on CRS panel, MPa GX-9005/PMDI200 6.1 GX-9007/PMDI200 6.8 NX-9001/PMDI1901258 Castor oil based polyol/PMDI 200 5.8 Polymeric MDI(PMDI): Desmodur 44V20L NCO index:100 CNSL polyols exhibit excellent flexibility and impact resistance and greater bond strength on metal substrate

76. Cardolite Company Confidential QUV Color Stability 76 Desmodur N-3390: Aliphatic polyisocyanate (HDI trimer) PART AWeight POLYOLS(LITE 9001, GX-9005, GX-9007, Castor oil based polyol) 38.94 BYK-1630.56 TITANIUM DIOXIDE22.32 MICA28.08 BARIUM SULFATE10.10 TOTAL100 PART B: Desmodur N-339026.04/26.04/26.04/26.04/23.02 GX-9005 and GX-9007 shows comparable color stability to Castor oil based polyol.

77. Cardolite Company Confidential Moisture Sensitivity: CO 2 Evolution 77 Formula 100g of polyol/p-MDI +100g of water) CO 2 (ml) after 1 day NX-9001/PMDI6 NX-9001LV/PMDI5.8 LITE9001/PMDI7.8 GX-9005/PMDI12 GX-9007/PMDI15 Castor oil based/PMDI19.2 Polymeric MDI(PMDI): Desmodur 44V20L Graduated cylinder Flexible Tubing Polyol/p-MDI/Water CO 2 evolution Box Reduction on CO 2 evolution indicates less moisture sensitivity CNSL Polyols show good hydrophobicity: Reduced moisture sensitivity

78. Cardolite Company Confidential Chemical resistance CNSL Polyols Castor oil based Polyol 30 days immersion at 10% H 2 SO 4 30 days immersion at 10% NaOH 30 days immersion at 30% NaCl Blister formation after 6 days immersion Excellent Alkaline Resistance and Suitable for Concrete Coating 78

79. Cardolite Company Confidential CNSL Polyols CNSL based products showed outstanding water resistance and reduced moisture sensitivity, and well balanced mechanical properties CNSL polyols offer excellent chemical resistance, specially on alkaline resistance Key markets include coatings and adhesives 79

80. Cardolite Company Confidential CNSL Diols 80

81. Cardolite Company Confidential CNSL Diols: QC Data ItemsGX-9201GX-9203 Polyol typeCNSL Diol Viscosity, cps @25 ° C 14003000 Hydroxyl value, mg KOH/g 7585 Acid value, mg KOH/g <2 Water content, %Trace 81

82. Cardolite Company Confidential Diols: Compatibility 82 ItemsGX-9201GX-9203Poly BD PPG 1000100% Compatible Max solubility: 55-60% PPG 2000100% Compatible Max solubility: 55-60% Poly BDCompatible at <30%100% CompatibleMax solubility: 55-60% EVA100% compatible, hazy Tackifier (Wingtack 10)Compatible at <40%100% compatible Tackifier (Indopol H300 )Incompatible EVA: HANWHA 1528 ethylene vinylacetate copolymer Wingtack 10: Cray Valley’s Hydrocarbon, light yellow liquid Indopol H300: Indopol polybutane CNSL based diols show good compatibility to polyether and Poly BD, while Poly BD has limited compatibility to polyether GX-9203 and PolyBD exhibited similar compatibility to EVA and Tackifiers

83. Cardolite Company Confidential Diols: Reactivity 83 DiolIsocyanateGel time @ 25 °C PPG1000HMDI> 18 h PPG2000HMDI> 18 h PolyBDHMDI7 h 10’ GX-9201HMDI58'33" GX-9203HMDI16'31" PPG1000IPDI> 18 h PPG2000IPDI> 18 h GX-9201IPDI4 h 45' GX-9203IPDI3 h 43' PPG1000MDI10 h 33' PPG2000MDI11 h 56' PolyBDMDI2 h 06’ GX-9201MDI3 h 36' GX-9203MDI2 h 21' 2K systems, Index 100 No catalyst has been used PolyBD: PolyVest EP HT (MW 4000 Da, EVONIK) Desmodur XP2840: HMDI Desmodur I : IPDI Isonate OP50 : monomeric MDI CNSL based diols show greater reactivity to aliphatic and aromatic isocyanates compared to PPG diols. CNSL based diols show similar reactivity to aromatic isocyanates compared to PolyBD diols, but greater to aliphatic isocyanates

84. Cardolite Company Confidential Moisture Sensitivity:CO 2 Evolution Graduated cylinder Flexible Tubing Polyol/NCO/Water CO 2 evolution Box Formula 100g of polyol/NCO(Index 100) +100g of water) OH value (mg KOH/g) CO 2 (ml) after 24hr Monomeric MDI (Isonate OP50) Polymeric MDI (Ongronat 2100) PPG200057>75* PPG1000 114>75* PolyBD(Mw 4000)481814 GX-9201721923 GX-9203923437 75 ml is the maximum volume of the syringe used in the test CNSL Diols show reduced moisture sensitivity compared to PPG diols Suspecting that CO 2 evolution results are also affected by OH value and density of diol and isocynate blend. 84

85. Cardolite Company Confidential Prepolymers (NCO 7%) 85 Diols: 7% NCO Prepolymer Viscosity of prepolymer (cps at 25°C) Tensile strength (MPa) Elongation(%)Modulus(MPa) Hardness Shore A PPG 1000296179.3245.920.481.4 PPG 2000266178.4249.418.079 PTMEG 10002158311.5342.029.981.5 PTMEG 2000256943.6114.622.483 Aliphatic polycarbonate diol 2863127.0202.255.891.2 PolyBD(mw 4000)203655.4101.424.988.4 GX-9201198682.230.619.375.4 GX-9203210565.182.832.682 NCO: MDI *1,4-BDO extended prepolymers cured at RT for 18 h (T12 and Dabco 8154 have been used as catalysts and BYK 054 as air release additive)

86. Cardolite Company Confidential Prepolymers(7% NCO) : Hydrolytic Stability 86 CNSL based prepolymers(NCO 7%) maintain good hardness after long time exposure in different aqueous media, indicating excellent hydrolytic stability *1,4-BDO extended prepolymers cured at RT for 18 h (T12 and Dabco 8154 have been used as catalysts and BYK 054 as air release additive)

87. Cardolite Company Confidential Diols in 2K PU: Mechanical Properties Single diols and blends systems were evaluated for mechanical properties and Tg Use of CNSL diols in PPG and PolyBD diols provides good mechanical properties and Tg Diols Tensile strength (MPa) Elongation (%)Tg (°C), DSC Lap shear (MPa)* GX-92010.2029.03-54.500.21 GX-92030.5762.15-17.500.72 PolyBD (MW 2800)0.5946.14-74.300.44 GX-9201/PPG1000 (70/30)0.3329.55-46.900.18 GX-9203/PPG1000 (70/30)0.5660.66-24.500.33 PolyBD (MW 2800)/GX-9201 (70/30)0.5342.65-72.200.46 PolyBD (MW 2800 Da)/GX-9203 (50/50)0.7093.21-8.000.48 *sanded Al plates 2K PU system: Cured with polymeric MDI at 100 index, lap shear(cured 4hr/60 ° C), Tg and Tensile strength (cured 4hr/70 ° C +1hr/120 ° C) 87

88. Cardolite Company Confidential Diols in 2K PU:Hydrolytic stability 88 CNSL diols showed good hydrolytic stability in 50% H 2 SO 4 CNSL diols and PolyBD blends showed significantly improved hydrolytic stability in 50% H 2 SO 4. cured 4hr/70 °C +1hr/120 °C

89. Cardolite Company Confidential CNSL Diols Outstanding Hydrophobicity Excellent chemical resistance in acid and alkaline Excellent hydrolytic stability Good compatibility to PolyBD, Polyether diols, EVA and selected tackifiers High reactivity Key applications include prepolymers and binders for polyurethane systems 89

90. Cardolite Company Confidential Cardanol as NCO blocking agent

91. Cardolite Company Confidential Contents Introduction of NX-2026 as a NCO blocking agent NCO blocking procedure Deblocking test results Monomeric/polymeric Isocyanate Prepolymer Use of deblocking agent Application of blocked prepolymer in epoxy adhesives 91

92. Cardolite Company Confidential 92 Hot melt adhesives for fabric lamination Hot melt for industrial adhesives Pressure sensitive adhesives Wood/paper adhesives 1K/2K Epoxy-PU hybrid adhesive 1K PU adhesives Coil coating Wire coating Powder coating based on polyester, acrylic, PU Paper coating Electro-deposition Automotive coating Glass fiber coating Textile treatment for permanent press, shrink proof Waterborne coating Adhesives Applications Coatings

93. Cardolite Company Confidential Utility of NX-2026 93 Isocyanate blocking agent: NX-2026 Benefits –Bio-based alternative to Phenol and Nonyl phenol –Non-toxic –Favorable deblocking conditions –Low viscosity

94. Cardolite Company Confidential Preparation of NX-2026 Blocked NCO 94 Blocking agents IsocyanateCatalyst Temperature (°C) Reaction time (h) Solvent NX-2026 MDI, TDI,HMDI, IPDI, p-MDI DABCO T12 (0.1 wt%) 608Chloroform NX-2026 PPG Prepolymer (MDI terminated) No catalyst902.5No solvent 1.NCO blocking has been confirmed by HPLC and NCO titration method (ASTM D2572) 2.Various catalysts can be used in the process of blocking NCOs, i.e. Tertiary amines, Tin catalyst 3.Solvent selection can also be varied, i.e. acetone, toluene, dioxane, carbon tetrachloride, chlorobenzene, MEK, o-xylene

95. Cardolite Company Confidential Deblocking Performance I: Isocyanates 95 Blocking agent Isocyanate type Appearance Viscosity at RT (cps) Deblocking Temperature (°C) NX-2026TDIYellowish liquid344115 NX-2026MDIYellowish waxy solid-145 NX-2026HDMIAmber liquid115155 NX-2026IPDIYellowish liquid2895130 PhenolTDIWhite solid-164 PhenolMDIWhite solid-204 PhenolIPDIWhite solid-160 Nonyl phenolTDIThick colorless liquid-185 MEKO (Oxime)TDIYellowish waxy solid-70 *Deblocking temperatures have been determined by DSC analysis (10°C/min) NX-2026 blocked isocyanates (NCO) are generally low viscous liquids compared to Phenol and Nonyl phenol blocked NCOs NX-2026 provides comparable deblocking temperature to Phenol and Nonyl phenol

96. Cardolite Company Confidential Deblocking Performance II: Prepolymer Blocking agent Isocyanate system Deblocking Temperature ( ° C) Deblocking Time at 160 ° C NX-2026PPG prepolymer (10.4% NCO)12858 sec PhenolPPG prepolymer (10.4% NCO)14077 sec PPG1000 (Rokopol D1002) prepolymer blocked with NX-2026 shows comparable deblocking temperature to equivalent phenol-based prepolymer Deblocking time is shorter for NX-2026 blocked prepolymers at 160°C 96 *Deblocking temperatures and time have been determined by DSC analysis (10°C/min)

97. Cardolite Company Confidential Deblocking Performance III: Use of Deblocking Agent Blocked Isocyanate system Deblocking agent Deblocking Temperature (°C) NX-2026/TDI PPG1000139 D-23036 NX-2026/MDI PPG1000118 D-23066 NX-2026/IPDI PPG1000142 D-23066 Phenol/TDI PPG1000136 D-23064 Phenol/MDI PPG1000172 D-23036 Phenol/IPDI PPG1000155 D-23047 NX-2026 blocked systems exhibit comparable deblocking temperature to phenol blocked ones. NX-2026 blocked systems have very good compatibility/miscibility with polyether polyols (PPG1000) and diamines (D-230) at room temperature. Deblocking agents can help lower the deblocking temperature 97

98. Cardolite Company Confidential Stability of NCO blocked systems SamplesRaw materials trade name NCO % (0day) NCO % (5months) NCO % (7months)NCO %(9month) Cardanol + HDIDesmodur XP2840, NX-202600.0980.100 0.101 Cardanol pMDISuprasec 5025, NX-202600.1040.312 0.427 Cardanol + TDIDesmodur T100, NX-202600.1490.355 0.375 Cardanol + IPDIDesmodur I, NX-202600.0900.091 0.100 Cardanol + MDIIsonate M125U, NX-202600.0000.002 0.010 PPG1000 prepolymer/Cardan ol Rokopol D1002, Isonate M125U, NX-2026 00.007 0.015 Polyester diol prepolymer/Cardan ol Priplast XL 101, Isonate OP50, NX-2026 00.000// 0.031 Polyester diol prepolymer/Cardan ol CAPA 2085, Isonate OP50, NX- 2026 00.001// 0.084 NX-2026 has been tested as blocking agent for both crude isocyanates (monomeric MDI, pMDI, IPDI, HDI, TDI) and prepolymers based on commercial diols (PPG and polyester type). The stability of the resulting derivatives has been monitored by measuring the free NCO content (%) by automatic titration (using a 1N HCl methanolic solution). Low NCO content indicates better stability of blocked NCO materials: Blocked prepolymer are more stable than blocked monomeric NCO.

99. Cardolite Company Confidential Summary NX-2026 can be offered as NCO blocking agent for monomeric/polymeric Isocyanates and Prepolymers NX-2026 blocked systems offer lower viscosity and similar deblocking temperatures to phenol and nonyl phenol blocked systems NX-2026 is a label-friendly option for blocking isocyanates 99

100. Cardolite Company Confidential Adhesive Performance Comparison: Blocked NCO Prepolymers

101. Cardolite Company Confidential Utility of Blocked NCO Materials in Epoxy Epoxy-based adhesives 1K, 2K Improve flexibility (elongation) Improve bond strength: Lap shear and T-peel strength (Toughness) No reduction on cure speed at low or room temperature 16

102. Cardolite Company Confidential Prepolymers in Epoxy Systems STEP 1: prepolymer synthesis STEP 2: prepolymer blocking by using cardanol NX-2026 STEP 3: blending epoxy resin and blocked prepolymer in Part A STEP 4: cure of epoxy resin/prepolymer blend by amine hardeners (Part B) Reaction between epoxy and blocked NCO prepolymer in part A with amine curing agent in part B 17

103. Cardolite Company Confidential Study Plan Objectives: –To understand role of blocked NCO prepolymer in epoxy system –Comparison between Cardanol and NP as blocking agent –Comparison between PPG diol vs CNSL diols (GX-9201, GX-9203) Test systems –Base resin: Liquid epoxy + 30% of blocked NCO prepolymer –Curing agents: NX-5607, LITE 2002 Type of Blocked NCO (MDI) prepolymer: –PPG 2000 based prepolymer blocked with NP –PPG 2000 based prepolymer blocked with Cardanol (NX-2026) –GX-9201 based prepolymer blocked with Cardanol (NX-2026) –GX-9203 based prepolymer blocked with Cardanol (NX-2026) 18

104. Cardolite Company Confidential Sample information Blocked Prepolymer samples %NCO, MDI *Viscosity of blocked prepolymer at 75 ° C, cps NCO equivalent weight of prepolymer EEW of Base resin (30% prepolymer+ 70% liquid epoxy (EEW 190) PHR of NX-5607 PPG2000_NX-20263.8120681099252.737.6 PPG2000_NP3.9463501066252.237.7 GX-9203_NX-20263.3828651245254.837.3 GX-9201_NX-20263.0384751387256.437.1 *Cone and plate viscometer from Brookfield NCO equivalent weight of prepolymer = Mw/functionality PPG 2000 based prepolymer blocked with cardanol exhibits lower viscosity than that of the NP blocked prepolymer 19

105. Cardolite Company Confidential Bond Strength and Tg SamplesLap shear (Mpa)T-peel (N/mm) Tg ( ° C) Cure conditions Control (liquid epoxy/NX-5607) 15.30.2293.2 40 ℃ /16h+60 ℃ /4h PPG2000_NX-202620.30.785 40 ℃ /16h+60 ℃ /4h PPG2000_NP23.10.6987.5 40 ℃ /16h+60 ℃ /4h GX-9201_NX-202624.61.0482.9 40 ℃ /16h+60 ℃ /4h GX-9203_NX-202620.00.4779.1 40 ℃ /16h+60 ℃ /4h Lap shear substrate: Sand blasted steel T-peel substrate: Sand blasted Al % of blocked prepolymer in liquid epoxy (EEW=190): 30% Curing agent: NX-5607 The use of blocked prepolymers improves bond strength, lap shear and T- peel strength Cardanol showed comparable results to NP as a blocking agent GX-9201 blocked system showed the highest strengths 20

106. Cardolite Company Confidential Tensile and Elongation Samples Tensile strength at max, MPa Elongation at break, % Control (liquid epoxy/LITE 2002)57.56.9 PPG2000-NX-202620.540.6 PPG2000-NP24.131.0 GX-9201-NX-202621.022.6 GX-9203-NX-202624.426.7 % of blocked prepolymer in liquid epoxy (EEW=190): 30% Curing agent: LITE 2002 The use of blocked prepolymers increases flexibility NX-2026 blocked PPG system exhibits the best flexibility PPG based prepolymer seems to be slightly more flexible than CNSL based diols prepolymers 21

107. Cardolite Company Confidential Cure Speed Samples 25 ℃ 5℃5℃ Dry hard, hrDry through, hrDry hard, hrDry through, hr Control (Epon828/LITE 2002)7.410.328.736.6 PPG2000-NX-20267.19.428.436.8 PPG2000-NP7.110.525.734.7 GX-9201-NX-202657.32634.1 GX-9203-NX-20266.38.822.430.6 % of blocked prepolymer in liquid epoxy (EEW=190): 30% Curing agent: LITE 2002 The use of blocked prepolymers in epoxy systems helps maintain or slightly improve cure speed CNSL based diol prepolymers are faster curing than PPG based ones 22

108. Cardolite Company Confidential Toughening Effect Lap shear substrate: Sand blasted steel T-peel substrate: Sand blasted Al % of blocked prepolymer or tougheners in liquid epoxy (EEW=190): 30% Curing agent: NX-5607 Samples, Toughening agents in epoxy systemLap shear(Mpa)T-peel(N/mm) Control (liquid epoxy/NX-5607)15.340.22 Blocked NCO prepolymer PPG2000-NX-2026 base20.280.7 PPG2000-NP base23.100.69 GX-9201-NX-202624.581.04 GX-9203-NX-202619.950.47 Reference tougheners ATBN1300X1620.510.24 MX125 (core-shell particle)28.080.34 Epoxy functional CTBN23.150.44 The use of toughening agents helps increase bond strength In terms of lap shear, core shell particles show the best bond strength In terms of T-peel strength, blocked NCO prepolymers exhibit better strength than the commonly used tougheners 23

109. Cardolite Company Confidential Summary NX-2026 can be offered as NCO blocking agent and it can be a non- toxic alternative to nonyl phenol and phenol Performances of NX-2026 and NP as blocking agents are comparable Use of blocked prepolymer in epoxy system shows improved bond strength, peel strength, and increased flexibility NX-2026 blocked prepolymer can be considered as a toughening agent in epoxy adhesives 109

110. Cardolite Company Confidential Thank you!