Landi Renzo

Investor Presentation • May 26, 2020

Star Conference 2020

26 May 2020

Disclaimer

This document has been prepared by Landi Renzo S.p.A for use during meetings with prospects, customers, investors and financial analysts and is solely for information purposes. The information set out herein has not been verified by an independent audit company. Neither the Company nor any of its subsidiaries, affiliates, branches, representative offices (the "Group"), as well as any of their directors, officers, employees, advisers or agents (the "Group Representatives") accepts any responsibility for/or makes any representation or warranty, express or implied, as to the accuracy, timeliness or completeness of the information set out herein or any other related information regarding the Group, whether written, oral or in visual or electronic form, transmitted or made available. This document may contain forward-looking statements about the Company and/or the Group based on current expectations and opinions developed by the Company, as well as based on current plans, estimates, projections and projects of the Group. These forward-looking statements are subject to significant risks and uncertainties (many of which are outside the control of the Company and/or the Group) which could cause a material difference between forward-looking information and actual future results. The information set out in this document is provided as of the date indicated herein. Except as required by applicable laws and regulations, the Company assumes no obligation to provide updates of any of the aforesaid forward looking statements. Under no circumstances shall the Group and/or any of the Group Representatives be held liable (for negligence or otherwise) for any loss or damage howsoever arising from any use of this document or its contents or otherwise in connection with the document or the aforesaid forward-looking statements. This document does not constitute an offer to sell or a solicitation to buy or subscribe to Company shares and neither this entire document or a portion of it may constitute a recommendation to effect any transaction or to conclude any legal act of any kind whatsoever. This document may not be reproduced or distributed, in whole or in part, by any person other than the Company. By viewing and/or accepting a copy of this document, you agree to be bound by the foregoing limitations

We bring the clean energy of the future

Landi Renzo is a forward-thinking group that provides innovative solutions for alternative fuel mobility and transportation By designing gas-mobility systems and components, we partner with our customers in developing highly innovative and reliable solutions

LRG provides effective solutions to the challenges of environmental sustainability through the sale and installation of alternative fuel systems and infrastructures

Heavy Duty & Natural gas distribution and Passenger & LCV Off-road compression RNG production OEM OEM Aftermarket Oil&Gas (Up/Downstream) • Design and manufacturing of CNG • Design, manufacturing and • Design and manufacturing of components and LPG components and systems marketing of full CNG / LPG technically advanced, customized conversion kit solutions, packages and equipment • R&D to develop and implement for Biomethane and CNG tailor-made solutions • More than 300 distributors and 4.000 infrastructures workshops worldwide in +75 • World largest OEM Tier 1 supplier Countries • International installed base of more than 6.000 compressors • Direct sales and technical assistance forces with "Gas Specialist" team • provide support with ready-to-use • Strong experience with car fleets, data management solutions "mobility service providers", delayed OEM and KM0 • Ready to enter the H2 distribution business			the sale and installation of alternative fuel systems and infrastructures
		Automotive sector		Infrastructures
Worldwide network of service able to
	Design and manufacturing of HD dedicated LNG/CNG/H2 with capabilities to support system integration Design of Engine Management Systems to reduce cost and emissions Provide power-to-innovate solutions to OEMs through a highly specialized R&D team Dedicated solutions for HD and Off Road transportation, both for engine and vehicle manufacturers

Product portfolio

						Automotive
	Product portfolio
			Automotive Sector
pe Ty el u F	HD & Off-road applications	CNG, LNG, H2	M&HD System integration CNG	Passenger	& LCV applications	CNG, LPG
o ortfoli P	Pressure regulators Injectors		• Complete system Integration of components and subsystems • Layout definition • Calibration	Injectors	Pressure regulators	ECU
ct u d Pro	ECU Valves	Integrated manifold (H2)	• Test • Homologation	Kit conversion systems	Valves
			Technical assistance and spare parts Tanks, Pipes, Harnesses, Brackets

SAFE&CEC offers a comprehensive portfolio of compressor equipment and solutions for CNG and RNG distribution, ready to enter into Hydrogen compression

• Singles compressor/ skid/ Whole package system includes compressor, skid, dispenser and all required accessories to process and measure gas
• parts

Quality and production standards in Landi Renzo are aligned to automotive best practices

CHINA

• o In-house execution of the strategic stages of the process (assembly, product testing) with state-of-the-art equipment, including robotic production lines
• o Outsourced processing, through a network of specialists and certified suppliers
• mechanical and electronic production processes

• Quality and continuous improvement are key elements of our production system, at different levels:

• o Manufacturing, applying WCM principles, KPIs monitoring and training

• o Supply chain enforcing pre-assessment and follow-up audits of suppliers
• o Product, involving R&D for robust design solutions

SAFE & CEC have production facilities in Europe and North America, focused on different product and applications

• Production and assembly capacities, from small compressors to large, complete, stations, starting to apply lean manufacturing system
• of production facilities in Italy and 7.000m2 in Canada

In a world that demands sustainable development, LRG and SAFE&CEC are at the forefront across the whole value chain with concrete solutions for a cleaner environment

The automotive industry is facing a transformational time also due to the Covid-19 crisis, with opportunities for suppliers able to support mobility evolution toward cleaner solutions

	The automotive industry is facing a transformational time also due to the Covid-19 crisis, with opportunities for suppliers able to support mobility evolution toward cleaner solutions
Environmental	• Sustainability has emerged even more important after the pandemic, even because of many signs of correlation between air quality and Covid-19 spread, with gas-mobility as immediate economically sustainable solution to improve air quality worldwide
protection awareness	• Regulations are focusing on lower CO2 and near-zero NOX emission limits, with increasing attention on particulate • The need to find alternative to "diesel and gasoline only" vehicles is increasing worldwide and OEMs are looking to find quick, efficient and cost competitive replacement solutions
New technologies	• Covid-19 crisis could delay the development of new technologies (for example Euro7) as well as of e-mobility, which would positively impact on gas-mobility growth
are under development	• New powertrain technologies,digitalization and autonomous driving are transforming the automotive sector with a foreseeable delay due to the pandemic
	• Regulations as well as attention to TCO are having a technology-forcing effect towards the adoption of alternative powertrains, which are likely to gain importance, both in Heavy Duty and in Passenger Cars transportation
	• Buying decisions are affected by different factors based on TCO, geographical areas, consumer segments and habits
Key factors in the adoption of new	• As the pandemic continues, physical distancing will have a significant impact on mobility behaviour and preferences: people look for solutions that help to reduce cost and we expect a growth in AM conversion and in new OEM sales of gas vehicles as soon as mobility will re-start
technologies	• Currently, gas-distribution infrastructure is more widespread in most regions than EVs charging, with ongoing investments for EVs, CNG, LNG, and H2 , as well as strong support to RNG production, with different approach based on the different geography
	• Upcoming "disruption" will fundamentally change the Automotive Industry, requiring to rethink overall strategies to capture new growth opportunities and/or to consolidate current market presence
Effect of the	• As a consequence of Covid-19 crisis, OEMs will have priority of short-term cash management and could change the level of investments in EVs, that could positively impact on gas-mobility solutions both for Passenger Cars and Mid-Heavy duty: an opportunity to be better positioned in HD
transformation on	and Hydrogen as soon as "market" will re-start, as well as the opportunity to value expanding our offer into e-mobility for mid-duty, also through the development of solutions that bring together gas and electrical
	• Suppliers must be ready to become a partner of the OEMs providing technology, power to innovation and being able to add value to their solutions
automotive value chain
	regarding both product and service offering • Moreover, it will be necessary to implement a lower operating cost base and build up new partnerships to innovate, being at the same time able to successfully manage new emerging technologies and competencies alongside old, declining technologies under one roof

4 key drivers influence the mobility evolution in a different way across regions

11

Natural Gas, also mixed with H2 and Biomethane, is fundamental in the so-called "energytransition" towards 2050 "zero emission scenario", with H2 as a new frontier

Gas-Mobility, Electrification and Hydrogen will play a key role in future transportation, enabling a cleaner mobility worldwide

• 250 km • Gas-mobility represents, for both Passenger Cars (LPG, RNG, CNG) and Heavy Duty (CNG, RNG, LNG) segments, ^a viable and readyto-use solution, which will coexist in the future with other alternative fuel technologies (Hybrids, BEVs, FCEVs, …) • End users criteria for choosing Gas-Mobility for HD and PC are: ^o Total Cost of Ownership ^o Availability of refuelling infrastructure ^o Vehicle range autonomy vs. refuelling / recharging time • Distribution Infrastructure availability is a key enabler of Gas- and Hydrogen-mobility affirmation both in Heavy Duty and Passenger Car segments, with important evolution plans in most of worldwide regions • Hydrogen Fuel cell vehicles represent the next evolution step, joining the benefits from gas-mobility and electric powertrains

• CNG ROW

• Gasoline

• Different Technologies will coexist

• Gas-mobility and Hydrogen will play an increasing role in the clean energy transportation of the future

Many investments are ongoing in gas infrastructures, together with development of RNG production and investments in H2 distribution

			Many investments are ongoing in gas infrastructures, together with development of RNG production and investments in H distribution 2
(# station, k)		49
47 G P	48		• LPG infrastructure expected to have moderate growth in the coming years
L 2019	2025	2030	• Widespread infrastructure, mostly in Europe (~ 34K) and Russia, Turkey and Algeria
(# stations, k)			• India announced plans to build more than 10.000 new stations by 2030
		50,0	• Russian Government investing € 2Bn to subsidize the market
G 30,5 N C	40,0		• In Europe there are currently 3.732 stations, even if investment are ongoing to increase the number
			• Widespread interest in biomethane as the zero-emission fuel to sustain adoption and acceptance by consumers
2019	2025	2030	• To be considered that the cost of a new CNG station is around 35% the cost of EV charging station
(# stations)		~ 6.000	• Several projects announced worldwide, to sustain the development of clean HD transportation
G	~ 4.000		• Development of "blue corridors" in Europe, (2000 LNG stations by 2030), Russia and Latam
N 1.900 L			• In India, expected further 1.500 LNG stations in the next decade
2019	2025	2030	• US plans further expansion of the infrastructure to support HD transport
(# stations)
		~ 3.700	• Hydrogen infrastructure still in early phase, with a strong percentage of private fuelling stations
2 H 370	~2.500		• Ambitious plans to develop the network require consistent investments (estimated in € 8Bn by 2030)
2019	2025	2030	• However, costs of stations and of hydrogen production are expected to decrease
			Source: Landi Renzo Group elaboration on different sources

The market for Passenger Cars & LCV has a very strong potential development, especially in Europe, Latam, India and Russia, with new markets starting to develop

• European OEMs have already confirmed programs up to 2024 and sales increase is enhanced by CAFÉ(*) regulation, with the development of biomethane production as a possible booster 2,9 +13,8%
• India will be the fastest-growing market for CNG, with huge investment by OEMs, supported by focused Government policies 0,7 1,5
• need of sustainable solutions

Natural gas technologies in the Heavy Duty & Off-road sectors are the only reliable solution that help to reduce emissions and bring effective TCO reduction to customer

Overall strategic approach: build a strong presence in the growing HD market exploiting cash flows provided by the passenger car market segment

17

Vision Passenger Cars: feed and reinforce the leadership, supporting and driving the

transition Aftermarket	to low-cost green gas-mobility worldwide
	• Landi Renzo has a leading position with a market share of about 25%, targeting at least 30% by 2025
	• Continue to maximize market penetration through the sale of kits and components as well as a dual brand strategy (Landi and Lovato), with focus on up-selling per customer
	• Implement new digital tools to start communicating with car owners and foster workshops' business model upgrade
Strategic approach	• Seize the tremendous opportunities offered by the aftermarket distributed network of local dealers and workshops, to offer additional products and services, potentially expanding into other market segments
	• New opportunity-driven market approach, with focus on Km-0, delayed OEM and special projects such as DDF application for public fleet
	• Manage the transformation of the 4000 workshops network into an independent, clean, mobility Aftermarket Chain
	• Exploit opportunities offered by fleet owners (e.g.: taxi, express couriers,), optimizing TCO in market segments where efficiency is key
OEM	• Landi Renzo is already positioned as a leading Group for CNG and LPG, and is considered a best-practice supplier by
	all OEMs worldwide, with capabilities to provide support ranging from system design to car homologation
	• Consolidate our market leadership in Europe and exploit our relationship with OEMs to be their reference supplier for all future developments
Strategic	• Increase our market share in India, capturing the benefits of the world fastest growing market also thanks to the well-established relationships with leading Indian OEMs, and adopt the same strategy in Russia
approach
	• Pursue price-competitive advantage leveraging on design-to-cost product improvement
	• Ensure maximal compliance to stringent OEM requirements, in terms of quality and emissions

Vision HD: invest on HD gas & hydrogen mobility growth, expanding product offering both as supplier of "on-engine" components as well as "fuel system integrator"

	Automotive
	Vision HD: invest on HD gas & hydrogen mobility growth, expanding product offering both
	as supplier of "on-engine" components as well as "fuel system integrator"
Vision	• Landi Renzo wants to become a leading supplier of system and components and support OEMs worldwide in the evolution toward near-zero emissions transportation (for HD On-Road and Off-Road solutions), targeting a market share of
	20 to 25% worldwide by 2025
Strategic approach	• Follow a well defined strategic roadmap to become partners of OEMs by providing high technology solutions "from energy storage to engine", supporting and accelerating the ongoing technological transformation of the Heavy Duty sector
	Already almost completed the "on- engine" and "on fuel-cell" components range (from regulator to injection and manifold-like products) o and ongoing development of EMS application (already started collaborating with primary OEM)
	Expand worldwide the capabilities developed in the US as M&HD full system integrator and approach HD players with the same model o
	Enter – through partnership – electric mobility for M&HD, investing on innovative solutions to bring together CNG/H2/and Electrification o
	Enter – through partnership – "gas storage and fuel system design" and develop the package integration business model for CNG, o LNG, H2 and electric application
First results	• In 1 year the group has already archived important results:
	Already obtained the nomination by a primary OEM for CNG pressure regulators and injection system o
	Launched LNG pressure regulator already tested and approved by a leading OEM o
	Already obtained nomination for fuel cell components for train and HD applications o
	Already started the co-development on EMS system with a leading OEM o
	Awarded a funding of 1,3M€ by the Region Emilia-Romagna to develop innovative components for hydrogen-powered systems o
	Awarded a funding of 600K\$ by South Coast AQMD and SoCalGas for the development of a new "near-zero emission" natural gas o Heavy Duty engine system

SAFE&CEC has almost not been impacted by Covid-19, and is developing its strategic plan, being ready to maximize value creation for its shareholders

	SAFE&CEC has almost not been impacted by Covid-19, and is developing its strategic plan, being ready to maximize value creation for its shareholders
Vision	• SAFE&CEC wants to become the leading player by providing innovative products and solutions that bring cleaner energy
	closer every day, reaching more than 30% market share in CNG compression for transportation and RNG, targeting
	15% of the H compression market and expanding its role along the gas distribution value chain 2
Strategic
approach	• Consolidate its 35% market leadership in NGV compression in Europe, Russia, LatAm and MEA, and growth in the US and Canada to reach 30%. Valuing Indian market as a new growth frontier through partnerships
	• Increase market share in RNG compression applications worldwide based on solid market share and experience gained in Europe
	• Expand sales of current application also in gas compression for industrial use as well as small oil&gas application
	• Increase share of revenues from After Sales & Service, changing approach from "one shot" to "recurring services"
	• Anticipate Hydrogen global adoption, developing new products to be by 2022 one of the main players in hydrogen compression targeting a 15-20% MS by 2025
	• Value potential opportunities for M&A with the goal to enter high growth markets (RNG Upgrading, bio-LNG) and grow along the NGV distribution value chain
Operation	• Complete Group full Integration by end of 2020 to fully leverage efficiencies and synergies
improvement	• Assure the adoption of lean manufacturing as a standard operation approach to maintain the focus on production efficiency and Working Capital optimization, both in Europe and Canada, reducing capital needs
	• Valuing the carve-out of nonstrategic business line

Landi Renzo Group keeps growing with a huge increase on Adj. EBITDA and EBT in the last three years

¹only automotive business

Export represents more than 80% of total turnover with a strong position as the top OEM "tier-1" supplier in Europe

Q1 2020 order book above expectations; however, the worldwide lockdown partially prevented the deliveries

• pandemic

LRG path to boost value creation

Landi Renzo S.p.a. Headquarter via Nobel, 2 42025 Corte Tegge Cavriago (RE), Italy

www.landirenzo.com

Landi Renzo - Company profile (20/05/2020)

BOARD OF DIRECTORS

N. of shares outstanding: 112.500.000

TOP MANAGERS INVESTOR RELATIONS

Investor Relations Contacts:

Paolo Cilloni Tel: +39 0522 9433 E-mail: ir@landi.it www.landirenzogroup.com

SHAREHOLDING SHARE INFORMATION LandiRenzo – STOXX Europe 600 Automobiles STOCK VS MARKET

2020 Corporate financial agenda