Interim report Q3 2010 Hexagon Composites

Hexagon Composites had a third quarter turnover of MNOK 237.7 million (225.7).

This is the highest quarterly revenue in the group's history. Group operating

profit before depreciation (EBITDA) was MNOK 42.3 (39.5). Operating profit

(EBIT) was MNOK 20.7 (25.9).

Key events in the group since the last interim report:

* Ragasco received in July a large order of 300 000 LPG pressure cylinders in

composite to Venezuela. The order was won after an international tender

offered by PDVSA Services BV, which is the international, state procurement

office of the state-owned oil company Petróleos de Venezuela, SA (PDVSA).

* Daimler AG signed a new agreement with Ragasco for the supply of high-

pressure containers in composite. The contract covers the delivery of fuel

tanks for natural gas to the next generation of today's gas-powered

Mercedes-Benz B-Class. This is an environmentally friendly car model that

has been well received by the market.

* The market interest for TITAN(TM) CNG tanks is still high. Total backlog for

high pressure area is more than doubled compared to the corresponding period

last year.

For more information:

Erik Espeset, Group President, Hexagon Composites ASA

Telephone: +47 90 52 00 33 | E-mail:[email protected]

Tor O. Husø, CFO, Økonomidirektør, Hexagon Composites ASA

Telephone: +47 95 81 97 74 | E-mail:[email protected]

This information is subject of the disclosure requirements acc. to §5-12 vphl

(Norwegian Securities Trading Act)

[HUG#1456949]

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