Hexagon Composites — Investor Presentation 2020

Aug 24, 2020

Presentation of Hexagon Purus – a Hexagon Composites company

24 August 2020

Disclaimer and important notice

This company presentation (the "Presentation") has been prepared by Hexagon Composites ASA ("Hexagon" or the "Company") and relates to Hexagon Purus, a Hexagon company ("Purus").

The Presentation has not been reviewed or registered with, or approved by, any public authority, stock exchange or regulated marketplace. The Company makes no representation or warranty (whether express or implied) as to the correctness or completeness of the information contained herein, and neither the Company nor any of its subsidiaries, directors, employees or advisors assume any liability connected to the Presentation and/or the statements set out herein. This presentation is not and does not purport to be complete in any way. The information included in this Presentation may contain certain forward-looking statements relating to the business, financial performance and results of Hexagon Purus and/or the industry in which it operates. Forward-looking statements concern future circumstances and results and other statements that are not historical facts, sometimes identified by the words "believes", expects", "predicts", "intends", "projects", "plans", "estimates", "aims", "foresees", "anticipates", "targets", and similar expressions.

The forward-looking statements contained in this Presentation, including assumptions, opinions and views of the Company or cited from third party sources are solely opinions and forecasts which are subject to risks, uncertainties and other factors that may cause actual events to differ materially from any anticipated development. None of the Company or its advisors or any of their parent or subsidiary undertakings or any such person' s affiliates, officers or employees provide any assurance that the assumptions underlying such forward-looking statements are free from errors nor do any of them accept any responsibility for the future accuracy of the opinions expressed in this Presentation or the actual occurrence of the forecasted developments. The Company and its advisors assume no obligation to update any forward-looking statements or to conform these forward-looking statements to Hexagon Purus' actual results. Investors are advised, however, to inform themselves about any further public disclosures made by the Company or Hexagon Purus, such as filings made with the Oslo Stock Exchange or press releases.

The Presentation is not for publication or distribution, in whole or in part directly or indirectly, in or into Australia, Canada, or the United States (including its territories and possessions, any state of the United States and the District of Columbia) or any other jurisdiction in which the release, publication or distribution would be unlawful. The distribution of this Presentation may in certain jurisdictions be restricted by law. Persons into whose possession this release comes should inform themselves about and observe any such restrictions. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction.

This Presentation has been prepared for information purposes only. This Presentation does not constitute any solicitation for any offer to purchase or subscribe any securities and is not an offer or invitation to sell or issue securities for sale in any jurisdiction, including the United States. Distribution of the Presentation in or into any jurisdiction where such distribution may be unlawful, is prohibited. This Presentation speaks as of 24 August 2020, and there may have been changes in matters which affect the Company or Hexagon Purus subsequent to the date of this Presentation. Neither the issue nor delivery of this Presentation shall under any circumstance create any implication that the information contained herein is correct as of any time subsequent to the date hereof or that the affairs of Hexagon Purus have not since changed, and the Company does not intend, and assumes no obligation, to update or correct any information included in this Presentation.

An investment in the Company involves risk, and several factors could cause the actual results, performance or achievements of the Company or Hexagon Purus to be materially different from any future results, performance or achievements that may be expressed or implied by statements and information in this Presentation, including, among others, risks or uncertainties associated with the Company's or Hexagon Purus' business, segments, development, growth management, financing, market acceptance and relations with customers, and, more generally, general economic and business conditions, changes in domestic and foreign laws and regulations, taxes, changes in competition and pricing environments, fluctuations in currency exchange rates and interest rates and other factors. Should one or more of these risks or uncertainties materialise, or should underlying assumptions prove incorrect, actual results may vary materially from those described in this Presentation.

This Presentation is subject to Norwegian law, and any dispute arising in respect of this Presentation is subject to the exclusive jurisdiction of Norwegian courts with Oslo City Court as exclusive venue. By receiving this Presentation, you accept to be bound by the terms above.

3

Hexagon Purus to be spun off and listed as a separate company

e-mobility

With its unique legacy, Hexagon Purus is a global leader well positioned to support the shift towards zero emission transportation through its hydrogen cylinder/system, battery system and electric drivetrain technologies

Separating Hexagon Purus as a stand-alone company to strengthen both Hexagon's g-mobility and e-mobility (Hexagon Purus) businesses

Hexagon Purus – world leading within hydrogen cylinders / systems and electric drivetrain solutions

Creating a truly unique pure-play e-mobility company

Hexagon Purus – a global leader in the e-mobility space

Decarbonization is high up on the global agenda – strong push to limit carbon emissions…

185 Parties that have ratified the Paris Agreement to

x

date out of 197 parties to the UNFCCC 66 Countries that have announced net zero emissions as a target by 2050

…placing hydrogen in the fast lane as a key zero emission solution

Transportation is responsible for almost 20% of global CO2 emissions

Average CO2 emissions need to decrease by 70% per passenger km

Existing zero emission technologies available at scale by 2025

Hexagon Purus in pole position to benefit from the huge market opportunity – H2 cylinder market expected to grow to USD ~7bn

USD ~7bn hydrogen cylinder market revenue pool in 2030

Medium and heavy-duty trucks expected to make up a large part of Hexagon Purus' hydrogen cylinder market in 2030 (approx. ~30%)

China (~39%⁴ ) is expected to be the biggest market mid-term, followed by EU (~26%⁴ ) and the US (~14%⁴ )

Source: Company, third-party consultant

In partnership with CIMC ENRIC – strong growth in FCEVs and hydrogen infrastructure expected in China over the next decade

• Term sheet agreement for a strategic cooperation signed on 12 May 2020

• CIMC ENRIC is a leading Chinese manufacturer of clean energy equipment headquartered in Shenzhen, China, and listed in Hong Kong

750,000 FCEVs in

2030

25% of new car sales to be zero emissions by 2025

11

3,000 H2 refueling stations in 2030

Tremendous growth in the market for system integration representing a key opportunity for Hexagon Purus

Source: Company, third-party consultant, Hydrogen Council ¹ Hybrids constitutes the remainder of the market

Note: Share of Zero Emission Vehicles (ZEV) MDT/HDT market represents the global short-series volumes (sales) per technology as a % of total short-series production

Hexagon Purus is approaching the market from a clear leadership position

Strong customer relationships across a variety of end-use applications

1st iteration Toyota truck (Photo: Toyota)

350 bar cylinders for the Xcelsior transit bus – operating in California, US

700 bar cylinders to Mercedes GLC-FCELL (Photo: Daimler AG)

300 bar and 500 bar gas distribution modules for Linde (Photo: Linde AG)

1st hydrogen vessel in the U.S; 70 ft hybrid hydrogen fuel cell battery catamaran to be sailing (Photo: Golden Gate Zero Emission Marine)

World´s 1st hydrogen-powered regional train Coradia iLint from Alstom, Germany (Photo: Alstom)

950 bar cylinders in use at Western Canada's first retail hydrogen refuelling station (Photo: HTEC Hydrogen Technology & Energy Corporation)

Battery packs for Daimler's two new battery electric truck models eCascadia and eM2, and additional system components for the eM2

Strong momentum continuing to build – entering Northeast Asian market for hydrogen-powered passenger cars…

20 August: ✓ Hexagon Purus nominated for serial supply of cylinders for a

• zero emission FCEV SUV ✓ First prototypes delivered by the
• end of 2020 ✓ 2-year contract
• ✓ Estimated sales value of EUR 25m

"Hydrogen is a key focus of Hexagon Purus. We are pleased to become an approved supplier to a major OEM in this large market, and to bring our leading Type 4 cylinder technology to a new innovative collaboration." - Michael Kleschinski, EVP Hexagon Purus

…following a line of several recent key announcements…

...and a project pipeline supporting acceleration of growth in concert with the market

High number of hydrogen development projects across all segments

Creating a truly unique pure-play e-mobility company

Hexagon Purus in brief – global leader in the e-mobility space

An important step for both Hexagon and Hexagon Purus - a stronger future for both groups

s u y / r u bilit P n o o g m a E- x e H		Transportation, Distribution & Cylinders	Hydrogen solutions and cylinder systems	e-mobility ZERO EMISSON
		H2/EV systems	Full powertrain integration for medium & heavy-duty commercial vehicles
		JV in China	JV with CIMC Enric, a leading Chinese clean energy equipment player
		MasterWorks	High-pressure cylinders for special applications, including aerospace		Battery Electric	Hydrogen
n o g a x e H y / bilit o m G-		Agility	CNG fuel solutions for medium and heavy-duty vehicles	g-mobility LOW EMISSION
		Mobile Pipeline	Gas transportation
		Ragasco	LPG cylinders
		Digital Wave	Cylinder testing equipment and associated inspection services
		LDV (CNG business)	Cylinder and cylinder systems for CNG mobility	Compressed Natural Gas	Biogas / Renewable natural gas	Liquefied petroleum gas

FY 2019 | e-mobility & g-mobility financials* , NOKm

Solid base with profitable g-mobility business, supports major future growth in e-mobility