This company presentation (the "Presentation") has been prepared by Hexagon Composites ASA ("Hexagon" or the "Company").

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Agenda

Company update
Summary Group highlights and financials
Outlook
Q & A
Appendix: Segment financials & other material

Time for action

Global warming widely recognized as a main threat to civilization
Global sustainable assets under management reached USD 31 trillion in 2018 vs USD 23 trillion in 2016*
Global insurers see climate change as a major business risk

Hexagon is a member of the UN Global Compact and committed to its initiatives

Source: The Guardian

"The evidence on climate risk is compelling investors to reassess core assumptions about modern finance."

- Larry Fink, Chairman and Chief Executive Officer, BlackRock

The UK taking lead among large economies

UK will ban sales of new petroleum cars from 2035
- 5 years earlier than previous commitment
- Ambition to hit net zero transportation emissions by 2050
Norway aims to ban sales of petroleum cars by 2025
- 42.4% of new car sales in 2019 were BEVs
Sweden will ban sale of petroleum cars by 2030
British Columbia, Canada will ban petroleum cars by 2040
- 10% of all cars must be zero emission by 2025
California to reduce petroleum use in vehicles by 50% within 2030

"There can be no greater responsibility than protecting our planet, and no mission that a global Britain is prouder to serve"

Boris Johnson, Prime Minster of the UK

EU turns on the heat

CO2 emission limits implemented from 2020; full force from 2021
- 95g CO2/km for passenger cars
- 147g CO2/km for light commercial vehicles
- Penalty of EUR 95 for each g/km above limit
New targets from 2025
- 81g CO2/km for passenger cars
- 125g CO2/km for light commercial vehicles
Heavy-duty vehicles
- 15% reduction by 2025 vs 2019* level
- 30% reduction by 2030 vs 2019* level

g-mobility Infrastructure expanding

EU supports natural gas to achieve climate goals
- Subsidies and tax reliefs
Key markets: Italy, Germany, Sweden, Spain and Benelux
- Spain emerging as key market
CNG part of Volkswagen Group's alternative fuel strategy

e-mobility Hexagon Purus ramped up

Organizational development

4 engineering centers and 4 production sites
Expanded engineering and complex project management capabilities

• Implementing world class manufacturing processes

Capacity expansion Product development

• >50 ongoing development projects

LDV expansion Purus Kassel

McKinsey eyes hydrogen cost competitiveness by 2030

Heavy-duty trucks and buses
Passenger ferries and regional ferries
USD 70 billion investments required over the next 10 years
- <5% of annual global energy spend

"2020 marks the beginning of a new era for energy: as the potential for hydrogen to become part of our global energy system becomes a reality, we can expect fewer emissions and improved security and flexibility."

-Benoît Potier, Chairman and CEO of Air Liquide and Co-chair of the Hydrogen Council

World class manufacturing

Gearing up for scale

Raufoss, Norway

2018 new liner technology and footprint expansion

Kassel, Germany

2019 CNG-LDV expansion

Lincoln, Nebraska

2020 CNG-HDV tank expansion

2019: The year in review

Note: *Excl. a positive impact of a reduction of an earn-out obligation related to the xperion acquisition in 2016 and legacy unvested stock compensation charges in Agility ** Excl. a gain from the Agility acquisition net of all transaction related charges

Agility Fuel Solutions Great post acquisition development

Agility Fuel Solutions

Expanded North American footprint
g-mobility and e-mobility drivetrain systems competence
Profitable, cash positive business

Digital Wave Great post acquisition development

Non-linear growth

Reported revenues, NOKm

Agility represents a step-change for Hexagon

4th

QUARTER 2019 FINANCIALS

Highlights from Q4 2019

Record revenue and EBITDA for Agility Fuel Solutions
- ‒ Year over year growth in all automotive applications
Strong CNG Light-Duty Vehicle volumes
Dynamic e-mobility market
- ‒ 1 light-duty automotive contract cancellation after the quarter
- ‒ More than 50 ongoing development projects
Decent Mobile Pipeline volumes
- ‒ Growing RNG activities
Satisfactory contributions from Digital Wave and MasterWorks
Solid LPG sales volumes

Financial highlights Q4 2019 Hexagon Composites Group | Agility consolidated from 2019

99.1 (11%) (13%) 36.8 (9%) +43.9 +62.3 23.2 11.4 -11.8 Q4'18 Q4'19 Q4'18 Q4'19 Q4'18 Q4'19 • Agility contributes +NOK 74m • Hydrogen ramp-up effect -NOK • Depreciation, amortization and reclassed contributions mainly from Agility transaction of -NOK 42m Q4'18 Adjusted*

• Effects of interest & leasing -NOK 17m; FX -NOK 22m; tax +NOK 25m

Group margin adjusted for Hydrogen | Q4 2019

15% Group EBITDA margin before Hydrogen investments

Revenue by segment Q4 2019 | Before Group eliminations*

Agility Fuel Solutions (Heavy and Medium-Duty)
Hexagon Purus (Hydrogen & CNG Light-Duty Vehicles)
Hexagon Mobile Pipeline & Other
Hexagon Ragasco LPG

Revenue Q4'19

NOKm, before group eliminations

Agility Fuel Solutions (Heavy and Medium-Duty)
Hexagon Purus (Hydrogen & CNG Light-Duty Vehicles)
Hexagon Mobile Pipeline® & Other
Hexagon Ragasco LPG

Agility Fuel Solutions: Q4 2019

Record revenue and EBITDA quarter
This quarter saw year-over year growth in:
- ‒ North American Medium & Heavy-Duty Truck
- ‒ European & North American Transit Bus
- ‒ EV Truck
Lower Refuse Truck volumes as orders were skewed to first half of 2019
Self-funded and strongly cash generating
- ‒ LTM Reported EBITDA of NOK 202m
- ‒ LTM Capex of NOK 52m

Q4'19 vs. Q4'18*

Group cash movements Q4 2019

Capex and product development funded by cash from operations

Balance sheet | Q4 2019 vs Q3 2019

NOK 1,079m Net Interest Bearing Debt & 46% Equity Ratio

Stable and strong Balance Sheet

SELECTED BUSINESS FOCUS

• European transit bus spotlight

Transit bus Europe: A g-mobility growth story

Very strong growth, 78% LTM in 2019
- ‒ Driven by EU Clean air regulations and favorable TCO for fleets/municipalities
- ‒ Over one-third of total transit bus revenues are now from Europe
- ‒ 12% of total Agility revenues in 2019
Volume increases justify further investment into European footprint
Efficiencies in using existing manufacturing footprint

Revenues Transit bus Europe (NOKm)

Preliminary & unaudited Full Year 2019

Financial highlights Full Year 2019*

Hexagon Composites Group | Agility consolidated from 2019

• Effects of interest & leasing -NOK 77m; FX +NOK 59m; tax +NOK 23m

reduced MP and LPG

* Preliminary and unaudited * *Adjusted in 2018 for NOK 108.4m reversal in earn-out accrual related to 2016 acquisition of xperion and in 2019 for NOK 44.2m impact of gain, net of all transaction related charges, on Agility transaction

Group margin adjusted for Hydrogen | 2019*

14% FY 2019 Group EBITDA margin before Hydrogen investments

* Preliminary and unaudited

**2019* Financial Scorecard**

14% EBITDA margin for Group ex-Hydrogen business
- EBITDA ramp up impact of NOK -108 million related to Hydrogen business units
NOK 202 million EBITDA from 31% revenue growth in Agility Fuel Solutions
141% revenue growth in CNG Light-duty – Tied to VW's g-mobility focus
NOK 108 million net profit
46% Equity Ratio
NOK 307 million cash from operations before expansion in OPWC**

Hexagon in 2020 | NOKm After reorganization of e-mobility business units*

OUTLOOK

Agility Fuel Solutions Medium and Heavy-Duty Vehicles

2020 looking strong

Albeit a calmer Q1 after heated Q4'19
Expect continued strong development in European Transit Bus segment
Positive Medium-Duty development
- ‒ Supported by UPS

Source: UPS

Hexagon Purus e-mobility

Growing BEV demand in North America

Successfully delivered battery electric drivetrain integration for Daimler Trucks North America – Penske logged more than 10,000 miles (~16,000 km)
Expected deliveries to three additional OEM programs in North America

Daimler Trucks North America Innovation fleet

"(…) we believe we are the first fleet in the United States to make daily store deliveries using battery-electric heavyduty tractors for regional distribution. We're quite impressed with the performance of the eCascadia." - Marc Althen, President of Penske Logistics

Diversified hydrogen project pipeline

High number of ongoing hydrogen development projects across all segments

Hexagon Purus CNG Light-Duty Vehicles

Temporary CNG LDV disruption in first half 2020

Volkswagen relocating CNG assembly line to Wolfsburg, Germany
Sales expected to gradually exceed 2019 run-rate upon resumption of production in second half 2020

Source: SEAT

"We are planning to increase productivity by 25% at all German factories by 2020 as agreed. Further efforts are needed at Volkswagen in future to remain competitive, particularly post-2020." -Dr. Andreas Tostmann, Member of the Board of Management of the Volkswagen Brand

Hexagon Mobile Pipeline

Diversifying revenue base

Reduced onshore oil and gas rig activity in North America
- ‒ Risk of reduced or delayed orders from this sector
Diversification into RNG and utilities
- ‒ Good underlying market activity and new customer base
- ‒ Attractive growth opportunities in the US and the UK
Good revenue stream from services
- ‒ Short-term rentals complement module buy-backs
- ‒ Requirements for testing, replacements and re-certifications

RNG site at dairy farm in Wisconsin, USA

Hexagon Ragasco LPG

Solid start to the year

Similar Q1 to Q1'19
- ‒ Softer European leisure demand
Continue to grow market share in Bangladesh with customer Beximco
- ‒ Contributes to recurring revenue base
Delivered cylinders to new markets Oman and Jordan

Outlook summary

APPENDIX

Q4 and FY 2019 Group income statement

		QUARTER			YEAR TO DATE 1
NOK MILLION	Q4 2019	Q4 2018	Variance	FY 2019	FY 2018	Variance
Revenue	942,0	426,8	515,2	3 416,2	1 486,5	1 929,7
Operating expenses	(842,9)	(390,0)	(452,9)	(3 125,1)	(1 360,5)	(1 764,6)
Earn-out obligation reversal / gain on transaction	0,0	18,4	(18,4)	69,6	108,5	(38,9)
EBITDA	99,1	55,2	43,9	360,7	234,5	126,2
Depreciation on tangibles	(48,6)	(12,7)	(35,8)	(182,2)	(52,4)	(129,8)
Amortisation and impairment	(14,1)	(23,3)	9,2	(57,4)	(41,9)	(15,5)
EBIT	36,5	19,2	17,2	121,1	140,2	(19,1)
Share of profit/(loss) from associates	0,1	15,5	(15,4)	(0,7)	18,0	(18,7)
Other financial items (net)	(31,3)	7,9	(39,2)	(8,1)	10,6	(18,7)
Profit/(loss) before tax	5,3	42,6	(37,3)	112,2	168,7	(56,5)
Tax expense	6,1	(19,3)	25,4	(4,2)	(27,3)	23,1
Profit/(loss) after tax	11,4	23,3	(11,9)	108,0	141,5	(33,4)

EBITDA %	10,5 %	12,9 %		10,6 %	15,8 %
EBIT %	3,9 %	4,5 %		3,5 %	9,4 %
Profit/(loss) after tax %	1,2 %	5,5 %		3,2 %	9,5 %

	FULL YEAR	1
FY 2019	FY 2018	Variance
3 416,2	1 486,5	1 929,7
(3 125,1)	(1 360,5)	(1 764,6)
69,6	108,5	(38,9)
360,7	234,5	126,2
(182,2)	(52,4)	(129,8)
(57,4)	(41,9)	(15,5)
121,1	140,2	(19,1)
(0,7)	18,0	(18,7)
(8,1)	10,6	(18,7)
112,2	168,7	(56,5)
(4,2)	(27,3)	23,1
108,0	141,5	(33,4)

10,6 %	15,8 %
3,5 %	9,4 %
3,2 %	9,5 %

Segment financial highlights Q4 2019 | (1/3)

Hexagon Purus (Hydrogen & CNG LDV) NOKm 90 123 Q4'18 Q4'19 +33 (+37%) Q4'18 Q4'19 -12.8 (-10%) 0.6 (1%) -13.4

Strong growth in Heavy-Duty Truck, European Transit bus and Electric vehicles in Q4'19
UPS continues to drive volumes in the Medium-Duty segment
Strong year-over-year revenue increase driven by CNG LDV
OPEX investments in future H2 growth impacts EBITDA by NOK -37.0m
Please see separate CNG and H2 figures on next slide

Segment financial highlights Q4 2019 | (2/3)

• Strong Y-o-Y growth in 2019

• No material commercial product sales in Q4'19. For FY19, revenues are split between longer-term development programs and commercial product sales (65%:35%)

Healthy gross margins on commercial sales and modest margins on cost plus development activities
However gross margins do not cover impact of investing in personnel and infrastructure for future growth

1 Includes contract manufacturing

Segment financial highlights Q4 2019 | (3/3)

Hexagon Mobile Pipeline & Other NOKm 229 153 Q4'18 Q4'19 -76 (-33%) 27.5 (12%) 6.5 (4%) Q4'18 Q4'19 -21.0 Revenue EBITDA

Lower volumes vs very strong Q4 '18; mainly driven by a reduction in O&G and energy intensive applications. Partly compensated by positive development in RNG and industrial gases
Solid contribution from Digital Wave in Q4'19, not consolidated in the numbers in 2018

Higher volumes Y-o-Y, mainly driven by increased volumes to Bangladesh
Solid underlying EBITDA margin of 16% in Q4'19

Group cash movements 2019*

Financed investments in capacity and product development with operational cashflow || M&A Agility investment