RAGASCO TO AQUIRE COMPOSITE SCANDINAVIA AB

Ragasco AS, Hexagons fully own daughter company, world leading producer of

LPG-containers in composite, is in the process of acquiring the Swedish company

Composite Scandinavia AB, a producer of LPG- containers in composite. The

Swedish company is using a different technology than Ragasco. The company has

20 employees. The acquisition strengthens Ragasco's position as marked leader.

The turnover of Ragasco in 2009 was 451 MNOK, and the company made an operating

result of 81 MNOK.

Composite Scandinavia AB main figures for 2009 (2008); turnover 75.8 MSEK (67.6

MSEK), operating result 1.2 MSEK (- 1.1 MSEK), and profit before taxes 0.1 MSEK

(-3.1 MSEK). The company expects higher turnover and profit for 2010.

Main figures from the balance sheet 31.12.09:

Machinery 22.6 MSEK Equity 15.4 MSEK

Other 7.0 MSEK Long term debt 18.1 MSEK

Inventory 5.5 MSEK Short term debt 12.6 MSEK

Acc. payable 10.8 MSEK

Cash 0.6 MSEK

Total 46.5 MSEK Total 46.5 MSEK

Ragasco will pay 28 MSEK for the company. In addition, another 8 MSEK will be

paid if a cooperation regarding license to Vietnam is successful.

For further information:

Erik Espeset

President

Hexagon Composites ASA

Phone: +47 70 11 64 45

Cell: +47 90 52 00 33

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

(Norwegian Securities Trading Act)

[HUG#1399361]

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