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1

Driving Energy Transformation Hexagon Composites ASA

DNB SME SEMINAR OSLO 4th April 2019

David Bandele CFO

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Disclaimer and important notice

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

The Presentation has not been reviewed or registered with, or approved by, any public authority, stock exchange or regulated market place. 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 the Company 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 provides

any assurance that the assumptions underlying such forward-looking statements are free from errors nor does 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 the Company’s actual results. Investors are advised, however, to inform themselves about any further public disclosures made by the Company,

such as filings made with the Oslo Stock Exchange or press releases. 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 20 March 2019, and there may have been changes in matters which

affect the Company 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 the Company have not since changed, and the Company does not intend, and does not assume any

obligation, to update or correct any information included 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.

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DELIVERING

ENERGY SOLUTIONS

Hexagon Composites delivers

safe and innovative solutions for a

cleaner energy future

We are adapting our leading

composite pressure vessel technology

for a wide range of

mobility and storage applications

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HEXAGON COMPOSITES

Safe and innovative

energy storage and

transportation

solutions

for a greener future

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Leading Type 4 pressure cylinder technology The heart of our storage and transport solutions

Delivered 500,000 high-pressure cylinders and

15 million low-pressure cylinders

4

Type 4

Low-pressure

cylinder LPG

Type 4

High-pressure cylinder

CNG, biogas & H2

LEAK-FREE

Precision-machined valve interface

ensures leak free operation

LIGHTWEIGHT

Lightweight reduces vehicle

mass and

enhances handling and drivability

NON-CORROSIVE

Polymer liner is corrosion free

GOOD FATIGUE STRENGTH

High-strength carbon fiber and/or

glass fiber construction reduces

impact damage and fatigue

HEXAGON

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Hexagon Composites revenues 2000-2018

5

2000

1 033

2001 2007

846

2003 2002 2005 2004 2006 2008 2009 2010 2011 2012 2013 2014 2015

290

2016 2017 2018E

176 112

767

299 318

2 730

425 561 599

1 455

868 992

2 154

1 444

1 676

2 886

CAGR +20% Hexagon Composites

Agility

NOK million

2016 - 2018: Hexagon and Agility proforma

2019: 100% Acquisition completed

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Agility Fuel Solutions 100% acquisition completed in January 2019

• Agility is #1 supplier of alternative fuel

systems in North America having supplied

over 60,000 vehicles

• Further moves us from pressure vessels to

complete fuel systems supplier

• Doubles the size of our business

6

Refuse Trucks Transit Buses

Heavy Duty

Medium & Heavy Duty Trucks,

Bus and Refuse

Medium Duty

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Hexagon Composites Group The global market leader in all its segments

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HEXAGON PURUS

Hydrogen &

CNG Light-Duty Vehicles

• Enabling Hydrogen and Biogas

mobility

• Hydrogen business in build-up

phase for strong longer-term

returns

HEXAGON MOBILE

PIPELINE

Gas Transportation

• Lower CAPEX transportation

alternative to pipeline and LNG

• 40% growth in 2018. List of new

applications and markets

continue to grow

LPG

HEXAGON RAGASCO

• Large market in substituting

steel cylinders

• Stable and profitable cash

generation; leading in quality

and automation

AGILITY FUEL SOLUTIONS

Medium and Heavy-Duty Vehicles

• Offering most alternative fuel

system solutions

• Large cash generator with #1

North American market position

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Hexagon Composites Group The global market leader in all its segments

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HEXAGON PURUS

Hydrogen &

CNG Light-Duty Vehicles

HEXAGON MOBILE

PIPELINE

Gas Transportation LPG

HEXAGON RAGASCO AGILITY FUEL SOLUTIONS

Medium and Heavy-Duty Vehicles

~10% ~20% ~50%

c. share of pro-forma revenue before Group eliminations

~20%

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The global energy transformation A megatrend driving unprecedented growth opportunities for Hexagon

From coal and oil to cleaner burning natural gas, biogas and zero emission hydrogen

9

Global shares of primary energy

Natural Gas

and Renewables

continue to increase

their share of the

global energy mix

Hydrogen

will play a key role

as an energy carrier

in the clean energy

system of the future.

Source: BP Energy Outlook, 2019 edition and NG Global

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

1970 1990 2000 2030 1980 2010 2020 2040

Coal

Oil

Natural

Gas

Hydro

Renewables

Natural gas to overtake

coal by ~2025

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The challenges

Local air pollution and global warming represent challenges that require solutions…

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Temperature rising to record levels

Local air pollution in major cities (NOX, PM)

Hexagon’s solutions

~100% Particulate Matter

reduction

~ 90% NOX reduction

~ Up to 25% CO2 reduction

Biogas can be carbon negative

~Zero emissions

Natural

Gas

READILY

AVAILABLE

Hydrogen

EARLY GROWTH

PHASE

Source: California Air Resource Board, EIA

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11 Hexagon’s Hydrogen focus

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Hexagon storage and transportation solutions are in demand throughout the hydrogen value chain

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Hexagon Hydrogen Storage systems provider to multiple markets

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Distribution

300 bar gas transport module for Linde (Photo: Linde AG)

Rail

World´s 1st hydrogen-powered regional train

Coradia iLint from Alstom, Germany (Photo: Alstom)

Marine

1st hydrogen vessel in the U.S; 70 ft hybrid

hydrogen fuel cell battery catamaran to be sailing (Photo: Golden Gate Zero Emission Marine)

Ground storage/refueling stations

Hexagon’s 950 bar tanks in use at Western

Canada’s first retail hydrogen refueling station (Photo: HTEC Hydrogen Technology & Energy

Corporation)

Heavy-duty trucks

1st iteration Toyota truck with

Hexagon tanks (Photo: Toyota)

Light-duty vehicles

Hexagon delivers 700 bar tanks to

Mercedes GLC-FCELL (Photo: Daimler AG)

Selected examples

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Hydrogen cylinder market size Substantial market potential across multiple applications

Hexagon has product sales in all segments

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2018 2024 2019 2020 2025 2021 2023 2022 2026 2027 2028

0,1 0,1 0,2 0,6

1,4

2,4

3,8

5,1

6,5

8,1

10,1 Hexagon estimate (Billion USD)

LDV

HRS / ground storage

Distribution

Truck & Bus

Marine & Others

Source: Hexagon analysis

Hexagon’s current FCEV

estimates for hydrogen

fuel storage systems in

2028 is approx.

5,5, billion USD.

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Awarded multi-billion NOK contracts with leading OEMs

Development & serial production contracts

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2.0

Year end 2017 (1) Year end 2018

0.1

+20x

(+NOK 1.9bn)

High-low range of est.

H2 OEM development

and serial production

contracts

OEM #1 Mercedes-Benz GLC F-CELL Contract year 2016

OEM #2 Hexagon FCEV Illustration Contract year 2018

OEM #3 Hexagon FCEV Illustration Contract year 2018

OEM #4 Audi h-tron prototype Contract year 2019

(1) Consists of smaller development projects

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Active hydrogen FCEV (Fuel-cell Electric Vehicle) bus market

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New Flyer Xcelsior® hydrogen

transit buses in production –

equipped with hydrogen tanks

from Hexagon

The world’s first double-decker

hydrogen bus now showcased

at Euro Bus Expo 2018

Solaris Urbino hydrogen bus

with official premiere in 2019 Delivery to start in the spring

of 2019

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Heavy-duty Truck hydrogen FCEV moving fast

For heavy-duty trucks, FCEV has a clear practical and TCO¹ advantage

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Hyundai

• Hyundai to deliver 1,000

hydrogen trucks in

Switzerland to be launched in

2019

Toyota-Kenworth

• Toyota unveils the 2nd

iteration of its hydrogen

class 8 truck

• For operations in the Los

Angeles port and basin in

2020

Nikola

• Nikola pre-orders worth USD 14bn

• 800-truck order from Anheuser-Busch in the U.S.

• Launching Nikola Tre model targeting European

market in 2019

‒ Logged >USD 380m worth of pre-orders

‒ Felleskjøpet has reserved 50 vehicles

(1) Total cost of ownership (“TCO”)

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Will one technology be the clear winner? Riding the e-mobility megatrend

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There will not just be the one and only power-

train technology (…) execs globally believe in a

fairly even split of BEVs (30%), Hybrids (25%),

FCEV (23%) and ICEs (23%) by 2040

KPMG Global Automotive Executive Survey 2019

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~400m* NOK EBITDA

~900* employees

*Aggregated 2018, including Agility Fuel Solutions

~6.0bn Market Cap

HEX:OL

~3bn* NOK revenues

Growing in size

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A strong platform for future growth

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Appendix – handout only

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Hexagon enables a wide range of mobility and storage applications

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MOBILE

PIPELINE

HYDROGEN &

LIGHT-DUTY

VEHICLES

20%

10%

Storage modules operated for

bulk transportation of natural

gas, biomethane, and hydrogen

and industrial gases

Key applications Business description

Type 4 high-pressure CNG, biogas

and hydrogen cylinders and

systems for mobility and storage

applications

48%

MEDIUM &

HEAVY-DUTY

VEHICLES

(Agility)

High-pressure composite fuel

solutions and cylinders for medium

& heavy-duty commercial vehicles

Large–scale distribution of CNG

Supplies gases over long distances

FCEV

Marine

Transit Buses

Refuse Transit busses Long Haul

Trucks

Revenue split

20181

Key driver

Shift to cleaner

fuels and

favorable fuel

price spread

Shift to zero

emissions

Shift to cleaner

fuels and

favorable fuel

price spread

19%

47%

EBITDA split

20181

Negative EBITDA

margin (-19% of

total1)

Long Haul Trucks

LPG 22% LPG composite cylinders for leisure

activities, household use and

industrial applications worldwide

Shift from steel

to composite

Leisure Industrial Household

53%

Ground storage Rail

Hig

h-p

ressu

re

Lo

w-p

ressu

re

(1) Segment revenue and EBITDA split are based on share of Group aggregated revenues and EBITDA before eliminations and adjustments

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Hydrogen

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ENERGY SOURCE

Compressed

hydrogen (CHG)

Leading Position in

Type 4

technology

COMPETITION

- Traditional steel cylinders

- Type 3 and Type 4 cylinders

APPLICATIONS

Light-Duty Vehicles

Transit buses | Heavy-Duty Vehicles

Ground storage | Transport

Marine | Rail

Backup power

CURRENTLY INVESTING IN

ADDITIONAL CAPACITY

VALUE PROPOSITION

- Energy carrier for decarbonized energy

systems

- Fast refuel

- Transportable outside the grid

- Type 4 low fatigue cycling properties

Hydrogen storage and transportation solutions for a

wide range of mobility applications

MAIN

MARKETS

USA

Japan

Scandinavia

Germany

UK & Korea

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CNG Light-Duty Vehicles

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ENERGY SOURCE

Compressed

Natural Gas (CNG)

Biogas (e-gas)

#1 Position in

Type 4

technology

COMPETITION

- Traditional steel cylinders

- Type 3 and Type 4 cylinders

APPLICATIONS

Light-Duty Vehicles

CAN RAMP UP CAPACITY

ACCORDING TO DEMAND

VALUE PROPOSITION

- CNG and biogas efficient solution to the

decarbonization target

- Available and reliable technologies

- Existing refueling infrastructure

- Robustness against corrosion

- Low weight, long range & short refueling

MAIN MARKET

Europe

Lightweight composite high-pressure cylinders

(Type 4) for on-board storage of compressed natural

gas in light-duty vehicles

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Mobile Pipeline

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FUEL TYPE

CNG and biogas #1

Position in

Type 4

technology

COMPETITION

- Traditional steel cylinders

- Type 3 and Type 4 cylinders

APPLICATIONS

Gas capture | gas utilities

Drilling rigs | Oil field transportation

Mobile refueling | Industrial applications

Virtual interconnect | Gas islands

Biogas plants

Rail | Marine

SUFFICIENT EXISTING

CAPACITY

VALUE PROPOSITION

- Fuel price differential and gas price stability - Low weight provides more gas and longer range (OPEX vs CAPEX) - Lifecycle Asset Management Program (LAMP)

Storage and transportation cylinders and modules

for off-pipeline applications

>USD

350m In total sales to

Hexagon since 2010

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LPG

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ENERGY SOURCE

Liquefied

Petroleum Gas (LPG)

(propane and butane )

#1 Position in

Type 4

technology

COMPETITION

- Traditional steel cylinders

- Type 4 cylinders

APPLICATIONS

Leisure activities

Household use

Industrial applications

SITE CAPACITY PROGRAM

THROUGH TO 2020

VALUE PROPOSITION

- Low weight and high corrosion resistance

- Superior user-friendliness and safety features

- Differentiation through branding and design

options

- Reduce your maintenance and logistics costs

Low-pressure composite Liquefied Petroleum Gas

(LPG) cylinders for leisure activities, household use

and industrial applications

15m cylinders sold

globally

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The acquisition in brief

• Hexagon closed the acquisition of the remaining 50% share in Agility

on 4 January 2019

• The transaction valued Agility’s equity at USD 250m (NOK ~2.1bn)

on 100% basis

• Following closing of the transaction Agility will be fully consolidated

into Hexagon’s financials increasing 2018 aggregated revenue and

Adj. EBITDA by ~95% and ~61%, respectively

• Investment was fully financed with a secured facility with DNB Bank,

which will be refinanced with proceeds from the contemplated

unsecured bond issue of NOK 1,100m

(1) See slide 58 for more details

(2) Source: IHS, Markit

(3) Full EBITDA adjustments as presented in Q4 results presentation, including i.a. non-cash stock compensation, severance, transactions costs

Acquisition rationale

Global zero emission transportation mega trend

Secure No.1 position as the integrated clean fuel systems provider

U.S. production of natural gas up 40%(3) the last decade and the

growth will continue

Adoption rate stimulated by availability, economics and environmental

agenda

Accretive investment, allows for full consolidation of financials and

underlying value of Hexagon

Revenue and Adj. EBITDA (Agility)

Acquisition allows for full P&L consolidation

1 487

2 886

1 419

Hexagon Aggregated Agility

-19(1)

+95% 235

398

117

Aggregated Hexagon

13(1)

33(1)

Agility

+61%

2018 EBITDA (NOKm) 2018 Revenue (NOKm)

Elims.

Elims. Elims.

The acquisition of Agility Fuel Solutions Increased presence as a system provider and broadening the earnings base

32 36 38

47 52

0,7

2,5

3,3

6,3

7,9

Q4’17 Q2’18 Q1’18 Q3’18 Q4’18

Revenue Adj. EBITDA(3)

USDm

2%

7% 9%

13%

15%

% EBITDA Margin

Q4 revenue +63% YoY