#1Presentation of Hexagon Purus a Hexagon Composites company HEXAGON PURUS 24 August 2020 HEXAGON#2Disclaimer and important notice HEXAGON 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. 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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. 2#3Hexagon Purus to be spun off and listed as a separate company e-mobility HEXAGON 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#4Separating Hexagon Purus as a stand-alone company to strengthen both Hexagon's g-mobility and e-mobility (Hexagon Purus) businesses Strategic rationale for separating e-mobility and g-mobility Logical step from an industrial and financial perspective - unlocking value by creating two focused companies HEXAGON Individual strategic agendas and investment stories g-mobility/ Hexagon Individual strategies for future funding, capital allocation and dividend policy e-mobility / Hexagon Purus Hexagon Purus will be a pure-play e-mobility company attractively positioned to benefit from the tremendous growth in the e-mobility market Hexagon will be a g-mobility-focused company with attractive profitability and an array of longer-term growth opportunities, targeting several initiatives to drive low-emission fuel adoption#5Hexagon Purus - world leading within hydrogen cylinders / systems and electric drivetrain solutions 1 2 Hydrogen storage, cylinders and cylinder systems TM HEXAGON Battery systems and electric drivetrain integration Compressed hydrogen type 4 cylinders Cylinder systems Powertrain integration for zero emissions medium and heavy- duty vehicles (BEV, FCEV, hybrids) Example of parts Hexagon Purus integrate in fuel cell electric trucks Hydrogen storage cylinders Modular battery system Battery system eFEAD Electric Front End Accessory Drive (eFEAD) Power electronics LO 5#6Creating a truly unique pure-play e-mobility company II III HEXAGON In pole position to benefit from game changing market opportunities for hydrogen and battery electric solutions globally driven by the ongoing ESG push towards a zero emission society Global leader in Type 4 cylinders, a key enabling technology for hydrogen mobility, set to accelerate growth in an addressable market that is expected to reach ~USD 7bn in 2030 Unique hydrogen and battery systems as well as electric drivetrain integration capabilities meeting OEM standards IV Strong customer relationships – notable early successes with major OEMs in North America, Europe and Asia - V Established manufacturing footprint with serial production and tier 1 supply capabilities VI Positioned for significant growth with record-high activity and substantial expansion potential in China through announced partnership with CIMC ENRIC 6#7Hexagon Purus - a global leader in the e-mobility space Experienced executive team Main locations CEO Morten Holum Kelowna, British Columbia CFO Costa Mesa, California Lincoln, Nebraska Taneytown, Maryland Dilip Warrier Fontana, California EVP, LDC1 Michael Kleschinski EVP, Systems Todd Sloan O Oslo, Norway Kassel, Germany China TM HEXAGON (JV with CIMC Enric) SVP, Asia Engineering center Production/assembly site Sales office/representative Headquarters Frank Häberli Partnership (/representative) 1 Light Duty, Cylinders and Distribution 7#8- Decarbonization is high up on the global agenda – strong push to limit carbon emissions... HEXAGON Covid-19 has given us the chance to build a low-carbon future Christiana Figueres Lockdown won't save the world from warming, but the pandemic is an opportunity to pursue a green economic recovery Christiana Figueres was head of the UN climate change convention that achieved the Paris agreement in 2015 An Europe, car manufacturers are pushing to loosen emissions standards Geman chancellor Angela terkel at Punkfurt Auto Show last year. Photograph Sean Gallup/Getty Images 185 European Union to Spend 20 Billion Euros on Clean Cars musam bBUROPE, WORLD, GEMERAL HIGHWAYS, HEROLDE, Aut Net zero by 2050: Diageo, H&M, and Rolls-Royce join drive to avert climate catastrophe 5,200 220-2 Parties that have ratified the Paris Agreement to date out of 197 parties to the UNFCCC in E&ENEWS CLIMATE Reducing China's CO2 Emissions Would Curb Deadly Air Pollution in the U.S. China's move away from fossil fuels would mean 2,000 fewer premature deaths in the U.S. by 2030 By John Fall EBE News on July 26, 2019 READ THIS NEXT UN Launches "Race to Zero" Ahead of Delayed COP 26 Climate Talks STEVE ZWICK The COVID-19 pandemic has pushed year-end climate talks back to late 2021, but the UN's Climate Ambition Alliance is using the extra year to promote a "Race to Zero" emissions designed to ensure the post-pandemic economic recovery is a green one. Gract: Warp Dang China's pledge to cut its carbon dioxide emissions beginning in 2030 includes a generous gift for its downwind neighbors: less deadly air pollution. SPONSORED CONTENT The Transformative Power of 5G PUBLIC HEALTH Zoom Psychiatrists Prep for COVID-19's Endless Ride 1-Gary CONSERVATION Whale Protections Need Not Cause Lobstering Losses 10 Iago-Jean Goldm POLICY & ETHICS Racism, Not Genetics, Explains Why Black Americans Are Dying Of COVID-19 16 hours ago - Clever Gods Of BEHAVIOR & SOCIETY British carbon tax leads to 93% drop in coal- fired electricity by Unteralty Callage Landus 66 Countries that have announced net zero emissions as a target by 2050 PARIS2015 UN CLIMATE CHANGE COMF COP21 CMP11 8#9...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 Source: «Path to hydrogen competitiveness. A cost perspective». Hydrogen Council 01-20 HEXAGON 9#10Hexagon Purus in pole position to benefit from the huge market opportunity – H2 cylinder market expected to grow to USD -7bn HEXAGON Passenger vehicles Vans, LCV and LDT MDTS and HDTS Bus Other mobility2 HEXAGON PURUS' ADDRESSABLE HYDROGEN CYLINDER REVENUE POOL (USDbn)¹ 6.3x Hydrogen distribution by truck HRS on site storage H2 vehicle adoption rate³ 2025 2030 6.9 2.3% 5.1% 11.0x 1.1 0.1 2020E 2025E 2030E 1.0% 7.0% 0.2% 1.6% 0.1% 1.3% 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 1) Assuming all end-users use compressed gas hydrogen cylinders in all mobility segments, 2) Includes marine, rail, drones aviation, farming equipment, construction and mining equipment 3) % of vehicles sales, 4) % of addressable market 2030E 10#11In partnership with CIMC ENRIC - strong growth in FCEVs and hydrogen infrastructure expected in China over the next decade ти CIMC ENRIC HEXAGON PURUS 750,000 FCEVs in 2030 25% of new car sales to be zero emissions by 2025 HEXAGON • • 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 3,000 H2 refueling stations in 2030#12Tremendous growth in the market for system integration representing a key opportunity for Hexagon Purus HEXAGON PURUS' ADDRESSABLE SYSTEM INTEGRATION MARKET FOR MDV/HDV (USDM) ~10 2020 ~45x ~450 2025 Battery electric vehicles/system integration (BEV) ✓ US represent the main addressable market; still in early stage ✓ Serving multiple OEMs in various stages of developing native BEV platforms 69%1 8% HEXAGON Share of ZEV MDV/HD market 2020 Fuel cell electric vehicles (FCEV) / system integration ✓ US, Europe, China, Korea and Japan represent the key markets ✓ Currently relatively low volume (prototypes) with multiple OEM partners, but demand for FCEV powertrains expected to pick up significantly over the medium-term Share of ZEV MDV/HDV market 2030 21%1 92% 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 12#13Hexagon Purus is approaching the market from a clear leadership position Hexagon Purus is the hydrogen Type 4 cylinder champion HEXAGON World class type 4 high-pressure vessels Advanced technology and unique competence ✓ Industry-leading storage density Products adhering to highest safety and quality standards Extensive experience and know-how >50 years of experience with composite high-pressure technology and clean fuel systems Broad ability to help customize products Strong customer and strategic partnerships Unparalleled track record with world class customers High market shares Strategic partnership and joint venture with CIMC ENRIC Unique industrial scale for high-volume production Flexible and scalable across cylinder specifications State-of-the art manufacturing methods More than 500 000 high- pressure cylinders delivered 13#14Strong customer relationships across a variety of end-use applications HEXAGON PREMISSIONS WORLD G AW FLYER xcelsior CHARGE H2 xcelsior CHARGE H2 1st iteration Toyota truck (Photo: Toyota) 350 bar cylinders for the Xcelsior transit bus - operating in California, US ZERO 654 101 O 700 bar cylinders to Mercedes GLC-FCELL (Photo: Daimler AG) 300 bar and 500 bar gas distribution modules for Linde (Photo: Linde AG) CASCADIA 111 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 14#15- 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 HEXAGON "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 15#16...following a line of several recent key announcements... BY TO 21 July: Granted $2.6m funding by the U.S Department of Energy 3 June: Awarded contract by Toyota for hydrogen powered electric heavy-duty trucks 29 July: Awarded contract to produce high-pressure cylinders for a major new aerospace customer H2@Scale. U.S. Department of Energy Photo: iStockphoto. For illustration purposes only HEXAGON 18 July: Received first contract to provide hydrogen transport modules in the US 16#17...and a project pipeline supporting acceleration of growth in concert with the market HEXAGON LIGHT-DUTY VEHICLES MEDIUM & HEAVY DUTY DISTRIBUTION MARINE, RAIL, GROUND STORAGE AND MOBILE REFUELING OTHER High number of hydrogen development projects across all segments More than 50 projects 17#18Creating a truly unique pure-play e-mobility company II III HEXAGON In pole position to benefit from game changing market opportunities for hydrogen and battery electric solutions globally driven by the ongoing ESG push towards a zero emission society Global leader in Type 4 cylinders, a key enabling technology for hydrogen mobility, set to accelerate growth in an addressable market that is expected to reach ~USD 7bn in 2030 Unique hydrogen and battery systems as well as electric drivetrain integration capabilities meeting OEM standards IV Strong customer relationships – notable early successes with major OEMs in North America, Europe and Asia - V Established manufacturing footprint with serial production and tier 1 supply capabilities VI Positioned for significant growth with record-high activity and substantial expansion potential in China through announced partnership with CIMC ENRIC 18#19A. Appendix TRUCK PARKING ONLY BITE MITE 4 2890737 PENSKE ELECTRIC VEHICLE Carrie PENSKE ELECTRIC VENCLE RB1967222 TRAILE 0 HEXAGON CAUTION#20Hexagon Purus in brief – global leader in the e-mobility space Market segments Medium & Heavy-Duty Vehicles Costa Mesa, US Light-Duty Vehicles Fontana, US Distribution Other 00 00 Main locations Oslo, Norway Kelowna, Canada Lincoln, US Kassel, Germany Taneytown, US China (JV with CIMC Enric) HEXAGON State-of-the-art technology TYPE-4 Fiberglass/carbon full wrap, plastic liner Type 4 hydrogen cylinder ✔ Hexagon Purus' high-pressure Type 4 cylinders are a key enabler of FCEVs, hydrogen storage and distribution ✓ Hexagon Purus delivers complete BEV & FCEV drivetrains, hydrogen and battery systems for medium- and heavy-duty vehicles ✓ Able to store energy at industry- leading storage density with uncompromised safety ✓ Optimal combination of weight, efficiency and durability Engineering center Headquarters Production/assembly site Sales office/representative Partnership (/representative) Modular battery pack Blue-chip customers and partnerships Colonel• Audi MAN FCA CEO HINO FIAT CHRYSLER AUTOMOBILES TOYOTA Morten Holum Air Liquide JV announced in May 2020 DAIMLER Linde ☑ CIMC ENRIC Peterbilt MITSUI & CO. Northeast Asian OEM with global presence Experienced key management EVP, LDC Michael Kleschinski EVP, Systems Todd Sloan CFO Dilip Warrier SVP, Asia Frank Häberli The history of Hexagon Purus in short 1963: First filament wound product Lincoln Composites begins filament wound rocket motor cases for NASA 2006-2010: Market development of type 4 high-pressure systems as well as high pressure cylinders for hydrogen. Secures Daimler and Linde as anchor customer 2011: Strategic focus on the energy and mobility market 2016: Hexagon Composites acquires xperion and strengthens its position in hydrogen composite pressure vessel market Jan-20: Established as a stand-alone company to create a pure play on zero emission mobility applications 20 20#21An important step for both Hexagon and Hexagon Purus - a stronger future for both groups G-mobility / Hexagon E-mobility/ Hexagon Purus Transportation, Distribution & Cylinders H2/EV systems JV in China Hydrogen solutions and cylinder systems Full powertrain integration for medium & heavy-duty commercial vehicles JV with CIMC Enric, a leading Chinese clean energy equipment player MasterWorks e-mobility ZERO EMISSON H₂ GAS High-pressure cylinders for special applications, including aerospace Battery Electric Hydrogen Agility Mobile Pipeline CNG fuel solutions for medium and heavy-duty vehicles Gas transportation Ragasco Digital Wave LPG cylinders Cylinder testing equipment and associated inspection services LDV Cylinder and cylinder systems (CNG business) for CNG mobility g-mobility LOW EMISSION HEXAGON CNG RNG LPG Compressed Natural Gas Biogas / Renewable natural gas Liquefied petroleum gas 21#22FY 2019 | e-mobility & g-mobility financials*, NOKm Solid base with profitable g-mobility business, supports major future growth in e-mobility HEXAGON e-mobility HEXAGON HYDROGEN ZERO EMISSION REVENUE EBITDA BEV H² 5 615M -47M MASTERWORKS CNG LDV -8% MARGIN The CNG LDV business to be transferred i from Hexagon Purus to g-mobility/Hexagon prior to the spin-off to position Hexagon Purus as a pure-play listed e-mobility company g-mobility HEXAGON HAS SOLUTIONS ACROSS THE ENTIRE CLEAN FUELS SPECTRUM 2019 GROUP REVENUE: 3,416M 2019 GROUP EBITDA: 360M (11%) (AFTER ELIMINATIONS/OTHER) AGILITY LOW EMISSION REVENUE EBITDA MOBILE PIPELINE 2,939M 346M RAGASCO 12% MARGIN *Preliminary unaudited pro-forma figures after adjusting for reorganizations of e-mobility business units 22 22#23DRIVING ENERGY TRANSFORMATION HEXAGON