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CEO Presentation Annual General Meeting May 14, 2020 Annual General Meeting May 14, 2020 The evolution towards a hydrogen society is moving faster than we expected just a year ago. Torbjrn Sandberg CEO, Impact Coatings AB Annual

  1. CEO Presentation Annual General Meeting May 14, 2020 Annual General Meeting ‒ May 14, 2020

  2. ”The evolution towards a hydrogen society is moving faster than we expected just a year ago.” Torbjörn Sandberg CEO, Impact Coatings AB Annual General Meeting ‒ May 14, 2020

  3. 2019 in brief ▪ Positioning among fuel cell industry leaders ▪ Joint Development Agreement (JDA) with Hyundai ▪ First customer delivery of INLINECOATER™FC ▪ Record-high net revenue of SEK 49 million MoU signing in Seoul, December 18 ▪ Shipment of four coating systems (whereof one final acceptance in January 2020) ▪ System order from Beijing Shouhang Resources Saving Co., Ltd. ▪ System order from Scandinavian eyewear manufacturer ▪ Order flow did not reach expectations, but strong sales pipeline remains ▪ Directed equity issue to Hyundai and Accendo Capital provided gross liquidity SEK 65 million Annual General Meeting ‒ May 14, 2020

  4. Q1 2020 ▪ System order from Zanini Auto Group (Spain) for radomes – radar-transparent emblems ▪ System order from German supplier of precision tools to the global textile industry ▪ Order book at period-end for planned delivery 2020: EUR 2.1 million COVID-19 implications ▪ Following recommendations of the Swedish Public Health Authority and Ministry of Foreign Affairs ▪ System manufacturing largely unaffected, Q1 orders provide satisfactory utilization ▪ Aftermarket sales and Coating Services somewhat affected by closed customer factories ▪ Joint-development work with partner Hyundai delayed by South Korea closure and travel restrictions ▪ Sales and marketing activities delayed due to closed customers and travel restrictions Annual General Meeting ‒ May 14, 2020

  5. Impact Coatings AB ▪ Founded: 1997 Supplier of world-class PVD technology for environmentally ▪ Head office: Linköping, Sweden friendly surface coatings in growing business areas. ▪ Employees: 32 Many customers are active in the automotive industry, and the company is strategically positioned in the international market for ▪ Listed on Nasdaq Stockholm, First hydrogen-powered fuel cell vehicles. North Growth Market (IMPC) Annual General Meeting ‒ May 14, 2020

  6. PVD (physical vapor deposition) ▪ Thin film vacuum coating technology ▪ Environmentally-friendly, replacing wet coating processes ▪ Wide and growing industrial use ▪ Unlimited range of materials and coating properties Annual General Meeting ‒ May 14, 2020

  7. World-class PVD products and services Coating equipment ▪ INLINECOATER™ – high coating quality, versatility, quick and easy maintenance, and possibility to integrate into production flows System solutions ▪ Equipment, coating technology, coating materials, and after sales ▪ MAXPHASE™ – proprietary coatings for electrical applications, e.g., fuel cells and electrical connectors Annual General Meeting ‒ May 14, 2020

  8. World-class PVD products and services Coating Services ▪ Full-service in-house coating operation ▪ Customers within fuel cells, decorative, electrical contacts, medical technology, and other application areas ▪ Complements sales of equipment and system solutions ▪ Supports R&D, prototype and pilot production for fuel cell customers Annual General Meeting ‒ May 14, 2020

  9. Company strategy: We aim to build a solid business within DMR today, with a large future potential in fuel cells Impact Coatings’ proven competitiveness High “Invest in fuel cells for the future” Decorative (D) Fuel cells (FC) Metallization (M) Reflectors (R) Low “ Build stable core business in DMR today ” Time to multi-system sales Annual General Meeting ‒ May 14, 2020

  10. Decorative, Metallization and Reflectors (DMR) Decorative coatings ▪ System solutions for superior quality, color consistency and scratch resistance for metal consumer products (eyewear, watches, etc.) ▪ Strong track-record, and preferred supplier status, at leading European manufacturers of high-quality products with own brands Plastic metallization and reflector coatings ▪ Cost-efficient production solutions for metallized plastic ▪ Integrating PVD equipment with plastic injection molding in compact automated production cells ▪ European and Chinese automotive component suppliers using Impact Coatings’ solutions Annual General Meeting ‒ May 14, 2020

  11. Radomes and antennas – emerging metallization applications New potential high-volume business opportunities driven by safety and autonomous driving systems. Impact Coatings’ plastic metallization solutions provide outstanding cost-efficiency and quality control. Radomes ▪ Radar transparent emblems/covers for vehicle radar, e.g. for ADAS – advance driver assistance systems ▪ Important system order from Zanini Auto Group (Spain) for radomes in Q1 2020 Plastic antennas ▪ Automotive, IoT and 5G ▪ Several component suppliers developing new plastic antenna solutions Annual General Meeting ‒ May 14, 2020

  12. Fuel Cells (FC) ▪ Coating solutions provider for metal bipolar plates, a key component in hydrogen fuel cells Ceramic MAXPHASE™ - durable performance ▪ and low cost for LT-PEMFC used for fuel cell electric vehicles Independent third-party performance verification by ZBT GmbH completed Q1 2020 INLINECOATER™FC equipment ▪ ▪ Coating Services for R&D and pre-series production Annual General Meeting ‒ May 14, 2020

  13. FC market driven by heavy transportation ▪ Accelerated evolution of a hydrogen society driven by large industrial countries (Japan, South Korea, China, Germany) ▪ European Commission initiated Clean Hydrogen Alliance, to promote green hydrogen production in Europe ▪ Aggressive production plans for FC vehicles by many OEMs, primarily for heavy transportation (trucks, busses) Impact Coatings’ market ▪ Automotive OEMs and FC suppliers – development and volume production solutions for new vehicle platforms ▪ Automotive and other FC niche applications – faster introduction ▪ Strategy to work with FC industry leaders and companies with sound finances and management Annual General Meeting ‒ May 14, 2020

  14. Hyundai: new major shareholder and development partner Press releases October 30, 2019 Headquarters in Seoul, South Korea Hyundai Motor Group: One of the world’s five largest automotive manufacturers Sold more than 4.5 million vehicles globally in 2018 More than 110,000 employees worldwide At the forefront of hydrogen fuel cell electric vehicle (FCEV) development. " Hyundai aims to produce 700,000 fuel-cell systems annually by 2030 including 500,000 units for FCEVs Hyundai Motor Group’s FCEV Vision 2030 (December 2018) Annual General Meeting ‒ May 14, 2020

  15. Joint Development Agreement (JDA) with Hyundai H 2 We will develop leading coating technology for metal bipolar plates for FCEV Automotive and fuel cell industry leadership Establish office in South Korea , focused on development, and sales to Asian market World class PVD coating expertise Sales coordination and automotive industry credibility when approaching other customers A mutually beneficial development agreement Mutual time-limited exclusivity on new technology that we develop together Annual General Meeting ‒ May 14, 2020

  16. Equity investment from Hyundai and Accendo Capital Directed share issue end of 2019 ▪ ▪ SEK 38 million gross proceeds, SEK 27 million gross proceeds, 10.4% post-transaction ownership 12.0% post-transaction ownership ▪ ▪ Dr. Sukhwan Yun elected to the board of directors Largest owner since December 2017 (pre-transaction: 5.6% ownership) ▪ Industrial owner that adds credibility, industrial ▪ know-how, and distribution channels Dedicated long-term financial owner " " Our investment in these innovative companies will Accendo Capital continues to demonstrate its long- reduce the production cost of FCEVs… term commitment and is instrumental in the company’s strategic progress and strong governance Youngcho Chi, President and Chief Innovation Officer, Hyundai Motor Group Torbjörn Sandberg, CEO, Impact Coatings Annual General Meeting ‒ May 14, 2020

  17. Financial results 2019 and Q1 2020 Financials (SEK thousands) Q1 2020 Q1 2019 FY 2019 FY 2018 FY 2017 Net revenue 5 023 2 947 49 084 20 194 25 014 Total income 6 574 6 452 39 366 30 609 30 418 Operating profit (EBIT) -5 883 -10 320 -26 368 -37 568 -30 111 Net income -5 885 -10 323 -26 387 -37 593 -29 887 Cash flow from operations -4 851 -8 685 -31 781 -13 320 -43 802 Cash and liquid assets 73 934 37 984 78 785 46 669 65 386 Interest bearing debt 0 0 0 0 2 061 Shareholder equity 96 120 54 001 102 005 64 324 101 987 Annual General Meeting ‒ May 14, 2020

  18. Summary ▪ World-class PVD products and services in growing business areas ▪ Continued strategic focus on DMR – radomes and antennas new potential volume areas ▪ Well-positioned for the quickly evolving hydrogen and FC market ▪ Hyundai key development partner in FC coating solutions ▪ Strong, long-term shareholders Accendo Capital (12%) and Hyundai Motor Company (10%) ▪ 2019: record-high net revenue of SEK 49 million with work ongoing to improve order flow ▪ Q1 2020: important radome system order from Zanini Auto Group, and system order from German textile industry supplier ▪ Limited COVID-19 effects for the company so far Annual General Meeting ‒ May 14, 2020

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