Investor Presentation

December 2019

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Welcome message

Zero-carbon hydrogen is key to succeed in the global fight against Climate Change.

As a global innovative player, McPhy has in a decade positioned itself among the leaders in clean H2.

Now is the time to accelerate the pace of change, to scale-up and to industrialize clean hydrogen technologies

to lower their costs and boost the rise of clean, secure and cost-competitive hydrogen ecosystems.

WELCOME TO THE “UNLIMITED HYDROGEN” ERA.

LAURENT CARME | CHIEF EXECUTIVE OFFICER

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Today’s speakers and Agenda

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McPhy at a Glance1

Technology & Strategy3

Key Achievements & Next Steps4

Laurent Carme Chief Executive Officer

Emilie Maschio Chief Financial Officer

Markets Trends2

McPhy at a Glance| Driving clean energy forward

Shutterstock

Born from Innovation, Driven by Ambition | Major step changes

2008

IncubationHydrogen solid-state storage, technological and scientific partnership with CEA and CNRS

2010

Fundraising€9.2m raised from Sofinnova Partners, Gimv and Amundi Private Equity

2012

Fundraising & PIEL€10.1m raised from BPIfrance Investissement

Acquisition of PIEL in Italy (small and medium electrolyzers)

2013

DiversificationMoved beyond electrolyzersinto hydrogen refueling stations

2014

IPOIPO on Euronext Paris enabled McPhy to raise €32m

2018

PartnershipStrategic partnership with EDF via a €16m reserved capital increaseEDF becomes the main shareholder of McPhy

2018

Industrialization& Scale up“Augmented” product range:multi-MW and multi-tons equipment,large scale units, deep integration

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Technologies & Markets| Covering all H2 market segments

* References that are already operational, being installed or under development | Among them: 4MW ELY and 2 HRS are conditional part of the ZEV framework contract [18 June 2020]

A fit-for purpose offer, ideally positionedto capture the market opportunities

Electrolyzers

Refueling Stations

• Pressurized Alkaline 30 bar

• Capacity to integrate PEM

• 1MW high-density stack

• 41 MW installed base*

• Already in multi-MW industrial market

• Full range covered, from 20 to 800 kg,350b, 700b & DP

• 30 HRS installed base*

• Patented Augmented McFilling (> 2 tons / day)

• Ready for very large scale

THE “MARKET ENABLER”• H2 is best solution for heavy mobility decarbonization (buses,

trucks, trains, boats)

• Large stations (> 200 kg/day) require ELY/HRS integration

• Mobility is also the way to grow public awareness and acceptance on H2

THE “SCALE-UP DRIVER”• “Grey” H2 production for industry generates 2% of world emissions

• Key applications are Refineries, Ammonia, Methanol and DRI

• Large capacity electrolyzers (> 100MW) are required, allowing cost-out through economies of scale

THE “MEDIUM-LONG TERM GROWTH RELAY”• Growing intermittent renewables require energy storage for

surpluses

• H2 produced can be reused to generate electricity or to be injected in gas networks (H2 or synthetic CH4)

INDUSTRY

MOBILITY

ENERGY

Industrial infrastructure| A scalable European industrial base, with global reach

FRANCE

Engineering& Manufacturing

Refueling stations manufacturingand assembly, unique innovation

platform and test bench

GERMANY

EngineeringEngineering development and EPC

for multi-MW electrolysis units

ITALY

Engineering& ManufacturingStack manufacturing, electrolyzers assembly, small electrolyzers engineering

98 PEOPLE

< Production capacity per annum >

GLOBALLY

Sales & ServicesGlobal reachBacked by our technological & industrial partnership: EDF / Hynamics, De Nora…

20 to 30stations p.a.

100 to 300MW p.a.

EDF Pulse Croissance Holding

20.70 %

BpifranceInvestissement

7.57 %

Strong shareholderssupporting McPhy

for long-term growth

Strengthening our financial position to:

Address the accelerationof the activity

Finance innovationand product development

Cover mid-term working capital requirements

Floating

71.73 %

Financing our growth| McPhy shareholding

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Market capitalization [June 19th 2020]

> €200m

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Markets Trends

EnergieDienst 1MW

Pure Hydrogen By-product Hydrogen

% of total demand

Uses

The Current and Future Hydrogen Market

Oil Refining

Ammonia Production

Methanol

Steel Production

Global annual demand for hydrogen since 1975 (in MtH2/year)

Demand for hydrogen is expected to boom by 2050

Hydrogen has been used extensively in many industrial sectorsHydrogen holds long-term promise in many sectors beyond

existing industrial applicationsB

10

0

100

200

300

400

1975 1980 1985 1990 1995 2000 2005 2010 2015 2018 2050 (1)

in MtH2

Source: IEA 2019, DeloitteNote: (1) only pure hydrogen

60% 40%

Zero-carbon hydrogen

Uses

Production Electrolysis Electrolysis Electrolysis

Growth prospects +++ ++ +

Mobility Energy

A

B

A

Hydrogen is dominated by mature industrial applicationsHydrogen mobility is heading for a bright future and will drive growth in demand alongside industrial sectors, territory and power

Industry

1kg H2produced

12 kg CO2emitted

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The overwhelming majority (99%) of hydrogen produced today stems from fossil fuels

Conventional H2 is Responsible for Massive CO2 Emissions

Source: IEA 2019

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Natural Gas75%

Oil & Coal24%

Renewables1%

Carbon Capture, Utilization and Storage

(CCUS)

Steam Methane Reformers (SMR) are the workhorse of such hydrogen production

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Each year, the production of hydrogen by SMR is responsible for massive CO2 emissions

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The capturing and storing of the carbon emitted is inherently not carbon-free

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SMR

Proven

- Methane and high temperature steam react

under pressure to produce hydrogen

Competitive

- Price range: €1-2/kgH2

Mature

- Developed in the 1920’s

- Key SMR players:

Strong investment needed

- Potential additional cost of €0.5/0.7 per kg vs. hydrogen produced by SMR

Environmental and technical challenge

- CCUS leads to +10% of fuel consumption

- Storing CO2 underground acidify aquifers

Residual emission of CO2

- c.90% of CO2 is captured at best

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CO2 related to SMR

2% of total CO2 emitted worldwide

100 Mt of hydrogen produced in 2019

Hydrogen annual production consumes c.6%

of global natural gas use and c.2% of global coal use

Zero-carbon H2 is Emerging as an Alternative to SMR

All the stars are aligned for hydrogen to experience strong growth prospects

Zero-carbon hydrogen produced by electrolysis is the hydrogen of tomorrow

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We expect hydrogen to be the most effective solution in some sectors of the economy, like heavy duty transport or industrial processes

Jean-Bernard Levy – CEO of EDF

12Source: IEA 2019, The American Society of Mechanical Engineers

Electrolysis: how does it work ?

An

od

e

Cat

ho

de

+ -

Alkaline electrolyte

O2

Electron flow

Hydrogen Collector

DC power

OH- H+

- ----

-

Oxygen Collector

1 Two electrodes (anode and cathode) operate in a liquid alkaline electrolyte solution linked to DC power

2 Electricity must flow properly; positive ions (H+) and negative ions (OH-) must be directed to electrodes of opposite charge

3Potassium hydroxide is added to improve conductivity, close the electrical circuit and allow the reaction to take place

+ ++++

+

DriversImpact of

DriverToday’s situation

Carbon PriceRising carbon price set to boost momentum

Carbon prices were multiplied by almost 6 since 2017

National objectives as regards to climate change

Environmental policies have never been so stringent and ambitious

Paris Agreement, European Commission climate-neutral strategy for 2050, UK Climate Change Act etc.

Electricity price vs. primary energies price

Renewable energy sources have significantly improved zero-carbon hydrogen competitiveness

The levelized cost of electricity for solar PV is down by 75% since 2010

Technological maturityThe technology has proven its resilience and stability

Alkaline technology is a 200-year old technology

Alkaline and PEM to Jointly Support the Growth of the Electrolysis Market in the Next Decade

ALKALINE PEM

Maturity of technology +++ +

Performance ++ +

Capex requirement (USD/kWe) 500 – 1,400 1,100 – 1,800

Power consumption(1) (Kwh/kg) 55 58

Stack lifetime (hours) > 80,000 > 40,000

Operating pressure (bar) 1-30 30-80

Load range (%, relative to nominal load)

10-110 0-160

Footprint(1) (m2/MWe)95 (atmospheric)

45 (pressurized)

44 (atmospheric)

40 (pressurized)

Electrical efficiency (%, LHV) 63 – 70 56 - 60

Alkaline

PEM

• 200-year old technology that has proven long term resilience and stability

• Avoidance of precious materials enables lower Capex than PEM

• Alkaline is more adapted to large scale projects

• Limited track record of long term reliability

• Shorter lifetime than Alkaline

• Ability to produce highly compressed hydrogen

• More flexible than Alkaline and can be quickly switched on and off without any need for preheating

13Source: IEA 2019Note: (1) considering a 20 MW electrolyzer

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2

1 2

Today, it is not possible to say whether one of these two technologies will take the lead over the otherThe scientific and industrial consensus rather pleads for cohabitation over the next decade

Scale-up is Required to Unlock Zero-carbon Hydrogen Competitiveness

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0

1

2

3

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COST OF

ZERO-CARBON HYDROGEN

2020

2030

COST OF AN

ELECTROLYSIS UNIT

COST OF A

REFUELING STATION

ECONOMIES OF SCALE1 INCREASING NUMBER OF BIGGER PROJECTS2 TECHNOLOGY UPGRADE3

The cost of zero-carbon hydrogen is falling off2

Zero-carbon hydrogen competitiveness depends on three critical drivers1

Source: Hydrogen Council StudyNote: (1) “large station,” c.1 ton / day

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Technology & Strategy

ENGIE SMT AG

Technology References Competitiveness

• Leverage global footprint (France, Italy, Germany)

• Adapt organizationto growth

• Capitalize on talents

• Increase diversity

Team

• Continue to improve pressurized alkaline electrolysis – The most proven and reliable process for large-scale zero-carbon H2

• Align with customer needs through modularity and scalability of systems

• Execute Product Cost-Outroadmap

• Reach critical size and leverage economiesof scale

• Consolidate state-of-the-art HRS product portfolio

• Develop Augmented McFilling (> 2tons / day)

• Strong position: 30 HRS

• SMT-AG: 1st bus station in France (0.5MW + 200 kg)

• ZEV: involved in the largest French project

• Develop EPC and Serviceoffering

• Strong position: 41 MW

• Jupiter 1000: 1st power-to gas project at MW scale in France (1 MW)

• Djewels: largest H2 production unit in Europe (NL, 20MW)

Scale-up Strategy | Meet customer needs & lower costs

References that are already operational, being installed or under development | Among them: 4MW ELY and 2 HRS are conditional part of the ZEV framework

contract [18 June 2020]

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Fit-for-purpose| Cutting-edge, modularized, scalable equipment for the whole value-chain

Leading designer, manufacturer and integratorof zero-carbon hydrogen production (electrolyzers)and distribution (hydrogen stations) equipment

Installed Base| Building key market references in Europe

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ZERO-CARBON HYDROGEN ZERO-EMISSION MOBILITY

Audit E-GAS | Capacity: 6.0 MWA

Prenzlau | Capacity: 0.5 MWB

H2Ber | Capacity: 0.5 MWC

EnergieDienst | Capacity: 1.0 MWD

Jupiter 1000 | Capacity: 1.0 MWE

RAG | Capacity: 0.5 MWF

Confidential DE Customer | Capacity: 2.0 MW

Hynamics (EDF) | Capacity: 1.0 MWI

Engie & SMT-AG | Capacity: 0.5 MWG

Nouryon & Gasunie | Capacity: 20.0 MWJ

Valence | Kg/Day: 20D

Fahyence | Kg/Day: 40F

Engie Lab Singapore(2) | Kg/Day: 20

Confidential DE Customer | Kg/Day: 200

Engie & SMT AG | Kg/Day: 200J

Sorigny | Kg/Day: 20L

EAS-Hymob x 7 | Kg/Day: 20M

H2 Mobility Germany | Kg/Day: 200N

Confidential FR Customer | Kg/Day: 20

GNVert & CNR | Kg/Day: 80P

RiverSimple UK | Kg/Day: 20G

Confidential Customer | Kg/Day: 20

Sinopec(1) | Capacity: 4.0 MW

Symbio Grenoble | Kg/Day: 5A

City of Paris | Kg/Day: 20B

Engie GNVert Lyon | Kg/Day: 20C

City of Rouen | Kg/Day: 20E

Semitan Nantes | Kg/Day: 10H

Rungis | Kg/Day: 20I

Navibus Nantes | Kg/Day: 5K

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D

AB

E

F

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J

D

F

H K

M

PA

B

C

E

J

I

L

Notes: (1) Hebei Province, China, (2) SingaporeReferences that are already operational, being installed or under development | * Among them: 4MW ELY and 2 HRS are conditional part of the ZEV framework contract [18 June 2020]

O

C NQ

O

Q

H

H

R

R

41 MW 30 stations

ZEV (Hympulsion) x5* | Kg/Day: 400-800S

S

ZEV*| Overall capacity: 4.0 MWK

K

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JUPITER 1000

Testing the performance of two electrolysis technologies (ALKALINE & PEM)

under real conditions and on a real scale

| First Power-to-Gas project at a MW-scale in France Alk. + PEM

1 MW

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Fos-sur-Mer, France | Commissioning: 2019

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| The largest zero-carbon hydrogen production unit in Europe

DJEWELS (Nouryon & Gasunie)MW HCD20

| 20

Delfzijl, The Netherlands | Contract: 2020

Key project to establish zero-carbon hydrogen competitiveness at large-scale

20 MW: 3,000 tons of zero-carbon H2 / year and 27,000 tons of Co2 emissions avoided / year

ENGIE & SMT AG

Béthune, France | Commissioning: 2019

Fleet of 6 buses powered by a 200 kg/day station connected to 0.5 MW of electrolysis

Design: Compression redundancy, two distribution units

| First H2 station dedicated to public transport in France

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kg + 0,5 MW

200

| The largest H2 mobility deployment project in France

ZERO EMISSION VALLEY

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4 MW5 HRS

Consortium led by McPhy delivering 14 stationsand 4 MW electrolyzer in AURA region

One of the most ambitious zero-emissionmobility project in Europe

McPhy technologies (framework agreement):5 HRS 200 kg / day + 4 MW electrolysis

Auvergne-Rhône-Alpes Region, France | Contract: June 2020

• Strong investment on innovation:proprietary and patentedtechnologies

• Backed by a strong technological partnership strategy

Technology| A strong innovation policy

INNOVATION| Among our partners:

[1] Real-scale test bench for our electrolyzers, commercial and

technological partnership

[2] High current densityelectrodes

[3] Highest safety standards assessment

[1]

[2]

[3]

Modular & Innovative Technology| Large-scale alkaline electrolysis

INNOVATION| Augmented McLyzer

High current density

Flexibility and fast response timefrom 0 to 100% in < 30 sec

from 100% to 0 in < 5 sec

High efficiency: < 4,9 KWh / Nm3

High-pressure: 30 bar

Best TCO in its segment

Compact footprint:20 MW installed in less than 1000 m2

Highest quality & safety standards

Selected by leading industrial players

20 MW Cluster

100 MW Plant

McLyzer 800: 4 Stacks

• “Plug and Play”technology

• Wide range to best suit our customer needs

• Modularity: f.e., the“500-350/700” modelis modularized => as of 200 and up to 800 kg

• 96% availability

• IR connector: 350 – 700 bar compliance

• On-site electrolysis

Modular & Innovative Technology| Large-scale refueling stations

INNOVATION| Augmented McFilling

Proprietary& patented architecture

Dynamic reconfiguration

Increased availabilityand flexibility

Optimized energy efficiency

Optimized investmentand operating costs

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Key Achievements& Next Steps

Sorigny

Key achievements | McPhy 2019

Launch of Augmented

McFilling

Order intake:

€13m+63%

Strong position on the

biggest projects

Increasingindustrialization

of our manufacturing processes

Capital increase of

c.€7 m(Nov. 2019)

Cash

€13m

Achievements Revenue

Revenue

€ 11.4m+43%

Operating Margin

€(6.0)m+36%

ManufacturingInnovationPeople

Nominationof a new CEO

New COO France

Strengthening our HR and field

of expertise

98 people

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References that are already operational, being installed or under development | Among them: 4MW ELY and 2 HRS are conditional part of the ZEV framework contract

[18 June 2020]

Snapshot| McPhy today

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Let’s work together

Experienced team, fully committed

Strong references, confidence of key global players in the industry, mobility and energy sectors

Zero-carbon hydrogen production& distribution: proven & best in class technologies

Top-tier industrial infrastructure

Ready forthe “UNLIMITED HYDROGEN” era!

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