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Investor Presentation | October 2019

Compounding Value

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Forward Looking InformationCertain statements contained or incorporated by reference herein, including those that express management’s expectations or estimates of future developments or AirBoss of America Corp.’s (“AirBoss”) future performance, constitute “forward-looking information” or “forward-looking statements” within the meaning of applicable securities laws, and can generally be identified by words such as “will”, “may”, “could” “expects”, “believes”, “anticipates”, “forecasts”, “plans”, “intends” or similarexpressions. These statements are not historical facts but instead represent management’s expectations, estimates and projections regarding future events and performance.

In addition, all information with respect to AirBoss Defense Group, Critical Solutions International, Inc. (“CSI”) or any products associated with or sold by CSI is subject in its entirety to the closing of the announced merger between AirBoss Defense and CSI.

Statements containing forward-looking information are necessarily based upon a number of opinions, estimates and assumptions that, while considered reasonable by management at the time the statements are made, are inherently subject to significant business, economic andcompetitive

risks, uncertainties and contingencies.AirBoss cautions that such forward-looking information involves known and unknown contingencies, uncertainties and other risks that may cause AirBoss’ actual financial results, performance or achievements to be materially different from its estimated future results, performanceorachievements expressed or implied by the forward-

looking information. Numerous factors could cause actual results to differ materially from those in the forward-looking information, including without limitation: impact of general economic conditions; dependence on key customers; cyclical trends in the tire and automotive, construction, mining and retail industries; sufficient availability of raw materials at economical costs; weather conditions affecting raw materials, production and sales; AirBoss’ ability to maintain existing customers or develop new customers in light of increased competition;AirBoss’ ability to successfully integrate acquisitions of other businesses and/or companies or to realize on the anticipated benefits thereof, changes in accounting policies and methods, including uncertainties associated with critical accounting assumptions and estimates; changes in the value of the Canadian dollar relative to the US dollar; changes in tax laws and potential litigation; ability to obtain financing on

acceptable terms; environmental damage and non-compliance with environmental laws andregulations; potential product liability and warranty claims and equipment malfunction. This list is not exhaustive of the factors that may affect any of AirBoss’ forward-looking information.

All of the forward-looking information in this investor presentation is expressly qualified by these cautionary statements. Investors are cautioned not to put undue reliance on forward-looking information. All subsequent written and oral forward-looking information attributable to AirBoss or personsacting on its behalf are expressly qualified in their

entirety by this notice. Forward-looking information contained herein is made as of the date of this investor presentation and, whether as a result of new information, future events or otherwise, AirBoss disclaims any intent or obligation to update publicly this forward-looking information except as required by applicable laws. Risks and uncertainties about AirBoss’ business are more fully discussed underthe heading “Risk Factors” in our most recent Annual

Information Form and are otherwise disclosed in ourfilings with securities regulatory authorities which areavailable on SEDARatwww.sedar.com.

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Disclaimers

This presentation has been prepared by AirBoss of America Corp. (“AirBoss”)

for the sole purpose of providing preliminary information regarding AirBoss and

its subsidiaries, and is not intended to provide all available information about

AirBoss. The material presented is not intended to modify, qualify, supplement oramend any information disclosed under corporate and securities legislation of

any jurisdiction and should not be relied upon as a representation of any matter

that a potential investor should consider in evaluating AirBoss or used for the purposes of making investment decisions concerning AirBoss Securities.

This presentation is not intended as and shall not constitute an offer, invitation,

solicitation, or recommendation with respect to the purchase or sale of any securities of AirBoss in anyjurisdiction.

Non-IFRS Financial Measures

Within this presentation, AirBoss may disclose financial measures such as

EBITDA. These measures do not have any standardized meanings prescribed by IFRS. Such measures are neither required by, nor calculated in accordance

with IFRS, and therefore are considered Non-IFRS financial measures. AirBoss

discloses EBITDA as a financial measurement used by interested parties and investors to monitor the ability of an issuer to generate cash from operations for

debt service, financing working capital and capital expenditures and paying

dividends. Such measures should not be considered as an alternative to, or more meaningful than, net income (or any other IFRS financial measure) as an

indicator of the company’s performance. Because EBITDA excludes some, but

not all, items that affect net income, the EBITDA presented by the Company may not be comparable to similarly titled measures of other companies.

EBITDA represents earnings before interest income, interest expense, income

taxes and depreciation andamortization.

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RUBBER

EVERYWHERE

ESSENTIAL

SUSTAINABLE

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ExtrudeRubber shaped through adie

MoldRubber cast into finalshape

VulcanizeHeat and sulphur enhancestrength and flexibility offinished product

RecycleAirBoss repurposesrubber to reducescrap

Transforming Rubber

SustainablyGrowRubber trees commercially grown on a plantation

HarvestTrees tapped forsap

RefineRaw rubber consolidated for export

StrainRemoves impurities forspecialty applications

FormatRubber sized to customerspecs

CalendarCompounded rubberflattened

CompoundMixing creates friction and

heat

FormulateAdd Carbon Black,Accelerators, Chemicals, Oils

AirBoss adds significant value to

raw rubber through compounding

FinishedProducts

AirBoss makes finished anti-

vibration & defense products

CompoundedRubber

RawRubber

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Leveraging our Compounding Capabilities

AirBossEngineeredProductsOne of Rubber Solutionslargest customers

3rd partycustomcompounding& tolling

Anti-Vibration

AirBossRubber SolutionsNorth America’s

2nd largest compounder

Defense

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North America’s 2nd Largest CustomCompounder

MILLIONpound capacity

17.5%in 2019

Increased capacity

450+ 2,000+proprietary

compounds

25+ year operating history

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Strong North American Presence

North American custom rubber compounding market valued at $2 billion and growing at ~4% annually1

High QualityAssetBase

Facility Sq. Ft. (000’s) Own/Lease

Newmarket, ON 6 Lease

Kitchener, ON 1,000 Own

Acton-Vale, PQ 260 Own

Bromont, PQ 13 Own

Auburn Hills, NC 275 Lease

Landover, MD 78 Lease

Scotland Neck, NC 150 Own

Kuala Lumpur 300 JV

Total 2,082 -

Newmarket, ON

Kitchener, ON

Auburn Hills, MI

Landover, MD

Scotland Neck, NC

Acton-Vale, PQ

Bromont, PQ

Head Office

Research Facility

Compounding/Mixing

Engineered Products

1Global Info Research

Kuala Lumpur,

Malaysia

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Diverse and Growing CustomerBase

19%OTR/Retread

7%Anti-Vibration

Track

8%Other

Industrial

4%

4%Defense

5%Infrastructure

7%

18%Major Tires

17%Conveyor Belts

11%Resources

150+customers

Significantvolume from

blue chipcustomers

Volume by Sector – H1 2019

No customer accounts for more than 8% of revenue

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0

Customer RankIncrease in VolumeH1 2019 vs H1 2018 Length of Relationship

1 9% 25 years

2 326% 30 years

3 12% 20 years

4 4% 30 years

5 2% 30 years

6 -10% 20 years

7 6% 30 years

8 -11% 20 years

9 3% 10 years

10 36% 25 years

41 newcustomerssince the

beginning of2018

Sticky, multi-decade relationships with key customers

Largest Customers Growing their Volumes

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State-of-the-Art R&D/Technical Centre

R&D & innovation are a key differentiator for AirBoss

Supports collaboration

with customers on new

compounds/products

Aids attraction and retention

of best talent to buildrubber

science leadership

R&D and innovation are key differentiators for AirBoss

Reflects ongoing

commitment to innovative,

higher margin products

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2

Engineered products

Anti-Vibration

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3Engineered products

Anti-Vibration

Suspension Powertrain & Drive

Steering Chassis & Exhaust

90%

Leader in anti-vibration & noise-reductionsolutions

HybridRubber/MetalEssential anti-vibration,noise and harshnesscomponents

of components produced by AirBoss

are for light trucks, SUVs & minivans

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Launched firstnon-automotive product

Extensive outreachto sector leaders

Engineered products

Anti-Vibration Growth Strategy

Heavy Truck

Bus Construction Mining AgricultureMaterial Handling

Motorcycle ATV

Cross-selling toexisting customer base

Strengthenedmanagement team

Clear strategy to optimize and grow thebusiness

Expanding into non-automotive sectors

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Engineered products

Defense

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Wearable Products

Global Leader in Route Clearance

Gas masks& filters

Collective Protection

Route Clearance

Engineered products

Survivability Solutions PlatformGlobal Leader in

Wearables for CBRN

Largest U.S. DoDbudget request in

history

$750billion

for 2020

Bidding on additional multi-million dollar contractsglobally

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Global Leader in CBRN WearablesSole supplier to U.S. DoD for chemical, biological, radioactive, nuclear (CBRN) boots and gloves

US$51.5

million*contract with U.S.Department of

Defense

Extreme Cold Vapor Barrier (“Bunny”) Boot

US$36.5

million*contract with U.S.Department of

Defense

C$29.8

million*contract with Canadian National

Department of Defense

US$11.0

million*contract with Australian Defense Force

Molded AirBoss Lightweight Overboot (“MALO”)

AirBoss MoldedGlove

Low BurdenMask

US$26.7

million*contract with U.S.Department of

Defense

Contracts valued at up to US$148 million awarded in last 12 months

*Contract maximum value if all units delivered

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8Engineered products

AirBoss Defense Group: A Platform for Strategic Growth

contribution valued at

US$100 millioncontribution valued at

US$32.7 million

R&D

ENGINEERING

MANUFACTURING

FINANCIAL

STRENGTH

PRODUCTS

KEY GOVERNMENT

RELATIONSHIPS

POST-SALES

SUPPORT

AND SERVICE

DEFENSE

CULTURE

55 % ownership 45 % ownership

Surfaces value while retaining majority stake in largerentity

CSHHoldings

SALES & MARKETING

KNOW-HOW

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Transforming the Business for Long-TermGrowth

Upgrading teams with hundreds of years of specific industry expertise to support evolving vision

Rubber Solutions Defense Anti-Vibration

Key New Leadership Changes Over Last 18Months

Corporate VP Purchasing EVP, Corporate Corporate VP InformationTechnology

• Strengthened management team

• Implemented CI and 5S programs

• Mitigating raw material costs

• Investing in new technical/R&D facilities

• Added new mixing line inNC

• Added colour/white capacity in

Kitchener

VP & GM

VP, Research & Development

Director, Finance

Director, Human Resources

Director, Continuous Improvement

Director, Maintenance

• Significant contract awards in 2018

• Announced ADG transaction tocreate focused defense business and strong platform for growth

VP & GM

VP Finance

Director, Engineering

Manager, Human Resources

Director, Continuous Improvement

Incoming CSI Team

• Strengthened management team

• Aggressive cost reduction program

• Increased cross-selling toexisting customers

• New engineering and sales teamsfocused on non-automotive products

• Leveraging opportunities to manufacturein lower-cost jurisdictions

VP & GM

VP, Sales

Director, Engineering

Director, Finance

Director, Human ResourceDirector, Continuous Improvement

Director, OperationsNon-Automotive Sales & EngineeringTeam

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0

Investing in Future Growth

2019 Capex Program

Key Financial Metrics

Project

Kitchener, ON R&D/Technical Centre Upgrade

Kitchener, ON New Non-Black/Colour Mixing Line

Scotland Neck, NC New Mixing Line

New Product Development

New presses for Anti-Vibration business

2019 Planned Capex

Benefit

Expands R&D and technical capabilities; customer collaboration

Adds 20 million pounds capacity; new products

Adds 50 million pounds capacity

New anti-NVH products, LBM 2.0

Reduces cycle times and labor costs

$18.0 – 20.0 million

Strong balance sheet and access to capital to fund ongoing capex

Metric

Working Capital (at June 30, 2019)

Net Debt to TTM EBITDA (at June 30, 2019)

Available Under Revolving Loan Facility (at June 30, 2019)

TTM EBITDA Interest Coverage Ratio

Value

$73.7 million

2.0 times

$60.0 million (undrawn)

7.4 times

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1

Q2 Results

in 000’s of USDexcept per share amounts

Q2 2018 Q2 2019 % change H1 2018 H1 2019 % change

Net Sales $81,797 $82,616 1.0% $162,346 $165,191 1.7%

Gross Profit $12,458 $12,517 0.5% $25,123 $24,923 -0.8%

EBITDA $7,075 $9,359 32.0% $14,593 $17,254 18.2%

Net Income $2,660 $3,311 24.4% $5,858 $6,237 6.5%

EPS (fully diluted) $0.11 $0.14 27.3% $0.25 $0.27 8.0%

Gross Margin 15.2% 15.2% 15.5% 15.1%

EBITDA Margin 8.6% 11.3% 9.0% 10.4%

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2

Solid Top-Line Growth

Rubber Solutions PoundsSold

(millions)

Engineered Products Net Sales (US$)

(millions)

2018 Net Sales Breakdown

2017 Net Sales Breakdown

2016 2017 2018 H1 2019

$0

$50

$100

$150

$200

$22.5

$141.1

$32.7

$131.7

$41.2

$129.3

$23.8

$63.6

46%54%

43%57%

2016 2017 2018 H1 2019

Anti-Vibration Defense Rubber

Solutions

Engineered

Products

Focus on long-term growth

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EBITDA & Dividends

EBITDA(US$)

(millions)

Dividend per Share (C$)

Dividend up 460% over the lastdecade

2016 2017 2018 H1 2019$0

$5

$10

$15

$20

$25

$30

$17.3

H1 2019$0

$0.05

$0.10

$0.15

$0.20

$0.25

$0.30

$0.20 $0.20

$0.26

$0.28 $0.28

$0.14

A history of delivering consistentdividends

$0.24

201820172016201520142013

$25.7

$27.7

$29.6

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4

Experienced Board and Management Team

Management Board of Directors

P. Gren SchochMSc(A), P.Eng

CEO & Chairman

Founded and chaired Petromet Resources in 1982, sold to Talisman

for $900 million

Co-founder Aurora Oil & Gas; sold for $2.6 billion in 2014

Founded AirBoss in 1989; Chairman 1989, CEO 2013

Chris BitsakakisBSc, MBA

President & COO

More than 25 years in the rubber and automotive industries

Extensive operational experience in the North America, Mexico,

South America, Europe and Asia

Daniel GagnonBComm, CA, CPA

CFO

30+ years of progressive financial leadership experience

Worked with both public and private companies including 10 years

in manufacturing

Chris FigelBASc, LLB

EVP, Corporate

10 years in private practice with a major Canadian law firm focused

on M&A and Corporate Finance

P. Gren SchochCEO & Chairman

Founded and chaired Petromet Resources in 1982, sold to

Talisman for $900 million

Co-founder Aurora Oil & Gas; sold for $2.6 billion in 2014

Founded AirBoss in 1989; Chairman 1989, CEO 2013

Anita AntenucciDirector

25+ years investment banking experience in aerospace/

defense/government services

Senior Managing Director Houlihan Lokey Inc.

Robert L. HagermanDirector

CPA with more than a dozen years in Audit, Insolvency and

M&A at Price Waterhouse

Previous CEO of AirBoss

Mary Matthews(1)(2)(3)

Director

Held numerous senior financial positions with both public and

private companies including EVP at Sprott Asset Management

and VP at CIBC

Robert McLeish(1)(2)(3)

Lead Independent Director

35 years in the investment business, most recently as Vice

Chairman Merrill Lynch Canada,

Former Chairman Dundee Wealth Management Inc.

Brian A. Robbins(1)

Director

President & CEO of Exco Technologies (TSX:XTC)

Director of Heroux-Devtek Inc. (TSX: HRX)

Alan J. Watson(2)(3)

Director

30-year investment banking career with American and U.K.-

based investment banks

Chairman of Pinnacle Investment Management

1 Member of Audit Committee 2Member of Compensation Committee 3Member of Nominating and Corporate Governance Committee

Significant diversified industrial and public companyexpertise

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Investment Highlights

Focus on innovationand collaboration with largely blue-chip

customerbase

Leadingplayer in the large & growing North

American rubber

compounding market

Strategyto grow and diversify

anti-vibration business

ADG

transaction

providesstrong

platform to

build defense

business

Largeowned assetbase

Significant capex

investment in capacity and capabilitiesin

2019

A history ofconsistentdividends

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Market Data

Exchange: Ticker TSX: BOS

Recent Share Price (October 3, 2019) $7.60

Shares Outstanding (August 13, 2019) 23.4 million

Market Capitalization $177.8 million

52-week Range $7.55 - $14.40

Insider Ownership 26%

Annual Dividend (2018) $0.28

Dividend Yield 3.3%

Analyst Coverage CIBC, Cormark, GMP, Industrial Alliance, TD

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Appendix Slides

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8

in millions of USD except

per share amounts2013 2014 2015 2016 2017 2018 H1 2019

Net Sales $236.3 $303.2 $304.9 $267.6 $289.9 $316.6 $165.2

Gross Profit $28.7 $45.2 $55.3 $46.6 $44.5 $45.0 $24.9

EBITDA $16.6 $28.9 $29.9 $29.6 $27.7 $25.7 $17.3

Net Income $6.4 $13.7 $13.3 $13.8 $12.6 $8.5 $6.2

Diluted EPS $0.28 $0.6 $0.56 $0.59 $0.54 $0.37 $0.27

Dividend ($Cdn) $0.20 $0.20 $0.24 $0.26 $0.28 $0.28 $0.14

Gross Margin 12.1% 14.9% 18.1% 17.4% 15.4% 14.2% 15.1%

EBITDA Margin 7.0% 9.5% 9.8% 11.1% 9.5% 8.1% 10.4%

Return on Capital Employed 8.6% 14.8% 12.9% 10.5% 9.1% 7.9% 8.5%

Return on Equity 7.9% 16.0% 14.0% 13.2% 11.2% 7.2% 7.3%

Summary P&L