INVESTOR PRESENTATIONNOVEMBER 2021

SAFE HARBOR STATEMENT

Statements contained herein which are not historical facts constitute forward-looking statements. Such forward-looking statements involve a number of known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, but are not limited to, changes in the laws and regulations affecting the industry, changes in the demand and price for refrigerants (including unfavorable market conditions adversely affecting the demand for, and the price of, refrigerants), the Company's ability to source refrigerants, regulatory and economic factors, seasonality, competition, litigation, the nature of supplier or customer arrangements that become available to the Company in the future, adverse weather conditions, possible technological obsolescence of existing products and services, possible reduction in the carrying value of long-lived assets, estimates of the useful life of its assets, potential environmental liability, customer concentration, the ability toobtain financing, the ability to meet financial covenants under existing credit facilities, any delays or interruptions in bringing products and services to market, the timely availability of any requisite permits and authorizations from governmental entities and third parties as well as factors relating to doing business outside the United States, including changes in the laws, regulations, policies, and political, financial and economic conditions, including inflation, interest and currency exchange rates, of countries in which the Company may seek to conduct business, the Company’s ability to successfully integrate any assets it acquires from third parties into its operations, the impact of the current COVID-19 pandemic, and other risks detailed in the Company's 10-K for the year ended December 31, 2020 and other subsequent filings with the Securities and Exchange Commission. The words "believe", "expect", "anticipate", "may", "plan", "should" and similar expressions identify forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date the statement was made.

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• Provider to HVAC supply houses which serve residential/light commercial market

• Direct to contractors and end-users in refrigeration, large commercial and industrial markets

• Hudson is firmly established market leader in distribution and reclamation

INVESTMENT CONSIDERATIONS

Multifaceted solutions to support the circular economy of refrigerants and carbon footprint• Reclamation: Net zero Global Warming Potential

(GWP) solution that displaces virgin production • On-site Service & SMARTenergyOPS®: Optimizing

chiller performance to reduce energy consumption

• End of Life Management: Reuse or environmentally safe destruction

Large Market

Opportunity

Embedded at Key Points In Supply Chain

SustainabilitySolution

• Refrigerant is the critical chemical used in air conditioning and refrigeration systems

• Participant in multiple billion-dollar markets

• Poised to benefit from environmental legislation limiting virgin refrigerant production of HFCs

• Federal mandates phasing out environmentally harmful refrigerants creates reclamation market opportunity

• Reclaimed refrigerants are a sustainable source of supply

• Hudson’s proprietary reclamation technology applies to all types of refrigerant; positioned to fill the demand gap

• ~35% share of reclamation market

ReclaimCapability

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2021 RECORD PROFITABILITY PROVIDES STRONG FOUNDATION AS AIM ACT IS IMPLEMENTED

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TARGETED ANNUAL OPERATING MODEL

Revenue ~$350+M

Gross Profit $105M

Operating Income $72M

CURRENT (TTM at 9/30/21)

Revenue $177M

Gross Profit $60M

Operating Income $31M

Positioned for Strong Double-Digit Revenue Growth and Strong Profitability 2022 2024

Assuming HFC Pricing Follows Similar Trajectory to Europe

Corporate OfficeReclamation Centers Stock PointsGovernment Fulfillment Centers

• Diverse customer base: - 7,000+ customers

• 40+ facilities and stocking points

• 3 reclamation facilities

• One of few companies with AHRI certified laboratories

NATIONAL PRESENCE

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STRATEGICALLY POSITIONEDIN SUPPLY CHAIN

• Leading source for refrigerants (CFC, HCFC, HFC, HFOs)– Providing all refrigerants: HFCs & next generation as well as legacy via reclamation– Longstanding customer relationships

• DoD contract with maximum value of $400 million over 10 years– Prime contractor of refrigerants, compressed gases, cylinders & related items to U.S. military compounds,

federal civilian agencies & foreign ministries • Embedded at two key points in supply chain

End CustomerHVAC Supply House

• Residential Homes• Light Commercial• Industrial• 24/7 Cooling

(Supermarkets, Chemical Plants)

DIRECT

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In excess of 15% of world energy consumption is

related to refrigeration and air conditioning

ALL REFRIGERANTS ARE HIGH GLOBAL WARMING GASES

Pound for pound, refrigerants have up to 4,000 times more GWP

than carbon dioxide (CO2)

HFC emissions could potentially produce up

to 19% of CO2 emissions by 2050

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Since Company’s inception, emissions prevented by reuse of HDSN’s reclaimed refrigerants estimated to be the equivalent of annual carbon emissions of >10 million cars

ENERGY EFFICIENCY & CLIMATE CONCERNSDRIVE REFRIGERANT EVOLUTION

CFCsChlorofluorocarbons

HCFCsHydrochlorofluorocarbons

HFCsHydrofluorocarbons

HFOsHydrofluoroolefins

Ozone Depleting (ODP)

Global Warming Potential

8000 2000 2000 < 1

1.0 0.1 ~0 ~0

American Innovation and Manufacturing Act (AIM Act) Initiates HFC Phase Down

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Reclamation Opportunity&

Next Gen RefrigerantsAs R-22 Opportunity Begins to Sunset Over the Next 10 to 20 Years, HFC

Opportunity is Introduced

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• Virgin R-22 Production Ceased as of December 31, 2019– 2021 and beyond: Reclaimers will provide 100% of R-22

• Despite Elimination of Virgin Production, Aftermarket Demand Expected to Continue for Approximately 20 Years– ~50 million residential & light commercial systems in 2018*

* Source: J.P. Morgan 2018 HVAC Annual Review & Outlook (April 2018)

R-22 MARKET OPPORTUNITY CONTINUES

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• AIM Act Initiates Virgin HFC Phase Down; Promotes Reclamation

• R-22 Phase Down Took Over 15 Years to Create Shortage

• AIM Act Creates HFC Shortage in Just Over 2 Years– As mandated by AIM Act, EPA published final rule allocating allowances for

the production and consumption of HFCs– HDSN’s allocation allowance for calendar year 2022 is equal to ~3 million

metric tons exchange value equivalents or 1% of total HFC consumption allocation

HFC OPPORTUNITY BEGINS

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AIM ACT MANDATES VIRGIN HFC PHASEDOWN;DRIVING DEMAND FOR RECLAIMED HFCS

EPA To Implement Virgin Production Step Down

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• HVAC infrastructure continues to grow at 5%-10% annually; current growth is HFC-based– Estimated installed base of >100 million HFC systems in 2020– Reclaimed HFCs: ~6M pounds in 2020– With phase down schedule, reclaimed HFCs expected to grow to 40M pounds

to meet demand due to virgin supply gap in 2024

• AIM Act Drives Transition to Next Generation HFOs– 2029 and beyond: HFOs and reclaimed HFCs will provide 70% of

supply

* Source: J.P. Morgan 2018 HVAC Annual Review & Outlook (April 2018)

HFC OPPORTUNITY SIGNIFICANT & GROWING

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California Air Resources Board (CARB)

– Proposed requirement that OEMs use minimum of 10% reclaimed refrigerant in factory charged equipment

– Companies advised to conduct and report periodic leak inspections and promptly repair leaks

– Regular service maintenance to minimize refrigerant emissions

Benefitting From State Legislation Initiatives

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Hudson Well-Suited to Assist Compliance

– Robust customer base provides source to harvest and reclaim refrigerants

– Extensive industry relationships and network for distribution of reclaimed refrigerants

– Providing on-site services and end-of-life management capabilities

Led by California, many states are in the process of adopting legislation to limit refrigerant emissions

Supply

New (Virgin) GasHoneywellChemours

Arkema

~20% virgin gross margin

~50% reclaim gross margin

Dirty Gas Returned to Hudson Becomes Supply Source

• Residential Homes

• Light Commercial

• Industrial• 24/7 Cooling(Supermarkets, Chemical Plants)

Reclaimed Gas

End Customer

REFRIGERANT PHASE OUT SUPPLY CHAIN

Hudson is producer for future refrigerant needs

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Other ~30 different companies

Hudson captures approximately 35% of the reclaim market

Ability to Reclaim and Recycle ALL Types of Refrigerants

A LEADER IN THE FRAGMENTED RECLAMATION MARKET

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• Hudson has Initiated Projects to Develop and Market Voluntary Carbon Offsets Resulting from Refrigerant Reclamation– CARB CFC Protocol: Carbon credit offsets related to ozone

depleting substances (R-11 & R-12) – American Carbon Registry (ACR): Carbon credit offsets related to

reclaiming HFCs

PROMOTING CARBON OFFSET OPPORTUNITIES FOR A GREENER FUTURE

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2021 RECORD PROFITABILITY PROVIDES STRONG FOUNDATION AS AIM ACT IS IMPLEMENTED

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TARGETED ANNUAL OPERATING MODEL

Revenue ~$350+M

Gross Profit $105M

Operating Income $72M

CURRENT (TTM at 9/30/21)

Revenue $177M

Gross Profit $60M

Operating Income $31M

Positioned for Strong Double-Digit Revenue Growth and Strong Profitability 2022 2024

Assuming HFC Pricing Follows Similar Trajectory to Europe

Leverage Scale to Drive Refrigerant Sales– Supplying the marketplace through a comprehensive portfolio of legacy, current and next generation

refrigerantsExtend Penetration of the Reclaim Market

– Largest reclaimer with infrastructure and proprietary processes in place – HFC phaseout represents ~2X the R-22 opportunity related to larger installed base; – AIM Act mandates the EPA to promote reclamation opportunities

Opportunity to Gain Market Share Through Support of Circular Economy of Refrigerants– Reclamation is a net zero GWP solution displacing virgin production – On-site Service and SmartenergyOPS® can optimize chiller performance, reducing energy

consumption resulting in lower carbon footprint– Providing end-of-life management via reuse or safe destruction in support of circular economy

POSITIONED FOR GROWTHAS INDUSTRY EVOLVES

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Fragmentation of Refrigerant & Reclamation Market Presents Strategic Acquisition Opportunities