CSFB/Aviation Week

Aerospace & Defense Conference

December 6, 2005

Forward-looking Statements

Risks, Uncertainties, Other Factors with Respect to “Forward-Looking Statements”

Certain statements contained in this presentation constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements that are not of historical fact constitute “forward-looking statements”and, accordingly, involve estimates, assumptions, judgments and uncertainties. There are a number of factors that could cause actual results or outcomes to differ materially from thoseaddressed in the forward-looking statements. Such factors are detailed in the Company’s Annual Report on Form 10-K and its amendments for the fiscal year ended December 31, 2004 filed with the Securities and Exchange Commission, along with Quarterly Reports on Form 10-Q subsequently filed with the SEC.

Leader in Advanced Structural Materials

Prepregs andreinforcements foraerospace, wind blades,recreation, and infrastructure

CarbonFiber

Reinforcements

Key RMTypical

Applications Products

CompositesPrepregHoneycomb core

Structures

Acrylonitrile

Body armorPrinted circuit boardsReinforcement forcomposites (RFC)Architectural products

Honeycomb core and prepregs for aerospace,wind, and recreations

Component assembliesfor aerospace

Aramid FiberCarbon FiberGlass Fiber

AluminumAramid PaperCarbon FiberGlass Fiber

Resins

AdhesivesHoneycomb

Prepregs

Product Lines

September 30, 2005 LTM Sales: $1,155 millionSeptember 30, 2005 LTM Sales: $1,155 million

Diversified End Markets

Industrial

• Ballistics

• Wind Energy

• Recreation

• Transportation

• Architectural

18%

45%

5%

32%

Commercial Aerospace• Boeing• Airbus• Engines/Nacelles• Regional/Business

Space & Defense

• Military Aircraft

• Launch Vehicles

• Satellites

• Missiles

Electronic Materials

• Switches & Routers

• Mainframes

• Cellular Infrastructure

• Microwave/HF equipment

Growing Share of Growing MarketsIndustrial Applications

Broad Range of Performance Based ApplicationsBroad Range of Performance Based Applications

Recreation TransportationBallistics

Industrial Revenues

$228$250 $254

$275

$357

$0

$50

$100

$150

$200

$250

$300

$350

$400

2000 2001 2002 2003 2004

12% CAGR

Wind EnergyAnnual Global Wind Power Installations1

HexCoat® epoxy gel coat

Hexply®triax glass/epoxy prepreg

HexFIT® carbon/epoxy

Hexcel peel ply

Foam Insert

Hexply biax glass/epoxy prepreg/foam shear webHexFIT® carbon/epoxy

Multiple Hexcel Product

Applications

Composite Blade Fabrication

0

7,000

14,000

21,000

28,000

MW

Existing Capacity Forecast Prediction1990 2003 2008 2013

Global installed capacity grew 20% to 47,317 MW in 2004 Renewal of U.S. PTC is benefiting 2005 market growthTrends towards larger, more efficient energy blades

1 Source: www.AWEA.org.

Leading Hexcel Industrial Segment Growth in 2005Leading Hexcel Industrial Segment Growth in 2005

Growing Share of Growing MarketsComposites in Aerospace

Trends/PositionGrowing penetration of composites

Lightweight, stiff and strongLong life – no fatigueNo corrosion, low toxicityLow coefficient of thermal expansionStealth

Aluminum-LithiumAluminumCarbon Fiber CompositeCarbon Fiber Composite High TempTitaniumSteelOther

18%

43%

F35 (JS F)

Eurofighte r

Ra fa le

F/A 18 E/F

F22

V-22

Gripe n

F/A 18 C/D

B2

M ira ge 2000F117

F16

F15

1970 1980 1990 2000 2010

High

Low

Composite Penetration – Step Function Gain

Growing Share of Growing MarketsSpace and Defense

18%

Blackhawk Wide Chord BladeDiverse Range of Applications

Over 80 Active Programs

Top 10 Programs:

Represent less than 50% of Segment

3 Non-U.S. Military

Include:Transport AircraftFightersHelicoptersLaunch Vehicles

$129$143 $148

$179$193

2000 2001 2002 2003 2004

Major New Programs To Come

Unmanned Aerial Vehicles (UAV)

Euro Transport (A400M)

Joint Strike Fighter (JSF or F35)

Future Combat Systems (FCS)

New Composite Blade

Space & Defense Revenues

10.6% CAGR

CFRP

GFRP

GLARE

Hybrid (G+C)

CentralTorsion Box

43%

Each generation of aircraft has higher composite utilization

Airbus A380 (23%) highest to date

A380 composite content approximately 10x B747 with which it competes

Increasing Composite Penetration

Airbus A380 wing box7.5 tons of Hexcel composites

Composite Material Applications

1. Radome: Specialized glass prepregs. Flexcore® honeycomb2. Landing Gear Doors and Leg Fairings: Glass/carbon prepregs, honeycomb and

Redux bonded assembly. Special process honeycomb3. Galley, Wardrobes, Toilets: Fabricated Fibrelam panels4. Partitions: Fibrelam panel materials5. Wing to Body Fairing: Carbon/glass/aramid Prepregs. Honeycombs. Redux

adhesive6. Wing Assembly: (Trailing Edge Shroud Box) Carbon/glass prepregs. Nomex®

honeycomb. Redux bonded assembly7. Flying Control Surfaces - Ailerons, Spoilers, Vanes, Flaps: Glass/carbon/aramid

prepregs. Honeycomb. Redux adhesive8. Passenger Flooring: Fibrelam panels9. Engine Nacelles and Thrust Reversers: Carbon/glass prepregs. Nomex®

honeycomb. Special process parts10. Pylon Fairings: Carbon/glass prepregs. Bonded assembly. Redux adhesives11. Winglets: Carbon/glass prepregs12. Keel Beam: Carbon prepregs

13 Cargo Flooring: Fibrelampanels

14 Flaptrack Fairings:Carbon/glass prepregs. Special process parts

15 Overhead Storage Bins: Prepregs/fabricated Fibrelam panels

16 Ceiling and Side Wall Panels:Glass prepregs

17 Airstairs: Fabricated Fibrelampanels

18 Pressure Bulkhead: Carbonprepregs

19 Vertical Stabilizer: Carbon/glass/aramid prepregs

20 Rudder: Carbon/glassprepregs. Honeycomb bondedassembly

21 Horizontal Stabilizer:Carbon/glass Prepregs

22 Elevator: Carbon/glass prepregs. Honeycomb bonded assembly

23 Tail Cone: Carbon/glassprepregs

Broad Based Broad Based Composite UsageComposite Usage

Paradigm ShiftIncreasing Penetration of Composites

Composites Penetration Composites Penetration –– Step Change UnderwayStep Change Underway

A380

A340-500

777A330

A340

MD11

A320

A310

767757

MD-80

1980 1985 1990 1995 2000 2005

High

Low

43%

A380

B757 B767 5-6%

A320 B777 A340

787

A400M

A350

A310

A340 -500/600

10-15%

23%

50+%

39%

Composite Wing & Fuselage

Composite Wing

A380 Maiden Flight

Growing Share of Growing MarketsCommercial Aerospace Aircraft Deliveries 43%

Cyclical Recovery Underway

30 Year RPM CAGR of 5%+

China, India, Eastern Europe

Low Cost Carriers

Efficiency Demands

Combined with Secular Penetration of Composites

Hexcel sales of materials (excludes Structures) to Boeing and Airbus have grown despite the down cycle over the period 1999 – 2004 (2)

Aircraft deliveries -25%Hexcel Materials Sales +33%

B787 & A350 will Change the GameB787 & A350 will Change the Game

Average Sales/Aircraft

$0

$100

$200

$300

$400

$500

"99-00 "01-02 "03-04

10% CAGR

Note (2): See Form 10-K for Hexcel Commercial Aerospace sales to Boeing, Airbus and their subcontractors and aircraft deliveries for the period 1999 -2004

$ in

000’

s

294 311 325 303 305 320 360 400

491 527381 281 285 290

395620

1999 2000 2001 2002 2003 2004 2005E 2006E

BoeingAirbus

Boeing & Airbus Published Delivery Forecasts (1)

675

++

Note (1): 2006 Airbus Delivery Forecast derived from Wall Street estimates

Nine Month Performance

Strong Operating Leverage

(Non-GAAP: Adjusted to excluded non-recurring items)$ millions 2004 2005 +/-$Sales 798.1$ 878.5$ 80.4$ Gross Margin 171.0 194.8 23.8

% Gross M argin 21.4% 22.2% 29.6%

Operating Income (1) 71.2 94.6 23.4 % Operating Income 8.9% 10.8% 29.1%

Income Before Taxes (1) (2) 34.9 67.9 33.0 % Income Before Taxes 4.4% 7.7% 41.0%

Net Income (1) (2) (3) 24.8 61.9 37.1 % Net Income/(Loss) 3.1% 7.0% 46.1%

Diluted EPS (4) 0.26$ 0.65$ 0.39$

Notes:(1) Excludes litigation settlem ents , gain on sale of land in both years & transaction costs of 2005 secondary offering.(2) Excludes debt refinancing costs in both years and gain on dem utualization in 2004.(3) Hexcel continues to adjust its tax provis ion for its U.S. and Belgium operations through the establishm ent or re lease of a valuation allow ance.(4) Pro-form a diluted EPS based upon 94.8 m illion diluted shares in both periods.

Reconciliation of GAAP and Non-GAAP Measures

Reconciles Non GAAP Measures in Prior Chart

September Year-To Date$ millions 2004 2005GAAP Operating Income 68.2$ 78.5$

Litigation Settlements 7.0 16.5 Gain on Sale of Land (4.0) (1.4) Secondary Offering Transaction Costs - 1.0

Non-GAAP Operating Income 71.2$ 94.6$

GAAP Income Before Taxes 31.3 10.9 Litigation Settlements 7.0 16.5 Gain on Sale of Land (4.0) (1.4) Secondary Offering Transaction Costs - 1.0 Loss on Early Retirement of Debt, Net 1.6 40.9 Gain from Demutualization (1.0) -

Non-GAAP Income Before Taxes 34.9$ 67.9$

GAAP Net Income 21.2 4.9 Litigation Settlements 7.0 16.5 Gain on Sale of Land (4.0) (1.4) Secondary Offering Transaction Costs - 1.0 Loss on Early Retirement of Debt, Net 1.6 40.9 Gain from Demutualization (1.0) -

Non-GAAP Net Income 24.8$ 61.9$

Significant Operating Leverage

-35%-30%-25%-20%-15%-10%-5%0%5%

10%15%

Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3

Changes in Sales andHeadcount Levels Reduction in Leverage

$350

$400

$450

$500

$550

$600

$650

$700

$750

Q2 Q3 Q4Q1 Q2Q3 Q4 Q1Q2 Q3Q4 Q1 Q2Q3 Q4Q1 Q2 Q3

Net

Deb

t1x

2x

3x

4x

5x

6x

7x

Leverage Ratio

Headcount

LTM SalesLeverage Ratio

Net Debt

Right Sized & Right ShapedRight Sized & Right Shaped

2001 2002 2003 2004 2005 2001 2002 2003 2004 2005

www.hexcel.com