Company Overview 

 Special Note Regarding Forward-Looking Statements. Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995: This presentation contains, and certain oral statements made by our representatives from time to time may contain, forward-looking statements. Generally, forward-looking statements include information describing actions, events, results, strategies and expectations and are generally identifiable by use of the words “believes,” “expects,” “intends,” “anticipates,” “plans,” “seeks,” “estimates,” “projects,” “may,” “will,” “could,” “might,” or “continues” or similar expressions. The forward-looking statements in this presentation include without limitation statements regarding our expectation regarding building shareholder value. Such statements are based on the beliefs and assumptions of HC2's management and the management of HC2's subsidiaries. The Company believes these judgments are reasonable, but you should understand that these statements are not guarantees of performance or results, and the Company’s actual results could differ materially from those expressed or implied in the forward-looking statements due to a variety of important factors, both positive and negative, that may be revised or supplemented in subsequent reports on Forms 10-K, 10-Q and 8-K. Such important factors include, without limitation, issues related to the restatement of our financial statements; the fact that we have historically identified material weaknesses in our internal control over financial reporting, and any inability to remediate future material weaknesses; capital market conditions; the ability of HC2's subsidiaries to generate sufficient net income and cash flows to make upstream cash distributions; volatility in the trading price of HC2 common stock; the ability of HC2 and its subsidiaries to identify any suitable future acquisition opportunities; our ability to realize efficiencies, cost savings, income and margin improvements, growth, economies of scale and other anticipated benefits of strategic transactions; difficulties related to the integration of financial reporting of acquired or target businesses; difficulties completing pending and future acquisitions and dispositions; effects of litigation, indemnification claims, and other contingent liabilities; changes in regulations and tax laws; and risks that may affect the performance of the operating subsidiaries of HC2. These risks and other important factors discussed under the caption “Risk Factors” in our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”), and our other reports filed with the SEC could cause actual results to differ materially from those indicated by the forward-looking statements made in this presentation .You should not place undue reliance on forward-looking statements. All forward-looking statements attributable to HC2 or persons acting on its behalf are expressly qualified in their entirety by the foregoing cautionary statements. All such statements speak only as of the date made, and HC2 undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.Non-GAAP Financial Measures In this presentation, HC2 refers to certain financial measures that are not presented in accordance with U.S. generally accepted accounting principles (“GAAP”), including Core Operating Subsidiary Adjusted EBITDA, Total Adjusted EBITDA (excluding Insurance) and Insurance AOI. Management believes that Adjusted EBITDA measures provide investors with meaningful information for gaining an understanding of certain results as it is frequently used by the financial community to provide insight into an organization’s operating trends and facilitates comparisons between peer companies, because interest, taxes, depreciation, amortization and the other items for which adjustments are made as noted in the definition of Adjusted EBITDA below can differ greatly between organizations as a result of differing capital structures and tax strategies. Adjusted EBITDA can also be a useful measure of a company’s ability to service debt. In addition, management uses Adjusted EBITDA measures in evaluating certain of the Company’s segments performance because they eliminate the effects of considerable amounts of noncash depreciation and amortization and items not within the control of the Company’s operations managers. While management believes that these non-US GAAP measurements are useful as supplemental information, such adjusted results are not intended to replace our US GAAP financial results and should be read together with HC2’s results reported under GAAP.Management defines Adjusted EBITDA as Net income (loss) adjusted to exclude the impact of asset impairment expense; gain (loss) on sale or disposal of assets; lease termination costs; interest expense; loss on early extinguishment or restructuring of debt; other income (expense), net; foreign currency transaction gain (loss); income tax (benefit) expense; gain (loss) from discontinued operations; non-controlling interest; share-based compensation expense; acquisition related and other non-recurring costs; other costs and depreciation and amortization. A reconciliation of Adjusted EBITDA to net income, the most comparable measure calculated in accordance with GAAP, is included in the financial tables at the end of this release.Management believes that Insurance AOI measures, used frequently in the insurance industry, provide investors with meaningful information for gaining an understanding of certain results and provides insight into an organization’s operating trends and facilitates comparisons between peer companies. Management defines Insurance AOI as Net income (loss) for the Insurance segment adjusted to exclude the impact of net investment gains (losses), including other-than-temporary impairment losses recognized in operations; other income and expense/intercompany elimination and acquisition related and non-recurring costs. Management believes that Insurance AOI provides a meaningful financial metric that helps investors understand certain results and profitability. While these adjustments are an integral part of the overall performance of the Insurance segment, market conditions impacting these items can overshadow the underlying performance of the business. Accordingly, we believe using a measure which excludes their impact is effective in analyzing the trends of our operations.By accepting this document, each recipient agrees to and acknowledges the foregoing terms and conditions.  Safe Harbor Disclaimers  1 

 Company Overview 

 HC2 Holdings, Inc.  3  Who We Are  What We Do  Diversified holding companyPermanent capitalStrategic and financial partnerTeam of visionaries  Buy and build companies Execute business plansDeliver sustainable value for shareholders 

 Investment Highlights  4  Why Invest in HC2?Leadership team has diverse network resulting in unique deal flowUnique combination of operating entities accessible through one investmentControlling stakes in leading, stable, cash flow generating businessesOption value opportunities with significant equity upside potential Long-term strategy allows management teams the ability to execute business plansDiversification across a number of industries Financial flexibility 

 Clear focus on delivering sustainable value for all stakeholdersValue operator with long-term outlookAcquire controlling equity interests in diverse industries creating value through growth in operating subsidiariesStrong capital base allows funding of subsidiary growthSpeed of execution gives HC2 a competitive advantage over traditional private equity firms  Envision  Execute  Empower  Seek to build value over the long-termExpansive network results in unique deal flowTarget a barbell investment strategyStable cash flow generation Early-stage companies with option value    Envision  Partner with experienced management teamsEstablish specific operating objectivesProvide financial expertiseHelp execute strategy    Empower Management  Focus on speed of execution Capitalize on opportunitiesDeliver sustainable value    Execute  HC2 Value Philosophy  5 

 HC2 Company Snapshot  6  Early Stage and Other Holdings  All data as of March 31, 2016 except number of ANG fueling stations which includes two stations acquired and two stations commissioned in May 2016  Core Operating Subsidiaries    One of the largest steel fabrication and erection companies in the U.S. 91% ownership  Manufacturing: SCHUFF    Marine Services: GMSL    Offshore marine engineering delivering subsea cable installation, maintenance and cable protection requirements97% ownership  Premier distributor of natural gas motor fuel throughout the U.S.Currently own or operate 15 natural gas fueling stations53% ownership  Utilities:ANG    Telecom: PTGi ICS    International wholesale telecom service companyDeploying new sales growth strategies globallyExpanding scale and number of customer relationships100% ownership  Life Sciences: PANSEND  BeneVir: Oncolytic viral immunotherapy for treatment of solid cancer tumorsR2 Dermatology: Medical device to brighten skin based on Mass. General Hospital technology Genovel: Novel, patented, Mini Knee” and “Anatomical Knee” replacementsMediBeacon: Unique non-invasive real-time monitoring of kidney function Triple Ring Technologies: R&D engineering company specializing in medical devices, homeland security , imaging, sensors, optics, fluidics, robotics & mobile healthcare    Nervve: Provider of video and image search technology for information extraction and powerful analytics applicationsDusenberry Martin Racing: Owns the exclusive licensing rights to the NASCAR brand for interactive gaming platforms  Other:    Core FinancialServices Subsidiaries  Newly formed insurance unit Executive Chair: James P. CorcoranAcquisition of American Financial Group’s (“AFG”) long-term care and life insurance businesses closed in Q4 2015100% ownership~$80m of statutory surplus*~$2.0b in total GAAP assets*  Insurance:CIG     

 HC2 Leadership Team  7  Philip A. FalconeChairman of the Board, Chief Executive Officer and President  Keith M. HladekChief Operating Officer  Michael SenaChief Financial Officer  Paul K. VoigtSenior Managing Director  Paul L. RobinsonChief Legal officer & Corporate Secretary  Suzi Raftery HerbstChief Administrative Officer  Ian W. EstusManaging Director  Andrew G. BackmanManaging Director 

 Note: As a result of the Schuff Tender, HC2’s ownership increased to 89% and subsequently through open market share purchases increased to 91%  HC2 Stock Performance & Timeline  8        2014  HRG Group acquires majority interest in "PTGi"  1/8/2014    HC2 acquires Schuff (65%)  5/29/2014    HC2 acquires Global Marine (97%)  9/22/2014    HC2 announces results of Schuff Tender Offer    Company renamed "HC2"  4/14/2014    10/7/2014  $250M Senior Secured Notes Offering Closing    11/20/2014  NYSE Listing Announced    12/23/2014  HC2 FY2014 Earnings Release    3/16/2015    HC2 forms Continental Insurance Group  4/14/2015  $50M Tack-On toSenior Secured Notes    3/23/2015  2015    HC2 acquires interest in Gaming Nation  6/10/2015    HC2 closes LTC and life insurance acquisition  12/24/2015  2016  Global Marine Acquires Majority Interest in CWind  2/3/2016   

 Appendix: Segment Detail  

 Schuff International – Company Snapshot  10  Schuff operates as an integrated fabricator and erector of structural steel and heavy steel plateThe Company fabricates and erects structural steel for commercial and industrial construction projects including high and low-rise buildings and office complexes, hotels and casinos, convention centers, sports arenas, shopping malls, hospitals, dams, bridges, mines and power plantsFacilities in the U.S. and Panama (JV)Founded in 1976 and headquartered in Phoenix, AZ  Business Description:  Rustin Roach – President and CEOMichael Hill – CFO and TreasurerScott Sherman – VP, General Counsel  Select Management:    Select Customers: 

 Schuff International – Company Snapshot  11    Schuff Steel  Schuff Steel Management Company  Aitken  Schuff Hopsa Engineering  Core Activities  One of the largest steel fabricators and erectors in the U.S.  Provides project management capabilities for smaller projects, often leveraging subcontractors  Manufactures equipment designed for use in the oil, gas, petrochemical and pipeline industries Pollution control scrubbers, tunnel liners, pressure vessels, strainers, filters and separators   Panamanian Joint Venture with Empresas Hopsa, S.A and operates a steel fabrication facility, Strengthens Schuff’s international presence  Products And Service Offerings  Steel fabricationErection servicesStructural engineering & design servicesPreconstruction engineering services  Project management – On-time steel managementSubcontracted erection servicesFabrication services (subcontracted)  Design engineeringFabrication services  Design engineeringFabrication and erection services  Industries Served  TransportationLeisureGovernmentHealthcareIndustrial & miningEnergy  RetailLeisureHealthcareIndustrialConvention & event centersCommercial  PetrochemicalOil & gas infrastructurePipelines  TransportationInfrastructureGovernmentCommercialConvention & event centers 

 Global Marine Systems (GMSL) – Company Snapshot  12  Provides offshore marine engineering and underwater services for subsea cable installation, maintenance and cable protection requirementsSeeks to position itself as a key player to drive convergence of its maintenance service offering across the telecom, oil & gas, and subsea cabling marketsHas installed roughly 23% of the world's subsea fiber optic cableFounded in 1850Headquartered in UK with major regional hub in Singapore  Business Description:  Telecom services exhibit long-term maintenance contracts (5-7 years) with high renewal ratesSignificant opportunities in Telecom through 49% owned strategic joint ventures with Huawei Technologies (HMN) and China Telecom (SBSS) Demonstrated commitment to offshore renewable sector through CWind acquisition Re-entry in high-growth offshore power market Competitive advantage due to its ability to move vessels between market sectors and from more complex service provisions (installation) to less complex (maintenance) services  Company Highlights:    Select Customers: 

 Global Marine Systems (GMSL) – Company Snapshot  13    Telecom Maintenance  Telecom Installation  Oil & Gas Installation  Offshore Power Installation Charters   Core Activities  Provision of vessels on standby to repair fiber optic telecom cables in defined geographic zonesLocation of fault, cutting out damaged parts, jointing and re-deployment of cablesOperation of depots storing cable and spare parts  Provision of turnkey repeated telecom systems via Huawei Marine Networks (“HMN”) joint-venture“Installation only” contracts for telecom customersServices include route planning, route survey, cable mapping, route engineering, laying, trenching and burial at all depths  Fiber optic communications and power infrastructure to offshore platformsInter-platform and subsea well command & control and powerPermanent Reservoir Monitoring (“PRM”) systemsMaintenance & Repair  Installation charters for inter-array power cables for offshore wind marketRe-entered market in November 2015 after expiry of non-compete with PrysmianAsian operations, notably in China, via Sino British Submarine Systems (“SSBS”) joint venture  Vessels  Cable RetrieverPacific GuardianWave SentinelWave Venture  Cable InnovatorCS SovereignNetworker  Cable InnovatorCS SovereignNetworker  Cable InnovatorCS Sovereign  Joint Venture  Sino British Submarine Systems in Asia (SBSS) Joint venture (49%) with China TelecomInternational Cableship Pte Ltd (“ICPL”), joint venture (30%) with SingTel and ASEAN CableshipSCDPL – joint venture (40%) with SingTel  Huawei Marine Networks Joint venture (49%) with Huawei TechnologiesSino British Submarine Systems in Asia (SBSS) Joint venture (49%) with China Telecom  Sino British Submarine Systems in AsiaJoint venture (49%) with China Telecom  Sino British Submarine Systems in AsiaJoint venture (49%) with China Telecom 

 American Natural Gas – Company Snapshot   14  In August 2014, HC2 acquired $15.5 million of convertible preferred which is convertible into 53% of the equity of ANGIn-depth experience in the natural gas fueling industryDesigns, builds, owns, operates and maintains compressed natural gas (“CNG”) commercial fueling stations for transportationBuilding a premier network of publically accessible heavy duty CNG fueling stations throughout the United States designed and located to serve fleet customersCurrently 15 stations owned and/or operatedOne facility under construction is on schedule to be commissioned in 2Q16 Expect to own / operate >20 stations by year-end 2016 American transportation sector is rapidly converting from foreign-dependent diesel fuel to clean burning natural gas: Dramatically reduces emissionsExtends truck life Significantly reduces fuel costGiven the cost effectiveness of CNG, its environmental friendliness and the abundance of natural gas reserves in the United States, CNG is the best candidate for alternatives to gasoline and diesel for the motor vehicle market  All data as of March 31, 2016 except number of ANG fueling stations which includes two stations acquired and two stations commissioned in May 2016 

 PTGi International Carrier Services (“PTGi ICS”)   15  Leading international wholesale telecom servicecompany providing voice and data call termination to the telecom industry worldwide Provides transit and termination of telephone calls through its own global network of next-generation IP soft switches and media gateways, connecting the networks of incumbent telephone companies, mobile operators and OTT companies worldwideRestructured in 2014 PTGI, ICS now delivers industry leading technology via best of breed sales and operational support teams1Q16 – Fourth consecutive quarter of profitabilityIn business since 1966, recognized as a trusted business partner globallyHeadquartered in Herndon, Virginia with representation across North America, South America, the Middle East and Europe 

 Continental Insurance Group – Company Snapshot  16  April 2015: HC2 established Continental Insurance Group (“CIG”) as its insurance platform led by industry veteran Jim Corcoran, as Executive Chairman December 2015: HC2 completed the acquisition of American Financial Group’s long-term care and life insurance businesses, United Teacher Associates Insurance Company and Continental General Insurance CompanyThe formation of Continental Insurance Group (“CIG”) to invest in the long-term care and life insurance sector is consistent with HC2’s overall strategy of taking advantage of dislocated and undervalued operating businessesThrough CIG, HC2 intends to build an attractive platform of insurance businesses James P. Corcoran, Executive Chair, has extensive experience in the insurance industry on both the corporate and regulatory side as the former Superintendent of Insurance of the State of New YorkCombined measures as of March 31, 2016:Statutory Surplus ~$80 million GAAP Assets of ~$2.0 billion 

 Pansend Life Sciences  17  HC2’s Life Sciences Segment Is Focused on the Development of Innovative Healthcare Technologies and Products       52% equity ownership of company focused on immunotherapy; Oncolytic virotherapy for treatment of solid cancer tumorsFounded by Dr. Matthew Mulvey & Dr. Ian Mohr (who co-developed T-Vec) Biovex (owner of T-Vec) acquired by Amgen for ~$1billionBenevir’s T-Stealth is a second generation oncolytic virus with new features and new intellectual propertyBeneVir holds exclusive worldwide license to develop BV-2711 (T-Stealth)    61% equity ownership of dermatology company focused on lightening and brightening skinFounded by Pansend in partnership with Mass. General Hospital and inventors Dr. Rox Anderson, Dieter Manstein and Dr. Henry Chan Over $10 billion global market    77% equity ownership in company with unique knee replacement s based on technology from Dr. Peter Walker, NYU Dept. of Orthopedic Surgery and one of the pioneers of the original Total Knee. “Mini-Knee” for early osteoarthritis of the knee “Anatomical Knee” – A Novel Total Knee Replacement Strong patent portfolio    35% equity ownership in company with unique technology and device for monitoring of real-time kidney function Current standard diagnostic tests measure kidney function are often inaccurate and not real-timeMediBeacon’s Optical Renal Function Monitor will be first and only, non-invasive system to enable real-time, direct monitoring of renal function at point-of-care$3.5 billion potential market     Profitable technology and product development company Areas of expertise include medical devices , homeland security, imaging systems, sensors, optics, fluidics, robotics and mobile healthcareLocated in Silicon Valley and Boston area with over 90,000 square feet of working laboratory and incubator spaceContract R&D market growing rapidlyCustomers include Fortune 500 companies and start-ups 

 Nervve  18  In October 2014, HC2 made an initial contribution of $5 millionin convertible preferred equitySubsequent financing increased the total to $6.1 millionHeadquartered in Buffalo, NY; Offices in VA and NYNervve has developed the fastest, most accurate video and image search technology in the world; Able to search an hour of video in less than five secondsThe core technology utilizes a search by example methodology to automatically search massive amounts of video and image data for objects of interest. It will potentially change the way people think of search engine capabilitiesIn the era of Big Data, Nervve is revolutionizing the way organizations are able to exploit massive amounts of video and images, benefitting social media platforms, media and entertainment companies, the DoD/Intel Community, public safety and any digital advertising platformIn January 2014, Nervve entered into a strategic agreement with In-Q-Tel, the independent investment firm that identifies innovative technology solutions to support the missions of the U.S. Intelligence CommunityIn July 2015, Nervve partnered with Wasserman Media Group, a leading sports and entertainment agency, to bring to market their visual search technology, which will allow brands and properties to easily, quickly and accurately track and analyze brand exposure impact across various sports and entertainment programming 

 Dusenberry Martin Racing (DMi, Inc.)  19  On December 31, 2014, HC2 / DMR completed a $6 million asset purchase agreement to acquire worldwide exclusive licensing rights to the NASCAR brand for interactive gaming, including mobile, console and PC gamesDMi, Inc., doing business as Dusenberry Martin Racing (DMR), owns all the code, artwork and animation previously developed for the gamesThe partnership also provides NASCAR® with warrants in the company to participate in the value creation that will come from developing new games and new strategic relationships that are being developed through the game platformsHeadquartered in Charlotte, NC in NASCAR® Hall of Fame buildingDusenberry Martin Racing’s license also extends to NASCAR® racetracks and all the leading NASCAR race teams and driversTom Dusenberry, CEO, was the Founder and President of Hasbro Interactive. He is credited with acquisitions including Atari and Wizards of the CoastCurrently working on several games including an all-new NASCAR® racing simulation game for PlayStation 4, Xbox One, PC and mobile games that are expected to be released in 2016Announced in May 2015 that its NASCAR® ’15 racing game launched exclusively at GameStop for the Xbox 360 and PlayStation 3In April, 2016, DMR secures $8.0 million in addition equity growth capital from consortium of new investors including superstar drivers Joey Logano and Brad Keselowski 

 Appendix: 1Q16 Highlights andSelect Financial Data 

 1Q Highlights and Recent Developments  21  Results and Recent Developments:Results highlight the unique value HC2 brings to the market given our diverse holdings across a number of uncorrelated industriesNet Revenue totaled $332 million in First Quarter; up ~64% increase compared prior-year-quarterAdjusted EBITDA for Manufacturing, Marine Services, Utilities and Telecommunications segments (“Core Operating Subsidiaries”) totaled $12.7 million in First Quarter or $18.2 million excluding one-time Marine Services charge Results benefitted from growth in Manufacturing, Telecommunications and Utilities; partially offset by a $5.5 million one-time charge at Marine ServicesConsolidated Cash and Investments as of March 31, 2016: $1.5 billion of consolidated cash, cash equivalents and investments, which includes the addition of Insurance segment Corporate Cash as of March 31, 2016: $41.0 million in cash, cash equivalents and short-term investments; essentially unchanged from prior quarterStrengthened Executive Management Team Reporting Directly to Phil Falcone, Chairman, CEO: Paul L. Robinson – Chief Legal Officer and Corporate SecretaryAndrew G. Backman – Managing Director - Investor Relations and Public Relations 

 HC2 Segment Overview  22  Early Stage and Other Holdings  Core Operating Subsidiaries    Q1 Revenue: $119mQ1 Adjusted EBITDA: $12m Backlog of $415m at 3/31Solid long-term pipeline  Manufacturing: SCHUFF    Marine Services: GMSL    Q1 Revenue: $32mQ1 Adjusted EBITDA: $0.5m inclusive of one-time chargeIncremental revenue contribution from CWindPositive Long-term telecom installation opportunities  Q1 Revenue: $1.2mQ1 Adjusted EBITDA: $0.4m15 stations currently owned and / or operated Delivered 800,000 Gasoline Gallon Equivalents (GGE’s) in the first quarter  Utilities:ANG    Telecom: PTGi ICS    Q1 Revenue: $150mQ1 Adjusted EBITDA: $0.3mExpanding scale and number of customer relationships   Life Sciences: PANSEND  BeneVir: Oncolytic viral immunotherapy for treatment of solid cancer tumorsR2 Dermatology: Medical device to brighten skin based on Mass. General Hospital technology Genovel: Novel, patented , Mini Knee” and “Anatomical Knee” replacementsMediBeacon: Unique non-invasive real-time monitoring of kidney function Triple Ring Technologies: R&D engineering company specializing in medical devices, homeland security, imaging, sensors, optics, fluidics, robotics & mobile healthcare    NervveDusenberry Martin Racing  Other:    Core FinancialServices Subsidiaries  ~$80m of statutory surplus*~$2.0b in total GAAP assets*  Insurance:CIG      All data as of March 31, 2016 except number of ANG fueling stations which includes two stations acquired and two stations commissioned in May 2016 

 Segment Financial Summary  23  Adjusted EBITDA for Core Operating Subsidiaries was $12.7m for Q1 2016 or $18.2m excluding one-time GMSL charge  Adjusted EBITDA ($m)    Q1 2016  Q1 2015     Core Operating Subsidiaries         Manufacturing  $11.5  $8.9     Marine Services (1)  0.5  5.0     Utilities  0.4  0.2     Telecom  0.3  (0.1)     Total Core Operating  $12.7  $14.1    Early Stage and Other Holdings         Life Sciences  (2.6)  (1.4)     Other   (4.0)  (2.1)     Total Early Stage and Other  (6.6)  (3.5)    Non-Operating Corporate  (5.7)  (4.8)    Total HC2 (excluding Insurance)  $0.3  $5.9  Adjusted Operating Income ($m)  Core Financial Services          Insurance  ($3.6)  -  Note: Reconciliation of Adjusted EBITDA and Adjusted Operating Income to U.S. GAAP Net Income in appendix. Table may not foot due to rounding.(1) Excluding $5.5 million one-time charge  

 Manufacturing: Schuff International  24  Adjusted EBITDA: $11.5m, up 29% year-over-year Backlog: $415m as of 3/31/16; up 36% compared to $306m as of 3/31/15Continued gross margin expansion; up 440 basis points year-over-year  First Quarter Update  Proactively selecting the right jobs, not all jobsSolid long-term pipeline; No shortage of transactions to evaluate Commercial / Stadium / Healthcare sectors remain strong  Strategic Initiatives 

 Marine Services: GMSL  25  Adjusted EBITDA: $0.5.m after $5.5m one-time charge associated with telecom installation projectIncremental revenue contribution from CWind acquisitionTwo new installation contracts signed in first quarter with scheduled delivery in second half of 2016Significant potential value in Joint Ventures  First Quarter Update  * Source: Huawei Investment & Holding Co., Ltd - 2015 Annual Report Currency Exchange: CNY:USD 1:.15   S. B. Submarine Systems (SBSS - China Telecom) – 49% ownershipJoint Venture established in 1995 with China Telecom China’s leading provider of submarine cable installationLocated in Shanghai and possesses a fleet of advanced purpose-built cable ships  Strategic Initiatives  Huawei Marine Networks – 49% ownership  Total HMN*  2015  2014  Revenue  ~$118m  ~$73m  Profit  ~$14m  ~$1.2m  Cash / Equivalents  ~$26m  ~$16m 

 Utilities: ANG  26  Delivered 800,000 Gasoline Gallon Equivalents (GGE’s) in the first quarter versus 659,000 GGE’s in the fourth quarter of 2015 and 358,000 GGE’s in the first quarter of 2015Currently 15 stations owned and/or operated versus 11 stations at end of 1Q16One facility under construction is on schedule to be commissioned in 2Q16 Received the FY2015 Volumetric Excise Tax Credit (VETC) refund in 1Q16Negotiating committed volume contracts with several counterparties at new and existing stationsExpect to own / operate >20 stations by year-end 2016   First Quarter Update  All data as of March 31, 2016 except number of ANG fueling stations which includes two stations acquired and two stations commissioned in May 2016 

 Telecommunications: PTGi-ICS  27  Strong quarter with $150m in sales due to growth in wholesale traffic volumes due to expansion in scale and number of customer relationshipsAdjusted EBITDA continues positive trend as the overall restructuring plan was completed in early 2015Adjusted EBITDA for first quarter 2016 of $0.3m vs. loss of $0.1m in year-ago quarter4th consecutive quarter of profitabilityOne of the key objectives: leverage the cost structure within ICSOver 800+ wholesale interconnections globally provides HC2 the opportunity to leverage the existing cost effective infrastructure by bolting on higher margin products and M&A opportunities  First Quarter Update 

 Insurance: Continental Insurance Group  28  Completed the acquisition of United Teacher Associates Insurance Company (“UTA”) and Continental General Insurance Company (“CGI”) in December 2015UTA and CGI are held by Continental Insurance, Inc. (“CII”), which serves as a platform for run-off LTC books of business andfor acquiring additional run-off LTC businessesAdjusted Operating Income loss of $3.6 million for first quarter 2016Approximately $80.0 million of statutory surplus at end of first quarterApproximately $2.0 billion in total GAAP assets at March 31, 2016We believe that CII is uniquely positioned to serve as a solution to address some of the key challenges multi-line insurers face CII Strategy: A concentrated focus on LTC and acquisitions of additional books of run-off LTC businessEnhancing efficiency and effectiveness through scale and a concentrated focus on LTC  First Quarter Update  Note: Reconciliation of Adjusted Operating Income to U.S. GAAP Net Income in appendix  

 Pansend Life Sciences  29  HC2’s Life Sciences Segment Is Focused on the Development of Innovative Healthcare Technologies and Products       52% equity ownership of company focused on immunotherapy; Oncolytic virotherapy for treatment of solid cancer tumorsFounded by Dr. Matthew Mulvey & Dr. Ian Mohr (who co-developed T-Vec) Biovex (owner of T-Vec) acquired by Amgen for ~$1billionBenevir’s T-Stealth is a second generation oncolytic virus with new features and new intellectual propertyBeneVir holds exclusive worldwide license to develop BV-2711 (T-Stealth)    61% equity ownership of dermatology company focused on lightening and brightening skinFounded by Pansend in partnership with Mass. General Hospital and inventors Drs. Rox Anderson, Dieter Manstein and Henry Chan Over $10 billion global market    77% equity ownership in company with unique knee replacement s based on technology from Dr. Peter Walker, NYU Dept. of Orthopedic Surgery and one of the pioneers of the original Total Knee. “Mini-Knee” for early osteoarthritis of the knee “Anatomical Knee” – A Novel Total Knee Replacement Strong patent portfolio    35% equity ownership in company with unique technology and device for monitoring of real-time kidney function Current standard diagnostic tests measure kidney function are often inaccurate and not real-timeMediBeacon’s Optical Renal Function Monitor will be first and only, non-invasive system to enable real-time, direct monitoring of renal function at point-of-care$3.5 billion potential market     Profitable technology and product development company Areas of expertise include medical devices , homeland security, imaging systems, sensors, optics, fluidics, robotics and mobile healthcareLocated in Silicon Valley and Boston area with over 90,000 square feet of working laboratory and incubator spaceContract R&D market growing rapidlyCustomers include Fortune 500 companies and start-ups 

 Other Holdings  30  Nervve: Provider of video and image search technology for information extraction and powerful analytics applicationsDusenberry Martin Racing: Owns the exclusive licensing rights to the NASCAR brand for interactive gaming platforms 

 Financial Summary  31  Market capitalization on a fully diluted basis, excluding preferred equity, using a common stock price per share of $4.24 on May 6, 2016Cash, cash equivalents and short-term investmentsEnterprise Value is calculated by adding market capitalization, total debt and total preferred equity amounts, less corporate cash.  HC2 (trailing twelve months)                     Core Operating          Early-Stage and Other    Non-Operating Corporate    Manufacturing   Marine Services  Utilities  Telecom  Total Core Operating  Life Sciences  Other  Corporate  Revenues (millions)  $506.0  $140.2  $6.7  $563.5  $1,216.4  -  $2.3  -  EBITDA (millions)  $54.6  $37.6  $1.1  $2.4  $95.7  ($8.4)  ($20.2)  ($20.5)  Balance Sheet    Market Cap(1)  $181.5  Preferred Equity  $53.6  Total Debt  $307.0  Corporate Cash(2)  $41.0  Enterprise Value(3)  $501.1  ($m)  ($m) 

 Appendix: Biographies  

 HC2 Management Team  33  Philip A. Falcone  Served as a director of HC2 since January 2014 and Chairman of the Board, Chief Executive Officer and President of HC2 since May 2014Served as a director, Chairman of the Board and Chief Executive Officer of HRG Group Inc.. (“HRG”) from July 2009 to December 2014From July 2009 to June 2011, served as the President of HRGChief Investment Officer and Chief Executive Officer of Harbinger Capital Partners, LLC (“Harbinger Capital”)Before founding Harbinger Capital in 2001, managed the High Yield and Distressed trading operations for Barclays Capital from 1998 to 2000Received an A.B. in Economics from Harvard University  Chairman of the BoardChief Executive OfficerPresident        Keith M. Hladek  Chief Operating Officer of HC2 since May 2014Chief Financial Officer and Chief Operating Officer of Harbinger Capital since September 2009From October 2009 to December 2014, served as a director of HRGServed as Controller at Silver Point Capital and held positions at GoldenTree Asset Management and Oak Hill Capital ManagementMr. Hladek is a Certified Public Accountant and received a Bachelor of Science in Accounting from Binghamton University  Chief Operating Officer    Michael Sena  Chief Financial Officer of HC2 since June 2015Served as the Chief Accounting Officer of HRG from November 2012 to May 2015From January 2009 to November 2012, held various accounting and financial reporting positions with the Reader’s Digest Association, Inc., last serving as Vice President and North American ControllerServed as Director of Reporting and Business Processes for Barr Pharmaceuticals from July 2007 until January 2009Held various positions with PricewaterhouseCoopersMr. Sena is a Certified Public Accountant and holds a Bachelor of Science in Accounting from Syracuse University  Chief Financial Officer   

 HC2 Management Team  34  Paul K. Voigt  Senior Managing Director of HC2 since May 2014 Prior to joining HC2, served as Executive Vice President on the sales and trading desk at Jefferies from 1996 to 2013Served as Managing Director on the High Yield sales desk at Prudential Securities from 1988 to 1996Mr. Voigt received an MBA from the University of Southern California in 1988 after playing professional baseball. Graduated from the University of Virginia where he received a Bachelor of Science in Electrical Engineering  Senior Managing Director    Paul L. Robinson   Chief Legal Officer & Corporate Secretary of HC2 since March 2016Served as Executive Vice President, Chief Legal Officer and Corporate Secretary for SEACOR Holdings Inc. for nearly nine years prior to HC2Held various positions at Comverse Technology, Inc., including Chief Operating Officer, Executive Vice President, General Counsel and Corporate SecretaryServed as associate attorney at Kramer, Levin, Naftalis & Frankel, LLP.; Counsel to the United States Senate Committee on Governmental Affairs and associate attorney at Skadden, Arps, Slate, Meagher & Flom LLPMr. Robinson earned a Bachelor of Arts degree in Political Science and was Phi Beta Kappa from State University of New York at Binghamton and a J.D., cum laude, from Boston University School of Law  Chief Legal Officer & Corporate Secretary    Suzi Raftery Herbst  Chief Administrative Officer of HC2 since March 2015 with over 17 years of diverse human resources, recruiting, equity and foreign exchange sales experiencePrior to joining HC2, served as Senior Vice President and Director of Human Resources of Harbinger Capital and HRGPreviously served as Head of Recruiting at Knight Capital GroupPreviously held various positions in Human Resources, as well as Foreign Exchange Sales at Cantor Fitzgerald after beginning her career in Equity Sales at Merrill Lynch Ms. Herbst earned a Bachelor of Arts degree in Communications and Studio Art from Marist College  Chief Administrative Officer   

 HC2 Management Team  35  Ian W. Estus  Managing Director of HC2 since May 2014 Prior to joining HC2, worked in portfolio management for HRG from 2013 to 2014 and Harbinger Capital from 2002 to 2013Served in various roles at Smith Barney Asset Management from 1998 to 2002Mr. Estus received a Bachelor of Science in Business Administration with a concentration in Accounting from the University at Buffalo in 1998  Managing Director    Andrew G. Backman  Managing Director of Investor Relations & Public Relations of HC2 since April 2016Prior to joining HC2, served as Managing Director of Investor Relations and Public Relations for RCS Capital and AR Capital (now AR Global) from 2014 to 2016Founder and Chief Executive Officer of InVisionIR, a New York-based advisory and consulting firm from 2011 to 2014 Served as Senior Vice President, Investor Relations & Marketing of iStar Financial from 2004 to 2010 Served as Vice President, Investor Relations and Marketing Communications for Corvis Corporation / Broadwing Communications from 2000 to 2004Spent first 10 years of career at Lucent Technologies and AT&T Corp.Mr. Backman earned a Bachelor of Arts degree in Economics from Boston College and was a graduate of AT&T / Lucent Technologies prestigious Financial Leadership Program (FLP), a highly-selective and competitive, two-year rotational and academic program for highest performing finance and accounting executives  Managing Director   

 Appendix:Reconciliations 

   Reconciliation of Adjusted EBITDA of HC2 to U.S. GAAP Net Income (Three Months Ended March 31, 2016)   37  (1) Inclusive of $5.5 million one-time charge  (1)  

 Reconciliation of Adjusted EBITDA of HC2 to U.S. GAAP Net Income (Three Months Ended March 31, 2015)    38 

 Reconciliation of Adjusted EBITDA of HC2 to U.S. GAAP Net Income (Twelve Months Ended December 31, 2015)     39 

   Calculation of the Latest Twelve Months Revenue Utilizing as Reported Net Revenue (Three Months Ended March 31, 2016)   40 

   Calculation of Latest Twelve Months Adjusted EBITDA Utilizing As Reported Adjusted EBITDA(Three Months Ended March 31, 2016)   41 

   Reconciliation of Insurance AOI to U.S. GAAP Net Income (Three Months Ended March 31, 2016)   42  (in thousands) 

 Andrew G. Backman • ir@hc2.com • 212.235.2691 • 450 Park Avenue, 30th Floor, New York, NY 10022  Company Overview