Investor Presentaiton

27 . California1 • Policy Support & Commitments GHG Goal: Reduce GHG emissions to 40% below 1990 levels by 2030 Committed to $10B decarbonization investment over 6 years $1.7B: 1,000 zero-emission short-haul (drayage) trucks & 1,700 zero-emission transit buses $1.8B for zero-emission trucks, buses, and off-road equipment and fueling infrastructure $200M for demonstration & pilot projects in high carbon-emitting sectors (maritime, aviation, rail, other off-road applications, etc.) Advanced Clean Trucks: Increase the penetration of the first wave of zero-emission heavy-duty technology into applications well suited to its use. Promoting development and use of advanced clean trucks will help CARB achieve its emission reduction strategies. Key Partners & Customers Bus: New Flyer, ElDorado National Truck: Hexagon Purus Ballard Deployment Rail: Stadler, Sierra Northern Railway >75 FCEBS in-service (AC Transit, Sunline, OCTA, Bakersfield, Foothill) + ~30 additional in development • Three UPS vans (Linamar) delivered in 2022, with final van to be delivered in 2023 • • • Two yard trucks (Capacity) delivered to the Port of Los Angeles in 2022 Switching locomotive build & tugboat feasibility study projects underway San Bernadino light rail with Stadler Outlook - Bus²: 25% of new bus purchases must be ZEBS by 2023; 50% by 2025; 100% by 2029; all 10,000 transit buses to be ZEBS by 2040 Truck³: 55% of Class 2b - 3 truck sales, 75% of class 4 – 8 straight truck sales, 40% of truck tractor sales must by zero emission by 2035. Target of 100% trucks on the road be zero-emission by 2045. Specifically for high-emitting drayage trucks, including 17k vehicles registered to the ports of Los Angeles & Long Beach alone, must be transitioned to zero-emission by 2035. HRS: >40 HRS in-service, 15 in construction or planning → target of 1,000 by 2030 1, 2, 3 See Slide Notes BALLARD™

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