Investor Presentaiton

Investor Day Jan 2018 IN NORWAY, EVS HAVE FOR LONG BEEN EXEMPT FROM VAT AND PURCHASE TAX, WHICH ON AVERAGE ACCOUNTS FOR ~50% OF THE VEHICLE COST INCENTIVES EV purchase incentives Circulation tax exemptions Free circulation, e.g. tolls, parking NORTH ASIA EUROPE AMERICA USA Canada Norway Netherlands Sweden Denmark UK China 33 (✓) 333 133 Norway shows that when the price of EV is equal to fossil cars customers change behavior *: High-occupancy vehicle lane, better known as 'carpool lane' **: Restricted traffic zones Note: Policy support mechanisms for EV uptake as of 2015 Source: IEA; Financial Times; QVARTZ analysis *** 4,500 GBP CIRCLE K Couche-Tard ingo Nationwide policy Targeted policy

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