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Investor Presentaiton

Total Ballard FC module cost 1,2 MEA Platinum & Iridium only account for ~30% of MEA cost Labour Stack MEAS ~75% of Stack cost Targeting 70% Stack cost reduction by 2024 Fuel Cell Module Stack ~30% of Module cost 37 <5% Precious Materials Metals Plates Balance Hardware Stack MEAS of Plant Labor Other 1, 2 See Slide Notes BALLARD BALLARD BALLARD™

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