Investor Presentaiton

South Pole Group Overall ambition and challenges Climate Action Tracker assessment of policy projections vs INDC Emissions (Mt CO,eq.) 800 Inadequate Medium Sufficient Role Model Basic view + Pledges + Kyoto accounting 700 600 500 400 300 200 100 AN -100 -200 1990 2000 2010 2020 2030 2040 2050 Historical emissions, excl. forestry Historical emissions removals from forestry Current policy projection Policy projections prior to repeal of climate legislation O 2020 pledge unconditional/ conditional" I INDC max/min First commitment period Kyoto emissions allowances** Second commitment period Kyoto emissions allowances*** ■ Kyoto targets (QELROS)**** www.climateactiontracker.org/ Climate Analytics/Ecofys/ NewClimate/PIK Source: Climate Action Tracker Page 11

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