FINANCE OPTIONS – INVESTMENTS IN GREEN SOLUTIONS FOR TRANSPORTATION Idar Kreutzer, CEO, Finance Norway NHO, November 24, 2014

Growth: The world population is increasingly urban Global population by type of area and by region – Source: UN Population Division, World Population Prospects: The 2008 Revision,

3 Kilde: European Telecommunications Standards Institute ( Integrated transportation systems

4 Kilde: European Telecommunications Standards Institute ( Integrated transportation systems Transportation systems - Roads - Railroads - Ports Transportation systems - Roads - Railroads - Ports Transportation objects -Trains - Natural gas vehicles - Electric ferries Transportation objects -Trains - Natural gas vehicles - Electric ferries Energy -Distribution -Production Energy -Distribution -Production

Funding Sources and Requirements EQUITY BONDS BANK LENDING Rating/Credit quality Liquidity Duration Stable cash flow Exclude non financial risk Acess to colateral/real asset

Pension assets as a possible source of financing Insurance companies are Europe’s largest institutional investors Source: Oliver Wyman ”Funding the future” 2012 ”Between public and private sources, there is already sufficient capital available to finance a low-carbon transition. At present, however, the ambiguity, inconsistency and lack of predictability in policy settings creates high government-induced uncertainty, especially for long-lived assets, increasing risk and raising the cost of capital.” Source: ”Better Growth, Better Climate – The New Climate Economy Report”, 2014