| | 30 Oktober 2014 | 1 Confidential

AVL List GmbH (Headquarters)

Confidential

AVL FUEL CELL

Dr. Farzaneh Moradi (Product Manager Fuel Cell)

| | 30 Oktober 2014 | 2 Confidential

ENTERPRISE DEVELOPMENT AUTOMOTIVE

5 powertrain

elements

EXPERIENCE 65 years !

GLOBAL FOOTPRINT 30 engineering locations • >220 testbeds • Global customer support network

ONE PARTNER

INNOVATION 1500 granted patents

RESEARCH 10% of

turnover in-house R&D

GROWTH

SALES 1995: 0.15 billion € 2016: 1.40 billion € Plan 2017: 1.52 billion €

STAFF

8.600 employees

65% engineers and

scientists

0

200

400

600

800

1,000

1,200

1,400

1,600

| | 30 Oktober 2014 | 3 Confidential

SOLUTIONS FOR ALL CUSTOMER SEGMENTS

Passenger Cars

Racing 2-Wheelers

Construction Commercial Vehicle

Agriculture

Locomotive Power Plants Marine

Powertrain Engineering

Simulation & Testing

Development Platform

| | 30 Oktober 2014 | 4 Confidential

AVL POWERTRAIN – A NETWORK OF TECHNICAL CENTERS

*Headquarters in Graz

Austria* France Germany Great Britain

Hungary Sweden Turkey

South America Brazil

Asia China India Japan Korea

North America USA

Europe

Ann Arbor, USA

Plymouth, USA

Paris, FRA

Lake Forest, USA

Sao Paulo, BRA

Gotenborg, SWE Budapest, HUN

Istanbul, TUR

Basildon, UK

Shanghai, CHN

Remscheid, GER Munich, GER

Stuttgart, GER

Regensburg, GER Neuenstadt, GER

Ingolstadt, GER Coventry, UK

Tianjin, CHN

Steyr, AUT

Haninge, SWE

Södertälje, SWE HQ Graz, AUT

+ another

9 Engineering

Offices

Delhi-Gurgaon, IND

Tokyo, JPN Seoul, KOR

| | 01 December 2016 | 5 Confidential

MOTIVATION FOR FUEL CELL

Zero CO2 & Pollution Technology

Very Fast Refilling Long driving range

| October 24th, 2017 | 6 16th HKIPC , H. List: “The Agile Approach - The Key For Future Powertrains”

FUEL CELL VERSUS BEV 2025 (AVL VIEW)

550 250 60

100

200

180

140

300 350 400 450 500

80

120

160

BEV

Power [kW]

Range [km]

Innovation Zone

Fuel Cell

Source: AVL

Fuel Cell advantage

BEV advantage

For larger & long range vehicles, FCVs will be lower cost than BEVs

| | 21 September 2016 | 7 Confidential

AVL FUEL CELL

15 Years of Experience in Fuel Cell

>100 Engineers

>100 Customer Projects

9 non-automotive

9 automotive OEMs

7 Tier 1/2

| | 21 September 2016 | 8 Confidential

PTE FUEL CELL PRODUCT LINES

SOFC Auxiliary Power Unit (SOFC APU)

SOFC Combined Heat and Power

(SOFC CHP)

PEM Fuel Cell System (PEM)

| | 17. August 2017 | 9 Confidential

Range Extender Main Propulsion

& Range Extender

TWO TECHNOLOGY OPTIONS FOR AUTOMOTIVE INDUSTRY

Both Technologies can be used for passenger cars

commercial &vehicles

Solid Oxide Fuel Cell (SOFC)

Polymer Electrolyte Fuel Cell (PEMFC)

Fuel: Hydrogen Efficiency: 45-55%

Fuel: CNG, LNG, Diesel, Gasoline, Methanol, Ethanol and any carbon based fuels

Efficiency: 40-55%

| | 21 September 2016 | 10 Confidential

PEM Fuel Cell

| | 24.01.2017| 11 Confidential

AVL FUEL CELL SERVICES & PRODUCTS

Chassis Dyno

Powertrain Dyno

System Test Bed

Stack Test Bed

Cell Test Bed Cell Level

Stack Level

Vehicle Level

Advanced Simulation Tools Test Systems

System Development

Vehicle integration

Diagnostic Based Control

Component Development

Testing

Benchmarking

Powertrain Engineering

| | 21 September 2016 | 12 Confidential

Fuel Cell Test System Powertrain & Vehicle Test System Customer

Benefit

>65

Years

>20

Years

TEST SYSTEMS

Stack Test Bed Cell Test Bed System Test Bed Powertrain Dyno Chassis Dyno

Automation System

Emerald PUMA Open for Fuel Cell

| | 21 September 2016 | 13 Confidential

FULL SCALE FUEL CELL SYSTEM TESTBED

Adv. Measurement Equipment Test Automation & Virtual Env.

SoA Environmental Simulation & Test Infrastructure

Test Cell = Climatic Chamber

3x4x3 m

FlowSonix

THDA

FFEM & CVM

Power Analyzer

-40 to 85°C

up to 170 kW Picture from the opening event

| | 21 September 2016 | 14 Confidential

SOFC APU

| | 21 September 2016 | 15 Confidential

SOLID OXIDE FUEL CELL APU

Very low noise

No PM emissions

Practically emission free

Conventional/Bio fuels

40-50% efficiency

Range extender (above 600 km)

| | 21 September 2016 | 16 Confidential

BEV Range Extender

Truck Idling Special Purpose Marine/Leisure

APPLICATIONS OF SOFC APU

Confidential

Extension of the range of BEV from 150 to 600+ km by Ethanol Fuel Cell.

REFERENCE

APU Development Vehicle Integration Testing

The first solid oxide fuel cell vehicle in the world (The first generation of the vehicle was directly presented by Nissan’s CEO in 2016 at Rio Olympic in Brazil)

NISSAN e-Bio Fuel Cell

| | 21 September 2016 | 18 Confidential

AVL SOFC APU FOR INDIA

SOFC APU could be used in India as a range extender for BEVs.

SOFC APU is well in line with Indian government policy.

| | 21 September 2016 | 19 Confidential

SOFC CHP

| | 21 September 2016 | 20 Confidential

FUEL FLEXIBILITY OF AVL SOFC CHP

FUEL

Woodgas

Conventional (NG, Diesel,..)

Flare Gas

Biogas

Electricity

Cooling Power

Heat

PRODUCTS SOFC CHP

| | 21 September 2016 | 21 Confidential

……………………………….. ………………………

5 - 10 kW 10 – 50 kW 500 – 10.000 kW

Same process and stack technology for low and high power ranges

System efficiency independend on power range

50 - 500 kW

AVL SOFC SOLUTIONS FROM KW TO MW

| | 21 September 2016 | 22 Confidential

kW-MW Range

Zero Harmful Emission

Conventional/Bio Fuels

Low Noise Emission

SOFC COMBINED HEAT & POWER

+60% Efficiency

Low Maintenance Cost

Data Centers

Multi Family Homes

Telecom Station

Industry

Hospitals

Hotels

Decentral Energy

SOFC CHP enables TCO advantages due to its high efficiency.

| | 21 September 2016 | 23 Confidential

AVL Fuel Cell References

| | 21 September 2016 | 24 Confidential

AVL has performed > 100 automotive fuel cell development projects with 9 OEMs.

AVL Fuel Cell Plug In Concept Car

PROJECT EXAMPLES

HD Fuel Cell Truck

Fuel Cell Passenger Car

CONFIDENTIAL

CONFIDENTIAL

Concept study Feasibility study

Advanced diagnostics Anode subsystem design System controls & SW

Advanced Stack Diagnostics

55 kW fuel cell 10 kWh battery

Lab-test project Vehicle integration New failure modes

7 OEMs

25

INDUSTRIAL, MIL & CHP FUEL CELL REFERENCES

50kW stack module development and build-up for a MW scale SOFC power plant

Development and design of the plant configuration for a 1MW SOFC power plant

Design of a 200kW stack module for a SOFC CHP system

>10 technology demonstration projects with the AVL 10kW SOFC CHP system platform

Ongoing series development program with a large German heating appliance manufacturer for field-

test ready 5kW SOFC CHP systems

Various APU demonstration projects for industrial and MIL applications

Stack design optimization for a PEM MIL submarine application

…

AVL performed in total > 40 industrial fuel cell projects

| October 24th, 2017 | 26 16th HKIPC , H. List: “The Agile Approach - The Key For Future Powertrains”

Thank You for Your attention