<b>Bijsluiter</b>. De hyperlink naar het originele document werkt niet meer. Daarom laat Woogle de tekst zien die in dat document stond. Deze tekst kan vreemde foutieve woorden of zinnen bevatten en de opmaak kan verdwenen of veranderd zijn. Dit komt door het zwartlakken van vertrouwelijke informatie of doordat de tekst niet digitaal beschikbaar was en dus ingescand en vervolgens via OCR weer ingelezen is. Voor het originele document, neem contact op met de Woo-contactpersoon van het bestuursorgaan.<br><br>====================================================================== Pagina 1 ======================================================================

<pre>13963948
    Deloitte.
    NortH, Feasibility Study Phase 2:
    Market Development Workstream
                                      Partnering to unlock the
    Final proposal                    power of green Hydrogen
    November 26" 2020
                                                               1299
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<pre>13963948
    Dea                                 (10)(2e) (210)(2e)   (10)(2e)
    Our engagements in the past weeks and                      seeing     your  passion for hydrogen and NortH, further reinforced our commitment to support your ambition. Our conversations were also
    useful to    push  forward    our   combined           thinking     on  priorities, in terms of demand assurance, energy system design, and policy focus to make this project a success. We firmly believe
    that NortH, is an iconic project, critical for Shell’s future strategy and at the core of Gasunie’s and Groningen Seaports’ futures. This project plays a critical role to jump-start the
    hydrogen value chain in Europe, to meet the increasing demand by customers and to ensure lowest cost to society as part of the energy transition.
    As your partner and to make you                successful,         we  commit to   bringing benefits and accelerators  to your overall   project  team:
        Paint  a  holistic energy story,         highlighting the need            to start now: We   bring our leading energy system modelling capabilities to define and quantify the benefits and role of
        hydrogen     in the future with       a   detailed sector view and comparison to other fuels and             technologies. We have the 2050 aspirations/views in mind and bring it back to 2030 and
        today in order to      prove the need to start                now  and the sequence    of events and roadmap for implementation. Our assurance capacities and brand guarantee the output is objective,
        and credible.
        Define    a concrete    policy and grants framework: our team, the policy expert that you engaged with on                       our   last call and the academic panel   we bring (Ad van Wijk, Andrea Ramirez
        and Theo Fens) will work together with your Public Affairs experts to develop possible policy scenarios                         based    on  what is known and   assess the implications on demand patterns to
        help define what is needed to support a hydrogen value chain and NortH,.
        Minimize demand          uncertainty with real proof points: By adopting our proposed systematic client engagement approach as we did in the Shell/Deloitte sectoral decarbonisation
                                                                                                                                                                   -
        work and leveraging our extended relationships in NL, Belgium, Germany, we can provide demand assurance for hydrogen, also beyond NortH, and for future projects, and
               -
        provide a “high resolution” picture that is concrete and defendable.
        Make the     case  for  change demand-led, with customer commitments {e.g. LOIs) established during the project: We will ensure that customer commitments and the need for
        hydrogen     are an   integral part of the case for change, further reinforcing the requirement for NortH, with government, policy makers and other external and internal stakeholders,
        and paving the way for continuation of these customer relations into the future.
        Have   access to    industry-leading capabilities that we provide already to                    Consortium members: We       bring a   team of   leading experts and practitioners in  hydrogen and business
        model design that developed Shell's portfolio model and helped develop the business model for Gasunie’s hydrogen Backbone. In addition, the consortium gets                                     access     to our
        global   experts and     our  proprietary energy models to accelerate activities and meet the January                   case for  change    targets with robust analyses.
    The ambition is      big,  as is the effort needed to address the scope in the time available. We                  are confident  we   will meet your January and June deadlines     as we   combine     our  forces and
    knowledge      to  push   this forward. To further indicate                our  commitment to you,    we are  providing a significant  investment that is close to Euro €   0.6M, based   on  the notion of     becoming
    your partner for      success    (further details         are     included in the   document).
    We   are  eager to work with you           on    this important project.
                                                                                                                                                          (10)(2e)
     © 2020 Deloitte The Netherlands                                                                                                                                                   NortH, Final proposal
                                                                                                                                                                                              -              -
                                                                                                                                                                                                               Deloitte      2
                                                                                                                                                                                                                               1300
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<pre>13963948
     Updates             and      changes        since last version
    This document combines the elements that you found valuable in the                                            original proposal         and includes
     additions and adjustments based on our dialogue
    We continue to FOCUS ON                    things that resonated well with         you We have ADDED elements based              on our  dialogue
        Module 1:                                                                            Module 1:
        «
              Two versions: Initial in       January   to kick-start  conversation,     QD   *
                                                                                                 Modelling a holistic view on the future energy ecosystem          oS
              in June based        on all analysis to reinforce the message                  «
                                                                                                 Putting more   emphasis on identifying possible policies and
        *
              Three lenses: tailored to government, customers, internal                          quantifying their impact on hydrogen demand
        «
              Showing the        need for   hydrogen    and for   NortH, towards  2030
                                                                                             *
                                                                                                 Being more explicit on why the big project approach of NortH, is the
        *
              Framing the        case as a  ‘voice of the  industry’                             right one vs. alternatives, in terms of market, societal and internal
        .
                                                                                                 benefits
        BHU ET                                                                                                                                                    ETL
                                                                                           | To show our commitment to and investment in this
        »
              Extensive customer network                                                                                                             project we have
                                                                                           ;
                                                                                           : applied a € JEM discount on our professional
                                                                                                                                                  fees:
        *
              Structured approach to customer engagement, providing qualitative                                                                                        f
                                                                                           {
                                                                                                         —
              and quantitative insights and enabling LOIs                                  i
                                                                                             +
                                                                                                 Ca. € KEM       byY absorbing man hours and fees required to deliver |
                       :           .      yr         :                                           the abovementioned additions to the scope    P of Module 1            |
        *
              Close integration of insights with other modules                             ;            a                             |
        .                                                                                  ,*    Ca.€            by applying lower rates to Modules 1 and 2            I
        Module 3 and 4:
                                                                                             +
                                                                                                 Ca. €REEEN by offering you
                                                                                                         TR
                                                                                                                                 all the leadership time and  some
                                                                                                                                                                       |
                                                                                           |     expert time  in  Modules 3-4 for free                                 |
        *
              World-class       modelling capabilities,     incl.  H, and DEEM models      {
                                                                                           |
        *
              Close    integration with other modules                                      |
                                                                                           {
        *
              Documentation, handover, training and quality assurance
     © 2020 Deloitte The Netherlands
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<pre>13963948
    Deloitte                                                                                               Climate         change
                        recently announced its renewed climate
                                                                                                           Hale a:-Rolalo][e=}
    commitment, closely aligning to NortH,'s ambition
                                                                                                           It’s billions of them.
                                     Recently Deloitte launched WorldClimate         — Deloitte's strategy
                                     to drive
                                                                                                           Reducing the world’s carbon emissions requires everyone to
                                              responsible climate choices, address climate change,
                                                                                                           commit, innovate and take action. That's why Deloitte’s goal is
                                     achieve net-zero emissions by 2030, and extend our impact
                                                                                                           het-zero emissions by 2030. And why we are engaging our
                                     beyond Deloitte.                                                      330,000 professionals and collaborating with our clients and
                                                                                                           networks to address this crisis.
                                     The  key points in the   WorldClimate    strategy are:
                                                                                                           Connect at: www.deloitte.com/worldclimate
                                     Net-zero  by 2030   —
                                                           targeting specific goals for emissions from
                                     business travel emissions,    offices, car fleet and our major
                                     suppliers
                                     Operating green embedding climate-smart
                                                        —
                                                                                         considerations in
                                     our policies, practices and actions
                                     Engaging ecosystems collaborating with clients, industry
                                                              —
                                     groups, NGOs, suppliers to create solutions that facilitate the
                                     transition to a low-carbon economy
                                     Empowering individuals         enabling our people to make
                                                                 —
                                     positive climate choices and to     amplify then through their
                                     personal  networks
                                     Leading climate professional services positioning Deloitte as
                                                                                 —
                                     thought leader and a leading provider of climate professional
                                     services, recognizing the opportunity of a green post-COVID-19
                                     recovery
                                     Deloitte commits to    helping repair   and  reshape  the world in  a
                                     way that works for everyone. This will      require reimagining,
                                     reinventing and redesigning many of the day-to-day
                                     experiences of our lives as well as how our businesses        and
                                     economies operate.
     © 2020 Deloitte The Netherlands
                                                                                                                                                                           0 1 [11] 4JERE.
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<pre>13963948
    Contents
                Our     understanding
                                                                                —  ee anil
                                                                                   a — wa
                                                                                aT
                Executive summary
                The     case    for hydrogen                                 20
                Approach                                                     27
                Team, governance and quality                       assurance 71
                Professional fees                                            76
     Note: Further information   on our references, team and tools
     are available in the Appendix (under separate cover)
     © 2020 Deloitte The Netherlands
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<pre>13963948
       Our understanding
                         ©
                         ©
                         0
                         ©
                         ©
                         ©
</pre>

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<pre>13963948
    Our       understanding
    The       NortH,          Consortium wants to          assess   the  feasibility and business case of a transformative hydrogen
    initiative, and has asked for support in                      developing a comprehensive understanding of the NWE market
        The      NortH, Consortium, formed by Shell, Gasunie and Groningen Seaports, has announced a project to construct a
        world class green hydrogen value chain in Europe that supplies green H, to key industrial clusters in northwest Europe
        In   support of           a  successful FID in 2024 for phase 1,     NortH, now aims to:
        —
            Establish line of           sight on feasibility and  investability, with all major risks identified and mitigation  plans      in   place
            Demonstrate realistic and balanced                implementation of green H, for targeted market segments
        —
        To this end it has             set-up  a program of three workstreams
        —
           Technical:           Establishing the P10/P50/P90        views  on cost  levels to supply green  hydrogen
        =
           Market          Development: The market development underpinning supplied volumes and value of green hydrogen
        —
           Public Affairs: Existing and             new   policy instruments    required  to close the value gap and  provide justification for
            private investment
        Deloitte has been               requested   to submit a  proposal   for the Market    Development    workstream
     © 2020 Deloitte The Netherlands                                                                                          NortH, Final proposal
                                                                                                                                    -               -
                                                                                                                                                      Deloitte s
                                                                                                                                                                 1305
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<pre>13963948
         00
         (@)1
              1306
</pre>

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<pre>13963948
     Executive            Summary
    Our       promise           to you
              Paint    a  holistic energy story, highlighting the need start now: We bring our leading Future of Energy (FoE) modelling capabilities to define and
     hb       quantify the benefits and role of hydrogen in the future with a detailed sector view and comparison vs. other fuels and technologies. We have the
              2050    aspirations/views in mind and bring it all back to 2030 and today in order to prove the need to start now and
              roadmap for implementation. Our assurance capacities and brand guarantee the output is objective, and credible.
                                                                                                                                              the sequence of events and
              Define     a concrete      policy and grants framework: Our policy expert that you engaged with on our last call and the academic panel we bring (JEN
      Ur      known and
                                      OS)                      will work together with your Public Affairs experts to develop possible policy scenarios based on what is
                               assess the implications on demand patterns to help define what is needed to support a hydrogen value chain and NortH,.
              Minimize demand             uncertainty with   real  proof points: By adopting our proposed systematic client engagement approach as we did in the
                                                                                                                                                     -
      vv      Shell/Deloitte sectoral decarbonisation work and leveraging our extended relationships in NL, BE, DE, we can provide demand assurance for
                                                                       -
              hydrogen, also beyond NortH, and for future projects, and provide a “high resolution” picture that is concrete and defendable.
              Make the       case    for change demand-led, with customer commitments (e.g. LOIs) established during the project: We will ensure that customer
              commitments and the need for hydrogen are an integral part of the case for change, further reinforcing the requirement for NortH, with
      Vv      government, policy makers and other external and internal stakeholders, and paving the way for continuation of these customerrelations into the
              future.
              Have     access to     industry-leading capabilities that we provide already to Consortium members: We bring a team of leading experts and
                                  in  hydrogen and business model design that developed Shell's portfolio model and helped develop the business model for Gasunie’s
      Vv
              practitioners
              hydrogen       Backbone.      In addition, the consortium gets access to our global experts and our proprietary energy models to accelerate activities and
              meet the January case for change targets with robust analysis.
     © 2020 Deloitte The Netherlands                                                                                                                NortH, Final proposal
                                                                                                                                                          -               -
                                                                                                                                                                            Deloitte 9
                                                                                                                                                                                       1307
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<pre>13963948
     Executive summary
     Deloitte has                           a   long and trusted relationship with NortH, Consortium members as Future of Energy transition
     partner, facilitating engagement with ecosystem stakeholders in today’s quickly changing market
    Deloitte              as      your trusted Future of                         Energy transition partner
    IE TT                                                                                                                                                                                                                 Groningen Seaports
                                                                                                          energystack
                                                                                                          The power
                                                                                                          of flexibility
                                                                                                   )
      The journey to decarbonisation                                                           Long-term Hydrogen strategy implementation                                                          Evolving the Seaport        into a haven for    sustainability
      Practical, customer/market-centric                 and action-oriented         co-       Long-term partnership       to realize the ambition of                  accelerating        the     Practical,   outcome driven      support  in  development of the
      creation of ways to decarbonise harder-to-abate sectors                                  energy transition     by  use of   hydrogen                                                         surrounding       areas as a major  asset to drive the energy transition
      *
         Unprecedented success in shipping as most downloaded                                  »
                                                                                                 Actionable   strategic   program       plan                                                       =
                                                                                                                                                                                                     Social-economic value        quantification    of scaling  North Sea wind
         Shell publication and with 35+ articles                                                           for future                                                                                energy fields
                                                                                               *
                                                                                                 Support                 proof green gas certification                  platform
      *
         Engagement              of the world’s most        important      names      at the     Business model for the
                                                                                                                                                                                                   »
                                                                                                                                                                                                     Optimal     locations for wind energy land connections
                                                                                               *
                                                                                                                              hydrogen backbone with market driven,
        forefront of energy transition                  across    the ecosystem                  innovative approach based on industry analogies                                                   *
                                                                                                                                                                                                     Support for      new  ecosystem entrants, including datacenters, and
      *
         Deep-dives into individual hydrogen                      use  cases, to inform        *
                                                                                                 Engagement     of all  top-40    customers                                                          battery manufacturers
         Shell's hydrogen strategy                                                                                                                                                                                      of Eemshaven
                                                                                               *
                                                                                                 Development and design of business              model for              Energystock, the
                                                                                                                                                                                                   *
                                                                                                                                                                                                     Development                         growth potential
      Asides from         facilitating ecosystems, Deloitte has also built Shell's                    and fastest gas storage in the world                                                                                       for chemical sector
                                                                                                 new                                                                                               *
                                                                                                                                                                                                     Sustainability agenda
      group portfolio model and facilitated EC dialogue about aspired
      portfolio for 2018-2035. The model remains instrumental in
      driving    EC choices         on    energy transition.
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     © 2020 Deloitte The Netherlands                                                                                                                                                                                                    NortH,- Final proposal    -
                                                                                                                                                                                                                                                                    Deloitte         10
                                                                                                                                                                                                                                                                                        1308
</pre>

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<pre>13963948
     Executive summary
     Minimize             uncertainty: The consortium will benefit from our relations with all leading demand                                                                                   centers for
     hydrogen and the executive boards of our potential customers across NL, DE, and BL
    Our     relationship with potential NortH, customers                                     -
                                                                                               EXAMPLES
                                                  Netherlands
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                                  Gasunie  H, program plan and business model                                Hydrogen pipeline business model                             VLAIO  hydrogen roadmap study
                              Developed actionable program plan for Gasunie’s                      Conducted    supply-demand optimization and new              Advised Flemish government         on pathways towards
      Example                 hydrogen initiatives, and designed the business model                business model design for 193km                   hydrogen    a   carbon   neutral    Flanders, including policy
      projects               for the hydrogen   backbone                                           pipeline system (phase 1) and renegotiation of               framework   to support transition
                                                                                                   operator-owner contracts (phase 2)
    *Shell, Gasunie and   Groningen Seaports not included
                                                                                                                                                                                      NortH, Final proposal Deloitte       11
                                                                                                                                                                                             -              -
       2020 Deloitte The Netherlands
                                                                                                                                                                                                                              1309
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<pre>13963948
     Executive summary
     Our tested and                   comprehensive engagement approach will allow you to capture demand profiles,                                                                                       create
     clarity       on     hydrogen adoption barriers and chart a realistic pathway towards 2030 and beyond
    Our tested stakeholder engagement                             approach
                              10+    Customer Interviews and                    Surveys                                                          IRIE     To                   =o] s (VA IE]
                                                                                                                                                             (ol d= 19 To CT-ToT{              o 13
     »
        Structured, in-depth conversations                                                                               *
                                                                                                                           2h-3h virtual sessions with companies
        with executive boards and                                                                                          that share energy demand characteristics:
        technical/energy           leaders at                                                                              *
                                                                                                                              Reflect  on    key findings from interviews
         key  customers                                                                                                    *
                                                                                                                              Clarify  barriers to    H, adoption
     «
         Comparable and quantified insights,                                                                               *
                                                                                                                              Develop      a view  on  pathways to 2030,
         allowing deep-dives into barriers,                                                     eal
                                                                                                           XE
                                                                                                                              incl. differentiating products
                                                                          Eel
                                                                                                     hl.
                                                                                                                                 ;       ;              .
        solutions, pathways,...                                         iif.
                                                                                      His                                  Starting point for ongoing dialogue and                                                  ie
     *
         Com plemented by Surveys as needed                          Example: Sectoral Decarbonisation Interview Toolkit   d platform to create lau nching customers            example: Sectoral Decarbonisation Lab Materials
               @VE3 oly 3 [= EY o IoTelh {Tol Lo] gi [e [=I = Ra [eg [3 {oI olf 5 PRE =To [eT eldo] Tole                              Customer         propositions        and increased            buy-in,
                  GIVET    Yd) {=Te MVITAVYA To I o Pe [=T0    Fo To INV VIN VAG V TY Co] gg [oT                                    transition timelines and ecosystem engagement
            We     recently tested           and refined this            approach during                  the sectoral decarbonisation research with Shell. The                          study        has   already
                      involved 160 hours of interviews and 20 hours of labs CEOs and senior executives from                                                         Shipping and Road                Freight
     © 2020 Deloitte The Netherlands                                                                                                                                                 NortH, Final proposal
                                                                                                                                                                                             -                -
                                                                                                                                                                                                                Deloitte        12
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<pre>13963948
     Executive             sum mary
     Deep policy experience is the key enabler for the                                            success            of this project, and we will work closely with the
     Public Affairs workstream to                              bring       you    empirical     knowledge and insights from a long history of field-work
    Our     policy knowledge and experience
                                        Understanding of regulations            per
                                                                                           2)   Developing scenario                 on   how these         ©   Being close          to the        “pulse of the
                                                                                                (oe 10] [0 W=AVIo IVR   To To RVYIa FR AVIeTURIT=Te Re  BE
                                                                                                                                                               13 0e [VES of      VATA0 F-1 of[CAVES w= 1 C1 a Tod [a LT 6 dg TT]8
                                                aATole
                                        (ole]0]oid     I=)AF To WS WA [CAVE]                    “move the dial”                                                and need
      Our   capabilities         .
                                     Support companies and advise governments          on    Have    deep capabilities        in scenario    planning       Engage systematically with key                ministries and
      are  best suited               policies and regulation                                                                                                institutions that define market and                  policy
                                                                                             Understand what events and                policies can
      to supportin                                                                                                                                          frameworks
                                     Have detailed  understanding of current                 support the economics
      OEE GEIGER
                                     regulations and policies, their merits and what
                                     can  be improved
                                     Advising the European Commission         on the new     NVDE     membership,        in addition to direct              Submitted various           applications for the           |PCEI
                                     to be developed Hydrogen Act                            contacts, enables        us to   share bottlenecks in          Hydrogen         Interest   Survey
                                     Advised the UK Government            their        for   subsidy and       tax  legislation    with Ministries
                                                                                                                                                            Submitted various
                                                                       on       tender                                                                                                  subsidy applications            at
                                     the Front-End Engineering and Design (FEED)             Played     major role SDE++ program            development     national and European level, for example
                                     contracts for Carbon Capture and Storage                                                                               applications related to the Innovation Fund and
                                                                                             Supporting development of               new   tax legislation
                                                                                                                                                            Horizon 2020
                                     Early access to grant program concepts before
                                     they are enacted, enables us to influence
                                     programs
                       We will       integrate seamlessly with the Public Affairs workstream, leveraging existing bodies of work,
                                                              grants & incentives expertise and                    our     expert panel
     © 2020 Deloitte The Netherlands                                                                                                                                                NortH,- Final proposal     -
                                                                                                                                                                                                                 Deloitte       13
                                                                                                                                                                                                                                   1311
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<pre>13963948
     Executive summary
     Moreover              we     have    unparalleled experience           in supporting governments and companies                    in their       hydrogen
    strategies and                 investment plans around the             world
     Highlighted project references
                            HYDROGEN
                            FOR EUROPE
                       Hydrogen for Europe study                       Australia’s National Hydrogen Strategy                  Power-to-gas market entry
         Assessed the role of        hydrogen in the European       Advised government on strategic options for    Assessed market entry into the power-to-gas sector
          energy transition and potential deployment                national hydrogen policy, including extensive  and validated business models, including regulatory
                         pathways towards 2050                                    scenario modelling                                   perspective
                 Power-to-gas commercial viability                        Hydrogen policymaking in Japan               Economic  potential of green H, in Mobility
      Advised Mitsubishi         on  hydrogen applications in the Advised Japanese government on economic and      Deloitte and Ballard have done        a comprehensive
         power sector, including evaluation of business           environmental policies for developing low-carbon   study into hydrogen and its role to power the
             models and required policy instruments                            hydrogen supply chains                              future of mobility
             Also      see    84 other relevant references         on  top strategies and investment plans in the Appendix (separate cover)
     © 2020 Deloitte The Netherlands                                                                                                      NortH, Final proposal
                                                                                                                                                -               -
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<pre>13963948
     Executive summary
     Our proven model                       building capabilities and best practice models                                   in both hydrogen         and       electricity forecast
     modelling will ensure on-time Q2 project delivery
                             Modelling capabilities                                               Proven concepts                                  LETC] Eo      [oR o TTY oTe] C=H\ [oTgol g Pg i Too[=]
      -.
         We have extensive         experience with forecast           As demonstrated             throughout this document we will      Our    integrated  market demand workstream                       provides
         modelling and have build the portfolio decision              use           the Deloitte Hydrogen model as a basis to tailor    a  bottom up customer database and                     quantification
         making model for Shell's portfolio strategy team             your needs in           capturing the NortH, value chain          in  a  demand    curve    with boundary conditions
         which was assured by the Shell modelling team
                                                                      Fanavel =
                                                                                Walizl                                                  We liaise with the technical workstream to                      source
         We    bring the capabilities to quickly translate                                                                              input on (hourly) production data and other
         business     understanding into comprehensive                                         wl                 pis     rie]
                                                                                                                              Bi
                                                                                                                                Et      parameters as input for supply curve and capture
                                                                      ono                                    ———        |
         calculation logic                                                                                                              volume flow of the entire value chain
         Our   experience     in  building and reviewing transaction                                                                    We will liaise with the         public affairs workstream to
         models makes that         we  have  an eye for detail with   The Deloitte European                                             incorporate     their qualitative and quantitative input
                                                                                                       Electricity Model  is an
         respect    to  business and accounting      logic                                                                              on boundary conditions and public incentives
                                                                      optimization model of the European power system
         Our way of      working is to integrate thoughts of          including all production sites that allows a.o. for               By including an optimization engine in the model                       we
                                                                      demand and             supply analysis. This state-of-the-art
         multiple stakeholders, this allows to split team roles                                                                         can run    (and store) multiple optimizations for
         and critically conceptualize functionalities before we       tool will provide an optimized interface with the                 demand and       supply scenarios
         implement them into a model                                  European electricity market.
                                                                                                                                        The    integrated model dynamically calculates LCOH
         We   come to     quick implemented solutions and work                                                                          on    basis of the model infrastructure
         in an   iterative   manner    in close collaboration with
                                                                                                                                        We will facilitate    a seamless handover to the model
         you to tailor make          end-product that
                                                                        =]
                                  an                     is known for
                                                                                                                                        through training     sessions and          underlying
         its friendliness in     use
                                                                                                                                        documentation for         allowing       you to      keep the model
         We will    use  fit for purpose   tooling to the project                                                                       evergreen
         (e.g. Excel, SQL, Python,       any preferred optimization
         tool and PowerBl)
     © 2020 Deloitte The Netherlands                                                                                                                                   NortH,- Final proposal     -
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<pre>13963948
     Executive summary
     Based         on our         experience in working with Gasunie and Shell there is a cultural fit                                                          in the way            we      collaborate in
     complex projects with highly interconnected modules and workstreams
    Overview of            proposed approach
        Technical                                                                               Market        Development                                                                           Public Affairs
                                                                                                                                                                        Business  case
                                                                Model                                         1
                                                                                                                                            :
                                                                                                                                                                         (NPV, Risk vs
                                                              structure,                                         r-)        {=To ReTololgTolgg
                                                                                                                                            [Told                       reward, Policy
                                                             algorithms
                                                                                                                                                                            zaps]
                                                                                                         )
                                                :
                                           Deloitte                                               @          Market volumes, prices and  LCOHs
                                                                                                                                                                                                            Fol
                                                           LCOH/LCOE                                                                                                                                          olicy
                                          hydrogen
      P10/P50/P90                                              dat                                                                                                                                     instrumen
                                                                                                                                                                                                          Sirumenis
                                                                                                           :                       ap
           ;
         views on
                                              and
                                                 i
                                                            Moi
                                                           algorithms,
                                                                                       3. Commercial and asset optimization
                                                                                                                                                                                                        required     to
                                         electricity        structure
        cost levels                                                                                                                                                                                       close the
                            2%                                                                                                                                                           [a
                                                                                          .
                                           a
                                                                                    @
                                                                                                           |        N
                                                  :
                                                                                             Volumes, prices and timing per    user segment
         io   supply                                                                                                                                                                                     value gap
             green                                                                                                                                                                                      and justify
                                                          oe
         hydrogen                                         data and                      pA OVS     dole  [Te [Told    lor Rdlolg                                                                           private
                                                         algorithms                                                                                                                                     investment
                                                                       @       Proposition  to customers e.a.
                                          i                 1. Case for     Change
     @ We will        use an   ‘agile’ way of working with you,    iterating from  a generic    to a  fully customized model,       to avoid any bottlenecks and feed the Public Affairs workstream           early on
     © 2020 Deloitte The Netherlands                                                                                                                                             NortH,- Final proposal -
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<pre>13963948
     Executive summary
    The       project will be delivered by                  a team of experienced strategy consultants and economic  modelers,
    supported by subject                    matter   experts
    Team and               responsibilities
             (10)(2e)   (10)(2e)
              (10)2e)    (10)(2e)
                                                   (10)(2e)                                                                 (10)(2e)  (10)(2e)
               (10)(2e)   )(2e)
     © 2020 Deloitte The Netherlands                                                                               NortH, Final proposal
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<pre>13963948                                                                                           ITT DELIVERABLE 5.2
     Executive summary
    We will           provide           you with            right input for the               NortH2 business                      case      enhancing the                  success          of FID
    | Module          |     Submodule                                          Deliverables
      1. Case for Change     1.1 Substantiate the  case                        .
                                                                                  Quantified need for hydrogen in the EU's Net-Zero Emission economy in 2050, incl. holistic view        on the future energy ecosystem
                             1.2 Demonstrate need for     scaling-up           .
                                                                                  Demonstrated need to accelerate       scale-up of green  H, via        incl. societal, market and internal benefits of the large project
                                                                                                                                                  NortH,
                                                                                  approach,   vs. potential alternatives
                             1.3 Detail government    policy frameworks        .
                                                                                  High-level policy framework, including catalogue of possible future regulations
                                                                                  Quantified demand impact per policy scenario
                             1.4 Create  compelling narrative                  .
                                                                                  Initial version to kick-start the conversations  (~ January)
                                                                                  Updated version informed by all project analyses, to further substantiate the message and in three version        to reflect the three lenses:
                                                                                  Government, Customers, Internal consortium stakeholders, all framed as a ‘voice of the industry’
                                                                                  Case for Change document as input for Public Affairs workstream
      2. Customer           2.1  Develop market scenarios                      .
                                                                                  Overview of market segments with high potential demand in NL, DE and BE in 2030 timeframe
      identification                                                           .
                                                                                  Multiple plausible demand projections per segment
                                                                                  Implications   for government policies
                            2.2  Identify customers                            .
                                                                                  Prioritized customer database with names,       needs, volumes and  willingness   to pay
                                                                                  Demand ranges fine-tuned based       on  actual customer demand
                            2.3 Establish market   development plan            .
                                                                                  Positioning statements     per customer
                                                                                  Activation   plan
                                                                                  Warm leads for Consortium partners       as a foundation for LOls
                                                                                  Updated policy implications
      3. Commercial and     3.1 Determine    supply & demand profiles          .
                                                                                  Demand curves for priority market segments in key scenarios
      asset                                                                       Supply curves in key scenarios (aligned with input from Technical workstream)
                                                                               ‘
            optimization
                            3.2 Match    supply and demand to    optimize the  .
                                                                                  Optimization of H, supply and demand volume and revenue flows
                            program
                                                                               .
                                                                                  By-products volume and revenue flows
                                                                                  Storage requirements
                                                                                  Input into the LCOH part of the model
                                                                                  Interface with the electricity market through DEEM
      4. Integrated         4.1 Build business   case                          .
                                                                                  Business case with P10/P50/P90 LCOH levels
      economics                                                                .
                                                                                  Calculated impact of different sets of policy instruments
                                                                                  Market value of H, in different demand scenarios
                                                                                  Demonstrated economic feasibility on phase 1 of NortH, and line of sight on private        investment
                           4.2 Model    hand-over, training, documentation and +
                                                                                  Trainings on how to use and maintain the model
                           facilitate robust review by the Consortium          .
                                                                                  Documentation and user guides
                           partners
                                                                               .
                                                                                  Enable model assurance by Consortium modeling teams
     © 2020 Deloitte The Netherlands                                                                                                                                                         NortH,- Final proposal -
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<pre>13963948
     Executive summary
     List of abbreviations
             BE         Belgium                                                                                          LOHC         Liquid organic hydrogen    carriers
           BEV          Battery electric vehicle                                                                          LOI         Letter of interest
          CapEx         Capital expenditure                                                                              M&A          Mergers and acquisitions
           CCS          Carbon capture and storage                                                                        MFF         Multiannual financial framework
          CCUS          Carbon capture, utilization and storage                                                           MSA         Master service agreement
            DE          Germany                                                                                          NBCA         Next Best   Competitive Alternative
          DEEM          Deloitte   European Electricity    Model                                                          NGO         Non-governmental organization
             EC         Executive committee                                                                                NL         Netherlands
           ESG          Environmental, social,     and corporate governance                                               NPV         Net present value
           EVE          Economic Value Estimation®                                                                       NWE          North West    Europe
           FCEV         Fuel cell electric vehicle                                                                       OEM         Original equipment      manufacturer
          FEED          Front-end    engineering design                                                                  OpEx        Operating expenditure
            FID         Final investment decision                                                                         R&D         Research &    development
                        Full-time                                                                                         RCP         Representative    Concentration   Pathway
            FTE                     equivalent
            GRI         The Global    Reporting   Initiative                                                              SBT        The Science Based Targets initiative
           HDT          Heavy duty truck                                                                                SDE++        Stimuleringsregeling     Duurzame    Energieproductie?
            IEA         International   Energy Agency                                                                     SME        Subject   matter   expert
                        International Institute for                                                                       SSP        Shared Socio-Economic       Pathways
          IIASA                                        Applied Systems Analysis
           IKIA         Integrale   Kennis en  Innovatie   Agenda’                                                        TBD        To be decided
           IPCC         Intergovernmental Panel       on  Climate Change                                                  TCO        Total cost of   ownership
                                             of Common                   interest                                         TSO        Transmission system operator
          IPCEI         Important Project                    European
          LCOE          Levelized cost of energy                                                                        VLAIO         Viaamse   Agentschap    Innoveren   en Ondernemen’
          LCOH          Levelized cost of   hydrogen                                                                     WACC        Weighted     average cost of  capital
          LCOS          Levelized cost of storage
     Note: 1. Integral knowledge  and innovation agenda,  2. Incentive scheme for sustainable energy production, 3. Flemish agency for innovation and entrepeneurship
     © 2020 Deloitte The Netherlands                                                                                                                                               NortH,- Final proposal -
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<pre>13963948
         1318
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<pre>13963948
    The       case        for      hydrogen
     Hydrogen               is  an    important element of the Path to Paris, the landmark agreement to combat climate change
     and to         accelerate actions and investments required for a sustainable low-carbon future
     Path to Paris           —
                                elements of climate  change mitigation and benefits of hydrogen
                                               Electrification of industrial sectors
         Energy and Resource                                                             Emission reduction: has   zero carbon emissions at           end-use, and
                                               and  production of hydrogen
                    Efficiency                                                           none  well-to-wake if produced from renewable electricity
                                               dependent on increase in
                                               renewable electricity sources
         AIAEL          ol [SH A [To (gon;                                              Versatility: can be produced from a range of sources,                stored in
                     Sources                                                             large quantities over long periods, and efficiently be
                                                                                        transported (e.g. using existing pipelines)
             Electrification of
            Industrial Sectors                                                           Sector  coupling role: has broad  applications (e.g. industry,
                                                                                        transport, power, heat) and    can help absorb some of the
                                                                                         growing pressure that electrification of transport and heat
                   New Fuels                              Hydrogen                       would put on electricity infrastructure and total electricity
                                                                                         investment requirement
              Carbon Capture
                 and Storage                                                             System flexibility: allows integration of higher levels of
                                                                                         intermittent renewable power into the energy system
                      Offsets
              (not counted    by GRI/SBT)
     © 2020 Deloitte The Netherlands                                                                                              NortH,- Final proposal -
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<pre>13963948
    The         case           for       hydrogen
     European public and private                              sector stakeholders are       positive about hydrogen’s role                in decarbonisation
     Recent announcements around                          hydrogen   in Europe —
                                                                                 EXAMPLES
                                                                                                             -                          -
                                                         By 2030 up  to €42B in EU electrolyzer
                                                    *
                                                                                                          od i                     es
                                                    *
                                                         investments with 40GW
                                                         Up
                                                                                  of capacity installed
                                                            to €3408B in EU investments to  scale-up
                                                                                                         <r
                                                                                                          ®t
                                                                                                               e National
                                                                                                                               -,
                                                                                                                                             |
                                                                                                                                                                               = vy
                                                                                                                                                                                  ior
                                                                                                               dro
                                                                                                                                             |
                                                               i                                               (drogen Strategy.        ~~
           HYDROGEN                                      and directly connect 80-120 GW of solar and     a
                                                                                                                              wy                       ET
           ROADMAP                                       wind energy   production capacity to the        wk;  Me,                         i            gy
                                                                                                                                                                   Plan de relance
           EUROPE                             =]         electrolyzers
                                                                                                                          HYDROGEN TECHNOLOGIES ~
                                                                                                                                                  POWERED BY MAN
                                                    *
                                                         €65B in transport and infrastructure
                                                         By 2050 cumulative investments in
                                                    *
                                                         production capacities would amount to €180-
                                                         470B in the EU for 500GW of electrolyzer
                                     THE          |
          A SUSTAINABLE PATHIIAY FOR      ©)    =
                                                               .
          EUROPEAN ENERGY TRANSITION      “Naf?   |      capacity
    Source: Public      announcements; Deloitte analysis
     © 2020 Deloitte The Netherlands                                                                                                                    NortH, Final proposal
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<pre>13963948
    The       case       for     hydrogen
    As governments translate their                           hydrogen visions into policy, it is critical to develop an integrated policy
    strategy by coordinating stakeholders (producers, infrastructure, consumers) across the value chain
     Regulatory timeline             —
                                       EXAMPLES                                                                                                             BB Influencing phase i) 4 Results phase
     European/national                                                                                                                      European/national
     hydrogen vision                                                                                                                          hydrogen policy
    ~
                                                                                                                                                                          EU and national
                                               Regional Energy Strategies                                                                                                 governments have
                                                                                                                                                                          developed their
                                                                                                                                                                          hydrogen visions
                                          Conclusive Multiannual Financial Framework                     (MFF)
      Module 1:                                                                                                                                                           Now, visions need             to
                                                                                                                                                                          translate into         policy,   e.g.
      Mapping                                Mission Oriented       Knowledge       and Innovation            Agenda (IKIA)
      current and                                                                                                                                                         legislation, incentives,
      potential
                                                                                                                                                                          taxes,     safety, human
                                                     WIETe cide] g-c 1g) alo) Mol
                                                                             o    do {5 o Tol do [Tools lo) [=I 1d [0] ga = a  |i [oF | [0] I
                                                                                                                                                                          capital agenda and
      future
                                                                                                                                                                          standards
      regulations
                                                                                     Standardization, safety,               ...                                           Therefore, it is critical          to
                                                                                                                                                                          influence governments
                                                                                                                                                                          now      by coordinating
                                                                                          Tax, grants and incentives system
                                                                                                                                                                          stakeholders          across   the
                                               Policies need to be influenced and                      for each part of the value chain
                                                                                                                                                                          value chain
                                                                                      developed
                                                         (producers, transport  and storage       infrastructure, consumers)
     © 2020 Deloitte The Netherlands                                                                                                                                  NortH,- Final proposal -
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<pre>13963948
    The            case      for    hydrogen
    There is still                a  technology  race in     some sectors, and there is         a  risk of  hydrogen being locked-out
     Hydrogen applicability to sectoral decarbonisation             —
                                                                      ILLUSTRATIVE
                                                                                                                                              “With small changes to
                                            AN A
                                                                           Road   freight represents  ca. 7% of global CO, emissions                             most fleet
                  Fertilizer                                                                                                                  operations,
                                                       5NA S
                                                                                                                                              owners       could     use
                  Refining                                                Common view that range and        charging time will be
                                                                                                                                                           electric vehicles
       heating    Chemicals
                  Cement
                                            2                              prohibitive for use of battery electric vehicles (BEVs) in
                                                                           heavy duty trucks (HDT) and that hydrogen fuel cell
                                                                                                                                              battery
                                                                                                                                              for 80% of road freight
                                                                                                                                              duty cycles, at lower
                                            2d                            electric vehicles (FCEV) will be the most likely solution
       Industrial Ceramics &   refractory
                  Ferro-alloys & silicon    ed         Ne                  However    our
                                                                          decarbonisation
                                                                                           ongoing research on road freight
                                                                                              (in partnership with Shell) shows a clear
                                                                                                                                              cost than hydrogen”
     Built environment                      2
                                                                           risk of BEVs  taking a foothold in some HDT duty cycles                         Vice President from
                                                                           If BEVs
                                                                                                                                                                a  leading global
     Steel        making
                                                                                    are adopted at scale in the next five years,                                        truck OEM
                  Trucks and Buses          E22                            hydrogen may be permanently locked out from the           sector
                  Cars                      <x         x                                                                                      “Ammonia could be               a
                                                                          Shipping represents     ca. 3% of global CO, emissions
       Transpoti
                  Shipping                                                                                                                    good option for
                  Trains                     x         J                  Our    study shows that   hydrogen  is among the contenders         shipping, and we know
                  Aviation
                                                                          as   “fuel of the future”, but ammonia is also in the   race        how to handle it”
                  Specialist equipment
                                            Nx        N22                 Green    ammonia, although using hydrogen ions, requires                            CEO of     a shipping
                                             *                            different infrastructure than hydrogen used      as a fuel                       technology provider
     = [=Totd glel}nY                                  2
     © 2020 Deloitte The Netherlands                                                                                                        NortH,- Final proposal -
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<pre>13963948
    The       case       for     hydrogen
     In some           industry       sectors customers face a vicious circle of            uncertainty, which makes them reluctant                              to bet
     on    hydrogen
     Decarbonisation              uncertainty   in harder-to-abate sectors
                                                                                                                          What if | invest in         hydrogen,
         What if there is insufficient                                                                                         but batteries improve
           refuelling          infrastructure?                                                                              dramatically, and | am left
                                                                                                                           with a useless technology?
        What if the TCO is               prohibitive                                                                       What if cities, countries and
        and my customers won't pay                                                                                          international bodies            adopt
                              extra?                                                                                        contradicting regulations?
          Uncertainty        creates a  chicken-and-the-egg dilemma insufficient demand
                                                                   -
                                                                                        means high cost and lack of infrastructure, which in turn reduces demand
    Source: Deloitte decarbonisation Studies
     © 2020 Deloitte The Netherlands                                                                                                      NortH, Final proposal
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<pre>13963948
    The       case       for     hydrogen
     NortH,          can     catalyze the technological improvements as well                             as regulatory changes required               across        the value
     chain to          ensure green hydrogen becomes a true contender
     Future of Energy and green hydrogen                                                                 LCOH (20195/kg) potential cost curve
     Several factors are required for green hydrogen to become                 a true contender:
                                                                                                            5
              Abundant renewable energy                —
                                                         cheaper and  more  abundant renewable energy
    oO        to   improve H,        cost competitiveness
               Electrolyzer technology improvement electrolyzer conversion efficiency
                                                               —
                                                                                                            4
               improvements, through scaling-up and mass deployment, for competitiveness
              vis-a-vis hydrocarbons and grey/blue hydrogen (e.g. feedstock)
               Demand        development sufficient demand and applications
                                              —
                                                                                       for hydrogen in      3
               end-use      sectors, especially in industry and transport
               Regulatory support ‘level playing field’ for hydrogen
                                           —
                                                                                 to compete with
      EB       hydrocarbons through, e.g. subsidies, carbon pricing                                         2
               Infrastructure        —
                                       large-scale transport and storage infrastructure (e.g. gas grids,
    6          caverns)     need to be tested       or adapted for H,, to mitigate infrastructure
               investments, also enabled by regulatory support (e.g. TSO mandate)                           1
                                                                                                                    Natural gas
              Willingness to          pay end-user preference for ‘green’ technologies attenuate
                                          —
              the pressure to be solely cost competitive and allow for premium pricing
                                                                                                                       2019                2030                         2050
    *) Blue hydrogen from natural gas
    Source: BNEF (2020) ‘Hydrogen economy     outlook’
     © 2020 Deloitte The Netherlands                                                                                                            NortH, Final proposal
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<pre>13963948
    AVeJeIgo F-1dlg
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<pre>13963948
    Approach
    The Market                 Development workstream                          will     provide          an  integrated business                 case to     the Consortium via the
     execution             of four integrated modules
    Overview of            proposed approach
        Technical                                                                             Market      Development                                                                         Public Affairs
                                                                                                                                                                   Business  case
                                                                Model
                                                                                                                                                                    (NPV, Risk vs
                                                              structure,                                  4. Integrated economics                                  reward, Policy
                                                             algorithms
                                                                                                                                                                       gaps)
                                           Deloitte                                             @        Market volumes, prices and LCOHs
                                                           LCOH/LCOE                                                                                                                                  Policy
                                          hydrogen
      P10/P50/P90                                              data,                                   .                      out     Le
                                                                                                                                                                                                 instruments
                                              and                                     3. Commercial and asset optimization
                                                                                                                 ;
         views     on                                      dzonithins,                                                                                                                            required     to
                                         electricity        structure
        cost levels                                                                                                                                                                                 close the
         to  supply
           green
                           @               models
                                                           End-user
                                                                                   @       Volumes, prices and timing per user segment
                                                                                                                                                                                  @                value gap
                                                                                                                                                                                                  and justify
         hydrogen                                          data and                    2. Customer identification                                                                                    private
                                                          algorithms                                                                                                                              investment
                                                                       @      Proposition to customers e.a.
                                          i                 1. Case for    Change
     @ We will        use an   ‘agile’ way of working with you,   iterating from  a generic   to a fully customized model,     to avoid any bottlenecks and feed the Public Affairs workstream          early on
     © 2020 Deloitte The Netherlands                                                                                                                                        NortH, Final proposal
                                                                                                                                                                                  -               -
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<pre>13963948
    Approach
     Our      starting points are fully functional Hydrogen and Electricity Models which have been used in many
     investment cases already, and which we will use as a launchpad to develop a bespoke NortH, model
                                       Deloitte      Hydrogen        Model                                                      Deloitte European       Electricity Model (DEEM)
                Deloitte                                                                                              Deloitte.
                                                                                                                                                           at
                                                                                                                                                              TE
                                                                                                                                                                a
                                                                                                                                                                Tr
                                                                                                                                                                    TE Ee
                                                                                                                                                                                    Precical
                                                                                                                                                                                   Bbw   boa pain dh
                                                                                                                                                                                              of a
                                                                                                                                                                EE
                                                                                                                                                                  a
                                                                                                                                                              ;
      The Deloitte       Hydrogen Model captures costs across the entire value chain from the  —
                                                                                                          DEEM is a tailor-made optimization model of the European power system that allows
      well (equivalent) to the export terminal         —
                                                         to calculate the Levelized Cost of Hydrogen      analysis from various perspectives, including fundamental shifts due to policy change,
      (LCOH). Aside from a detailed cost analysis, the model allows to compare various                    regulatory shocks, technological breakthroughs, etc., to obtain sound forecasts,
      combinations of upstream, storage and transport technologies, and technology                        scenarios and insights on power prices, asset value, emerging new business models,
      pathway scenarios.                                                                                  investments, and         company  strategies.
      Example variables                                                                                   Example variables
         CapEx, OpEx, feedstock        cost                                                                  Power    generation capacities
         Grid  electricity,    renewable energy     or combinations    (e.g. grid electricity followed by LJ
                                                                                                             Plant characteristics
         transition to     renewable)                                                                        Plant availabilities
         Water costs: natural extraction        vs. desalination  vs. combinations                           Electrical load
         Efficiencies     (e.g. compression, reconversion, fuel cell)                                        Fuel  prices
         Plant assumptions:        plant size, stack asset  lifespan, asset  degradation    rate                  constraints
                                                                                                             CO,
         Technology learning        curves                                                                   Net transmission        capacities
         Carbon intensity of       production   and  grid electricity                                        Meteorological data
                                                      Full presentations with model descriptions included            in the       Appendix (separate cover)
     © 2020 Deloitte The Netherlands                                                                                                                                      NortH,- Final proposal     -
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<pre>13963948
    Approach               —
                                Module 1
     In the ‘Case for                 Change’ module, we will develop a compelling narrative to foster policy support for
     developing NortH, in close collaboration with the public affairs workstream                                             ...
    Approach Module                  1: Case for Change
                             Objectives                                                                                                                Deliverables
                            Substantiate       Collaborate with Public Affairs workstream to combine and structure all previous H,          .
                                                                                                                                               Quantified need for H, in
                            need for    H,     work and thinking from Consortium stakeholders as a launchpad to expedite thinking              the EU’s 2050 Net-Zero
             11
                 i,         in 2050 Net        Collect latest {national and European) government emission ambitions                            Emission economy, incl.
     TLS EEL
                            Zero               Identify and  evaluate potential of alternative competing emission reduction technologies       holistic view       on   the
        the     case            ..
                            Emission           Quantify emissions    reductions in hard-to-abate sectors in EU, with a focus on  NL, BE and    future energy ecosystem
                            Economy            DE and a gap to be closed   by hydrogen
                            Illustrate         Identify H, projects under development in NL, BE and DE and quantify potential production ~~ *
                                                                                                                                               Demonstrated need to
                           the 2050            Quantify gap between projected hydrogen production with current projects and                    accelerate the          scale-up of
                            shortage in        production required for decarbonisation ambition                                                green    H,   via  NortH, incl.
                            hydrogen           Back cast short-term implications for 2030, linking to 2030 National and European               substantiation of           why the
             1.2            production         supply targets in Hydrogen strategies and indicating the gap                                    ‘Big project’ approach is
     Elledge]               Capacity           Substantiate benefits of large-scale projects with an integrated value chain vs.                the best     one at      lowest
        (1:0 B{e]g                             alternatives by assessing speed to materialize and overall societal cost                        societal cost
       Sor: [1a
           |    -800]o]                        Collaborate with Public Affairs and Technical workstreams to illustrate what it takes (i.e.
                                               regulation, economics, technology) to build green H, supply by showing how these elements
                                               fit together
                                               Outline time required to establish a well-functioning commodity market for H, through
                                               examples in adjacent industries
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<pre>13963948
    Approach               —
                                Module 1
     ...
          including           a   view    on  H, production capacity,             the   expected supply & demand gap and the types of policy
    frameworks that will be most effective to                              stimulate demand and buy-in from NortH, stakeholders
    Approach Module                  1: Case for Change
                             Objectives                                                                                                               Deliverables
                            Develop a          Collect key hydrogen policy frameworks in Europe and globally, with      a focus  on leading *
                                                                                                                                              High-level policy
                            high-level         hydrogen geographies, e.g. Japan and China                                                     framework, including
                            view   on          Establish view  on  H, market  development in NL, BE and DE under current policy               catalogue of possible future
             1.3
                            required           Evaluate sectors and sectoral policy options (e.g. timing, probability, impact)                regulations
           Detail
                            government         Develop a view on required and supportive high-level policy frameworks with input              Quantified demand impact
      government                :
                                               from Public Affairs workstream, including catalogue of possible future regulations based
               .
                            policy                                                                                                            per policy scenario
           policy          frameworks          on examples from the past
      frameworks
                                               Develop policy scenarios and quantify demand impact for each policy scenario
                                               Demonstrate benefits of large and early private and public investments in integrated
                                               green hydrogen megaprojects by showing the alternative scenarios
                            Create             Write out  a four-stage narrative, following the ‘dramatic arc’, by setting the stage,         Draft narrative to kick-start
                            compelling         describing challenges and emotions, how these will be overcome, and what the                   project discussions
             1.4            narrative          ultimate benefits to society will be, including the overall energy ecosystem perspective       (January)
          Create            and hand-          Hand-over ‘Case for Change’ to Public Affairs workstream to facilitate conversations           Updated narrative with
       Welnale IIs:         Over               with policy makers on establishing necessary yet realistic policy framework and                three lenses (June):
        narrative           document           requirements for NortH, Customer on the benefits of switching to Green Hydrogen,               Government, Customer,
                                               and internal stakeholders  on the fact-based rationale for this iconic operation               and Consortium
                                                                                                                                              stakeholder
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<pre>13963948
    Approach                —
                                 Module 1
    We will           highlight the key role of this project                      in  eliminating barriers            to renewable energy              cycle
     Fully decarbonized                energy system
                                                                                                          » Decarbonisation promotors  P Decarbonisation inhibitors     ~~ Addressed     by NortH,
                                                         sun                                      Wind                                          Hydro
      Costs closer to                                                                                                                                             Further volume and
                            grid-
                                     b
                                                                                                  gig           i
                                                                               Renewable   electricity generation                                                 cost reduction nesdad
                           parity
                                                                      Energy  losses                                                                               Breakthrough         cost
                                                                  2                  b  |
                                                                                                                                                                   reduction needed
                           Sind
                                                                                                    H,
                 Transmission
                   constraints
                                     3                                      Lack of
                                                                                                                                 0,             H2
                                                                     infrastructure         Storage
                                                                                                                                                 !
                                                                                                                                                                              technology
                                                  |
                                               and time
                                                                 y
                                                                                                |   H’            Hi              —p          LOHCs
                                                                                                                                                             4 Existing
                                                                                                                                                                  to stabilize
                                                                                                                                                                  (e.g. with
                                                                                                                                                                                    H,
                                                                                                                                                                                         to
                                   Capacity                   Battery        Energy
                                                                              losses
                                                                                             Power                      Lack of
                                                                                                                                                 |                wnmoni      ges Neg)
                                             constraints      storage                      generation                   infrastructure         XH
        Environmental and
                                                                 {                              jc
                      desire to                                                    Carbon free  consumption
                                                                                                            :
                                                                                                                                                                  Growing emerging
     geopolitical                                                                                                                                                 markets demand
                  decarbonise
                                           Household         Office        Light transport           Heavy transport          Heating        Feedstock
    Source: Deloitte   project  interviews (2020)
     © 2020 Deloitte The Netherlands                                                                                                                      NortH, Final proposal
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<pre>13963948
    Approach               —
                                Module 1
    We will           clearly articulate          and substantiate with data the argument for the                               ‘Big project’ approach
     Benefits of the           ‘Big project’ approach      —
                                                             EXAMPLES
                                   For the market                                ola da [Eo Tol [1 AVA To To MA =T-{0]
                                                                                                                   ER 00] 65         For the consortium
      Step change
                            —      [K
                                       Breaks the  chicken-and-the-egg           .
                                                                                      Moves   H, down the cost curve,                    Locks-in  H, in harder-to-abate
      Big project                     dilemma between infrastructure                  stimulating economic activity and                 sectors, growing share in a
      approach                        and assets   (e.g.  incentivizes OEMs           offsetting costs of carbon for the                 market that is structurally like
      through                         to  develop fuel-cell trucks)                   business                                          O&G and     more     attractive than
      NortH,
                                   ,
                                       Kick-starts other projects, by            .
                                                                                      Makes 2030 targets realistic                      direct electrification
                                      creating trust in H,                       .
                                                                                      Locks-in H, vs. batteries, reducing               Creates   access    to    learnings        and
                                                                                      outflow of advanced jobs to Asia                  early  users
      Incremental                  .
                                      Continued ‘wait-and-see’                   .
                                                                                      Potentially longer to       move       down       Allows time for greater share of
      approach                         behavior of large energy      users            the cost  curve                                   direct electrification, with less
                                                                                                                                        attractive economics
                    In  reality, both approaches        will have  a  role to play in maturing H2, with smaller projects            more  fit to quickly experiment
                                              with new    technologies and large projects critical         to roll them out into the market
     © 2020 Deloitte The Netherlands                                                                                                                 NortH,- Final proposal -
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<pre>13963948
    Approach               —
                                Module 1
    We will combine                  our knowledge and experience with the Consortium’s expertise                                          to craft foreseeable                     policy
    scenarios             and estimate their demand impact by sector
          Demand under current         policy                8}  =][oT-{F[=F eo]
                                                                               IT [=               Policy implementation         scenarios           Demand        curve    impact
         Consolidate        H, demand forecasts    Construct       catalogue of policies           Create 4-5     plausible and distinct      Update     demand                  by sector
     *                                          +                                              *                                            *
                                                                a                                                                                                    curves
         at a sector levels                        that might impact H, demand                     scenarios     consisting of likely         and scenario,       indicating major
     *
         Overlay with European emissions        *
                                                   Classify policies based on timing,              policy combinations                        sensitivities
         targets and show the disparity            probability of implementation               *
                                                                                                   Estimate     impact based     on        *
                                                                                                                                              Where     possible, describe
                                                   and demand impact                               historical evidence and       insights     indicators and signposts
    y                                                                                                                                                                                      Demand
                                                         ET                          ry
                                                                                                                                           fe
                                                EN                   ET                                                                           Green
                                                                                                                                               scenario
                                                                                                                                                         new   deal
                                                                                                                                                        (example)
                                                                                                                                                                                              curve
                                                                                                                                                                                             impact
                                                B        Steel      ‘25-50    H       M (Neg)  Ready, set, innovate   Policy A-D
                    :
                                                C        All       25-30      L       H(Neg)   1Team, 1 Dream         vr
              Base  case                        it       i          oe                         Me and my   resource    ...        i:
                                                                                                                                                    Base case
                                                                                               Rising tide
                                                                                                                                                                                           4
                                              v
                                                                  |             Tight link to Public Affairs
                                                                                workstream and      building               )
                                                                                     on their thinking
     © 2020 Deloitte The Netherlands                                                                                                                      NortH, Final proposal
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<pre>13963948
    Approach               —
                                Module 1
    We will           leverage          our    global learnings from developing governmental Hydrogen policy,                               as  well      as    building
     private         sector        narratives meant to work together with Hydrogen policy
     Narratives for           policymakers         -
                                                     EXAMPLES                                Guiding principles    -
                                                                                                                     NON-EXHAUSTIVE
                       Australia’s national hydrogen strategy
                       Developed the Australian hydrogen strategy, including and
                       assessment of     technological, economic and   policy driver
                                                                                                     Define launch plan early to     identify target  audience and            key topics
                       Japanese hydrogen policy
                       Assessed potential of hydrogen in Japan and evaluated
                       environmental and economic impact of government policies                      Bring new insights while leveraging what       we    already have; don’t
                                                                                                     simply repeat what others are saying
                                                                                              ©609
                       Northern     Lights CCS
                       Advised Norwegian government and Equinor on commercial and
                       risk sharing framework (e.g. appropriate return for investors)
                                                                                                     Prioritize  high-impact policies and solutions,       based     on    level of
     Narratives at          policymakers         -
                                                    EXAMPLES                                         desirability, viability and feasibility
                       Hydrogen for Europe
      HYDROGEN         Assessed the contribution of
           EUROPE
                                                        hydrogen in the European energy
      FOR                                                                                            Socialize  internally to  validate alignment   with business           objectives
                       transition and    potential deployment pathways towards 2050
                                                                                                     and existing positions of Shell, Gasunie and Groningen Seaports
                       Shipping and Road Freight Decarbonisation
                       Developed customer/market-centric and action-oriented         view on
                       how the sectors     can deliver on their emission commitments
                                                                                                     Test externally with key stakeholders to generate buy-in (e.g.
                       Gasunie market consultation                                                   interviews), especially (potential) NortH, customers
                       Supported market consultations to identify green hydrogen
                       customer needs and regulatory needs
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<pre>13963948
    Approach               —
                                Module 1
    Two versions of the Case for                         Change will be written One in Jan. to kick-start conversations, and one in Jun.
                                                                                                    -
    that incorporates all                     project analyses into 3 compelling stories for government, consumers and internal use
    Case for        Change         WHEN and to WHOM consideration
                                              INYO RE Sh     BS                                            June version         comes   with three        slightly different            lenses
                                depending       on        Nit is needed                                                   depending     on    \
                                                                                                                                                     you engage with
                      Case for     change                          Case for    change                           Lens for                      Lens for                    Lens for internal
                    (January version)                                (June version)                         Government                     Customers                        ELC       ale] fo [E16
       Purpose                                                                                        Purpose
       »
         Build  Initial/solid case for change to      +
                                                        Finalised  case for change based on all the   *
                                                                                                        Showing how the ‘big        *
                                                                                                                                      Positioning green              *
                                                                                                                                                                        Presenting the full picture
         frame the project, and its importance          analysis, engagements and modelling             project’ approach is the      hydrogen   as preferable          and  illustrating the
                                                                                                        best way to            the    solution for hard-to-abuate
       =
         Kick-start conversations with customers,     »
                                                        Used to reinforce   key messages with                         develop
                                                                                                        market and achieve
                                                                                                                                                                        holistic approach and
                                    ’                      :                ,
                                                                                                                                      sectors                           integral   view
         government and also internal                   evidence to   use with government,                   .
                                                                                                        maine          |
         stakeholders                                   internal stakeholders and customers   as                                    *
                                                                                                                                      Qutlining the value            *
                                                                                                                                                                        Providing full data,
                                                        needed                                        .
                                                                                                                  on                               for
       «
         As possible, provide input to snd reflec
                       .         .    .
                                                                                                        Focusing      societal
                                                                                                        benefits, environment,
                                                                                                                                      proposition       them,
                                                                                                                                      possible scenarios, risks
                                                                                                                                                                        demand assurance, low
                                                                                                                                                                       feasibility/low risk.
         EU and national     policy milestones                                                                 Rt               :                    LL                          .        A
                                                                                                        superiority to alternatives   and opportunities, and            uncertainty, significance
                                                                                                        and demand commitment         what others are                  for strategy and value
                                                                                                        —
                                                                                                          Green  H,  isnot a          considering (sanitized            case  and economics for
                                                                                                        Consortium    request, but    versions)                        the   project
                                                                                                        a customer demand
     © 2020 Deloitte The Netherlands                                                                                                                            NortH, Final proposal
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<pre>13963948
    Approach               —
                                Module 1
    We propose to                    adopt the new decarbonization framework that Shell                                                   is          rolling                                   out                           globally and                                                           zoom        in    on
    the      case      for change and its core elements from day 1
    Case for        change framing
                                                                             Approach
                                                                                                  —
                                                                                                       Module 1
                                                                             We     can      demystify           green      hydrogen, explaining the                               role of this                project               and      minimizing uncertainty
                                                                             High-level narrative           —
                                                                                                                ILLUSTRATIVE
                                                                                                                          High  level story for the          case    for  change, with the key requirements                               incuded     as  per Shell     deep      dive document
                                                                                                              Green   Hi                                                ization
                                                                                                                                                                                                        evid
                                                                                                                                                                                                                       iety,       i
                                                                                                                                                                                                                                              iE
                                                                                                                                           dd         d
                                                                                                              +
                                                                                                                  Context: prassu                       for                         increasing,                                                     regulation; enable       transition at lowest cost
                                                                                                              =
                                                                                                                  Green  H, rele: alternative technologies       and solutions e.g, elechitication                 are       not enough;     H2 is an important pillar     and has    specific role
                                                                                                   im i
                                                                                                                  Hydrogen benefits | drogen provides            the advantages and opportunities e.g,
                                                                                                                                                                                                                               safeguard heartland industry, create new green jobs
                                                                                                                  Demand                   There 15
                                                                                                                                                      demonstrable demand green Hy; overall roadmap, sector develop in pathways, as well as commodity markets
                                                                                                              =
                                                                                                                            assurance:
                                                                                                              Marth, amd role:
                                                                                                              +
                                                                                                                  SealefIntegrated: Creating       % accelarating industrial “scale” production                   and deployment of graen hydrogen provides benefits, is required           amd
                                                                                                              =
                                                                                                                  Nort, role and benefits This project kas benefits that extend beyond this single project (demand generation, leaming cure, ..)
                                                                                                                                                                   i
                                                                                                                                                                                     bleflow        k
                                                                                                              *
                                                                                                                  Low riske The    riskprefileof    this  project                               if
                                                                                                                                                                                                                                     p        parts and  compared
                                                                                                                                                                                                                                                          solions
                                                                                                                                                                                                                                                                     te O&G
                                                                                                                                                                                                                                                                     address
                                                                                                                                                                                                                                                                                   projects
                                                                                                                                                                                                                                                                                      bari
                                                                                                              =
                                                                                                                  Addressable barriers: There        mea    number ol buarrers eg             lack   of  policy supporl, ded            se  bene dear
                                                                                                                                                                                                                                                                  Lo             key
                                                                                                                  Technical capabilities; We have technical capabilities and                                   in place ta                it is delivers
                                                                                                                                                                                                                                                        d an cost and budget
                                                                                                              +
                                                                                                                                                                                              assurance                          ensure
                                                                                                                                                                                                                                                                                        depl
                                                                                                              +
                                                                                                                  Stakeholders & enablers All        key   stakeholders      are   aligned,    and    we     have  a clear       g
                                                                                                                                                                                                                                                                                     of
                                                                                                              *
                                                                                                                  Economics: The emnomics           can ensure   lowest     cost   for   society under        specific conditions,          and  we have minimized the        uncertainty     2
                                                                                                                                                                                                                                                                                                me lope
                                                                                                                  Starved mobilization: During the feasililing already started to mobilize the
                                                                                                                                                                        stuck we                                                        key  stakeholders
                                                                                                              +
                                                                                                              «=
                                                                                                                                 |               |      1                     J
                                                                                                                                                                                                                                            we
                                                                                                                  Readiness assurance: Dur startup assessment is complete, the faster we start the better are able to meet the customer demand
                                                                                                              +   Demand                                                        to  start   soon   to be able to meet              specific  milestones
                                                                                                              =
                                                                                                                  Demand    assurance    is secured    (started) for  kay playors
                                                                                                              »
                                                                                                                  Policy Framesvsork   with    policy instruments, grants
                                                                                                              =
                                                                                                                  Other
                                                                                                                                                                                                                                                                                      Final grapes
                                                                             £3202
                                                                                   bGelelme The Metherlands                                                                                                                                                                   MoHE=                -
                                                                                                                                                                                                                                                                                                     Del orm 3
     *
         Shell   uses    the decarbonisation framework       developed as  *
                                                                                        We              already started                                          to debate the case                                                                     for change
         part of the Shell/Deloitte partnership                                         components and                                                    we           will continue to do that and hone-in
                                                                                        into the                       answer                        for the January and June deadlines
     «
         We suggest to         use   this framework for the case for
         change      to drive    consistency and simplify sharing of
                                                                           *
                                                                                        The              case            for change will include all the areas we started
         information                                                                    to debate around energy system view, role of hydrogen,
                                                                                        demand assurance,                                                           policy framework,                                                                  need to start now,
                                                                                        technical                         assurance                                  and other
     © 2020 Deloitte The Netherlands                                                                                                                                                                                                                                 NortH, Final proposal -                   -
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<pre>13963948
    Approach               —
                                 Module 1
    We       integrate information and insights from external sources, NortH, phase 1, and workstreams                                                     in   NortH,
     phase 2 to craft a compelling and convincing narrative for public and private sectors
     Data    sources        —
                               EXAMPLES
                                                           National and   supranational rules and regulations, both current and future
                                                           (e.g. Proposed European Hydrogen act)
      External
                                                           Public policy, country strategies, goals and targets                            January
                                                           Studies, reports and publications, including ones by our expert panel            version
                                                                                                                                            of case
                       North, feasibility                  Outcomes of the    heavy lifting done until today, incorporating technical,
                                 Phase 1                   market and policy learnings wherever available
                       study:
                                       Public affairs      Insights and data from the public affairs workstream      as  it is generated
                                                           through research and stakeholder dialogues
                                       workstream
                                                                                                                                                                   cal)
      Internal                         Technical           Insights and data from the technical workstream      as it is generated through
                                       workstream          research, pilots, and testing                                                                          Compelling
      (NortH,          NortH,                                                                                                                                            and
      project          [feasibility                        Customer and market demand        insights resulting from  network                                      ofe]a\"/1alellg! 5
                                                  Module 2                                                                                   June
      data)            study:  |
                                                           consultation, interviews, labs and desk research
                                                                                                                                                                            :
                                                                                                                                                                 narrative for
                                       Market                                                                                                   :
                                                                                                                                           version
                       Phase 2
                                       dav
                                                  Module 3
                                                           Supply side insights, partly resulting from calibration and optimization with    of casa
                                                                                                                                                                   public and
                                       work-               module 2 demand side output                                                                                 private
                                       stream                                                                                                                          sectors
                                                           Financial insights, resulting from economic integration of the 4 market
                                                  Module 4
                                                           development modules with the public affairs and technical workstreams
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<pre>13963948
    Approach               —
                                Module 2
     Module 2 starts with creating customer segments and initial demand projections
    Approach Module                  2: Customer identification
                                Develop a view on       *
                                                          Evaluate and select     segmentation variables based on two criteria:                     *
                                                                                                                                                         Overview of market
                                likely market                Meaningfulness: Is the variable (taken in conjunction with other variables)                 segments with high
                                                          -
                                developments, energy         predictive of the behavioral objective / desired customer behavior?                         potential       demand
                                needs and demand          -
                                                             Actionability: Can the Consortium effectively find the segment using the                    in  NL, DE and BE in
                                characteristics in key       variable?                                                                                   2030 timeframe
                                customer
              21
                                           Scsmens,
                                BOSSI ENANDS
                                                        *
                                                          Create  an ActionSegmentation™ frame                                                      «
                                                                                                                                                         Multiple plausible
                                                          -
                                                             Identify firmographic-type variables, e.g. size, industry  and country                      demand
          Develop                                         -
                                                             Add situational    variables, e.g. need to decarbonize, announced targets                   projections        per
           marie                                          -
                                                             Define segments that differ      meaningfully from one  another in their behavior           segment
         SEonarios
                                                        «
                                                          Make   long  list of companies    per segment/tier                                        *
                                                                                                                                                         Implications         for
                                                        »
                                                          Assess each segment       through selected lenses (technical, alternative decarb               RovErNIIGHY
                                                          options, affordability, growth potential, H, backbone development, cluster
                                                                                                                                                         policies
                                                          composition,...) to make first estimates/scenarios of potential demand
                                                        *
                                                          Prioritize segments and customers
     © 2020 Deloitte The Netherlands                                                                                                           NortH,- Final proposal -
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<pre>13963948
    Approach               —
                                Module 2
    We will           use our        tried-and-tested ActionSegmentation™                   methodology            as a  basis to       identify priority segments
    ActionSegmentation™ Principles
                                                            *
                                                              Actionability is the primary criteria for building segments
                                                            »
                                                              Utilizes a  wide range of sources from     multiple points   in time   including market data,           e.g.:
                                      Linked to actions the   —
                                                                 Market    data, e.g. Deloitte databases, IEA, CapitallQ,    Datamonitor
         fia alee 10] [=              Consortium   can take   —
                                                                 Decarbonisation research, incl. Deloitte-Shell studies
                                                              —
                                                                 Customer     dialogues and commitments, based        on our  ongoing engagement
                                                              —
                                                                 Regulation and sector strategies
                                                            *
                                                              Potential variables address both size of demand and         speed of adoption,       e.g.
                                                                 Energy usage, e.g. more energy, higher priority
                                                              —
                                          Predictive of
                                                                 Sector concentration, e.g. larger players, higher priority       as starting    customers
         Meaningful                   Customer  behaviors,
                                        motivations and
                                                              —
                                                                 Alternative decarbonization options, e.g. fewer options to directly electrify, higher priority
                                                                       :                                        :               :         in  TH
                                                                 Location vs. H2    backbone,   e.g. clustered  in the North, higher priority
                                                              —
                                            Barflars
                                                                 Stance towards ESG      / decarbonization, e.g.    more  commitments, higher priority
                                                                 Lifetime of existing equipment, e.g. if equipment to be replaced in late 2020s
                                              ;
                                                            *
                                                              Prioritizes and sequences segments with         a market  frame,  based    on  potential     and    ease    of adoption
                                        Consistent with
                                                            *
                                                              Delivers      adaptable market frame that            be updated                   information surfaces
                                         organizational                  an                                   can              as  any   new
                                            realities       *
                                                              Consortium     learning about the market     is a key benefit of the    process
                                                                                                                                                 —
                                                                                                                                                    its market intuition is
                                                              improved
     © 2020 Deloitte The Netherlands                                                                                                                  NortH,- Final proposal -
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<pre>13963948
    Approach               —
                                Module 2
    This entails segmentation around customer behavior, with sizing of potential demand within ranges and
     clustering into major segments and prioritization of segments and customers
                        -                     -
                                                 ™
    Sample ActionSegmentation™                           frame                                                                      Defenders
                                                                                                                     Sustainability
                                                                                       ® On backbone Off backbone On backbone        Off backbone
    Segmentation           variables                                                                                                                   Clustering
     +
         Stance toward
                                   HF                          Steel
                                                                                                                                                       *
                                                                                                                                                           Collapse of smaller
         decarbonisation                                                                                                                                   segments into
                                                               Refining
     *
         Geography / Location
         vs H, backbone
                               /                   heating     Chemicals
                                                               Cement
                                                                                                                                                     ®
                                                                                                                                                       *
                                                                                                                                                           material pieces
                                                                                                                                                           Limits the number to
         Cluster size                                                                                                                                      a manageable
         Application / Industry/
         Technology required /
         Alternative
                                                   Industrial  Ceramics &   refractory
                                                               Ferro-alloys & silicon
                                                                                                                                .
                                                                                                                                                           (80/20) amount
         decarbonisation
         options                                 Steel        making                                                                                   Brivers of demand
                                                               Truckd and Buses
                                                                                                                                                       *
                                                                                                                                                           Industry size/
                                                               Cars                                                                                        Energy usage /
       Prioritization and
                                                                                                                                                           Growth
                                                   Transpoti
                                                               Shippnig
       sequencing                                                                                                                                      *
                                                                                                                                                           Break-even LCOHSs       vs
       f
                                                               —
                                 e
                segments
       *
           Key
          Tierland2
                                                               re
                                                                                                                                                           alternatives from
                                                               fli,
                                                                                                                                                           existing studies
          customers                                             pecialist equipment                                                                    .
     Note: For        information,
               more                see
                                                 Electricity
    “The  Organic Growth Playbook”,    Bob Lurie
    (Monitor Deloitte), 2018
     © 2020 Deloitte The Netherlands                                                                                                              NortH, Final proposal
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<pre>13963948
    Approach               —
                                Module 2
     Existing work plus the Deloitte Decarbonisation Solutions™ Scenario Options tool will help inform demand
     projections
     NL   Hydrogen          demand       -
                                           Gasunie medium scenario                  (2030, PJ)                Deloitte Decarbonisation Solutions™                                              -
                                                                                                                                                                                                 Scenario     Options tool
                                                          300
                                                                                                                         Deloitte Decarbonisation Solutions™                                                   Deloitte
    Transportation: 375,000                                                                                              Scenario  Options
    fuel cell vehicles
                                                      BN           4
                                   -— 8
     Industrial heat: 35% of            _—                                                                                                 Representative Concentration | athways (RCPs)
    current     natural gas       use
                                                                      i
     Electricity:     Three                                       C3     5                                                                                                          i
     12 TWh converted
     natural gas      plants
     Feedstock: Constant
    demand, but slow take-
                                                                                                                       +
                                                                                                                              Deloitte's Scenario Options tool enables the
     up of green hydrogen due
                                                                                                                             examination of climate                                      change impacts,
    to high switching costs
    and local competitors like                                                                                               vulnerabilities,                            levels of        adaptation and mitigation
    Air Liquide                                                                                                        *
                                                                                                                              Helps identification of signpost key indicators that
                                                         Total               Adressable                                       may signal potential opportunities and risks, or
                                                                           via  backbone
                                                                                                                              provide a “no-regrets” decision framework
    Source: Gasunie ‘Waterstof vraag  en  aanbod nu-2030’ -
                                                            Medium scenario (2019); Initial Deloitte analysis
     © 2020 Deloitte The Netherlands                                                                                                                                                               NortH, Final proposal
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<pre>13963948
    Approach               —
                                Module 2
     For each segment                    we    will then assess customer           needs and translate these into demand                 curve       inputs
    Approach Module                  2: Customer identification
                                In priority segments,    Create CustomerPortrait® for the target segments                                       *
                                                                                                                                                     Prioritized
                                identify launch          -
                                                           Activity Deloitte, Shell and Gasunie relations                                            customer database
                                customers in   NL, BE,
                                                         -
                                                           Have ~30   structured, in-depth conversations with executive boards and                   with names,          needs,
                                and DE with relevant       technical/energy leaders at key customers, complemented by surveys as needed              volumes and
                                needs, buying              Identify influences (drivers) and obstacles (barriers) to our objectives                  willingness        to pay
                                                         -
                                behavior,                  Clarify how NorthH, product offerings can address these challenges, e.g. through
                                                         -
                                characteristics  (e.g.     differentiating product features (e.g. pricing, auxiliary services)                  *
                                                                                                                                                     Demand ranges
                                application,
                                 Pp           size )                                                                                                 fine-tuned based
              23                                         For each segment make     an Economic Value Estimation® (EVE)
                                                                                                                                                     on   actual customer
                                                           Interview Deloitte and third-party industry technical experts (incl. OEMs and
          Identify                                                                                                                                   g eman g
         customers                                         EPCs) to understand industry specific operations, costs and regulation
                                                           Have  follow-up session   with the potential customers
                                                           Formulate value drivers (from higher revenues, lower OpEx, lower CapEx down)
                                                           Define the NBCA (Next Best Competitive Alternative): the cost the customer
                                                           would incur if NortH, offering did not exist. a.k.a. the reference price
                                                           Build an EVE model by developing value calculation algorithms from a logical
                                                           breakdown of each value driver into their operational components and the LCOH
                                                           Test outcomes with customers, review and revise to increase resolution and
                                                           reduce  uncertainty
     © 2020 Deloitte The Netherlands                                                                                                       NortH,- Final proposal -
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<pre>13963948
    Approach                 —
                                 Module 2
    We       bring an extensive network across NortH2 target                                                           customer             segments, both at executive and expert
     levels; we have started to collate all relationships
    Our     relationships within target segments                                     —
                                                                                          EXAMPLES
                                                     The Netherlands                                                         Germany                                                         Belgium
                           ”                                                                         i  Er                       FT
                                1 DSM                        CEO                                      1 (Top 3 chemical company) CEO                                     1 Shipping operator      CED
                                2 Tata Steel                 General Manager Strategy                 2 Chemical                 CEO                                     2 Port                   CEO
                                3 AkzoNobel                  CFO                                      3 Pharma                   CEO                                     3 Steel                  CEC
                                4 Nouryon                    CFO                                      4 Chemical                 CEO                                    4  Port                   CEO
                                5 Engle                       Hydrogen Storage and Transport Lead     5 Chemical                 CFO                                    5  Port                   CEO
                                6 Port of Rotterdam          CEQ & CFO                                6 0&G                      CFO                                     6 Shipping operator      CFO
                                7 SHV                        CEO                                      7 O&G                      CFO                                     7 Power                  CTO
                                8 Damen    Shipyards         CEO                                      8 Chemical                 CFO                                    8  Midstream              Transformation  Projects Director
                                9 Vos  Logistics             CEO                                      9 Chemical                 CFO                                    9  Chemical               Group Energy Manager & Climate
           Senior
                               10 Van Oord                   CEO                                     10 Chemical                 CFO                                    10 Chemical               Head of Energy & Utilities Management
      executive                11 Boskalis                   CEO                                     11 Logistics                Chairman                               11 Chemical               Head of Energy & Innovation   Policy
                               12 Antea                      CEO                                     12 Cement                   Group  Director Alternative Resources  12 Chemical               VP Site Development & Optimization
      examples                 13 Port of Amsterdam          CEO                                     13 Shipping                 General  Manager Sustainability           we
                               14 Pon Power                  CFO                                     14 Logistics                VP Global Innovation                   13 O&G                    Antwerp  Platform Energy Manager
                               15 PosthL                     CFO                                     15 Truck Producer           Head of Truck Strategy
                               16 OCI                        CEO & CFO                               16 Truck Producer           Head of Electrification
                               17 Arcadis                             Executive EMEA                 17 Logistics                Director Environmental Fleet
                                                             Group
                               18 Unilever                    Head of   Logistics Sustainability     18 Shipping                 Head  of Technology and Sustainability
                               19 Cargill                     Heads of Ocean Transport & Trucking
                               20 VDL                         Head of Alternative Fuels              20 Chemical
                               21 Heineken                   Global Lead                             21 Chemical
                           _
                                                                            Sustainability Logistics
                           [22    Eneco                      Advisor Regulatory Affairs
                               23 Teijin Aramid              Corporate Specialist     Eco Efficiency
           Expert              24 Smit Lamnalco              Global Director Project Development
                               25 Avebe                       Liilities Process Engineer
      examples                 26 FrieslandCampina           Sustainability Expert
     Note: 1. Some   intentionally sanitized,    2. Not comprehensive
     © 2020 Deloitte The Netherlands                                                                                                                                                          NortH,- Final proposal  -
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<pre>13963948
    Approach               —
                                   Module 2
    We have             a   great starting point         on    the needs of             major players            across       the value chain
     Needs      examples
                                                                                                                       | know    regions where livestock
                                                                                 We want   access to  hydrogen   in                    :
                                                                                                                        and dairy shippers operate       on
                                 i                                                   the same  way  we access
                                            We need to decarbonize due
       WEENIE EET
                                               fo corporate targets and
                                                                                  natural gas today  —
                                                                                                       24/7, 365        short, nln
                                                                                                                        MOVE                      nl
                                                                                                                                               operation   to
                                                                                                                                                                   We need infrastructure to connect
                                                                                                                                                                   to the              market and obtain
            robust        hydrogen          therefore  we  need Wdicsen           days. Our factories really can’t               this    Whole                             hydrogen
                               |
                    Istrivution       |
                                                          8 coffee roaster
                                                       Large                                                                                          :
                                                                                                                                          Commercial bank
                                                                                  Glass and metal manufacturer                                                                  Chemical manufacturer
                                            No operator will take  a chance  ona                                                                                 We want to benefit from Gasunie's
                                                                                        compression leasing would result     in lower CAPEX
                                              hydrogen   truck unless they  are
                                                                                                                                                                       knowledge     and  expertise
                                                                                                                        Steal manufacturer
                                             certain they will be able to fuel it
        We need to kickstart                                                                                                                                                        Paper manufacturer
                                                                  Truck operator                        We can’t make    an  investment     case  without
              the transition                                                                              standards and
                                                                           How about the NOx?
                                                                                                                           a roadmap from       Gasunie
                                                                                                                                                                  Our   safety staff needs    to catch up
                                                                                                                                Chemical manufacturer
                                                                             Glass manufacturer                                                                     Glass and metal manufacturer
                                              As  a neutral actor, Gasunie                      For engineering advice   | prefer to  turn to my    existing relationships
                                               is optimally positioned  to                                                                           Chemical manufacturer
                      ~A                              take the lead
         We need ecosystem   a
                                                                                                                                                           If you ask     for
                                                                                                                                                                       us     specifications, we turn
                                                          Enerzy company                                  their shoulders
               oo]| Ele Te] = 1400]1!                                                My suppliers shrug                                                     around and ask the     same thing to our
                                                                                   when | ask them for  a  hydrogen burner                                              burner suppliers
                                                                                            Glass and metal manufacturer                                                      Chemical manufacturer
    Source: Customer interviews
                                                                                                                                                                        Novi, Eins) proposal -Deloiie     5
     © 2020 Deloitte The Netherlands
                                                                                                                                                                              ~
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<pre>13963948
    Approach               —
                                Module 2
     Users        see      barriers and risks                mainly around (burner) technology availability and sufficient supply, while
     producers also identify                        access        to renewable energy as barrier
    What       developments             are  required before            you   can   start?          What risks do you foresee for the realization of your                project(s)?
     n=31                                                                                           n=24, multiple  answers possible       "Producer |    User     |     Producer &      user
                                                               Burner   techniques, including
                                                                     control  algorithms.
       The  hydrogen burners         we need to
       use are   not available and the NOx-                     Backbone, supply assurance
                                                                         User  (glass)                Not  coming  into
            amount must be allocated
                      User  (steel)                                                                          being of a                                                                83%
                                                                                                     hydrogen market
                                                                           Burner  technology
                                                                            User (aluminum)
              Creating enough       green H2, enough
           sustainable sources,       enough converting
                   capacity, competitive prices
                             User (paper)                         Subsidy schemes need to match gap
                                                                     in financing of CAPEX and OPEX      Startup losses         “of  EEA 25%
                                                                             User (chemicals)
                We would need        a burner
              from    one  of  our equipment
                manufacturers capable of                 Access to renewable energy       (offshore
              burning hydrogen safely and                 wind projects), scale-up of industrial           No / limited
                 at high enough output.
                                                            electrolyser equipment, favorable          trade-ability of
                                                                                                                           13%   4%              42%
                         User (food)                                                                    certificates of
                                                                   regulatory framework.
                                                                 Producer (offshore wind)                   ownership
    Source: Gasunie   questionnaire hydrogen  infrastructure responses
     © 2020 Deloitte The Netherlands                                                                                                                 NortH,- Final proposal -
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<pre>13963948
    Approach                —
                                Module 2
    We expect to conduct two interviews with each of around 30 target customers,                                                                     supplemented by                   a    few
    sector- and                geography-specific labs
    Customer           Engagement Approach              -
                                                           ILLUSTRATIVE                                                                           Potential to enable     signing of     LOls     ———
                         Preparation
                             P                                           Interview 1:                                  Interview 2:
                                                                                                                                                               Sector/ Geography               Labs
                     and Engagement                           Energy and Hydrogen Strategy                        Demand       Deep-Dive
         Close    relationship gaps, if any,                Conduct 1-hour interview with            +
                                                                                                         Send data request and/or survey                *
                                                                                                                                                          Synthesize outputs from
         via  NortH2 / Deloitte networks                    senior executives     (C, C-1)               to technical experts                             interviews into sector /
     +
         Confirm customers for initial                   *
                                                            Clarify long-term    asset and           »
                                                                                                         Conduct 1-hour interview /                       geography insights
         engagement                                                  strategy, e.g.:                     working session with experts                   *
                                                                                                                                                          Conduct 2-3-hour virtual lab with
                                                            nergy
                                                               Becarbonisstion targets                                                                    6-12 executives and          experts
     *
         Develop engagement materials:                      —
                                                               Assets investments
                                                                                                     +
                                                                                                         Estimate    hydrogen       demand
         —
             Research background
                                                                                                                                                          —
                                                                                                                                                             Present   aggregated insights from
                                                            -
                                                                                                         curve, e.g.:
                                                                       Heage
             Interview    questionnaires
                                                               oe                                           Overall                                          Inierviows
         —
                                                            =
                                                                                 did rogen
                                                                                                         —
                                                                                                                     energy   use  projection
                                                                                                                                                             Sense check and calibrate outliers
                                                                eniiment Broun     WY
                                                                                                                                                          —
         —
            Qualitative insights templates                                                               ~
                                                                                                            Estimate Next Bast Compatitive
                                                               Barriers and switching g costs
                                                                                                                                                                                i
                                                            —
                     iro}
                                                                                                                                                             (e.g.      sector  in a  country     with
         —
            Quantitative demand data                                                       costs
                                                                                                            Alternative,   e.g. energy cost +                      one
                             :          ;
                                     with demand
                                                            —
                                                               Energy product characteristics                                                                very  different demand       curve)
            templates, alighed
                                                                                                                          :
                                                                   ;
                                                                                                            carbon credits
             model. Optionally,      as
                                                            —
                                                               Policy framework needs                           |
                                                                                                                                                          —
                                                                                                                                                             Clarify barriers to adoption
                                          survey                                                         —
                                                                                                            Estimate timeframe for       conversion                                                   i.
                                                            ml                                                                      )      ]
                                                                                                                                                          —
                                                                                                                                                             Draft a sector / geography-specific
     *
         Contact customers and schedule
                                                                                                         ~
                                                                                                            Infer demand per price point
                                                                                                                                                             pathway to 2030 and beyond
                                                                os
                                                         *
                                                            Solicit on-record statements /               ~
                                                                                                            Feed into the econcmic model
         interviews         expect, 2-3 follow-
                          -
                                                                                                                                                          —
                                                                                                                                                             Validate product characteristics
                   :           P               ;
                                                            commitments to hydrogen                      =
                                                                                                            on
         ups; with      specific   conversion    rate                                                                                                     -
                                                                                                       |
                                                         *
                                                            Obtain accessto energy dataand                 All datatreated     as confidential,
                                                            technical experts                                in a ‘clean room’ environment
           To estimate demand curves              we  will combine customer        insights with external data     (e.g. typical      cost per MWh for a    given annual consumption)
     © 2020 Deloitte The Netherlands                                                                                                                                NortH, Final proposal
                                                                                                                                                                           -               -
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<pre>13963948
    Approach                                                        —
                                                                                    Module 2
     Interviews with executives will generate strategic, qualitative                                                                                                                                                                                                             insights;                                           we                             will               use a                        systematic approach                                                                         to
     ensure they can be compared and fed into Case for Change
     Interview 1 (qualitative) material                                                                                                                             examples                                          -
                                                                                                                                                                                                                           ILLUSTRATIVE
                                                                   Interview scripts and                                                             questionnaires                                                                                                                                                                                                                Insights                         database
                                                                                                                                                                                                                                                                                                                           J
                                                                                                                                                                                                                                                                                              TT          FOR
                                                                                                                                                                                                                                                                                                                    estate
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                                                                                                                                                                                                                                                                                                                                                                                                                                            PRWd
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                                                      Road                                                                                                             Daecarbonising          Road        Fraight                                                ET                             ;                     :                                  =          Aree                                                                       0            =
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                                                                                                                                                                                                                                                                                                                                                          ="         er ae                                           ‘                          .            a
                                                                                                                                                                       Questinnnaine                                                                              pr                                                   .                     :            i          er ———
                                                                                                                                                                                                                                                                                                                                                                                                                                fi        .     ;            =
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     © 2020 Deloitte The Netherlands                                                                                                                                                                                                                                                                                                                                                                                                                NortH,- Final proposal                      -
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<pre>13963948
    Approach               —
                                Module 2
    We will            use    personas to understand                             purchasing              behavior and criteria per segment          or  major      customer                ...
    Sample CustomerPortrait
                                                                                                                               Behavior.
                                                                                                                                —
                                                                                                                                   Propensity and    commitment to        buy
                                                                                                                                —
                                                                                                                                   Buying   process
                                                                                                                                —
                                                                                                                                   Decision makers
                                                                                                                                   Key purchasing criteria
                                                                                                                                —
                   Purchase                                                               Product / service
                                                               i
                                                           Desired                               .
                                                                                                                               Economics.
                  and usage                                                                  beliefs and
                      :
                 environment
                                                         =){Td g [Tg [a=]                   associations
                                                                                                                                —
                                                                                                                                   Potential volume
        *
           Pressure to remaincost           +
                                                   Low-cost decarbonisation         *
                                                                                                                                —
                                                                                                                                   Break-even LCOH
           competitive                             solution before 2030                                                         —
                                                                                                                                   Price metric  (take-or-pay volume         or as    used,
        *
           Need to decarboenize             *
                                                   Low transition risk              .
                                                                                                 (10)(29)                          fixed or  spot price, etc.)
       LJ  XR]
                                            LJ]
                                                                                                                               Timelines.
                                                                                                                                -
                                                                                                                                   FID
                                                        Purchase and                                                               Ramp-up period
                                                                                                Barriers
                                                       LET-CR oT ELV Te]                                                           End-state
        *
           Willingness to     invest in                                             *
                                                                                       Unclarity on costs and
                                                *
                                                    Look at the lower risk                                                         Contract duration
           decarbonisation                                                             operational risks of H,
                                                    CCUS route first                .
                                                                                       Regulation
                                                L]
                                                                                    *
     Note: For more   information see “The Organic     Growth Playbook”,  Bob Lurie (Monitor Deloitte), 2018
     © 2020 Deloitte The Netherlands                                                                                                                           NortH,- Final proposal -
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<pre>13963948
    Approach               —
                                Module 2
     ... and       use     economic value estimations, based                                        on     ‘mini business        cases’,    to provide    a more   detailed view                 on
     acceptable              LCOH per segment
     EVE    (Economic Value Estimation®) logic
                                                                                                                                                             The economic value drives
                                                                      The NBCA (Next Best Competitive                                                               ll
                                                                Alternative) becomes the reference price
                                                                                                                                          a
                                                                                                                                                                 willingness      to pay
                                                                                                                                  BN                   —®
                                                                                                                                                                The Consortium may
                                                                                                                                                             discount to drive      adoption
                                                                                                                                                                     and volume
                                (€/KWh)
                                 LCOH
                                                ETS      Biomass         Local       CCUS     Reference     Avoidance   Lower     Higher      EVE
                                                                       electro-                 price*      CO, rights  costs    revenues
                                                                          lysis                             and taxes
             LCOS per alternative based                on                                                                                 »
             desk research and interviews*                                                                             Functional and emotional benefits of
                                                                                                                         hydrogen provide additional value
    *
       LCOS translated into LCOH for the alternatives
     Note: For more   information    see “The Strategy and Tactics of Pricing”, Thomas Nagle (Monitor Deloitte), 2017
     © 2020 Deloitte The Netherlands                                                                                                                              NortH, Final proposal
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<pre>13963948
    Approach                        —
                                          Module 2
     Important input into                                         EVE         analysis are                   interviews with experts which will generate quantitative information
     on      the lowest                        building-block possible                                       to allow integration into the supply/demand optimization
     Interview 2 (quantitative) material                                            examples              —
                                                                                                              ILLUSTRATIVE
                                                   Cross-sections of demand data                                                                                                                                                   Drivers of demand
                                                                                 Cross-sections                                                                   Energy usage with timing and seasonality
      1. Sector        2. Geo cluster             3. Time     period                                         influence:
                                                ;                                *
                                                                                     How energy is used                   (production                            fee                FETE                                                  ESETTTETETE EST
                                                                                                                                                                                                                                                                                             5
                                                                                                                                                                   =                                                    :
                     |                                                               site,   fuel station, etc.)                                                                     EE                                                   :                                                       ©      bd
                     |
                                                                           >     *
                                                                                     Amount of capex needed                           on                         an                 me                                                ee
                                                                                     customer          and consortium level                                        “5                EERE                      EREERERERRE
                                                                                     li
                                                                                                                                                                   yr              EES
                                                                                                                                                                                   Lg    aoz  LL     ann      Aol
                                                                                                                                                                                                                    S
                                                                                                                                                                                                                    ile     Baki IF
                                                                                                                                                                                                                        ire
                                                          a                                                                                                       Conversion into                   hydrogen (y/n)                       and increase of energy usage factor
                                                                                                                                                                                                                                                                                  Clignt
      Customer database   -
                                        3            3
                             cross-sections illustration
                                                                                                                                                                                                Client
                                                                                                                                                                 Ir                        3      3         3     7                            RE                         3         2          =    1
                                                                  :
                              Sector                     Geographical cluster                                                                                    Energy Usage {1}                                                              Energy Usage (J)
                                                                                                                                                                                          Na    Ma                 Ne                                                 anon     0.000     0.000   Doo
      Client  Sector        Market segment          Country Region                   2017     2018      2019     2020      2021        2022        [...]           Electricity
                                                                                                                                                                   Heat                  Yiz    Mo
                                                                                                                                                                                                          Mer
                                                                                                                                                                                                         Yes       Me
                                                                                                                                                                                                                                                 Electricity
                                                                                                                                                                                                                                                 Heat                                            0.000
                            Che
                                  "
                                                                                                                                                   100                                                                                                                1.200    0.000     1.400
      1       Industry                              NL                                100       100       100     100:       100        100           :
                                                                                                                                         ?
                                micas                        Sroningan                                                                                             es                   oe     vi         oo.     Yor                            Gk                   i     J              Ne    Li
      2       Industry      Fertilizers             NL       Limburg                  100       100       100     100;       100        100        100                                                                                                                1.200    1.200
                                                                                                                                                                   []                    Yes   Yes       Ves      Yes                            [1                                      1.300   1.300
      3       Transport     Road                    BE
                                                             Antwerp                  100       100       100     100:       100        100        100
                                                                                                                                                                                     .                          .
      [1      Ld            [-]                     [ol      1a                       NI
                                                                                                    GR            vv:        [RR                                  Start        period,       end       period and                    ramp-up
                                                                                                                                                                  Ramp-up                    2027       2028         2029           2030    2031         2032     2033        2034        2035       2036      2037   Ef:
                                                                                                                                                                  Hydrogen replaced           5%         12%           19%           25%    32%           39%      46%        53%          80%        66%       73%  80%
                                                VLE          o Tol hd a F=    a\VTo [To L=T a Wo [TaTo To       RVIVIS oF     Na  VV]      T= gM og T= o    Ig (ol =WES [VESfe T=] (odTYAR dg TW AV [55 0 fl a TXll @o fed                        AR 20         NS =    £9  ERARVN
                       dle        E eal             dW  {VLR    {VA (VT        ToT =o VA
                                                                             C=R=To      oo
                                                                                            Ly AV    To [Tool Vf   £=T a1 88 {=Tol g Tg To] [oT=oVA     (=P -  0
                                                                                                                                                                 [gol      [Vo [1g V-Rots go ToTa lol =o [REY ROTI Me T=W I GAVA {oe [1g                         ViT0 Todo Po [<1         0 Tg To RaW] @V/=15
     © 2020 Deloitte The Netherlands                                                                                                                                                                                                                                     NortH, Final proposal
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<pre>13963948
    Approach               —
                                Module 2
     Economic value                    analyses will be supported by                               our      Deloitte Decarbonisation Solutions™ abatement tool
     Deloitte Decarbonisation Solutions™                           -
                                                                     Abatement tool
                                                                                                                         Deloitte Decarbonisation Solutions™                                                                                            Deloitte
     *
            Abatement          portfolio management provides                     a  holistic view of           a         Abatement
                                                                                                                         A proprietary
                                                                                                                                          Modulestool                   through supporting             cents     BatiueaysmModule.
                                                                                                                         with thei decarbonisaton
                                                                                                                                                      developedjourney
            business’      impact on emissions
                                                                                                                                                                                 Abaterments Modules
                                                                                                                                                                                                                 Sbateman Module
     *
            Quantifies impact of abatement projects, based                              on    latest                               aH            Dea        res Soasicns DACEAE       CRIES   ITH wes
                                                                                                                                    relating  10   abatement  portfolio  manaaement,   decarbomnsatorn
            scientific knowledge from leading bodies”                                                                                                                         t
                                                                                                                                                         cd         ——
                                                                                                                                        :
                                                                                                                                           rust                            aac
                                                                                                                                                                                ATLA
                                                                                                                                                                                           i
                                                                                                                                                                                                                 Partfolieesi ghModule
            Supports identification of least cost of abatement pathways,
     *
                                                                                                                                                                                                                 A
                                                                                                                                                                                                                 Em Es
            analysis of portfolio risks, abatement delivery schedules and                                                                                                                                    |
            financial exposure                                                                                                                                                                                                ll
    *
       E.g. Intergovernmental   Panel on Climate Change (IPCC) RCP  pathways, International Institute for Applied Systems Analysis (IIASA),             Shared Socio-Economic                        Pathways (SSPs),  Science Based     Target methodologies
     © 2020 Deloitte The Netherlands                                                                                                                                                                                          NortH, -
                                                                                                                                                                                                                                       Final proposal -
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<pre>13963948
    Approach               —
                                Module 2
     Once        priority segments and customers are clear,                        we    will refine customer           requirements, develop                   an
     activation plan and further gauge uptake
    Approach Module                  2: Customer identification
                                Define   a practical plan Conduct customer labs with Tier 1      companies that share energy demand                       Positioning
                               to engage customers        characteristics, Consortium    partners and Deloitte to jointly                                 statements per
                               for market    / business      Revisit drivers and barriers                                                                 customer
                                development purposes         Articulate unique benefits of   hydrogen relative to alternatives                            Updated prices          and
                                                             Determine    NorthH, positioning statements                                                  volumes per
                                                             Describe the   buying process  (e.g. key stages, involvement and roles of                    segment
                                                             individuals)
              2.3                                            Estimate deltas to the demand from service features            additional services           Activation        plan
                                                                                                                      (e.g.
          Establish                                          and  price metrics like take-or-pay vs volume based)                                         Warm leads for
           HEIL GL                                           Infer implications for EVES, prices and volumes per segment                                  Consortium
      (o [=IV=1
              (oT Jaa =T0)                                                                                                                                partners       as a
                                                          Define activation   roadmaps and government policy implications
             plan                                                                                                                                         foundation for LOls
                                                             Prioritized customers per tier and segment (assuming 20% of customers drive
                                                             80% of volume)                                                                               Updated policy
                                                             Targeted leverage points with objectives and key messages                                    implications
                                                             Resource allocation (sales time, marketing spend)
                                                             Transition roadmap
                                                          Use lab participant as a starting point for ongoing dialogue and a platform to
                                                          create launching customers
     © 2020 Deloitte The Netherlands                                                                                                            NortH,- Final proposal -
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<pre>13963948
    Approach               —
                                Module 2
    This indicates where and how the Consortium should engage in the customer                                                         buying     process
    Sample high-level buying            process and activation actions                                                          Sell the “Case for Change’ to
                                                                                                                                 shareholders and senior management
                                                                                             Shareholder
        Trigger for decarbonisation           Regulation            Cost inflation                              Media attention
                                                                                               demand
                                                                                                                                        Inform decision makers        on  hydrogen      in
                                                                                                                                        general  and North,    in  particular
            Information     gathering      Internal experts        Online research         External advice
                                                                                                                                         Jointly build business case to
                                                                    Price contract
                                                                                                                  Buyer's  own           bring in the right functional and
               Selection criteria                                                          Company image
                                                                                                                 internal image          emotional evaluation criteria
              Solution selection               Pay ETS                 Biomass              Electrification         Hydrogen
                                                                                                                                       Further fine-tune the business           case
                                                                                                                                       with the  decision-making       unit
               Supplier selection                     Local electrolyzer   ~~ Off-grid hydrogen
                                                                                                                                       Leverage earlier interactions in the
          Post-purchase      evaluation                            Renew contract        Terminate contract
                                                                                                                                       pitch for the detailed offeri ng
                                                                                                                  ‘
                                                                                  Maintain    relationship  and solve any issues  pro-actively
     © 2020 Deloitte The Netherlands                                                                                                                   NortH, Final proposal
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<pre>13963948
    Approach               —
                                Module 2
    We will           develop        a  roadmap for each priority segment                 to  sharpen the financial plan and kick-start                      customer
     engagement
     Market       Implementation Roadmap             —
                                                        ILLUSTRATIVE
              Segment Overview
                                                                                                          +
                                                                                                             Sales resource  allocation, e.g. sales     area   sizing and
     +
          Segment volume and                *
                                                                                                             design
                        C
                                              Target customers,                        ‘          .                      caer        ;
          value projections                                                   «
                                                                                 Emotional  benefits,     +
                                                                                                             Sales organisation   design
                                                 rioritised / tiered
     *
          Customer
                      .
                         needs, drivers     *
                                              PpEngagement experience,:
                                                                                 functional benefits,
                                                                                                  :
                                                                                                          *
                                                                                                             Capability mapping    and financial   plan
          and barriers                                                           product and service      .
                                                                                                             ..
                                              leverage points / high-
     *
          Impact of policy scenarios                                             attributes
                                              Ei aaa,        ging                                                         STEN VER EEE
     +
          Demand        / price  curves                                       +
                                                                                 Positioning statements
                                            *
                                              Sales   blueprint,   incl.
     *
          Relative segment                                                    *
                                                                                 Business model (revenue,            vy       :
                                              channels                                                    *
                                                                                                             KPIs and incentives
          P ef isaton                                                            cost]
                     ..
                                            *
                                              Pricing strategy                                            +
                                                                                                             Dashboard   mock-ups
                                                                              .
     *
          Competitive landscape                                                                                      :                 :
                                            *                                                             *
                                                                                                             Measuring and     adaptation over time
                                                                                                          LJ
     Saini                                                  =            LoD
                                                                         :
                                                                             Len FES :           a
                                                                                                       rT                                                                    =
     deliverables                                           po                    =                 Pe                                                     in
                                                                                               !      wh
                                                                 =
                                                            Ee                                                                                            &    4
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<pre>13963948
    Approach               —
                                Module 3
    We will           use     the output from the Technical workstream and Module 2 to create                                  supply and demand                     curves
     across        segments and scenarios
    Approach Module                  3: Commercial and asset optimization
                              “obecves |
                               Quantify size of    >
                                                     Tailor Deloitte
                                                                          actives
                                                                     Hydrogen Model logic to accommodate findings from Module 2
                                                                                                                                 | Delerables                   Demand         curves
                               demand and supply   «
                                                     Create a base scenario demand curve by mapping willingness to pay per segment/customer                     for priority
                               (volume, value) for   versus hydrogen volume:                                                                                    market
                               segments and          -
                                                        Plot demand data for launching customers, based on interviews (and other available data)                segments in
                               scenarios                                                                                                                        key scenarios
                                                        Design and approve logic for how demand curves will be extrapolated / estimated for
                                                     -
                                                        other customers within each segment                                                                 *
                                                                                                                                                                Supply curves
                                                        Prepare end-to-end view       base scenario demand
                                                     -
                                                                                  on                         curve                                              in key
               3.1
                                                   '
                                                     |dentify and  quantify macro  drivers of demand in each of market   development    scenarios               scenarios
         Determine                                   and  integrate into the model                                                                              (aligned with
          supply &
                                                   .
                                                     Based on input from Technical workstream, establish supply side ranges:                                    input from
          demand                                     -
                                                        Determine an optimal supply set-up (e.g. production level, capacity factor, plant size) from            Technical
           profiles                                     a cost and technical perspective per end-use cluster (e.g. pipeline gas, H, for BE and DE)              workstream)
                                                        Identify and quantify parameters (e.g. efficiency rates, need for compression and
                                                     -
                                                        reconversion) that impact the supply cost. Build into the model and decide on which
                                                        parameters to be fixed input and which drivers to be dynamically flexed
                                                     Determine supply curves, resulting cost and qualitative parameters (e.g. technical feasibility)
                                                     based on demand curves in key scenarios
                                                     Synthesize an end-to-end view on demand and supply across segments and scenarios
                                                     Validate with other workstreams
     © 2020 Deloitte The Netherlands                                                                                                          NortH,- Final proposal -
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<pre>13963948
    Approach               —
                                Module 3
     Customer              insights     on  the  phasing of demand volumes and willingness             to pay will support the development
     of demand curves,                   required to optimize supply
    Green       hydrogen demand            curve
                                                 —
                                                    ILLUSTRATIVE
                                                                                                                        Demand     (modelling) is phased in
    Price   ($/kg)                                 Willingness to pay is informed by   Scaling-up of supply will
                                                   customer interviews                  be optimized to match            time and geography due to e.g.
      2
                                                                          (Module 2)
                                                                                           demand  over time              differing customer schedules,
                                                                                                                          phasing of hydrogen backbone
      2.0
      15
                                                                                                                                                 -
                                                                                             rh
                                                                                     Location A Ty Mn    B
                                                                                                                 TnA  Location B       Location A
                                                                                                                                                         Tn
                                                                                                                                                          li    B
      0.0
                                     Hydrogen demand per customer
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<pre>13963948
    Approach               —
                                Module 3
     Based         on     P10/50/90 wind profile inputs and supply chain inputs from the technical workstream,                                                                                                       we       will
     model NortH,’s supply volume ranges
    Supply curve key drivers                      -
                                                    ILLUSTRATIVE                                                                    Power     curve    of
                                                                                                                                                 :
                                                                                                                                                                 X                                                   # of turbines
                                                                                                                                        turbine
                                                                  Power      generation driven by
                                                                     P10/50/90 wind profiles
           25                                                         (technical workstream)
                                                                                                                                  Gross    yield    wind                   Wind turbine
                                                                                                                                                                 i
                                                                                                                                        turbines                                losses*
           20
    =
     E                                                                                                                              Net  yield wind                          Electrolyzer
    =
           15   -
                                                                                                                                               :
                                                                                                                                                                 X               :
                                                                                                                                                                                           ak
                                                                                                                                        turbines                            efficiency
    S
     Q
     Qo
     wn
    -      10
                                                                                                                                                                                                                                         l
                                                                                                                                                                         H, for transport /                      006] 0] 0] (13 [o] 1 lll |
    =                                                                                                                                                                           storage                         reconversion losses
            Ly  -
                                                                                                                                I        =
                                                                                                                                           Electricity
                                                                                                                                Hl       -
            0
                                                                                                                                [= root drivers for                        H, for end-use
                                                          Time                                                                           p10/p50/pS0
                                                                                                                                    **
    *Example   losses: wake-effect,   maintenance     stop, energy losses, grid availability. Inversely expressed as ‘load factor’,    depends on plant characteristics, being a.o.: capacity factor, plant  size and electrolyzer
                                                                        ***
    degradation   rate as well as the  ability to scale-up production,       Consideration for the   compression  and reconversion of    hydrogen as well as method and need for storage and transport       of hydrogen across the system
    to different end-customers is   a  critical element in  evaluating the  cost to deliver  hydrogen
     © 2020 Deloitte The Netherlands                                                                                                                                                                NortH, Final proposal
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<pre>13963948
    Approach               —
                                Module 3
     NortH, couples offshore wind                                   power supply with end customer                                      hydrogen demand, therefore the (modelled)
    volume flow will determine the amount of hydrogen supply
    Volume flow in the model
                                                                                                            Water”
         Offshore windfarm                              Dedicated power                                    Onshore                                 Gasunie        hydrogen                              End customers
           (electricity supply)                            infrastructure                              electrolyzer™                                      backbone                                     (hydrogen demand)
                                                                                                                              H, storage salt                              Hoot] By    do] f= T-{- Wa [=T=Te5
                                                                                                                                                                                                          Wok
                                                                                                                            caverns      North NL                         near     clients      [TBD]
          Ancillary services                       )
                                                       Partial connection
            (grid balancing)
                                          —  —  —
                                                          to TenneT         grid
                                                                     4                                  By-products
                                                                                                      CE Re)YL)
       DEEM is    ideally suited   to include
       the interface with the European                  Electricity trading
       Electricity   market   on an   hourly                     office
       level
    *                                                                                                                                      **
      Type of water sourced influences type of costs (i.e. OpEx vs Capex), the model allows for testing different types of infrastructure     In phase 1 ("27-'30) onshore electrolyzer coupled with Gasunie hydrogen backbone
    that is developed in parallel. In Phase 2 (‘30-'40) offshore electrolyzer, in combination with creation of large-scale and additional hydrogen infrastructure to transport to onshore, *** Consideration for the compression
    and reconversion of hydrogen as well as method and need for storage and transport of hydrogen across the system to different end-customers is a critical element in evaluating the cost to deliver hydrogen
     © 2020 Deloitte The Netherlands                                                                                                                                                         NortH,- Final proposal -
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<pre>13963948
    Approach               —
                                Module 3
    Supply and demand                       curves    will then be used to         identify market equilibriums under various                          scenarios
    Approach Module                  3: Commercial and asset     optimization
                                Identify hydrogen         *
                                                            Define conditions that   a customer will set on   price, volumes, early and latest           *
                                                                                                                                                            Optimization of H,
                                market equilibrium          starting year, ramp-up  time,  contract  duration, etc.                                         supply and demand
                                                                                                                                                            volume and
                                under different
                                           and
                                                          *
                                                            Use the  NortH, hydrogen supply     chain set-up to feed scenarios for   supply curves
                                                                                                                                                                           flows
                                scenarios      identify                                                                                                     revenue
                                                          *
                                                            Liaise with the Public Affairs workstream if there    are specific ‘qualitative’
                                storage needs                                                                                                            r
                                                                                                                                                            Butroducis
                                                            conditions from a business / regulatory point of view (e.g. regulatory maximum                    YP
                                                                                                                                                            volume and
                                                            amount of H, storage at one point in the value chain)
              3.2
                ‘
                                                                                                                                                            revenue        flows
      Match       supply                                  *
                                                            Use  an optimization engine to match supply and demand curves for per customer
     and demand to                                          demand and NortH, supply scenarios on an hourly basis and include the set                       Storage
                                                                                                                                                            requirements
       optimize the                                         boundary conditions
          program
                                                                                                                                                         +
                                                                                                                                                            Interface with the
                                                          *
                                                            Yield H, and by-products volume flows under different scenarios and infer
                                                                                                                                                            electricity      market
                                                            required storage
                                                          +
                                                            Link with Deloitte European Electricity Model (i.e. sell to electricity market during
                                                            high prices, produce hydrogen during low prices while storing enough volume to
                                                            serve  hydrogen  customers.   Linking the model also allows to analyze     when it might
                                                            be beneficial to buy additional   electricity from the grid)
                                                          *
                                                            Link the deliverables as  input into the LCOH part of the model
     © 2020 Deloitte The Netherlands                                                                                                               NortH, Final proposal
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<pre>13963948
    Approach                                      —
                                                             Module 3
    The optimization engine allows for optimizing different customer demand scenarios, including their set
     boundary conditions against different supply scenarios including its uncertainty on drivers
    Optimization engine
      Customer demand                                      curves                                                                                                     Optimization                                                   Supply                   curves
      »
           Each customer is                                  quantified (price, volumes per                                                                              Stacks customer demand        (highest value customer       +
                                                                                                                                                                                                                                           Based                       on       P10                /      P50          /        P90 wind    profiles from
          time              interval,              ramp-up to               hydrogen, NPV per                                                                            first)   until supply scenario is filled, while controlling       technical workstream
          customer)                                                                                                                                                      for demand and supply boundary conditions                   *
                                                                                                                                                                                                                                           Dynamic flexing of input based                                                                   on key defined
      »
           Each customer has its                                         boundary conditions (first                                                                      Because each customer        comes    with  a contract            parameters throughout value chain (e.g. size of
          and last start                          period)                                                                                                                duration     (for multiple time intervals)   an iterative         conversion                                  rate)
                                                                                                                                                                         optimisation algorithm is used                              *
                                                                                                                                                                                                                                           The               supply                   chain has its                                   boundary conditions
          Approach         =
                              Module 3                                                                                                                                                                                                 Approach           =
                                                                                                                                                                                                                                                               Module 3
          Customer         insights on the phasing of demand volumes and willingness-to-pay will support the development                                                                                                               Based       on    P10/30/90           wind profile Trputs and supply chain inputs from the technical workstream,      we   will
          of demand curves,          required to optimize supply                                                                                                                                                                       model        MortH,'s supply volume ranges
                               d
         Green     hydrogen                                                                                                                                                                                                            Supply     curve
                                                                                                                                                                                                                                                            key drivers    - ILLUSTRATIVE
                                                                                                                          Derrand (mesial       nat is phased in
         Priva (§/ks!                       willingness  te payis informed
                                                                        by     sealing  up
                                                                                          of sus phy veill                                                                                                                                                                               Power gerarathon       drives oy
           25
            :
                                             CUETO       mim le2)
                                                        ner                     hu
                                                                                  Sin
                                                                                          BT
                                                                                                   Te. fut}                tima
                                                                                                                            Aying
                                                                                                                                  and  gecgrap
                                                                                                                                   resem       Ely duke oy
                                                                                                                                                            o e.8.                                                                                                                         Eros         ad wind profiles
                                                                                                                                                                                                                                             0)                                            {technical warkitraam)
                                                                                                                           phasin   A    hitaarchon.
           EA]
                                                                                         il                                                                                                                                            7
                                                                                                                                                                                                                                             0
                                                                                                                                                                                                                                       E     15
           1.0
           an
                                                                              oe
                                                                             Location A  LL                 Location
                                                                                                                     i. LoslionB        fn
                                                                                                                                         Lecatinn
                                                                                                                                                       LLIN
                                                                                                                                                                             C2
                                                                                                                                                                                                                                       i
                                                                                                                                                                                                                                       =
                                                                                                                                                                                                                                       :
                                                                                                                                                                                                                                        5
                                                                                                                                                                                                                                             ow
                                                                                                                                                                                                                                              a
                                                                                                                                                                                                                                              0
                                                                                                                                                                                                                                                                                 Time
                                                                                                                                                                                                                                       mp    nse        rari
                                                                                                                                                                                                                                                                 1  pon   inst,   = 0 ge     mam,
                                                                                                                                                                                                                                                                                                  aif asa fall  many mmr    a ries
                                                                                                                                                                                                                                                                                                                                    Cm na
                                                                                                                                                                                                                                                                                                                                   Tod    =                  ©
                                                                                                                                                                                                                                       er aketion rate 2 well ax
                                                                                                                                                                                                                                                                 Hee abil  asl  Levine    bo                          witht
                                                                                                                                           Bmpr
                                                                                                                                                                                                                                                                                                                                                       -  estas. dn
               Pct sds The
          500 sherry                                                                                                              Pus)  BP       r= licuafi        ea                                                                    arm wine
                                                                                                                                                                                                                                                     me  ra
                                                                                                                                                                              +8]
                                                                                                                                                                             a
                                                                                                                                                                             a
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<pre>13963948
    Approach               —
                                Module 4
    The model is linked with optimization engine output and shows economic feasibility by integrating volumes,
    storage requirements and public affairs input as basis for the business case in multiple scenarios
    Approach Module                  4: Integrated economics
                                      Objectives
                                Demonstrate
                                                          | __________
                                                              *
                                                                 Use stored demand scenarios from
                                                                                                                       Actes
                                                                                                                      optimization engine          as a  base input
                                                                                                                                                                   |      (i.e. H, and          +
                                                                                                                                                                                                       Deliverables
                                                                                                                                                                                                   Business       case     with
                                economic     feasibility         by-products volumes and storage requirements)                                                                                     P10/P50/P90            LCOH
                                of Phase 1 of the             *
                                                                 Integrate CapEx, OpEx and feedstock cost into model to tie with                               supply volumes,                     levels
                                NortH2    project (4             integrate sensitivities on CapEx overrun and OpEx price increases
                                GW by 2030)                   +
                                                                 Integrate policy related impact on business case through CapEx and OpEx grants and                                             +
                                                                                                                                                                                                   Calculated impact
                                                                 subsidy dynamics (from public affairs workstream with support from Deloitte grants                                                of different sets of
                                                                 and incentives experts)                                                                                                           policy instruments
                    :
                                                              *
                                                                 (Calculate break-even price to balance policy instruments and iterate with public
          4.1 Build                                                   ;
                                                                 affairs workstream                                                                                                             *
                                                                                                                                                                                                   Market value of           H,
       mL
                                                              *
                                                                 Calculate LCOH*           (P10/P50/P90) by taking lifetime              costs    divided     by lifetime optimized                in different demand
                                                                 supply volumes in different scenarios                                                                                             scenarios
                                                              *
                                                                 Generate integrated financial statements with (i) profit- & loss statement until net
                                                                 income, (ii) economic presentation of the balance sheet, being: capital employed (i.e.                                         +
                                                                                                                                                                                                   Demonstrated
                                                                 fixed assets and net working capital) and funding (equity and net debt) (iii) cash flows                                          economic         feasibility
                                                                 until net changes in cash                                                                                                         on   phase 1 of
                                                              *
                                                                 Set right accounting assumptions to assess net income and impact on dividend                                                      NortH, and line of
                                                                 capacity and Consortium economics equity/ debt structure                                                                          sight on private
                                                              *
                                                                 (Calculate NPV for different scenarios at WACC range (on public market research)                                                  investment
    *
      Considering CapEx, OpEx    and feedstock over time. Replacement   costs of electrolyzers varies with production rate and technology that is used. Lifetime of the system needs to be estimated  taking that into account
     © 2020 Deloitte The Netherlands                                                                                                                                                      NortH, Final proposal
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<pre>13963948
    Approach               —
                                Module 4
    The       integrated model will have               an easy-to-use interface,                      so     it  can        be maintained to                keep the business                 case
     (monitoring) evergreen
     Model       design conceptual overview                                  INPUT                 be                                CALCULATION
                                                                                                                                                                          b              OUTPUT
        Model contains             separation                                                              Control                                                                 Dashboard
                                                            Demand                                                     panel
        between         input,     calculation and          e
                                                               Customer data                               *
                                                                                                              Scenario     storing                                                 *
                                                                                                                                                                                     NVP
                                                            *
                                                               Demand       curve                          +
                                                                                                              Scenario selection                                                   «
                                                                                                                                                                                     LCOH
        output,       and    is complemented
                                                                                                           *
                                                                                                              Sensitivities                                                        *
                                                                                                                                                                                     Etc, TBD
        with a control panel and
                                                                                                                                             LCOH
        visualization dashboards that                      Supply                                      (@fe} 13111]                                                                Visualization &
                                                                                                                                             ®
                                                                                                                                                Total costs
                                                            e
                                                               OpEx    costs  specification            ¢
                                                                                                            Optimization      engine
        provide       an   easy-to-use interface               =T=Te                                        Allow store
                                                                                                                                             *
                                                                                                                                                Total production
                                                                                                                                                                                   analytics
                                                                     ky {alo As =Iol Fi [er] 4 [1g
                                                            LI                                         *                  scenarios
                                                                                                       *
                                                                                                                                             *
                                                                                                                                                Supply curve
        Structure is created in           a modular                                                         H, storage
        flow such that information             on  key                                                 Volume Flow                           FinStat
                                                           i [Tei Taller]
        drivers can be easily integrated                    *  Value chain parameters &                *»
                                                                                                            Electricity / H, flow            *
                                                                                                                                                Income statement
                                                                                                       *
                                                                                                            By-products    flow              *
                                                                                                                                                Balance sheet
                                                           drivers
        from the modules or populated                                                                  CET  flo  als] lala  [s]4)            es
                                                                                                                                                Cash flow
                                                            e
                                                               Capital    investment
        directly in the model
                                                                                                                                             NPV
                                                            Public Affairs
        Calculation represent the engine                    »  Subsidies & grants                                                            =
                                                                                                                                                NPV calculations
        of the model. The calculations will                 »
                                                               Regulation boundaries
        be made modular,              allowing for
        flexibility, transparency           and            General
        better performance                                  *  Definitions input
                                                            *
                                                               Timing input
                                                            *  WACC input
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<pre>13963948
    Approach               —
                                Module 4
    The model will facilitate 30 years timeline to                       populate     data from pre-FID investments until                        long-term horizon
     Model timeline             —
                                   supply by timing and market demand clusters
                                                                                                                                                      vg]
          Scope for analyzing economic feasibility                 Included for LCOH calculations and future prooffor phase 2 decisions
                                                                                                                                               __    53     IB    Industry
                                                                                                                                         rT
                                                                                                                                          Pil
                                                                                                                                                     i
                                                                                                                                                     a
                                                                                                                                                            Kd    Industry,
                                                                                                                                                                  Transport and
                                                                                                                                                                  mobility,
                                                                                                                                                                  Built environment
      2020
                                  l
                          Planned FID
                                              \
                                                       !
                                                              Jud
                                                                 :
                                                                              Y
                                                                                                   i
                                                                                                                     —
                                                                                                                             \
                                                                                                                                                   I
                                                                                                                                                       ;
                                                    Phase 1               Phase 2                             Fully liquid H, market 2050
                              2024
                                                                                                                              ;
                                                                                                                          horizon
     ;                           J >          [
                                                    (‘27-'30)             (‘30-'40)
                                                                 |                                                       (‘40-'50)
         Pre-FID studies         Pre phase 1 pilots              |
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<pre>13963948
    Approach               —
                                Module 4
     Many possibilities for policy incentives arise in different stages of the project lifecycle, and planning and
    timing are key to optimizing their support
                                                                                                                                                                           Budget £10B                              Most
                                                                                                                                                           EUV Innovation
                                                                                                                                                                           Funding rate: max. 60%                 attractive
     Incentive        opportunities during the project/product lifecycle                               —
                                                                                                          NON-EXHAUSTIVE                                             Fund
                                                                                                                                                                           Typical funding: €75-300M             for  NortH,
                                                                                                                                                                           Budget: £20B
                                                                                                                                                  National Growth Fund     Funding rate: [TBD]
                   R&D Incentives
                                                                                                                                                                           Typical funding: [TBD]
                                   Incentives                                                                                                                              Potential tax exemptions to
        Innovation/Demo/CapEx                                                                                                                                  Energy tax
                                                                                                                                                                           lower effective taxes for NortH,
              Exploitation Incentives                                                             Regional funds                                                           Budget: £2B
                                                                                                                                                                Topsector
                                                                                                                                                                           Funding rate: [TBD]
                                                                                                                                                                   Energy
                                                                                                                                                                           Typical funding: €6M
                                                                                               National Growth Fund
                                                                                                                                                                           Budget: £1B
                                                                                                                                                                 EU Green
                                                                                                                                                                           Funding rate: 70%
                                                                                                       Connecting Europe Facility                                    Deal
                                                                                                                                                                           Typical funding: €3-10M
                                                                                       Rigs                                                                                Budget: £918
                                                                                                                                                                  Horizon
                                                                                                                                                                           Funding rate: 30%-100%
                                                                                                                                                                   Europe
                                                                                                                                                                           Typical funding: €3-10M
                                                                 Topsector Energy
                                                                                                                                                                           Budget: £5.45B
                                                                                EU Innovation Fund                                                                    LIFE Funding rate: 55%-60%
                                                                                                                                                                           Typical funding: €3-5M
                          Bio-based Industries Joint Undertaking                                                                                                    SDE++  Budget: Cost dependent
                                                                                                                                                     (uncertain   because  Funding rate: [TBD]
                                                                                                                                                       of offshore  wind)  Typical funding: [TBD]
                                       EU Green Deal
                                                                                                                             Energy tax
                                                                                                                                                                           Budget: [TBD]
                                                                                                                                                          Regional fund:   Rate: 50% of costs
                                                                                                                                                                           Max:  [TBD]
         Discovery {ldea)                                   Development                                     Market Introduction
                                                                                                                                                                           Budget: Not yet available                 Least
                                                                                                                                                    Bio-based Industries
                                                                                                                                                                           Funding rate: 70%-100%                 attractive
                                                                                                                                                      Joint  Undertaking
                               Proof of Concept                                     Demonstration                                    Exploitation                          Typical funding: €3-10M               for  NortH,
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<pre>13963948
    Approach               —
                                Module 4
    Training sessions to empower your staff and give them the knowledge                                            to utilize the     capabilities of the model
     and underlying datasets to its full potential
    Approach Module                  4: Integrated economics
                                Hand-over the          Prepare for giving the training session                                                         Trainings            how to
                                                     *                                                                                              ¢
                                                                                                                                                                       on
                                model and   guide in   -
                                                          Confirm the target audience for each session                                                 use    and maintain
                               first  use
                                                       -
                                                          Confirm the target timing and number of sessions    to be given                              the model
                                                     *
                                                       Develop   the materials to be used in the sessions
                                                       -
                                                          Obtain the input for each sessions                                                        *
                                                                                                                                                       Documentation and
              4.2                                      -
                                                          Build training on supply / demand   datasets, optimization part of the model,  LCOH          user    guides
       Vile e =IMa Tale                                   part of the model and visualizations
      over,   training,
                                                       -
                                                          Focus on the day-to-day operations of keeping the data and model evergreen                *
                                                                                                                                                       Enable model
                                                     *
                                                       Facilitate training sessions                                                                    assurance        by
     documentation
       and facilitate
                                                       -
                                                          Demand and    supply  datasets                                                               Consortium
                                                          Optimization engine of the model                                                             modeling teams
                                                       -
      robust review
                                                       -
                                                          LCOH part of the model
            by the
        Consortium
                                                       -
                                                          Analytics through  visualizations
                                                     *
                                                       Documentation and      ongoing support
          partners                                     -
                                                          Document the    conceptual logic and model design
                                                       -
                                                          Write user guides allowing for a day-to-day execution
                                                       -
                                                          Available for ongoing support as per asked for timeline
                                                       After our hand-over to you we can closely align with your modelling teams     to enable
                                                       model assurance by Consortium modeling teams
     © 2020 Deloitte The Netherlands                                                                                                          NortH, Final proposal
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<pre>13963948
    Approach               —
                                Module 4
    We will facilitate interactive                  training sessions for your teams        to build the capabilities needed        to use the
     integrated financial model and embed                      its continued   use    in the  organization
    Training sessions
                             LICR UER CEN                               CIO RGER         EES                      Documentation & support
                        Use interactive   (virtual)                      Develop materials                          Step-by-step  user    guide
                             training sessions                          for future trainings
                                                                                                                       on how to  perform
                                                                                                                      day-to-day activities
     © 2020 Deloitte The Netherlands                                                                                        NortH, Final proposal
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<pre>13963948                                                                                           ITT DELIVERABLE 5.2
    Approach               —
                                Deliverables
    We will           provide           you with the elements you need to assess, maintain and promote the                                                                             NortH,          business             case
    | Module          |     Submodule                                          Deliverables
      1. Case for Change     1.1 Substantiate the  case                        .
                                                                                  Quantified need for hydrogen in the EU's Net-Zero Emission economy in 2050, incl. holistic view        on the future energy ecosystem
                             1.2 Demonstrate need for     scaling-up           .
                                                                                  Demonstrated need to accelerate       scale-up of green  H, via        incl. societal, market and internal benefits of the large project
                                                                                                                                                  NortH,
                                                                                  approach,   vs. potential alternatives
                             1.3 Detail government    policy frameworks        .
                                                                                  High-level policy framework, including catalogue of possible future regulations
                                                                                  Quantified demand impact per policy scenario
                             1.4 Create  compelling narrative                  .
                                                                                  Initial version to kick-start the conversations  (~ January)
                                                                                  Updated version informed by all project analyses, to further substantiate the message and in three version        to reflect the three lenses:
                                                                                  Government, Customers, Internal consortium stakeholders, all framed as a ‘voice of the industry’
                                                                                  Case for Change document as input for Public Affairs workstream
      2. Customer           2.1  Develop market scenarios                      .
                                                                                  Overview of market segments with high potential demand in NL, DE and BE in 2030 timeframe
      identification                                                           .
                                                                                  Multiple plausible demand projections per segment
                                                                                  Implications   for government policies
                            2.2  Identify customers                            .
                                                                                  Prioritized customer database with names,       needs, volumes and  willingness   to pay
                                                                                  Demand ranges fine-tuned based       on  actual customer demand
                            2.3 Establish market   development plan            .
                                                                                  Positioning statements     per customer
                                                                                  Activation   plan
                                                                                  Warm leads for Consortium partners       as a foundation for LOls
                                                                                  Updated policy implications
      3. Commercial and     3.1 Determine    supply & demand profiles          .
                                                                                  Demand curves for priority market segments in key scenarios
      asset                                                                       Supply curves in key scenarios (aligned with input from Technical workstream)
                                                                               ‘
            optimization
                            3.2 Match    supply and demand to    optimize the  .
                                                                                  Optimization of H, supply and demand volume and revenue flows
                            program
                                                                               .
                                                                                  By-products volume and revenue flows
                                                                                  Storage requirements
                                                                                  Input into the LCOH part of the model
                                                                                  Interface with the electricity market through DEEM
      4. Integrated         4.1 Build business   case                          .
                                                                                  Business case with P10/P50/P90 LCOH levels
      economics                                                                .
                                                                                  Calculated impact of different sets of policy instruments
                                                                                  Market value of H, in different demand scenarios
                                                                                  Demonstrated economic feasibility on phase 1 of NortH, and line of sight on private        investment
                           4.2 Model    hand-over, training, documentation and +
                                                                                  Trainings on how to use and maintain the model
                           facilitate robust review by the Consortium          .
                                                                                  Documentation and user guides
                           partners
                                                                               .
                                                                                  Enable model assurance by Consortium modeling teams
     © 2020 Deloitte The Netherlands                                                                                                                                                         NortH,- Final proposal -
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<pre>13963948
    Approach
    We propose                         a   7-month engagement                               during which we will demonstrate the economic              feasibility of NortH,,
     make the first step in activating customers and define                                                  required policy      instruments
     Project activities
    [1. Case for Change
     1.1 Quantify need for H,   in 2050 EU NZEE, incl. view on energy ecosystem
                                                                                                                                        |                 !
     1.2 Demonstrate need for acceleration of green     H, scale-up through large projects
     1.3 Develop high-level policy framework and catalogue of possible future regs.
     1.3 Quantify demand impact per policy scenario
                                                                                                               |                        ET                       ——.
     1.4 Write initial public narrative
                                                                                                              L>January version
     1.4 Update narrative with project analyses, showing Gov, Cust, and Internal lenses                                                 HE"                                          © June version
     1.4 Hand-over ‘Case for   Change’   document to Public Affairs workstream
     2. Customer identification
     2.1 Generate overview of     high potential market segments
     2.1 Develop demand projections per segment
     2.1 Develop government policy implications
     2.2 Populate prioritized customer database
                                                                                           TE
     2.2 Fine-tune demand ranges, including customer interviews
     2.3 Formulate positioning statements per customer, including customer      labs
     2.3 Update prices and volumes per segment
     2.3 Define customer activation plan
     2.3 Develop ‘warm’ leads for Consortium partners
     2.3 Define policy implications
     3. Commercial & Asset Optimization
     3.1 Determine demand curves per segment for key scenarios
     3.1 Determine supply curves, aligned with Technical workstream
     3.2 Design optimization engine
     3.2 Match supply and demand te optimize revenue and velume flow
     3.2 Identify by-product revenue and volume flows                                                          !                1       |                 1
                                                                                                                                                                              |
     3.2 Identify storage requirements                                                                         rr
     3.2 Create interface with the electricity market using DEEM                                               ee
                                                                                                                                          ______________________________|
     4. Integrated Economics
     4.1 Design integrated economics model                                                                     |                        |                                     |
     4.1 Develop business case with P10/P50/P90 LCOH levels
     4.1 Calculate impact of different sets of policy instruments
     4.1 Assess hydrogen market value across demand scenarios
     4.1 Demonstrate economic feasibility on phase 1 of NortH,
     4.2 Train Consortium stakeholders to     use and maintain the model in the future
     4.2 Produce documentation and       user guides
     4.2 Enable model    assurance   by Consortium modeling teams
     © 2020 Deloitte The Netherlands                                                                                                                        NortH, Final proposal
                                                                                                                                                                  -               -
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<pre>13963948
    Approach
     Our tested virtual engagement formats                   help  to distill insights from diverse stakeholders and co-design with
    far-reaching buy-in              in a remote setting
    Virtual engagement tools
                                                                                                                 Refine insights and instill
                  Ensure broad consultation
                 and involvement of diverse         Develop deep insights on                                    learnings across project and
                                                                                   Co-design  solution concepts
                                                 initial hypotheses and ensure                                  governance teams              as   well   as
                  stakeholder groups within                                          and ensure buy-in of key
                         short time-frames          early engagement of key                stakeholders
                                                                                                                organize day-to-day project
                                                           stakeholders                                                         work
                                                                                                                   Cadence detailed in team, governance and
                                                                                                                                     quality assurance   section
                                                                                       %             ©
                       qualtrics™                     Th            S                                                WS
                                                                                  +     Together     miro
     © 2020 Deloitte The Netherlands                                                                                   NortH,- Final proposal -
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<pre>13963948
         ~— 0 © (0)
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<pre>13963948                                               ITT DELIVERABLE 5.8 —
                                                                             See also Appendix: CV's
    Team, governance and quality                   assurance
    We have assembled                  a multi-disciplinary  team with   deep functional and industry expertise
    Team       (1/2)
                              (10)(2e)
                              (10)(2e)
     © 2020 Deloitte The Netherlands                                                                           NortH, Final proposal
                                                                                                                     -               -
                                                                                                                                       Deloitte
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<pre>13963948                                             ITT DELIVERABLE 5.8 —
                                                                           See also Appendix: CV's
    Team, governance and quality                 assurance
    We have assembled                a multi-disciplinary  team with   deep functional and industry expertise
    Team       (2/2)
     © 2020 Deloitte The Netherlands                                                                         NortH, Final proposal
                                                                                                                   -               -
                                                                                                                                     Deloitte
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<pre>13963948
    Team, governance and quality                                         assurance
    We will put in                 place       a  cadence to                ensure             proper steer
     Meeting         structure and cadence— PROPOSED                                 (to    be     aligned with existing governance)
                                Leadership                     (©   Co LE  gy Lolo[F] [2                        ([eTe [V][2                     Cross-workstream                          Steerco                      Written progress
                                 meetings                            meetings                                  meetings                                meetings                          EE]                                     report
                                                             Provide      updates      on               Agree on short term                    Align  on   key  interfaces        Step back  to take stock           Provide progress           update
                          Align  on   progress and
                                                            progress and relevant                         priorities, discuss                     and inputs, and     co-          of progress and agre wo             and prepare meeting
                            discuss key content
                                                             cross module areas                       progress and next steps                       develop output                       next steps                           discussions
                           Weekly progress               *
                                                             Twice per week                              Daily huddles                            Every  3 weeks                    Every approx. 1.5
                                                                                                                                                                                                                   »
                                                                                                                                                                                                                        Weekly       progress
                           meeting and report      as                                                    Ad hoc calls      as                     Weekly    progress                months                              report     as    per  RFP,
     Frequency             per RFP (45 min)                                                              needed                                   report is shared                                                      shared      prior    to
                           Bi-weekly content                                                                                                                                                                            leadership and          cross-
                           meeting (1 hour)                                                                                                                                                                             workstream meetings
                           Consortium      project       *
                                                             Deloitte module leads                       Deloitte module team                     Consortium     project            Consortium    project          *
                                                                                                                                                                                                                        Consortium          project
                           leadership                    +
                                                             Select team members                         leads and members                        leadership                        leadership                          leadership
                                                             as   needed                                 Experts     as  required                 Workstream leads                  Workstream leads               »
                                                                                                                                                                                                                        Workstream leads
     Attendees
                           peli Js
           (o]4            [coe          §                                                                                                        Deloitte
                                                                                                                                                 Team members
                                                                                                                                                             leadership
                                                                                                                                                                      as
                                                                                                                                                                                    Deloitte leadership
                                                                                                                                                                                    Team members         as
                                                                                                                                                                                                                   *
                                                                                                                                                                                                                        Deloitte team
      recipients           Select —————                                                                                                           required                          required
                           as  required
                           Experts as required
            LE      EER a CR Ta Ta  FE a A a (I=dg T= Talo Wg=Y e Tod a [Py    d (Ut   ATT (=FF=1 g Lo Mor To [Ta Uol=Hi old a UT oll g (TYANY F-AR NVI| Io TT of  [To [1 [=o RET   TTT (To MD T= Fo Thu    RVILM TSW   ¢=T 0  ToT a Ey 1] [=H io]g
                 maintaining the calendar, ensuring coordination and seamless operation.                                                   Cadence will be           aligned to existing NortH, project governance
     © 2020 Deloitte The Netherlands                                                                                                                                                                        NortH,- Final proposal     -
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<pre>13963948
    Team, governance and quality                          assurance
     In addition to the                thorough quality       assurance    processes described in our long-standing framework
     agreement,               we     propose to involve academic experts
    Quality       assurance
      *
          As   a  long-term        trusted supplier to Shell we have a global
          framework agreement in place for many years. As agreed              with
          Shell procurement            we  may refer to GF 73592:5 Section VII for
          our    Quality Management Systems
      *
          |n  addition, we propose the inclusion of an Academic Expert
          Panel to provide our Deloitte team with additional quality
          assurance given the novel and rapidly evolving industry context
          and to ensure we incorporate the latest (academic) thinking
     © 2020 Deloitte The Netherlands
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<pre>13963948
     Professional fees
</pre>

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<pre>13963948
     Professional fees
    We estimate                  our      fees to be €ERiE based                          on an       average team of                       over d       (10)(29)
                                                                                                                                                                        period
    Commercial offer
                                  We estimate      our   fees to be  €[EE)   based   on an  average team of ca     [{RIENY over
                                                                                                                                                We will also make      use of the  Hydrogen and        DEEM
                                  a
                                     [fie        period.   Actual travel expenses will be     charged   as incurred
                                                                                                                                                models in which      we  have invested many years to
                                  Billing will  occur on a    monthly basis based on actual hours realized                         Proven
                                  The actual fees will not exceed the quoted amount unless we have                 your
                                                                                                                                                develop and will     waive  a license fee
                                                                                                                                 modelling      Our quantitative models and experts have             a
         Estimated                                   this beforehand                                                                                                                                    proven
                                  agreement      on
                                                                                                                                capabilities    track-record of    delivering  outputs with solid business
              fees                We have decided to invest         significantly in this initiative, based   on NortH,’s
                                  significance and      our  extensive  relationship with the    Consortium partners                            logic
                                  Specifically,   we   apply lower   rates to Modules 1 and      2, offer you all leadership
                                  time and    some     expert time in Modules 3 and 4 for       free, and  we  absorb the
                                  man    hours and fees      required  to deliver additions to the scope of Module 1                            Qur  hydrogen and broad industry expertise, relationships
                                                                                                                                                with board executives, and experience in facilitating
                                  In  carrying  out this                       team will be   dependent        several factors
                                                            engagement    our                               on
                                                                                                                                 DET Talo       ecosystem collaboration generates real world insights
                                  concerning the client organization:                                                               broad       that  can inform    our quantitative models and ultimately
                                    —
                                        Timely availability of internal data                                                                    de-risk  NortH,
                                                                                                                                 expertise
         REI     0] fol =           —
                                        Access to and commitment of          key client representatives     at SteerCo’s and                    Qur grants and incentives      specialist knowledge         allows to
           1=1=10 [=]0                  critical decision moments        as specified in the governance section                                 fully leverage  a  key value driver for NortH,
                                  If these   assumptions      are not satisfied, then delays to the delivery deadline
                                  may    occur  and additional work may be        required, for which Deloitte will be
                                                                                                                                                Deloitte is committed to      reducing    its carbon emissions:
                                  entitled to additional compensation
                                                                                                                                  Climate       we  will purchase    certified carbon credits from the          Family
                                                                                                                                   neutral      Forest Carbon     Program   to both   help eliminate carbon
                                  This  proposal    is  provided  in accordance with and      subject  to the  provisions of
            Hg 115                                                                                                                o             emissions   and rural poverty, or equivalent credits
                                  the Deloitte    —
                                                     Shell MISA GF 73592:5 and General Business Terms                               [TAT oY;
                                                                                                                                                through   a program of the Consortium’s choosing
     © 2020 Deloitte The Netherlands                                                                                                                                          NortH,- Final proposal -
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<pre>13963948
     Professional fees
    To show            our      commitment to and investment in this      project    we  have   applied a  €  560,000 discount                on our
     professional fees
                                                         We offer you all  leadership ~~ We apply lower  We absorb the   man   hours and fees required
                                                         time and some   expert time        rates to    to deliver additions to the scope of Module 1,
                                                           in Modules 3-4 for free        Modules 1-2      e.g. model of a future energy ecosystem
     © 2020 Deloitte The Netherlands                                                                                       NortH2 -
                                                                                                                                    Final proposal -
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<pre>13963948
     Professional fees
    IEEE                                              based      on  the notion that          we    become        a  fourth consortium partner,             supporting                you
     in the       success          of this project
     Partnership proposal                                                                                                                                                CO-CREATION
    .
                    (10)(29)            constitutes a significant amount. We are willing and keen to make this investment      because
        we   believe in the      importance of this   project and are excited to partner and work with you for its success.
    *
        We should define         together what it means to be your partner based on your needs. In essence, we believe it should
        address two objectives: Giving us the possibility to play a continuing role in making this project a success and
        allowing us to demonstrate to the market our commitment to you and the subject of decarbonisation.
    *
        Accordingly,      our  initial thoughts  are:
              =
                  Playing    a continuing role: Involve us as your partner for future initiatives related to this project. We believe
                 that    we are   able to add significant value to NortH, beyond the scope of this engagement through, amongst
                 others:
                        -
                           Obtaining grants and     incentives for NortH, across the  phases towards full scale operation
                        -
                           Supporting the project once it gets closer to FID though e.g.; Tax structuring, Accounting advice of
                           financial structuring   (debt advisory, financial due diligence, extended modelling)
                        -
                           Aiding the construction through our capital projects experts and experience: Deloitte’s Capital
                           Projects team draws on hands-on industry expertise and extensive experience from some of the
                           world’s largest and most complex capital mega-projects The team enables clients to set up, build and
                                                                                        -                                                Illustrative purposes Not the proposed
                                                                                                                                                                -
                                                                                                                                          setup, but could be a way to recognize
                           operate major projects with greater confidence in the results
                                                                                                                                            the support on the feasibility study
              =
                  Demonstrating        our commitment: The consortium communicates Deloitte's contribution to the          project as it
                 goes to the market for the scope of work         provided.  As we  discussed previously, this also serves to showcase
                  independent       review and  provides  a degree of  assurance
                                                                                                                                                      NartH, Final proposal   Deloitte    79
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<pre>13963948
    Deloitte.
    Deloitte refers to   ane or more  of Deloitte Touche Tohmatsu Limited     ("DTTL"), its global network of member firms and their related entities. DTTL (also    referred to as "Deloitte Global") and each of its member
    firms are  legally separate and independent     entities. DTTL does not  provide services to clients. Please see www.deloitte.nl/about to learn more.                                                                        MAKING AN
    Deloitte is  a leading global provider  of audit and assurance,  consulting, financial advisory, risk advisory, tax and related services. Our network of member firms in     more  than 150 countries and territories serves
                                                                                                                                                                                                                                 IMPACT THAT
    four out of five Fortune Global 500% companies. Learn how Deloitte's approximately 286,000 people make             an impact that  matters at  www. deloitte.nl.                                                             MATTERS
                                                                                                                                                                                                                                         77 re
                                                                                                                                                                                                                                               =
    This communication contains general information only, and none of Deloitte Touche Tohmatsu Limited, its member firms or their related entities (collectively, the “Deloitte network”) is, by means of this
    communication, rendering professional advice or services. Before making any decision or taking any action that may affect your finances or your business, you should consult a qualified professional adviser.
                                                                                                                                                                                                                                 Sipe [87D
    Neo entity  in the Deloitte network shall be  responsible  for any loss whatsoever sustained    by any person whao relies on this communication.
                                                                                                                                                                                                                                                 1378
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<br><br>