Vurdering av Enovas utløsende effekt

Report 2010/14

Karin Ibenholt og Ingeborg Rasmussen

Vurdering av Enovas utløsende effekt

Category	Reports
Sub-Categories	n/a
Year	2010
Report Number	14
Author(s)	Karin Ibenholt Ingeborg Rasmussen
Download	file_download (1.0 MB)
Read in browser	PDF

!!"#$%&$'()!*+!,(-+*.!#/01.&(%&!&22&3/!4*$'(!56&(7-0/!-)!5()&6-$)!8*.9#..&(!"'./*!:(*0;.&!:<!!"#$%&!'(&)*$+!',!-&../0%!!1232435!!!

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

"608+0#(9!&:!;(/:&$!6%)<$+(8+!+==+>%!Vista Analyse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

"608+0#(9!&:!;(/:&$!6%)<$+(8+!+==+>%!Vista Analyse AS 2 &'(()*$#'+%"+%,"-)$./**%/-"0+&%1(2++2'3&-.W+8! 6%9&(9$.6(>%! #! +(! %+/0#I&$+0%! :608+0#(9! I+)*$+0! :#! #! 8+(E(+! 0&../0%+(! +(! 0+>>+! .0/I)+7$%#))#(9+0! >(*%%+%! %#)! J:/0:#8%!;(/:&! #((+(=/0! $#%%! J&(8)#(9$0/7! J&0! #((0+%%+%! $#(+! .0/E90&77+0! 7+8! %&(>+! .U! U! /..(U! :&0#9+! 7&0>+8$+(80#(9+0L!"608+0#(9+(!%&0!6%9&(9$.6(>%!#!=<)9+(8+!$.<0$7U)X!!• ;0! .0/90&77+(+! 0+%%+%! #((! ! 7/%! 8+! :#>%#9$%+! I&00#+0+E(+Y!•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• ;0!.0/90&77+%!0+%%+%!7/%!:#>%#9+!I&00#+0+Y!!• H0#%+0#+0T!%0&($&>$N/($>/$%(&8+0!/9!)+>>&$N+0!!•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

"608+0#(9!&:!;(/:&$!6%)<$+(8+!+==+>%!Vista Analyse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

"608+0#(9!&:!;(/:&$!6%)<$+(8+!+==+>%!Vista Analyse AS 4 8''7"+).@"-"-)AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAB!5*%%&')-*3."3.7"6&)4$''AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAC!BA!8''+&)'2'3AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAD!BAB!E*#3-$''AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAD!BAC!/-"0+&%1(2++2'3&-AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAD!BAF!G&(")&."3.*63-&'1'2'3.*6.&6*+$&-2'3&'AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAH!CA!I6*+$&-2'3&'1.-*%%&."3.(&"-&(21#&.4"-*'#-2'3AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAABB!CAB!J'*+<(21#.-*%%&AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAABB!CAC!I'"6*1.-*%%&0&(2'3&+1&-=..(2+3,&'3&+23&.62-#&%2)+&-."3.-&1$+(*(&-AAAAAAAAAAAAAAAAAAAAAAAAABB!CAF!E*--2&-&-.9.%*-#&)1162#(."3.1(<-2'31162#(AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAABF!CAK!5&+&#(26&.62-#&%2)+&-."3.1L2++&(."%.3&62'1(&-AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAABD!CAD!J)%2'21(-*(26&.#"1('*)&-."3.#"'(-"++AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAABM!CAN!I6*+$&-2'31#-2(&-2&-AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAABH!FA!I'&-320-$#.;.E"+23=.0<33."3.*'+&33AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAACO!FAB!P%.L-"3-*%%&(=.0*--2&-&-."3.-*LL"-(&-(&.-&1$+(*(&-AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAACO!FAC!Q2)+23&-&.&6*+$&-2'3&-AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAACC!FAF!/-"3-*%%&-.$')&-.E<33AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAACC!KA!I'&-320-$#.9.8')$1(-2AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAFB!KAB!P%.L-"3-*%%&(=.0*--2&-&-."3.-*LL"-(&-(&.-&1$+(*(&-AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAFB!KAC!/-"3-*%%&(1.$(+>1&')&.&44&#(AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAFF!DA!I'&-32L-")$#1,"'.;.R*-%&AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAFD!DAB!P%.L-"3-*%%&(=.0*--2&-&-."3.-*LL"-(&-(&.-&1$+(*(&-AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAFD!DAC!Q2)+23&-&.&6*+$&-2'3&-AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAFN!DAF!/-"3-*%%&-.$')&-.6*-%&AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAFN!DAK!/-"3-*%%&'&1.$(+>1&')&.&44&#(AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAFH!NA!I'&-32L-")$#1,"'.;.R2')#-*4(AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAKO!SA!T<.(&#'"+"32AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAKB!SAB!P%.L-"3-*%%&(=.0*--2&-&-."3.-*LL"-(&-(&.-&1$+(*(&-AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAKB!SAC!8''"6*1,"'1L-"1&11&'AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAKF!SAB!Q2)+23&-&.6$-)&-2'3&-U&6*+$&-2'3&-AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAKF!SAC!/-"3-*%%&-.$')&-.'<.(&#'"+"32AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAKK!SAF!R$-)&-2'3.*6.L-"3-*%"%-:)&(1.$(+>1&')&.&44&#(AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAKM!MA!V"%%$'*+.&'&-32;."3.#+2%*L+*'+&332'3AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAADO!HA!W(+>1&')&.&44&#(?..!->4(2'3."3.#"'#+$1,"'AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAADC!HAB!E*#3-$''."3."LL+&33.4"-.6$-)&-2'3&'&AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAADC!HAC!I'&-32L-")$#1,"'.9.0*--2&-&-."3.$(+>1&')&.&44&#(?AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAADK!HAF!I'&-320-$#.9.0*--2&-&-."3.$(+>1&')&.&44&#(AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAANB!HAK!V"'#+$1,"'AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAANM!X&4&-*'1&-AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAASB!!

"608+0#(9!&:!;(/:&$!6%)<$+(8+!+==+>%!Vista Analyse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• 7#(#767!5!R^J!<>%!%#)9&(9!.U!:&((IU0+(!:&07+!I&$+0%!.U! (*+! =/0(*I&0+! +(+09#>#)8+0T! :&07+.67.+0! /9! $.#))E:&07+!/9!!•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• ;0!.0/90&77+(+!0+%%+%!#((!!7/%!8+!:#>%#9$%+!I&00#+0+(+Y!• ;0! >0#%+0#+(+! /9! :608+0#(9+(+! &:! +(>+)%.0/$N+>%+(+! #(E(+(=/0! $%<%%+.0/90&77+(+! %#)$%0+>>+)#9+! %#)! U! $#>0+! &%!$%<%%+(!+0!6%)<$+(8+!=/0!.0/$N+>%+04J&(8)#(9+0Y!W(+>1&')&.&44&#(.._%)<$+(8+!+==+>%!$>&)!:608+0+$!6%/:+0!+(!0+(!I+80#=%$<>/(/7#$>!

"608+0#(9!&:!;(/:&$!6%)<$+(8+!+==+>%!Vista Analyse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`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

"608+0#(9!&:!;(/:&$!6%)<$+(8+!+==+>%!Vista Analyse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a:&! $/7! +0! b/.%#7&)%b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b)+>>&$N+0b!#!=/07!&:!90&%#$.&$$&$N+0+0!.U!8+(!+(+!$#8+(!/9!&:I06%%+!.0/$N+>E%+0!.U!8+(!&(80+!$#8+(L!!R*-23&. %*-#&)1&');;(/:&!0&../0%+0+0!/9!7U)+$!.U!U0)#9+!+(+09#0+$6)%&%+0!=0&!6%)<$E

"608+0#(9!&:!;(/:&$!6%)<$+(8+!+==+>%!Vista Analyse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c! Z1222!E1223\!.+>+$!8+%!.U!&%!=/07U)+%!7+8!/7/09&(#$+0#(9!&:!&0I+#8+%!7+8!+(+09#/7)+99#(9!+0! U! =U! $%<00+! $)&9>0&=%! #! &0I+#8+%! 7+8! /7)+99#(9+(! &:! +(+09#EI06>!/9! +(+09#.0/86>$N/(L! "#8+0+! $#+$! 8+%X! b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

"608+0#(9!&:!;(/:&$!6%)<$+(8+!+==+>%!Vista Analyse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

"608+0#(9!&:!;(/:&$!6%)<$+(8+!+==+>%!Vista Analyse AS 10 %+(8+! /..9&:+! $/7! >0+:+0! #(($#>%! #! J:/08&(! 7&0>+8$&>%<0+0!$/7!#>>+!7/%%&0!$%<%%+!%#).&$$+0!$+9L!!5L>--&.%"((*#&-'&.?!+:&)6+0#(9!&:!6%)<$+(8+!+==+>%!+0!8+%!/9$U!:&()#9!U!$.<00+!$%<%E%+7/%%&>+0(+! /7! .0/$N+>%+%! :#))+! I)#%%! 9N+((/7=<0%! 6%+(! $%<%%+T!/7!.0/$N+>%+%!:#))+!I)#%%!7#(80+!+))+0!=/0$>N<:+%!#!%#8!+))+0!/7!8+%!:#))+! I)#%%! J+()&9%! 6%+(! $%<%%+L!K+%%+! +0! +(! 7*+! I06>%! 7+%/8#>>! #!+:&)6+0#(9! &:! 6%)<$+(8+! +==+>%! :+8! 6)#>+! %*.+! $%<%%+.0/90&7L!"&()#9:#$!&(&)*$+0+$!0+$6)%&%+(+!=0&!8+((+!%*.+!$.<00+6(8+0$<E>+)$+! #! $&77+(J+(9! 7+8! &(80+! 6(8+0$<>+)$+0! =/0! U! I&)&($+0+!76)#9+!=+#)>#)8+0!$/7!=<)9+!&:!$*$%+7&%#$>!b%&>%#$>b!=+#)#(=/07&E$N/(!=0&!$<>+0+L!!J'0&4*+(&.%&(")&-."#$%&! '(&)*$+! J&0! %#8)#9+0+!6%&0I+#8+%! +(! 7+%/8#>>! =/0! :608+E0#(9! &:! I&$+)#(+! =/0! ;(/:&L! W+8! 8+%%+! 6%9&(9$.6(>%! &(I+=&)+$!8+%! &%! +:&)6+0#(9+0! &:! :#0>$/7J+%+($! 6%)<$+(8+! +==+>%! 9N<0+$!9N+((/7!<>/(/7+%0#$>+!7+%/8+0!8+0!8+%!&(&)*$+0+$!+:+(%6+))+!+(80#(9+0! #! 7&0>+8+%! $/7! =<)9+! &:! ;(/:&$! :#0>+7#8)+0T! /9! #!J:#)>+(! 90&8! 8+%%+! J&0! .U:#0>+%! .0#$E!/9!#((%+>%$+)&$%#$#%+%+0!7+8! :&0#9! I+%*8(#(9! =/0! 7&0>+8+%L!! d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`+(%#:$%06>%60+0\T! $.#))%+/0#! /9! +)+7+(%+0!J+(%+%! =0&!.6I)#`!`J/#`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

"608+0#(9!&:!;(/:&$!6%)<$+(8+!+==+>%!Vista Analyse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• ?(=/07&$N/(!Z9+(+0+))!/9!$.+$#=#>>!7/%!7U)906..+0\!• H/7.+%&($+6%:#>)#(9T!0U89#:(#(9!/9!>60$%#)I68!!•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cC! P^JL!K+%! I)+!#! $&77+! U0! >&($+)E)+0%! %#8)#9+0+! #((9U%%+! >/(%0&>%+0! %#)$:&0+(8+! DDc! P^JL!A+%%/!<>(#(9! #!>/(%0&>%$=+$%+%!+(+09#0+$6)%&%!=0&!122D! %#)! 122B!+0!

"608+0#(9!&:!;(/:&$!6%)<$+(8+!+==+>%!Vista Analyse AS 12 8+07+8!.U!1!3C1!P^JL!!;(+09#0+$6)%&%+%!=/0!122B!+0!53]!J<*+E0+! +((! #! 122DT!/9!8+%!J<*+$%+!;(/:&!(/+(!9&(9!J&0!/..(U88L!d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a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c[! &($&%%+! #!1232L!-+$6)%&%0&../0%+(!=0&!122B!:#$+0!+(!>0&=%#9!<>(#(9!#!$%<%E%+(#:U! .+0! >SJ! =0&! 1221! /9! =0&7! %#)! #! 8&9L! d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

"608+0#(9!&:!;(/:&$!6%)<$+(8+!+==+>%!Vista Analyse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e&:+!+(+09#.0#$+0!+0!#!$+9! $+):! #>>+! +%! &0967+(%! =/0! $%<%%+! %#)! =/0(*I&0! +(+09#.0/86>E$N/(! +))+0! +(+09#+==+>%#:#$+0#(9T! 7+(! J:#$!8+! )&:+! .0#$+(+! $>*)E8+$!&%!>/(:+($N/(+))!+(+09#.0/86>$N/(!J&0!(/+(!+>$%+0(+!+==+>E%+0!$/7!#>>+!+0!.0#$+%!#((!>&(!$%<%%+!:V0+!I+0+%%#9+%L!G/0!=/$$#)EI&$+0%! +(+09#! +0! 8+%! %*.#$>! 7&(9)+(8+! +))+0! 6=6))$%+(8#9! .0#$#(9!&:! OQ1! $/7! +0! I+906((+)$+(! =/0! $%<%%+! %#)! &)%+0(&%#:+! +(+09#=/0E7+0L!!Z><&.2'6&1(&-2'31;#"1('*)&-.;(! &((+(! 9+(+0+))! I&00#+0+! +0! &%! #(:+$%+0#(9$>/$%(&8+(+! =/0!6%$%*0+%! /..=&%%+$! $/7! =/0! J<*+T! =L+>$L! &%! 8+! J&0! +(! =/0! &>%<0+(!=/0! )&(9! %#)I&>+I+%&)#(9$%#8! +))+0! &%! 8+%! +0! >/$%(&8+0! =/0I6(8+%!7+8!#(:+$%+0#(9+(!$/7!#>>+!=0+7>/77+0!8#0+>%+T!$/7!.0/86>E$N/($&:I0688T!.0/$N+>%+0#(9$>/$%(&8+0!+))+0!&(80+!>/$%(&8+0L!?(:+$%+0#(9$>/$%(&8+(+! >&(! /9$U! 0++)%! $+%%! :V0+! $U! J<*+! &%! +%!.0/$N+>%4%#)%&>! #>>+! :#)! :V0+! I+80#=%$<>/(/7#$>! )<(($/7%! :+0E>+(! .U! >/0%! +))+0! )&(9! $#>%L! ! K+0$/7! 8+%! +0! =&$%$&%%! ./)#%#$>! I#(E8+(8+!7U)!.U!/70U8+0!$/7!>0+:+0!8+((+!%*.+!#(:+$%+0#(9+0T!:#)!8+%! :V0+! I+J/:! =/0! /==+(%)#9! #(:+$%+0#(9$$%<%%+! &:! 8+(! %*.+(!;(/:&!%#)I*0L!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!1 Systemsvikt brukes også som begrep. I denne sammenheng har vi definert systemsvikt som en form for mar-kedssvikt som hovedsakelig kan tilskrives brist på forutsetningen om full informasjon 2 Drøftingen i dette avsnittet er forankret i samfunnsøkonomisk teori og identifiserte barrierer og drivkrefter hentet fra energiutvalget og energimeldingen. Konklusjonen og oppsummeringen av de viktigste barrierene er evaluators (Vista Analyses) vurdering av hvilke barrierer som på et generelt grunnlag er de viktigste å adressere i arbeidet med energiomlegging. Barrierene sammenfaller med viktige barrierer som er identifisert i flere studier der barrierer og potensialer innenfor spesifikke områder er studert.

"608+0#(9!&:!;(/:&$!6%)<$+(8+!+==+>%!Vista Analyse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b$%*0#(9$$:#>%b! Z.6I)#`! =&#)60+$\! /9!>&(! >(*%%+$!%#)!bM6I)#`!OJ/#`+b!f! %+/0#+0! #((+(=/0! <>/(/7#L! ,%*E0#(9$$:#>%! /..$%U0! :+8! 7&(9+! &:! 8+! $&77+! =+#)+(+! $/7! 7&0E>+8$$:#>%L!!.• ,>N+:!#(=/07&$N/($%#)9&(9f!(/+(!:+%!(/+!7+0!+((!&(80+!/9!8+%!>&(!6%(*%%+$!%#)!U!J<$%+!+(!#(=/07&$N/($.0/=#%%L!!• '))/>+0#(9!&:!0+$$60$+0!#((+(=/0!/==+(%)#9!$+>%/0!.U:#0>+$!&:!&87#(#$%0&%#:+!.0/$+8*0+0T!/9!#!7#(80+!+))+0!)#%+(!90&8!:+8!JN+).!&:!.0#$+0T!/9!#((+(=/0!7+0!+))+0!7#(80+!$+(%0&)#E$+0%+!$%06>%60+0L!!• M/)#%#>+0+T!$%*0+(8+!/09&(+0!/9!I*0U>0&%+0!J&0!.0#:&%+!7U)!$/7!>&(!&::#>+!:+$+(%)#9!=0&!/==#$#+))+!7U)!f!/94+))+0!.U:#0>+$!&:!#(%+0+$$+906..+0!+))+0!)/II*906..+0L!K+%%+!>&(!+>$+7.+):#$!=<0+!%#)!&%!7&0>+8$$:#>%!#>>+!>/00#9+0+$T!+))+0!&%!8+%!#>>+!%&$!#!I06>!9+(+0+))+!:#0>+7#8)+0!$/7!>&(!0&77+!+(>+)%906..+0L!•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

"608+0#(9!&:!;(/:&$!6%)<$+(8+!+==+>%!Vista Analyse AS 15 )&(9$#>%#9+!./)#%#$>+!7U)L!!K+!7+$%!$+(%0&)+!I&00#+0+(+!#((+(=/0!;(/:&$!7U)/70U8+0!+0X!!• W&(9+)=6))!#(=/07&$N/(!/94+))+0!>/7.+%&($+!!• -#$#>/&:+0$N/(!:+8!(*+!%+>(/)/9#+0T!!$%#&:J+(9#9J+%!/9!#((+E)U$(#(9$$#%6&$N/(+0!Z)/`>!#(\!:+8!%+>(/)/9#:&)9L!!• H(&..J+%! .U! #(:+$%+0#(9$7#8)+0! /9! I68$N+%%I+90+($(#(9+0T!>&(! :V0+! +(! I&00#+0+! =/0! &%! &)%+0(&%#:+0! 7+8! )&(9$#>%#9!)<(($/7J+%!:+)9+$!• ?(:+$%+0#(9$>/$%(&8+0! /9! 80#=%$>/$%(&8+0! +0! =/08+)%! .U! b6)#E>+!J+(8+0b!J:#)>+%!>&(!9#!=+#)!#(`+(%#:+0!!• W&(9)+(8+! #(`+(%#:+0! $/7! =<)9+! &:! )&:+! Z=+#)\! +(+09#.0#$+0!/94+))+0! >)#7&>/$%(&8+0!f! &::#>! 7+))/7! $&7=6(($<>/(/E7#$>!/9!I+80#=%$<>/(/7#$>!)<(($/7J+%!• _$#>>+0J+%!/7!=0+7%#8#9+!+(+09#.0#$+0!/9!.0#$!.U!>)#7&>:/E%+04>)#7&&:9#=%+0!• a<*+! >/$%(&8+0! /9! )&:! Z+))+0! (+9&%#:\! )<(($/7J+%! =/0! =)+0+!>&%+9/0#+0! (*! =/0(*I&0! +(+09#.0/86>$N/(! /94+))+0! +(+09#E0+86$+0+(8+!%#)%&>!f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b6.0/86>%#:! .0/=#%%$<E>+(b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

"608+0#(9!&:!;(/:&$!6%)<$+(8+!+==+>%!Vista Analyse AS 16 G/0! (V07+0+! 6%8*.(#(9! /9! +(! =/07+))! I+J&(8)#(9! &:! 0+(%E$++>#(9!:#$+0!:#!%#)!R6))/`>!Z3BBC\!/9!G+J0!Z1221\L!G<)9+(8+! +>$+7.+)! #))6$%0+0! ./%+($#+))+! +==+>%#:#%+%$%&.! :+8!0+(%E$++>#(9X!!I#1&%L&+.L:.&(.1L2++..'(%&! &%! &>%<0+(+! #! ;(/:&$! 7U)906..+! >&(! 8+)+$! #((! #! =<)9+(8+!!906..+0X!!• '>%<0!'!$<>+0!%#)$>688!%#)!$&7=6(($<>/(/7#$>!)<(($/77+!.0/$N+>%+0!+))+0!.0/$N+>%+0!$/7!9#0!+%!8#0+>%+!I#80&9!%#)!+%!=&$%$&%%!7U)L!R#)$>688+%!+0!&>>60&%!%#)$%0+>>+)#9!%#)!U!9N<0+!.0/$N+>%+%!I+80#=%$<>/(/7#$>!)<(($/7%T!/9!:#)!#>>+!I)#!9N+(E(/7=<0%!6%+(!$%<%%+L!!• '>%<0!@!!/:+080#:+0!=/0:+(%(#(9+(+!/7!+(+09#0+$6)%&%!/94+))+0!+9(+!>/$%(&8+0L!M0/$N+>%+%!+0!#!6%9&(9$.6(>%+%!6)<(($/7%!IU8+!#!+(!I+80#=%$E!/9!$&7=6(($<>/(/7#$>!=/0E$%&(8T!/9!:#)!#>>+!9N+((/7=<0+$!6%+(!$%<%%+L!"+8!JN+).!&:!%#)E$>688!I)#0!.0/$N+>%+%!I+80#=%$<>/(/7#$>!)<(($/7%L!!• '>%<0!O!$<>+0!$%<%%+!%#)!.0/$N+>%+0!8+!6&($+%%!:#))+!9N+((/7E=<0%!/9!:#)!$#>0+!$+9!%#)$>6884#(:+$%+0#(9$$%<%%+!:+8!U!6%(*%E%+!#(=/07&$N/($&$*77+%0#+(!>(*%%+%!%#)!+9(+!>/$%(&8+0L!• '>%<0!K!$<>+0!.U!:+9(+!&:!+(!&((+(!&>%<0T!+))+0!I#80&0!#!$<>(&8$&0I+#8+%!%#)!&>%<0+0!#!906..+!'T!@!/94+))+0!OL!'>%<E0+(!J&0!+9+(#(%+0+$$+!#!%#)$>688+%!#!=/07!&:!/..9&:+0!/9!#((%+>%!>(*%%+%!%#)!.0/$N+>%+%!$/7!+:+(%6+)%!6%)<$+$!f!/9!(*+!.0/$N+>%+0!$/7!>&(!>/77+!%#)!$+(+0+!$/7!+(!=<)9+!&:!8+%%+L!!•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b+(>)+0+b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b6(8+0/.%#7&)b! #(($&%$! /9$U! +0! +(! 76)#9!$%0&%+9#L!K+%%+!+0!+(!=/07!=/0!>0#$+7&>$#7+0#(9!8+0!+(!)&0!:V0+!U! 9N<0+! %#)%&>! $/7! >6((+! =/0I+80+%! +9+(! :#0>$/7J+%! .U! 7U)/7E0U8+%T! =/0! 8+0:+8! U! %:#(9+! =0&7! +(! $%<00+! /==+(%)#9! #(($&%$! .U! +%!$+(+0+! %#8$.6(>%L! K+%%+! :#)! $V0)#9! >6((+! :V0+! +(! J+($#>%$7+$E$#9! $%0&%+9#! =/0! &>%<0+0! $/7! $#%%+0! 7+8! $%/0+! ./%+($#&)! #((+(!

"608+0#(9!&:!;(/:&$!6%)<$+(8+!+==+>%!Vista Analyse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`+(%#:+0!%#)!U!I06>+!/..&0I+#8+%!>/7.+%&($+!/9! 0+)&$N/(+0! %#)! $<>(&8$I+J&(8)+0(+! %#)! U! 6%=/07+! $<>(&8+(+!$)#>! &%! 8+! 6%)<$+0! $%<%%+! .U! I+>/$%(#(9! &:! ./%+($#+)%! I+80+! .0/E$N+>%+0!$/7!#>>+!I+$#%%+0!$&77+!>/7.+%&($+L!G0&!%+/0#+(!:+%!:#!&%!8+%!>&(!:V0+!#(`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

"608+0#(9!&:!;(/:&$!6%)<$+(8+!+==+>%!Vista Analyse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`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f!/9!I+J&(8)#(9T!>/(%0&>%T!/:+0=<0#(9+0!&:!7#8)+0T!/9!>/(%0/))!7+8!&%!7#8)+(+!I06>+$!+%%+0!=/06%$+%(#(9+(+! 7U! 9N+((/7=<0+$L! K+%! :#)! 8+0=/0! $/7! 0+9+)!:V0+! $>&)&+==+>%+0! :+8! %#)$>688$/08(#(9+0! #! 8+(! =/0$%&(8! &%!%0&($&>$N/($>/$%(&8+(+$! &(8+)! &:! $%<%%+I+)<.+%! /=%+! +0! /7E:+(8%!.0/./0$N/(&)!7+8!$%<%%+I+)<.+%L!!!a+($*(+%! %#)! )&:+! %0&($&>$N/($>/$%(&8+0! >&(! #! +(>+)%+! %#)=+))+0!>/77+! #! >/(=)#>%! 7+8! >0&:+%! /7! >/(%0/))! =/0! U! 0+86$+0+! 76)#9E

"608+0#(9!&:!;(/:&$!6%)<$+(8+!+==+>%!Vista Analyse AS 19 J+%+(+! =/0! 0+(%E$++>#(9! /9! 90&%#$.&$$&$N+0+0L! ;(>)+! $<>(&8$06E%#(+0T! >/(>600&($+! 7+8! 7&(9+! $<>+0+T! +(! >/7.+%+(%! $<>(&8$EI+J&(8)#(9!/9!>/(%0/))!7+8!0+$6)%&%+0!/9!.0/$N+>%+0!#!+%%+0>&(%T!:#)!0+86$+0+!76)#9J+%+(+!=/0!6I+0+%%#9+%!$%<%%+L!!!K+%%+! >0+:+0! +(! %0&($.&0+(%! $<>(&8$I+J&(8)#(9! /9! >0#%+0#+0!$/7! #! )#%+(! 90&8! >&(! 7&(#.6)+0+$! +))+0! U.(+! =/0! $>N<((! /9!6<($>+8+!%#).&$(#(9+0L!!!+"C ;8$/(0'4)&2%'430'40'**V-*6..g/! 7+0! .0+$#$%! 7/%! 7U)$+%%#(9+(! $%<%%+/08(#(9+(+! +0! 6%=/07+%T!/9! N/! 7#(80+! 76)#9J+%+0! 8+%! +0! =/0! &>%<0+(+! U! %#).&$$+! $+9! /08E(#(9+(T!N/!$%<00+!6%)<$+(8+!+==+>%!>&(!/..(U$L!!W+8! 8+%%+! 6%9&(9$.6(>%! J&0! :#! $*$%+7&%#$+0!.0/90&79N+((/7E9&(9+(!+%%+0!=<)9+(8+!>0#%+0#+0X!!• -+%%+%!7/%!:#>%#9+!I&00#+0+Y!!• H0#%+0#+0T!%0&($&>$N/($>/$%(&8+0!/9!)+>>&$N+0!!• M0+$#$N/(!#!=/0J/)8!%#)!7U)!/9!I&00#+0+0!PN+((/79&(9+(! #! 8+! .U=<)9+(8+! >&.#%)+(+! Z[!%#)! D\! 9#0! %#)! $&7E7+(! 906(()&9! =/0! U! $:&0+! .U! +:&)6+0#(9+($! .0/I)+7$%#))#(9! /9!7&(8&%!Z>&.#%%+)!B\L!!!!

"608+0#(9!&:!;(/:&$!6%)<$+(8+!+==+>%!Vista Analyse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• !;#+0+(!&:!I*99+%!+0!/=%+!#>>+!8+(!$/7!I+)&$%+$!+(+09#>/$%E(&8+(+!!•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

"608+0#(9!&:!;(/:&$!6%)<$+(8+!+==+>%!Vista Analyse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h! >//08#(+0+! 8+! 6)#>+! &>%<0+(+! >&(! :V0+! +(! 6%=/080#(9L!R/%&)+(%0+.0#$+!+0! +(! 7U%+!=/0! I*99J+00+!U! 6(8+0)+%%+! >//08#E(+0#(9+(!.UT! 7+(! 8+((+! >&(! $&7%#8#9! 9#! &(80+! 6%=/080#(9+0! #!=/0J/)8! %#)! +(+09#+==+>%#:#$+0#(9L! G/0! +>$+7.+)! >&(! &:$%&(8+(!7+))/7! I*99+#+0! /9! $+):+! I*99+.0/$+$$+(T! $/7! $%*0+$! &:! %/%&)E+(%0+.0+(<0+(T!<>+L!J#(>-&-.%&).$+2#&.2']&'(26&-.32-.%*'3;&+4$++&.2']&'(26&-.4"-.0<337&--&.?(`+(%#:$%06>%60+(!+0!=/0$>N+))#9!J/$!8+!6)#>+!&>%<0+(+!#!I*99+E(V0#(9+(L!@*99J+00+!+0!#!8+!&))+0!=)+$%+!%#)=+))+0!#>>+!8+(!$&77+!$/7! I06>+0! I*9(#(9+(L! @*99J+00+(! J&0! #(`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d>/(/7#$>! $%<%%+! >&(! :V0+! +==+>%#:%! =/0! U! 7/%#:+0+! I*99+#+0+!%#)! U! $.+$#=#$+0+! >0&:! %#)! +(+09#)<$(#(9! #!+(! %/%&)+(%0+.0#$+T! $&7E%#8#9! $/7! +(%0+.0+(<0+(! >&(! 7/%#:+0+$! :+8! <>%! >6(($>&.! /9!8+07+8! +(! )&:+0+! /..)+:8+! 0#$#>/!#! =/0J/)8! %#)! 7+0! >/7.)+>$+!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!3 Ifølge OECD/IEA (2007) er energibruk pr kvadratmeter 20 prosent høyere i leide næringslokaler enn i lokaler som brukeren eier selv i Norge.

"608+0#(9!&:!;(/:&$!6%)<$+(8+!+==+>%!Vista Analyse AS 22 +(+09#)<$(#(9+0L! ?! %#))+99! >&(! #(=/07&$N/($:#0>$/7J+%! 7/%! I06E>+0$#8+(! 9N<0+! &%! I06>+0(+!#!$%<00+!90&8!+%%+0$.<0!(*+!+(+09#E)<$(#(9+0L!X&1$+(*(."3.*#(262(&(.2.COOH.-+$6)%&%0&../0%+(! =0&! 122B! :#$+0! =<)9+(8+! =&>%&! =/0! .0/90&7E/70U8+%!I*99X!!• F[D!7/%%&%%+!$<>(&8+0!• 11c!#((:#)9+8+!$<>(&8+0!!• c[D!7#))#/(+0!>0/(+0!#!%#)8+)%!$%<%%+!• H/(%0&>%=+$%+%!0+$6)%&%!o [2[!P^J!#!122B!o 1Lcc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`/(! .0/90&77+%! @*99T! I/)#9! /9! &()+99T! $+!;`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`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a+(E$#>%+(!7+8!8+((+!/7)+99#(9+(!+0!U!=0+77+!6%:#>)#(9+(!&:!.&$E

"608+0#(9!&:!;(/:&$!6%)<$+(8+!+==+>%!Vista Analyse AS 23 $#:J6$L!!'7I#$N/($(#:U+%!/9!>0&:+%!%#)!$%<%%+!+0!<>%T!I)&(%!&((+%!$/7!=<)E9+! &:! (*! %+>(#$>! =/0$>0#=%! =/0! I*99! 7+8! #(($>N+0.+8+! +(+09#E>0&:T! /9! >0&:! /7! +(+09#7+0>#(9! &:! I*9(#(9+0! =0&! 1232L! G/0E$>0#=%$+(80#(9+(+! 7U! =/0:+(%+$! U! I#80&! %#)! <>%! +%%+0$.<0$+)! /9!/..7+0>$/7J+%! .U! +(+09#)<$(#(9+0L! ,&7%#8#9! >&(! )<(($/7J+E%+(! :+8!+(+09#I+$.&0+)$+0!6%/:+0!8+%!=/0$>0#=%+(!>0+:+0!:V0+!0+86$+0%L! a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f! I/)#9I*9(#(9+0L! M0/$N+>%+(+! $/7! 8+%! $<>+$! $%<%E%+! =/0! $>&)! J&! +%! $&7)+%! &0+&)! .U! 7#(#767! 3L222! 71L! ;(/:&! 9#0!%#)$>688! /..! %#)! c2! .0/$+(%! &:! 9/8>N+(%+! .0/$N+>%>/$%(&8+0T!I+90+($+%!/..&8!%#)!c2L222!>0L!!V-*6.4"-.:."LL':.1(>((&.,<>(&8+(! $>&)! $+(8+$! #! .0/$N+>%+%$! %#8)#9=&$+! Z8:$L!#! $>#$$+! +))+0!#8i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

"608+0#(9!&:!;(/:&$!6%)<$+(8+!+==+>%!Vista Analyse AS 24 906..+!=/0!8+).0/90&77+%!$/7!I*99J+00+4+#+(8/7$6%:#>)+0+L!!@"-L-"1,&#(1(>((&'.%:+(.%"(.#-2(&-2&'&.X&((&(.%"(.62#(23&.0*--2&-&-?.M0/90&77+%! +0! 0+%%+%! 7/%! +(! &:90+($+%! 7U)906..+!f!I*99+#+0+!7+8!I*99!.U!/:+0!3L222!71L!-U89#:+0+!+0!#!=<)9+!;(/:&!Z1232I\!+(! :#>%#9! 7U)906..+! =/0! =/0.0/$N+>%+%T! 7+(! >&(! #>>+! $%U! $/7!$<>+0L!!K+%!>&(!0+#$+$!%:#)!7J%!/7!7&(9)+(8+!>6(($>&.!+0!8+(!:#>%#9$E%+! I&00#+0+(! =/0! 0+&)#$+0#(9! &:! )&:+(+09#)<$(#(9+0! #! 8+! &(9#%%+!7U)906..+(+L! A*+! R;H! /9! >0&:! #! M)&(! /9! I*9(#(9$)/:+(! $%#))+0!$%0+(9+! >0&:! %#)! +(+09#)<$(#(9+0! $/7! 7U! =/0:+(%+$! U! 6%)<$+! :60E8+0#(9+0! &:! &)%+0(&%#:+! )<$(#(9+0! $/7! /9$U! #(>)68+0+0! .&$$#:EJ6$)<$(#(9+0!7+8!$%<%%+!=0&!;(/:&!Z6(8+0!&((+%!8+).0/90&7\L!!?! 8+(! 90&8! 8+%! +0! &(80+! I&00#+0+0!f! +>$+7.+):#$! &:! =#(&($#+))!>&0&>%+0!f!+))+0!8+!7+0!+(+09#+==+>%#:+!)<$(#(9+(+!>0+:+0!$%<00+!#(:+$%+0#(9+0!+((!8+%!$/7!$.&0+$!#((!/:+0!I*99+%$!)+:+%#8T!+))+0!>&(! 0+&)#$+0+$! #!J<*+0+! )+#+4$&)9$.0#$T! :#)! (+..+! +(! =/0.0/$N+>%E6%0+8(#(9!&)+(+!J&!(/+(!:+$+(%)#9!I+%*8(#(9!=/0!:&)9!&:!)<$(#(9L!!M0/90&77+%! =0+7$%U0! $/7! +(! $%<%%+! %#)! /..$%&0%! &:! +(! $<>(&8$E.0/$+$$! =/0! #(:+$%+0#(9$$%<%%+! 6(8+0! +9+%! 8+).0/90&7L! a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`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bI+%&)%+b! $<>E!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!4 Begrepet rettighetsbasert brukes i denne evalueringen om tildelingskriterier som utløser en bestemt støtte der-som angitte kriteriene er oppfylt (og godkjent) i en søknad. Denne type kriterier kan ikke påvirkes i søknadsbe-handlingen, og det skal heller ikke være tvil om støtte blir gitt dersom kriteriene er oppfylt. Begrepet må ikke forveksles med lovbestemte rettigheter til tilskudd eller støtte.

"608+0#(9!&:!;(/:&$!6%)<$+(8+!+==+>%!Vista Analyse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e<$(#(9+(+! $>&)! >6((+!8/>67+(%+0+$!/9!:V0+!9/8%!+9(+%!=/0!9N+(%&9+)$+L!M0/$N+>%!$/7!#((+IV0+0! &%! .&$$#:J6$(#:U! (U$! I)#0! .0#/0#%+0%! IU8+! =/0! (*+!I*99!/9!0+J&I#)#%+0#(9L!!E*--2&-&-.a+($#>%+(! 7+8! .0/90&77+%! +0! U! $%<%%+! .&$$#:J6$! /9! )&:+(+09#EJ6$! /9! U! I#80&! %#)! &%! 9/8+! +>$+7.)+0! 7+8! U.+(! 8/>67+(%&$N/(!Z8:$L!=/0I#)8+.0/$N+>%+0\!I)#0!+%&I)+0%T!/9!.U!8+(!7U%+(!I#80&!%#)!$.0+8(#(9! &:! %+>(/)/9#! /9! >/7.+%&($+L! K:$L! IU8+! U! 0+86$+0+!I&00#+0+(+!>(*%%+%!%#)!=#(&($#+0#(9!/9!#(=/07&$N/(L!

"608+0#(9!&:!;(/:&$!6%)<$+(8+!+==+>%!Vista Analyse AS 26 5(>((&1*(1&-.L-.%C.?! 8+%%+! .0/90&77+%! J&0! ;(/:&! 9U%%! I/0%! =0&! =/076)+0#(9+(! /7!&%!$%<%%+(!$>&)!I#80&!%#)!U!9#!.0/$N+>%+%!+(!b9/8>N+(%b!&:>&$%(#(9T!/9! #! $%+8+%! #((=<0%! $%<%%+$&%$+0! .0L! >:&80&%7+%+0! /..:&07+%!&0+&)L! "608+0#(9+(! &:! J:#)>+(! $%<%%+! $/7! >0+:+$! =/0! U! 6%)<$+!.0/$N+>%+(+! +0! #=<)9+! .0/90&7%+>$%+(! 9N/0%! .U! +%! 9+(+0+)%!906(()&9L!!W&>$#7&)! $%<%%+! .0L! >:&80&%7+%+0! +0! $%<00+!=/0!.&$$#:J6$!Z[c2EC22! >0471T! &:J+(9#9! &:! %*.+! I*99\! +((!=/0!)&:+(+09#J6$!Z3c2EF22! >0471\c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bH0#%+0#+0! =/0! .&$$#:J6$E!/9!)&:+(+09#I*99!f!j0>+$I*99b!Z,#(%+=!@*99=/0$>!.0/$N+>%0&../0%!51T!122B\!=/0!*0>+$I*99L!G/0!0+J&I#E!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!5 NS 3700 definerer to nivå, klasse 1 og 2 for lavenergiboliger: Enova gir ikke støtte til lavenergihus klasse 2.

"608+0#(9!&:!;(/:&$!6%)<$+(8+!+==+>%!Vista Analyse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`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`+(%#:+0! %#)! U! %#).&$$+! >/$%(&8+(+! %#)!7&>$I+)<.+%T! 8:$L! +(! =/07! =/0! 0+(%E$++>#(9L!?! >0#%+0#+(+! J+%+0!8+%! 0#>%#9(/>! &%! $%<%%+I+)<.+%! 0+86$+0+$! 8+0$/7! 7+0>/$%(&8+(!I)#0! )&:+0+! +((! /..9#%%! 90+($+! =/0! 7&>$#7&)+! $%<%%+I+)<.L! K+0E$/7! 8+%%+! $>&)! =<)9+$! /..! >0+:+$! 8+%! %#)$:&0+(8+! +%%+0.0<:#(9!/9! >/(%0/))! $/7! :+8! /08#(V0+! $<>(&8+0! I&$+0%! .U! 8/>67+(%&E$N/(! &:! 7+0>/$%(&8+0! 7+8! I+0+9(#(9! &:! 6%)<$+(8+! +==+>%L!-#$#E

"608+0#(9!&:!;(/:&$!6%)<$+(8+!+==+>%!Vista Analyse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• H/7.)+%%! 6%=*)%! $<>(&8$$>N+7&! 7+8! )<(($/7J+%$I+0+9E(#(9!+%%+0!;(/:&$!7&)!!• M0/$N+>%I+$>0#:+)$+! 7+8! %#)%&>$)#$%+! .+0! I*99! +))+0! .0L!&()+99!!• R#)%&>+(+!$/7!$%<%%+$!$>&)!#>>+!:V0+!#9&(9$&%%!!• M0/$N+>%+%!$>&)!:V0+!=/0&(>0+%!#!)+8+)$+(!J/$!$<>+0!!• W#(#767! +(+09#0+86>$N/($7U)! =/0! $<>(&8+(X! 322L222!>^J4U0T! 7+(! $>&)! $&7%#8#9! %#)$:&0+! 7#($%! 32! .0/$+(%! &:!+(+09#I+J/:!=<0!#(:+$%+0#(9+(!!!• K+%! >&(! (/07&)%! #>>+! =0+77+$! (*! $<>(&8! =/0! +%%! /9!$&77+!I*99!+))+0!&()+99!=<0!%/!U0!+%%+0!&%!+%!=/06%9U+(8+!.0/$N+>%!7+8!;(/:&E$%<%%+!+0!$)6%%0&../0%+0%L!,<>(&8+(! $>&)! I+$%U! &:! 6%=*)%! $<>(&8$$>N+7&! 7+8! .0/$N+>%I+E$>0#:+)$+! /9! 6%=*)%! %#)%&>$)#$%+L! R#)%&>! $>&)! &(9#$! .+0! I*99! /9! .0L!&()+99! /9! #((9U0! $/7! 8+)! &:! .0/$N+>%I+$>0#:+)$+(L! ;(/:&! &(I+E=&)+0! &%! $<>+0+! 7+8! $%<00+! I*9(#(9$./0%+=<)N+0! %&0! >/(%&>%! 7+8!

"608+0#(9!&:!;(/:&$!6%)<$+(8+!+==+>%!Vista Analyse AS 29 ;(/:&!=/0!8#$>6$N/(4:+#)+8(#(9!=<0!#(($+(8#(9!&:!$<>(&8L!E&-&3'2'3.*6.1(>((&;0&+>L.,%<%%+(! I+0+9(+$! I&$+0%! .U! +(! %/8+)%! %#)%&>$)#$%+T! 8:$L! +(! )#$%+!/:+0! #(:+$%+0#(9$%#)%&>! $/7! +0! .)&()&9%! .0L! I*99! /9! .0L! &()+99L!e#$%+(!I+$%U0!&:!%/!8+)+0X!3L bM0+8+=#(+0%+! %#)%&>Tb! 8+0! +(+09#7U)! .0! %#)%&>! 9+(+0+0+$! &6E%/7&%#$>! :+8! #(()+99#(9! &:! 7+(98+! .0L! %#)%&>! Z&0+&)T! :/)67T!&(%&))!+%`L\L!!1L b'(80+!%#)%&>b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a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

"608+0#(9!&:!;(/:&$!6%)<$+(8+!+==+>%!Vista Analyse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a:#$!8+%%+!+0!%#)=+))+!+0!I&00#+0+(+!.0/90&77+%!+0!0+%%+%!7/%!$:V0%!6%*8+)#9+L!!V-2(&-2&-=.(-*'1*#1,"'1#"1('*)&-."3.+&##*1,&-..H0#%+0#+(+! =/0! $%<%%+! /9! >0&:+(+! %#)! $<>(&8+(! +0! >)&0+T! 7+(! 8+%!)#99+0! I+%*8+)#9+! 76)#9J+%+0! =/0! U! %#).&$$+! $<>(&8+(! $/7! =<)9+!&:! &$*77+%0#$>! #(=/07&$N/(! 7+))/7! $<>+0! /9! ;(/:&L!PN+((/7!8+%! +)+>%0/(#$>+! $<>+$*$%+7+%! >&(! $<>+0! )+99+! #((! =/0$>N+))#9+!:+08#+0! =/0! #(:+$%+0#(9$>/$%(&8+0T! =/0:+(%+%! +(+09#I+$.&0+)$+!/9! +(+09#.0#$+0!f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bI+80+b! $<>(&8+0! 7+8! %&(>+! .U!76)#9J+%+(+! =/0! U! /..(U! $%<%%+T! 7+(! I#80&0! #>>+! (<8:+(8#9:#$!%#)!&%!8+!I+$%+!.0/$N+>%+(+!(U0!=0&7L!!,&7%#8#9! :#)! 6%I+%&)%! $%<%%+! :V0+! I&$+0%! .U! =&>%#$>+!Z0+:#$/0I+E>0+=%+8+\!>/$%(&8+0T! 8:$L! &%! 8+%! +0! )#%+(! $&(($*()#9J+%! =/0! &%!(/+(! =U0! =/0! b7*+b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

"608+0#(9!&:!;(/:&$!6%)<$+(8+!+==+>%!Vista Analyse AS 31 $N/(! /9! .0#/0#%+0#(9! &:! b=+#)b! .0/$N+>%+0! $>&)! 6((9U$L! K+%%+! >0+E:+0! &%! $&>$I+J&(8)+0! /9! ;(/:&$! >:&)#%+%$$#>0#(9$$*$%+7! J&0!>/7.+%&($+! /9! 9/8! #(=/07&$N/(! /7! >/$%(&8$=/0J/)8! :+8! +(+0E9#+==+>%#:#$+0#(9! #! +>$#$%+0+(8+! I*99! /9! &()+99L! K+%! >0+:+$! /9$U!>/(%0/))! 7+8! I&$+)#(+! /9! &%! 8+%! +0! =/0+%&%%! +(! >/00+>%! .0/$N+>%E&:90+($(#(9L! ':90+($(#(9+(! &:! b7+0#(:+$%+0#(9+(b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

"608+0#(9!&:!;(/:&$!6%)<$+(8+!+==+>%!Vista Analyse AS 32 • +(+09#+==+>%#:+! &0I+#8$/..)+994! .0/$+$$+04! .0/$+$$&:E$(#%%!!• +(+09#9N+(:#((#(946%(*%%+)$+!&:!$.#)):&07+L!!• >/(:+0%+0#(9!%#)!I06>!&:!=/0(*I&0+!+(+09#>#)8+0!!?! %#))+99! 9#$! 8+%! $%<%%+! %#)!&>%#:#%+%+0! $/7! >&0%)+99#(9T! /..)V0#(9!/9!.0/$N+>%)+8+)$+!#!%#))+99!%#)!#(:+$%+0#(9+0!#!=*$#$>+!%#)%&>L!!X&1$+(*(..G<)9+(8+!0+$6)%&%!+0!0&../0%+0%X!!• 55!$<>+0!7/%%&%%T!J:/0&:!5[!#((:#)9+%!#!122B!• @+:#)9+%!$%<%%+!#!122BX!cD2!7#))#/(+0!>0/(+0!• H/(%0&>%=+$%+%!0+$6)%&%!#!122BX!31c2!P^J!• H/(%0&>%=+$%+%!0+$6)%&%!Z1223E122B\X!5[cC!P^J!E*--2&-&-..A/0$>!#(86$%0#!/9!;(/:&!J&0!9N+((/7!+(!./%+($#&)$%68#+!#8+(%#E=#$+0%! I&00#+0+0! =/0! +(+09#%#)%&>! #! #(86$%0#+(L! G<)9+(8+! I&00#+0+0!+0!#8+(%#=#$+0%X!!• W&(9)+(8+!+>$%+0(!#(=0&$%06>%60!• 67/8+(!%+>(/)/9#!!• 7&(9)+(8+!I+80#=%$<>/(/7#$>!&%%0&>%#:#%+%T!!• I+90+($+%!>&.#%&)%#)9&(9T!/9!• )&:!I+:#$$%J+%4>/7.+%&($+L!M/%+($#&)$%68#+(!:#$+0!&%!8+%!=#((+$!31!R^J!)<(($/7%!+==+>%#:#E$+0#(9$./%+($#&)! #! (/0$>+! #(86$%0#I+80#=%+0L! G/0! U! 6%)<$+! 8+%%+!./%+($#&)+%!>0+:+$!8+%!#!=<)9+!$%68#+(!$/7!+0!9N+((/7=<0%T!U0)#9+!#(:+$%+0#(9+0!=0&7!%#)!1212!%#)$:&0+(8+!06(8%!5]!&:!#(86$%0#+($!I06%%/!#(:+$%+0#(9+0!#!122C!Z8:$!`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c!P^J!=/0!U!:V0+!I+0+%%#9+%!%#)!$%<%%+L!K+%%+! >&(! :V0+! +%! +(>+)%%#)%&>! +))+0! +(! $67! &:! =)+0+! %#)%&>!f! /9!#(>)68+0+! IU8+! 0+86$+0%! +(+09#I06>! /9! I06>4.0/86>$N/(! &:!=/0(*I&0!+(+09#L!!K+%! =/06%$+%%+$! &%! +(+09#7U)+%! +0! &7I#$#<$%L! ,677+(! &:! %#)%&>!I<0!%#)$:&0+!7#(#767!32!.0/$+(%!&:!8+%!%/%&)+!+(+09#=/0I06>+%!#!I+80#=%+(+!$/7!#((9U0!#!./0%+=<)N+(L!!,%<%%+! >&(! 9#$! %#)! 0+(+! #(:+$%+0#(9$.0/$N+>%+0! /9! %#)! .0/$N+>%+0!$/7!/9$U!#(>)68+0+0!>&0%)+99#(9!/9!>6(($>&.$=/07#8)#(9L!!?! 6%)*$(#(9+(! .0+$#$+0+$! 8+%! &%! $%<%%+(! $>&)! :V0+! 6%)<$+(8+L!?!

"608+0#(9!&:!;(/:&$!6%)<$+(8+!+==+>%!Vista Analyse AS 33 8+%%+! .0/90&77+%! I+0+9(+$! 6%)<$+(8+!$%<%%+! /..! %#)! +%! (#:U!J:/0! .0/$N+>%+%! /..(U0! +(! &:>&$%(#(9! $/7! +0! :&()#9! =/0! >/$%E(&8$0+86$+0+(8+!.0/$N+>%+0!#!I0&($N+(L!!K+%%+!#((+IV0+0!&%!8+%!&>$+.%+0+$!J<*+0+!&:>&$%(#(9!6(8+0!8+%%+!.0/90&77+%!+((!8+%!9N<0!6(8+0!8+!<:0#9+!.0/90&7/70U8+(+L!!M0/$N+>%+(+! >/(>600+0+0! 7/%! J:+0&(80+! /9! .0/$N+>%! 7+8! J<*%!+(+09#6%I*%%+!#!=/0J/)8!%#)!$%<%%+(#:U!:#)!I)#!.0#/0#%+0%L!!M0/$N+>%!$/7!.0#/0#%+0+$!!• H/$%(&8$+==+>%#:+! )<$(#(9+0! 7+8! $%/0! 0+86>$N/(! &:!+(+09#I06>! /94+))+0! >/(:+0%+0#(9! %#)! I06>! &:! =/0(*I&0+!+(+09#>#)8+0! #! =/0J/)8! %#)! (<8:+(8#9! Z6%)<$+(8+\! #(:+$%+E0#(9$$%<%%+L!!• M0/$N+>%!.)&()&9%!9N+((/7=<0%!:+8!&(:+(8+)$+!&:!+(+09#E+==+>%#:T!>/77+0$#+))!%+>(/)/9#L!!• M0/$N+>%! $/7! >&(! $&(($*()#99N<0+! 0#(9:#0>(#(9+0T! /9!J:/0! $)#>+! 0#(9:#0>(#(9+0! +0! )<(($/77+! 6%+(! *%%+0)#9+0+!/==+(%)#9!$%<%%+L!!•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b6%)<$+(E8+b!(#:U!#!6)#>+!I0&($N+0L!K+%%+!#(:#%+0+0!%#)!%#).&$(#(9+0!/9!0+(%E$++>#(9&>%#:#%+%+0L!!M0/90&7%+>$%+(! >&(! %/)>+$! $/7! &%! .0/$N+>%+(+! 6(8+0! 8+%%+!.0/90&7/70U8+%! >6(! >/(>600+0+0! 7+8! J:+0&(80+!f!8:$!&%!8+!

"608+0#(9!&:!;(/:&$!6%)<$+(8+!+==+>%!Vista Analyse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a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b&)%b! &>$+.%+0+$! /9! $%<%%+$L! ;(/:&! :#$+0! %#)! &%! $<E>+0+! $#)+$! 6%! =<0! 8+! >/77+0! %#)! $<>(&8! /9! &%! .0&>%#$+0#(9+(! &:!.0/90&77+%! +0! 7+0! 7U)0+%%+%! +((! 8+%! $/7! =0&7>/77+0! &:!.0/90&7%+>$%+(L! M0/$N+>%+(+! +0! #! =<)9+! ;(/:&! +%! 0+$6)%&%! &:! &>E

"608+0#(9!&:!;(/:&$!6%)<$+(8+!+==+>%!Vista Analyse AS 35 %#:%!7&0>+8$&0I+#8L!!?!.0/90&7%+>$%+(!$#+$!8+%!&%!7(+&-*-./'"3'.*6+.*-5*(+.41*"(3045."*41-#* 45?.1'* 4"(* 1+(10..-(4''&('9*?! =<)9+! ;(/:&! Z1232! I\! +0! 8+%%+!+(! 9&77+)! .0/90&7%+>$%! $/7! +0! 6(8+0! 0+:#8+0#(9L! ;(/:&$! 7U)!+0! (U! b;(+09#+==+>%#:! #(86$%0#b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f! I06>! &:! =/0(*I&0! :&07+L! _>/0E0#9+0%+! +>$%+0(+! +==+>%+0T! 7&(9)+(8+! #(=/07&$N/(! /9! >/7.+%&(E$+T! /9! #((+)U$(#(9+0! I#80&! %#)! U! 0+86$+0+! >/(>600&($++:(+(! %#)!=/0(*I&0!:&07+L!!"&07+! >0+:+0! J<*+! #(:+$%+0#(9$>/$%(&8+0L! ,+):! /7! .0/86>E$N/($480#=%E>/$%(&8+(+! +0! )&:+0+! +((! =/0! >/(>600+0+(8+! &)%+0E(&%#:+0T!:#)!#(:+$%+0#(9+(!$N+)8+(!(+8I+%&)+$!#((+(=/0!+(!0#7+)#9!

"608+0#(9!&:!;(/:&$!6%)<$+(8+!+==+>%!Vista Analyse AS 36 %#8$J/0#$/(%! 8+0$/7! +(! (/07&)&:>&$%(#(9! .U! #(:+$%+0#(9+0! )+9E9+$! %#)! 906((L! W+8! +(! 6%:#>)#(9! 8+0! :&07+E!/9!>N<)+I+J/:+%!#!I*9(#(9+0! $%&8#9! 0+86$+0+$T! :#)! >/(>600&($++:(+(! #$/)+0%! $+%%!=/0:+00+$! 7/%! +(+09#)<$(#(9+0! 7+8! )&:+0+! #(:+$%+0#(9$>/$%(&E8+0L!!X&1$+(*(-*LL"-(.COOH.-+$6)%&%0&../0%+(!=/0!122B!:#$+0!=<)9+(8+X!!• 521!$<>(&8+0!7/%%&%%!!• [[C!$<>(&8+0!#((:#)9+%!$%<%%+!• %#)8+)%!$%<%%+k!CD[!7#))#/(+0!>0/(+0!• H/(%0&>%=+$%+%!0+$6)%&%!122Bk!BB[!P^J!• R/%&)%!=/0!.+0#/8+(!1223E122Bk!533C!P^J!B"+ E47/4&0'0*08$/(0'4)&0'**I6*+$&-(.2.COOD."#$%&! '(&)*$+! +:&)6+0%+! :&07+.0/90&77+%! #! 122cL! M0/90&7E7+(+! 0+%%+%!7/%! .0/86>$N/(! /9! 8#$%0#I6$N/(!I)+! 8+(! 9&(9!:60E8+0%! $/7! %0+==$#>0+T! 7+($! =/0+8)#(9$.0/90&77+%! 7&(9)+%!+(!I+906((+)$+!#!=/0J/)8!%#)!:&07+.0/90&77+%$!0+$6)%&%7U)T!/9!I)+!8+0=/0!:608+0%! $/7! )#%+! %0+==$#>>+0%L! G/0+8)#(9$.0/90&77+%! I)+!&:$)6%%+%!#!122DL!!K+! $%<0$%+! $:&>J+%+(+! #! .0/90&77+%!#! 122c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f! /9! &%! .0/90&77+%! 8+07+8! J&88+!9#%%!0+$6)%&%+0!#!=/07!&:!<>%!)+:+0&($+!&:!:&07++(+09#L!':I06%%+!.0/$N+>%! /9! 0#$#>/! =/0! 90&%#$.&$$&$N+0+0! I)+! .+>%! .U! $+(%0&)+! 6%E=/080#(9+0!#!.0/90&76%:#>)#(9+(L!!B"5 ,'-&'$110'*()70'*8$'10**.,%<%%+.0/90&77+%! =/0! :&07+! I+$%U0! &:! =<)9+(8+! 8+).0/90&7E7+0X!!• M0/90&7!=/0!I#/9&$$.0/86>$N/(!• M0/90&7!=/0!)/>&)+!+(+09#$+(%0&)+0!!• M0/90&7!=/0!=N+0(:&07+!#(=0&$%06>%60!!• M0/90&7!=/0!=N+0(:&07+!(*+%&I)+0#(9!,&7%)#9+! 8+).0/90&77+0! 0+%%+0! $+9! 7/%! >/$%(&8$$#8+(! $/7!8+(! :#>%#9$%+! I&00#+0+(L! "608+0#(9+(! &:! .0/90&77+(+! 9N<0+$!8+0=/0! $&7)+%! +%%+0! +(! >/0%! .0+$+(%&$N/(! &:! 8+! +(>+)%+! .0/E90&77+(+L!!

"608+0#(9!&:!;(/:&$!6%)<$+(8+!+==+>%!Vista Analyse AS 37 I1B10 K#"+#'(%."#%?4"+'::<#"$/;:="*%%/-"3-*%"%(*+&..;(/:&! J&0! =)+0+! .0/90&77+0! $/7! >&(! 9#! $%<%%+! %#)! I06>! &:! I#/E9&$$T! 7+(! J&0! /..0+%%+%! +(! %+7&%#$>! $&%$(#(9! =/0! U! =U! <>%! .0/E86>$N/(+(! &:! I#/9&$$! #! A/09+L! K+(! %+7&%#$>+! $&%$(#(9+(!+0!%#8$I+90+($+%! /9! +0! #! 6%9&(9$.6(>%+%! .)&()&9%! =/0! %0+! U0!Z122B!E!1233\L!G:+3-$LL&.M0/90&77+%! +0! 0+%%+%! 7/%!&>%<0+0! $/7! <($>+0! U! $&%$+! .U! #(E86$%0#+))! .0/86>$N/(! &:! I#/9&$$L! ,%<%%+(! 9#$! $/7! #(:+$%+0#(9$E%<%%+! %#)! I*99#(9! &:! &()+99! =/0! I#/9&$$.0/86>$N/(T! $&7%! 8#$%0#EI6$N/(!#!$&77+(J+(9!7+8!.0/86>$N/(L!V"'#$--*'1&...,%<%%+! 9#$! $/7! #(:+$%+0#(9$%#)$>688T! /9! $%<%%+(#:U+%!+0!I+90+(E$+%! %#)! J:&! $/7! +0! (<8:+(8#9! =/0! U! 6%)<$+! #(:+$%+0#(9+(T! 7+8!7&>$#7&)! $%<%%+&(8+)! .U! [2!.0/$+(%! &:! 9/8>N+(%+! >/$%(&8+0L!,%<%%+I+J/:+%! $>&)!8/>67+(%+0+$! 9N+((/7! +(! >/(%&(%$%0<7$E&(&)*$+!8+0!;(/:&$!&:>&$%(#(9$>0&:!.U!D!.0/$+(%!0+&)0+(%+!=<0!$>&%%!$>&)!I06>+$!$/7!#(%+0(0+(%+L!!M0/$N+>%+0! :#)! >/(>600+0+! /7! 7#8)+0T! 8:$L! &%! .0/$N+>%+0! 7+8!J<*+$%!+(+09#6%I*%%+!Z>^J!.0!>0\!:#)!I)#!.0#/0#%+0%L!K+%!$#+$!+>$E.)#$#%%!&%!.0/$N+>%+0!$/7!+0!I+80#=%$<>/(/7#$>!)<(($/77+!6%+(!$%<%%+!=&))+0!6%+(=/0!$&%$(#(9+(L!!;(/:&!#(:#%+0+0!$<>+0+!%#)!U!%&!>/(%&>%!7+8!;(/:&!#!$<>(&8$.0/E$+$$+(L!!I1B15 K#"+#'(%."#%3";'3)%)*)#+4:)*8#'3)#%%/-"3-*%"%(*+&.WU)+%! =/0! .0/90&77+%! +0! U! =0+77+!<>%! #($%&))&$N/(! &:! )/>&)+!+(+09#$+(%0&)+0! I&$+0%! .U! =/0(*I&0+! +(+09#>#)8+0! $/7! =&$%! I#/EI0+($+)T!%+07#$>!$/):&07+!+))+0!:&07+.67.+L!G:+3-$LL&..M0/90&77+%! +0! 0+%%+%! 7/%! &>%<0+0! $/7! <($>+0! U! >/(:+0%+0+! %#)T!+))+0! +%&I)+0+T! =/0(*I&0! I*9(#(9$/..:&07#(9! =0&! )/>&)+! +(+09#E$+(%0&)+0L! W6)#9+! I*99! /7=&%%+0!=)+0I/)#9J6$T! (V0#(9$I*99T! /=E=+(%)#9+! I*99T! #80+%%$&()+99! /9! #(86$%0#I*99T! $&7%! 7#(80+! $&7E7+($)6%(#(9+0!&:!$)#>+L!H6(!0+9#$%0+0%+!=/0+%&>!>&(!$<>+L!V-2(&-2&-.4"-.1(>((&..H0#%+0#+(+! =/0! $%<%%+! /9! I+0+9(#(9! &:! $%<%%+I+)<.! 9N<0+$! .U!$&77+! 7U%+! /9! 7+8! $&77+! I+90+($(#(9! .U! #(%+0(0+(%+(! $/7!=/0!.0/90&7!=/0!I#/9&$$.0/86>$N/(L!!K+%!9#$!/9$U!>)&0+!/9!=/06%$#9I&0+!>0#%+0#+0!=/0!J:#)>+!.0/$N+>%+0!$/7!=U0!$%<%%+!/9!.0/$N+>%+0!$/7!=&))+0!6%+(=/0L!K+%!+0!#>>+!>/(E>600&($+! /7! $%<%%+L! K+0#7/%! +0! 8+%! $.+$#=#$+0%! &%! .0/$N+>%+0!7+8! +%! =/0(*I&0%! +(+09#6%I*%%+! .+0! $%<%%+>0/(+! .U! 7#(#767!3T1c!>^J!=U0!$%<%%+L!!I1B1B K#"+#'(%."#%.=)#*-'#()%4*.#':8#/;8/#%/-"3-*%"%(*+&.M0/90&77+%! 0+%%+0! $+9! 7/%! +(! )&(9$#>%#9! /..I*99#(9! &:! #(=0&E$%06>%60! =/0! =N+0(:&07+L! W&(9+)! .U! #(=0&$%06>%60! +0! +(! &:9N<E

"608+0#(9!&:!;(/:&$!6%)<$+(8+!+==+>%!Vista Analyse AS 38 0+(8+!I&00#+0+!=/0!I06>!&:!=N+0(:&07+L!!M0/90&77+%!$>&)X!!• H/7.+($+0+!=/0!7&(9)+(8+!)<(($/7J+%T!8+%!:#)!$#!6%)<$+!#(=0&$%06>%60.0/$N+>%+0! $/7! #>>+! +0! )<(($/77+! #! 6%E9&(9$.6(>%+%!• H/7.+($+0+!=/0!6$#>>+0!6%:#>)#(9!#!:&07++%%+0$.<0$+)+(!G:+3-$LL&.WU)906..+(! =/0! .0/90&77+%! +0!&>%<0+0! $/7! :#)! I*99+! 6%! #(=0&E$%06>%60!=/0!=N+0(:&07+!/9!=N+0(>N<)#(9L!!J'0$)1#"'#$--*'1&..M0/90&77+%! 9N+((/7=<0+$! $/7! +(! &(I68$/08(#(9! =/0! >N<.! &:!%N+(+$%+0! &:! &))7+((! <>/(/7#$>! #(%+0+$$+L!!K+%%+!#((+IV0+0!&%!/08(#(9+(! 6%)*$+$! $/7! >/(>600&($+! 7+8! =/0J&(8)#(9T! 8+0! %#)EI*8+0+!:#)!I)#!:&)9%!/9!>/7.+($&$N/(+(+!=&$%$&%%!.U!906(()&9!&:!>/(>600&($+L! d>/(/7#$>! 7+$%! =/08+)&>%#9+! %#)I68! #! J+(J/)8! %#)!0&(9+0#(9$>0#%+0#+(+!6(8+0!:#)!I)#!:&)9%L!K+%!+0!&(9#%%!=<)9+(8+!0&(9+0#(9$>0#%+0#+0X!!• a<*!)+:+0#(9$>&.&$#%+%!.+0!>0/(+!Z>/7.+($&$N/(\!• a<*%! =0+7%#8#9! :+>$%./%+($#&)! 6%/:+0! &(9#%%! )+:+E0#(9$/70U8+!• e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• a<*%!=/0(*I&0%!/9!%/%&)%!+(+09#6%I*%%+!.+0!$%<%%+>0/(+!• a<*!)+:+0#(9$>&.&$#%+%!.+0!$%<%%+>0/(+!• a<*%! =0+7%#8#9! :+>$%./%+($#&)! 6%/:+0! &(9#%%! )+:+E0#(9$/70U8+!

"608+0#(9!&:!;(/:&$!6%)<$+(8+!+==+>%!Vista Analyse AS 39 • e&:!$&7)+%!=N+0(:&07+>/$%(&8!)+:+0%!$)6%%I06>+0!B"? ,'-&'$110)02*(3/F20)70*0GG0%3**R$-)&-2'3.&((&-.#-2(&-2&'&..X&((&(.%"(.62#(23&.0*--2&-&-?..,%<%%+.0/90&77+(+! 6(8+0! :&07+! +0! 0+%%+%! 7/%! >/$%(&8$$#8+(!/9! 8+! :#>%#9$%+! I&00#+0+(+! 7+8! %&(>+! .U! U! /..(U! :&0#9+! 7&0E>+8$)<$(#(9+0! #((+(=/0! :&07+7&0>+8+%L! M+0! #! 8&9! +0! >/$%(&8$E(#:U+%!=/0!J<*%!%#)!&%!:&07+!I&$+0%!.U!=/0(*I&0!+(+09#!+0!+%!>/(E>600&($+8*>%#9! &)%+0(&%#:L! d>%! .0/86>$N/(! +0! 8+0=/0! &:J+(9#9!&:! $6I$#8#+0L! ,%<%%+(#:U+%! 7U)%! #! <0+! .+0!>^J!J&0!<>%!=0&!1D!<0+!=/0! .+0#/8+(! 1221E122c! %#)! D2! <0+! .+0! >^J! #! 122B! Z#>>+! )+:+E%#8$N6$%+0%\L! W+8!=/0:+(%+%! 6%:#>)#(9! #! +(+09#.0#$+0! 7U! 8+%! =/0E:+(%+$! &%! *%%+0)#9+0+! <>(#(9+0! #! .0/86>$N/(! &:! :&07+! :#)! :V0+!&:J+(9#9!&:!$6I$#8#+0!/9$U!=0&7/:+0L!!V-2(&-2&-=.(-*'1*#1,"'1#"1('*)&-."3.+&##*1,&-.M0/90&76%=/07#(9+(! 7+8! >/(>600&($+T! <:0+! (#:U! .U! $%<%%+I+E)<.!.+0!0+$6)%&%!/9!=&$%$&%%!<:0+!90+($+!=/0!&:>&$%(#(9$>0&:T!J&0!I+90+($+%!76)#9J+%+(+!=/0!U!%#).&$$+!$<>(&8+(!=/0!U!/..(U!7+0!$%<%%+!+((!8+%!$/7!+0!(<8:+(8#9!=/0!U!6%)<$+!.0/$N+>%+%L!!?(:+$%+0#(9$>&)>6)&%/0+(! 7+8! %#)J<0+(8+! 0+%(#(9$)#(N+0! /9! =/E06%$+%(#(9+0!I#80&0!%#)!U!=/0+(>)+!$<>(&8$.0/$+$$+(!=/0!$<>+0!$U!:+)! $/7! =/0! ;(/:&L! R*8+)#9+! >0#%+0#+0! =/0+(>)+0! ;(/:&$! >:&)#E%+%$$#>0#(9L!!?! %#))+99! %#)! U! >:&)#%+%$$#>0+! 906(()&9+%! =/0! #(:+$%+0#(9$$%<%%+! /9!$%<%%+I+)<.T!>0+:+$!8+%!/9$U!8/>67+(%&$N/(!&:!$+(%0&)+!=/0J/)8!=/0!.0/$N+>%+(+$! )+:+8*>%#9J+%! /9! 9N+((/7=<0#(9$+:(+L!G/0! U!6((9U! &:I06%%+! .0/$N+>%+0! /94+))+0! $%<%%+! %#)! .0/$N+>%+0! $/7! :#)!:V0+! &:J+(9#9! &:! *%%+0)#9+0+! $%<%%+! =0+7/:+0T! +0! 8+%! :#>%#9! &%!=/06%$+%(#(9+0! /9! #((9&(9$8&%&! Z$/7! .0#$+0! /9! %#)9&(9! .U! I0+(E$+)T! &:=&))T! >/(>600&($+$#%6&$N/(T! .0#$! .U! )+:+0%! :&07+\! >:&)#E%+%$$#>0+$!_%=/07#(9+(! &:! >0#%+0#+(+!=/0! $%<%%+! /9! I+0+9(#(9! &:! $%<%%+I+E)<.! I#80&0! %#)! )&:+! %0&($&>$N/($>/$%(&8+0! Z#(>)68+0%! >/$%(&8+0!%#)! >:&)#%+%$$#>0#(9\L! W6)#9J+%+0! =/0! 9+:#($%! :+8! 6.0/86>%#:! $<>E(&8$%#).&$(#(9! +0! 7#(#7&)+! 8+0$/7! #((9&(9$8&%&! /9! =/06%$+%E(#(9+0!>:&)#%+%$$#>0+$L!-#$#>/+(!=/0!/:+0>/7.+(&$N/(!/9!90&%#$E.&$$&$N+0!+0!8+07+8!)&:L!/-&121,"'.2.4"-7"+).(2+.%:+."3.0*--2&-&-..,%<%%+(!+0!0+%%+%!7/%!+%!7U)!/7!<>%!.0/86>$N/(!&:!+(+09#!I&$+0%!.U!=/0(*I&0!:&07+T!/9!&80+$$+0+0!8+Z(\!:#>%#9$%+!I&00#+0+(+!=/0!U!0+&)#$+0+!8+%%+!7U)+%L!V"'#+$1,"'.."&07+.0/90&77+%! +0! 0+%%+%! 7/%! 8+! :#>%#9$%+! I&00#+0+(+L! H0#%+E0#+(+! #! 8+).0/90&77+(+! +0! %#)$%0+>>+)#9+! %#)! U! $#>0+! &%! $%<%%+(!6%)<$+0! <($>+8+! J&(8)#(9+0T! 7+8! 7#(#7&)+!6%#)$#>%+8+! +==+>%+0L!H0#%+0#+(+! /9! .0/90&76%=/07#(9+(! 9#0! 906((! %#)! U! =/0:+(%+! &%!.0/90&77+%!J&0!+(!J<*!&88#$N/(&)#%+%L!!

"608+0#(9!&:!;(/:&$!6%)<$+(8+!+==+>%!Vista Analyse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• ;(8+)#9!>/($+$N/(!=/0!&()+99!8+0!8+%!>0+:+$!!•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• ':>&$%(#(9$>0&:X!D!]!0++)%!=<0!$>&%%!!• e+:+%#8X!@*99+%#8!l!12!U0!.0/86>$N/(!!• H0&=%.0#$X!,#$%+!F!7(8!9N+((/7$(#%%!&:![EU0$=/0S&08!/IE$+0:+0%!.U!A/08!M//)!:+8!8&%/!=/0!$<>(&8$=0#$%!!• ?((%+>%X!H0&=%.0#$!m!=/0:+(%+%!+(+09#.0/86>$N/(!ZMCc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

"608+0#(9!&:!;(/:&$!6%)<$+(8+!+==+>%!Vista Analyse AS 41 J:/0!$%/0+!>/$%(&8$I&00#+0+0!8+%!+0!&>%6+)%!U!7<%+L!!V-2(&-2&-=.(-*'1*#1,"'1#"1('*)&-."3.+&##*1,&-.K+%! +0! &(9#%%! J:/08&(! <:0+! (#:U! .U! )/:)#9! $%<%%+! I+0+9(+$T! /9! +(!%/%&)0&77+! =/0! J+)+! .0/90&77+%L! K+%! =0&79U0! /9$U! &%! 8+%! :#)!:V0+! +(! >/(>600&($+! I&$+0%! .U! +(+09#)+:+0&($+! .+0! $%<%%+>0/E(+L! K+%%+! I+%*0! &%! 7&(!>&(! 0#$#>+0+! U! $%<%%+! +%! .0/$N+>%! $/7! #!7#(80+! 90&8! I#80&0! %#)! :&0#9+! 7&0>+8$+(80#(9+0!f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f!>/$%(&8$$#8+(!f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a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

"608+0#(9!&:!;(/:&$!6%)<$+(8+!+==+>%!Vista Analyse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a<*! ./)#%#$>!0#$#>/! 0+86$+0+0! #(`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`+(%#:+0! %#)! U! 6%(*%%+! 9N+(E(/7I0688! .U! +9+(! JU(8! +))+0! /..%0+! $/7! 90&%#$.&$$&$N+0+0T!8:$L! 6%(*%%+! &(80+$! =/0$>(#(9$0+$6)%&%+0! 6%+(! U! $+):! I#80&! 7+8!0+$$60$+0L!5L"-*67&'3237&(."3.2''&+:1'2'3.a:#)>+(! 0+%(#(9! 8+(! %+>(/)/9#$>+! 6%:#>)#(9+(! %&0T! >&(! &:9N<0+$!&:! %#)=+)8#9J+%+0! +))+0! $7U! >/$%(&8$=/0$>N+))+0! .U! +%! =/0J/)8$:#$!%#8)#9!$%&8#67L!K*(&7#$>+!/9!$+):=/0$%+0>+8+!.0/$+$$+0!6%/:+0!#!#((/:&$N/($.0/$+$$+(! :#)! >6((+! =/0$%+0>+! 8+((+! 0+%(#(9+(T! /9!7&(! 0#$#>+0+0! U! I)#! b)U$%! =&$%b! #! +(! 6%:#>)#(9$I&(+T! +))+0! $./0&:EJ+(9#9L!?!+(!$)#>!$#%6&$N/(!>&(!8+%!:V0+!$:V0%!>/$%(&8$>0+:+(8+!U! $>#=%+! %#)! +(! &)%+0(&%#:! %+>(/)/9#$>! I&(+T! /9! N/! )+(9+0! 7&(! J&0!I+:+9+%!$+9!#!$./0+%T!8+$%/!:&($>+)#9+0+!I)#0!8+%!U!I*%%+!$./0L!!8'(&-&11&#"'4+2#(&-.A*+! )<$(#(9+0! 7U! /=%+! >/(>600+0+! 7+8! 8+%! +%&I)+0%+T! /9! (*+!&>%<0+0! #! 7&0>+8+%! >&(! 7/%&0I+#8+$! &:! +>$#$%+0+(8+! 8/7#(+E0+(8+! &>%<0+0! $/7! J&0! +%! $%<00+! (+%%:+0>! /9! 7&0>+8$./$#$N/(!/9! $/7! >&(! J&! #(%+0+$$+! &:! U! $>&.+! #((9&(9$I&00#+0+0! =/0! (*+!&>%<0+0L!!

"608+0#(9!&:!;(/:&$!6%)<$+(8+!+==+>%!Vista Analyse AS 43 X&1$+(*(.M0/90&7/70U8+%!+0!0&../0%+0%!7+8!=<)9+(8+!0+$6)%&%+0X!!• 3B!7/%%&%%+!$<>(&8+0!#!122[!• F!#((:#)9+8+!!• ,&7)+%!$%<%%+!#!122BX!DD!7#))#/(+0!>0/(+0!• H/(%0&>%=+$%+%!0+$6)%&%!122BX![1!P^J!•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g/!)+(9+0!%#)!J<*0+!#!>N+8+(!8+$$!7+0!7/8+(!+0!%+>(/)/9#+(L!!?! I+9*((+)$+(! &:! .0/$+$$+(! +0! 8+%! $%<0$%! I+J/:! =/0! U! $%<%%+! %#)EI68+%T! 8:$L! 6%:#>)#(9+(! &:! %+>(/)/9#+(! 8#0+>%+! Z:#0>+7#8)+0! #!8+((+! >&%+9/0#+(! /7%&)+$! 9N+0(+! $/7! %+`J(/)/9*! .6$J\T! 7+(! N/!(V07+0+!7&0>+8+%!%+>(/)/9#+(!>/77+0!8+$$!$%<00+!+0!I+J/:+%!=/0!U!$%<%%+!+%%+0$.<0$+)+(!Z/9$U!>&)%!7&0>+%!.6))\L!!;(/:&$! :#0>+7#8)+0!+0! >(*%%+%! %#)! 8+! %/! $#$%(+:(%+! =&$+(+T! J:/0!8+! b/08#(V0+b! .0/90&77+(+! $>&)! I#80&! %#)! 7&0>+8$#(%0/86>E$N/(T! 7+($! $%<%%+(! %#)! (*! +(+09#%+>(/)/9#! #! $%<00+! 90&8! +0! 0+%%+%!7/%!8+(!7#8%+0$%+!=&$+(T!8:$L!8+7/($%0&$N/(+0!/9!.#)/%+0!#!=#96E0+(!(+8+(=/0L!!@23$-.SAB.8''"6*1,"'1L-"1&11&'."3.62-#&%2))&+0-$#.!!H"! E47/4&0'0*8('70'4)&0'J08$/(0'4)&0'*.K+%! =#((+$! $U! :#8%! :#! >N+((+0! %#)! #>>+! (/+(! +:&)6+0#(9+0! $/7! $+0!8#0+>%+! .U! 6%)<$+(8+! +==+>%! :+8! 8+((+! %*.+! #(:+$%+0#(9$$%<%%+L!_(8+0$<>+)$+0! I)&(%! (/0$>+! 7#)N<%+>(/)/9#I+80#=%+0! :#$+0! #7#8E)+0%#8!!&%!8+%!+0!#!b7+))/7=&$+(bT!8:$L!#!8+7/($%0&$N/($!/9!.#)/%E

"608+0#(9!&:!;(/:&$!6%)<$+(8+!+==+>%!Vista Analyse AS 44 =&$+(! /9! 8+(! %#8)#9$%+! >/77+0$#&)#$+0#(9$=&$+(T! $/7! 8+%! +0!$%<0$%! /..)+:8! 7&(9+)! .U! :#0>+7#8)+0T! $+! ;`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• ?((/:&%#:+!+(+09#)<$(#(9+0!f!$%<%%+!%#)!%+>(/)/9#6%:#>)+0+!7+8!(*!+(+09#%+>(/)/9#!• ?(%0/86>$N/(!&:!(*!%+>(/)/9#!•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• M0/$N+>%+0! $/7! J&0! +%! +(+09#0+$6)%&%! +(%+(! #! =/07! &:! (*!+(+09#.0/86>$N/(!+))+0!0+86$+0%!+(+09#=/0I06>!!• M0/$N+>%+0!7+8!#((/:&$N/($90&84(*J+%$90&8!!• M0/$N+>%+0! 7+8! +%! I+%*8+)#9! ./%+($#&)! =/0! >/$%(&8$+==+>E%#:! +(+09#9+:#($%! +))+0! +(+09#.0/86>$N/(! I&$+0%! .U! =/0E(*I&0+!0+$$60$+0!!• M0/$N+>%+0!$/7!>&(!=/0.)#>%+!$+9!%#)!+(!=0&780#=%$.)&(!/9!=/00+%(#(9$.)&(!!• M0/$N+>%+0! #! 6%:#>)#(9$=&$+! 7+8! J/:+8+)+7+(%! .U! .0/%/E%*.!+))+0!8+7/($%0&$N/($&>%#:#%+%!

"608+0#(9!&:!;(/:&$!6%)<$+(8+!+==+>%!Vista Analyse AS 45 @"-$(1&((&-.42'*'12;&++.3,&''"%4>-2'31;&6'&.K+%!=/06%$+%%+$!&%!&))+!=/0+%&>!$/7!$<>+0!/7!$%<%%+!J&0!=#(&($#+))!9N+((/7=<0#(9$+:(+L! K+7/($%0&$N/($&>%#:#%+%+0! $/7! &))+0+8+!+0!#9&(9$&%%!+0!#>>+!$%<%%+I+0+%%#9+%L!!!G*#12%*+.1(>((&*';)&+.DO`=.#*+#$+*;1,"'1-&'(&.M`.W&>$#7&)! $%<%%+&(8+)! +0! c2! .0/$+(%! &:! 9/8>N+(%+! >/$%(&8+0!I+90+($+%! /..&8! %#)! +(! $%<%%+! .U! 7&>$! c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• ,<>(&8+(!7U!#((+J/)8+!+(!>/7.)+%%!.0/$N+>%I+$>0#:+)$+!• H/($+$N/(! /9! &(80+! 0+)+:&(%+! /==+(%)#9+! %#))&%+)$+0! $>&)!=/0+)#99+L!!• ,<>+0!7U!=0+7)+99+!+(!0+&)#$%#$>!=#(&($#+0#(9$.)&(!!• M0/$N+>%+%! $>&)! J&! >)&0%! 8+=#(+0%+! /9! 7U)I&0+! J/:+87U)!/9!8+)7U)T!8+0!+%%!&:!7U)+(+!$>&)!:V0+!>(*%%+%!%#)!+(+09#E0+$6)%&%+%!=0&!.0/$N+>%+%!!•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• %#8)#9+0+! >6(! +0! .0<:8! 6(8+0! )&I/0&%/0#+)#9(+(8+! :#)>U0!+))+0!#!(+8$>&)+0%!$%<00+)$+k!!• J&0! I+90+($+%! 6%I0+8+)$+! $)#>! &%! 8+%! #>>+! +>$#$%+0+0! +%!=6(9+0+(8+!7&0>+8k!!• +0!6%:#>)+%!=/0!I+%#(9+)$+0!$/7!+0!=/0$>N+))#9+!=0&!8+%!7&(!=#((+0! #! 8+%! (/0$>+! 7&0>+8+%! /9! $/7! 8+0=/0! >0+:+0! :+E$+(%)#9!%#).&$$#(9L!Q&#'"+"32'><(-*+(.M0/90&77+%! J&0! +(! %+>(/)/9#(<*%0&)! #((0+%(#(9T! 8:$L! +0! #>>+!0+%%+%! 7/%! (/+(! I+$%+7%! %*.+! %+>(/)/9#T! 7+(! 8+%! >0+:+$! Z$+):E

"608+0#(9!&:!;(/:&$!6%)<$+(8+!+==+>%!Vista Analyse AS 46 $&9%\! &%! .0/$N+>%+%! J&0! +%! +(+09#0+$6)%&%T! +(%+(! #! =/07! &:!(*!+(+09#.0/86>$N/(! +))+0! 0+86$+0%! +(+09#=/0I06>L! -+86$+0%! +(+0E9#I06>! +0! #! 8+((+! $&77+(J+(9! U! =/0$%U! $/7! 8#0+>%+! 0+86>$N/(!&:! +(+09#I06>! /9! #>>+! /7=/08+)#(9! +))+0! =/0$>*:#(9! &:! =/0EI06>$7<($%+0L! R#)$>688! 9#$! =/0%0#(($:#$! %#)! 8+(! $/7! 0+&)#$+0+0!+(+09#0+$6)%&%+%L!!!!I'"6*1.L-2"-2&;-2'3&-.;(/:&!.0#/0#%+0+0!=<)9+(8+!.0/$N+>%+0!• M0/$N+>%+0! $/7! J&0! +%! +(+09#0+$6)%&%! +(%+(! #! =/07! &:! (*!.0/86>$N/(!+))+0!0+86$+0%!+(+09#=/0I06>L!• M0/$N+>%+0! 7+8! J<*! +(+09#.0/86>$N/(! +))+0! .0/$N+>%+0!7+8!J<*!+==+>%#:#$+0#(9$9+:#($%!#!=/0J/)8!%#)!$%<%%+L!!• M0/$N+>%+0! J:/0! 8+%! %/%&)+! 7&0>+8$906(()&9+%! #! A/09+!%#)$#+0! +%! :+$+(%)#9! I#80&9! %#)! U! $%*0>+! +(+09#/7)+99#(9+(!.U! )&(9! $#>%T! /9! J:/0! 8+(! 8+7/($%0&$N/(! 7&(! =U0! 9N+(E(/7! .0/$N+>%+%! +0! +9(+%! %#)! U! =N+0(+! I&00#+0+0! =/0! (*+! #(E$%&))&$N/(+0!!• M0/$N+>%+0! 8+0! %+>(/)/9#! /9! )<$(#(9! +0! :+0#=#$+0%! &:! +(!%0+8N+.&0%!!• M0/$N+>%+0! 7+8! +%! 0/I6$%! 9N+((/7=<0#(9$>/($+.%! /9! +%!9/8%!8/>67+(%+0%!>/($+.%!=/0!80#=%!/9!:+8)#>+J/)8L!G*#12%*+.1(>((&*';)&+.DO`=.#*+#$+*;1,"'1-&'(&.M`.W&>$#7&)! $%<%%+&(8+)! +0! c2! .0/$+(%! &:!9/8>N+(%+! >/$%(&8+0L!;(/:&$! >&)>6)&$N/($0+(%+! =/0! &:>&$%#(9$>0&:! +0! D! .0/$+(%! 0+&)E0+(%+! =<0! $>&%%! Z;(/:&$! #(%+0(0+(%+>&)>6)&%/0! $>&)! I+(*%%+$! =/0!I+0+9(#(9! &:! )<(($/7J+%\L! ,%<%%+I+J/:+%! $>&)! 8/>67+(%+0+$!9N+((/7! +(! >/(%&(%$%0<7$&(&)*$+L! ,<>(&8+(! $>&)! I)L&!#((+J/)E8+! +(! =#(&($#+0#(9$.)&(! 7+8! /:+0$#>%! /:+0! &))+0+8+! 7/%%&%%! /=E=+(%)#9! $%<%%+T! .&0&))+))+! $<>(&8+0! /7! $)#>! $%<%%+! +))+0! .)&(+0! /7!U! $<>+! $)#>! $%<%%+! =0&! (&$N/(&)+! /9! #(%+0(&$N/(&)+! =#(&($#+E0#(9$>#)8+0!7+8!(&$N/(&)!7+8=#(&($#+0#(9L!P/8>N+(%+!>/$%(&8+0!#(>)68+0+0! I)&(%! &((+%! >/$%(&8+0! >(*%%+%! %#)! .0/$N+>%+0#(9! /9!8+%&)N.)&()+99#(9T! .0/$N+>%)+8+)$+T! I*99#(9! /9! #($%&))&$N/(! &:!&()+99!/9!%#7+0!/9!6%$%*0!=/0!#9&(9$+%%#(9!/9!>/(%0/))!&:!+(+09#E0+$6)%&%L!

"608+0#(9!&:!;(/:&$!6%)<$+(8+!+==+>%!Vista Analyse AS 47 V-*6.(2+.1>#'*)&'.;(/:&! )+99+0! =<)9+(+! >0#%+0#+0! %#)! 906((! :+8! :608+0#(9! &:! $<>E(&8+0X!!• ,<>+0!$>&)!0+.0+$+(%+0+!+(!$)6%%I06>+0!&:!%+>(/)/9#!+))+0!)<$(#(9!$/7!8+7/($%0+0+$!• ,<>(&8+(! 7U! #((+J/)8+! +(! >/7.)+%%! .0/$N+>%I+$>0#:+)E$+!!• R#)%&>+%! 7U! J&! #((J+(%+%! >/($+$N/(! /9! &(80+! 0+)+:&(%+!/==+(%)#9+!%#))&%+)$+0!!• ,<>+0!7U!=0+7)+99+!+(!0+&)#$%#$>!=#(&($#+0#(9$.)&(!!• M0/$N+>%+%!$>&)!J&!7#(#767!%/!U0$!80#=%$=&$+!!• M0/$N+>%+%!$>&)!J&!./$#%#:!>/(%&(%$%0<7!#!80#=%$=&$+(!!• M0/$N+>%+%! $>&)! J&! >)&0%! 8+=#(+0%+! /9! 7U)I&0+! J/:+87U)!/9!8+)7U)T!8+0!+%%!&:!7U)+(+!$>&)!:V0+!>(*%%+%!%#)!+(+09#E0+$6)%&%+%!=0&!.0/$N+>%+%!M151B !"#*F?'#%('#4*%;#'.8<#"$/;:="*%5L211*(12'3. L:. 7*6;&'&-32.K+%%+!+0!+(!%+7&%#$>!$&%$#(9!.U!8+7/($%0&$N/(!&:!=/0(*I&0!7&E0#(!+(+09#.0/86>$N/(T!7+(!+0!+))+0$!$%/0%!$+%%!#8+(%#$>!7+8!8+)E.0/90&77+%!#(%0/86>$N/(!&:!(*!%+>(/)/9#L!!,%<%%+(!9#$! %#)! 8+7/($%0&$N/(! &:! (*+! +(+09#%+>(/)/9#+0! 6(8+0!0++))+!80#=%$I+%#(9+)$+0L!M0/90&77+%!$%<%%+0X!!• K+7/($%0&$N/(! 6(8+0! 0++))+! I+%#(9+)$+0T! 8:$L! #>>+! )&I/E0&%/0#+%+$%+0! +))+0! >/7./(+(%%+$%+0T! #(>)6$#:+! 0++))!+(+09#.0/86>$N/(k!!• M0/$N+>%+0! $/7! J&0! >/($+$N/(! /9! &(80+! /==+(%)#9+! %#))&E%+)$+0k!!•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

"608+0#(9!&:!;(/:&$!6%)<$+(8+!+==+>%!Vista Analyse AS 48 Q2+)&+'2'31#-2(&-2&-.;(/:&! )+99+0! =<)9+(8+! %#)8+)#(9$>0#%+0#+0! %#)! 906((! :+8! :608+E0#(9!&:!$<>(&8+0X!• ,<>(&8+(! 7U! #((+J/)8+! +(! >/7.)+%%! .0/$N+>%I+$>0#:+)E$+L!• R#)%&>+%! 7U! J&! #((J+(%+%! >/($+$N/(! /9! &(80+! 0+)+:&(%+!/==+(%)#9+!%#))&%+)$+0!!• M/$#%#:! .0/$N+>%:608+0#(9! #! J+(J/)8! %#)! :+#)+8+0! =/0! %0+8EN+.&0%$:+0#=#>&$N/(L! K+0! %0+8N+.&0%$:608+0#(9! #>>+! =/0+E)#99+0!:#)!;(/:&!$+):!#((J+(%+!8+%%+T!/9!$<>+0!7U!8&!:V0+!=/0I+0+8%!%#)!U!/:+0$+(8+!(<8:+(8#9!8/>67+(%&$N/(L!!• ,<>+0!7U!=0+7)+99+!+(!0+&)#$%#$>!=#(&($#+0#(9$.)&(!!• M0/$N+>%+%!$>&)!J&!7#(#767!+%%!U0$!80#=%$=&$+!!• M0/$N+>%+%!$>&)!J&!./$#%#:!>/(%&(%$%0<7!#!80#=%$=&$+(!!•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c2! .0/E$+(%! 7+8! ;(/:&$! >&)>)6)&$N/($0+(%+! .U! D! .0/$+(%! =<0! $>&%%L! _(E8+0!+%%!&:!8+).0/90&77+(+!f!=/0(*I&0!7&0#(!>0&=%.0/86>$N/(!E!>/(>600+0+$!8+%!/7!7#8)+(+L!!W-&*+21(21#.*))21,";'*+2(&(1#-*6?.'88#$N/(&)#%+%$>0&:+%! +0! 8+07+8! %*8+)#9T! 7+(! &:90+($(#(9+(!7/%! %+>(/)/9#6%:#>)#(9! +0! 60+&)#$%#$>L! ;%! 8+7/($%0&$N/($.0/E$N+>%! 7+8! 80#=%$=&$+! (+8! 7/%! +%%! U0! Z7#(#767$>0&:+%! 6(8+0!7&0#(! >0&=%.0/86>$N/(\! 6%+(! +)+7+(%+0! &:! G/_!E!+0!(+..+!0+&E)#$%#$>L!H0#%+0#+(+!:#)!>6((+!$%#76)+0+!$<>+0(+!%#)!U!=0+7$%#))+!$#%%!.0/$N+>%!&((+0)+8+$!+((!8+%!+0L!a:#$!+%!$%<00+!.0/$N+>%!8+)+$!#!+(!8+7/($%0&$N/($8+)! /9! +(! G/_E8+)T! :#)! $<>+0! J&! #(`+(%#:+0! %#)! U!6%(*%%+! &%! #(=/07&$N/(+(! +0! &$*77+%0#$>! %#)! U! 9#! #((%0*>>! &:!&(80+! Z+((! 8+! 0++))+\! &:90+($(#(9+0! 7+))/7! 8+! %/! 8+).0/$N+>E%+(+L!!Q-&),&L*-(1;6&-242#*1,"'.W+0! /7=&%%+(8+! $<>(&8$.0/$+8*0+T! #(>)L! >0&:! /7! %0+8N+.&0%$E:+0#=#>&$N/(! =/0! 7&0#(+! .0/$N+>%+0T! I#80&0! %#)! U! 0+86$+0+! 90&%#$E.&$$&$N+0+0T!$&7%#8#9!<>+0!%0&($&>$N/($>/$%(&8+(+L!!R$-)&-2'3.2.4"-7"+).(2+.#-2(&-2&'&..X&((&(.%"(.62#(23&.0*--2&-&-?.M0/90&77+(+! +0! 0+%%+%! 7/%! 0#$#>/&:)&$%(#(9! /9! >6(($>&.$6%E:#>)#(9! /7! 76)#9J+%+0! /9! 6%=/080#(9+0! :+8! (*+! %+>(/)/9#+0L! R#)E9&(9!.U!0#$#>/>&.#%&)!#!8+%!.0#:&%+!7&0>+8+%!+0!>(&..L!;(!$%<%%+!=0&!;(/:&!:#)!#!%#))+99!%#)!U!9#!0#$#>/&:)&$%(#(9T!/9$U!>6((+!=6(9+E

"608+0#(9!&:!;(/:&$!6%)<$+(8+!+==+>%!Vista Analyse AS 49 0+! $/7! +(! +>$.+0%:608+0#(9L! K+%%+! >&(! 0+86$+0+! 7&0>+8+%$!:608+0#(9!&:!0#$#>/+(!:+8!+%!.0/$N+>%T!/9!I#80&!%#)!U!6%)<$+!#(:+$E%+0#(9$7#8)+0!#!8+%!.0#:&%+!7&0>+8+%L!!K+7/($%0&$N/(! /9! 7&0>+8$#(%0/86>$N/(! &:! (*+! %+>(/)/9#+0! +0!(<8:+(8#9!=/0! U! >6((+! 6%:#>)+! (*+! %+>(/)/9#+0! =/0! +(+09#.0/E86>$N/(!/9!+(+09#+==+>%#:#$+0#(9L!G)+0+!=/07+0!=/0!7&0>+8$$:#>%!9N<0!&%!7&0>+8!#>>+!:#)!=0+7I0#(9+!(/>!%+>(/)/9#+0!%#)!7&0>+8+%L!K+%%+!=/0$:&0+0!/==+(%)#9!$%<%%+L!!V-2(&-2&-=.(-*'1*#1,"'1#"1('*)&-."3.+&##*1,&-.H0#%+0#+(+! :#$+0! &%! 8+%! +0! 6%=/080#(9+0! >(*%%+%! %#)! &:90+($(#(9+0!7/%! &($:&0$/70U8+(+! %#)! AG-! /9! ?((/:&$N/(! A/09+L! K+%%+! >&(!:V0+! 6%=/080+(8+! =/0! $<>+0! 7J%! J:&! 8+%! >&(! $<>+$! /7! J:/0T! /9!U! $+%%+! J+($#>%$7+$$#9+! .0/$N+>%&:90+($(#(9+0! $/7! $&7%#8#9!6%)<$+0!$%<%%+L! ,&7%#8#9! I#80&0! &0I+#8$8+)#(9+(! 7+))/7! AG-T!?((/:&$N/(! A/09+! /9! ;(/:&! %#)! #(`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c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

"608+0#(9!&:!;(/:&$!6%)<$+(8+!+==+>%!Vista Analyse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• H&0%)+99#(9$$%<%%+! +(+09#+==+>%#:#$+0#(9$E!/9!>/(:+0%+E0#(9$%#)%&>!#!>/776(&)+!I*99!/9!&()+99!• H&0%)+99#(9$$%<%%+!:&07+!/9!#(=0&$%06>%60!G/0! J:+0%! 8+).0/90&7! >&(! ;(/:&! $%<%%+! /..! %#)! c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

"608+0#(9!&:!;(/:&$!6%)<$+(8+!+==+>%!Vista Analyse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c2!.0/$+(%!+9+(&(8+)!/9!>0&:+%!/7!&%!>&0%)+99#(9+(!#>>+! 7U! :V0+! $%&0%+%! /..! =<0! $%<%%+! +0! 9#%%T! J&0! %#)! J+($#>%! U! 0+E86$+0+! 76)#9J+%+(+! =/0! 90&%#$.&$$&$N+0+0! /9! /:+0>/7.+($&E$N/(L! K+%%+! +0! (+..+! %#)$%0+>>+)#9! %#)! U! $#>0+! &%! $%<%%+(! 6%)<$+0!0+)+:&(%+! .0/$N+>%+0! >/776(+(! #>>+! J&88+! 9N+((/7=<0%! .U!+9+(! JU(8! Z+))+0! 7+8! #(:+$%+0#(9$$%<%%+! =0&! ;(/:&$! .0/90&7E7+0!=/0!JJ:!I*99!/9!:&07+\L!!!

"608+0#(9!&:!;(/:&$!6%)<$+(8+!+==+>%!Vista Analyse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a+(E$#>%+(! +0! U! I#80&! %#)! :&0#9+! 7&0>+8$+(80#(9+0L! R#)$>688$7#8E)+(+! $>&)! 8#$./(+0+$! $)#>! &%! 8+! 9#0! $%<0$%! 76)#9! +(+09#0+$6)%&%!.+0! >0/(+T! /9! 7#8)+(+! $>&)! J&! 6%)<$+(8+! +==+>%! ZN=L! 8#$>6$N/(! #!>&.L!3L1L3\L!!_%=/07#(9!&:!+(!/.%#7&)!.0/90&76%=/07#(9!9#%%!;(/:&$!7U)!/9!0&77+I+%#(9+)$+0!>&(!8+)+$!#!=<)9+(8+!%0+!J/:+86%=/080#(9+0X!!#L a:&!+0!+(!/.%#7&)!=/08+)#(9!&:!%#)$>688$7#8)+0!/9!&>%#E:#%+%+0!7+))/7!'('.)"2.+3014$+(!/9!'('.)"/.01!!##L ?((+(=/0! J:+0%! &:! /70U8+(+!f!J:/08&(! 9N<0+! +(! /.%#E7&)!6%:+)9+)$+!&:!$%<%%+:+08#9+!.0/$N+>%+0Y!###L a:&! +0! +(! /.%#7&)! =/08+)#(9! &:! $%<%%+7#8)+(+! I)&(%! 6%E:&)9%+!$%<%%+:+08#9+!.0/$N+>%+0Y!J#(>-&'&.(2+L*11&-.1&3.Q==+(%)#9! $%<%%+! .U:#0>+0! 7&0>+8$&>%<0+(+$! +9+(#(($&%$! /9!J&0!%#)!J+($#>%!U!.U:#0>+!&>%<0+(+!%#)!+(!$%<00+!b+(+09##(($&%$b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

"608+0#(9!&:!;(/:&$!6%)<$+(8+!+==+>%!Vista Analyse AS 53 0U8+L! ?((+(=/0! /70U8+%! (*! =/0(*I&0! +(+09#.0/86>$N/(! :#)!:#0>$/7J+%+(+! #! 7U)906..+(+! J&! 7U)! $/7! #! $%/0! 90&8! $&7E7+(=&))+0!7+8!;(/:&$!7U)L!K+%%+!%#)$#+0!&%!7&(!#!6%9&(9$.6(>E%+%!7U!=/0:+(%+!&%!$%<%%+/08(#(9+(+!6(8+0!+(+09#I06>!:#)!>6(E(+!6%)<$+! =)+0+! b$#8+&>%#:#%+%+0b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b$)&>>b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`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

"608+0#(9!&:!;(/:&$!6%)<$+(8+!+==+>%!Vista Analyse AS 54 0+%+! 6(8+0$<>+)$+0! J/$! ;(/:&! /9! I)&(%! $<>+0+! /9! %#)E$>688$7/%%&>+0+L!!M"+ ;)0'&4A'-7(%2=-)*>*.$''40'0'*-&*(3/F20)70*0GG0%3N*K.L-"3-*%%&-..K+%! +0! =#0+! .0/90&77+0! $/7! $/0%+0+0! 6(8+0! +(+09#.0/86>E$N/(FX!!• G/0(*I&0!:&07+!Z[LCDB!P^JT!!1L211!W>0\!• G/0(*I&0!>0&=%.0/86>$N/(!Z3L5Dc!P^JT!3Lc5F!W>0\!• A&%609&$$!Z[L[Bc!P^JT!35D!W>0\!• A*!%+>(/)/9#!ZcF!P^JT!1c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bM6I)#`! ,+0:#`+! QI)#9&E%#/($b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• ':>&$%(#(9+(!Z#(>)68+0%!$%<%%+\!I+90+($+$!%#)!D!.0/$+(%!0+&)0+(%+!=<0!$>&%%!• H/(>600&($+>0#%+0#+%!I+(*%%+$!7+8!>/$%(&8$+==+>%#:#%+%!#!=/0J/)8!%#)!+(+09#0+$6)%&%!$/7!J/:+8>0#%+0#+!• K+%!+0!/..9#%%!J:/0!$%/0!&(8+)!&:!8+!$&7)+8+!9/8>N+(%+!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!6 Aggregerte energiresultat og disponeringer 2001-2009 korrigert for sluttrapportere og kansellerte prosjekt i parentes. Tallene (med unntak av naturgass) er hentet fra tabell 2 i Enovas Resultatrapport, 2009.

"608+0#(9!&:!;(/:&$!6%)<$+(8+!+==+>%!Vista Analyse AS 55 >/$%(&8+(+!$%<%%+(!>&(!6%9N<0+!Z[2!f!c2!.0/$+(%\!•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`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`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b.*(%+0b! .U! 0+$6)%&%+(+T! +))+0! J&0! #(%+0+$$+0+0! 6%E/:+0! <>/(/7#$>+! #! =U! 9N+((/7=<0%! .0/$N+>%+%T! >&(! 8+%%+! 9#! #(E`+(%#:+0!%#)!U!%#).&$$+!$<>(&8+(!=/0!U!(U!/..!#!>/(>600&($+(!/9!

"608+0#(9!&:!;(/:&$!6%)<$+(8+!+==+>%!Vista Analyse AS 56 6%)<$+! b(/+! $%<%%+b! =0&7=/0! b#(9+(! $%<%%+bL! M0/$N+>%+(+! :#)! /=%+!J&! +%! 0#$#>/+)+7+(%! /9! =)+0+! 6$#>0+! :&0#&I)+L! ;(! 6(8+0+$%#7+E0#(9!&:!>/$%(&8+(!=/0!U!7+8!$%<00+!$#>>+0J+%!6%)<$+!$%<%%+T!>&(!6(8+0!9#%%+!=/06%$+%(#(9+0!:V0+!0&$N/(+)%!$+%%!=0&!$<>+0$!$#8+L!!H/(>600&($+>0#%+0#+%! :#)! 8+07+8! >6((+! 9#! (/+(! #(`+(%#:+0! %#)!$<>(&8$%#).&$(#(9+0! 8+0! =/0:+(%+%! +(+09#0+$6)%&%! /:+080#:+$T!7+($! >/$%(&8$$#8+(! .0+$$+$! &(80+! :+#L! K+0! 7#(#767$>0&:! %#)!$%<%%+I+)<.!/..9#$!>&(!8+%!=0&!$<>+0(+$!$#8+!:V0+!$%0&%+9#$>!U!%#).&$$+! >/$%(&8+0! /9! +(+09#0+$6)%&%! $)#>! &%! $%<0$%! 76)#9! $%<%%+!/..(U$T!$+):!/7!8+%%+!9#0!7+0!$%<%%+!+((!b6%)<$+(8+!$%<%%+bL!!J#(>-&'&1.(2+L*1'2'3.,%0&%+9#$>+! %#).&$(#(9+0! #((+(=/0! .0/90&77+(+! >&(! 9#! =<)9+(E8+!6%#)$#>%+8+!+==+>%+0X!!&\ P/8+!.0/$N+>%+0!>&(!=/0%0+(9+$!&:!8U0)#9+0+!.0/$N+>%+0L!!I\ H/$%(&8$>/(>600&($+! >&(! =<0+! %#)! &%! $%<%%+(#:U+(+! I)#0!=/0!)&:+!$)#>!&%!.0/$N+>%+(+!#>>+!I)#0!9N+((/7=<0I&0+T!/9!7&(9+!&:I06%%+!+))+0!#>>+E#9&(9$&%%+!.0/$N+>%+0!>&(!I)#!0+$6)%&%+%L!`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• !'(%&))!$<>(&8+0!/9!&(8+)!#((:#)9+8+!$<>(&8+0!• !,%<00+)$+(!.U!$%<%%+I+)<.!.+0!$<>(&8!!• !a*..#9J+%!.U!6%)*$(#(9T!$<>(&8$=0#$%+0!!• !R#))+99$>0#%+0#+0!6%/:+0!>/(>600&($+>0#%+0#+%!!• !_%=&))$0/77+%!=/0!%#)%&>!!"#(8>0&=%! 8&((+0! +%! *%%+0.6(>%! 7+8! 31! $<>(&8+0T! J:/0&:! C!I+J&(8)+%! /9! 5! #((:#)9+%! #! 122BL! ,&7)+%! $%<%%+I+)<.! %#)! 8#$$+!

"608+0#(9!&:!;(/:&$!6%)<$+(8+!+==+>%!Vista Analyse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`+(%#:+0! /9! %#).&$(#(9+0! $/7! >&(! =/0:+(%+$L! ?! 8+%! =<)E9+(8+!9U0!:#!>/0%!9N+((/7!(/+(!7/8#=#>&$N/(+0!#!=/0J/)8!%#)!8+!9+(+0+))!#(`+(%#:+(+!$/7!+0!.0+$+(%+0%!=/0&(L!!@+&-&.-$')&-.&')-&-.1L2++&(.?(:+$%+0#(9$.0/90&77+%! =/0! )/>&)+! +(+09#$+(%0&)+0! J&0! )<.+(E8+! $<>(&8$I+J&(8)#(9L! K+%%+! >&(! 9#! #(`+(%#:+0! %#)! U! b.0<:+b!$+9T! /9! 9N+(%&! $<>(&8! 7+8! )&:+0+! $%<%%+! $+(+0+L! ! ?! .0&>$#$! :#)!8+%%+! 9N<0+$! 9N+((/7! 0+:#$N/(! &:! $<>(&8! #! 8#&)/9! 7+8! ;(/:&L!-+$6)%&%+%! =/0:+(%+$! U! >/(:+09+0+! 7/%! +%! $%<%%+I+)<.! (V0!/..9#%%! 7#($%+>0&:+%!Z3T1c! >^J! .+0! $%<%%+>0/(+\! /9! +(! &:E>&$%(#(9!.U!D!.0/$+(%L!!"#(8>0&=%.0/90&77+%! =/08+)+0! $%/0+! 0&77+0! Z3! 708! >0/(+0! #!$#$%+! 06(8+\T! J&0! =U! %#)$>688$<>+0+! /9! )&(9+! $<>(&8$06(8+0!Zn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

"608+0#(9!&:!;(/:&$!6%)<$+(8+!+==+>%!Vista Analyse AS 58 7+8! $%<%%+(! $/7! 6%)<$+$L! K+%! >&(! )#>+:+)! :V0+! +(! )#%+(! 0#$#>/!=/0! &%! $%<%%+(! $/7! 6%)<$+$! #>>+! +0! %#)$%0+>>+)#9! %#)! U! $#>0+! +(!0/I6$%! 9N+((/7=<0#(9! /9! 80#=%! &:! .0/$N+>%+(+L! a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a:/0:#8%!.0/$N+>%+(+!8&!=&>E%#$>!>/(>600+0+0!>&(!8#$>6%+0+$L!H/(>600&($+(!+0!#!%#)=+))+!7/%!+(!=/07!=/0!b0+=+0&($+.0/$N+>%b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a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b&))+b! %#).&$$+0! $+9! $%0&%+9#$>T! 7+8! $&77+! 6%=&))! =/0!J:#)>+! .0/$N+>%! $/7! %#)8+)+)+$! $%<%%+! $/7! #! +%! %#)=+))+! 6%+(! $%0&E%+9#$>! %#).&$(#(9L! ?! .0&>$#$! +0! $<>+0(+! =/0$>N+))#9+T! $)#>! &%! 76E!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!7 Vi har ikke grunnlag for å vurdere om dette er tilfelle i saksbehandlingen under dette programmet.

"608+0#(9!&:!;(/:&$!6%)<$+(8+!+==+>%!Vista Analyse AS 59 )#9J+%+(+! =/0! U! .0#/0#%+0+! 0+$$60$+0! =/0! U! (U! =0&7! 7+8! +(! $<>E(&8!:#)!:V0+!$>N+:=/08+)%L!!G*-#&).4"-.-:)326&-&.._(8+0! :&07+.0/90&77+%! I)+! 8+%! 7/%%&%%! 5D1! $<>(&8+0! /9!I+:#)9+%!CD1!7#))#/(+0!>0/(+0!#!122BL!W+8!8+%%+!(#:U+%!.U!U0)#E9+!$<>(&8+0!/9!.0/$N+>%+0!$/7!7/%%&0!$%<%%+T!7U!8+%!=/0:+(%+$!&%! 8+%! +%&I)+0+$! +%! 7&0>+8! =/0! .0/=+$N/(+))+! 0U89#:+0+! .U! $<>E(&8$E! /9! .0/$N+>%6%=/07#(9L! -U89#:+0(+! :#)! J&! #(`+(%#:+0! %#)! U!=U!b$#(+b!$<>(&8+0!9N+((/7!f!IU8+!=/0!U!<>+!$#(!7&0>+8$:+08#!$/7!$<>(&8$$>0#:+0T!/9!=/0!U!=U!:#8+0+!0U89#:(#(9$/..80&9!:+8! 9N+((/7=<0#(9+(! &:! .0/$N+>%+%L! ! W+8! +0=&0#(9! =0&! 7&(9+!.0/$N+>%T! :#)! 0U89#:+0(+! >6((+! /..&0I+#8+! $+9! =/0%0#((! #! $<>E(&8$.0/$+$$+(!$&77+()#>(+%!7+8!b+(9&(9$$<>+0+bL!!a:/0:#8%!8+%%+!9#0!+==+>%#:#%+%$9+:#($%+0!+))+0!E%&.T!&:J+(9+0!&:!/7! >/7.+%&($+(! $/7! 6%:#>)+$! I+(*%%+$! %#)! U! 0++)%! $+%%! 9N<0+!.0/$N+>%+(+!I+80+T!/9!$<>(&8$.0/$+$$+(!7+0!+==+>%#:T!+))+0!/7!0+$$60$+0!/9!>/7.+%&($+!>6(!I+(*%%+$!%#)!U!=U!+%!.0/$N+>%!=0&7!7+8! $%<0$%! 76)#9! 6%)<$%! $%<%%+L! ! W+8! 6%9&(9$.6(>%! #! 7U)$+%E%#(9+(! /7! :&0#9+! 7&0>+8$+(80#(9+0T! :#)! /..I*99#(9! &:! >/7E.+%&($+! /9! +0=&0#(9! #! 0U89#:+07&0>+8+%! 6&($+%%! J&! +(! ./$#%#:!+==+>%L!!P1515 A*)#+4?#/;%H%8#)..:4;;)#8%()$%."#-)*8)8%:8"#%/839:)*$)%)..);8%%%Q-&4412##&-(.2.4"-7"+).(2+.-&1$+(*(%:+&'&.M0/90&7%+>$%+(+! 6(8+0! +(+09#.0/86>$N/(! /..=*))+0! >0#%+0#+0!%#)! .0/90&76%=/07#(9+0! $/7! %#)0+%%+)+99+0! =/0! +(! >/$%(&8$+=E=+>%#:!$<>(&8$I+J&(8)#(9T!)&:+!!%0&($&>$N/($>/$%(&8+0T!/9!J<*!&88#$N/(&)#%+%L! K+! +(>+)%+! 8+).0/90&77+(+! +0! 0+%%+%! 7/%! :#>E%#9+!:+)8/>67+(%+0%+!I&00#+0+0T!/9!>0#%+0#+(+!=/0!U!6%)<$+!$%<%E%+!:#)!6%)<$+!%(41'3'*J&(8)#(9+0!.U!;(/:&$!7U)/70U8+0L!!M0/90&76%=/07#(9+(! $%#76)+0+0! #! )#%+(! 90&8! %#)! 6<($>+8+! &>%#E:#%+%+0! #! 8+(! J+($#>%! U! %#)+9(+! $+9! +(! $%<00+! $%<%%+&(8+)! +((!7&(!+0!I+0+%%#9+%L!!,U! )&(9%! $/7! 8+%! +0! 76)#9! #((+(=/0! ;(/:&$! 0&77+I+%#(9+)$+0T!$*(+$! /9$U! >0&:+%! /7! >/$%(&8$+==+>%#:#%+%! .U! %:+0$! &:! .0/E90&77+(+! U! :V0+! #:&0+%&%%! .U! +(! J+($#>%$7+$$#9! 7U%+L! W+8!>:&(%#=#$+0%+! 7U)! #((+(=/0! +(>+)%+! /70U8+0! Z:#(8! /9! :&07+\!:#)! 8+%! :V0+! I+90+($(#(9+0! 7J%! J:/0! $%/0! >/$%(&8$+==+>%#:#%+%!$/7! >&(! /..(U$L! "608+0#(9! &:! >/$%(&8$+==+>%#:#%+%! :#)! /9$U!&:J+(9+! &:! /7! >/$%(&8+(+! $>&)! 7U)+$! 7/%! >/(%0&>%$=+$%+8+!U0)#9+! +(+09#0+$6)%&%+0T! 0+&)#$+0%+! 0+$6)%&%+0! +%! $%*>>+! =0&7E/:+0! #! %#8! +))+0! )+:+%#8$N6$%+0%+! 0+$6)%&%+0L! _&($+%%! J:/08&(!0+$6)%&%+(+! 7U)+$! :#)! >0&:+%! /7! $%<0$%! 76)#9! +(+09#0+$6)%&%!.+0! $%<%%+>0/(+! #>>+! :V0+! =/0+(+)#9! 7+8! >:&(%#=#$+0%+! 7U)! #(E(+(! $.+$#=#>>+! /70U8+0L! -+$6)%&%7U)+%! =/0! :#(8>0&=%! >0+:+0! +%!I+%*8+)#9! J<*+0+! $%<%%+I+)<.! .+0! >SJ! +((! 0+$6)%&%7U)+%! =/0!:&07+L!!@"-(1*((.1(>((&0&7"6..4"-.'<.4"-'<0*-.&'&-;W&0>+8$I+%#(9+)$+(+!+0!#>>+!%#)$%0+>>+)#9+!%#)!&%!(*!+(+09#.0/E86>$N/(! >&(! =/0:+(%+$! U! I)#! >/(>600&($+8*>%#9! 6%+(! $6I$#8#+0!

"608+0#(9!&:!;(/:&$!6%)<$+(8+!+==+>%!Vista Analyse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h0$&>+(+!%#)!&:I06%%+!.0/$N+>%! +0! $&77+($&%%+T! 7+(! >&(! $>*)8+$! &%! =+#)! .0/$N+>%! +0!:&)9%! /94+))+0! &%! .0/$N+>%+(+! J&0! =U%%! =/0! )#%+! $%<%%+! %#)! U! >6((+!9N+((/7=<0+$L!"#!J&0!#>>+!J&%%!76)#9J+%+0!%#)!U!&(&)*$+0+!U0$&E>+(! %#)! &:I06%%+! .0/$N+>%+0! 6(8+0! +(+09#.0/86>$N/(T! 7+(! 0+E9#$%0+0! &%! 122B! J&88+! 0+>/087&(9+! &:I06%%+! .0/$N+>%L! G/0!<:0#9! :#$+0! :#! %#)! 8#$>6$N/(+(! 6(8+0! >&.L!3L1L3! 8+0! 8+%! =0&79U0!&%! IU8+! 90&%#$.&$$&$N+0+0! /9! &:I06%%+! .0/$N+>%! (+..+! +0! 76)#9!U!6((9U!:+8!8+(!%*.+!$%<%%+.0/90&77+0!;(/:&!8#$./(+0+0L!"#!J&0!J+))+0!#>>+!906(()&9!=/0!U!>6((+!>/(>)68+0+!7J%!/7!&(8+E)+(!&:I06%%+!.0/$N+>%!+0!.U!+%!0#7+)#9!(#:U!9#%%!;(/:&$!0&77+EI+%#(9+)$+0L!!W+8! 8&9+($! .0/90&76%=/07#(9! 6(8+0! +(+09#.0/86>$N/($.0/E90&77+(+!:#)!=<)9+(8+!=/0J/)8!>0+:+!$.+$#+))!/..7+0>$/7J+%!#!$&>$I+J&(8)#(9+(X!!• ,<>+0$!/..9#%%+!+(+09#0+$6)%&%!!• ?((9&(9$8&%&!#!#(:+$%+0#(9$&(&)*$+!8+0!$<>+0!J&0!=&$%$&%%!=/06%$+%(#(9+0!/9!:+08#+0!

"608+0#(9!&:!;(/:&$!6%)<$+(8+!+==+>%!Vista Analyse AS 61 •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• @/)#9T!I*99!/9!&()+99!Z15D[!P^JT!33FF!WAQH\!• ?(86$%0#!Z52cC!P^JT!33cD!WAQH\!• H/776(+!!• a6$J/)8(#(9!!M0/90&77+(+! /9! &>%#:#%+%+(+! 0+%%+%!7/%! J6$J/)8(#(9+(+! J&0!#>>+!:V0%!+(!8+)!&:!:U0!:608+0#(9L!E*--2&-&-..@&00#+0+(+! #((+(=/0! /70U8+%! 0+86$+0%! +(+09#=/0I06>! +0! 7+0!$&77+($&%%+! +((! =/0! (*! +(+09#.0/86>$N/(L! a<*+! >/$%(&8+0!:+8! /7)+99#(9$E!/9!+(+09#0+86$+0+(8+!%#)%&>!#!=/0J/)8!%#)!I+E$.&0+)$+(!$/7!>&(!/..(U$T!+0!+(!I&00#+0+!/9$U!=/0!+(+09#0+86E$+0+(8+! %#)%&>L! ! ,&7%#8#9! +0! 8+%! +(! 0+>>+! .0#:&%E!/9!I+80#=%$E<>/(/7#$>! )<(($/77+! %#)%&>! $/7! #>>+! 9N+((/7=<0+$L! "#>%#9+!I&00#+0+0! =/0! 7&(9)+(8+! 0+&)#$+0#(9! &:! +(+09#0+86$+0+(8+!%#)%&>!/9!/7)+99#(9+0!+0X!!• ;(+09#>/$%(&8+(+!0+.0+$+(%+0+0!+(!)#%+(!I68$N+%%&(8+)!&:!+%!J6$J/)8(#(9$E!/94+))+0!I+80#=%$I68$N+%%L!K+!<>/(/7#$E>+!I+$.&0+)$+(+!$/7!>&(!/..(U$!/..)+:+$!/=%+!$/7!6:+E$+(%)#9+!#!+(!$%<00+!$&77+(J+(9!• e&:!I+:#$$%J+%T!>6(($>&.!/9!>/7.+%&($+!!/7!+9+(!+(+0E9#I06>T!+(+09#>/$%(&8+0!/9!%#)%&>!!• ;(+09#!)+:+0+0!+(!%N+(+$%+!$/7!9#0!>/7=/0%!/94+))+0!I+(*%E%+$!$/7!#(($&%$=&>%/0!#!+(!$%<00+!:+08#$>&.(#(9L!e&:+(+0E9#&)%+0(&%#:+0!>&(!J&!&(80+!=6(>$N/(+0!+))+0!>:&)#%+%+0!$/7!I06>+0(+!/..=&%%+0!$/7!8U0)#9+0+L!!• bM)6(8+0!/9!J+=%b!:+8!/7)+99#(9+0!/9!%#)%&>!$/7!>&(!9#!.0/86>$N/($E!+))+0!>/7=/0%&:I0688!!• @68$N+%%I+90+($(#(9+0!/9!>(&..J+%!.U!#(:+$%+0#(9$>&.#E%&)!>&(!J#(80+!#(:+$%+0#(9+0!7+8!)<(($/7J+%!.U!)&(9!$#>%L!!• H/7=/0%E!/9!0+I/6(8+==+>%+0!:+8!+(+09#0+86$+0+(8+!%#)E!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!8 Aggregerte energiresultat og disponeringer 2001-2009 korrigert for sluttrapportere og kansellerte prosjekt i parentes. Tallene er hentet fra tabell 2 i Enovas Resultatrapport, 2009

"608+0#(9!&:!;(/:&$!6%)<$+(8+!+==+>%!Vista Analyse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b7+0I+$.&0+)$+(b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b+(+09#%N+(+$%+(#E:Ub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

"608+0#(9!&:!;(/:&$!6%)<$+(8+!+==+>%!Vista Analyse AS 63 6%+(!U!#(>)68+0+!&))+!&8=+08$+(80#(9+(+!%#)%&>+%!>&(!=/0:+(%+$!U!7+8=<0+L!aPL(2%*+a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g/! $%+0>+0+! +%! :#0>+7#88+)!$>&.+0!6J+)8#9+!%#).&$(#(9+0T!N/!7+0!=/0$#>%#9!I<0!8+%!8/$+0+$L!g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b.)6(8+0! /9! J+=%b! :+8! /7)+99#(9+0! :#)! I+90+($+! J:/0! $%/0! +=E=+>%!$/7!>&(!/..(U$!9N+((/7!#(=/07&$N/(L!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!9 Se blant annet analyser basert på MSG i Sverre Grepperud og Ingeborg Rasmussen: Rebound Effects . Energy Economics, Volume 26, Issue 2, March 2004, pages 261-282

"608+0#(9!&:!;(/:&$!6%)<$+(8+!+==+>%!Vista Analyse AS 64 P1B10 67#()#)%"(%"(#T$)8%?F++E%?"34+%"+%'*3)++%J%021,"'1'26:."3.0*--2&-&-..e/::+0>+%! #((+(=/0! I*99E!/9!&()+99$$+>%/0+(!ZM@eT!%+>(#$>!=/0$>0#=%T! >0&:! /7! +(+09#7+0>#(9\! $+%%+0! +%! J<*%! &7I#$N/($(#E:U! #((+(=/0! 8+((+! $+>%/0+(L! ! ;%%+0! 8+! $#$%+! #(($%0&7(#(9+(+! #!0+9+):+0>+%!=/0!(*+!I*99!Z#(>)68+0%!$%<00+!0+J&I#)#%+0#(9+0\!:#)!*%%+0)#9+0+! +(+09#0+86>$N/(+0! :V0+! I+J+=%+%! 7+8! J<*+! >/$%E(&8+0T!/9!/9$U!>0+:+!(*+!)<$(#(9+0!$/7!#>>+!+0!+%&I)+0%!#!7&0E>+8+%L!!W&(9)+(8+! %#)I68! Z7&0>+8$)<$(#(9+0\! .U! )&:+(+09#)<$(#(9+0!$/7! 9U0! 6%/:+0! 9N+)8+(8+! 0+9+):+0>! +0! 8+07+8! +(! I&00#+0+L!K+%! =#((+$! +(! 0+>>+!67/8(+! %+>(/)/9#+0! /9! )<$(#(9+0L! G+))+$!=/0! 8#$$+! +0! J<*+! >/$%(&8+0T! J<*! 0#$#>/! ZIU8+! 7J%! >/$%(&8+0T!+(+09#0+$6)%&%!/9!>:&)#%+%!.U!+(+09#%N+($%+(\!/9!)#%+!+0=&0#(9!/9!>6(($>&.!/7!./%+($#+))+!)&:+(+09#)<$(#(9+0L!!G*-#&)12'(-")$#1,"'.?(:+$%+0#(9$.0/90&77+%!=/0! (*+! I*99! /9! 0+J&I#)#%+0#(9! $/7!6%)<$+0! R;H! >&(! >&0&>%+0#$+0+$! 8+)$! $/7! .#)/%.0/$N+>%! /9! 8+)$!$/7! 7&0>+8$#(%0/86>$N/(! /9! $%<%%+! %#)! 8+7/($%0&$N/($.0/E$N+>%!=/0!U!I*99+!/..!7+0!+0=&0#(9!/9!>6(($>&.!/7!=0+7%#8#9+!)<$(#(9+0L! K+%%+! +0! 0+)+:&(%! #! =/0J/)8! %#)!)&(9$#>%#9+! ./)#%#$>+!7U)! /7! +(+09#I06>! #! I*99! /9! 6%/7J6$&()+99L! M0/90&77+%! +0!0+%%+%! 7/%! :#>%#9+! I&00#+0+0! =/0! +(! )&(9$#>%#9! +(+09#/7)+99#(9T!/9!>&(!I#80&!%#)!:&0#9+!+(80#(9+0!#!+%!)&(9$#>%#9!.+0$.+>%#:L!!W(+>1&')&.1(>((&.?(:+$%+0#(9$$%<%%+(! +0! 6%=/07+%!7+8! $%<%%+! .+0! 71T! 7+8! $%#E9+(8+! &7I#$N/($(#:UL! P#%%! &%! ;(/:&! >:&)#%+%$$#>0+0! =/0:+(%+%!+(+09#0+$6)%&%T!$#>0+0!$%<%%+(!)#>+I+J&(8)#(9T!/9!+(!+(>+)!$<>E(&8$.0/$+$$! =/0! $<>+0L! K+%%+! :#)! <>+! #(:+$%+0#(9$$%<%%+($! 0+)+E:&($! /9! %#)9N+(9+)#9J+%! =/0! +(! $%<00+! 8+)! &:!7U)906..+(! +((!8+%! $/7! J&0! :V0%! %#)=+))+! %#8)#9+0+! 6(8+0! 8+%%+! .0/90&77+%L!,%<%%+(! %#)! (*I*99! /9! /7=&%%+(8+! 0+J&I#)#%+0#(9! >&(! /..=&%%+$!$/7! 0+%%#9J+%$I&$+0%T! 8:$L! &%! $<>+0! J&0! 0+%%! .U! $%<%%+! 9#%%! &%!7&(! /..=*))+0! 9#%%+! >0#%+0#+0L! K+%%+! U.(+0! =/0! 90&%#$.&$$&$N+E0+0L!W+(!7+8!$%<%%+$&%$+0!.U!0#>%#9!(#:U!#!=/0J/)8!%#)!>/$%(&8+E(+T!:#)!$&(($*()#9J+%+(!=/0!90&%#$.&$$&$N+0+0!:V0+!)#%+(L!!I#121(&-&')&.0<33.?(:+$%+0#(9$$%<%%+(! =/0! U! 6%)<$+! +(+09#0+86$+0+(8+! %#)%&>! #! +>E$#$%+0+(8+! I*99! 7U! =/0:+(%+$! U! 9#! 0+)&%#:%! $+%%!)#%+(! 6%)<$+(8+!+==+>%! 7+8! 8&9+($! .0/90&76%=/07#(9! ZN=! >&.L![L[L[\L! K+%%+! I+E906((+$!7+8!&%!.0/90&76%=/07#(9+(!9#0!$%/0%!0/7!=/0!b)+>>&E$N+0b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

"608+0#(9!&:!;(/:&$!6%)<$+(8+!+==+>%!Vista Analyse AS 65 P1B15 67#()#)%"(%<#"+#'("(#T$)8%4*$/:8#4%J6(*+&.K+%!+0!#((9U%%!+(!&:%&)+!7+))/7!;(/:&!/9!A/0$>!?(86$%0#L!;(/E:&!=/0.)#>%+0!$+9!9N+((/7!&:%&)+(!U!J&!%#)%&>!0+%%+%!7/%!#(86$%E0#+(L! A/0$>! #(86$%0#! +0! +(! #(%+0+$$+/09&(#$&$N/(! =/0! 8+(! >0&=%E>0+:+(8+!#(86$%0#+(L!![>''1"%%&.L"(&';12*+&-.;(/:&! J&0!6%&0I+#8+%! +(! ./%+($#&)$%68#+! $/7! :#$+0! I+%*8+)#9+!./%+($#&)+0! =/0! +(+09#+==+>%#:#$+0#(9+0! #! #(86$%0#+(L! K+(! $&7E7+! $%68#+(! :#$+0! &%! )<(($/77+! %#)%&>! $/7! #>>+! =/06%$+%%+0!+>$%+0(! #(=0&$%06>%60! >&(! 0+&)#$+0+$! 7+8! U0)#9+! #(:+$%+0#(9+0!$/7! %#)$:&0+0! 06(8%! 5! .0/$+(%! &:! #(86$%0#+($! I06%%/#(:+$%+E0#(9+0! #! 122CL!W+8! U0)#9+! #(:+$%+0#(9+0! .U! 8+%%+! (#:U+%! :#)! #(E86$%0#+(!>6((+!6%)<$+!31!R^J!=0&7!7/%!1212L!!!X&&++&.0*--2&-&-?..@+0+9(#(9+(! +0! =/0+%&%%! 7+8! +(! =/06%$&%%! +(+09#.0#$! .U! [2! <0+!.+0! >^J! /9! 7+8! +%! &:>&$%(#(9$>0&:! .U! 32! .0/$+(%L! ,/7! :#$%!=/0&(! J&0! ;(/:&! #! &(80+! .0/90&77+0! +%! <:0+! %&>! .U! &:>&$%E(#(9+(! .U! D! .0/$+(%L! W+8! J<*+0+! +(+09#.0#$+0! +((! 8+%! $/7! +0!=/06%$&%%! #! ./%+($#&)$%68#+(! <>+0! #(86$%0#+($! )<(($/7J+%! :+8!%#)%&>+(+L!M/%+($#&)$%68#+(! =/0! #(86$%0#+(! #8+(%#=#$+0+0! 7&(9)+(8+! I+E80#=%$<>/(/7#$>!-55.-15"&"5'5! $/7! +(! I&00#+0+! #! +(+09#/7)+9E9#(9$&0I+#8+%L! ;%! :#>%#9! $.<0$7U)! +0! /7! 8+%%+! I<0! :V0+! 0+)+E:&(%!=/0!U!6%)<$+!/==+(%)#9!#(:+$%+0#(9$$%<%%+L!!?(86$%0#+(! I+$%U0! #! &))! J/:+8$&>! &:! $%/0+T! >/7.+%+(%+!>6((E$>&.$I+80#=%+0L!!?(86$%0#+(!J&0!%#8)#9+0+!6%0+8+%!./%+($#&)+%!=/0! +(+09#+==+>%#:#$+0#(9T! /9! J&0! %0&8#$N/(+)%! :V0%! $:V0%! =/>6E$+0%!.U!+(+09#.0#$+0!/9!+(+09#>/$%(&8+(+$!I+%*8(#(9!=/0!)<((E$/7J+%+(L! K+%! +0! 8+0=/0! 906((! %#)! U! $%#))+! $.<0$7U)! :+8! /7!>/7.+%&($+! /9! #(=/07&$N/(! +0!+(!:+$+(%)#9!I&00#+0+!=/0!+(+0E9#/7)+99#(9+0! #! (/0$>! +(+09#>0+:+(8+! #(86$%0#L! ;%! 76)#9! 6((E%&>! >&(! :V0+! $7UT! )#%+! +(+09##(%+($#:+! #(86$%0#I+80#=%+0L! M0/E90&76%=/07#(9+(! %#)$#+0! #7#8)+0%#8! #>>+! &%! $7UT! )#%+! +(+09##(E%+($#:+!#(86$%0#I+80#=%+0!+0!+(!.0#/0#%+0%!7U)906..+L!!!G:+4"-1#<6'2'3..G0&! .0/90&7%+>$%+(! 9U0! 8+%! =0&7! &%! ;(/:&! &0I+#8+0! =/0! &%!(/0$>!#(86$%0#!$>&)!$%*0>+!$#(!1+(10..-(4''&('!9N+((/7!7#)N<E:+(()#9! /9! +==+>%#:! +(+09#I06>L! K+%%+! >&(! )+$+$! $/7! &%! ;(/:&!<($>+0! U! I06>+! $#(+! :#0>+7#8)+0! /9! >/7.+%&($+! %#)!U!$%*0>+!#(86$%0#+($! >/(>600&($++:(+! /9! &%! 8+%%+! +0! 8+%! =<0+(8+! 7U)+%!=/0! &0I+#8+%L!! M0/90&76%=/07#(9+(! %*8+0! 8+07+8! .U! +(! 7U)E=/0$>*:(#(9! =0&! ;(/:&$! $#8+! $/7! 0+#$+0! %:#)! 7J%! /7! .0/90&7E7+%! +0! 6%=/07+%! =/0! U! 9#! $%<0$%! 76)#9! +(+09#I#80&9! .+0! >0/(+!;(/:&! I06>+0T! 6&:J+(9#9! &:! $+>%/0L! ;(/:&! J&0! #! +%! (/%&%!Z1232I\! #(=/07+0%! /7! &%! .0/90&7%+>$%+(! +0! 6(8+0! 0+:#$N/(T!/9! &%! 7U)+%! +0! +(80+%L! ,&7%#8#9! I+>0+=%+$! 8+%! #! (/%&%+%! &%! #(E86$%0#I+80#=%+0! 7U! 9#$! $V0:#)>U0T! /9! &%! #(86$%E0#4(V0#(9$./)#%#$>+! J+($*(! =0+78+)+$! :+#+0! %6(9%! #! .0/90&7E6%=/07#(9+(!ZN=!>&.L!5\L!!

"608+0#(9!&:!;(/:&$!6%)<$+(8+!+==+>%!Vista Analyse AS 66 KF.*6.KK..4:-.G0&!122BE0&../0%+(!0+9#$%0+0!:#!&%!5[!&:!55!$<>+0+!%#)!$&77+(!J&0!7/%%&%%!cD2!7#))#/(+0!>0/(+!#!$%<%%+L!H/(%0&>%$=+$%+%!+(+0E9#0+$6)%&%! $/7! /..9#$! #! 0+$6)%&%0&../0%+(! +0! .U! ! 3L1c2! P^JL!,%<%%+7#8)+(+! +0! %#)$*(+)&%+(8+! 7/%%&%%! 6%+(! >/(>600&($+! /9!8+%! +0! I0&($N+($! +9+%! &:>&$%(#(9$>0&:32! Z/9! #>>+! ;(/:&$! 7&>E$#7&)&:>&$%(#(9! $/7! I06>+$! .U! <:0#9+! $<>+0+\! $/7! 8&((+0!6%9&(9$.6(>%+%!=/0!$%<%%+(L!!?(86$%0#I+80#=%+0!$+0!8+07+8!6%!%#)!U! J&! +(>)+0+! %#)9&(9! %#)! $%<%%+!f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følge programteksten beregnes støtten med utgangspunkt i ”+(! &:>&$%(#(9! $/7! +0! :&()#9! =/0! >/$%E(&8$0+86$+0+(8+!.0/$N+>%+0!#!I0&($N+(b.

"608+0#(9!&:!;(/:&$!6%)<$+(8+!+==+>%!Vista Analyse AS 67 @"-6&'(&(.(2+L*1'2'3?.W+8! 6%9&(9$.6(>%! #! %+/0#! /9! +7.#0#! :#)! +(! =/0:+(%+%! %#).&$(#(9!:+8! $%/0+! /==+(%)#9+! #(:+$%+0#(9$$%<%%+.0/90&77+0! :V0+! &%!$%+0>+! #(%+0+$$+/09&(#$&$N/(+0! 9N+((/7! 0+(%E$++>#(9! >)&0+0! U!.U:#0>+!$%<%%+.0/90&77+%!%#)!+9+(!=/08+)L!!"#! J&0! #>>+! J&%%! 906(()&9! =/0! U! >6((+! :608+0+! /7! 8+%%+! J&0!:V0%! %#)=+))+! :+8! 6%=/07#(9+(! &:! $%<%%+/70U8+%! #(86$%0#T! 7+(!:#)!.+>+!.U!=<)9+(8+X!!• ':%&)+!7+))/7!;(/:&!/9!A/0$>!#(86$%0#!$/7!=/0.)#>%+0!;(/:&L!• ,%<%%+7#8)+0!%#)!#(86$%0#I+80#=%+0!$/7!%#)$*(+)&%+(8+!%#)8+E)+$!6%+(!0++))!>/(>600&($+!ZcD2!7#))#/(+0!#!122B\L!• K#==6$+!$%<%%+>0#%+0#+0!$/7!>0+:+0!$:V0%!906(8#9!>/(%0/))T!>/7.+%&($+!/9!#(($#>%!#!I+80#=%+(+$!I&$+)#(+!ZJ:/08&(!8+!J&88+!%#).&$$+%!$+9!6%+(!$%<%%+\L!K+%%+!9#0!$%/0!0#$#>/!=/0!90&%#$.&$$&$N+0+0!$&77+()#>(+%!7+8!.0/90&77+(+!6(E8+0!+(+09#.0/86>$N/(L!• -/7!=/0!J<*+0+!&:>&$%(#(9!.U!$%<%%+8+!%#)%&>!+((!8+%!$/7!%#))&%+$!=/0!;(/:&$!<:0#9+!.0/90&77+0L!!• ;%!$%/0%!.U:#$%T!)<(($/7%!+(+09#./%+($#&)!$/7!J&0!:V0%!>N+(%!/:+0!)&(9!%#8T!7+(!$/7!#>>+!J&0!:V0%!6%)<$%L!?(86$%E0#+(!/..(U0!8+07+8!+(!9+:#($%!:+8!U!b#>>+!J&(8)+b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c2! .0/$+(%! &:!$%<%%+(\! >/77+0! #! %#))+99! %#)! /..9&:+0! >/776(+(! 6&($+%%! +0!

"608+0#(9!&:!;(/:&$!6%)<$+(8+!+==+>%!Vista Analyse AS 68 =/0.)#>%+%!%#)!U!9N+((/7=<0+T!/94+))+0!/7!8+)+0!&:!$%<%%+(!9U0!%#)!)<.+(8+!/..9&:+0L!!M0/90&77+%! >&(! 6%)<$+! =)+0+! 6%0+8(#(9+0! /9! 9#! +%! 7&0>+8! =/0!0U89#:+0+L! a:#)>+(! +==+>%! =)+0+! 6%0+8(#(9+0! #! >/776(+(+! =/0E:+(%+$! U! 9#! .U! +(+09#0+$6)%&%+%! +0! #>>+! 8/>67+(%+0%L! M0/E90&77+%! >&(! %#)! +(! :#$$! 90&8! $++$! .U! $/7! =#(&($#+0#(9! &:! $<>E(&8$.0/$+$$+0! %#)! &(80+! .0/90&77+0L! a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• ;0! .0/90&77+(+! 0+%%+%! #((! ! 7/%! 8+! :#>%#9$%+! I&00#+0+E(+Y!•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

"608+0#(9!&:!;(/:&$!6%)<$+(8+!+==+>%!Vista Analyse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

"608+0#(9!&:!;(/:&$!6%)<$+(8+!+==+>%!Vista Analyse AS 70 G0&! 0+$6)%&%0&../0%+(! 122B! =0&79U0! 8+%! &%! 5[! &:! 55! $<>+0+!=#>>!%#)$>688!Z%#)!$&77+(!c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a:/0:#8%! 8+%%+! 0+$6)%&%+%! =&>%#$>! +0! 6%)<$%T!8:$! J:/0! $%/0! &(8+)! &:! 0+$6)%&%+(+! $/7! #>>+! :#))+! I)#%%! 9N+(E(/7=<0%! 6%+(! $%<%%+T! >0+:+0! (V07+0+! &(&)*$+0L! -&77+(! =/0!8+%%+!.0/$N+>%+%!J&0!#>>+!9#%%!0/7!=/0!8+((+!%*.+!&(&)*$+0L!.

"608+0#(9!&:!;(/:&$!6%)<$+(8+!+==+>%!Vista Analyse AS 71 U).)#'*:)#%;`/(!Mo*0*!Z122C\X!;:&)6+0#(9!&:!.0/90&7!=/0!I/)#9T!I*99!/9!&()+99T!;`/(!Mo*0*!-+./0%!122Cf3[[T!Q$)/L!;(/:&!Z1232\X!-+$6)%&%0&../0%!122B!!;(/:&! Z1232I\X! H/77+(%&0! %#)! +:&)6+0#(9! &:! ;(/:&$! 6%)<$+(8+! +==+>%L! A/%&%! 8&%+0%!12L2DL1232!G+J0T!A#)$Ea+(0#>!W<0`J!:/(!8+0!Z1221\X!AV0#(9$./)#%#>>!.U!)#>+!:#)>U0Y!A/+(!.0#($#.#+)E)+!I+%0&>%(#(9+0L!,AG!-&../0%1221X[[!G/0$>0#=%!/7!%+>(#$>+!>0&:!%#)!I*99:+0>!Z@*99%+>(#$>!=/0$>0#=%\!J%%.X44SSSL)/:8&%&L(/4)%&:834=#)+04$=E12322[1FE25DBLJ%7)p7&.2[1!P0+..+068!,:+00+!/9!?(9+I/09!-&$76$$+(X!-+I/6(8!;==+`%$!L!;(+09*!;`/(/7#`$T!"/)67+!1FT!?$$6+!1T!W&0`J!1225T!.&9+$!1F3E1D1!A/08#$>! 7#(#$%+00U8! Z122B\X!;(+09*! +==#`#+(`*! #(! %J+! A/08#`! I6#)8#(9! $+`%/0f!./%+(%#&)$!&(8! #($%067+(%$L! -&../0%+(! 6%&0I+#8+! &:! H&0#(! ?I+(J/)%!/9!H&%&0#(&!e#)N+=/0$L! A/08#$>!7#(#$%+00U8XM6I)#>&%#/($(677+0122BXcF1!J%%.X44SSSL(/08+(L/094$:4.6I)#>&%#/(+04.6I)#>&%#/(+04122BEcF1!A/0$>! ?(86$%0#! /9! ;(/:&! Z122D\X! ,&7&0I+#8$&:%&)+! 7+))/7! A/0$>! ?(86$%0#! /9! ;(/:&! ,G!J%%.X44(&0#(9L+(/:&L(/XD24=#)+L&m8Y=#)+K&%&?Kq&C18IC3[EB33cE5138E&c`&E5823BF5535I`!A/0$>! #(86$%0#! /9! ;(/:&! Z122B\X!M/%+($#&)! =/0! +(+09#+==+>%#:#$+0#(9! #! (/0$>! )&(8I&$+0%!#(86$%0#L!J%%.X44(&0#(9L+(/:&L(/XD24=#)+L&m8Y=#)+K&%&?Kq21FCDD5BEc8=1E5325ED=DIE&1+&1B+c`I==!Q8+)$%#(9$.0/./$#$N/(!(0L![c!Z1222!E1223\!J%%.X44SSSL+(/:&L(/4$#%+.&9+:#+SL&$.mY&0%#`)+?Kq1111!,%L7+)8L!(0L!1B!Z3BBDEBB\!Q7!+(+09#./)#%#>>+(!!R6))/`>T! P/08/(! Z3BFC\T! bRJ+! S+)=&0+! `/$%! /=! %&0#==$T! 7/(/./)#+$! &(8! %J+=%bT! ^+$%+0(L!;`/(/7#`!g/60(&)!cT!115E[1L!"+8%+>%+0!=/0!;(+09#=/(8+%!J%%.X44SSSL+(/:&L(/4$#%+.&9+:#+SL&$.mY&0%#`)+?Kq111[!"#$%&!'(&)*$+!Z122c\X!;:&)6+0#(9!&:!;(/:&!:&07+.0/90&7L!!

Parse pdf-doc by clicking the button below. Parsed pdf-documents will be searchable.

Metadata Found
Author
Ingeborg Rasmussen
Producer
Mac OS X 10.6.4 Quartz PDFContext
CreationDate
2010-09-06T12:26:12+00:00
ModDate
2010-09-06T12:26:12+00:00
Pages
73