Effekt på CO2-utslippene i nye biler av endringer i kjøpsavgift og drivstoffavgift

Report 2011/20

Ingeborg Rasmussen og Steinar Strøm

Effekt på CO2-utslippene i nye biler av endringer i kjøpsavgift og drivstoffavgift

Category	Reports
Sub-Categories	n/a
Year	2011
Report Number	20
Author(s)	Ingeborg Rasmussen Steinar Strøm
Download	file_download (2.5 MB)
Read in browser	PDF

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899+:%!&@!+(A,#(B+,!#!:CD-$&@B#9%!.B!A,#@$%.99&@B#9%!Vista Analyse AS 11 9+ !*0&'=.5?+*20?3(&-.E.$(3"-%?'0."0.&')-?'0&-.VCD-$&@B#9%+(! ?+%&)+$! @+A! 9D,$%+B&(B$,+B#$%,+,#(B! #! A+%! $+(%,&)+!7.%.,@.B(,+B#$%+,+%O! .B! ?+,+B(+$! -;! ?&:B,6((! &@! .--)*$(#(B+,! R+,9,&/!=--,#((+)#B! @&,! :CD-$&@B#9%+(! +(! ,+(! @+,A#&@B#9%O! A+,! R+($#:%+(! @&,! ;! $:&99+!#((%+:%+,! %#)! $%&%+(/! '@B#9%+(! R&AA+! +(! -,.B,+$$#@! 6%9.,7#(BO! A@$/! &%! :.$%?&,+! ?#)+,!?)+! #)&B%! +(! ,+)&%#@%! $+%%! RD*+,+! &@B#9%! +((! ?#))#B+,+! ?#)+,/! N,&! 2HJ0! ?)+! @+:%!#(:)6A+,%! #! B,6(()&B+%! 9.,! &@B#9%+(/! Q+((+! +(A,#(B+(! @&,! ?+B,6((+%! #!+:$%+,(&)#%+%+,! $.7! @&,#+,+,! 7+A! ?#)+($! @+:%/! N,&! 2HHK! ?)+! &@B#9%+(! )&B%! .7!*%%+,)#B+,+! $)#:! &%! :CD,+%D*+%$! @+:%O! $)&B@.)67! .B! +99+:%! B#::! #((! #! B,6(()&B+%! 9.,!&@B#9%+(/! 8(A,#(B+(! @&,! ?+B,6((+%! #! +%! 7;)! .7! $%D,,+! %,+99$#::+,R+%! 7R%! ;! $:6))+!#@&,+%&! R+($*(+%! %#)! 7#)CD! .B! $#::+,R+%/! E((%+:%+,! %#)! $%&%$:&$$+(! @&,! #7#A)+,%#A!9,+7A+)+$!A+%!@#:%#B$%+!R+($*(+%/!E! $%&%$?6A$C+%%+%! 9.,! 011I! ?)+! :CD-$&@B#9%+(! )&B%! .7O! $)#:! &%! <=0>6%$)#--! #! B,&7! -+,!:#).7+%+,! +,$%&%%+%! 7.%.,+($! $)&B@.)67/! P+($#:%+(! 7+A! .7)+BB#(B+(! @&,! ;!$%#76)+,+! ?#):CD-+,+! %#)! ;! @+)B+! ?#)+,! 7+A! )&@+! <=0>6%$)#--/! VCD-$&@B#9%+(! ?)+! A&!BC.,%! &@R+(B#B! &@!?#)+($! @+:%O! 7.%.,+99+:%! .B! <=0>6%$)#--/! V,#%+,#+(+! :(*%%+%! %#)!A#$$+! #(A#:&%.,+(+! +,! .?C+:%#@+! .--)*$(#(B+,! R+(%+%! 9,&! A+%! 4+(%,&)+!7.%.,@.B(,+B#$%+,+%! .B! +,! ?&$+,%! -;! %*-+B.A:C+((#(B! 9.,! A+%! +(:+)%+! :CD,+%D*+%/!Y%9.,7#(B+(! &@! <=0>:.7-.(+(%+(! #! :CD-$&@B#9%+(! ?)+! @+A! #((9D,#(B+(! BC.,%!-,.B,+$$#@!A+,!<=0>:.$%(&A+(!-+,!B,&7!D:+,!#!%,#((@#$+!#(%+,@&))+,/!E!011J!?)+!<=0>:.7-.(+(%+(! #! :CD-$&@B#9%+(! #(A+:$,+B6)+,%! 6%+(! &%! A+%! ?)+! 9.,+%&%%! *%%+,)#B+,+!@,#A(#(B+,/!E! 011H! ?)+! A+%! -,.B,+$$#@+! +)+7+(%+%! #! &@B#9%+(! 9.,$%+,:+%/! Q+%! ?)+! A&! #((9D,%! +%!9,&A,&B!9.,!?#)+,!7+A!<=0>6%$)#--!6(A+,!201!B3:7O!.B!A+%!?)+!#((9D,%!+(!+:$%,&!RD*!$&%$! 9.,! ?#)+,! 7+A! <=0>6%$)#--! .@+,! 0`1! B3:7/! Q#$$+! ?#)+(+! ,+-,+$+(%+,%+! :6(! 1OI!-,.$+(%! &@! ?#)$&)B+%! #! 011J/! F#)+,! 7+A! 6%$)#--! 6(A+,! 201! B,&7!-+,! :7! 9#::! @+A!A+((+! +(A,#(B+(! +%! ?+%*A+)#B! -,#$&@$)&B/! Q#$$+! ?#)+(+! ,+-,+$+(%+,%+! +(!7&,:+A$&(A+)! -;! .@+,! H! -,.$+(%! #! 011J/! Y%$)#--$#(%+,@&))+%! 202>2M1! B,&7! 9#::! +%!$%D,,+! :,.(+%#))+BB! +((! #(%+,@&))+%! 2M2>2J1! B,&7! $.7! :6(! 9#::! +(! )#%+(! C6$%+,#(B/!8(A,#(B+(! B&@! A+,7+A! +(! )#:+,+! <=0>-,#$! -+,! B,&7! 9.,! A+! %.! 7#A%+,$%+! .B! 7+$%!$.)B%+!6%$)#--$#(%+,@&))+(+!bC9!W&?+))!0/2/!.B!N#B6,!0/Mc/!!!E!011J!D:%+!<=0>-,#$+(!-+,!B,&7!7+A!L01!:,!@+A!-&$$+,%+!2M1!B,&7!-+,!:7O!7+($!%#)$@&,+(A+! D:(#(B! #! 011H! @&,! -;! `! :,! -+,! B,&7! <=0/! Q+%! $%D,$%+! <=0>7&,:+A$$+B7+(%+%! bMI! -,.$+(%! 7&,:+A$&(A+)! #! 011Jc! ?)+! A+,7+A! )#%+! ?+,D,%! &@!&@B#9%$+(A,#(B+(!9,&!011J!%#)!011H/!!ND)B+(A+! %&?+))! @#$+,! :.$%(&A$:.($+:@+($+(+! &@! 6%9.,7#(B+(! &@! <=0>:.7-.(+(%+(!#!:CD-$&@B#9%+(!9,&!011J!%/./7!0121/!!

899+:%!&@!+(A,#(B+,!#!:CD-$&@B#9%!.B!A,#@$%.99&@B#9%!Vista Analyse AS 12 4*5&++.;76./*(=&-. 3"-. 9:;<#"%>"'&'(&'. ?. #,D>=*20?3(&'. ;AAI<;A6A7. C?+)&J.K?'*'=)&>*-(&%&'(&(."0.L"2)*(*J.V,.(+,!-+,!B,&7!ND,$%+! 201!B3:7!202>2M1!B3:7!2M2>2J1!B3:7!2J2>0`1!B3:7!=@+,!0`1!B3:7!4&%$+,!011J!M2O0`!2H`OH1!`2`O2L!2MMLOMJ!2MMLOMJ!4&%$+,!011H!12!!b>`11c!`0KO11!`L2O11!2MJKOIJ!0`11O11!4&%$+,!0121!10!b>K1Hc!I0`O11!IL2O11!2I1MO11!0IL`O11!EF)G(1)'#/)(1)0$*3$*').4)H@@)%$).$=)'$*D)<1/7#..)<&3($)E:@)'I%D=):F)G(1)'#/)(1)0$*3$*').4)J@A)%$).$=)'$*D)<1/7#..)<&3($)E:@)'I%D=)K#73(B)L#&*&/3(.*$1(D(&1(1)2')M2+3*1*)TC+((.7B&(B+(! 9.,&(! @#$+,!&%! &@B#9%$+(A,#(B+(! 9,&! 011J! %#)! 011H! )&(B%! -;! @+#!$:;(+%! 6%$)#--$:)&$$+(! 2M2>2J1! B,&7! -+,! :7! b$+! "#$%&! '(&)*$+O! 10/21/1H! 9.,!+:$+7-)+,! -;! A#$$+! &@B#9%$+(A,#(B+(+c/! "+A! &@B#9%$+(A,#(B+(! 9,&! 011H! %#)! 0121!,&77+$! &@B#9%$:)&$$+(! 2M2>2J1! B,&7! -+,! :7! 7+A! $&77+!:,.(++(A,#(B! $.7! A+!D@,#B+!:)&$$+(+/!!N,&! 2/! C&(6&,! 0121! +,! <=0>!:.7-.(+(%+(! *%%+,)#B+,+! @+:%)&B%/! N,&A,&B+%! 9.,! ?#)+,!$.7! $)#--+,! 6%! 7#(A,+! +((! 201! B,&7! -+,! :7! ?)+! D:%! 9,&! `11! :,.(+,! %#)! K1H! :,.(+,!-+,! B,&7O! 7+($! $&%$+(! 7+)).7! 202! .B! 2M1! B,&7! -+,! :7! ?)+! D:%! 9,&! `0K! :,.(+,! %#)!I0`! :,.(+,/! =B$;! A+! &(A,+! 6%$)#--$:)&$$+(+! 9#::! D:%+! $&%$+,! $&77+()#B(+%! 7+A!011H>(#@;+%!b$+!W&?+))!0/2!9.,!$&%$+,!9.,!<=0>:.7-.(+(%+(!#!:CD-$&@B#9%+(c/!!ND)B+(A+! %&?+))! @#$+,! :.$%(&A$:.($+:@+($+(+! &@! &@B#9%$+(A,#(B+(! #! <=0>:.7-.(+(%+(!9,&!011H!%#)!0121!9.,!(.+(!6%$)#--$+:$+7-)+,/!4*5&++.;7;.M20?3(=&')-?'0.9:;<#"%>"'&'(&'.;AAB<.;A6A.E.$(2*+0(&.$(=+?>>='?2N&-..O(=+?>>='?2N.M20?3(.;AAB.M20?3(.;A6A.H')-?'0.3-*.;AAB.(?+.;A6A.H')-?'0.?.P.3-*.;AAB.(?+.;A6A.H1!B3:7!>2`111!>2J0I1!>L0I1!>02OJ!221B3:7!>`111!>K1H1!>21H1!>02OJ!2`1!B3:7!2`JL1!02J21!`HJ1!LIOJ!011!B3:7!K2MHK!IIJ01!2KL0M!0KO`!!"#! $+,! &%! &@B#9%$+(A,#(B+(! @&,#+,+,! 9,&! +%! &@$)&B! -;! 02OJ! -,.$+(%! %#)! +(! D:(#(B! -;!LIOJ! -,.$+(%! 9.,! 6%$)#--$(#@;+(+! #! %&?+))+(! b&@B#9%$+(A,#(B+(! #! :,.(+,! +,! -;!.7%,+(%!011!:,!-+,!B,&7!-+,!:7!9.,!&))+!6%$)#--$:)&$$+(+!.@+,!201!B,&7!-+,!:7c/!!Q+!(*+!&@B#9%$+(A,#(B+(+!#((+?Z,+,!+(!,++))!)+%%+)$+!-;!211!:,.(+,!-+,!B,&7!<=0!>6%$)#--! 6(A+,! 201! B,&7! -+,! :7/! [+A! )+%%+)$+(+! #! +99+:%:.7-.(+(%+(! b$+! :&-/!0/2c!#((+?Z,+,!A+%%+!&%!+:$+7-+)@#$!+(!?#)!7+A!+(!+99+:%!-;!K`!:g!.B!+%!6%$)#--!-;!211!B,&7! -+,! :7O! @#)! 9;! +(! $&7)+%! ,++))! )+%%+)$+! -;! .7! )&B! K/J`1! :,.(+,/! VCD,+%D*! 7+A!)&@+,+! 6%$)#--! @#)! 9;! $%D,,+! $&7)+A+! )+%%+)$+,O! 7+($! :CD,+%D*! 7+A! $%D,,+! 6%$)#--!(.,7&)%!@#)!9;!7#(A,+!)+%%+)$+,/!!

899+:%!&@!+(A,#(B+,!#!:CD-$&@B#9%!.B!A,#@$%.99&@B#9%!Vista Analyse AS 13 Q+! $&7)+A+! +(A,#(B+(+! #! :CD-$&@B#9%+(! &@R+(B+,! #7#A)+,%#A! .B$;! &@! @+:%! .B!7.%.,+99+:%/! [+A! )+%%+)$+,! #! A#$$+! &@B#9%+(+! :&(! +(:+)%+! 7.A+))+,! 9;! +(!&@B#9%$)+%%+)$+! 9,&! 011H! %#)! 0121! -;! %,.$$! &@! &%! <=0>&@B#9%+(! D:+$/! VCD,+%D*! 7+A!6%$)#--! .@+,! 2`L! B,&7! <=0!-+,! :7! @#)! 6&($+%%! 9;! +(! #(($%,&77#(B! #! :CD-$&@B#9%+(O!$+)@! #! A+! %#)9+))+(+! A+,! A+! .--(;,! 7&:$#7&)! )+%%+)$+! BC+((.7! +(A,#(B+(+! #!+99+:%:.7-.(+(%+(/!9+* )**+#,"-$.*,+'(N.,! ;! BCD,+! .7)+BB#(B+(! -,.@+(*(D*%,&)O! R&,! $&7%#A#B! $&%$+(+! #!+99+:%:.7-.(+(%+(! ?)#%%! ,+A6$+,%! b$+!W&?+))!0/Lc/! Q+(! $%D,$%+! +(A,#(B+(! +,! BC.,%! #!A+(! )&@+$%+! +99+:%:)&$$+(! b1>K`! :gcO! R@.,! $&%$+(! +,! ,+A6$+,%! 9,&! :,! 20IOMM! #! 011HO!%#)!:,/!``O21!-+,!:g!#!0121!b+(!,++))!+(A,#(B!-;!`J!-,.$+(%c/!U;!&(A,+!%,#((!+,!A+(!,++))! +(A,#(B+(! -;! 22! -,.$+(%O! 7+($! A+%! 9.,! $%D,,+! 7.%.,+,! #((9D,+$! +(! D:(#(B! #!$&%$+(+/!!ND)B+(A+!%&?+))!@#$+,!$&%$+,!.B!+(A,#(B+,!#!+99+:%&@B#9%+(!9.,!-+,#.A+(!011J>0121d!!4*5&++.;7QJ. /*(=&-. 3"-. &33&#(*20?3(&'. ?. #,D>=*20?3(&'. ;AAI<;A6A7. C?+)&J.K?'*'=)&>*-(&%&'(&(."0.L"2)*(*.V,.(+,! -+,! :g!b7.%.,+99+:%c!ND,$%+!K`!:g!KK>H1!:g!H2>2L1!:g!=@+,!2L1!:g!4&%$+,!011J!20LOIL!`2`O`L!20LIO0I!0`IIOK`!4&%$+,!011H!20IOMM!`L2O11!20IMOLH!0K`MOHJ!4&%$+,!0121!``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`!B,&7!-+,!:7/!"+:%&@B#9%+(!+,!?+B,6((+%!#! +:$%+,(&)#%+%+,! :(*%%+%! %#)! 6)*::+$,#$#:.! .B! @+#$)#%&$C+O!.B! B#$! #::+! (Z,7+,+!.--7+,:$.7R+%! #! A+((+! ,&--.,%+(! b$+! 9.,! D@,#B! "#$%&! '(&)*$+O! 011HO! 9.,! (Z,7+,+!A#$:6$C.(+,!.7!@+:%&@B#9%+(c/!!

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899+:%!&@!+(A,#(B+,!#!:CD-$&@B#9%!.B!A,#@$%.99&@B#9%!Vista Analyse AS 26 %,.$$! &@! &%! A+%%+! 6%$)#--$(#@;+%! 9D,$%! ?)+! %#)BC+(B+)#B! ;,+%! 9D,/! 8(! @#:%#B!9.,:)&,#(B$9&:%.,! ?&:! A+%%+! ,+$6)%&%+%! +,! %,.)#B! &%! 7.A+))+(! 7+A! )&@+$%! 6%$)#--!%#)RD,+,! +%! @+)+%&?)+,%! 7+,:+! $.7! .@+,! %#A! R&,! R&%%! $%.,+! 7&,:+A$&(A+)+,! #! A+%%+!$+B7+(%+%!b".)@.c/!!ND)B+(A+! %&?+))! @#$+,! &(%&))! 7.A+))+,! 7+A! )&@+$%+! 6%$)#--O! .B! &(%&))! %#)BC+(B+)#B+!7.A+))+,!7+A!6%$)#--!.--%#)!01!B,&7!.@+,!A+%!)&@+$%+!%#)BC+(B+)#B+!6%$)#--d!!4*5&++.Q7;.M'(*++. %&-#&-R. %")&++&-. "0. =*+0. %&). +*2&=(&. (?+0,&'0&+?0&. 9:;<$(=+?>>.<.%&++"%#+*==&'.!L*2&=(.="+0(&.$(=+?>>.O(=+?>>.">>.(?+.;A.0-*%."2&-.+*2&=(&.$(=+?>>.!9:;<0W#%.M'(7.%&-#&-.M'(7.%")&++&-.M'(7./*+0.9:;<0W#%.M'(7.%&-#&-.M'(7.%")&++&-.M'(7.=*+0.0121!b%/./7!C6)#c!21M!!2!0!2LI2!n21M!%>./7!20M!`!K!0M`0!011H!21M!2!0!LHJ!n21M!%>./7!20M!K!K!2J1`!011J!20L!2!2!00M!n20L!%>./7!2ML!21!22!K2M`!011I!20L!2!2!KH!n20L!%>./7!2ML!I!J!M2IH!011K!20H!2!2!2KK!n20H!%>./7!2MH!H!21!LK`0!K#73(B) 9L") N/*7'//1*1#/1#%%) .($) ,<7#) :@E@O) 1#7$(11(7*'1) 02$) "#/1*) >&*75/() P(&/#&;)2') 3#(/(76#7($) 0-$1) D(3)&<77)#)<1/7#..)($)1*11)<1)*+)2+($/#%1(&=)Q76#7($)2')DR;6#7($)($)1*11)<1)*+)2+($/#%1(&/!E! 0121! $+,! @#! &%! A+%! +,! :.77+%! 9)+,+! )&@6%$)#--$?#)+,! #! A+((+! :)&$$+(O! .B! &%! %.!9.,$:C+))#B+! 7+,:+,! b".)@.! "`1! .B! ".):$X&B+(! U&$$&%c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`!-,.$+(%!&@! &))+! (*?#):CD-/! 4+B7+(%+%! #((+R.)A+,! ".):$X&B+(! T.)9! $.7! R&,! @Z,%! A+(! 7+$%!$.)B%+! ?#)7.A+))+(! A+! $#$%+! ;,+(+/! E! %#))+BB! #((B;,! %.! &(A,+! 7.A+))+,! 9,&!".):$X&B+(O!S+%%&!.B!W.6,&(/!W.*.%&!'6,#$!+,!.B$;!?)&(%!A+!7+$%!$.)B%+!7.A+))+(+!

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899+:%!&@!+(A,#(B+,!#!:CD-$&@B#9%!.B!A,#@$%.99&@B#9%!Vista Analyse AS 28 "#! $+,! &@! 9#B6,+(! &%! A+%! #((+(9.,! A+%%+! $+B7+(%+%! R&,!@Z,%! %#)BC+(B+)#B+!7.A+))@&,#&(%+,! 7+A! 6%$)#--! 6(A+,! 211! B,&7! -+,! :7! 9,&! 011M/! N,&7! %#)! U,#6$+(!:.7! 7+A! +(! @&,#&(%! 7+A! 6%$)#--! -;! 6(A+,! 211! B,&7! -+,! :7O! R&,! A+! %#)BC+(B+)#B+!@&,#&(%+(+!#!-,&:$#$!R&%%!6)#:+!9.,7+,!9.,!?+B,+($(#(B+,O!.B!#!R.@+A$&:!@Z,%!,+%%+%!7.%!B,6--+(!i$-+$#+)%!#(%+,+$$+,%+iO!7+A!+%!$&)B!-;!6(A+,!01!?#)+,!-+,!;,/!!E!0121!$+,!@#!&%!?;A+!+(!)&@6%$)#--$!T.)9!bHH!B,&7!-+,!:7c!.B!+(!)&@6%$)#--$!".)@.!?+B*((+,! ;! +%&?)+,+! $+B! #! 7&,:+A+%! A+,! $&)B$%&))+(+! 9.,! ?+BB+! 7.A+))+(+! -&$$+,%+!211! ?#)+,! #! )D-+%! &@! 9D,$%+! R&)@;,/! U,#6$+(! $+,! 6%! %#)! ;! ?+:,+9%+! 7&,:+A$-.$#$C.(+(!$#(!$.7!)&@6%$)#--7.A+))!.B!@#$+,!+%!D:+(A+!$&)B/!!ND)B+(A+! %&?+))! B#,! +(! .@+,$#:%! .@+,! &(%&))! ?#)7+,:+,! .B! 7.A+))+,! 7+A! )&@+$%+!%#)BC+(B+)#B+! 6%$)#--! .B! 6%$)#--! .--! %#)! 01! B,&7! RD*+,+O!#(:)6A+,%! &(%&))! ?#)+,! $.)B%!9.,!A#$$+!6%$)#--+(+d!4*5&++.Q7Q.M'(*++. %&-#&-R. %")&++&-. "0. =*+0. %&). +*2&=(&. (?+0,&'0&+?0&. 9:;<$(=+?>>R.#"%>*#(#+*==&'.!L*2&=(.="+0(&.$(=+?>>.O(=+?>>.">>.(?+.;A.0-*%."2&-.+*2&=(&.$(=+?>>.!9:;<0W#%.M'(7.%&-#&-.M'(7.%")&++&-.M'(7.=*+0.9:;<0W#%.M'(7.%&-#&-.M'(7.%")&++&-.M'(7.=*+0.0121!b%/./7!C6)#c!`H!2!2!L!n!`HO!%/./7!IH!1!1!1!011H!JH!2!2!`0H!n!JHO!%/./7!21H!`!K!2`K2!011J!21M!2!2!2MKI!n!21MO!%/./7!20M!20!2M!LKK2!011I!21M!2!2!HKM!n!21MO!%/./7!20M!I!I!0K1I!011K!21M!2!2!0MK!n!21MO!%/./7!20M!`!`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bU,#6$c! R&AA+! A&! @Z,%! %#)BC+(B+)#B! #! 7&,:+A+%! 9,&! 0111O! .B! @Z,%!BC+((.7!+(!7.A+))6%@#:)#(B!#!011M!/!!"#A+,+! $+,! @#! &%! BC+((.7$(#%%$6%$)#--+%! 9.,! R+)+! 6%@&)B+%! $&77+(9&))+,! 7+A!BC+((.7$(#%%6%$)#--+%! 9.,! ?#)7.A+))+(+! $.7! A+%! +,! :CD-%! 7+,! +((! 211! &@O! 7+A! +(!

899+:%!&@!+(A,#(B+,!#!:CD-$&@B#9%!.B!A,#@$%.99&@B#9%!Vista Analyse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`1/111!:,/!<=0>:.7-.(+(%+(!#! :CD-$&@B#9%+(! ,+-,+$+(%+,+,! #! 6(A+,:&(%! &@! H1/111! :,! &@! -,#$9.,$:C+))+(! 7+)).7!A*,+$%+! .B! ?#))#B$%+! @&,#&(%/! Q+! 6)#:+! T.)9@&,#&(%+(+! $-+((+,! %#)! $&77+(! .@+,! 9#,+!<=0>&@B#9%$#(%+,@&))+,/!!T.)9!R&AA+!+(!7&,:+A$&(A+)!#!0121!-;!KO`f!&@!A+%!$&7)+A+!?#)7&,:+A+%!b=N"c/!!Y%@#:)#(B+(! #! 6%$)#--+(+! 9,&! A+((+! +(+! 7.A+))+(! @#$+,! +%! 9&))! #! 6%$)#--+(+! 9,&! <=0>:.7-.(+(%+(! 9,&! +(B&(B$&@B#9%+(! ?)+! #((9D,%! #! 011I! .B! 9,&7! %#)! #! A&B/! E! )#:R+%! 7+A!BC+((.7$(#%%$6%@#:)#(B+(! 9.,! R+)+! ?#)-&,:+(! $+,! @#! &%! BC+((.7$(#%%$6%$)#--+%! #!011I! .B! 011J! +,! %#)(Z,7+%! )#:%O! -;! %,.$$! &@! &%! 6%$)#--+(+! 9,&! )&@+$%! %#)BC+(B+)#B+!6%$)#--$@&,#&(%! 9&)%/! 8%%+,! &@B#9%$+(A,#(B+(+! #! 011H! .B! 0121! $+,! @#! &%!BC+((.7$(#%%$6%$)#--+(+! 9&))+,O! .B! &%! 7+$%! $.)B%+! T.)9>@&,#&(%! (Z,7+,! $+B! )&@+$%+!%#)BC+(B+)#B+!6%$)#--$@&,#&(%/!!

899+:%!&@!+(A,#(B+,!#!:CD-$&@B#9%!.B!A,#@$%.99&@B#9%!Vista Analyse AS 30 K?0$-.Q7V.O(=+?>>=2*-?*'(&-."0.<.$(2?#+?'0R.X"+3.!E+B @3=4.2+%(6(&,-.#2.'$+'( :=( ,.24&155.1+'( 0$( #89:+%'+5(,.2:"5'.'$+%(47;?#)+,! )#BB+,! ,+)&%#@%! $%&?#)%! 7+A! +(! 7&,:+A$&(A+)! -;! .7:,#(B! 2Lf/! E! A+%%+!$+B7+(%+%! #((B;,! ".):$X&B+(! U.).O! P*6(A&#! #01O! N.,A! N#+$%&O! W.*.%&! l&,#$! .B!46o6:#! 4X#9%! ?)&(%! A+! 7+$%! $.)B%+! 7.A+))+(+/! Q+%%+! +,! 7#(A,+! ?#)+,! +((! ?#)+(+! #!:.7-&:%:)&$$+(/!U,#$+(+!-;!A#$$+!?#)+(+!)#BB+,!9,&!201!111!:,!%#)!0H1!111!:,!#!0121/!!ND)B+(A+! 9#B6,! @#$+,! 6%@#:)#(B+(! #! RD*+$%+! $.)B%+! <=0>6%$)#--! 9.,! A+((+! :)&$$+(O!BC+((.7$(#%%)#B+!<=0>6%$)#--!.B!<=0>6%$)#--+%!-;!7+$%!$.)B%+!7.A+))@&,#&(%/!!

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899+:%!&@!+(A,#(B+,!#!:CD-$&@B#9%!.B!A,#@$%.99&@B#9%!Vista Analyse AS 40 4*5&++.V7Q.H#=&%>+&-.>N.*20?3(."0.)-?2=("33#"=('*)&-.2&).$+?#&.$(=+?>>.0121!&@B#9%+,O!A,#@$%.99-,#$!22!:,!3!)!O(=+?>>."0.3"-5-$#.9:;<#"=('*).?.#,D>=*20?3(&'.N-+?0.)-?2=("33<#"=('*).IAAA.#%..N-+?0.)-?2=("33<#"=('*).6SAAA.#%..N-+?0.)-?2=("33<#"=('*).;AAAA.#%..9:;<$(=+?>>.0W#%.BA.<6I.;_A.!!!A#+$+)9.,?,6:!-+,!7#)!1OLM!!0!HIM!`!`IK!I!ML`!?+($#(9.,?,6:!-+,!7#)!1OLH!!L!M01!K!M20!J!`MH!!!!!!!9:;<$(=+?>>.0W#%.6QS.6A.I_S.!!!A#+$+)9.,?,6:!-+,!7#)!1O`2!!M!MK2!J!LK`!22!2`L!?+($#(9.,?,6:!-+,!7#)!1O`J!!`!2L1!H!K2J!20!J0M!!!!!!!9:;<$(=+?>>.0W#%.6VS.6I.6SS.!!!A#+$+)9.,?,6:!-+,!7#)!1O`M!!M!IH0!J!HJM!22!HIH!?+($#(9.,?,6:!-+,!7#)!1OKL!!`!`1H!21!LL1!2L!IIM!!!!!!!9:;<$(=+?>>.0W#%.6YS.Q;.__S.!!!A#+$+)9.,?,6:!-+,!7#)!1OK0!!`!M`0!21!00L!2L!KL2!?+($#(9.,?,6:!-+,!7#)!1OI2!!K!0KH!22!I``!2`!KIM!!E! :&-#%%+)!K!$+,! @#! -;! :.($+:@+($+(+! 9.,! @&)B! &@! ?#)! .B! <=0>6%$)#--O! B#%%! +(A,#(B+,! #!A,#@$%.99:.$%(&A+(+!.B!:CD-$&@B#9%+(/!!

899+:%!&@!+(A,#(B+,!#!:CD-$&@B#9%!.B!A,#@$%.99&@B#9%!Vista Analyse AS 41 G+ O(2?#+?'0.?.9:;<$(=+?>>.;AAV.<.;A6A.ND)B+(A+! 9#B6,! .--$677+,+,! R@.,A&(! A+!BC+((.7$(#%%)#B+! <=0>6%$)#--+(+! 7;)%! #!B,&7!-+,!:7!R&,!6%@#:)+%!$+B!+%%+,!.7)+BB#(B+(!#!:CD-$&@B#9%+(/!!TC+((.7$(#%%)#B+! 6%$)#--! -;! (*+! ?#)+,! #! 011M! @&,! -;! .7! )&B! 2J1! B,&7! -+,! :7O! 7.%!2`J! #! 011JO! .B! 2`2! #! 011H/! E! C&(6&,! 0121! @&,! <=0>6%$)#--+%! 9,&! (*+! -+,$.(?#)+,! -;!,+:.,A)&@+! 2LI! B,&7! -+,! :7q! +(! ,+A6:$C.(! -;! 2`! -,.$+(%! $&77+()#B(+%! 7+A!$&77+!7;(+A!;,+%!9D,/!Q+(!:,&9%#B+!(+AB&(B+(!9,&!A+$+7?+,!011H!%#)!C&(6&,!0121!:&(! %.):+$! $.7! +%! ,+$6)%&%! &@! &%! 7&(B+! 6%$&%%+! :CD-+(+! #! -;@+(%+! &@! B6($%#B+!&@B#9%$+(A,#(B+,! 9.,! )&@6%$)#--$?#)+,! 9,&! 2/! C&(6&,! 0121/! E! 9+?,6&,! @&,!BC+((.7$(#%%$6%$)#--+%! -;! 2MM! B,&7! -+,! :7O! 7+($! A+%! 9.,! ,+$%+(! &@! 7;(+A+(+!7&,$>C6)#! R&,! )#BB+%! $%&?#)%! ,+%%! #! .@+,:&(%! &@! 2M1/! "+A! 6%B&(B+(! &@! .:%.?+,! 0121!)#BB+,! <=0>6%$)#--+(+! -;! 2LJ! B,&7! <=0!-+,! :7/!N)+,+! )&@6%$)#--$7.A+))+,! +,!:.77+%!-;!A+%!(.,$:+!7&,:+A+%!#!)D-+%!&@!RD$%+(!0121/!Q#$$+!@&,!@&,$)+%!%#A)#B+,+!-;! ;,+%O! .B! :&(! R&! ?#A,&%%! %#)! 6%$&%%+! :CD-! 9.,! ?#):CD-+,+! $.7! R&,! D($:+%! ;! ,+&)#$+,+!+(!&@B#9%$B+@#($%/!!"#!$+,!&@!9#B6,+(!&%!<=0>6%$)#--+(+!-;!(*+!?#)+,!9&)%!:,&9%#B!9,&!011K!%#)!011IO!7+($!,+A6:$C.(+(+! +%%+,! 011H! +(A,#(B+(! .B! 0121! +(A,#(B+(+! %#)! $&77+(! +,! -;! $&77+!(#@;!$.7!+(A,#(B+(!9,&!011K!%#)!011I/!!

899+:%!&@!+(A,#(B+,!#!:CD-$&@B#9%!.B!A,#@$%.99&@B#9%!Vista Analyse AS 42 K?0$-.S76.9:;<$(=+?>>.=&0%&'(3"-)&+(."0.0,&''"%='?((.;AAY.(7"7%.,$+?.;A6A.!4%.,%#(B+%$! :)#7&9.,)#:! -+:+,! -;! .7)+BB#(B! &@! ?#)&@B#9%+(+! #! +(! 7+,! 7#)CD@+(()#B!,+%(#(B! $.7! A+%! $+(%,&)+! @#,:+7#A)+%! 9.,! ;! (;! +%! 6%$)#--$7;)! -;! 201! B! <=0!-+,! :7!9.,! (*+! -+,$.(?#)+,/! [;)+%! $&7$@&,+,! 7+A! 8Y$! 7;)! 9.,! $+:%.,+(/! E!%#))+BB! R&,! 8Y!9&$%$&%%! +%! )&(B$#:%#B! 7;)! .7! &%! 6%$)#--! 9,&! (*+! ?#)+,! $.7! $+)B+$! #! 0101! #::+! $:&)!.@+,$%#B+! H`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b$+! "#$%&! '(&)*$+! b011Hc!9.,! (Z,7+,+!?+$:,#@+)$+c/! "+A! #(($%,&77#(B+(! #! 011H! @&,! -.%+($#&)+%! -;! %#)?6A$$#A+(!?+B,+($+%! $&77+()#:(+%! 7+A! +99+:%#@#%+%$-.%+($#&)+%! #! 011I/! E! 0121! +,! A+%! )&($+,%!9)+,+!(*+!7.A+))+,!#!7&,:+A+%!#(%+,(&$C.(&)%O!7+(!9.,?+A,#(B$-.%+($#&)+%!@6,A+,+$!)#:+@+)!#::+!;!@Z,+!-;!RD*A+!7+A!9.,?+A,#(B$-.%+($#&)+%!#!011I/!N)+,+!%#)BC+(B+)#B+!$7;?#)+,! #! )&@+! -,#$:)&$$+,! @#)! :6((+! -;@#,:+! BC+((.7$(#%%$6%$)#--+(+! 9,&!

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899+:%!&@!+(A,#(B+,!#!:CD-$&@B#9%!.B!A,#@$%.99&@B#9%!Vista Analyse AS 44 8(! #(%+,+$$&(%! 9.,$:C+))! +,!$&)B! &@! R*?,#A?#)+(! U,#6$/! E! G.,B+! R&,! U,#6$+(! R&%%!9.,A+)+,! BC+((.7! &@B#9%$$*$%+7+%O! 7+($! A+(! #::+! +,! B#%%! 9.,A+)+,! #! Q&(7&,:/! E!G.,B+!.--(;,!U,#6$!RD*+!$&)B$%&))O!7+($!$&)B+%!#!Q&(7&,:!+,!$@Z,%!)&@%/!!N.,$:C+))+(! 7+)).7! G.,B+! .B! 4@+,#B+! 7R%! $&77+($+%(#(B! &@! ?#)-&,:+(! ?+:,+9%+,!%#)!+(!@#$$!B,&A!96((!9,&!011H>&(&)*$+(!.7!&%!)&@+,+!:CD-$-,#$+,!-;!?#)!D:+,!&(A+)+(!$%D,,+!?#)+,!7;)%!#!@+:%O!+99+:%!.B!6%$)#--/!!

899+:%!&@!+(A,#(B+,!#!:CD-$&@B#9%!.B!A,#@$%.99&@B#9%!Vista Analyse AS 45 H+ `#"'"%&(-?=#&.*'*+^=&-.*2.5?+#,D>..H+* H22+(4.2#89:(6(+'(#034.'+%,(,-+%55'.,,5D(0$(,.155+%.+"'"2G5+((Q+%!+,! BC+((.79D,%! +$%#7+,#(B+,! -;! &))+! ?#):CD-! 6%+(! #((A+)#(B! #! ?#)$+B7+(%+,O! .B!+$%#7+,#(B+,!A+,!?#):CD-+(+!+,!A+)%!#((!#!?#)$+B7+(%+,/!!8(! +%%+,$-D,$+)$7.A+))! +,! +$%#7+,%! -;! A&%&! 9,&! 011I! %#)! 0121/! F#)#((:CD-+(+! +,!B,6--+,%! #! R+(R.)A! %#)! 6%$)#--! &@! <=0/! Q+!&@R+(B#B+! @&,#&?)+(+! +,! 7&,:+A$&(A+)+,!:(*%%+%! %#)! 6%$)#--$#(%+,@&))! 9.,! <=0>6%$)#--/! E! +$%#7+,#(B+(! +,! A+%! %&%%! R+($*(! %#)! &%!7&,:+A$&(A+)+(!$:&)!$677+,+!$+B!%#)!2O!$)#:!&%!A+%!+,!+%!$#76)%&(%!$+%%!&@!)#:(#(B+,!$.7!+,!+$%#7+,%!-;!+(!:.7?#(&$C.(!&@!%#A$,+::+,!.B!%@+,,$(#%%$A&%&/!!N#B6,+(! 6(A+,! @#$+,! R@.,A&(! A+! -,+A#:+,%+! 7&,:+A$&(A+)+(+! #! 0121! 9.,A+)+,! $+B!-;! <=0>6%$)#--$(#@;+(+! #! 9.,R.)A! %#)! R@&! @#! .?$+,@+,+,! #! @#,:+)#BR+%+(! (;,!7&,:+A$&(A+)+(+!A+)+$!#((!#!`>B,&7$#(%+,@&))+,/!!K?0$-.Y76.U")&++&'=.(-&33=?##&-1&(7.a-&)?#&-(&."0."5=&-2&-(&.%*-#&)=*')&+&-..!"!!!!#!"!$!!#!"!%!!#!"!&!!#!"!'!!#!"(!!!#!"($!!#!"(%!!#!#)!#(!!#((!#($!#(*!#(%!#(+!#(&!#(,!#('!#()!#$!!#$(!#$$!#$*!#$%!#$+!#$&!#$,!#	!"#$%&'"(&%)*	+,-./0')122*34$5*	!6&%))%('*0#%7'1$$%#8%0*	-./012013#451607/58709#:107;6013#451607/58709#!N#B6,+(! @#$+,! &%! 7.A+))+(! $&7$@&,+,! 7+A! .?$+,@+,%+! 7&,:+A$&(A+)+,! #! 0121/![.A+))+(! $.7! $:&)! ?+(*%%+$! #! -,+A#:$C.(+(+! ?+(*%%+,! BC+((.7$(#%%$-;@#,:(#(B! -;!6%$)#--! $.7! +(! 96(:$C.(! &@! &@B#9%+(! .B! A+%! :&(! A+,9.,! 9.,@+(%+$! &%! $@#(B(#(B+(+!.?$+,@+,%!#!@#,:+)#BR+%+(!C+@(+$!6%/!!

899+:%!&@!+(A,#(B+,!#!:CD-$&@B#9%!.B!A,#@$%.99&@B#9%!Vista Analyse AS 46 H+9 )2"5,.5.,+,+%([+A!6%B&(B$-6(:%!#!7&,:+A$&(A+)+(+!:&(!@#!9#((+!+)&$%#$#%+%+(!&@!$&(($*()#BR+%+(!9.,!@&)B!&@!?#)/!8)&$%#$#%+%+(!+,!+(!96(:$C.(!&@!&@B#9%+(!.B!&@!7&,:+A$&(A+)+(!%#)!A+%!&:%6+))+!<=0>6%$)#--/!Q+,9.,!@#)!A+%!@Z,+!+(!+)&$%#$#%+%!9.,?6(A+%!7+A!R@+,%!6%$)#--$#(%+,@&))/!Q+%!9.,@+(%+$!&%!RD*+,+!6%$)#--!+,!9.,?6(A+%!7+A!RD*+,+!&?$.)6%%@+,A#!-;!+)&$%#$#%+%+(O!$#A+(! A#$$+! #(%+,@&))+(+! R&,! A+(!RD*+$%+! 7&,B#(&)&@B#9%+(/! 8(! +)&$%#$#%+%! 7#(A,+!+((!r(!#!&?$.)6%%@+,A#!+,!6+)&$%#$:/!Q+%!@#)!$#!&%!+(!+(A,#(B!-;!r(!-,.$+(%!#!-,#$+(!+,!&$$.$#+,%!7+A!+(!+(A,#(B!-;!7#(A,+!+((!r(!-,.$+(%!#!7&,:+A$&(A+)/![.%$&%%!+,!+(!+)&$%#$#%+%! $.7! +,! $%D,,+! +((! r(! +)&$%#$:O! .B! @#)! 9D,+! %#)! +(! +(A,#(B! -;! 7+,! +((!r(!-,.$+(%!#!7&,:+A$&(A+)!@+A!+(!D:(#(B!-;!+(!+(R+%!#!&@B#9%+(/!!!!!8)&$%#$#%+%+(O!:&)%!+)O!R&,!9D)B+(A+!%.):(#(Bd!S+#/)*+'#01(&)-%($)D(3)ET)07511($)(7)#T)0$*)3(1)*%1<(77()89:;<1/7#..(1O)/7#%)*1)6#7($)D(3)3(11()<1/7#..(1)04$)(&)7*+($()D*$%(3/*&3(7=)!8%!+:$+7-+)!:&(!BCD,+!A+%!:)&,+,+d!!S+#/)+#)($)#)89:;<1/7#../#&1($+*77)E:HO)+#7)(&)E@)T)-%&#&')#)*+'#01(&()0-$()1#7)(&)HOEU)T)$(3<%/,2&)#)D*$%(3/*&3(7=)G(1)0#&&(/)VWA)6#7($)D(3)3(11()<1/7#..(1=)Q&)*+'#01/-%&#&').4)E@)T)+#7)3($02$)$(3</($()*&1*77)6#7($)#)3(&&()%7*//(&)D(3)WUOH)6#7($=!Q+%%+! +,! +(! )#%+(! &(A+)! &@! A+%! %.%&)+! ?#)$&)B+%/! E! 0121!b9D,$%+! R&)@;,c!?)+! A+%! $.)B%!IL/KL0!?#)+,O!.B!MLO`!?#)+,!6%BCD,!1O1K!f!&@!%.%&)+(/!!E! %&?+))+(! (+A+(9.,! -,+$+(%+,+$! 6%$)#--+%! 9,&! +%! 6%@&)B! <=0>#(%+,@&))+,/! Q+! )&@+$%+!:)&$$+(+! R&,! -.$#%#@! +)&$%#$#%+%/! Q+%%+! +,! 9.,A#! A+%! B#$! +%! 9,&A,&B! #! :CD-$&@B#9%+(!9.,!?#)+,!7+A!)&@%!6%$)#--O!$)#:!&%!<=0>:.7-.(+(%+(!#!&@B#9%+(!9,&7$%;,!7+A!+(!(+B&%#@!&@B#9%/!4*5&++.Y76!H+*=(?=?(&(&'. 3"-. 3"-=#,&++?0&. $(=+?>>=?'(&-2*++&-7. !&(. ">>3D-(&. $(=+?>>&(. &-.?'(&-2*++&(=.D2&-=(&.0-&'=&7.<=06%$)#--!8)&$%#$#%+%!21`!1OM22MMLL!22H!1OLML`1`J!201!1OML`HI2L!20`!>1O`2L21H`!2J1!>1O`2IHIKI!2J`!>2O00KLK2!0I`!>0O122KI`!MMJ!>0O121H2!!!!

899+:%!&@!+(A,#(B+,!#!:CD-$&@B#9%!.B!A,#@$%.99&@B#9%!Vista Analyse AS 47 E! 9#B6,+(! (+A+(9.,! 9,+7$%#))+$! +)&$%#$#%+%+(+! B,&9#$:/! N#B6,+(! B#,! +%! 7+,! R+)R+%)#B!?#)A+! &@! R@.,A&(!+)&$%#$#%+%+(+! 9.,A+)+,! $+B! .@+,! A+! 9.,$:C+))#B+! <=0>#(%+,@&))+(+/!<=0>&@B#9%+(+! R&,! A+(! D($:+)#B+! +99+:%+(! -;! <=0>6%$)#--+%/! Q+%! +,! +(! %*A+)#B!%+(A+($! %#)! &%! C.! RD*+,+! <=0>6%$)#--O! C.! RD*+,+! +,! +)&$%#$#%+%+(! %#)! ;! :.(@+,B+,+! 7.%!)&@+,+! 6%$)#--$:)&$$+,/! 8)&$%#$#%+%+(! +,! (+B&%#@! 9.,! &))+! :)&$$+,! (+A! %#)! 20`! B3:7/!8)&$%#$#%+%+(! 9.,! A+! RD*+! 6%$)#--+(+! +,! (+B&%#@! .B! R&,! RD*! &?$.)6%%@+,A#O! 7+($! A+!)&@+,+!6%$)#--$:)&$$+(+!R&,!7#(A,+!&?$.)6%%@+,A#/!E((+(!&))+!6%$)#--$:)&$$+,!6(A+,!2J`! B3:7! +,! +)&$%#$#%+%+(! )&@+,+!+((! r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f! %#)! L1f! @+A! +(! A.?)#(B! #! <=0>&@B#9%+(O! 7+($! A+(! ?)+! -,+A#:+,%! %#)! MIf! #!%#)9+))+%! 7+A! %,+A.?)#(B/! "#A+,+! @#)! +(! %,+A.?)#(B! &@! <=0>&@B#9%+(! 9D,+! %#)! &%! ?#)+,!7+A! 6%$)#--! .--!%/./7!201! B3:7! 9;,! +(! 7&,:+A$&(A+)! -;! K1! f/!Q+%%+! ?+%*,! +(!:,&9%#B! D:(#(B! #! (6))6%$)#--$?#)+,/!TC+((.7$(#%%$6%$)#--+(+! )#BB+,! -;! +%! (#@;! ,6(A%!201!B,&7/!!E! &(&)*$+(! A+,! R+)+! ?#)7&,:+A+%! ?+R&(A)+$! 6(A+,! +%%!)#BB+,! A+%! +(! &(%&:+)$+! .7! &%!&))+! ?#)+,! +,! (Z,+! $6?$%#%6%%+,/! ! '(%&:+)$+(! +,! #::+! (DA@+(A#B@#$! -)&6$#?+)q! +(! +)?#)!:&(!#::+!+,$%&%%+!$&77+!?+R.@!$.7!+(!$%&$C.($@.B(!9.,!+(!$%.,!9&7#)#+/!8(!$7;?#)!A+::+,! R+))+,! #::+! (DA@+(A#B@#$! A+! $&77+! ?+R.@+(+! $.7! +(! %+,,+(B?#)/! E! .B! 7+A!

899+:%!&@!+(A,#(B+,!#!:CD-$&@B#9%!.B!A,#@$%.99&@B#9%!Vista Analyse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d!U*-#&)&(.3"-.=(D--&.5?+&-.[&,:+A$$+B7+(%!2d!4-.,%$?#)+,![&,:+A$$+B7+(%!0d!W+,,+(B?#)+,![&,:+A$$+B7+(%!Ld!\6:$6$?#)+,![&,:+A$$+B7+(%!Md!N)+,?,6:$?#)+,!!Q&%&! 9.,! $+B7+(%! L! R&,! +(! ?+B,+($+%! &(A+)! &@! A+%! %.%&)+! 7&,:+A+%! b1O2! -,.$+(%! %#)!$&77+(!#!0121c/!Q+%!@#$+,!$+B!.B$;!;!@Z,+!$%.,!R+%+,.B+(#%+%!#!A+%%+!A+)$+B7+(%+%/!Q+%%+!$+B7+(%+%!+,!A+,9.,!%&%%!6%!&@!&(&)*$+(/!!!U*-#&)&(.3"-.%?')-&.5?+&-.[&,:+A$$+B7+(%!2d!47;?#)+,![&,:+A$$+B7+(%!0d!V.7-&:%:)&$$+(![&,:+A$$+B7+(%!Ld![+)).7:)&$$+(![&,:+A$$+B7+(%!Md!4%.,+!?#)+,![&,:+A$$+B7+(%!`d![#(#?#)+,!!"+A)+BB!2!B#,!+(!.@+,$#:%!.@+,!$+B7+(%9.,A+)#(B!#!$&)B$$%&%#$%#::+(!.B!A&%&+(+!$.7!?,6:%!#!+$%#7+,#(B$B,6(()&B+%!9.,!-+,#.A+(!011M!%/./7!9D,$%+!R&)@;,!0121/!!

899+:%!&@!+(A,#(B+,!#!:CD-$&@B#9%!.B!A,#@$%.99&@B#9%!Vista Analyse AS 49 6.3.1 J"$,)),'%N.,! @&)B+%! &@! ?#)! #((+(! R@+,%! $+B7+(%O! B#%%! &%! +(! $:&)! @+)B+! +(! ?#)! #((+(! $+B7+(%+%O!R&,!@#! $-+$#9#$+,%!+(! @&)B$&(($*()#BR+%! 9.,! ;! @+)B+! +(! ?#)! 7+A!<=0!6%$)#--! #! +%!<=0!#(%+,@&))!&@!)+(BA+!0!B3:7/!'(%&))!<=0!#(%+,@&))O!E$O!@&,#+,+,!9,&!$+B7+(%!%#)!$+B7+(%/!Q+((+! @&)B$&(($*()#BR+%+(! R&,! +(! %+))+,! .B! (+@(+,/!E! %+))+,+(!%#)! $&(($*()#BR+%+(!#((B;,!+(!96(:$C.(!&@!$677+(!&@!+99+:%&@B#9%!.B!@+:%&@B#9%!b(+A+(9.,!:&)%!'@B#9%c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s#$!9.,!@&)B!&@!?#)!#((+(!+%!$+B7+(%!+,!B#%%!@+Ad!	
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Y = ln exp b + b + d	Netopris Nettopris	
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!l$!+,!:.($67+(%.@+,$:6AA+%!&@!;!@+)B+!?#)+,!#!$+B7+(%!$/!!U,.A6:%+%! &@! $&(($*()#BR+%+(! 9.,! :CD-! &@! ?#)! #! +%!<=0!#(%+,@&))O! B#%%! $+B7+(%O! .B!$&(($*()#BR+%+(!9.,!@&)B!&@!$+B7+(%O!+,!A+(!6?+%#(B+%+!$&(($*()#BR+%+(!9.,!@&)B!&@!?#)!#!+%!<=0!#(%+,@&))/!![.A+))+(!+,!?,6:%!%#)!;!$#76)+,+!@#,:(#(B+,!-;!A+%!9.,@+(%+%+!6%$)#--!&@!<=0!#!0121!&@d!2c Q.?)#(B!&@!<=0>&@B#9%+(!#!#((:CD-$-,#$+(!0c W,+A.?)#(B!&@!<=0>&@B#9%+(!#!#((:CD-$-,#$+(!Lc 01O!M1!.B!K1!-,.$+(%$!D:(#(B!#!A,#@$%.99:.$%(&A+,!-+,!:7/!!!Mc =@+,9D,#(B!&@!+99+:%&@B#9%+(!%#)!<=0>:.7-.(+(%+(!9.,!?#)+,!7+A!6%$)#--!.@+,!2M1!B,&7!<=0!bC9!:&-#%%+)!0/2/0c!!!!Q+%! 9.,@+(%+%+! %.%&)+! 6%$)#--! #((+(! R@+,%! &@! A+! %.! 7&,:+A+(+O! Y7!b7&,:+A+(+! 9.,!R+(R.)A$@#$!$%D,,+!.B!7#(A,+!?#)+,c!+,!B#%%!@+Ad!	
st	
ist	
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m	st	ist	s	i=1	
;m=1,2	U= q Pu	!!	
!P+,! +,! p#$%t! $&(($*()#BR+%+(! 9.,!;! @+)B+! +(! ?#)! b#! ;,! %c! 7+A! <=0>6%$)#--! #! <=0>#(%+,@&))!#O!.B!R@.,!?#)+(!+,!#!$+B7+(%!$O!E$%!+,!&(%&))!<=0>#(%+,@&))!#!$+B7+(%!$O!U$%!+,!$&(($*()#BR+%+(!9.,!&%!?#)+(!+,!#!$+B7+(%!$!.B!6#$%!+,!<=0>6%$)#--+%!#!#(%+,@&))+%/!"#,:(#(B+(! &@! ;! +(A,+! <=0>&@B#9%+,!.B! A,#@$%.99:.$%(&A+,! @#)! A&! R&! 9D)B+(A+! %.!)+AAd!

899+:%!&@!+(A,#(B+,!#!:CD-$&@B#9%!.B!A,#@$%.99&@B#9%!Vista Analyse AS 51 2c VCD-!&@!?#)!#((+(!R@+,%!$+B7+(%!+(A,+,!$+B!@+A!&%!7&,:+A$&(A+)+,!7+A!7#(A,+!6%$)#--!D:+,!7+($!7&,:+A$&(A+)+,!%#)!?#)+,!7+A!$%D,,+!6%$)#--!B;,!(+A/!0c '(A+)!?#)+,!$.)B%!#!+%!$+B7+(%!R@.,!A+%!BC+((.7B;+(A+!+,!7#(A,+!6%$)#--!&@!<=0!+))+,!R@.,!A+%!+,!76)#BR+%+,!6%!9,&!%#)?6A+%!&@!?#)+,!%#)!;!@+)B+!9)+,+!?#)+,!7+A!7#(A,+!6%$)#--O!B;,!.--!.B!A+!&(A,+!$+B7+(%+(+$!&(A+)!&@!$.)B%+!?#)+,!B;,!(+A/!!!6.3.2 L63-723,#%".%2..#,.,#3,%4#,$-=6M"',#%J2#=,$,3%<"#%63N##,%O-),#%W&?+))! K/0!@#$+,! +$%#7+,#(B$,+$6)%&%+,/! "#! $+,! &%! ?;A+! $677+(! &@!+99+:%>O! .B!@+:%&@B#9%+,! b'@B#9%c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`!-,.$+(%!&@!@&,#&$C.(+(+!#!A&%&!bU$+6A.!50c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f!+(!;,)#B!7+,:.$%(&A!-;!A,D*+!L011!:,!9.,!+(!A#+$+)?#)!7+A!$+B7+(%+%$! BC+((.7$(#%%$6%$)#--! b2KK! B,&7! -+,! :7c/! <=0>&@B#9%+(! 9.,! %#)$@&,+(A+!6%$)#--!9D,!+(A,#(B!+,!-;!LL/`11!:,O!.B!D:+,!%#)!.@+,!211/111!:,!7+A!+(!%,+A.?)#(B/!!E!$+B7+(%!0O!%+,,+(B?#)+,O!$.7!+,!A+%!:)&,%!$%D,$%+!$+B7+(%+%O!R&,!?;A+!<=0>&@B#9%+(!.B! A,#@$%.99:.$%(&A+(! +(! $#B(#9#:&(%! @#,:(#(BO! 7+($! 9.,! 9)+,?,6:$?#)+,! +,! A+%! ?&,+!A,#@$%.99:.$%(&A+(! $.7!#! A#$$+! ?+,+B(#(B+(+!R&,! +(! $#B(#9#:&(%! @#,:(#(B/!N)+,?,6:$?#)+,! R&,! $.7! @#! $+,! &@!N#B6,!`/2!9&))+(A+! 6%$)#--! 9,&! 9D,! <=0>:.7-.(+(%+(! #! :CD-$&@B#9%+(! ?)+! #((9D,%/! 5+$6)%&%+(+! @#$+,! &%! A+%! +,! +(! ?+%*A+)#B!R+%+,.B+(#%+%!#!@&)B!&@!?#)!.B!&%!7&(B+!9.,R.)A!6%.@+,!A+!@&,#&?)+!@#!R&,!$-+$#9#$+,%!-;@#,:+,! @&)B+(+O! ?)&(%! &((+%! R6$R.)A(#(B$#((%+:%+,O! &(%&))! -+,$.(+,! #!R6$R.)A(#(B+(O! 7+A! 7+,/!Q+,$.7!@#!6%+)&%+,! ?#)@&,#&(%+,! 7+A! $@Z,%! $7;! &(A+)+,O!$+,! @#! &%! <=0>&@B#9%+(! R&,! +(! $#B(#9#:&(%! @#,:(#(B! #! %#))+BB! %#)! A,#@$%.99:.$%(&A+(+!.B$;!#!9)+,?,6:$?#)$+B7+(%+%/!!

899+:%!&@!+(A,#(B+,!#!:CD-$&@B#9%!.B!A,#@$%.99&@B#9%!Vista Analyse AS 52 N#B6,! K/L!B#,! +(! $&77+()#:(#(B! &@! .?$+,@+,%+! &(A+)+,! .@+,! <=0>#(%+,@&))! $&7%!7.A+))+($! -,+A#:$C.(+,! &@! A#$$+! &(A+)+(+!9.,! %+,,+(B?#)+,O! 9)+,?,6:$?#)+,! .B!$-.,%$?#)+,!#!B,6((&(&)*$+(/!"#!$+,!&%!%#)!%,.$$!9.,!9;!9.,:)&,#(B$@&,#&?)+,!#!7.A+))+(O!9.,:)&,+,!7.A+))+(!A+!.?$+,@+,%+!&(A+)+(+!,#7+)#B!?,&/!!	
0
.1
.2
.3
130	180	230	280	330	380	category	
 observed	 estimated	
Year 2010 - Segment 1 (sport cars)	
!!!!	
0
.1
.2
.3
130	180	230	280	330	380	category	
 observed	 estimated	
Year 2010 - Segment 2 (terrain cars)	
!	
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!	
0
.1
.2
.3
130	180	230	category	
 observed	 estimated	
Year 2010 - Segment 4 (multiple cars)	
!	
!
"#$%&'!()!*+,'&-'.!/0.!1&'.#23'.!4/&5'3!,6/&'!$#-'0!36'!,'$4'03!7!8/&5'3!9:;!
!
!
!
!
!	
0
.05
.1
.15
.2
80	120	160	200	category	
 observed	 estimated	
Year 2010 - Segment 1 (small cars)	
!!!!!!	
0
.05
.1
.15
.2
.25
.3
80	120	160	200	category	
 observed	 estimated	
Year 2010 - Segment 2 (compact cars)	
!	
!
"#$%&'!<)!*+,'&-'.!/0.!1&'.#23'.!4/&5'3!,6/&'!$#-'0!36'!,'$4'03!7!8/&5'3!=8>??!
!!
!
!	
@!	
!	
0
.1
.2
.3
130	180	230	280	330	380	category	
 observed	 estimated	
Year 2010 - Segment 1 (sport cars)	
!!!!	
0
.1
.2
.3
130	180	230	280	330	380	category	
 observed	 estimated	
Year 2010 - Segment 2 (terrain cars)	
!	
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!	
0
.1
.2
.3
130	180	230	category	
 observed	 estimated	
Year 2010 - Segment 4 (multiple cars)	
!	
!
"#$%&'!()!*+,'&-'.!/0.!1&'.#23'.!4/&5'3!,6/&'!$#-'0!36'!,'$4'03!7!8/&5'3!9:;!
!
!
!
!
!	
0
.05
.1
.15
.2
80	120	160	200	category	
 observed	 estimated	
Year 2010 - Segment 1 (small cars)	
!!!!!!	
0
.05
.1
.15
.2
.25
.3
80	120	160	200	category	
 observed	 estimated	
Year 2010 - Segment 2 (compact cars)	
!	
!
"#$%&'!<)!*+,'&-'.!/0.!1&'.#23'.!4/&5'3!,6/&'!$#-'0!36'!,'$4'03!7!8/&5'3!=8>??!
!!
!
!	
@!	
!	
!	
0
.1
.2
.3
130	180	230	280	330	380	category	
 observed	 estimated	
Year 2010 - Segment 1 (sport cars)	
!!!!	
0
.1
.2
.3
130	180	230	280	330	380	category	
 observed	 estimated	
Year 2010 - Segment 2 (terrain cars)	
!	
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!	
0
.1
.2
.3
130	180	230	category	
 observed	 estimated	
Year 2010 - Segment 4 (multiple cars)	
!	
!
"#$%&'!()!*+,'&-'.!/0.!1&'.#23'.!4/&5'3!,6/&'!$#-'0!36'!,'$4'03!7!8/&5'3!9:;!
!
!
!
!
!	
0
.05
.1
.15
.2
80	120	160	200	category	
 observed	 estimated	
Year 2010 - Segment 1 (small cars)	
!!!!!!	
0
.05
.1
.15
.2
.25
.3
80	120	160	200	category	
 observed	 estimated	
Year 2010 - Segment 2 (compact cars)	
!	
!
"#$%&'!<)!*+,'&-'.!/0.!1&'.#23'.!4/&5'3!,6/&'!$#-'0!36'!,'$4'03!7!8/&5'3!=8>??!
!!
!
!	
@!	
!	
!!K?0$-.Y7Q.a-&)?#&-(."0."5=&-2&-(&.9:;<*')&+&-R.%*-#&)&(.3"-.=(D--&.5?+&-.E! +@&)6+,#(B+(! &@! +(A,#(B+,! :CD-$&@B#9%+(! R&,! @#! ?+(*%%+%! +(! 7.A+))! A+,!A,#@$%.99:.$%(&A+(+!+,!6%+)&%%!.B!R@.,!A+%!.B$;!+,!#((9D,%!9)+,+!A677#+,/!Q+%%+!B#,!?+A,+!9D*(#(B+,!%#)!.?$+,@+,%+!A&%&!+((!A+%!$.7!9,+7:.77+,!&@!9#B6,+(+!.@+,/!Q+%!+,! .B$;! :.,,#B+,%! 9.,! @#,:(#(B+,! &@! i+:$%,+7@+,A#+,i! A+,! A#$$+! @#$+,! $+B! ;! R&! $%.,!?+%*A(#(B! 9.,! +$%#7+,#(B$,+$6)%&%+(+/![.A+))+(! B#,! A+,7+A! ?+A,+! 9D*(#(B! %#)!.?$+,@+,%+!A&%&!+((!B,6((7.A+))+(!$.7!+,!@#$%!.@+,/!!!

899+:%!&@!+(A,#(B+,!#!:CD-$&@B#9%!.B!A,#@$%.99&@B#9%!Vista Analyse AS 53 4*5&++.Y7;7bK?c&)<&33&@(=.+"0?=(?@.-&0-&==?"'bR.=*''=^'+?01&(&'&.d?=7.U*-#&)==&0%&'(.6J./>"-(=5?+&-."&,#&?+)!8$%#7&%!%>@+,A#!'@B#9%3(+%%.-,#$!>0/0LHM!>I/J!<=0!&@B#9%3(+%%.-,#$!>2/IKK2!>0/L!Q,#@$%.99:.$%(&A!>1/``LI!>2/K!Q677*!2!1/I1JL!M/L!Q677*!0!2O0`IL!I/H!Q677*!L!2O`IIM!HO2!Q677*!M!1/JIH`!KO0!'(%&))!?#)+,3&(%&))!@&)B!`J13LM!\5!]R#!0bLc!M`0OIK!U,.?u]R#!0!1!\.B!)#:+)#R..A!>2IHM!U$+A.!50!!1/22!!U*-#&)==&0%&'(.;J.4&--&'05?+&-."&,#&?+)!8$%#7&%!%>@+,A#!'@B#9%3(+%%.-,#$!>2O2`JK!>20OJ!<=0!&@B#9%3(+%%.-,#$!>2O100H!>J/2!Q,#@$%.99:.$%(&A!>1OK12K!>LO`!Q677*!2!2O`00H!L0OM!Q677*!0!2O2KMJ!0IO2!Q677*!L!2OJJ0I!MKOI!Q677*!M!2OKJ2H!M`O2!Q677*!`!0OL0KI!KIOL!Q677*!K!2OIM`M!`2O0!Q677*!I!0OJKJM!HKOH!'(%&))!?#)+,3&(%&))!@&)B!220M13`1!\5!]R#!0bLc!2`0KKOLJ!U,.?u]R#!0!1!\.B!)#:+)#R..A!>LJM1K!U$+A.!50!!1/2I!!U*-#&)==&0%&'(.VJ.K+&-5-$#=5?+&-."&,#&?+)!8$%#7&%!%>@+,A#!'@B#9%3(+%%.-,#$!>LOL21L!>HOI!<=0!&@B#9%3(+%%.-,#$!>1/MK2K!>1/0!Q,#@$%.99:.$%(&A!>M/`LJM!>0/L!Q677*!2!1OL1J`!LO0!Q677*!0!1O``02!IOM!'(%&))!?#)+,3&(%&))!@&)B!22K132K!\5!]R#!0bLc!2`IJ/0L!U,.?u]R#!0!1!\.B!)#:+)#R..A!>0M0I!U$+A.!50!!1/0`!

899+:%!&@!+(A,#(B+,!#!:CD-$&@B#9%!.B!A,#@$%.99&@B#9%!Vista Analyse AS 54 J2#=,$,3%<"#%7-'$#,%O-),#%W&?+))! K/L!@#$+,! +$%#7+,#(B$,+$6)%&%+,!9.,! B,6--+(! 7#(A,+! ?#)+,/! "#! $+,! &%! ?;A+!$677+(! &@! +99+:%>O! .B! @+:%&@B#9%+,! b'@B#9%c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	
0
.1
.2
.3
130	180	230	280	330	380	category	
 observed	 estimated	
Year 2010 - Segment 1 (sport cars)	
!!!!	
0
.1
.2
.3
130	180	230	280	330	380	category	
 observed	 estimated	
Year 2010 - Segment 2 (terrain cars)	
!	
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!	
0
.1
.2
.3
130	180	230	category	
 observed	 estimated	
Year 2010 - Segment 4 (multiple cars)	
!	
!
"#$%&'!()!*+,'&-'.!/0.!1&'.#23'.!4/&5'3!,6/&'!$#-'0!36'!,'$4'03!7!8/&5'3!9:;!
!
!
!
!
!	
0
.05
.1
.15
.2
80	120	160	200	category	
 observed	 estimated	
Year 2010 - Segment 1 (small cars)	
!!!!!!	
0
.05
.1
.15
.2
.25
.3
80	120	160	200	category	
 observed	 estimated	
Year 2010 - Segment 2 (compact cars)	
!	
!
"#$%&'!<)!*+,'&-'.!/0.!1&'.#23'.!4/&5'3!,6/&'!$#-'0!36'!,'$4'03!7!8/&5'3!=8>??!
!!
!
!	
@!	
!	
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899+:%!&@!+(A,#(B+,!#!:CD-$&@B#9%!.B!A,#@$%.99&@B#9%!Vista Analyse AS 55 4*5&++.Y7Q7bK?c&)<&33&@(=.+"0?=(?@.-&0-&==?"'bR.=*''=^'+?01&(&'&.d?=7!U*-#&)==&0%&'(.6J./%N5?+&-."&,#&?+)!8$%#7&%!%>@+,A#!'@B#9%3(+%%.-,#$!>`O2KLH!>2HOM!<=0!&@B#9%3(+%%.-,#$!>2O0M21!>LOJ!Q,#@$%.99:.$%(&A!>1/0HL0!>2/2!Q677*!2!2OJ2J1!MJO2!Q677*!0!2OJ2H0!MHOL!Q677*!L!2OIJ02!`IO2!Q677*!M!2OHJ22!KIO`!'(%&))!?#)+,3&(%&))!@&)B!22L`03L`!\5!]R#!0bLc!2M`I2O1I!U,.?u]R#!0!1!\.B!)#:+)#R..A!>LL1IM!U$+A.!50!!1/2J!.U*-#&)==&0%&'(.;J.C"%>*#(#+*==&'."&,#&?+)!8$%#7&%!%>@+,A#!'@B#9%3(+%%.-,#$!>2OL`0L!>JOK!<=0!&@B#9%3(+%%.-,#$!>0OMJLM!>21O2!Q,#@$%.99:.$%(&A!>1/K1H2!>LOK!Q677*!2!2OL012!M1OH!Q677*!0!2OLI11!`LOM!Q677*!L!2OK0K1!KKO`!Q677*!M!2OIK`J!JKO1!'(%&))!?#)+,3&(%&))!@&)B!001J23MJ!\5!]R#!0bLc!0LIIIOI2!U,.?u]R#!0!1!\.B!)#:+)#R..A!>I00H2!U$+A.!50!!1/2M!!U*-#&)==&0%&'(.QJ.U&++"%#+*==&'."&,#&?+)!8$%#7&%!%>@+,A#!'@B#9%3(+%%.-,#$!>0/2KHM!>00OJ!<=0&@B#9%3(+%%.-,#$mA677*!2!>KO1H2!>21OK!Q,#@$%.99:.$%(&A!>2OIHIK!>2HO1!'(%&))!?#)+,3&(%&))!@&)B!2MIH13M2!\5!]R#!0bLc!K2H2O21!U,.?u]R#!0!1!\.B!)#:+)#R..A!>`2J0J!U$+A.!50!!1/1I!!.

899+:%!&@!+(A,#(B+,!#!:CD-$&@B#9%!.B!A,#@$%.99&@B#9%!Vista Analyse AS 56 U*-#&)==&0%&'(.VJ./("-&.5?+&-."&,#&?+)!8$%#7&%!%>@+,A#!'@B#9%3(+%%.-,#$!>0/`10K!>21/J!<=0&@B#9%3(+%%.-,#$mA677*!2!>2`OI`I1!>IOK!Q,#@$%.99:.$%(&A!>JOLJIM!>01OM!Q677*!0m<.03(+%%.-,#$!20O`HK0!L1O1!Q677*!Lm<=03(+%%.-,#$!IOK`HL!2MOJ!Q677*!Mm<=03(+%%.-,#$!21OH12J!0LO1!Q677*!`m<=03(+%%.-,#$!21OJ00J!2JOH!'(%&))!?#)+,3&(%&))!@&)B!M1KJ3L0!\5!]R#!0bLc!K2LJOMK!U,.?u]R#!0!1!\.B!)#:+)#R..A!>2210H!U$+A.!50!!1/00!!.U*-#&)==&0%&'(.SJ.U?'?5?+&-."&,#&?+)!8$%#7&%!%>@+,A#!'@B#9%3(+%%.-,#$!>1OI1ML!>2/0!<=0&@B#9%3(+%%.-,#$!>LO2I2H!>LOK!Q,#@$%.99:.$%(&A!1O11IK!1O2!Q677*!2mA,#@$%.99:.$%!2OI12M!JO2!Q677*!0mA,#@$%.99:.$%!MO2MIL!LKOL!Q677*!LmA,#@$%.99:.$%!MO`2HK!L2OL!'(%&))!?#)+,3&(%&))!@&)B!01K232K!\5!]R#!0bLc!LK`JOJ`!U,.?u]R#!0!1!\.B!)#:+)#R..A!>2210H!U$+A.!50!!1OL0!!!I sannsynlighetene for å velge segment inngår ytterligere fire parametre (i segment 5 er parameteren satt til null) som er estimert til Segment 1: 0,3983 Segment 2: 0,3717 Segment 3: 0,5015 Segment 4: 0,8696 !!

899+:%!&@!+(A,#(B+,!#!:CD-$&@B#9%!.B!A,#@$%.99&@B#9%!Vista Analyse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e&+*=(?=?(&(.%&).1&'=^'.>N.9:;<*20?3(.H)-?2e&+*=(?=?(&(.%&).1&'=^'.>N.)-?2=("33#"=(.!!/&0%&'(.6./>"-(=5?+&-./&0%&'(;.4&--&'05?+&-./&0%&'(.K+&-5-$#=5?+&-.9:;.0W#%./*''=^'+?01&(.H9:;.H)-?2./*''=^'+?01&(.H9:;.H)-?2../*''=^'+?01&(.H9:;.H)-?2.2LM!1/1MI`!>1/1J0K!>1/L1LL!1/10ML!>1/1KK0!>1/LM0K!1/2JIH!>1/10KJ!>0/2L`M!2LK!1/1LLJ!>1/22MH!>1/L2M`!1/101JL!>1/1IM1!>1/L`2M!!!!!!!2LJ!1/1KM1!>1/1HI0!>1/L1H2!1/10KK!>1/1HIJ!>1/L`2H!!!!!!!2M1!!!!!!!!!!!!!1/2J2I!>1/1L0H!>0/0L2`!2MM!1/1MI0!>1/2IM2!>1/L0IK!1/1012!>1/2L22!>1/LI2H!1/0K1L!>1/1LH1!>0/1JHK!2MK!1/1I0K!>1/2HJL!>1/LJ`2!1/12JH!>1/2M2J!>1/LHL`!!!!!!!2MJ!1/21LJ!>1/01JK!>1/LH10!1/1022!>1/22JK!>1/LIH2!!!!!!!2`1!!!!!!!1/12J1!>1/20M2!>1/LJIH!!!!!!!2`0!1/1MML!>1/2HIM!>1/LJ`0!1/101`!>1/2LH2!>1/LH11!1/2L2J!>1/1`12!>0/`I1L!2`M!1/10JK!>1/0HKH!>1/M`ML!1/12HH!>1/2K0K!>1/LHIL!1/1MJI!>1/1KI1!>0/J`LI!2`K!!!!!!!1/1HML!>1/2ILI!>1/LI2J!!!!!!!2`J!1/1LLJ!>1/02LJ!>1/LHJK!!!!!!!1/1MJ`!>1/1IHJ!>0/HMKI!2K1!1/1MKI!>1/02H1!>1/LKMI!!!!!!!!!!!!!2K0!!!!!!!1/12J!>1/2K2H!>1/M2`J!!!!!!!2KM!1/1L1`!>1/0HI2!>1/MJ2H!1/12M0!>1/0002!>1/M0`2!1/12IH!>1/1HJ0!>L/2`K`!2KK!1/1MII!>1/LML0!>1/MKJ2!1/1`2K!>1/02JI!>1/M2LJ!!!!!!!2KJ!1/1IH`!>1/L1KH!>1/MKMJ!1/12KK!>1/01KJ!>1/ML2K!!!!!!!2I1!!!!!!!1/12M!>1/01MM!>1/MLIJ!1/11IJ!>1/20J0!>L/0JK0!2I0!1/1MIL!>1/0L`I!>1/MJK2!1/12L`!>1/01HI!>1/MMMJ!1/11I0!>1/2LLM!>L/L0K1!2IM!1/1JL1!>1/0KL1!>1/M``L!!!!1/1LK2!>1/1HJH!>L/0J`M!

899+:%!&@!+(A,#(B+,!#!:CD-$&@B#9%!.B!A,#@$%.99&@B#9%!Vista Analyse AS 58 2IK!!!!!!!1/121I!>1/0H00!>1/`KML!1/100I!>1/21MK!>L/L`1M!2IJ!1/120M!>1/0KIM!>1/M`JK!1/1I0J!>1/01JJ!>1/MLM2!!!!!!!2J1!1/1LH`!>1/M10H!>1/`0KH!1/120I!>1/0IJK!>1/M`HK!1/12K`!>1/2L0K!>L/MKIM!2J0!!!!!!!1/1HM2!>1/LM0I!>1/MJ0I!!!!!!!2JM!1/121L!>1/L1HM!>1/``01!1/12MK!>1/00`I!>1/MKJ`!!!!!!!2JK!!!!!!!1/122`!>1/LK1`!>1/MIMJ!!!!!!!2JJ!!!!!!!1/1212!>1/LJ1J!>1/MHMH!1/112K!>1/2KK`!>M/KJJK!2H1!!!!!!!1/1MML!>1/M10I!>1/MH2L!!!!!!!2H0!1/12L2!>1/`L`J!>1/`IML!1/2``M!>1/LMJ1!>1/MM``!!!!!!!2HM!!!!!!!1/11JI!>1/M1J0!>1/`JI1!!!!!!!2HK!!!!!!!1/11IL!>1/L0LL!>1/KMM2!!!!!!!2HJ!1/11JK!>1/I0L1!>1/`HJ1!1/1KL2!>1/LIKK!>1/MJ2L!1/101H!>1/2M22!>L/IH`L!01M!!!!!!!1/11I1!>1/I`HK!>1/KKJI!!!!!!!01J!!!!!!!1/11`L!>1/J2LJ!>1/KJ2M!!!!!!!021!1/112K!>1/K0LI!>1/KL``!1/11`K!>1/IKI2!>1/KJIJ!!!!!!!020!1/12IM!>1/J2HL!>1/KL2M!!!!!!!!!!!!!02M!1/101`!>1/`JK2!>1/KL`L!1/1210!>1/LH0`!>1/`MKH!!!!!!!02K!1/11LM!>1/ILL0!>1/K`0M!1/11I2!>1/`0`1!>1/```0!1/11HJ!>1/0L``!>M/2J`0!02J!!!!!!!1/11KK!>1/M0J1!>1/`K2I!!!!!!!001!!!!!!!1/11M1!>1/LHIL!>1/`K`I!!!!!!!000!!!!!!!1/11M0!>1/J`HK!>1/IL2M!!!!!!!00M!1/112K!>1/KJH1!>1/KIIJ!1/11KI!>1/`001!>1/`JI0!1/1112!>1/MML`!>`/`K``!00J!1/121K!>2/1K1J!>1/KJKI!1/11M2!>1/K1`M!>1/IMIJ!!!!!!!0LM!!!!!!!1/112L!>2/000I!>1/IKHI!!!!!!!0LJ!!!!!!!1/112I!>2/1JJJ!>1/K2MJ!!!!!!!0M0!!!!!!!1/11L1!>1/`KH1!>1/K0`K!!!!!!!0MM!!!!!!!1/1102!>1/IL02!>1/KHJI!!!!0MK!!!!!!!1/112K!>1/H0`1!>1/KLKI!!!!0`1!1/101K!>1/LMJ2!>1/IMM2!!!!!!!!!!0`M!!!!!!!!!!!!!!..0`K!1/111K!>2/22HH!>1/II`M!!!!!!!!..0K1!1/11I0!>1/`M`H!>1/IJ0M!!!!!!!!..0K0!!!!!!!!!!!!!!..0KM!1/11KL!>1/K`1I!>1/IH`0!!!!!!!!..0I1!!!!!!!1/11LK!>1/LHJ2!>1/J`JJ!!..0JK!1/11K0!>1/`I2H!>1/JK2`!!!!!!!!..0H1!!!!!!!1/1120!>2/H0``!>1/I`1`!!..0HM!!!!!!!1/11MJ!>1/K211!>1/I```!!..LMJ!!!!!!!1/1112!>2/KLLI!>2/2MK0!!..LKJ!1/11M`!>1/HJ0L!>2/2I1J!!!!!!!!..LJJ!1/11LH!>2/1`0J!>2/2I2`!!!!!!!!..!467!6...6....6....!4&(($*()#BR+%+(+!9.,!;!@+)B+!$+B7+(%!9D)B+,!&@!7.A+))+(!.@+(9.,!.B!:&(!&($);$!%#)d!

899+:%!&@!+(A,#(B+,!#!:CD-$&@B#9%!.B!A,#@$%.99&@B#9%!Vista Analyse AS 59 4-.,%$?#)+,d!!!!!!!M/M`f!W+,,+(B?#)+,d!!!JKO`Hf!N)+,?,6:$?#)+,d!!JOHMf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e&+*=(?=?(&(.%&).1&'=^'.>N.9:;.*20?3(.........................................H)-?2e&+*=(?=?(&(.%&).1&'=^'.>N.)-?2=("33#"=(.4+B7+(%!2!47;!?#)+,!4+B7+(%!0!V.7-&:%:)&$$+(!9:;.0W#%./*''=^'+?01&(.H9:;.H)-?2./*''=^'+?01&(.H9:;.H)-?2.JK!1/1L1K!1/011K!>1/21K2!!!!!!!JJ!1/10HI!1/2JJJ!>1/21JK!!!!!!!H1!1/1L2K!1/2L2L!>1/22I1!!!!!!!H0!1/10`0!1/20J`!>1/201J!!!!!!!HM!1/12KI!1/2KIH!>1/2K0`!!!!!!!HK!1/10J0!1/1I`0!>1/2L1J!!!!!!!

899+:%!&@!+(A,#(B+,!#!:CD-$&@B#9%!.B!A,#@$%.99&@B#9%!Vista Analyse AS 60 HJ!1/2`L`!1/1`I`!>1/22K1!1/1LKI!1/020I!>1/0MHL!211!1/2JM0!1/1`0J!>1/220H!!!!!!!210!1/10II!1/1M0`!>1/2LI0!1/1LLK!1/2JM`!>1/0`IK!21M!1/12II!1/1LIH!>1/2ML`!1/1LLL!1/2II2!>1/0K0J!21K!1/12HM!1/12HL!>1/2MML!1/1LLL!1/2L0L!>1/0I1L!21J!1/12II!1/11H0!>1/2IHM!1/1L1I!1/21HK!>1/0IK2!221!1/12KM!>1/1110!>1/2KJI!!!!!!!220!1/12K`!>1/101J!>1/2H0K!1/10HJ!1/1IJJ!>1/0JM2!22M!1/1HML!>1/1LKM!>1/2J1M!1/10JI!1/1``1!>1/0H2J!22K!1/12K0!>1/1KLI!>1/2H2L!1/10J`!1/1M1I!>1/0H`L!22J!1/21JI!>1/1K21!>1/2JL1!1/2K10!1/12`L!>1/0`HH!201!1/120`!>1/1I0J!>1/2K2`!!!!!!!200!1/12KJ!>1/221`!>1/01HI!1/10MH!>1/10H0!>1/LL0K!20M!1/102L!>1/21MH!>1/0220!1/10M1!>1/1KLI!>1/L010!20K!1/12K0!>1/2L`1!>1/02KL!1/101`!>1/1J2`!>1/LMJ0!20J!1/12`I!>1/2`JI!>1/02HK!1/101J!>1/221L!>1/LLMK!2L1!1/11JJ!>1/021M!>1/000J!1/1J2M!>1/220M!>1/L202!2L0!1/11MM!>1/2JIM!>1/00J`!1/12JK!>1/2JK`!>1/M0MK!2LM!1/11`J!>1/01L0!>1/00HJ!1/12I`!>1/02H2!>1/M0HH!2LK!1/121M!>1/0LJJ!>1/0L01!1/1H11!>1/01KK!>1/LMLM!2LJ!1/11HK!>1/0LLI!>1/0L`L!1/12K2!>1/0`JL!>1/LJ`M!2M1!1/11K0!>1/01J0!>1/0LHL!1/12MI!>1/0K1M!>1/LK1`!2M0!1/11H1!>1/L1LK!>1/0M``!1/12`1!>1/0JIH!>1/LJMK!2MM!1/1122!>1/L2JI!>1/0`12!1/12LL!>1/LL11!>1/LJJ0!2MK!1/11``!>1/L0L2!>1/0`L`!1/120`!>1/LJII!>1/ML0H!2MJ!1/11IH!>1/0JKK!>1/0`MJ!1/1MJH!>1/LI`0!>1/M10J!2`1!1/11L2!>1/LJHM!>1/0K0H!1/12M1!>1/M00J!>1/LJJM!2`0!1/11ML!>1/L`2M!>1/021`!1/11H1!>1/MHIH!>1/MMJM!2`M!1/11`L!>1/``02!>1/0JIM!1/121`!>1/MJ1M!>1/MMMI!2`K!1/1122!>2/L0KL!>1/0`12K!1/120H!>1/M00I!>1/M21K!2`J!1/11``!>2/LMM`!>1/0`L`L!1/11HK!>1/`K1J!>1/MI`JH!2K1!1/11IH!>2/2H0H!>1/0`MJM!1/121M!>1/`22M!>1/M2LJ!2K0!!!!!!!1/11JJ!>1/``12!>1/`L`J!2KM!1/11L2!>2/K01K!>1/0K0H!1/11HL!>1/`JIK!>1/`L`1!2KK!!!!!!!1/11IJ!>1/I2HH!>1/`M0I!2KJ!1/11ML!>2/MK0M!>1/021`!1/11II!>1/I`JH!>1/``IL!2I1!!!!!!!1/11IH!>1/KK1`!>1/`K0L!2I0!!!!!!!1/11`0!>1/J`J1!>1/`I1`!2IM!!!!!!!1/11`1!>1/JIL0!>1/`KI1!2IK!!!!!!!1/11K0!>1/IJ02!>1/`2L2!2IJ!!!!!!!1/11KI!>1/J1JJ!>1/`I`0!2J1!1/11`L!>0/0HII!>1/0JIM!1/11`I!>1/IMLK!>1/MKIJ!

899+:%!&@!+(A,#(B+,!#!:CD-$&@B#9%!.B!A,#@$%.99&@B#9%!Vista Analyse AS 61 2J0!!!!!!!1/11LL!>1/JJL`!>1/MIM2!2JM!!!!!!!1/11MI`!>2/1L11!>1/`MMK!2JK!!!!!!!1/11KM!>1/JH00!>1/MJLJ!2JJ!!!!!!!1/110H!>2/0KLI!>1/`H`K!2H0!!!!!!!1/110M!>2/MJL1!>1/KLJK!2HM!!!!!!!1/110L!>2/`ML2!>1/KMK`!2HK!!!!!!!1/112M!>2/I`2H!>1/K``H!2HJ!!!!!!!1/112H!>2/K2IM!>1/K0KL!01M!!!!!!!1/111H!>0/1KMK!>1/KJ0H!01K!!!!!!!!!!!!!01J!!!!!!!1/112L!>2/JLL`!>1/`ML1!467!!2!!!!!2!!!!!4*5&++. Y7SR. 3"-(=*((7. H=(?%&-(&. %*-#&)=*')&+&-. "0. &+*=(?=?(&(&-R. %?')-&. 5?+&-R.;A6A7.H9:;e&+*=(?=?(&(.%&).1&'=^'.>N.9:;.*20?3(.F$(&+*((.>0*.3"-.$=?#-&.2?-#'?'0&-G.H)-?2e&+*=(?=?(&(.%&).1&'=^'.>N.)-?2=("33#"=('*).9:;./&0%&'(.Q.U&++"%#+*==&'./&0&%&'(.V./("-&.5?+&-.0W#%./*''=^'+?01&(.H)-?2./*''=^'+?01&(.H)-?2.6AV.1/1H0K!>1/I0J1!..6AI.1/1L`J!>1/J21J!..66V.1/1``I!>1/JL1`!..66I.1/1MHJ!>1/JI2M!1/2LK`!>L/KHJJ!6;;.1/1`2J!>1/JHHI!!!!!6;V.1/1LK0!>1/H0IJ!!!!!6;Y.1/1LLL!>1/HMI2!!!!!6;I.1/1LH1!>1/H``2!1/1MJH!>M/M2KJ!6QA.1/10HH!>1/HIIM!!!!!6QV.1/1LMM!>2/120`!!!!!6QY.1/10KM!>2/22``!1/1M`I!>M/I1K`!6QI.1/10KI!>2/1MII!1/1`0K!>M/IM1M!6VA.1/1LI0!>2/1M`I!1/1M2L!>M/JL2`!6V;.1/10K`!>2/1I`L!!!!!6VV.1/10IL!>2/1JLI!1/1LL1!>`/1LI0!6VY.1/10J0!>2/0K2J!!!!!6VI.1/10M`!>2/2LHJ!1/1LLJ!>`/2J0`!6SA.1/10I0!>2/20KI!1/1LII!>`/0L1I!6S;.1/12KH!>2/MLH0!1/101`!>`/LI2`!6SV.1/100J!>2/01I`!1/1J`1!>`/1JJK!6SY.1/12JK!>2/MLIJ!1/1I0`!>`/0M02!6SI.1/12I`!>2/L2HH!1/1IHM!>`/K0`I!6YA.1/101K!>2/02`H!1/11IL!>`/I2I`!6Y;.1/12HH!>2/MJK`!1/11LI!>`/J212!6YV.1/1010!>2/L0ML!1/11HI!>`/JIIJ!6YY.1/10LI!>2/0`H2!1/11`M!>K/`1M`!6YI.1/12LI!>2/L`02!1/11JH!>K/10HI!6_A.1/12`H!>2/LIHM!1/112I!>I/J12M!6_;.1/12IJ!>2/LMM1!1/11LK!>K/2HKM!6_V.1/12``!>2/MLL2!1/11K1!>K/KJLL!6_Y.1/12LJ!>2/M0IJ!1/111K!>J/200J!

899+:%!&@!+(A,#(B+,!#!:CD-$&@B#9%!.B!A,#@$%.99&@B#9%!Vista Analyse AS 62 6_I.1/121L!>2/MJ10!1/1`JH!>K/M1L1!6IA.1/11JI!>2/KLI1!1/1120!>J/L122!6I;.1/11HH!>2/I1IK!1/11L1!>K/KK2L!6IV.1/121L!>2/II20!1/11M`!>K/`HL2!6IY.1/12ML!>2/`22I!1/11MH!>K/I0IL!6II.1/11M`!>2/I0I1!1/11M`!>K/II02!6BA.1/11`I!>2/IIJH!1/111M!>J/IKKJ!6B;.1/11LH!>2/JJ01!!!!!6BV.1/1212!>2/JJHH!1/1112!>J/H`M0!6BY.1/111J!>2/H0I0!1/1110!>J/HHJH!6BI.!!!!1/2JK`!>`/J0I1!;AV.!!!!1/111J!>J/0J2I!/$%.6..6...4*5&++. Y7SR.3"-(=*((7. H=(?%&-(&. %*-#&)=*')&+&-. "0. &+*=(?=?(&(&-R. %?'?5?+&-R.;A6A7.H9:;e&+*=(?=?(&(.%&).1&'=^'.>N.9:;<*20?3(..H)-?2e&+*=(?=?(&(. %&). 1&'=^'. >N. )-?2=("33#"=('*). F$(&+*((. >0*. 3"-. $=?#-&.2?-#'?'0&-G.9:;./&0%&'(.Q.U&++"%#+*==&'.0W#%./*''=^'+?01&(.H9:;.BI.1/1I`K!1/L`K`!6A;.1/10JM!1/LKLK!6AV.1/10K0!1/0``1!6AY.1/LI0K!1/01`M!6AI.1/10`0!1/0JJ`!66A.1/10MM!1/2KJK!66;.1/1002!1/2J0`!66V.1/101J!1/20MJ!66I.1/L1KK!1/12M`!6;;.1/12JJ!>1/1MH1!6;V.1/1011!>1/1K`1!6;I.1/12LH!>1/0K20!6QA.1/12L2!>1/L2HM!6QI.1/1211!>1/`J`J!6V;.1/121M!>1/`IJK!6VI.1/1222!>1/`H1L!/$%.6...4+B7+(%$&(($*()#BR+%+(+!9D)B+,!&@!7.A+))+(d!!47;!?#)+,d!!!!!!!!!!!!!01OJHf!V.7-&:%:)&$$+(d!!M1OKLf![+)).7:)&$$+(!d!!!0IO02f!4%.,+!?#)+,d!!!!!!!!!!!!!!IOMJf![#(#?#)+,d!!!!!!!!!!!!!!!!LOIHf!

899+:%!&@!+(A,#(B+,!#!:CD-$&@B#9%!.B!A,#@$%.99&@B#9%!Vista Analyse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f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`O`! B3:7/! P+,! +,! A+%! @#:%#B! ;! )+BB+! %#)! &%!6%$)#--+%! #!B3:7! +,! )&@%! #! 6%B&(B$-6(:%+%! .B! &%! A+%! .B$;! R+,! +,! ?+B,+($(#(B+,! -;!%#)?6A$$#A+(! 7R%! R@.,! )&@+! 6%$)#--! #((+(9.,! +(! 7.A+))! +))+,! +%! 7&,:+A$$+B7+(%!$.7! +,! %#)BC+(B+)#B! #! 7&,:+A+%/! 8(! D:(#(B! #! A,#@$%.99:.$%(&A+(! -;! K1! f! ,+A6$+,+,!6%$)#--+(+! 9,&! B,6--+(+! 7#(A,+! ?#)+,! 7+A! (+$%+(! M! B,&7/! Q+%%+! +,! 76)#B! BC+((.7!+%! $:#9%+! %#)!+(! $%D,,+! A#+$+)&(A+)! #((+(9.,! $+B7+(%+(+! $.7! #! A&B! R&,! +(! RD*!?+($#(&(A+)/! E! $+B7+(%+%! i$%.,+! ?#)+,i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`1f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

899+:%!&@!+(A,#(B+,!#!:CD-$&@B#9%!.B!A,#@$%.99&@B#9%!Vista Analyse AS 64 4*5&++.Y7Y7./&0%&'(=*''=^'+?01&(&-R.%*-#&)=0-$>>&'.b=(D--&.5?+&-b.>-"=&'(7.!E(#%#&)%!<=0!&@B#9%!Q,#@$%.99:.$%(&A!!Q.?)#(B!L>A.?)/!e01f!eM1f!eK1f!4-.,%$?#)+,!KO11!`OKI!`OLK!KOL0!KO`L!KOKI!W+,,+(B?#)+,!J1OJ1!IJOIL!IKOI1!J`O2`!JJO1M!JHOH1!N)+,?,6:$?#)+,!2LO01!2`OK1!2IOHM!JO`L!`OML!LOML!467!211!211!211!211!211!211!.4*5&++. Y7_7.[?-#'?'0&-. >N. 3"-2&'(&(. ("(*+(. $(=+?>>. *2. 9:;R. 0W#%7. /(D--&. 5?+&-. ?.;A6AJ./>"-(=5?+&-R.4&--&'05?+&-R.K+&-5-$#=5?+&-7.!E(#%#&)%!<=0!&@B#9%!Q,#@$%.99:.$%(&A!!Q.?)#(B!L>A.?)/!e01f!eM1f!eK1f!<=0!B3:7!2KHOHI!2K`OMK!2K2OHK!2KHO`1!2KJOK`!2KIO`K!U,.$+(%@#$!,+A6:$C.(!!0OK`!MOI2!1OL!1OJ!2OM0!J-'$#,%O-),#%4*5&++.Y7I7./&0%&'(=*''=^'+?01&(&-R.>-"=&'(7.!E(#%#&)%!<=0!&@B#9%!Q,#@$%.99:.$%(&A!!Q.?)#(B!L>A.?)/!e01f!eM1f!eK1f!47;?#)+,!2`OI1!2KOMJ!2IO11!2IOJM!2HOKI!02OL0!V.7-&:%:)&$$+(!LHOM1!LKO2I!LMOJ0!M0OHJ!M`O``!MIOMH![+)).7:)&$$+(!LKOI1!LJO`1!LJOJL!LMOLJ!L2O0H!0JO1I!4%.,+!?#)+,!KO`1!KOJL!KOJH!0OIJ!2O2I!1OMH![#(#?#)+,!2OI1!0O10!0OMK!0O10!0OL0!0OKL!467!211!211!211!211!211!211!.4*5&++.Y7B7.[?-#'?'0&-.>N.3"-2&'(&(.("(*+(.$(=+?>>.*2.9:;R.0W#%7./&0%&'(&-.*2.%?')-&.5?+&-.?.;A6A.!E(#%#&)%!<=0!&@B#9%!Q,#@$%.99:.$%(&A!!Q.?)#(B!L>A.?)/!e01f!eM1f!eK1f!<=0!B3:7!2LLO10!20HOJI!20IO`K!2L2OM`!2L1O2I!20HO1I!U,.$+(%@#$!,+A6:$C.(!!0OLI!MO2!2O2J!0O2M!0OHI!.R1"#%6-=#,%,#%#,68)323,',S%%Antall større biler i utvalget er 12.980 og antall mindre biler er 54.352. Dette betyr at større biler har en markedsandel på 0,1928, mens mindre biler har en markedsandel på 0,8072. Modellens anslag på CO2-utslipp (før endringer i avgifter) er 169,97 g/km i gjennomsnitt for større biler og 133,02 g/km for mindre biler. Det betyr at modellens anslag på CO2-utslipp (før endringer i avgifter) i gjennomsnitt for alle biler i det totale

899+:%!&@!+(A,#(B+,!#!:CD-$&@B#9%!.B!A,#@$%.99&@B#9%!Vista Analyse AS 65 bilmarkedet i 2010 er på 140,15 g/km, noe som praktisk talt er likt det observerte gjennomsnittet. Modellen gir også rimelig gode anslag på CO2-utslippene når den testes på 2009-data med det tilgjengelige utvalget som var i 2009 og gitt antall solgte biler. Virkningene som er beregnet viser kun de som følger av endret valg innenfor et gitt modellutvalg og samlet salg. I tillegg må det forventes en fortsatt teknologiutvikling som gjør at den reelle nedgangen vil bli større som følge av at bilene som tilbys blir stadig mer klimaeffektive. Med prosentvise like endringer er det ytterpunktene som vil møte de største avgiftsendringene. Dette må forventes å slå ut noe av nybilsalget i de markedene som får høye avgiftsøkninger, mens bilsalget i segmentene med avgiftsavslag må forventes å bidra til økt salg. Beregningene vurderes derfor som rimelige sikre gitt de forutsetningene som er gjort om tilbudssiden og samlet bilsalg. Dersom resultatene skal benyttes til å predikere effekten av framtidige avgiftsendringer må det også tas hensyn til utviklingen på tilbudssiden og forventninger om samlet bilsalg, samt avgiftsutformingens effekt på det samlede salgsvolumet. IJKJ /2+%+(2"-&,52.::5301+22+%(.(3"%#+1+,((F+,+B(#(B+(+! 9.,&(! +,! BC.,%! 7+A! ,+$%,#:$C.(+,! -;! %#)?6A$$#A+(! A+,! A+%! +,! 9.,6%$&%%!$&77+!%#)?6A$$#A+!#((+(9.,!R@+,%!$+B7+(%!$.7!+,!-;!A+%!(.,$:+!7&,:+A+%!9,&7!%#)!.B! 7+A! C6)#! 0121/! N.,! ;! %+$%+! ?+%*A(#(B+(! &@! A+((+! ,+$%,#:$C.(+(! +,! A+%! BC.,%! %.!9D)$.7R+%$?+,+B(#(B+,/!E!A+(!+(+!+,!A+%!)&B%!#((!%#)BC+(B+)#B+!?#)+,!#!<=0>#(%+,@&))+%!6(A+,! A+%! @&)B%+! #(%+,@&))+%! 9.,! R@+,%! @&)B%+! <=0>#(%+,@&))/! U,#$! 6%+(! &@B#9%! +,! R.)A%!-;! $&77+! (#@;! $.7! #(%+,@&))+%! .@+,O! 7+($! <=0>&@B#9%+(! .B! A,#@$%.99:.$%(&A+(! ?)#,!)&@+,+/!!E!A+(!&(A,+!9D)$.7R+%$&(&)*$+(!+,!A+%!)&B%!#((!?#)+,!7+A!`!B,&7!)&@+,+!6%$)#--!+((!A+%!A+(!)&@+$%+!%#)BC+(B+)#B+!6%$)#--$@&,#&(%+(!#!R@+,%!$+B7+(%!R&,!#!A&B/!Q+%!+,!)&B%!#((!7.A+))+,!9,&!A+!7+$%!$.)B%+!7+,:+(+!$)#:!&%!A+%!+,!7#($%!J!7+,:+,!.B!7.A+))+,!;! @+)B+! 7+)).7/! U,#$! 6%+(! &@B#9%! +,! $&%%! )#:! )&@+$%+! %#)BC+(B+)#B+!6%$)#--$@&,#&(%!#((+(9.,! R@+,! 7.A+))! #!A&BO! 7+($! 6%$&)B$-,#$+(! +,! ,+A6$+,%! %#)! &@B#9%$+99+:%+(! $.7!9D)B+,!&@!)&@+,+!6%$)#--/!!N.,@+(%+%! ,+A6:$C.(! #! 0121! b9,&7! %#)! C6)#c! @+A! ;! 9)*%%+! 7&,:+A$&(A+)+,! %#)! A+! (+$%+!@&)B! 7+A! )&@+,+! <=0!$.7! #::+! @&,! .--,#((+)#B! %#)BC+(B+)#B! #((+(! &))+!?#)$+B7+(%+(+O!+,! -;! 7+)).7! 2! .B! 0! -,.$+(%! ,+A6:$C.(! #! <=0>6%$)#--+(+! -+,!$+B7+(%/!!T,6((+(!%#)!&%!,+A6:$C.(+(!+,!$;!?+$:C+A+(!+,!&%!#!A+!9)+$%+!?#)$+B7+(%+(+!+,!?#)+(+!(.+()6(A+! C+@(%! 9.,A+)%! .@+,! 7&(B+! <=0>#(%+,@&))O! .B! $+)@! .7! #(%+,@&))! 7+A! )&@+!6%$)#--! R&,! @Z,%! %#)BC+(B+)#B! $;! R&,! ?#):CD-+,(+! @&)B%! ?#)+,! 7+A! $%D,,+! 6%$)#--/!T,6((+(! +,! +(! ,+::+! 9&:%.,+,O! .B$;! 9.,! .$$! 6.?$+,@+,?&,+O! :(*%%+%! %#)! +B+($:&-+,!@+A! ?#)+(+! 6%.@+,! <=0>6%$)#--/! [.A+))+(! @;,! 9&(B+,! .--! A#$$+! 9.,R.)A+(+! @+A!:CD-+,(+O!.B$;!A+!6.?$+,@+,?&,+!9.,R.)A+(+/! Q+%! $#$%+! +,! ,+9)+:%+,%! #! A+%! 9&:%67! &%!@#!#::+!.-+,+,+,!7+A!&(%&))!?#)+,!#!R@+,%!<=0>#(%+,@&))O!7+(!$&(($*()#BR+%+,!9.,!;!R&!

899+:%!&@!+(A,#(B+,!#!:CD-$&@B#9%!.B!A,#@$%.99&@B#9%!Vista Analyse AS 66 :CD-%! ?#)! #! +%! #(%+,@&))/! ! E! +:$-+,#7+(%+%! .@+(9.,! R&,! @#! :6(! 9)*%%+%! 7&,:+A$&(A+)+,!%#)! ]+))+,! 7+A! )&@+,+! <=0!+((! :CD-+,+! $.7!R&,! @Z,%! (Z,7+$%! A#$$+! ]+))+(+/! Q+!&(A,+! R&,! @#! #::+! 9)*%%+%O! 7+A! A+(! ?+B,6((+)$+! &%! A+! :6((+! C.! @&)B%! A+! )&@+,+! <=0>6%$)#--!$.7!&(A,+!:CD-+,+!R&,!@&)B%/!![+A!9)+,+!?#)+,!%#)BC+(B+)#B+!7+A!`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b#((%#)!K11/111!:,c/!Q#$$+!?#)+(+!R&,!RD*+!<=0>6%$)#--O!.B!@#)!9;!+(!:,&9%#B!D:(#(B!#!7&,:+A$&(A+)+(/!Q+%%+!@#)!#$.)+,%!$+%%!D:+!BC+((.7$(#%%$6%$)#--+(+/!F#)+,!7+A!)&@+,+!6%$)#--!+((!A&B+($!BC+((.7$(#%%$6%$)#--!@#)!BC+((.7B;+(A+!9;!-,#$,+A6:$C.(+,/!Q+%%+!D:+,!7&,:+A$&(A+)+(!9.,!?#)+,!7+A!6%$)#--!6(A+,!2M1!B,&7!-+,!:7/!!4&7)+%!+99+:%!&@!A+(!%+$%+A+!+(A,#(B+(!?)#,!)#:+@+)!)&@+,+!+((!@+A!+(!A.?)#(B!&@!<=0>:.7-.(+(%+(!#!:CD-$&@B#9%+(/!5+$6)%&%+(+!9,&!A#$$+!+$%#7+,#(B+(+!+,!7+,!6$#:,+!+((!A+!D@,#B+!9.,A#!+(A,#(B+(+!9.,!+(!A+)!7.A+))+,!+,!:,&9%#B+,+O!.B!9.,A#!A+%!@#)!@Z,+!+99+:%+,!$.7!@#,:+,!7.%!R@+,&(A,+!#((+(9.,!+(:+)%+!&@!$+B7+(%+(+O!$;!@+)!$.7!7+)).7!$+B7+(%+(+/!!

899+:%!&@!+(A,#(B+,!#!:CD-$&@B#9%!.B!A,#@$%.99&@B#9%!Vista Analyse AS 67 K,$),..%:2&-=?#(."2&-.=*+0=(*++.3"-)&+(.>N.N-."0.=&0%&'(.E.*++&.=*+0.FC?+)&J.:K[G...N-=(*++.W.*'(*++.>&-.=&0.;AAV.;AAS.;AAY.;AA_.;AAI.;AAB.(7"7%.,$+?;A6A.M'(*++.=$%.66S.YVS.6AB.BQ;.6AB.QAQ.6;B.V6Q.66A.BAV.BI.BQI._Q.YQ;.........4%.,+!?#)+,!H!11K!K!`1K!I!`IL!H!1J1!K!H`L!K!L02!M!HJH!N)+,?,6:$?#)+,!2!2I2!H0J!2!J2H!0!10M!2!`0`!2!M0`!2!L`J![<e[#(#!`J0!JM`!2!LJM!2!`KJ!0!102!L!0H2!0!ILM!4-.,%$?#)+,!K01!MHL!ILM!K2H!IMH!JJI!KI0!\6:$6$?#)+,!21`!JH!2MH!20M!2II!JJ!`I!47;?#)+,!2K!2KH!2L!JKJ!2L!MHK!2J!121!2L!1J`!22!021!H!IIH!V.7-&:%:)&$$+!L`!K0K!LJ!LKH!L0!`IL!M`!2LH!LK!HL0!L0!M`L!0`!KJK!W+,,+(B?#)+,!2M!KKK!2`!J1M!00!MI`!2K!K`2!2I!`I1!2`!IJ`!22!H2M![+)).7:)&$$+!LK!KM2!L2!JJ0!0I!J`M!LM!J12!L1!2ML!0K!22H!2`!KJJ!'(A,+!!2!1`H!2!2MJ!2!0MK!2!LHI!2!IMH!2!L`H!I``!!!!!!!!!!!!!!!!!N-=(*++.W.*')&+.>&-.=&0.;AAV.;AAS.;AAY.;AA_.;AAI.;AAB.(7"7%.,$+?;A6A.4%.,+!?#)+,!IOJ!f!`OH!f!KOH!f!IO1!f!KOL!f!KOM!f!KOJ!f!N)+,?,6:$?#)+,!2O1!f!1OJ!f!2OI!f!2OK!f!2OM!f!2OM!f!2OJ!f![<e[#(#!1O`!f!1OJ!f!2OL!f!2O0!f!2OJ!f!LOL!f!LOI!f!4-.,%$?#)+,!1O`!f!1OM!f!1OI!f!1O`!f!1OI!f!1OH!f!1OH!f!\6:$6$?#)+,!1O2!f!1O2!f!1O2!f!1O2!f!1O0!f!1O2!f!1O2!f!47;?#)+,!2MO1!f!20OK!f!20OL!f!2LOH!f!22OJ!f!22OL!f!2LOL!f!V.7-&:%:)&$$+!L1OJ!f!LMOH!f!0HOJ!f!LMOH!f!LLOL!f!L0OJ!f!LMOH!f!W+,,+(B?#)+,!20OI!f!2MOM!f!01OK!f!20OH!f!2`OJ!f!2KO1!f!2KO0!f![+)).7:)&$$+!L2OI!f!0HO1!f!0`O`!f!0KOH!f!0IO0!f!0KOM!f!02OL!f!'(A,+!!1OH!f!2O1!f!2O2!f!2O2!f!2OK!f!2OM!f!2O1!f!!!!!!!!!!!!!!!!!N-=(*++.W.0,79:;.>&-.=&0.;AAV.;AAS.;AAY.;AA_.;AAI.;AAB.(7"7%.,$+?.;A6A.4%.,+!?#)+,!002!02H!020!2JJ!2JM!2I1!2`J!N)+,?,6:$?#)+,!02L!010!2JL!2IL!2J1!2I1!2`L![<e[#(#!2LL!20L!21M!HJ!JH!212!211!4-.,%$?#)+,!001!02M!02K!2HH!2J2!2K`!2KK!\6:$6$?#)+,!0`0!0M0!0MI!0LM!002!01K!2HJ!47;?#)+,!2`1!2MI!2MM!2LJ!2L`!20J!202!V.7-&:%:)&$$+!2KH!2KM!2K1!2MJ!2MK!2LJ!2L1!W+,,+(B?#)+,!02K!02M!02K!2H0!2H2!2J`!2II![+)).7:)&$$+!2IH!2IL!2IL!2K1!2`J!2`L!2ML!'(A,+!!02M!01L!2HI!01M!01K!01K!2HM!................X,&''"%='?((.*++&.6IA.6IA.6__R6.6SBR6.6SIRQ.6SAR_.6V6RS.!

899+:%!&@!+(A,#(B+,!#!:CD-$&@B#9%!.B!A,#@$%.99&@B#9%!Vista Analyse AS 68 !:2&-=?#(."2&-.$(2*+0.#"5+&(.%&).>-?=...!!!