April 2011

PRESENTATION OF CARBONIUMProducts and Services

Global carbon market: key numbers &

background

Carbon Finance in 2009, a market of more than:

• 95 billion Euros,

• 8.4 billion tons of CO2-equivalent.

The Kyoto Protocol: OECD countries with commitments under the Kyoto Protocol to limit or reduce greenhouse gas emissions (by an average 5.2 % below their 1990 levels by 2012) must meet their targets primarily through national measures. As an additional means of meeting these targets, the Kyoto Protocol introduced three market-based mechanisms, thereby creating what is now known as the “carbon market.”

The Kyoto mechanisms

• Emissions Trading: Committed countries can trade their Assigned Amount Units (AAUs) or other units

• Two project-based mechanisms which feed the carbon market :

– Clean Development Mechanism (CDM), generating Certified Emission Reductions (CERs),

– Joint Implementation (JI), generating Emission Reductions Units (ERUs),

• Stimulate sustainable development through technology transfer and investment,

• Help countries with Kyoto commitments to meet their targets by reducing emissions or removing carbon from the atmosphere in other countries in a cost-effective way,

• Encourage the private sector and developing countries to contribute to emission reduction efforts.

Carbonium : a pioneer actor in the carbon market

• Thanks to his experiences at the World Bank and the United Nations, AlexandreBorde founded Carbonium in 2004, in order to develop independent carbonfinance expertise in France

• The activity turns recurrent, with a strong positioning in the primary market (CDM/JI),by sourcing investment opportunities to trigger important technological andfinancial transfers from North to South. Focus is on small-scale hydro and solar

• Carbonium opens a subsidiary in Bolivia in early 2009, in addition to the teamsalready in the representative offices in Vietnam and Burkina Faso.

• The development of the company follows an increasingly fast rate thanks to newlarge scale projects in Morocco, Ukraine, not to mention its activities alreadyimplemented in Sub-Saharan Africa, Vietnam and Bolivia.

• In 2010, Carbonium launches two new activities in the secondary carbon marketand green products. Also, a representative office opens in Beijing, China.

2004

2007

2008

2010

Organigramme

CEO

ALEXANDRE BORDE

BOCAR YATASSAYE

Head, CHINA

VINCENT CORNU (China)

CENTRAL AND EASTERN EUROPE

CHRISTIAN LORENZ

HENRI FRACHON

Head, CARBOLFERNANDO ALCOCER (Bolivia)

Head, ORIGINATION -

PRIMARY MARKETVINCENT CORNU

Head, PROJECTS

DEVELOPMENT and

DOWNSTREAMOLIVIER LEVALLOIS

ZIWEI MAO

ANH DIEP HOANG

OLIVIER DELESALLE

MOHAMED OUEDRAOGO

(Burkina Faso)

LATIN AMERICA

SOUTH EAST ASIA

Head, VIETNAM

TINH NGUYEN

Position open

JUAN CARLOS GONZALEZ

MIDDLE EAST

AFRICA

RENEWABLE ENERGY

BIOGAZ

CN ETS SHENJIE ZHOU(starting full time in June 2011)

EU ETS

GREEN PRODUCTS

ARTHUR

VANDERSCHOOTEN

ALEXIS POULLAINAnalyst

EMIILIA STAWECKASales

Carbonium: a Global Presence

Executive Director

Head – Development

& Downstream

Head – CDM/JI

Origination

Origination

Africa

Projects Development

CDM/JI

Engineer

Renewable

Energy

Analyst

EU ETS

Sales

EU ETS

Director

Carbol

BOLIVIA

Regional Director

Sub-Saharan Africa

Regional Director

South-East Asia

Origination

Vietnam & Laos

Business Assistant

Vietnam

VIETNAM

BURKINA-FASO

FRANCE

CHINA

Project

Deveopment

and CN ETS

Business Assistant

China

Origination

Latin America

Projects Development

CDM/GS

TBD

Green

Certificates

Our activities

CDM/JI project development, from the initial assessment of the emissions reduction to the registration of the

project at the CDM EB / JI SC. Priority is given to renewable energy projects and biogas.

Identification, assessment, analysis and selection of emissions reduction projects (CDM/JI). Risk analysis, negotiation of carbon credit purchasing/selling agreements, local monitoring. Corporate finance solutions for small-scale hydro and solar power plants

BROKERAGE / FINANCING

CDM/JI PROJECTS DEVELOPMENT

Assistance and advisory services on financial applications for emissions reduction projects (technical andfinancial studies, consulting on carbon and/or renewable energy investment funds)

CONSULTING IN CARBON INVESTMENTS

Intermediation on all other CO2-relative products (EUA, CER, ERU, AAU, VCS, swaps, etc.) as well as on green certificates (RECS, GoOs). Emphasis on the Post Kyoto Phase (Phase 3).

DOWNSTREAM ACTIVITIES

Our know-how(1/4) : Brokerage / Financing

Identification, assessment, analysis and selection of emissions reduction projects (CDM/JI). Risk analysis, negotiation of carbon credit purchasing/selling agreements, local monitoring. Corporate finance solutions for small-scale hydro and solar power plants

INTERMEDIATION / FINANCING

SERVICES

Strong expertise in riskassessment

Relevant local presence next to sellers

Attractive commercial terms

CDM/ JI Projects Identification on both primary and secondary markets

Drafting of the Project Identification Note / Investment Note

Eligibility analysis as well as the risks and the expectations of the project owner

Buyers and Investors identification (direct contact between the parties involved)

Assistance in negotiating the Emissions Reduction Purchase Agreement (ERPA), Financial closing and the due diligence process

Our know-how(1/4) : Brokerage / Financing

Identification, assessment, analysis and selection of emissions reduction projects (CDM/JI). Risk analysis, negotiation of carbon credit purchasing/selling agreements, local monitoring. Corporate finance solutions for small-scale hydro and solar power plants

INTERMEDIATION / FINANCING

Three hydraulic power plants in Colombia :- 9MW, 9 MW and 19 MW capacity- 80,000 CER / year

Corporate finance, equity and debt in Bolivia- 2 up to 6MW, run of the river HPP- 17,000 CER / year

Methane generation from domestic waste project in Nigeria :- 4 MW capacity -100,000 CER / year

Hydraulic power plants in Vietnam :- 6.5 MW, 3 MW, 52 MW and 10 MW capacity-145,000 CER / year

SOME REFERENCES

Our know-how(2/4) : CDM/JI Development

CDM/JI project development, from the initial assessment of the emissions reduction to the registration of the project at the CDM EB / JI SC. Priority is given to renewable energy projects and biogas.

CDM/JI PROJECTS DEVELOPMENT

SERVICES

Eligibility and feasibility studies :- Additionality tests- Cost/Revenue assessments- Hosting country capacity- Legal framework of the host country (due diligence)- CDM/JI risks analysis

Writingof the Project Design Documents : - Selection of the Business As Usual (BaU) scenario

- Project emissions calculation- Financial analysis- Methodology selection- Stakeholders meeting- Monitoring plan

Competitive commercial offer

Strong expertise in renewable energies

Significant flexibility thanks to a local area network

Validation expertise: alreadyparticipated to validation

process

Our know-how(2/4) : CDM/JI Development

CDM/JI project development, from the initial assessment of the emissions reduction to the registration of the project at the CDM EB / JI SC. Priority is given to renewable energy projects and biogas.

CDM/JI PROJECTS DEVELOPMENT

Waste water treatment plant in Marrakech (supervision of the CDM cycle)- Biogas and waste water treatment process valorisation-130 000 CER / year

3 hydroelectric power plants in Vietnam (supervision of the CDM cycle)- 45 000 CER / year

Solar photovoltaic power plant in Africa(feasability/eligibility study )

- 5 MW- 5 000 CER / year

Industrial gas JI project in France (methodology and PDD development)- 10 000 CER / year

LFG in Ukraine(Feasability/eligibility study and PDD drafting)

SOME REFERENCES

Our know-how(3/4) : Consulting

Assistance and advisory services on financial applications for emissions reduction projects (technical andfinancial studies, consulting on carbon and/or renewable energy investment funds)

CONSULTING IN CARBON INVESTMENTS

Advisory services to investors

Assistance towards buyers when negotiating an ERPA

Setting up international call for tenders for the sale of CER

Investment policies of carbon funds

Risk managing tools

SERVICESGlobal vision of the

market

Know-how on a highlyspecialized and rapidly

growing market

Work Ethics

Our know-how(3/4) : Consulting

Assistance and advisory services on financial applications for emissions reduction projects (technical andfinancial studies, consulting on carbon and/or renewable energy investment funds)

CONSULTING IN CARBON INVESTMENTS

Moroccan Carbon Capital Fund- Investment policy and training of the management team- Identification of investment opportunities- Preparation of the tender related to the ONE Call for Tender- Technical due diligence

Assistance to the setting up of CDC Climat Asset Management- Investment policy-Risk management policy

SOME REFERENCES

Our know-how(4/4) : Downstream

Intermediation on all other CO2-relative products (EUA, CER, ERU, AAU, VCS, swaps, etc.) as well as on green certificates (RECS, GoOs). Emphasis on the Post Kyoto Phase (Phase 3).

DOWNSTREAM ACTIVITIES

OFFRE

Intermediation of carbon credits (EUA-CER-ERU, etc.)

Intermediation of green products (green certificates,

GoOs, etc)

Structured products intermediation: swap, option, etc.

Analysis of the carbon markets (publication of a weeklyresearch newsletter)

Global vision of the market

Competitive prices

Quick payments and credit transfers

SERVICES

Our know-how(3/4) : Downstream since mid-2010

Intermediation on all other CO2-relative products (EUA, CER, ERU, AAU, VCS, swaps, etc.) as well as on green certificates (RECS, GoOs). Emphasis on the Post Kyoto Phase (Phase 3).

DOWNSTREAM ACTIVITIES

Focusing on the French market- 80 prospects on the carbon compliance market- 500 prospects on the green products market

Dissemination of Carbone Hebdo- Every second day of the week- Special issues every two months

SOME REFERENCES

Spot

transactions

Forwards

ProjectsPortfolio

swaps

Time Optimization

Expertise in Carbon Assets Management

Institutional partners that keep on trusting us

Technical assistance to the Moroccan Carbon Capital Funds (FCCM) 25% CDC, 25% BEI, 50% CDG

Counsel for the creation of CDC Climat Asset Management –Investment policies and risk managing

Audition by the Prada Committee on the carbon market regulation

Feasibility studies for projects located in Macedonia, China, Ukraine, and Sub-Saharan Africa

Industrial partners (examples)

JI Project Development:

- SF6 emissions reduction in substations maintenance

Partnership in CDM and WWTP (biogaz)

A communication strategyQuarterly CDM/JI Research Newsletter- Carbon market key-player interview

- Investment opportunities analysis in a CDM/JI host country- Zoom on a project

Presence in the media- Economic Pravda (2010)- TV Channel 27 (2010)- Médiapart (2010)

- L’Expansion (2009)- Décideurs TV (2008)- Financial Times (2008)- L’AGEFI (2006 & 2007)

Participation to Major Events in 2010

• Latin American Carbon Forum: Organization of a Workshop, October 2010http://www.carbonium.fr/PDF/Carbonium - Press Release - 20061010.pdf

• Carbon Market Insights: Organization of a Side event, February 2010http://www.pointcarbon.com/events/conferences/cmi2010

• Green Hub Korea: October 2009 and 2010http://www.kotra.or.kr/greenhubkorea2009

• United Nations Environment Program Workshops: CASCADe Program in various African Countries, from October 2009 to March 2010http://www.cascade-africa.org/

• Carbon Expo: yearly participation

Europe

5, rue de Rivoli

75004 Paris

France

http://www.carbonium.fr

Asie du Sud-Est281 Dôi Cân Street

(3rd floor)

Ba Dinh – Hanoi

Vietnam

Afrique

Zone C, Ouaga 2000

2314 Ouagadougou

Burkina Faso

Amérique latine

Carbonium Bolivia S.R.L.

Calle 23, Edif. Villa del Sol n°7676

Calacoto, La Paz

Bolivia

Chine

Suite 202

Block J, East Lake Villas

35 Dongzhimenwai Main Street

Dongcheng District

Beijing 100 027