1. Chicago Climate Exchange ®, Inc. © 2008 Chicago Climate Exchange, Inc. Jeff Huang Vice President July 2009 1 Reproduction or quotation of this material is expressly forbidden without the consent of the Author.

2. Chicago Climate Exchange ®, Inc. © 2008 CCX-Related Exchanges Chicago Climate Exchange ™ (CCX) - Voluntary Launched 2003 with 14 members, now 450+ members Self-Regulatory Service Provider: FINRA European Climate Exchange ™ (ECX) - Mandatory Markets Served: EU ETS, Kyoto Protocol FSA-regulated futures market for European CO2 Allowances Launched by CCX April, 2005 – 80-90% of EU exchange traded volume Chicago Climate Futures Exchange ™ (CCFE) – Voluntary and Mandatory Markets Served: US Clean Air Act, CCX, Kyoto Protocol, EU ETS, RGGI, CCAR CFTC-regulated futures exchange Launched by CCX in December 2004 Montreal Climate Exchange ™ (MCeX) – Mandatory Market Served: Kyoto Protocol Joint venture with the Montreal Bourse Tianjin Climate Exchange ™ (TCX) – Potentially Voluntary and Mandatory Joint venture with China National Petroleum Corporation and the City of Tianjin India Climate Exchange™ – Potentially Voluntary and Mandatory (In development) 2

3. Chicago Climate Exchange ®, Inc. © 2008 CCX-US (Voluntary, Legally-Binding Emissions Reduction Schedule) Phase I (2003-2006): Members made legally binding commitments to reduce/trade to 4% below baseline by 2006 Phase II (2007-2010): Members make legally binding commitment to reduce/trade to 6% below baseline by 2010 ** Baseline: Average emissions from years 1998-2001 (Phase I), emissions from year 2000 (Phase II) 3 ** Reproduction or quotation of this material is expressly forbidden without the consent of the Author.

4. Chicago Climate Exchange ®, Inc. © 2008 CCX Registry 4

5. Chicago Climate Exchange ®, Inc. © 2008 Bids and offers Completed trades (each contract is 100mt CO 2 ) CCX Trading Platform 5

6. Chicago Climate Exchange ®, Inc. © 2008 CCX Membership – Economy Wide Most Stringent GHG Reduction Commitment in U.S. 6 Reproduction or quotation of this material is expressly forbidden without the consent of the Author. Key Sectors Electric Power Generation Diversified Manufacturing Pulp and Paper Financial Institutions Electronics and Technology Agricultural Products Electronics Chemicals Environmental Services Universities & Colleges A Selection of Members 6

7. Chicago Climate Exchange ®, Inc. © 2008 CCX ® Membership Highlights Represents 17% of the Dow Jones Industrials, including: –Bank of America –DuPont –Intel –IBM –United Technologies Represents 11% of the Fortune 100, including: –Ford –Motorola –Safeway –International Paper –Honeywell International Inc. Represents 20% of the largest CO 2 emitting utilities in the US, including: –AEPMirant –ReliantDynegy –Allegheny EnergyTECO –DTEAlliant –NRG EnergyAmerican Electric Cooperative, Inc 7

8. Chicago Climate Exchange ®, Inc. © 2008 Comments of IBM “It's because by participating in the Chicago Climate Exchange, which really governs IBM's own business operations and our company's own carbon footprint, we are better able to understand the entire arena of creating an inventory of carbon emissions, accounting for them in an audit ready manner, presenting them to an exchange so they can be verified and considered to be tradable and how one does and doesn't make money on an exchange” Wayne Balta VP, Corporate Environmental Affairs IBM September 26, 2007 8 Reproduction or quotation of this material is expressly forbidden without the consent of the Author.

9. Chicago Climate Exchange ®, Inc. © 2008 CCX Size Relative to National GHG Trading Coverage 9 Reproduction or quotation of this material is expressly forbidden without the consent of the Author. [Included emissions] CCX includes more industrial emissions under its legally binding cap than any single country in the world Source: EU ETS Phase II National Allocation Plans [RGGI] [AB32] CCX Member-wide emissions are equivalent to: 15% of U.S. stationary emission sources 25% of emissions covered under EU ETS

10. Chicago Climate Exchange ®, Inc. © 2008 Liquidity Providers Liquidity Provider: Entity or individual who trades on the Exchange for purposes other than complying with the CCX emissions reduction schedule, such as market makers and proprietary trading groups. 10 Selected Liquidity Providers Reproduction or quotation of this material is expressly forbidden without the consent of the Author.

11. Chicago Climate Exchange ®, Inc. © 2008 CCX ® CFI ® Cash/Futures/Options Based on U.S. Voluntary, Legally-Binding Program 11 Reproduction or quotation of this material is expressly forbidden without the consent of the Author. *CFI Futures Contract Launched August 2007 **CFI Options Contract Launched February 2008 *As of 7/16/09

12. Chicago Climate Exchange ®, Inc. © 2008 CCFE ® Market Dynamics CFTC Designated Contract Market Clearing services provided by Clearing Corporation Market Surveillance provided by the National Futures Association (NFA) CCFE Products offer: –Standardized contracts –Price transparency / price discovery –Anonymity –Elimination of counterparty credit risk –Leverage benefits Market hours: 7:00 am to 3:00 pm CST

13. Chicago Climate Exchange ®, Inc. © 2008 CCFE Products US Emissions – US EPA Clean Air Markets Sulfur Financial Instrument ® (SFI ® ) Futures and Options Nitrogen Financial Instrument™ - Ozone Season (NFI™ -OS) Futures Nitrogen Financial Instrument™ - CAIR Annual (NFI™ -A) Futures and Options US Carbon Products Regional Greenhouse Gas Initiative (RGGI) Futures and Options Carbon Financial Instrument ® (CFI ® ) Futures and Options U.S. Carbon Financial Instrument (CFI-US ®) Jan‘13–Dec ‘15 Futures & Options California Climate Action Reserve Tons (CCAR-CRT ® ) Futures and Options Equity-Index Products ECO-Clean Energy Index (ECO) Futures Dow Jones Sustainability World Index (DJSI-W) Futures * IFEX™ Insurance U.S. Tropical Wind ($10, $20, $30, $40 and $50 Billion) Florida Tropical Wind ($10, $20, $30, $40 and $50 Billion) Gulf Coast Tropical Wind ($10, $20, $30, $40 and $50 Billion) Renewable Energy Products New Jersey Renewable Energy Certificate (REC-NJ) Futures Connecticut Renewable Energy Certificate (REC-CT) Futures Massachusetts Renewable Energy Certificate (REC-MA) Futures Voluntary Renewable Energy Certificate (REC-V) Futures "Dow Jones, World Sustainability IndexSM" are service marks of Dow Jones & Company, Inc. Dow Jones has no relationship to the Chicago Climate Futures Exchange, other than the licensing of the Dow Jones World Sustainability Index and its service marks for use in connection with the Dow Jones World Sustainability Index Futures products. 4

14. Chicago Climate Exchange ®, Inc. © 2008 Timeline of CCFE Product Launches LaunchProduct December 2004SFI Futures February 2007NFI-OS Futures April 2007SFI Options July 2007ECO-Clean Energy Index Futures August 2007CFI Futures September 2007NFI-A Futures October 2007IFEX Futures February 2008CFI Options March 2008NFI-A Options August 2008RGGI Futures & Options November 2008DJSI Futures November 2008CFI-US Futures December 2008CFI-US Options February 2009CCAR-CRT Futures & Options April 2009REC Futures (NJ, CT, MA & Voluntary)

15. Chicago Climate Exchange ®, Inc. © 2008 CCFE ® Clearing Members

16. Chicago Climate Exchange ®, Inc. © 2008 CCFE ® Market Growth Volume Growth: 2005 - 171 contracts 2006 – 28,924 contracts 2007 – 283,758 contracts 2008 – 484,320 contracts 2009 YTD – 674,733 contracts *as of 6/5/09

17. Chicago Climate Exchange ®, Inc. © 2008 CCFE ® Average Daily Volume Growth Since 2007

18. Chicago Climate Exchange ®, Inc. © 2008 CCFE ® Open Interest Growth Since 2006 *as of 6/5/09

19. Chicago Climate Exchange ®, Inc. © 2008 CCFE Futures Platform

20. Chicago Climate Exchange ®, Inc. © 2008 CCFE Options Platform

21. Chicago Climate Exchange ®, Inc. © 2008 Current Active U.S. Carbon Markets Government Mandated – Regional Greenhouse Gas Initiative (RGGI) 10 Northeastern States 188 million ton cap – stabilization of emissions through 2014 Voluntary, legally binding – CCX 450 Members Approx 600 million tons under cap 6% Reduction of emissions by 2010 from 2000 levels Voluntary Offset Standards Chicago Climate Exchange (CCX) California Climate Action Registry (CCAR) Voluntary Carbon Standard (VCS) Gold Standard

22. Chicago Climate Exchange ®, Inc. © 2008 RGGI Futures & Options Physically deliverable futures contract (and European style options on futures) for Regional Greenhouse Gas Initiative Allowances – the first government- mandated CO 2 emissions trading program in the U.S Each contract represents 1000 RGGI allowances, which represent 1,000 short tons of CO 2 Launched: August 2008 Tick Size: $0.01 ($10.00 per contract) Transaction Fees: $1.60 per contract per side (Member); $2.00 (Non-Member) Current Margin requirement: $450 per contract Market Highlights: Current Open Interest * 31,441 contracts Over 237,717,000 allowances traded on CCFE *as of 5/28/09

23. Chicago Climate Exchange ®, Inc. © 2008 RGGI: 1 st Mandatory Carbon Market in U.S. Exhibits Dramatic Growth 1 st RGGI Auction: 12,565,387 Allowances 2 nd RGGI Auction: 31,505,898 Allowances 3 rd RGGI Auction: 33,689,278 Allowances 4 th RGGI Auction: 30,887,620 Allowances Total Auctioned: 107 million Allowances RGGI Derivatives Traded on CCFE: 369 million Allowances *As of 6/8/2009

24. Chicago Climate Exchange ®, Inc. © 2008 ACES On June 26, the U.S. House of Represntatives passed the “American Clean Energy and Security Act” by a vote of 219-212. If Enacted, ACES would establish an economy wide cap-and trade program for greenhouse gases (GHGs) beginning in 2012. Absolute Reduction Targets 3% by 2012 from 2005 level 17% by 2020 from 2005 level 42% by 2030 from 2005 level 83% by 2050 from 2005 level Renewable Energy Standard (RES) Electric utilities must meet 20% of electricity demand through renewable energy and energy efficiency by 2020 Economy-Wide Coverage 2012: 67% of U.S. emissions covered 2014: 78% of U.S. emissions covered 2016: 85% of U.S. emissions covered Offsets 2 billion mt allowed per year 1 of 2 billion mt for domestic offsets 1 of 2 billion mt for international offsets

25. Chicago Climate Exchange ®, Inc. © 2008 ACES Reduction Schedule (Allowance Allocated)

26. Chicago Climate Exchange ®, Inc. © 2008 CCFE CFI ® -US Mandatory U.S. GHG Allowances As of November 2008: CCX Carbon Financial Instruments with January 2013 expiration and later require delivery of U.S. Federal GHG Emission Allowances, called CFI®-US CFI®-US is the first tool for directly hedging economic exposure associated with: Whether a U.S. Federal Cap-and-Trade is established When such a U.S. Federal Cap-and-Trade is established The prices of tradable emission allowances established under such a Federal Cap-and-Trade 11/19/08: First Trades Futures contracts that expire in December 2013, 2014 and 2015 were traded with prices ranging from $11.75 to $15.00 per metric ton 26 Reproduction or quotation of this material is expressly forbidden without the consent of the Author.

27. Chicago Climate Exchange ®, Inc. © 2008 European Climate Exchange ™ (ECX) Reproduction or quotation of this material is expressly forbidden without the consent of the Author. 27 Launched by CCX April 2005, based in London U.K. FSA-regulated futures exchange Futures and Options on: European Union Allowances (EUAS) UN Certified Emission Reductions (CERs) Commands 90-99% of exchange traded futures and options volume Traded over 5 billion metric tons to date

28. Chicago Climate Exchange ®, Inc. © 2008 ECX Monthly Volumes (EUAs and CERs)

29. Chicago Climate Exchange ®, Inc. © 2008 ECX Open Interest

30. Chicago Climate Exchange ®, Inc. © 2008 CER/EUA Market Share

31. Chicago Climate Exchange ®, Inc. © 2008 EUA/CER Historical Prices

32. Chicago Climate Exchange ®, Inc. © 2008 国际环境交易在中国正式启动 32

33. Chicago Climate Exchange ®, Inc. © 2008 CCX Activities in China May 2006: First Chinese Companies join CCX August 2006: CSRC requests consultancy with CCX CEO for China Bond Futures Market July 2007: Guanghua School of Management invites Dr. Sandor invited to join international advisory council Fall 2007: MOST-UNDP invites CCX to consult on development of carbon market to meet Millennium Development Goals January 2008: CCX and CNPCAM sign MOU for JV in China April 2008: China Quality Certification Center (CQC) becomes CCX accredited verifier July 2008: CCX, CNPCAM, City of Tianjin form Tianjin Climate Exchange September 2008: TCX Opening Ceremony at TCX HQ 33

34. Chicago Climate Exchange ®, Inc. © 2008 Key Goals in 11th Five Year Plan Sulfur Dioxide (SO2) Reduce 10% below 2005 levels by 2010 Water Quality - Chemical Oxygen Demand (COD) Reduce 10% below 2005 levels by 2010 Energy Intensity Reduce 20% below 2005 levels by 2010 34

35. Chicago Climate Exchange ®, Inc. © 2008 Tianjin Climate Exchange (TCX) Reproduction or quotation of this material is expressly forbidden without the consent of the Author. 35 Joint Venture with: CNPC Asset Management City of Tianjin Chicago Climate Exchange (CCX) Mission: Implement environmental goals of 11th Five Year Plan Address national and international emissions and energy management challenges, Improve environmental quality and seek balance between environmental/economic benefits Official Sanction: Tianjin Climate Exchange (TCX) will implement the Binhai Comprehensive Reform Plan, approved on March 13, 2008 by the State Council of the People’s Republic of China (PRC) to establish an emissions trading market in Tianjin Binhai New Area.

36. Chicago Climate Exchange ®, Inc. © 2008 TCX Initial Product Areas Sulfur Dioxide (SO2) Initial Product/Program Area 11 FYP: Reduce 10% below 2005 levels by 2010 Water Quality - COD – Initial Product/Program Area 11 FYP: Reduce 10% below 2005 levels by 2010 Energy Intensity - Initial Product/Program Area 11 FYP: Reduce 20% below 2005 levels by 2010 Voluntary GHGs CDM CERs 36

37. Chicago Climate Exchange ®, Inc. © 2008 Tianjin Climate Exchange – Opening Ceremony Reproduction or quotation of this material is expressly forbidden without the consent of the Author. 37