1. -0--0- EcoSecurities Group Ltd. 2002 All Rights Reserved EcoSecurities is the leading global GHG advisor (selected by Readers of Environmental Finance in 2001, 2002, 2003) Oxford (11) Rio de Janeiro 2001 (7) Den Haag (3) Los Angeles (2) EcoSecurities Group Employees = 26 New York (3)

2. -1--1- EcoSecurities Group Ltd. 2002 All Rights Reserved What does EcoSecurities do? Assist in financing of clean technology projects in developing and Central and Eastern European countries by monetizing the environmental value of these projects Project Conventional Output Conventional Output Environmental Benefits Environmental Benefits

3. -2--2- EcoSecurities Group Ltd. 2002 All Rights Reserved NovaGerar Landfill gas-to-energy Project – Brasil

4. -3--3- EcoSecurities Group Ltd. 2002 All Rights Reserved Jamaican Wind Project – 1 st Wind Power Project – Not operational yet

5. -4--4- EcoSecurities Group Ltd. 2002 All Rights Reserved Key Market driver: Kyoto Protocol Obligation for Western countries to reduce their GHG emissions; Introduces the concept of Emission Trading via its flexible mechanisms: Clean Development Mechanism, Joint Implementation and International Emission Trading For the EU introduction of an EU Emissions Trading Scheme for large industry (energy, mining, metal, paper/pulp)

6. -5--5- EcoSecurities Group Ltd. 2002 All Rights Reserved How can European players participate in Clean Development Mechanism or Joint Implementation Projects? Invest in a CDM / JI Fund Participants: European Governments trying to achieve their Kyoto target European industry trying to achieve their EU Emission trading target Advantages: Diversification of portfolio and risks Simple and quick; Operated and managed by leading specialists in the field

7. -6--6- EcoSecurities Group Ltd. 2002 All Rights Reserved Danish Carbon Facility Initial capitalization by Government of Denmark: Eur 10 Mln, annual renewal Managed by EcoSecurities and Standard Bank London Focus on JI and CDM in Eastern Europe and CIS Looking for further participation by European private sector and governments to expand portfolio

8. -7--7- EcoSecurities Group Ltd. 2002 All Rights Reserved Key issues for discussion Trading in carbon credits will become the largest environmental market driving sustainability and technological change in Annex I countries (countries with a emission cap) and Non-Annex I countries (developing countries) International legal framework as established under the Kyoto Protocol and the EU Emission Trading Scheme are fundamental to create commitment from private sector participants Uncertainty about long term targets and “weak knees” at political level are destroying market confidence in emission trading. Pulling out at the last minute on promises to abate climate change will penalise “early movers” and benefit polluters. NGO action to ensure that Governments stick to their commitments is going to be crucial in order to prevent those “weak knees”.

9. -8--8- EcoSecurities Group Ltd. 2002 All Rights Reserved Thanks! Any questions? Further contact details: Jan-Willem Martens, NL@EcoSecurities.com Tel. +31 (0)70 365 4749 Or: UK@EcoSecurities.com Tel. +44 1865 297480