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www.vertisfinance.com

Our company Vertis Environmental Finance is one of the first specialised environmental commodity trading houses in Europe, and one of the first companies to be involved in emissions trading in the world. Vertis was also a pioneer in executing Joint Implementation transactions. EXPERIENCE Vertis was established over 12 years ago. The company executed its first Joint Implementation deal in 2002, the first VER transaction in 2003, the first European spot CER transaction in 2007, and the first ever ERU spot transaction in 2009. Vertis has also been a leader in advising governments on AAU trading and on establishing Green Investment Schemes. FOCUS ON OUR INDUSTRIAL CLIENTS IN EUROPE Our trading activities are focused on understanding and fulfilling the needs of our clients primarily the utilities and industrial companies in the EU Emissions Trading Scheme, as well as biofuel and renewable energy producers and users. In addition to over 250 clients in Europe, we work and trade with a number of international financial institutions and funds including Bache Commodities, Barclays Capital, Citibank, Deutsche Bank and J.P. Morgan. With membership and access to all leading exchanges (Climex, BlueNext, ECX, ICE, NYSE Euronext), and wide-ranging OTC (over the counter) trading relationships, Vertis guarantees you the best market prices, for small and large volumes equally. We cover the European market from our trading desk in Budapest. We have fluency in over a dozen European languages. 10 YEARS OF KYOTO PROJECT DEVELOPMENT TRACK RECORD Since 2001, Vertis has been managing the full project cycle, from idea to the final delivery of ERUs and CERs, including technology selection, implementation, UNFCCC and government approvals, structuring the sale of ERUs or CERs, financing and monitoring. Vertis has a particular expertise in N2O abatement technologies. RISK MANAGEMENT Vertis works with clients to help manage their price, delivery and compliance risks that are inherent in markets that are driven by two unpredictable factors the weather and politics. Greenhouse gas emitters, biofuel producers and users, and renewable energy suppliers benefit from the expertise and market access of Vertis to manage their physical and financial positions.

Our products and services Our products are aimed at providing clients with tools to benefit from opportunities and manage risks within the EU Emissions Trading Scheme, under the Kyoto Protocol and in emerging environmental commodity markets. EUA, CER AND ERU SPOT TRADING, simple, secure and highly efficient service for companies managing their CO2 asset position on a regular basis and for companies trading only a few times a year. FORWARD CONTRACTS for EUAs and guaranteed (secondary) CERs and ERUs. Guaranteed CERs and ERUs are offered with flexible delivery schedules. EUA TO CER/ERU SWAPS, that allow operators to capture the price difference among CERs, ERUs and EUAs, either as an up-front cash premium, or by receiving a larger number of CERs or ERUs in return for a given number of EUAs. EUA-BACKED FINANCING CONTRACTS, which allow operators to create value by lending their EUAs for 1 - 3 years for a fee, or by obtaining preferential-rate debt by providing EUAs as security. Vertis works with AAA rated financial institutions to provide these products to its clients.AND YES, We are really doing something about it... PROJECT-BASED CERS AND ERUS, directly from projects, taking the risk of delivery by the project in return for a lower price. We have a portfolio of projects across the world from which we can supply CERs and ERUs. KYOTO PROJECT DEVELOPMENT, from idea through financing to the final sale and delivery of ERUs and CERs. Vertis has been a pioneer in Joint Implementation projects, and is today developing the largest N2O abatement projects portfolio in Europe. PRICE HEDGING for producers of vegetable oil, reducing the price risk caused by the timing difference between raw material purchases and end product sales. Vertis uses exchange-traded instruments to create and manage a portfolio of liquid financial positions against the natural open positions of the producer. ONLINE AUCTION SERVICE on the Climex Auction Platform, for governments, corporations and project developers wishing to sell carbon instruments (AAUs, CERs, ERUs, EUAs, VERs) by auction. Climex, together with the Vertis Auction Service, is the only proven platform where online EUA auctions have been concluded to date.

You are doing something about it

YOU are doing something about it Its hard to do something about emissions. They are built into the way we live - when we switch on the heating in the morning, when we drive to work, and when we jet off on holiday. Business can make a difference. By being involved in emissions trading you are already doing something about it. You are not only reducing emissions, but are also building awareness among customers, suppliers, bankers and friends. We set up our business over 12 years ago to uncover commercial opportunities to reduce emissions of greenhouse gasses, and to channel capital into sustainable energy. Together we can do more. Give us a ring. For an alternative perspective on the issues, check out our blog The Bustard (blog.vertisfinance.com).

Contact us today Contact us today Country Telephone Fax Austria +43 720 880 580 +43 1 253 6722 1933 Country Telephone Fax Bulgaria +359 2 491 7770 +359 2 489 4374 Austria +43 720 880 580 +43 1 253 6722 1933 Czech Republic +420 246 019 680 +420 227 204 961 Bulgaria +359 2 491 7770 +359 2 489 4374 Estonia +372 668 0346 +372 698 7365 Czech Republic +420 246 019 680 +420 227 204 961 France +33 970 440 860 +33 172 703 568 Hungary +36 1 489 1900 +36 1 489 1901 Hungary +36 1 489 1900 +36 1 489 1901 Poland +48 22 219 5260 +48 22 485 3485 Italy +39 02 4070 8040 +39 02 4438 6172 Romania +40 31 224 9520 +40 31 710 7230 Latvia +371 6785 9610 +371 6771 8406 United Kingdom +44 20 8816 7460 +44 870 131 0615 Lithuania +370 5 203 1877 +370 5 205 1844 All other countries +36 1 489 1900 +36 1 489 1901 New Zealand +64 4 889 2170 +64 9 353 1351 Poland +48 22 219 5260 +48 22 485 3485 Vertis Environmental Finance Romania +40 31 224 9520 +40 31 710 7230 Alkots utca 39/c, 1123 Budapest, Hungary Slovakia +421 23 345 6360 +421 23 301 0357 trading@vertisfinance.com Slovenia +386 1 600 9410 +386 1 600 1727 www.vertisfinance.com Sweden +46 855 92 11 90 +46 850 10 96 66 United Kingdom +44 20 8816 7460 +44 870 131 0615 All other countries +36 1 489 1900 +36 1 489 1901 Vertis Environmental Finance Alkots utca 39/c, 1123 Budapest, Hungary trading@vertisfinance.com www.vertisfinance.com

You are doing something about it