International Environmental Trading Group (“IETG”) Ukraine – Kiev “Ukraine’s First Integrated Environmental Financial Facility” March 2007

IETG Kiev Office Overview International Environmental Trading Group (IETG) is an integrated environmental financial services company specializing in environmental investments and transactions that maximize risk-adjusted returns. IETG personnel represent investment banking, engineering, legal and project finance expertise, with an average work experience of over 15 years. IETG focuses on project and deal opportunities in the renewable energy and renewable energy space. We are not a “GHG long” business; rather, we focus on a diversified portfolio covering clients, investments, and transactions. As a company, IETG’s geographical scope covers Eastern Europe and the former Soviet States (Russia, Ukraine, Kazakhstan), the Asia Pacific region (China, India, Japan, Pakistan), and North America.

Ukraine Market Overview Ukraine’s renewable and energy efficiency market represents one of the most attractive such spaces in Europe. Furthermore, Ukraine possesses one of the largest supply sources for carbon reduction credits. With six consecutive years of positive economic growth (12.4% in 2004), and with the recent additions of some of Ukraine’s neighboring countries into the EU, the country’s energy and financial markets are in a prime situation. IETG personnel have invested over ten years of in-country experience in the Ukrainian energy, renewable energy and energy efficiency space. Our contacts and relationships cover both the public and private sectors in the environmental, energy and financial spaces.

IETG Business Approach

Ukraine Focus Markets Coal Coal bed and coal mine methane extraction, coal-fired power plants, coal brokerage, structured finance / financial arrangement for coal related projects and power plants Small Hydro Refurbishment of older small hydro facilities Landfill/Waste Management Methane extraction and flaring, compressed liquid natural gas Oil & Gas Biofuels Power Plant Refurbishment Small Wind Projects

IETG Kiev Personnel John Palmisano Mr. Palmisano has more than 25 years of experience in developing emissions trading, energy efficiency, and renewable energy policies and transactions for the public and private sector. He created the first emissions credit brokerage company, developed several major environmental policies while at the US Environmental Protection Agency, has consulted to industry and the public sector (including the World Bank, United Nations Economic Commission for Europe, US EPA, US National Academy of Public Administration, and the US Congress), and is a frequent speaker and author on emissions trading and sustainable energy. Mr. Palmisano also created an emissions trading business within Enron and actively promotes environmental trading and environmentally friendly projects in Ukraine and Russia since Perestroika.

IETG Kiev Personnel (Cont’d) Dr. Vadim Diukanov Dr. Diukanov is among the most knowledgeable people in Ukraine on emissions trading, energy efficiency, sustainable development and business opportunities that derive from these environmental initiatives. He has worked with the US Environmental Protection Agency, the World Bank National Strategy Studies, the United Nations, and commercial entities that interested in emissions credit and quota trading, energy efficiency, and renewable energy projects in Ukraine. Dr. Diukanov is trained in Economics/Econometrics (M. Sc. level) and in Management Information Systems (Ph.D. level). Dr. Diukanov specializes in promoting economic instruments (emissions trading, offsets, and joint implementation) in the public and private sectors. He has served as an advisor to the Ukrainian Parliament and the Ministry of the Environment. Dr. Diukanov has deep experience and extensive contacts in the Ukrainian energy efficiency, emissions trading and Kyoto-related spaces.

IETG Kiev Personnel (Cont’d) Deltcho Vitchev, MSc. MIoD Mr. Vitchev has over 25 years of transactional experience in infrastructure projects, with an emphasis in the power sector. As an investment banker, he has extensive experience in the development and negotiation of complex financial structures for the construction and acquisition of power plants. During 2006, he trained managers in investment banking in the energy sector. Mr. Vitchev works with local financial institutions in Central and Eastern Europe to participate in energy efficiency, renewable energy and “greenfield” energy projects. Previously, Mr. Vitchev worked for EBRD assisting with business and sustainable development issues, energy and power improvement studies, and defining the Bank’s strategy on financing projects leading to environmental improvements. He also worked for the United Nations Economic Commission for Europe and for a variety of EU agencies and private sector developers throughout Europe, Russia and Ukraine.

IETG Kiev Personnel (Cont’d) Jon McKee Queen, Esq. Mr. Queen is a deal structuring specialist, focusing on origination, corporate and structured finance, risk quantification, and emissions trading transactions. He has advised clients on a wide variety of transactional matters including trading, credit enhancement, insurance, project finance, corporate structuring and regulatory issues. Mr. Queen has originated numerous deals from clean energy projects and energy efficiency projects in Ukraine, Asia and Europe. Presently he serves as a Board Member of the Foundation for the Development of Environmental and Energy Markets (FDEEM) in Kiev, Ukraine. Previously, Mr. Queen was a member of the Latham & Watkins Environment, Land & Resources Department, where he helped undertake the firm’s climate change and greenhouse gas business development initiative. During the Clinton Administration, Mr. Queen worked on Capitol Hill for the House Banking and Financial Services Committee.

Summary On behalf of the Kiev office, we look forward to exploring synergistic business opportunities with you in Ukraine. For further inquiry, contact Jon Queen in Kiev: Office: +38 044 483 2599 Telefax: +38 044 483 4215 Mobile: +38 096 438 2510 E-Mail: jon.queen@ietg.com