Finexpo - Green City agenda Emissions trading and the carbon economy - 2008 and beyond 10th April 2008 Richard Wilson Head of Emissions Tullett Prebon.

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Finexpo - Green City agenda Emissions trading and the carbon economy - 2008 and beyond 10th April 2008 Richard Wilson Head of Emissions Tullett Prebon 020 7302 5211 rwilson@tullettprebon.com

Emissions trading and the carbon economy - 2008 and beyond Products: - European Union Allowances (EUAs) Certified Emission Reductions (CERs) Primary Secondary - Verified Emissions Reductions (VERs) Options on Euas and Cers ______________ Exchange cleared -otc cleared - EFPs

Emissions trading and the carbon economy - 2008 and beyond The 1st chart shows volumes both executed and cleared through ecx. The 2nd chart shows data collated by LEBA from its member brokers. Brokers still do majority of execution.

Emissions trading and the carbon economy - 2008 and beyond CER: March 08 saw huge growth in CER volume due to ability to clear through a major exchange – Ecx launched on 15th March

Emissions trading and the carbon economy - 2008 and beyond ITL -when? -what happens to cer mkt? -become like a bond mkt? -further structured products ie repos….? -If North America join how large?

Emissions trading and the carbon economy - 2008 and beyond North America: -All Presidential Candidates indicate need for a Carbon trading system Already Sox/ Nox/ Recs/ Rggi/ Vers state by state RECs now vs. a federal standard down the road regional standards (i.e. rggi/ auctioning sep08)vs a federal standard Fed legislation that looks to a world wide standard? Earliest legislation 2010 – rest of world looking at post 2012 Still many people think will only definitely be in place by 2020

Emissions trading and the carbon economy - 2008 and beyond IDBs bring new parties to the forum IDBs are able to build deals in confidence and with impartiality IDBs encourage greater volumes in a relatively thin exchange market without prices disappearing IDBs are beneficial in creating structured products and deals including options and cross commodities IDBs and Exchanges work well together to facilitate market growth and in the process provide more liquidity to the end user

Emissions trading and the carbon economy - 2008 and beyond Thank You Richard Wilson Head of Emissions Tullett Prebon Tel: +44 (0) 20 7200 5211 Mb: +44 (0) 7957 765324 rwilson@tullettprebon.com Yahoo: richwilson72