Project Transaction Costs Investment Costs/ Risk Areas of Concern C.E.R.

Project Cost Preparation Stage Implementation & Operation Stage Project Completion Stage

Project Cost (Generic) Preparation Stage Due diligence *legal *financial *economic securing host and Developed country approvals

Project Cost Preparation Stage Implementation & Operation Stage Project Completion Stage

Project Cost Implementation & Operation Stage Purchase of CER Shadow Compliance Check w/ Monitoring Verification Plan (initial /periodic)

Project Cost Preparation Stage Implementation & Operation Stage Project Completion Stage

Project Cost End of Period Review of Project Completion Stage

Project Transaction Costs Investment Costs/ Risk Areas of Concern C.E.R.

Project Transaction Costs Investment Costs/ Risk Areas of Concern C.E.R.

Investment Cost / Risk Investment Structure Safety Liquidity Yield

Investment Cost / Risk Safety Traditional security acceptability or eligibility market based hedging systems i.e. guarantee

Investment Cost / Risk Liquidity Interest and/or principal repayments structure (for debt) restructuring cut loss options Hedging Mechanisms

Investment Cost / Risk Yield Project IRR vs market interest rates forex rates CER Price vs Market Price Hedging Mechanisms

CER Cost / Risk Quantity CER Production vs Actual Results Carbon Hedging

CER Cost / Risk Quality CER Production cost vs Market