1. Camco – climate change and sustainable development company0 Kyoto Gap through to 2012 Source: Point Carbon

2. Camco – climate change and sustainable development company1 AAU supply and demand

3. Camco – climate change and sustainable development company2 AAU supply and demand Intro, sense of market and buyers Sense of AAU market structure Buyers and sellers expectations AAUs, GIS vs JI track 1, 2, [flexibility, additionality] and the difference in European context, different buyers. Policy context and development (important issues related to AAU trading market – “hot air” and “hard greening”) Volumes and potential size of market – potential supply and demand It’s a buyers market – first mover advantage for sellers. Major players (Japanese, EBRD, CEE)

4. Camco – climate change and sustainable development company3 AAU supply and demand (All in millions AAUs) CountryTotalReserved/commitmentSurplus (estimated)GIS allocation Latvia 119536640 Ukraine 46043616988N/A Czech 902732170100 Romania 1.30.780.52100 Bulgaria 610353257N/A Poland 26501940710N/A Lithuania 22710911855 Estonia 1961078910 to 30 Russia 16600106006000800 to1000 Hungary 54239514745 to 55 Slovakia 73