1. www.prototypecarbonfund.org PCF Portfolio January 2002

2. Status of Carbon Purchase Agreements negotiated Latvia Landfill Gas Capture and Power Generation –$2.5 million PCF Purchase –anaerobic decomposition of about 20,000 tons of garbage a year –ERs from the existing landfill site gas recovery by June 2002 Uganda West Nile Small Hydro –$3.9 million PCF purchase –a 5.1 MW and 1.5 MW small hydro generating facilities in the West Nile region –Displaces >200 small and few large public diesel gensets Chile Chacabuquito Run-of-River – $3.5 million PCF Purchase; parallel purchase of $1 million –25MW run-of-river hydro generating 175 GWh to replace coal/gas Brazil Plantar – $5 million of PCF Purchase; parallel purchase options of $10 million on offer –Substituting coal/coke by sustainably produced charcoal in pig iron production, plus afforestation and ecosystem restoration, biodiversity and health benefits

3. Carbon Purchase Agreements currently under Negotiation Costa Rica Umbrella Project for Renewable Energy Resources –$7-10 million PCF Purchase: –3 hydro and 2 windfarms (total of 85 MW). –Sectoral baseline and MVP now under validation Romania: Cluj Energy Islands –$8 million PCF Purchase –upgrade the district heating system of Cluj-Napoca city –substantially improve energy efficiency; 421 MWt for district heating and nominal power output of 35MWe

4. Technologies in Projects cleared by and submitted to Shareholders by mid-February 2002

5. US$75.5 million of $145 million will be committed to Projects by February, meeting Fund investment target

6. Business Plan Target June 01-July 02 Target: 11 Carbon Purchase Agreements Now Finalized or under negotiation: 7 Under preparation for end-June negotiation: 8 –Uzbekistan-Andijan district heating rehabilitation –Poland: 3 district heating systems - fuel switches from coal to geothermal and biomass (straw) –Mauritius: MSW to energy (incineration/power) –Czech Energy Efficiency: hospitals, schools (4). –Nicaragua: Rice Husk Power Reserve operations: Jamaica Wind, India MSW- Energy, Morocco Wind, Thailand Pulp Waste, Romania Forestry