- GreenStream provides asset management, brokerage, and advisory services related to carbon markets and renewable energy projects. It manages investment vehicles focused on carbon credits and renewable energy. - The global carbon market and investment in renewable energy have grown substantially in recent years. The CDM project pipeline includes many energy efficiency and renewable energy projects concentrated in Asia. - Outlook suggests carbon markets will continue as climate negotiations proceed and cap-and-trade systems expand. The CDM and new flexible mechanisms are expected to be part of future agreements. GreenStream operates across Europe and has partnerships in China and Africa.

1. Carbon Markets
Market outlook for renewable energy and energy
ffi i j tefficiency projects
26th October 2010
Mr Juha RuokonenMr. Juha Ruokonen
firstname.lastname@greenstream.net
T l 358 40 840 8005Tel. +358 40 840 8005

2. GreenStream Services
Core competence Services offered
• Fund management within carbon and renewable
energy; current investment vehicles include
Asset Management
Services
energy; current investment vehicles include
- Multilateral Carbon Credit Fund (EBRD and EIB)
- Fine Carbon Fund
- Blåfall
- Nordic Carbon Fund
- Fine Post-2012 Carbon Fund
- Climate Opportunity Fund
• Brokerage of carbon credits and green certificates
• Portfolio management servicesGreen Certificates,
Broker of the Year
Intermediary
Services
2004, 2005, 2006,
2007, 2008, 2009
• CDM, JI and GIS project cycle management
• Investment opportunities and financing solutions for
blAd i S i renewable energy
• Market analysis, policy design, carbon and renewable
energy business strategies
Advisory Services
2(c) GreenStream Network Plc26.10.2010 JR

3. Kyoto Protocol and other trading schemes
CANADA
• “Turning the
Corner" plan
• Start after
2010 CHINA
MGGRA
• 6 States and 1
Province (CAN)
• Cap-and-trade
• -60-80% in the “long-
EU ETS
• Cap-and-tradeUSA
JAPAN
• Semi-
voluntary
scheme
JVETS
2010
• -20% by 2020
(2006)
CHINA
• Pilot scheme for 8
cities and 5 provinces
• Target to reduce
greenhouse gas
i t it
• -60-80% in the long-
run”
Cap and trade
• 2005->
• -21% by the
year 2020
RGGI
• 10 States
• Cap-and-trade
scheme proposal
in Congress
• -17% by 2020 from
2005 level
JVETS
started 2005
• Climate bill
incl. ETS in
Parliament in
intensity
10 States
• Cap-and-trade
• -10% of the
year 2009 level
by the year
2018
2005 level autumn 2010
WCI
• 7 States and 4
Canadian provinces
• Cap-and-trade
TOKYO
• Cap-and-trade
• Started in 2010
25% f 20002018
CPRS, AUSTRALIA
• Cap-and-trade
• Proposal rejected
CCX
• Voluntary
system
• -4% from the
• Cap-and-trade
• -15% from 205 level
by 2010
• Start in 2012
• -25% from 2000
by 2020
Ratified
Signed, not
ratified
NZ ETS
• Cap-and-trade
• 2010- (2008)
p j
by Parliament. New
proposal expected.
year 1998-2001
level by the year
2010
VOLUNTARY
CARBON
KYOTO PROTOCOL
• Start 2008
• Mandatory for 37 developed countries
26.10.2010 JR 3(c) GreenStream Network Plc
No position
2010 (2008)CARBON
MARKET
• Strong
growth
Mandatory for 37 developed countries
• -5% 2008-2012
• International Emission Trading, CDM/JI

4. The rise of the global carbon and renewable
energy marketsenergy markets
Global Carbon Market Value *EUR
Billion
Global New Investment in Sustainable energy
EUR
103
120
140
118
130
122
50
60
120
140
EUR
Billion
42 7
86
60
80
100
57
87
98
89
35
54
82
30
40
60
80
100
Govern
Third party
investments
0.4
8.7
24
42.7
0
20
40
0.4 8.7 25 42.7 33 32
14
31
5735
0
10
20
0
20
40
Govern.
R&D,
Corporate
R&DD,
Small
di ib d
Source: State and Trends of the Carbon Market 2006,
2007 2008 2009 d 2010 Th W ld B k
2004 2005 2006 2007 2008 2009 2004 2005 2006 2007 2008 2009
Source: Global Trends in Sustainable Energy Investments
2010 UNEP SEFI
distributed
capacity
2007, 2008, 2009 and 2010, The World Bank 2010, UNEP SEFI
26.10.2010 JR 4(c) GreenStream Network Plc

5. Global CDM pipelinep p
2 500
3 000
CO2e)
Forestry
HFC & N2O reduction
1 000
1 500
2 000
alvolume(MtC
Fuel switch
Energy efficiency
Methane reduction & cement
Renewables
0
500
CumulativetotaC
Number of CDM projects (Total 5529)
(As of Oct 2010)
Supply-side
EE
CER volume by 2012 (Total 2827 MtCO2e)
(As of Oct 2010)
Methane
19 %
Supply-side
EE
10 %
Fuel switch
2 %
Methane
20 %
EE
10 %
Fuel switch
6 %
Demand-
side EE
1 %
HFCs, PFCs
Renewables
61 %
Demand-
side EE
4 %
Forestry
1 %
Transport
HFCs, PFCs
& N2O
26 %
Renewables
35 %
1 %
Forestry
1 %
Transport
0 %
Source:
CDMpipeline.org
26.10.2010 JR 5(c) GreenStream Network Plc
HFCs, PFCs
& N2O
2 %
p
1 %

6. Renewables and Energy Efficiency projectsgy y p j
EE
Energy Efficiency Energy Project types,
total 778, (As of Oct 2010)
S l
Renewable Energy Project types, total 3351,
(As of Oct 2010)
EE Service
3 %
EE
Households
8 %
Biomass
Geothermal
0 %
Solar
2 %
Tidal
0 %
EE own
generation
58 %
EE Industry
18 %
Supply
side
Hydro
45 %
energy
21 %
58 %
EE Supply
side
11 %
Energy distrib.
2 %
Wind
32 %
988 MtCO2 by 2012 322 MtCO2 b 2012
Theoretical CER potential of the current pipeline:
Source:
CDMpipeline.org
988 MtCO2 by 2012
(35%from the total
CDM pipeline)
322 MtCO2 by 2012
(11% from the total
CDM pipeline)
26.10.2010 JR 6(c) GreenStream Network Plc
p p ) CDM pipeline)

7. Regionsg
60
12
Cumulative total volume of expected CERs by
2012 by host country
Vietnam
3000
12
Cumulative total volume of expected CERs by 2012 by
host country
China
40
50
dCERsby201
Vietnam
Thailand
Lao PDR2000
2500
dCERsby201
India
Brazil
South
10
20
30
onsofexpecte
Cambodia
500
1000
1500
onsofexpecte
South
Korea
Mexico
Malaysia
0
10
Millio
0
500
Millio
Projects in Validation kCERs by 2012
Cambodia 7 1250
Source:
CDMpipeline.org
Lao PDR 3 651
Thailand 123 26112
Vietnam 127 26892
26.10.2010 JR 7(c) GreenStream Network Plc
Vietnam 127 26892

8. CER price developmentp p
26.10.2010 JR 8(c) GreenStream Network Plc

9. CDM Challengesg
• Development of the CDM projects takes time and
resources:resources:
• Project lead times are long: it takes at least two years to
develop project idea to a registered CDM projectdevelop project idea to a registered CDM project
• There is risk that project will not get registered as a
CDM projectp j
-> Impact of CDM financing to the construction decision is small
but there are also exceptions in some project types
• In general, there is capital gap in early stage
project development and investment financing
• Traditional financing is available for advance stage project
(c) GreenStream Network Plc26.10.2010 JR 9

10. Market outlook
• Climate policy negotiations continue
at international level
Demand&Supply of CDM/JI credits
Demand Supply
• Cancun, Mexico, 2010: No major
breakthrough expected
• Johannesburg, South Africa, 2011: New
Total 1222 Total 1225
EU 890 CDM 1030
Japan 300 JI 195
agreement for 2013- period?
• Flexible Mechanisms will be part of the
new agreement
Japan 300 JI 195
Other 32
Source: States and Trends of the Carbon Market
2010, The World Bank
• CDM reform i.e. changes in the rules
• New mechanisms: REDD (Forestry),
sectoral approach and NAMA
creditingcrediting
• Carbon market will continue!!
• CDM projects eligible in the EU ETS also
i 2013 2020in 2013-2020
• New cap-and-trade schemes are likely to
include CDM and similar mechanisms
26.10.2010 JR 10(c) GreenStream Network Plc

11. 26.10.2010 JR 11(c) GreenStream Network Plc

12. GreenStream in Brief
• GreenStream is a leading Northern European company focusing on:
• Asset Management and investments in carbon and
bl k trenewable energy markets
• Climate Services covering tailored advisory and
intermediary services
• GreenStream is licensed by the Finnish FSA• GreenStream is licensed by the Finnish FSA
• GreenStream's clients are energy and industrial
companies, financial institutions and governments
• Some 40 professionals working in Helsinki, Oslo,
Berlin, Stockholm, Vilnius, Kiev, Moscow, Beijing
• China is a key market in which GreenStream is engaged in a considerable number ofy g g
projects, JV established with Juno Capital for cooperation on CDM projects and
climate investments in China
• CarbonStream Africa – JV with CEF to develop CDM projects in Southern Africap p j
• Chosen as the Best Broker in green certificate markets in EU (excl. UK) six years in a
row by the readers of Environmental Finance as well as runner-up in the category EU
Emissions Trading Scheme – Best Advisory in 2006g y
26.10.2010 JR 12(c) GreenStream Network Plc