Utrecht / Singapore, October 11, 2005

Asia Carbon Exchange (ACX-Change) and New Values (Climex) today announced the world’s first on-line auction of forward CER contracts arising from CDM projects in Asia. Currently about 5 million tons of forward CERs contracts from CDM Projects in Asia can be offered for sale. This will continuously grow as more CERs are placed online and more auctions are executed, as a regular service for participants.

ACX-Change and New Values first announced their collaboration for trading CERs at Carbon Expo 2005 in May. This on-line auction is the first culmination of all of the efforts and initiatives developed by both parties as a service to both buyers and sellers of CERs. As of now, all the auction-specific modalities have been finalised to be used as the backbone for this type of trading. The first event is now expected to begin in the month of November 2005 in order to make it most convenient for both buyers and sellers to participate. The auction will take place using the Climex trading platform technology, supported by the CD M projects database and functionality of the ACX-Change electronic infrastructure.

Both ACX-Change and New Values understand that sufficient liquidity is important, but difficult to establish in the beginning of operating a trading platform. Therefore, different strategies are developed to stimulate liquidity in the market.

As of now, the role of ACX-Change is in aggregating Sellers of CERs and to find the best possible price for the CERs through the auction process. New Values’ role for this service is in aggregating Buyers. New Values have already successfully conducted several spot trades of EUAs electronically, since June 2005.

Moderators will be introduced to safeguard the integrity of the trading process. The principal role of the moderators is to ensure that the rules and regulations of the auction process are upheld during each auction.

The post-auction process will entail final discussions between the buying and selling participants as to the remaining terms and conditions. This will then lead to the signing of the Emissions Reductions Purchase Agreement (ERPA.) This process will also be facilitated jointly by ACX-Change and New Values.

The ERPAs will be held by the Custodian, RCS Corporate Services, (RCS) based in the Netherlands, as the Custodian of Records. RCS will open various distinct cash and holding accounts for the CERs in order to facilitate the transfer of CERs and cash upon delivery in the future.

The pre-condition for a project to be listed in the auction is a completed Project Design Document (PDD.) Buyers who are participating in the auction will be able to access these project related documents before an auction in order to assess the project and determine the price and volume they plan to bid for.

Contact List

For further information, all potential buyers please contact:

New Values
Mr Tames Rietdijk
World Trade Center, B-Tower
Stawinskylaan 729
1077 XX Amsterdam
Email: info@newvalues.net, tames.rietdijk@newvalues.net
Telephone: +31 20 305 4073
Mobile: +31 629 550 597

For operational queries related to the auction process, all potential sellers please contact:

Mr. Vinod Kesava
ACX-ChangeTM
c/o 150 Cecil Street, Singapore -069543
Email : vinod@asiacarbon.com
Mobile: +65 9758 4032

For projects related information, all potential sellers please contact:

Mr. N Yuvaraj Dinesh Babu
ACX-ChangeTM
c/o 150 Cecil Street, Singapore -069543
Email : sellers@asiacarbon.com, dinesh@asiacarbon.com
Mobile: +65 9749 0382

For further information on membership procedures, all potential sellers please contact:

ACX-ChangeTM
Mr Thirumagan Sri
c/o 150 Cecil Street
Singapore - 069543
Email : sellers@asiacarbon.com, sri@asiacarbon.com
Mobile: +65 9067 7521