AGM Statement

EcoSecurities Group - AGM Statement 21 May 2009 EcoSecurities Group plc AGM Statement Dublin, Ireland - EcoSecurities Group plc ('EcoSecurities' or the 'Group'), one of the world's leading companies in the business of sourcing, developing and trading carbon credits from greenhouse gas emission reduction projects, will hold its Annual General Meeting in Dublin, Ireland today at 09:00 am. At the meeting Mark Nicholls, Chairman, will give the following update on trading: During 2009, EcoSecurities has continued to make progress as follows: * Revenue recognised in respect of 3,375,000 CERs (600,000 of which were previously planned to be delivered subsequent to 30 April 2009) and 258,000 VERs in the four month period ended 30 April 2009 (4,539,000 CERs and 523,000 VERs for the year ended 31 December 2008). * Issuance from the pre-2012 CER portfolio was 791,000 CERs net to EcoSecurities in the four month period ended 30 April 2009 (791,000 CERs for the year ended 31 December 2008). * The policy of forward sales has resulted in contracted future revenues of ¤414m at 30 April 2009 with an associated Net Trading Margin of ¤172m (contracted future revenues of ¤461m with an associated Net Trading Margin of ¤201m at 28 February 2009). * The weighted average sale price of the forward sales was ¤13.60 per CER and the acquisition price of the pre-2012 CER portfolio was ¤8.12 per CER at 30 April 2009 (forward sales ¤13.66 per CER and acquisition price ¤7.85 per CER at 28 February 2009). * On a net basis to EcoSecurities at 30 April 2009, the pre-2012 CER portfolio's 155 registered projects are capable of producing 40 million CERs (127 projects and 35 million CERs at 31 December 2008), representing 40% (34% at 31 December 2008) of the Group's portfolio. * Of the registered projects, projects capable of producing 30 million CERs for EcoSecurities are already operational (26 million CERs at 31 December 2008). * CER issuances currently anticipated for 2009 remain in line with our expectations. * Control of administrative expenses has remained tight and expenditure is running in line with budget. * Cash balance at 30 April 2009 of ¤53.0m (¤38.7m at 31 December 2008) including ¤3.5m of restricted cash (¤0.1m at 31 December 2008). Inventory on hand of ¤14.6m comprising 850,000 CERs and 2,338,000 VERs (¤29.2m of inventory comprising 1,710,000 CERs and 2,122,000 VERs at 31 December 2008). * The Group's contracted projects and portfolio of pre-2012 CERs on a net basis can be analysed as follows: 30 April 2009 28 February 2009 Project cycle landmark (cumulative No. of Million No. of Million values) projects CERs Projects CERs Contracted 453 135 466 140 Due diligence 77 35 81 36 Portfolio 376 100 385 104 Operational stage: Financed 343 89 339 89 Construction started 330 86 336 87 Operation started 206 49 220 51 CDM stage: PDD complete 291 73 289 71 Submitted to validation 269 68 265 68 HNA obtained 251 68 243 66 Validated 177 49 167 46 Submitted to registration 175 49 165 46 Registered 155 40 133 35 Verified 35 13 32 7 Issuing 31 6 31 6 Mark Nicholls, Chairman of EcoSecurities, commented: "The progress that EcoSecurities made in the second half of 2008 continues in 2009 with deliveries of CERs to forward sale counterparties being made as planned. CER issuances currently anticipated for 2009 remain in line with our expectations. EcoSecurities has continued to control its cost base and has maintained a healthy cash balance. This positions us well for the future." CDM = Clean Development Mechanism, the provision of the Kyoto Protocol that governs project level carbon credit transactions between developed and developing countries. CER = Certified Emission Reduction, carbon credits created by Clean Development Mechanism projects. One CER corresponds to 1 tonne of CO2e emission reductions. HNA = Host nation approval. Net Trading Margin = The resulting gross profit on the sale of CERs less the direct purchase cost. PDD = Project design document. VER = Voluntary or Verified Emission Reduction, carbon credits created by emission reduction projects. One VER corresponds to 1 tonne of CO2e emission reductions. - Ends - For further information, please contact: EcoSecurities Group plc +353 1 613 9814 Bruce Usher, CEO Adrian Fernando, COO James Thompson, CFO RBS Hoare Govett Limited +44 20 7678 8000 Justin Jones Hugo Fisher Citigate Dewe Rogerson +44 20 7638 9571 Kevin Smith Ged Brumby About EcoSecurities: EcoSecurities is a world leading company in the business of sourcing, developing and trading carbon credits. EcoSecurities structures and guides greenhouse gas emission reduction projects through the project cycle, working with both project developers and buyers of carbon credits. EcoSecurities has experience with projects in the areas of renewable energy, agriculture and urban waste management, industrial efficiency and forestry. With a network of offices and representatives in over 25 countries on six continents, EcoSecurities has amassed one of the industry's largest and most diversified portfolios of carbon projects. Utilising its highly diversified portfolio, EcoSecurities is able to structure carbon credit transactions to fit any buyers' needs, and has executed transactions with both private and public sector buyers in Europe, North America and Japan. Working at the forefront of carbon market development, EcoSecurities has been involved in the development of many of the global carbon market's most important milestones, including developing the world's first CDM project to be registered under the Kyoto Protocol. EcoSecurities has been at the forefront of most of the significant policy and scientific developments in this field. EcoSecurities Group plc is listed on the London Stock Exchange AIM (ticker ECO). Additional information is available at ---END OF MESSAGE--- This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.