VIENNA Investment Trust is a financial services company with an experience of over 15 years in this field. We are specialized in middling equities and derivatives listed on regulated markets. We have become involved in ambitious projects concerning emissions and environmental markets, becoming the first Romanian financial services company member of an exchange trading these allowances.

14,000 installations fall under the European Emission Trading Scheme (EU ETS) starting 1 January 2005. The purpose of this Scheme, which is one of the important elements of the EU to comply with the Kyoto Protocol, is to reduce carbon dioxide emissions in Member States by keeping in check the biggest CO₂ emitters, from each state.

An operator managing an installation under the trading scheme can benefit from these certificates and the amount obtained by the company may be redirected to any investment or need.

Services:

Trading on regulated markets: buy-sell certificates of emissions of greenhouse gases;

Portfolio management: managing portfolios, according to grantable mandate;

Consultancy: investment consulting;

Banking services: swaps, hedge, forward, lending, financing.

Products:

EUA – European Union Allowance – transactional unit (listed on the Environmental Stock Exchange) belonging to the Greenhouse Gas Emission Trading Scheme. One EUA represents the right to deliver 1 tonne equivalent of carbon dioxide.

CER – Certified Emission Reduction – a unit equal to one ton of carbon dioxide emissions. CER’s are issued for emission reductions from CDM project activities – Clean Development Mechanism (green energy).

ERU – Emission Reduction Unit – a unit of emission reduction achieved by a J.I. project (Joint Implementation). One unit is equal to one tonne equivalent of carbon dioxide emissions.

VER – Verified Emission Reduction – carbon credits that are not certified under the Kyoto Protocol, but can be used to offset carbon emissions. 1 VER corresponds to one tonne equivalent of carbon dioxide emissions.

VIENNA Investment Trust addresses to:

operators (any person who operates or controls an installation) which pursue:

obtaining liquidities throughout selling the surplus of certificates;

obtaining cash throughout short-term financing;

professional annual portfolio of certificates management;

purchasing certificates at fair market price to cover the current deficit and avoid 100 EURO per tonne penalty;

individual or juridical entities that own or intend to buy certificates of emissions of greenhouse gases.

The European Union, in order to meet the Kyoto agreement, has launched a Greenhouse Gas Emission Trading Scheme (EU ETS) for all 25 member states on 1 January 2005. Member states set an overall emissions cap for industry, and issue allowances (i.e. rights to emit one tonne of CO₂) equal to that cap. Facilities subject to the cap are required to surrender an allowance for every tonne of CO₂ they emit. The total number of allowances under the cap will be reduced annually, thus continually reducing the emissions.

This cap-and-trade system regulates the carbon dioxide emissions of approximately 15,000 companies or facilities in the oil and gas, power generation, pulp and paper, cement and glass, and steel sectors across the EU. These installations are allocated tradable emissions allowances each year. Companies whose emissions exceed their store of allowances will face large penalties: 100 Euros per tonne during the period 2008-2012. In addition to paying the penalties, companies are still required to submit the missing allowances in the following year.

Instead of reducing its own emissions, a company can meet its target by purchasing allowances from another company who has a surplus due to an emissions reduction project. This creates an incentive for those companies who can reduce emissions at lower cost than the actual or anticipated market price of allowances, and hence helps lower the overall economic cost of emissions reductions.

There is a main idea to be considered: trading emissions can become the most profitable instrument of financing you business. Furthermore, the funds can be used for financing any activity within the company, no restrictions applied.

List of financial services companies authorized to provide in France, can be found at: http://www.banque-france.fr/acp/agrement/20110101-liste-acp-prestataires-de-sces-d-investissement.pdfLegal.

Aspects on capital market:

Law 297/2004

RNSC Regulation no.32/2006