Trading Emissions PLC Regulatory News (TRE)

PRESS RELEASE

FOR IMMEDIATE RELEASE

15 June 2011

Trading Emissions PLC

(the "Company" or "TEP")

Realisation Update

Trading Emissions PLC, a closed end investment company that specialises in renewable energy projects and emissions instruments such as carbon credits, wishes to update shareholders on its realisation strategy.

The Company previously announced it had instigated a formal sales process for its portfolio of private equity assets ("PE Portfolio"). Additionally, on 11 January 2011 the Company announced that it had also received expressions of interest for its carbon portfolio.

Indicative offers have now been received for both the PE Portfolio as a whole and for individual assets and, having considered these with the intention of maximising returns to shareholders, the Board will now pursue an individual asset realisation strategy with regard to the PE Portfolio.

In addition the Company can confirm it has received a number of bids for its carbon portfolio. This process is entering its latter stages. The Board is determined to finalise these negotiations as soon as possible and will provide further updates to shareholders in due course.

Proceeds from the sale of either private equity or carbon assets will be returned to shareholders as a matter of priority by way of the most appropriate method of capital distribution determined by the Board, subject to retaining sufficient working capital to enable realisation of the remaining portfolio.

Upon disposal of the carbon portfolio, the Board currently anticipates being in a position to return a minimum of 50p per share (which would include the proceeds of a sale of the carbon portfolio together with any other liquid assets the Board sees fit to distribute such as cash currently committed to the carbon portfolio).

Proceeds from the sale of assets within the PE Portfolio and any other remaining assets will be distributed to shareholders at the appropriate time.

Documentation relating to any sale or capital distribution will be sent to shareholders in due course and as appropriate. It should be noted that there can be no certainty that any offer will ultimately be concluded for part or all of the Company and further updates will be made by the Company as appropriate.

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For further information:

Notes to editors

Trading Emissions PLC's main investment objective is to make capital profits from purchasing emissions assets at appropriate prices. The core part of its portfolio is a long position in carbon assets, although some trading does take place. The Company also invests in other selected emissions assets. In addition, the Company generates income from the provision of finance for selected programmes such as aggregation, monetisation, collateralisation and other innovative approaches to carbon trading markets.

www.tradingemissionsplc.com

Disclosure requirements of the Takeover Code (the "Code")

Under Rule 8.3(a) of the Code, any person who is interested in 1% or more of any class of relevant securities of an offeree company or of any paper offeror (being any offeror other than an offeror in respect of which it has been announced that its offer is, or is likely to be, solely in cash) must make an Opening Position Disclosure following the commencement of the offer period and, if later, following the announcement in which any paper offeror is first identified.

An Opening Position Disclosure must contain details of the person's interests and short positions in, and rights to subscribe for, any relevant securities of each of (i) the offeree company and (ii) any paper offeror(s). An Opening Position Disclosure by a person to whom Rule 8.3(a) applies must be made by no later than 3.30 pm (London time) on the 10th business day following the commencement of the offer period and, if appropriate, by no later than 3.30 pm (London time) on the 10th business day following the announcement in which any paper offeror is first identified. Relevant persons who deal in the relevant securities of the offeree company or of a paper offeror prior to the deadline for making an Opening Position Disclosure must instead make a Dealing Disclosure.

Under Rule 8.3(b) of the Code, any person who is, or becomes, interested in 1% or more of any class of relevant securities of the offeree company or of any paper offeror must make a Dealing Disclosure if the person deals in any relevant securities of the offeree company or of any paper offeror. A Dealing Disclosure must contain details of the dealing concerned and of the person's interests and short positions in, and rights to subscribe for, any relevant securities of each of (i) the offeree company and (ii) any paper offeror, save to the extent that these details have previously been disclosed under Rule 8. A Dealing Disclosure by a person to whom Rule 8.3(b) applies must be made by no later than 3.30 pm (London time) on the business day following the date of the relevant dealing.

If two or more persons act together pursuant to an agreement or understanding, whether formal or informal, to acquire or control an interest in relevant securities of an offeree company or a paper offeror they will be deemed to be a single person for the purpose of Rule 8.3.

Opening Position Disclosures must also be made by the offeree company and by any offeror and Dealing Disclosures must also be made by the offeree company, by any offeror and by any persons acting in concert with any of them (see Rules 8.1, 8.2 and 8.4).

Details of the offeree and offeror companies in respect of whose relevant securities Opening Position Disclosures and Dealing Disclosures must be made can be found in the Disclosure Table on the Takeover Panel's website at www.thetakeoverpanel.org.uk, including details of the number of relevant securities in issue, when the offer period commenced and when any offeror was first identified. If you are in any doubt as to whether you are required to make an Opening Position Disclosure or a Dealing Disclosure, you should contact the Panel's Market Surveillance Unit on +44 (0)20 7638 0129.

In accordance with Rule 19.11 of the Code, a copy of this announcement will be published on the Company's website at www.tradingemissionsplc.com by no later than 12:00 noon (London time) on 16 June 2011. For the avoidance of doubt, the contents of this website are not incorporated into and do not form part of this announcement.