Return of Cash - Purchase Offer for B Shares

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN OR INTO AUSTRALIA, CANADA, JAPAN, THE REPUBLIC OF SOUTH AFRICA OR THE UNITED STATES

30 July 2013

Trading Emissions plc (the "Company")

RETURN OF CASH - PURCHASE OFFER FOR B SHARES

Liberum Capital Limited ("Liberum") hereby makes the Purchase Offer, as referred to in the circular from the Company to its Shareholders dated 8 July 2013 (the "Circular"), acting as principal (and not as agent, nominee or trustee), to purchase each of the 131,203,730 B Shares in respect of which valid acceptances of the Purchase Offer have been received and not withdrawn, for 15 pence each, free of all dealing expenses and commissions (which will be the responsibility of the Company) on the terms set out in the Circular.

Settlement for the B Shares acquired under the Purchase Offer is expected to be made on or around 30 July 2013 when cheques will be dispatched to Shareholders whose Ordinary Shares are held in certificated form (that is, not in CREST) and the CREST accounts of Shareholders whose Ordinary Shares are held in uncertificated form (that is, in CREST) will be credited with the proceeds of sale.

Capitalised terms used in this announcement are as defined in the Circular

Enquiries:

Background to the B Share Scheme

The Company announced a distribution to Shareholders of approximately £37.5 million via a B Share scheme on 21 June 2013. The Circular containing details of the B Share scheme was posted to Shareholders on 8 July 2013 and a copy is available to download from the Company's website: www.tradingemissionsplc.com. Valid elections for the Purchase Offer received by the Election Deadline (being 1.00 p.m. on 23 July 2013) result in the following B Share Dividend and Purchase Offer split:

B Share Dividend 118,596,472 Ordinary Shares

Purchase Offer 131,203,730 Ordinary Shares

This announcement has been issued by and is the sole responsibility of the Company.

Liberum is authorised and regulated in the United Kingdom by the Financial Conduct Authority and is acting exclusively for the Company and for no-one else in connection with the Return of Cash and will not be responsible to anyone other than the Company for providing the protections afforded to clients of Liberum, or for providing advice in relation to the Return of Cash.

Apart from the responsibilities and liabilities, if any, which may be imposed on Liberum by the Financial Services and Markets Act 2000 or the regulatory regime established thereunder, Liberum accepts no responsibility or liability whatsoever for the contents of this announcement or the Circular or for any other statement made or purported to be made in connection with the Company or the Return of Cash. Liberum accordingly disclaims all and any responsibility or liability whether arising in tort, contract or otherwise (save as referred to above) which it might otherwise have in respect of this announcement, the Circular or any such statement