Based on Carbon Market Data’s research, RWE, E.ON and Vattenfall were the three biggest
CO2 emitters of the EU emissions trading scheme (EU ETS) during the year 2009. RWE,
E.ON and Vattenfall emitted in 2009 respectively 141 MtCO2, 94 MtCO2 and 91 MtCO2.
These figures are calculated at group level, taking into account both minority and majority
stakeholdings in other companies included in the EU emissions trading scheme.
In the table below are shown for the year 2009 the distributed carbon allowances and
emissions of these three companies.

This ranking is unchanged from last year. RWE figures include Essent's power generation
assets, acquired in 2009 by the German energy giant. Despite this acquisition, RWE's
emissions are slightly down from the previous year (146 MtCO2 emitted in 2008). The Dutch
group Essent had emitted in 2008 more than 8 MtCO2.
E.ON saw its emissions in 2009 down by 14 MtCO2 year-on-year.

In 2009, Vattenfall completed the first step of its take-over on Nuon, by acquiring 49% of the
shares of the Dutch power producer. Vattenfall will take full control of Nuon's shareholdings
by 2015.

Vattenfall, the fifth largest electricity producer in Europe, and 100% owned by the Swedish
State, saw its emissions grow in 2009 by 6 MtCO2 year-on-year.
The table displays the 2009 energy mix figures of the Swedish power group.

Companies with the highest carbon allowance surplus

In 2009, the three companies with the highest surplus of EU carbon allowances (EUAs) were
three steel producers: ArcelorMittal (43 million EUAs surplus), Corus (13 million EUAs
surplus) and ThyssenKrupp (11 million EUAs surplus).

This ranking is unchanged from last year. Though, it has to be noted that ArcelorMittal's EUA
surplus more than doubled between 2008 and 2009. The world's largest steelmaker had in
2008 a surplus of 21 million EU allowances. At current EUA price of 15 euros per tonne of
CO2, the selling value of ArcelorMittal's EUA total surplus in 2008 and 2009 amounts to 960
million euros.

The EUA surpluses of Corus and ThyssenKrupp also nearly doubled from 2008 to 2009. This
sharp increase in EUA surpluses for the steel companies was expected by analysts as EU steel
production in 2009 was 30% lower than in 2008 (according to data supplied by the World
Steel Association).

It can also be noted that the ten companies experiencing the highest surplus of EU allowances
in 2009 belong to the steel and cement sectors (six steel producers and four cement companies
- the full list of these companies is included in our EU ETS Companies database).
These four cement companies, namely Lafarge, Cemex, HeidelbergCement and Holcim, saw
their CO2 emissions decrease on average by 21% between 2008 and 2009.

Companies with the largest shortage of carbon allowances

Unsurprisingly, the three companies having in 2009 the highest shortage of EU carbon
allowances are all involved in the electricity generation business, and are the biggest emitters
of the scheme. These three companies are RWE (shortage of 52 Mt), Vattenfall (29Mt) and
E.ON (20 Mt).

RWE had in the first phase (2005-07) of the scheme a shortage of about 10 million allowances per year, but faces a much bigger shortage of allowances in the 2008-2012 period of the EU emissions trading scheme. In early 2008, RWE planned to spend about €5-7.5 billion to cover its expected shortfall in emissions allowances in the 2008-2012 period.

RWE is allowed to use CERs (Certified Emissions Credits) to cover a maximum of 100 million tonnes by 2020. By 31 December 2009, the German energy group had contractually secured a total of 75.2 million CERs, of which after factoring in the project risks they expect to yield 43.9 million CERs.

In 2008 and 2009, the RWE group surrendered respectively 0.6 million and 5 million CERs for their EU ETS compliance.

The German energy company acquired in 2008 a 50 per cent stake in the carbon emission
reduction project consultancy Agrinergy, based in Singapore.

Companies having surrendered the largest amounts of CERs and ERUs

The three companies having surrendered the biggest number of CERs (Certified Emissions
Reductions) to EU Member States are Vattenfall (6.7 million CERs), PGE - Polish Energy
Group (6.1 million CERs) and Enel (5.3 million CERs).

The three companies having surrendered the biggest quantity of ERUs (Emissions Reductions
Units) for 2009 compliance are ConocoPhillips (0.41 million ERUs), PKN Orlen (0.26
million ERUs) and EDF (0.22 million ERUs).

A free version of the EU ETS Companies Database is accessible online at http://www.carbonmarketdata.com/ .