Carbon credit note - CBN013

[Pamplona]

1 CBN013 = 1 CER2012 Currently CER2012 = 15.3 Euros Rand/Euro = 12.79 Therefore 1 CBN013 worth R196 (12.79*15.3). Trading at R175. Very interesting...

[#2]

If you say so...

[Pamplona]

I actually need the forward price of Rand/Euro for 2012 to be more accurate...can anyone help? Live CER2012 prices can be obtained on www.europeanclimateexchange.com.