Investor Presentaiton

South Pole Group Emissions Reduction Fund Avoidance of double counting (2/2) Type of double counting Double monetisation Safeguards Activities generating non-Kyoto ACCUS are not reflected in Australia's Kyoto accounts Implications Environmental integrity not Page 21 impaired; units are not reported in Australia's inventory (no impact on ACCUS may only be traded domestically. AAUs or RMUs). As credits must Kyoto ACCUS: (1) Export: Government exchanges credits for AAUS, ERUS or RMUS (2) Domestic use / sale on domestic market: double counting provisions in safeguard mechanism not be sold outside Australia, the issue of AAU or RMU cancellation does not arise. Environmental integrity is not impaired due to clear double counting provisions

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