Tamarisk and Canadenis Purchase Certified Emission Reductions

On August 25, 2006 the International Bank for Reconstruction and Development (World Bank) accepted Tamarisk Acquisition Corporation and Canadenis Acquisition Limited as participants in first tranche of the Umbrella Carbon Facility, which was established to enable its participants to acquire approximately US$1 billion of certified emission reductions expected to be created by chemical companies in China and issued pursuant to the Kyoto Protocol's Clean Development Mechanism.

The certified emission reduction can be used to meet emission reductions targets under the Kyoto Protocol and the European Union Greenhouse Gas Emission Trading Scheme. The transaction is one of the largest greenhouse gas emissions transactions in history and the combined participation of Tamarisk and Canadenis, both ultimate subsidiaries of Natsource LLC, which is one of the world's largest private-sector greenhouse gas asset management companies, represent the largest participation interest among private entities and public utilities participating in the transaction. Tamarisk and Canadenis purchased the certified emission reductions on behalf of 27 investors located in Japan, Europe and North America. AIG Financial Products Corp. provided credit support in favour of the World Bank in connection with Canadenis's participation in the facility, on the basis of credit support provided by the investors in its favour. Fortis Bank (Nederland) N.V. provided credit support in favour of the World Bank in connection with Tamarisk's participation in the facility, on the basis of credit support provided by the investors in its favour.

World Bank was represented by its chief counsel, project finance and cofinancing, Tom Duvall, III. Tamarisk and Canadenis were represented by general counsel to Natsource LLC Andrew O'Connor; and by lead counsel Bennett Jones LLP, with teams led by Gray Taylor, Hugo Alves and Jesslyn Maurier (corporate/commercial), and which included Dan Ford, Steven Lutz, Lindsey Hutton (banking); Lyle Guard, Emily Atkinson (corporate); Stephen Bowman, Anu Nijhawan (tax); and Martin Kay, Geoff Peters and Arthur Peltomaa (opinions). Hiroki Inoue and Shintaro Takai of Nagashima Ohno & Tsunematsu were Japanese counsel for Canadenis. John Deacon and Robert Marsh of Hunton & Williams acted as UK counsel to Canadenis. Arend-Jaap van der Lely and Judith de Bruyn Ouboter of NautaDutilh N.V were Dutch counsel to Tamarisk and Sherice Arman of Appleby Hunter Bailhache was Cayman Islands counsel to Tamarisk.

AIG Financial Products Corp. was represented by in-house counsel Robert Powell and by Davis Polk & Wardwell, with a team led by Joseph Hadley (corporate/credit and project finance) and which included Norberto Quintana and Elena Ivanovski (corporate/credit). Andrew Balfour, Miranda Leung and Hannah McKechnie of Slaughter and May were UK counsel to AIG Financial Products Corp. Seiji Matsuzoe of Freshfields Bruckhaus Deringer was Japanese counsel to AIG Financial Products Corp.

Fortis Bank (Nederland) N.V. was represented by Allen & Overy LLP, with a team led by Ben Fox (banking); and which included Jarrod Walker and Maryn Spruyt (banking).


Lindsey A. Hutton Daniel A. Ford J. Steven Lutz Hiroto Inoue Emily R. Atkinson Anu Nijhawan Gray E. Taylor Jesslyn G. Maurier Hugo M. Alves Stephen W. Bowman H. Martin Kay Shintaro Takai Joseph P. Hadley Arthur J. Peltomaa Lyle G. Guard


Bennett Jones LLP Nagashima Ohno & Tsunematsu Davis Polk & Wardwell Slaughter and May Freshfields Bruckhaus Deringer LLP Allen & Overy LLP