!!
!"#$%&%'()*+,%-(.)/01%23.)%43.%05/%/+6*.3+-/+0%
100 King Street West, Suite5700, Toronto, OntarioM5X 1C7, CanadaTel. +1 (416) 913 0135Boite 27Rue de la Loi 235Brussels, 1040, BelgiumTel: +32 (0)22 30 11 60Reg. 0889.072.70224, Rue Merle d’AubignéGeneva, 1207, SwitzerlandTel: +41 (22) 737 05001730 Rhode Island Ave., NW,Suite 802, Washington, DC20036 USATel: +1 (202) 629-5980
!
!!!!"#$!%&'$&'!()!'#%*!+,+$-!%*!'(!)(./*!(&!'#$!012!'$.#&%.,3%'%$*!%&#$-$&'!%&!'#$!*$''%&4!/+!,&5!.,--6%&4!(/'!()!())*$'!+-(7$.'*!5$*%4&$5!'(!())$-!.(*'8$))$.'%9$!$:%**%(&!-$5/.'%(&!,&5!-$:(9,3!$&#,&.$:$&'!(++(-'/&%'%$*
;
!)(-!<=<!$:%''$-*!%&!9%$>!()!'#$%-!/*$!()!())*$'*!?.-$5%'*!(-!.$-'%)%.,'$*@!)(-!.(:+3%,&.$!(-!'(!.-$,'$!-$.(4&%'%(&!)(-!$,-36!,.'%(&A
B
!!"#$*$!'$.#&%.,3!%**/$*!,-$!5$$:$5!%:+(-',&'!,*!'#$6!$&*/-$!'#$!*:(('#!'-,&*%'%(&C!%&'$4-%'6!,&5!'-,&*+,-$&.6!>#$&!5%))$-$&'!())*$'!*6*'$:*!,-$!3%&D$5!8!
"#!$%&''$(!&#!)#$!*+*'$%!,$&#-!",.$!')!/0(12"*$!$%&**&)#!($301'&)#!1$('&4&1"'$*!-$#$("'$3!&#!"#)'2$(!*+*'$%5!!62)()0-2!/($.&%&#"(+!7)(8!7"*!1"((&$3!)0'!/(&)(!')!'2&*!3"'$9!.03&#-!"!:)&#'!$44)('
;
!')!1)%/&.$!"!'",.$!'2"'!"''$%/'$3!')!1)%/"($!$"12!$.$%$#'!)4!'2$!3&44$($#'!)44*$'!*+*'$%*!0*&#-!'2$!<).0#'"(+!="(,)#!>'"#3"(3!?<=>@!"*!"!,$#12%"(85!A0('2$(!&#B$*'&-"'&)#*
C
!4)..)7$39!"&%&#-!"'!1."(&4+&#-!"#3!1)%/.$'&#-!'2$!3"'"!".($"3+!1)..$1'$35!62$!1)#1.0*&)#*!)4!'2&*!/"/$(!3("7!)#!'2$*$!$44)('*!"#3!&#B&'$!40('2$(!4$$3,"18!"*!&'!&*!$$3!&%/)**&,.$!')!%"8$!"!3$4&#&'&B$!*'"'$%$#'!&#!"#!$B$(D$B).B&#-!1"(,)#!)44*$'!($-0."')(+!$#B&()#%$#'5!!E0(!*'03+!1)B$(*F!
!
67)!&#'$(#"'&)#".!)44*$'!%$12"#&*%*F!=.$"#!G$B$.)/%$#'!H$12"#&*%!?=GH@!"#3!I)&#'!J%/.$%$#'"'&)#!?IJ@
K
!
!
62$!)44*$'!4$"'0($*!)4!'2($$!%"#3"')(+!*+*'$%*9!'7)!)4!72&12!"($!%$($.+!/()/)*$3F!'2$!L$*'$(#!=.&%"'$!J#&'&"'&B$!?"*!3$4&#$3!,+!'2$!3("4'!($1)%%$#3"'&)#*!/"/$(!)4!M/(&.!NOPO@!"#3!="#"3"Q*!E44*$'!>+*'$%!4)(!-($$#2)0*$!-"*$*!?/()/)*$3!&#!NOOR!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
P
!J#*'$"3!)4!&#B$*'&#-!&#!$S/$#*&B$!","'$%$#'!'$12#).)-&$*!T&#D2)0*$U9!VWV!$%&''$(*!/0(12"*$!VWV!$%&**&)#!($301'&)#*9!)4'$#!&#!'2$!4)(%!)4!$%&**&)#!($301'&)#!1$('&4&1"'$*9!4)(!VWV!$%&**&)#!($301'&)#*!"#3X)(!($%)B".!$#2"#1$%$#'*!"12&$B$3!%)($!1)*'D$44$1'&B$.+!$.*$72$($!?4)($*'(+!/():$1'*9!%"#0($!%"#"-$%$#'9!"-(&10.'0(".!/():$1'*9!."#34&..!%$'2"#$!1"/'0($9!$'15@5!62$*$!1$('&4&1"'$*!"..)7!($-0."'$3!)(!B).0#'$$(!$#'&'&$*!')!)44*$'!'2$&(!)7#!VWV!$%&**&)#*5!!
N
!62&*!/"/$(!7&..!#)'!1)B$(!'2$!&**0$*!"()0#3!/():$1'!$.&-&,&.&'+9!"33&'&)#".&'+!'$*'&#-!"#3!,"*$.&#$!3$'$(%&#"'&)#!"*!'2$*$!($Y0&($%$#'*!"($!)0'*&3$!)4!'2$!*1)/$!)4!HZ<5!!
3
By Sven Starckx from Sindicatum Carbon Capital, Michael Lehman from DNV, Pat Concessi and othersfrom Deloitte
4
Participation by Barbara Toole O’Neil and Luc Larmuseau from DNV
5
JI track 2