Environmental Financial Products L.L.C. (EFP) specializes in developing and trading in new environmental, financial, and commodity markets. Environmental Financial also designs risk management and hybrid financial instruments that enhance the interrelationships between the capital, commodity, and environmental markets. Richard L. Sandor, Ph.D. is Chairman and Chief Executive Officer of the firm.

Environmental Financial brings a unique perspective that has been developed by acting as both market designer and market participant. Members of the Environmental Financial team played a lead role in the design and implementation of the SO2 emission allowance market and have traded SO2 and CO2 offsets as both principal and agent. The firm also provides advisory services focused on monetizing emission reductions, energy efficiency improvements and carbon sequestration, and managing exposure to environmental, energy and financial risks.

Environmental Financial works with a broad spectrum of organizations. Environmental Financial's principals have been consultants, board members, or advisors to a diverse array of corporations, governments and non-governmental organizations around the world.

Under a grant from the Chicago-based Joyce Foundation and through Northwestern University's Kellogg Graduate School of Management, EFP is currently completing a feasibility study for the first U.S. greenhouse gas emissions trading program, called the Chicago Climate Exchange. The program will plan to launch in the latter part of 2001.

During the past twenty-five years, Environmental Financial's principals have consulted to the following futures and options exchanges, or government agencies:

Australian Greenhouse Challenge Office	Chicago Board of Trade	Chicago Mercantile Exchange
Coffee, Cocoa, and Sugar Exchange	Federal Energy Regulatory Commission	Hong Kong Futures Exchange
London International Financial Futures Exchange	Lloyd's of London	New York Futures Exchange
New York Mercantile Exchange	Swiss Options and Financial Futures Exchange	Toronto Stock Exchange
Winnipeg Futures Exchange	The People's Republic of China	Socialist Republic of Vietnam
The United Nations	The World Bank	Industry Canada
Stock Exchange of Singapore	U.S. Agency for International Development	Florida Air Emissions Trading Commission
State of Amapá, Brazil	State of Amazonas, Brazil	State of Paraná, Brazil

Environmental Financial principals have been associated with the following universities and educational institutions, presenting seminars and programs on risk management and derivative products:

Our principals have also served as authors, consultants, or contract committee members for the following commodity and financial instruments:

Environmental Financial's principals have a proven track record of providing clients with value-added solutions to a wide variety of investment, financial, environmental, and risk management problems. We are ready to apply our knowledge and experience to benefit you and your firm.

About Environmental Financial Products L.L.C.