Formula Asset Value calculation

17 February 2010

Trading Emissions plc

Leaf Clean Energy Company

Formula Asset Value calculation

The boards of directors of Trading Emissions plc (Trading Emissions) and Leaf Clean Energy Company (Leaf Clean) announce today that, in connection with the proposed all-share merger (Merger) of the two companies as announced on 17 December 2009 and to be effected by means of a scheme of arrangement (Scheme) of Trading Emissions, the final agreed Formula Asset Value (FAV) to be used as the basis for the Merger as at the calculation date of 15th February 2010 was 143.6457p per Trading Emissions share and 101.3339p per Leaf Clean share.

A holder of Trading Emissions shares will therefore be entitled, upon the Scheme becoming effective, to approximately 1.41755 Leaf Clean shares for every Trading Emissions share held.

The implied offer price, based on the closing middle market quotation (sourced from the daily official list of the London Stock Exchange) of a Leaf Clean share on 16 February 2010 (being the last practicable date prior to this announcement), is therefore 88.6p per Trading Emissions Share. The Merger will result in the issue in aggregate of approximately 364,922,334 new Leaf Clean shares representing approximately 66.7 per cent. of the enlarged share capital of Leaf Clean.

Further details of the Merger and the FAV calculation are set out in the Scheme Document sent to Trading Emissions shareholders on 13 January 2010 and the Admission Document sent to Leaf Clean shareholders on 22 January 2010 "(the full text of which are available at www.tradingemissionsplc.com and www.leafcleanenergy.com respectively)".

--ENDS--

For further enquiries, please contact:

Trading Emissions PLC (via Haggie Financial PR)

Neil Eckert

Malcolm Gillies

Liberum Capital Limited (nominated adviser and Rule 3 adviser to Trading Emissions)

Steve Pearce

Tom Fyson

+44 (0) 20 3100 2000

Leaf Clean Energy (via Cenkos)

Bran Keogh

Cenkos Securities plc (nominated adviser to Leaf Clean)

Ivonne Cantu/Liz Bowman

+44 (0) 20 7397 8900

Haggie Financial PR (PR adviser to Trading Emissions)

Peter Rigby

Alexandra Parry

+44 (0) 20 7417 8989