Holding(s) in Company

1. Identity of the issuer or the underlying issuerof existing shares to which voting rights areattached: ii

TRADING EMISSIONS PLC

2 Reason for the notification (please tick the appropriate box or boxes):

An acquisition or disposal of voting rights

X

An acquisition or disposal of qualifying financial instruments which may result in the acquisition of shares already issued to which voting rights are attached

An acquisition or disposal of instruments with similar economic effect to qualifying financial instruments

An event changing the breakdown of voting rights

Other (please specify):

3. Full name of person(s) subject to thenotification obligation: iii

Praxient Capital LLP

4. Full name of shareholder(s)  (if different from 3.):iv

Praxient Panther Master Fund Limited

Blackwell Partners LLP

5. Date of the transaction and date onwhich the threshold is crossed orreached: v

Date of transaction is 31st July 2014 and date when threshold is crossed is 5th August 2014

6. Date on which issuer notified:

1st August 2014

7. Threshold(s) that is/are crossed orreached: vi, vii

Shareholding reduced to below 9% by Praxient Panther Master Fund Limited. Shareholding reached 11% by Blackwell Partners LLP

8. Notified details:

A: Voting rights attached to shares viii, ix

Class/type ofshares

if possible usingthe ISIN CODE

Situation previousto the triggeringtransaction

Resulting situation after the triggering transaction

NumberofShares

NumberofVotingRights

Numberof shares

Number of votingrights

% of voting rights x

Direct

Direct xi

Indirect xii

Direct

Indirect

GB00B073G363

50,710,197

50,710,197

50,661,505

50,661,505

NIL

20.28%

NIL

B: Qualifying Financial Instruments

Resulting situation after the triggering transaction

Type of financialinstrument

Expirationdate xiii

Exercise/Conversion Period xiv

Number of votingrights that may beacquired if theinstrument isexercised/ converted.

% of votingrights

N/A

N/A

N/A

N/A

N/A

C: Financial Instruments with similar economic effect to Qualifying Financial Instruments xv, xvi

Resulting situation after the triggering transaction

Type of financialinstrument

Exercise price

Expiration date xvii

Exercise/Conversion period xviii

Number of voting rights instrument refers to

% of voting rights xix, xx

N/A

N/A

N/A

N/A

N/A

N/A

N/A

Total (A+B+C)

Number of voting rights

Percentage of voting rights

50,661,505

20.28%

9. Chain of controlled undertakings through which the voting rights and/or thefinancial instruments are effectively held, if applicable: xxi

N/A

Proxy Voting:

10. Name of the proxy holder:

N/A

11. Number of voting rights proxy holder will ceaseto hold:

N/A

12. Date on which proxy holder will cease to holdvoting rights:

N/A

13. Additional information:

N/A

14. Contact name:

Katariina Kanninen

15. Contact telephone number:

0207 291 7302