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September 14, 2011

Overview for Purchasing / Selling Nutrient Credits in PENNVEST’s Nutrient Credit Clearinghouse. September 14, 2011. Program Summary. Goal:

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September 14, 2011

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  1. Overview for Purchasing / Selling Nutrient Credits in PENNVEST’s Nutrient Credit Clearinghouse September 14, 2011

  2. Program Summary Goal: Provide wastewater treatment plants in the Susquehanna and Potomac watersheds an alternative for meeting nitrogen and phosphorous permit limits – through the purchase of nutrient credits Partners: PENNVEST – functions as clearinghouse for the buying and selling of credits DEP – certifies and registers credits Markit – conducts credit auctions and manages registry of credit buyers and sellers

  3. Value of Clearinghouse to Participants Benefits of purchasing credits through PENNVEST Nutrient Credit Clearinghouse – absolves regulated point sources of: Adhering to regulatory procurement requirements Search costs Negotiation costs Evaluating counterparty credit-worthiness Contract enforcement Benefits to credit sellers: can facilitate an increase in demand that makes undertaking credit-generating projects more viable

  4. Types of Market Events Forward auctions for multiyear delivery for certified credits that are not yet verified. Spot auctions at end of compliance year (Oct – Nov) for verified credits. That is the immediate issue at this time.

  5. Auction Schedule2010 – 2011 Compliance Year Spot auctions: November 2, 2011 November 9, 2011 These will be subject of this and subsequent training sessions.

  6. Auction Schedule2011 -2012 Compliance Year Forward auctions: March 21, 2012 June 13, 2012 September 12, 2012 Spot auction: November 7, 2012

  7. About Markit Markit is a leading, global financial information services company with over 2,300 employees. We provide independent data, valuations and trade processing across all asset classes in order to enhance transparency, reduce risk and improve operational efficiency. Our client base includes the most significant institutional participants in the financial marketplace. To learn more about Markit visit www.markit.com

  8. Markit will Provide Enrollment service will be facilitated by existing Markit Document Exchange (MDE) system. MDE is an electronic platform for counterparties to exchange documentation securely and efficiently. Submitting Bids and Offers using Markit Environmental Registry (MER). MER lists the majority of leading standards and provides customers with a unique portfolio approach to managing all their carbon, water and biodiversity assets in one place. Auction will be run by Markit Auctions Platform (MAP). MAP is used by other product groups within Markit and has conducted over 115 auctions to date. Publishing of Auctions results (i.e. pricing) will be done on the PENNVEST website, although individual participant results will be communicated through MDE.

  9. Program Outline PENNVEST Review Auction Results Clearance and Settlement of Credits Enrollment & Eligibility Services Submit Enrollment Information Markit Markit Registry Markit Document Exchange Markit Auction Platform Provide Auctions Information, Submit bids and offers Program Participants View Auctions Results Project Registration and Credit Issuance Enrollment & Eligibility Services DEP

  10. Upcoming Training Enrollment Monday September 26, 2011 (9:00 am to 12:00 pm) Wednesday September 28, 2011 (9:00 am to 12:00 pm) Bids and Offers Monday October 24, 2011 (9:00 am to 12:00 pm) Wednesday October 26, 2011 (9:00 am to 12:00 pm) For information, to sign up for training or if you have any questions, please send email to: environmental.auctions@markit.com Or call: +1-917-441-6668

  11. Markit Systems Availability Markit systems offer 24/7 availability In case you cannot access any of the Markit systems, please contact Markit Environmental Operations Team for assistance: environmental.auctions@markit.com Or call: +1-917-441-6668

  12. Key Dates for November Auctions

  13. Questions

  14. Information on the Nutrient Credit Clearinghouse Information on PENNVEST’s Nutrient Credit Clearinghouse program is available on our website: General information: http://www.portal.state.pa.us/portal/server.pt/community/nutrient_credit_trading/19518 Rulebook:  http://www.portal.state.pa.us/portal/server.pt/community/nutrient_credit_trading/19518/Hide%20Nutrient%20Credit%20Trading%20Rulebook/763393

  15. Contact Information PENNVEST Paul Marchetti Shawn Weis 1-717-783-4496 1-717-783-6776 pmarchetti@pa.govsweis@pa.gov DEP Ann Roda 1-717-787-4726 aroda@pa.gov Markit Kathy Benini Liza Logounova 1-212-205-1742 +1-917-441-6668 kathy.benini@markit.com Liza.Logounova@markit.com

  16. Next Steps Get additional information View Rule Book For questions or to preview enrollment forms - send email to: Denise Zern: dzern@pa.gov Sign up for Training - send email to environmental.auctions@markit.com Prepare your Registration Documentation Enrollment/Registration Starting Sep 26, 2011

  17. Appendix – Process Flow

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