NECaF ING Bank

completed

ING Bank N.V. (ING Bank), is IFC’s counterparty for emission reductions sourced from greenhouse gas mitigation projects, which will produce Emission Reduction Units (ERUs) under the Joint Implementation mechanism of the Kyoto Protocol, and possibly ‘Early Reductions’ prior to 2008. ING Bank adds significant value to domestic companies by helping these companies commercialize their carbon assets, introducing them to international business practices and standards as well as encouraging compliance with required environmental standards in the respective domestic jurisdictions. ING Bank may also pass on advances provided by IFC, as a Trustee of the Government of Netherlands, to the underlying project companies to meet capital expenditure and other upfront costs. ING Bank will act as intermediary between IFC and the project company and sell, on a back-to-back basis the resulting emission reductions from underlying project activities. In addition, this transaction represents one of the first emission reduction transactions for ING Bank.