Compliance with carbon emission requirements has created new long term challenges and opportunities for Constellation Energy's global customers. In response, our Commodities Group has deployed its risk management expertise in the worldwide carbon markets, helping its US and international customers understand and manage the risks and opportunities inherent in a growing carbon economy. We assist our European customers in devising optimal strategies to meet their compliance obligations under the European Union Emissions Trading Scheme. We also assist our US customers in understanding their compliance obligations related to future US regional carbon emissions programs. In addition, we advise a number of our clients on opportunities to reduce greenhouse gas emissions through various global voluntary emission reduction programs.

Additionally, Constellation Energy is active in current markets for trading European Union Allowances (EUAs) and secondary Certified Emission Reduction (CER) credits, as well as being actively involved in emission reduction projects under the Clean Development Mechanism (CDM) in developing markets worldwide.

Our approach extends well beyond simply purchasing carbon credits. We have and continue to build strong relationships with our customers by offering unique risk management approaches, backed by our strong balance sheet, depending on individual needs, including:

• Offering flexible and innovative pricing structures tailored to the customer's price risk tolerance;

• Providing direct access to carbon credits within our portfolio, thereby minimizing transaction costs;

• Sharing Constellation Energy's global network and technical capabilities in power and energy efficiency-related projects.

In order to support our customers' needs in these rapidly changing markets, we are actively engaged in the current policy discussions that are shaping current and future emissions reductions schemes. Constellation Energy's position is that the growth in greenhouse gas emissions must be slowed, stopped and reversed and that the ultimate worldwide goal must be to reach - and remain at or below - a GHG emissions level that protects our environment.

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Our International Business

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