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CBN013 - Sterling Waterford CCN SPV 4 - Update In Regard To Delivery Of Carbon Credits By Hedging Counterparty STERLING WATERFORD CCN SPV 4 (the "Issuer") CARBON CREDIT NOTES Share code: CBN013 ISIN code: MU0249S00005 UPDATE IN REGARD TO DELIVERY OF CARBON CREDITS BY HEDGING COUNTERPARTY Holders of Carbon Credit Notes are referred to the offering circular issued as of 27 August 2008. Copies of the offering circular are available on request from the Manager. BACKGROUND As set out in the circular, in terms of the Hedging Agreement the Hedging Counterparty is obliged to deliver to the Issuer sufficient Carbon Credits to enable the Issuer to fully discharge its obligations under the Carbon Credit Notes (the "requisite number of Carbon Credits"). Delivery by the Hedging Counterparty was subject to the delivery of Carbon Credits to it by the identified Initial Projects or Substitute Projects. The Hedging Agreement further provided that insofar as the Hedging Counterparty had not concluded an Emissions Reduction Participation Agreement ("ERPA") in respect of any Initial Project on or before 31 May 2009 and had not substituted such Initial Project with an acceptable Substitute Project on or before that date, and the relevant Initial Project then delivered Carbon Credits to its participants, the Hedging Counterparty would be obliged to procure and deliver to the Issuer Carbon Credits from alternative sources. LATEST DEVELOPMENTS It has now been agreed between the Issuer, the Hedging Counterparty, the Manager and the Trustee (acting on behalf of Holders) that the Hedging Counterparty will procure the requisite number of Carbon Credits in the secondary market and deliver these to the Issuer, without reference to the performance of the Initial Projects. From the Holders` perspective this means that they are no longer exposed to the risk of non-delivery by Initial Projects or Substitute Projects. The above followed notification from the Hedging Counterparty of delays in concluding ERPAs in respect of the Initial Projects, and it being unlikely that suitable Substitute Projects would be identified prior to 31 May 2009. Any queries in regard to the content of this announcement should be directed to Gregor PattersonJones of the Manager, on 021 674 6592 or gregpj@swsecurities.co.za. Cape Town 24 March 2009 Manager Sterling Waterford Securities (Proprietary) Limited Trustee ABC Global Management Services Sponsor Java Capital (Proprietary) Limited Date: 24/03/2009 15:30:04 Supplied by www.sharenet.co.za Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.
