ICE had a long-standing relationship with the Chicago Climate Exchange and its sister company, the European Climate Exchange, to host its over-the-counter emissions markets and emissions trading. In July 2010, ICE acquired the Chicago Climate Exchange. We believe the Climate Exchange stands to see large gains in both revenue and business activity when emissions trading is legislated in the U.S, and possibly in other regions as well. Portfolio 21 sees ICE as an opportunity for additional exposure in the emissions trading market, as well as providing indirect exposure to commodities.
Portfolio 21 has asked ICE to begin reporting on the ecological risks and opportunities associated with its business and adopt initiatives that monitor and reduce the company's direct environmental footprint.
To the best of our knowledge the above information is accurate and was obtained from sources we believe to be reliable. Neither the information presented above nor any opinion expressed shall be construed as an offer to sell or a solicitation to buy the security. The views expressed are those of portfolio management as of 6/30/11 and may not reflect current opinions or subsequent events.