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PETRAMAS AND ICECAP SIGN CARBON CONTRACT

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					Press Release
1st June 2007
Lima, Peru / London, UK


      PETRAMAS AND ICECAP SIGN CARBON CONTRACT

Petramas S.A. the leading Peruvian waste management company and
ICECAP Carbon Portfolio Limited, the London based managed portfolio of
carbon credits, have today announced at a ceremony in Lima hosted by the
British Ambassador to Peru the signing of an offtake agreement for a tranche
of certified emissions reductions (CERs) from the Huaycoloro landfill project
outside Lima, the capital of Peru.

The transaction marks the first sale of CERs out of Peru to the UK from a
project which has been registered under the UN-sponsored Kyoto Protocol
clean development mechanism (CDM) procedures.

The Huaycoloro project is one of the first Peruvian projects to be approved
under the CDM designed to encourage emerging economies to invest in
carbon reduction technologies through creating the opportunity for
recovering the investment through carbon trading.

The Huaycoloro project involves the capture of methane arising from the
landfill and using it to generate electricity. The project is expected to
generate savings of around 2 million tonnes of carbon dioxide equivalent
over a six year period. The total investment required by the project is $20
million and the return on the investment is secured through the offtake
arrangements announced previously with the World Bank and today with
ICECAP. ICECAP will purchase around 400,000 CERs over the period.

Catherine Nettleton, The British Ambassador to Peru said:

“We congratulate ICECAP and Petramas for concluding this landmark
transaction. This is a further example of a successful partnership between
pioneering Peruvian and British companies. I am delighted that, through this
project, the UK and Peru will be contributing to the protection of our
environment, by combating climate change.     We look forward to assisting
other companies in developing business between our two countries.”

Mr Greg Dunne, Director of ICECAP said:

“We congratulate Petramas for their courage and entrepreneurial spirit in
leading the way for Peru to participate in the Clean Development Mechanism
of the Kyoto Protocol. We are delighted to support them in the Huaycoloro
project and in so doing contribute to a significant reduction in carbon
emissions and to opening up the market between Peru and the UK.”

Dr Jorge Zegarra, the General Manager of Petramas said:

“This is an important step for us today in guaranteeing a good return for our
investment. Hopefully it will encourage others in Peru and Latin America to
explore and develop opportunities for reducing carbon emissions and making
the Kyoto Protocol a reality.”

Contact Details:

ICECAP Carbon Portfolio Limited       Greg Dunne
London                                greg@icecapltd.com
                                      + 44 (0)7768 791028

ICECAP Representative Office          Robert Fraser
Santiago, Chile                       robert@icecapltd.com
                                      +56 995 193451

Petramas S.A.                         Dr. Jorge Zegarra
Lima                                  jzegarra@petramas.com
                                      + 51 1 271 6378

Notes:

The ICECAP group of companies is one of the leading private sector
purchasers of emissions credits arising from the Clean Development
Mechanism of the Kyoto Protocol. Its principal offices are in London and
Jersey with a representative offices in Beijing, China and Santiago, Chile.
ICECAP Carbon Portfolio Limited closed in March 2006 with 15 million tonnes
of demand from its participants, Enel Trade SpA (Italy), Public Power
Corporation S.A. (Greece) and Marubeni Corporation (Japan).

Petramas S.A is the leading private sector waste management company in
Peru. It established the Huaycoloro landfill site on the outskirts of Lima in
1994 as the first private sector landfill operation in Latin America. Petramas
operates a fully integrated waste disposal solution through its landfill and
fleet of 74 waste compactor trucks whereby waste is collected and
transported. Petramas also provide street cleaning services to Lima.

More Information:

www.icecapltd.com
www.petramas.com

                                  - ENDS -

				
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