AGM Trading Update

Camco International Ltd
02 May 2008


                          Camco International Limited

                               AGM Trading update

Camco International Limited ('Camco'), a leading climate change business in the
growing carbon and sustainable development markets, will provide the following
trading update at its AGM later today.

HIGHLIGHTS

   •Contracted carbon portfolio stable at 150.3m tonnes
   •Camco voted 'Best Project Developer 2008'
   •44.1m tonnes expected to be delivered from registered projects (+46%
    since 31 Dec 07)
   •An additional 29.1m tonnes submitted for registration, but not yet
    registered (+151%)
   •Over 50% of the portfolio validated (+40%), operational (+74%) and under
    ERPA (+8%)
   •Continued growth of the JI portfolio, now totaling 36.3m tonnes
   •Continued growth in consultancy with a high profile Local Authority
    contract win


Jeff Kenna, Camco Chief Executive, said:

'Our focus so far this year has been on the registration of the portfolio. Of
our CDM portfolio, 40% is now registered and a further 28% submitted for
registration. We anticipate that our JI projects will make similar progress this
year, and look forward to commercialising the JI portfolio at similar margins to
the CDM portfolio.

We remain confident that the Group will generate a profit from carbon sales this
year, and meet our overall 127m-tonne delivery target during the first Phase of
the Kyoto commitment period'.


The carbon credit (emissions reductions) business

Camco is a leading carbon asset developer with one of the world's largest carbon
credit portfolios. Camco works closely with companies to identify and develop
projects that reduce greenhouse gas emissions and then arrange for the sale and
delivery of carbon credits to international compliance buyers and into the
voluntary market.

Highlighting Camco's expertise in tackling climate change with its local
presence and global reach the company was voted 'Best Project Developer 2008' by
the most active participants in the global carbon market surveyed by Point
Carbon.

Growth in the contracted portfolio includes new project wins of 3.7m and a
conservative downward adjustment. Over time, as verification reports provide
greater certainly around carbon credit production, we expect the portfolio to
become increasingly de-risked. The reported contracted portfolio figure could
move up or down depending on the new project wins in that period.

Management remain confident that 127m tonnes will be delivered during Phase 1 of
the Kyoto commitment period. This represents an additional internal risk factor
(on top of conservative adjustments that have already been completed) of 16%. We
would expect the reported contracted JI and CDM portfolio to move towards the
firm delivery commitment of 127m tonnes by the end of the year with a modest
increase in the VER portfolio.


Regulatory progress


Progress through stage* (cumulative): 30 April 08     28 Feb 08     31 Dec 07


Contracted                            150.3m          150.1m        149.3m

PDD complete                          115.8m          113.3m        107.0m

Host LoA                              84.3m           87.8m         88.8m

Validated                             79.3m           80.0m         56.6m

Submitted for registration            73.2m           60.1m         41.8m

Registered                            44.1m           37.7m         30.2m

1st verification**                    12.8m           12.3m         12.3m

Issued / verified                     3.2m            2.7m          2.7m

Financed                              128.7m          125.8m        126.8m

Under construction                    108.2m          109.8m        98.6m

Operational                           78.8m           67.6m         45.3m


Sell-side ERPA                        75.6m           70.1m         69.7m

*  Clean development mechanism (CDM) stage or equivalent for JI and VER projects
** Projects that have been through at least 1 verification process or equivalent


Commercial structures and margins

Carbon portfolio contract structures: 30 April 08     28 Feb 08     31 Dec 07

Contracted                            150.3m          150.1m        149.3m

Carbon share                          102.7m          102.8m        101.9m

(of which, held by Camco in specie)   40.8m           40.0m         37.3m

Cash share                            37.1m           39.7m         39.1m

VERs                                  10.6m           7.7m          8.3m

The reported contracted portfolio of 150.3m tonnes comprises compliance credits
(CERs and ERUs) and voluntary market offsets (VERs). The contracted portfolio 
includes 10.6m VERs from which we expect to generate a margin of at least €1-2.

The 139.7m compliance grade credits (i.e. excluding VERs) within the portfolio
are contracted either on a 'cash share' or 'carbon share' basis.

Carbon share contracts total 102.7m tonnes of which Camco's 'in specie' amount
is 40.8m tonnes. Under these contracts Camco works in partnership with clients
to qualify and commercialise the credits and receives a carbon share which is
either free or purchased at a discounted price. The average purchase price is
€7.5/tonne.

Cash share contracts total 37.1m tonnes. Under these contracts, Camco does not
physically receive any carbon credits but instead earns a commission or share of
the revenue from carbon credit sales. Commissions range between 10% and 20%,
calculated on an average forward sale completion price of approximately €12 per
tonne.

Sell-side ERPAs (or VERPAs for VERs) are now in place for 75.6m tonnes. 48.7m of
these tonnes are under ERPAs that Camco has negotiated between its clients and 
3rd party buyers. 26.8m tonnes are under direct ERPAs with Camco (and which 
form part of the 'in specie' tonne figure).

This year Camco expects to enter into contracts to place Camco's carbon credits
with compliance and financial buyers. This will lock in margins on approximately
one third of our carbon in specie.


Analysis of the portfolio by region and carbon credit type

The Group is particularly pleased with the growth in the JI portfolio of ERUs,
in particular the continued growth in Russia and the FSU. Once the regulatory
system in Russia is established, we will be able to progress the ERU portfolio
through the necessary approval process quickly.


Carbon portfolio by region:     30 April 08     31 Dec 07


Contracted                      150.3m          149.3m

Asia                            106.6m          101.9m

ERMEA                           42.2m           37.3m

North America                   1.4m            1.4m


CDM (CERs)                      103.6m          106.7m

JI (ERUs)                       36.1m           34.3m

VERs                            10.6m           8.3m



North America

The North American team continues to grow, and welcomes that addition of Dr Joel
Swisher to the team as Chief Technology Officer, North America. Joel has 30
years experience in research and consulting on many aspects of clean energy
technology. He is an internationally recognised expert in building energy
systems, energy efficiency technology and policy, carbon offsets and climate
change mitigation. His broad international experience in both the private and
public / academic sectors provides a background in theory and analysis but
also includes the practical realities of energy project implementation and
finance.


The consultancy practice

ESD, part of Camco's consultancy business, has secured a substantial contract
from the Carbon Trust, the UK government's forward-thinking agency promoting
emissions reduction across the economy. ESD, with a consultancy partner, will
deliver two public sector projects - the 'Local Authority Carbon Management
Programme Phase 6' - delivering advice and support to over 60 Local Authorities
in England and Wales to take on and deliver stretching emissions reduction
targets, and the 'Scottish Public Sector Carbon Management Programme 2008',
providing the same type of support, to 20 universities, Health Boards and Local
Authorities.


These wins, which will make a gross profit contribution of £525,000 over the
next 12 months, build on the team's successful record in delivering major
programmes for the UK government. ESD and its consortium partners have now
delivered programmatic carbon management support to over 160 public sector
organisations across the UK. The most recent assignment, supporting 45 UK Local
Authorities during 2007/8, helped Local Authorities adopt a stretching CO2
reduction target of 25% over 5 years (average), and identify emission reductions
of over 295,000 tCO2 per year, with associated financial savings estimated at
over £27M per year.


Our carbon footprinting service continues to grow with the completion of our
1000th emission assessment project in April 2008.


Enquiries:


The Camco Group                                             [phone]

Jeff Kenna, Chief Executive Officer
Scott McGregor, Chief Financial Officer


KBC Peel Hunt Ltd (Nominated Adviser and Broker)            [phone]

Jonathan Marren
David Anderson


Gavin Anderson                                              [phone]

Ken Cronin
Kate Hill
Daniela Stawinoga


Group Investor Relations website www.camcoglobal.com

Please note that the Group website address has been revised. Investor relations
information can now be found at www.camcoglobal.com/secure/investor.php



Notes to editors:

The Camco Group is a leading climate change business in the growing carbon and
sustainable energy markets. We offer a full range of carbon-related services to
public and private organisations worldwide. The Group has a 20-year track record
and manages one of the world's largest carbon credit portfolios.

The Group consists of three business segments:

The Camco carbon assets business is a leading project developer with one of the
world's largest carbon credit portfolios. We partner with companies to identify,
develop and manage projects that reduce greenhouse gas emissions, and then
arrange the sale and delivery of carbon credits to international compliance
buyers and into the voluntary market.

The consulting practice consists of Bradshaw, ECCM, ESD and ESD Sinosphere. It
combines specialist technical, strategic and financial expertise and experience
accrued over two decades to deliver a sustainable low carbon society. We are
positioned to work with our clients to turn climate change liabilities into
economic, social and environmental assets.

Camco Ventures works with project and technology developers, early stage
businesses and investor Groups to commercialise climate change mitigation
technologies, projects and services. Part of this business is the Climate
Leaders' asset management vehicle.


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