Rule 8.1- Trading Emissions

Cenkos Securities PLC
15 April 2008


                                                                        FORM 8.1

          DEALINGS BY OFFERORS, OFFEREE COMPANIES OR THEIR ASSOCIATES

                  FOR THEMSELVES OR FOR DISCRETIONARY CLIENTS

                 (Rules 8.1(a) and (b)(i) of the Takeover Code)


1.         KEY INFORMATION


Name of person dealing (Note 1)                Cenkos Securities plc

Company dealt in                               Trading Emissions PLC

Class of relevant security to which the        Ordinary Shares of 1p each
dealings being disclosed relate (Note 2)

Date of dealing                                11 April 2008



2.         INTERESTS, SHORT POSITIONS AND RIGHTS TO SUBSCRIBE



(a)        Interests and short positions (following dealing) in the class of
relevant security dealt in (Note 3)


                                                             Long                              Short
                                               Number                           Number
                                                          (%)                              (%)

(1) Relevant securities                        288,465 (0.10%)


(2) Derivatives (other than options)


(3) Options and agreements to purchase/sell


Total





(b)       Interests and short positions in relevant securities of the company,
other than the class dealt in (Note 3)


Class of relevant security:                                  Long                              Short


                                               Number                           Number
                                                          (%)                              (%)

(1) Relevant securities


(2) Derivatives (other than options)


(3) Options and agreements to purchase/sell


Total





(c)        Rights to subscribe (Note 3)


Class of relevant security:                    Details





3.         DEALINGS (Note 4)



(a)        Purchases and sales


Purchase/sale                          Number of securities                  Price per unit (Note 5)

Purchase                               10,051                                118

Purchase                               5,000                                 118

Purchase                               25,000                                119

Purchase                               25,000                                120

Sale                                   25,000                                120




(b)       Derivatives transactions (other than options)


Product name,         Long/short (Note 6)       Number of securities (Note 7)        Price per unit (Note 5)
e.g. CFD







(c)        Options transactions in respect of existing securities

(i)         Writing, selling, purchasing or varying


Product name,         Writing, selling, Number of securities  Exercise   Type, e.g.      Expiry     Option money
                        purchasing,     to which the option              American,
e.g. call option      varying etc.      relates (Note 7)      price      European etc.   date       paid/received per
                                                                                                    unit (Note 5)







(ii)        Exercising


Product name, e.g. call option         Number of securities                  Exercise price per unit (Note 5)






(d)       Other dealings (including new securities) (Note 4)


Nature of transaction (Note 8)         Details                               Price per unit (if applicable) (Note 5)




4.         OTHER INFORMATION



Agreements, arrangements or understandings relating to options or derivatives




Full details of any agreement, arrangement or understanding between the person disclosing and any other person relating
to the voting rights of any relevant securities under any option referred to on this form or relating to the voting
rights or future acquisition or disposal of any relevant securities to which any derivative referred to on this form is
referenced.  If none, this should be stated.





Is a Supplemental Form 8 attached? (Note 9)                       NO

Date of disclosure                                                15 April 2008

Contact name                                                      Anna-Maria Heritier De La Roche

Telephone number                                                  020 7397 8900

Name of offeree/offeror with which associated                     Trading Emissions PLC

Specify category and nature of associate status (Note 10)         Nominated advisor and joint broker to Trading
                                                                  Emissions PLC



Notes



The Notes on Form 8.1 can be viewed on the Takeover Panel's website at
www.thetakeoverpanel.org.uk




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