The Risk Analysis Has Been Conducted in Accordance with the VCS Tool for AFOLU Non-Permanence

VCS Risk Analysis: Exhibit 4

Management Resumes

Ben G. Henneke, Jr.

Mr. Ben Henneke is the President of Clean Air Action Corporation (CAAC) and has successfully created new methods of improving environmental performance at reduced costs through voluntary, market-based and innovative approaches. CAAC develops regional environmental programs and creates the necessary infrastructure to manufacture and market clean air emission credits. Mr. Henneke has been involved in the production and use of energy, and its environmental implications, since 1973. Ben is the innovator and architect behind the development of TIST.

Mr. Henneke currently serves as a member of the US EPA Clean Air Act Advisory Committee and was co-chair of the Economic Incentives and Regulatory Innovation Subcommittee. He was a member of the Federal Advisory Committee Act Subcommittee for Ozone, Particulate Matter, and Regional Haze Implementation; the Ozone Transport Assessment Group’s Trading and Incentives Subcommittee; and the Executive Committee of the Pilot Emission Reduction Trading (PERT) Project, an Ontario trading initiative. He was a principal on the ECO Efficiency Task Force of the President’s Council on Sustainable Development, and he served as a member of the OTC/LEV roundtable.

Between 1989 - 1992, Mr. Henneke was one of the 16 private sector representatives on the US Alternative Fuels Council, the major industry/government council charged with developing US policy on alternative transportation fuels. He is a past Chairman of the Clean Fuels Development Coalition (a group consisting of three domestic auto companies, as well as environmental, agricultural, refining, and fuel-producing interests).

Mr. Henneke helped to develop and implement the innovative MERIT (Maximizing Emission Reductions by Intersource Trading) program in Tulsa, Oklahoma. MERIT was the beginning of open market trading, the principles of which served as a predecessor of other trading system and ultimately CDM. In addition, Mr. Henneke worked extensively to develop Tulsa’s “Ozone Alert!” program, which has been instrumental in reducing the city’s peak ozone levels. “Ozone Action” programs based on the Tulsa model are now operational in over 40 cities in North America.

Mr. Henneke is active in both civic and church organizations and has chaired the Tulsa Citizen’s Crime Commission and The Street School, Inc. He was a Lay Canon in the Diocese of Mpwapwa (Anglican), Tanzania. Mr. Henneke possesses a Masters of Business Administration from HarvardUniversity (George F. Baker Scholar) and received a B.A. in History from YaleUniversity.

Charles E. Williams

Mr. Charles E. Williams, Vice President of Clean Air Action Corporation (CAAC), headquartered in Tulsa, Oklahoma, is responsible for overseeing environmental and regulatory compliance issues, and the Company’s financial administration. Since 1986, Mr. Williams has been actively involved with innovative air pollution and ozone control strategies; in addition, he has been working with open market trading since its inception. He has been an active participant with the technical aspects of both the NESCAUM/ MARAMA Demonstration Project and the Pilot Emission Reduction Trading (PERT) Project, an Ontario trading initiative. He chaired the Design Issues, Trading Rule, and Trading System Implementation Option committees. Charlie possesses detailed knowledge of various emission control technologies, including their potential for generating emission reduction credits. He is team leader for TIST’s CDM, VCS and CCBA applications.

Prior to helping start CAAC, he spent five years as Vice President of a $30 million alternative fuels plant. Mr. Williams oversaw a 46% plant expansion for less than 6% of the original cost.

Mr. Williams spent many years in the coal business and was involved with exploration, mining, shipping, quality control, and coal utilization. Through his ample experience in the coal and liquid fuel industries, he has developed expertise in coal quality; the environmental impacts of coal combustion; transportation logistics including liquid fuels, coal and other dry commodities, and multi-modal shipping (truck, barge, rail, and ship); fuel manufacturing; alternative fuels; regulatory analysis; and the impact of fuel distribution on environmental alternatives and operating costs.

For the ERC projects, he developed mobile source strategies, used his expertise in fuels to identify critical quantification issues, implemented the studies, designed and analyzed protocols, supervised their implementation, and made presentations to regulators. Charlie authored and evaluated NOx and CO2 reduction protocols for many power plants and other stationary sources and is internationally recognized for his ERC quantification work. He conducts due diligence reviews as an independent third party and is knowledgeable of federal and many state air quality regulations. Mr. Williams has over 30 years of intense, PC-based computer experience in both hardware and software. He has written many custom database applications and was part of the design team for the Clean Air Emissions Reduction Registry.

Mr. Williams is a Director of Clean Air Action Corporation. He possesses a Bachelor of Science degree from IllinoisStateUniversity and a Master of Science degree in Geology from OklahomaStateUniversity.

VCS Risk Analysis: Exhibit 5

Management Experience

Carbon Projects Managed by Clean Air Action Corporation

TIST Program, Tanzania, a small-hold farmer A/R project. It began in 1999, with first tree planting in 2000. The project is centered around Mpwapwa and Morogoro and includes over 2,000 farmers. At the time, there was no approved CDM A/R methodology, so one was prepared and submitted to CDM, along with a PDD for the project. The methodology was ultimately given a "C" and, since a small-scale methodology was on the verge of approval, the methodology was abandoned.

TIST Program, India, a small-hold farmer A/R project. It began in 2002 in the rural area outside of Chennai, Tamil Nadu. There are over 4,700 farmers. A subset of the project area has been validated and registered as a CDM project.

TIST Program, Uganda, a small-hold farmer A/R project. It began in 2003 and is centered around three towns in southwest Uganda (Bushenyi, Kabale and Kanungu). There are over 5,000 farmers and almost five million trees. A PDD was submitted to the Uganda DNA based on the original TIST methodology. The DNA approved the project contingent on submitting a PDD based on an approved methodology. They also approved the EIA. Due to the failure of tCERs as a market instrument, our customers have requested that the PDD be submitted under VCS instead of CDM.

TIST Program, Kenya, a series of small-hold farmer A/R projects. The project started in 2004 and is centered around Mt Kenya. There are over 50,000 farmers involved. In addition to this PD, there are three other PDs being submitted to VCS at this time. In addition, there will be numerous other PDs developed from the existing and future Kenya project areas. The project has been accepted by the forest department and DNA for CDM. An EIA was submitted per CDM. Due to the failure of tCERs as a market instrument, TIST Kenya is being submitted under VCS instead of CDM.

TIST Program, Mbeere Kenya, a series of small-hold farmer A/R projects. The project started in 2009 and is centered around Embu Kenya. This is a separate project than the rest of Kenya because it has a different funder/partner, Catholic Relief Services (CRS). It uses the same monitoring plan as the other TIST projects.

TIST Program, Nicaragua, a small-hold farmer A/R project. Working with CRS, TIST began expansion to Nicaragua in 2010.

TIST Program, Honduras, a small-hold farmer A/R project. Working with CRS, TIST began expansion to Honduras in 2010.

Sulfur Hexafluoride Emission Reductions from electric power equipment in substations of Duquesne Light Company. Reductions were made at numerous locations in Pennsylvania from 1996 through 1999. The reductions were approved as credits under the Pilot Emissions Reduction Trading Program (PERT) in OntarioCanada. CAAC managed the project. CAAC contracted with Duquesne for the rights to the carbon reductions, wrote the methodology, wrote the emission reduction credit report, established the baseline, quantified the emission reductions, successfully defended the project though a transparent and open review process of PERT members, qualified the carbon reductions as credits under PERT, registered the credits and sold 476,643 tonnes CO2e to Ontario Power Generation for compliance with their voluntary cap.

Methane emission reductions through the recovery of landfill gas from the Lancaster Landfill in Lancaster, New York. Reductions were made 1995 through 1998. The reductions were approved as credits under the Pilot Emissions Reduction Trading Program (PERT) in OntarioCanada. CAAC managed the project. CAAC contracted with Innovative Energy for the rights to the carbon reductions, wrote the methodology, wrote the emission reduction credit report, established the baseline, quantified the emission reductions, successfully defended the project through a transparent and open review process of PERT members, qualified the carbon reductions as credits under PERT, registered the credits and sold 557,394 tonnes CO2e to Ontario Power Generation for compliance with their voluntary cap.

Other Relevant Carbon Experience

Conducted a due diligence review of the CO2 emission reductions generated by Consolidated Hydro Inc. at the Lower Saranac Hydroelectric Facility in New York. The review was for Ontario Power Generation and it was for reductions that were to be submitted to PERT for crediting. The review looked at various criteria required by PERT including baseline, surplus, real, quantifiable, verifiable and ownership.

Conducted a due diligence review of the CO2 emission reductions generated by Consolidated Hydro Inc. at the Glendale Hydroelectric Station in Massachusetts. The review was for Ontario Power Generation and it was for reductions that were to be submitted to PERT for crediting. The review looked at various criteria required by PERT including baseline, surplus, real, quantifiable, verifiable and ownership.

Conducted a due diligence review of the CO2 emission reductions generated by Consolidated Hydro Inc. at the Star Lake Hydroelectric Project in Newfoundland, Canada. The review was for Ontario Power Generation and it was for reductions that were to be submitted to PERT for crediting. The review looked at various criteria required by PERT including baseline, surplus, real, quantifiable, verifiable and ownership.

Conducted a due diligence review of the CO2 emission reductions generated by Southern California Edison, Mohave Plant, Nevada. The review was for Ontario Power Generation and it was for reductions that were to be submitted to PERT for crediting. The review looked at various criteria required by PERT including baseline, surplus, real, quantifiable, verifiable and ownership.

Other Relevant Experience

CAAC set up the first online emission reduction credit registry in 1993. It was originally a public dial up bulletin board for the NESCAUM/MARAMA Emission Reduction Project. It was later ported to the Internet and was adopted by the State of Michigan and PERT project as their emission reduction registries.

CAAC was a key stakeholder in the development of open market trading, which served as the model for CDM. Though the focus was on NOx and volatile organic compounds (VOC), these forums established the principles that are now commonplace in trading systems such as CDM and VCS. They include:

Real - emission reductions must actually take place. This was a new criteria in that previous "credits" were often based on re-permitting at a lower level, without the need of a physical reduction.
Surplus - This required comparing new emission levels to both baseline operation and regulatory reduction requirements.
Quantifiable - reduction calculations must be repeatable, replicable and transparent.

The forums included:

The Open Market Trading Rule by the United States Environmental Protection Agency.
State trading rules adopted by Connecticut, New Jersey, Massachusetts, California, Michigan, Texas, Virginia, and other states.
The NESCAUM/MARAMA Demonstration project, where CAAC initiated trades covering international, interstate, inter-sector, and inter-temporal use of emission reduction credits for compliance, deferred compliance, and compliance insurance.
The Pilot Emission Reduction Trading (PERT) group in Ontario, where CAAC was lead on the system design committee that developed the rules for trading and developed several credit creation protocols (methodologies) for NOx and VOC reductions.
Clean Air Act Advisory Committee (for the EPA) where CAAC co-chaired the Economic Incentives and Regulatory Innovation Subcommittee with the Assistant Administrator of the EPA.
Emission trading regulations for the Provinces of Ontario and Alberta.

CAAC also developed and managed numerous emission reduction projects for NOx and VOC and, while not carbon projects, the process for taking reductions to credit and compliance are very similar. They include:

NOx reductions at power plants using different low-NOx combustion technologies. Installations include, Monroe Power Plant (Detroit Edison), Lambton Generating Station (Ontario Power Generation), Nanticoke Generating Plant (Ontario Power Generation), Edgewater Generating Station (Alliant Energy), Columbia Generating Station (Alliant Energy), Nelson Dewey Generating Station (Alliant Energy), Miami Fort Generating Station (Cincinnati Gas and Electric Company/Cinergy) and Sioux Power Plant (Ameren Corporation).
Low NOx industrial boiler installation, TAMKO Roofing Products facility in Knoxville, TN.
Low RVP gasoline distribution in northeast states.

Other Management Experience

The President of CAAC has an MBA from Harvard (1973) and 37 years of management experience. The Vice President has an MS in Geology and has 34 years of practical management experience. The two have worked together since 1976. Experience includes:

managing a coal exploration, development and trading company that primarily provided a low volatile metallurgical coal to US Steel. The experience involved regulatory work, operating coal mines, logistics, intense quality control and practical work with boiler operation and steel making.
building two biofuels plants. The first involved putting together the financing, selecting the engineering and construction firms and overseeing the construction and start-up through performance testing. The second involved putting together the financing, selecting the engineering and construction firms, overseeing the construction and operating the plant for five years. The plant had over 60 employees and had a computerized data system developed by the principals that tracked the entire mass flow and economics. During the operations, they led the de-bottlenecking effort to increase plant capacity by 46%.
starting CAAC in 1993 to make and qualify for compliance, emission reductions that are more cost effective, more environmentally sound and would take place earlier than those required by compliance. This led to involvement in the various aspects of installing or initiating emission control strategies, making emission reductions, helping develop emission reduction programs, creating credits, developing emission tracking systems and providing alternative compliance options for its customers.