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VCS to change name to Verified Carbon Standard, 1 March

Letter to VCS stakeholders

…from Chairman Gudmundur Sigurthorsson and CEO David Antonioli

Dear Friends & Colleagues,

We are delighted to announce that the Board has approved an exciting update to the VCS name and trademark. This update is part of a major, ongoing initiative to strengthen the VCS Program and increase the value the brand brings to all those who support and rely on VCS.

We have decided to adopt the word ‘verified’ into our name to emphasize our core value proposition – trust in VCS quality assurance. We will keep the VCS and VCU acronyms to safeguard the brand equity they hold for you and to maintain these important anchors in our evolving marketplace.

After more than a year of consultation, we have concluded that the Verified Carbon Standard is a name that inspires trust and opens doors. It is a name that will position the VCS Program, and all those who rely on it, to better engage with new emerging sources of demand as carbon markets grow and change.

Rest assured, VCS rules and credit quality will remain as robust as always, and the rights and obligations represented by each and every VCU will remain exactly the same. Indeed, this change emphasizes VCS robustness.

Carbon markets are evolving along new pathways, and while our capacity for innovation has kept VCS at the cutting edge, VCS stands for more than innovation. Ultimately it is trust in VCS quality assurance that opens doors and spurs demand for the VCS Program and credits.

Therefore it is trust we will emphasize in our work to strengthen VCS brand positioning.

The name change will take effect 1 March 2011 and we will roll out the new trademark and brand elements in stages over the following months. This transition will require no effort on your part, and we will keep you informed every step of the way. We have already posted a list of Frequently Asked Questions on our website to address any questions you may have.

We hope you are as excited as we are about this change. We look forward to bringing you more details in the coming days and weeks.

Sincerely,

Gudmundur Sigurthorsson, Chairman

David Antonioli, Chief Executive Officer