M3 boosts emissions cover with convertible stake in Guardian AS

Guardian AS is an independent broker company active in the emission market, established in November 2005. Guardian's customer base consists of more than 400 companies covering all segments of the emission market such as Power Generators, Cement Manufacturers, Oil Refineries, Offshore Industry, Pulp and Paper Factories as well as Steel and Aluminium Works.

"We're very happy to be associated with M3 - they are recognized to be particularly strong in the options market and have a long track record for its placing power of large deals", says Frode Larsen, a Director of Guardian AS.

M3 is one of the leading brokerage houses in the Nordic Power and emissions markets.

The Stavanger based company has been positioning itself for strong growth in the emissions market based on the same qualities that have provided the company success in the Nordic and European electricity markets. A close tie with Guardian provides just this opportunity.

"Guardian is an exciting company for us," says Bengt Staveland, head of M3 in Stavanger. He adds: "Their aggressive expansion in European emissions, suits us just perfectly, and I am certain that the cooperation with Guardian will be very profitable for all of us."

Recently Guardian entered collaboration with NENA AS, currently being acquired by IMAREX-NOS ASA. NENA is known as a major research company in the European power market and provides high quality market analysis and strategy support.

For more information, please contact:

• Frode Larsen
  Director, Guardian AS Tel: (+47) 67 59 28 02 / (+47) 922 50 806

• Bengt Staveland:
  Managing Director, M3 Kraft AS Tel: (+47) 51 53 88 30