Carbon Match

Approved Escrow Agent

Carbon Match is pleased to be able to confirm that Public Trust (Corporate Trustee Services) is the Approved Escrow Agent for the purposes of settling a Carbon Match contract between a buyer and a seller. Public Trust is a Crown Entity and its independence is guaranteed under the Public Trust Act 2001. Public Trust is also New Zealand's largest and most enduring trustee organisation, providing independent and reliable trustee services since 1873. Its Maori name "Te Tari Tiaki Iwi", translates as "the organisation that takes care of people".

Public Trust

Corporate Trustee Services, Public Trust
Level 10, 141 Willis Street
PO Box 5067, Wellington 6145

Toll Free: 0800 371 471

CTS.Operations@PublicTrust.co.nz

www.publictrust.co.nz

Whilst it is not compulsory to use Escrow, some sellers will take an additional level of comfort in having their emissions units held in the custody of Public Trust, until a Buyer's bank is able to provide written confirmation that payment for the units has been made in cleared funds. Please note that Public Trust is the only Approved Escrow agent for Carbon Match transactions, and use of this service is at the seller's option and cost. We are confident that you will find the fees to be reasonable and the service exemplary. The creditworthiness of Public Trust is rated by Moody's Investors Service. Details of its current rating are available here

The fee payable for the Public Trust escrow service is the greater of:
1. an amount equal to 3 basis points of the Settlement Price; and
2. $200
plus GST (if any)

Under the terms of the Carbon Match standard sale and purchase contract, a seller has the right (but not the obligation) to elect to use Escrow services of Public Trust. The seller does so at his/her cost, but must immediately (within 1 business day of the "Match") give notice to the buyer that he/she intends to elect to use the Public Trust for Escrow purposes.

If you are a Seller who has entered a legally binding Carbon Match contract for sale and who wishes to use the Public Trust in order to settle your transaction, the process is as follows:

Advise Public Trust of your intention to use their Escrow service by forwarding a copy of your Carbon Match confirmation (i.e. your Sale & Purchase contract as generated by the Carbon Match website) to: CTS.operations@publictrust.co.nz. Please put your Carbon Match Trade ID in the Subject line of your email, and take care to provide your full contact details.
Advance payment for the Escrow service to the bank account advised by Public Trust.
Promptly advise the Buyer of your engagement of Public Trust as the Approved Escrow Agent.
Transfer the relevant emissions units to the nominated Public Trust Escrow NZEUR account, as advised by Public Trust. Please ensure that the type of units you transfer concurs with the type written on your Carbon Match contract.
On confirmation from the NZ Emissions Unit Register that the correct type and number of units have been received from the Seller, Public Trust will advise the Buyer that it is in possession of the units.
The Buyer must then instruct their bank to make payment direct to the Seller's bank account in cleared funds. The Buyer must also procure that their bank gives notice in writing of having made payment in cleared funds. Such notice needs to be given to both the Seller and to Public Trust at CTS.operations@publictrust.co.nz.
That written notification acts as the "trigger" by which Public Trust will then immediately transfer the units out of their Escrow NZEUR account and across to the Buyer's NZEUR account, as specified in the contract.