Green Conversion Systems, LLC ("GCS") is a Delaware Limited Liability Company organized in 2008 for the purpose of pursuing Waste-to-Energy ("WTE") projects throughout the Americas. Morgan Stanley Biomass LLC, a subsidiary of the bank holding company Morgan Stanley ("MS"), provided the initial capital at the company's formation, was the initial majority shareholder, and currently owns a preferred equity interest in GCS. GCS is the only vehicle utilized by Morgan Stanley to participate as equity investors in the WTE market in the Americas. Subsequent to MS becoming a bank holding company in 2009, project development capital has been provided by the private equity/investment firm Vimac Ventures, LLC, who are also majority shareholders in GCS. GCS management, a seasoned team of industry professionals, holds the remaining equity.