Article 5
1. ERUs and CERs that represent trading sector project-reductions may be issued up until 31 December 2012, provided that each such issuance is preceded by the conversion of an equivalent amount of allowances from one of the set-asides into assigned amount units and the Commission is informed thereof. 2. The quantity of allowances in the set-aside established pursuant to Article 3(1) that that is not converted into assigned amount units in accordance with Article 5(1) until 31 December 2012 may be sold as 2008-2012 period allowances. If the project activity causes direct emission reductions and limitations, this quantity may be issued as 2008-2012 period allowances to the installations identified in rows VII/a-VII/b of the table in Annex I. 3. Any allowances in the set-aside established pursuant to Article 3(2) that that are not converted into assigned amount units in accordance with Article 5(1) until 31 December 2012 shall be cancelled.