Thomas Sauermilch and Susan Cooke were quoted in the February 15 issue of The Deal regarding the Kyoto treaty that calls for 5% reduction in greenhouse gas emissions below 1990 levels in the 2008-2012 commitment period from industrialized countries as a whole. Mr. Sauermilch commented that U.S.-based private equity buyers are likely to look with much interest at Kyoto, since they won't have the same flexibility as strategic investors. "Some 18 months ago, there was a greater uncertainty in the M&A market relating to valuing the impact of Kyoto," Mr. Sauermilch continued. "That uncertainty will subside as diligence efforts become more focused and emissions trading markets develop." Ms. Cooke pointed out that some unknowns regarding the Protocol still remain. "I think that over time there may be situations where American companies will think carefully about where to site a facility," commented Ms. Cooke.