New York City, May 12, 2005.

Regarding Greenhouse Gas Emissions, the EU’s “cap and trade” scheme
imposes
limits on CO2 emissions for about 12,000 factories and power stations.
Firms
exceeding their limits must buy extra permits from companies which have
undershot their CO2 ceilings or face financial penalties. This EU
trading
scheme is the mainstay of Europe’s strategy for meeting its Kyoto
Protocol
imposed targets on GHG emissions. This strategy was launched January
1,
2005 and the KP officially kicked in about one month later.

Forward trading through brokers began ahead of the scheme’s official
launch.
Several energy exchanges have started up emissions trading platforms as
they
look to tap this potentially huge commodity market.

The World Bank reported at the Cologne meeting that this year’s
increase in
trade brings the total volume in 15 months, January 2004 - March 2005,
to
56 million tonnes.

Prices for European allowances have nearly tripled since January 2005,
trading on Wednesday, May 11, 2005 at 16.70 Euro/tonne, and these data
are
“just the tip of the iceberg”, as of the 12,000 companies only 50 - 70
had
started actively trading; next year we may see “hundred million tonnes
traded within the year”.

Trading in project-based CO2 permits generated by emissions-reducing
projects in developing countries (the CDM of the KP) - so far in 2005
amounted to 43 million tonnes. (in 2004 project based transactions
grew to
107 million tonnes).

The biggest European buyer was the Dutch government.
The biggest private sector buyers were Japanese companies.

NOTE: the Wednesday May 11, 2005 value of 16.70 Euro/tonne of CO2
translates at an exchange rate of $ 1.2804/ Euro to $21.38/tonne of
CO2.

This amounts to an increase of $6/tonne from the $15/tonne at the
beginning
of the year.