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The Future of Reporting

CDP FTSE 350 Climate Change Report 2012 On behalf of 655 investors with assets of US$ 78 trillion

Global Advisor and Report Writer

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Contents

Important Notice

The contents of this report may be used by anyone providing acknowledge-ment is given to Carbon Disclosure Project (CDP). This does not represent a license to repackage or resell any of the data reported to CDP or the contribut-ing authors and presented in this report. If you intend to repackage or resell any of the contents of this report, you need to obtain express permission from CDP before doing so.

CDP has prepared the data and analysis in this report based on responses to the CDP 2012 information request. No representation or warranty (express or implied) is given by CDP or any of its contributors as to the accuracy or com-pleteness of the information and opinions contained in this report. You should not act upon the information contained in this publication without obtaining specific professional advice. To the extent permitted by law, CDP and its contributors do not accept or assume any liability, responsibility or duty of care for any consequences of you or anyone else acting, or refraining to act, in reli-ance on the information contained in this report or for any decision based on it. All information and views expressed herein by CDP and any of its contributors

is based on their judgment at the time of this report and are subject to change without notice due to economic, political, industry and firm specific factors. Guest commentaries where included in this report reflect the views of their respective authors; their inclusion is not an endorsement of them.

CDP and its contributors, their affiliated member firms or companies, or their respective shareholders, members, partners, principals, directors, officers and/or employees, may have a position in the securities of the companies discussed herein. The securities of the companies mentioned in this document may not be eligible for sale in some states or countries, nor suitable for all types of investors; their value and the income they produce may fluctuate and/or be adversely affected by exchange rates.

Carbon Disclosure Project’ and ‘CDP’ refer to Carbon Disclosure Project, a United Kingdom company limited by guarantee, registered as a United King-dom charity number 1122330.

© 2012 Carbon Disclosure Project. All rights reserved.

CDP CEO ForewordPaul Simpson, CEO, Carbon Disclosure Project

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Executive Summary 4

CDP Investor Members 6

CDP Signatory Investors 2012 7

Guest ForewordMike Taylor, CEO, London Pension Fund Authority

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Key Themes and Highlights of 2012 ResponsesBuilding greater accountability to shareholders Climate change reporting: drivers and content The Future of Reporting

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Guest CommentaryLois Guthrie, Executive Director, Climate Disclosure Standards Board

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Taking the next step in reportingAlan McGill, Partner, PwC

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The Future of Reporting – A Company PerspectiveTony Chanmugam, Group Finance Director, BT

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2012 LeadersCDLI CPLI

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Appendix ITable of emissions, scores and sector information by company

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Appendix IIUsing CCRF for your future reporting

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“We have long believed that including environmental costs in reporting, reduces risk and will strengthen society’s ability to deliver a global economic model which balances efficiency and resiliency.”

BT

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The pressure is growing for companies to build long-term resilience in their business. The unprecedented debt crisis that has hit many parts of the world has sparked a growing understanding that short-termism can bring an established economic system to breaking point. As some national economies have been brought to their knees in recent months, we are reminded that nature’s system is under threat through the depletion of the world’s finite natural resources and the rise of greenhouse gas emissions.

Business and economies globally have already been impacted by the increased frequency and severity of extreme weather events, which scientists are increasingly linking to climate change1. Bad harvests due to unusual weather have this year rocked the agricultural industry, with the price of grain, corn and soybeans reaching an all time high. Last year, Intel lost $1 billion in revenue and the Japanese automotive industry were expected to lose around $450 million of profits as a result of the business interruption floods caused to their Thailand-based suppliers.

It is vital that we internalize the costs of future environmental damage into today’s decisions by putting an effective price on carbon. Whilst regulation is slow, a growing number of jurisdictions have introduced carbon pricing with carbon taxes or cap-and-trade schemes. The most established remains the EU Emissions Trading Scheme but moves have also been made in Australia, California, China and South Korea among others.

Enabling better decisions by providing investors, companies and governments with high quality information on how companies are managing their response to climate change and mitigating the risks from natural resource constraints has never been more important.

CDP has pioneered the only global system that collects information about corporate behaviour on climate change and water scarcity, on behalf of market forces, including shareholders and purchasing corporations. CDP works to accelerate action on climate change through disclosure and more recently through its Carbon Action program. In 2012, on behalf of its Carbon Action signatory investors CDP engaged 205 companies in the Global 500 to request they set an emissions reduction target; 61 of these companies have now done so.

CDP continues to evolve and respond to market needs. This year we announced that the Global Canopy Programme’s Forest Footprint Disclosure Project will merge with CDP over the next two years. Bringing forests, which are critically linked to both climate and water security, into the CDP system will enable companies and investors to rely on one source of primary data for this set of interrelated issues.

Accounting for and valuing the world’s natural capital is fundamental to building economic stability and prosperity. Companies that work to decouple greenhouse gas emissions from financial returns have the potential for both short and long-term cost savings, sustainable revenue generation and a more resilient future.

Paul SimpsonCEO Carbon Disclosure Project

CEO Foreword

“CDP has pioneered the only global system that collects information about corporate behaviour on climate change and water scarcity, on behalf of market forces, including shareholders and purchasing corporations.”

1: The State of the Climate in 2011 report, led by the National Oceano-graphic and Atmospheric Administration (NOAA) in the US and published as part of the Bulletin of the American Meteorological Society (BAMS)

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Executive summary

Companies today are facing calls for greater transparency and accountability. The Leveson Inquiry into press standards and the investigations in to LIBOR-fixing highlight the increased scrutiny of corporate actions by regulators, shareholders and other stakeholders. Companies are increasingly being challenged to demonstrate how they are responding to the financial risks posed by climate change. In 2012, the Carbon Disclosure Project (CDP) sent its annual request to FTSE 350 companies on behalf of 655 investors with US$78 trillion in assets, asking them to measure and disclose what climate change means for their business.

For more than a decade, CDP has pioneered carbon reporting; it has established itself as the global platform through which organisations disclose investor-relevant climate change data. When CDP launched its first FTSE 350 report in 2006, only 49% of companies responded (83% of FTSE 100). This year, 69% (240) of the FTSE 350 did so, including 96% of the FTSE 100. The analysis in this report is based on 238 responses received by 30th June2 and shows the quality of reporting by UK companies and their preparedness for impending regulation.

In the summer of 2012, the UK Government announced it would be the first in the world to require all companies listed on the main market of the London Stock Exchange to disclose their gross global emissions (not just those from UK-based operations) in their annual reports. Although the proposed legislation currently covers Scope 1 and 2 emissions only, it is likely this will expand in the future. In the UK, reporting emissions from Scopes 1 and 2 has become standard practice – almost all (93%) CDP respondents report Scopes 1 and 2 – however, only 64% of respondents include this emissions data in financial

reports. CDP’s information request already goes beyond the basic requirement of the proposed legislation to provide information that is of real value to investors, quantifying, for example, the extent to which a company is at risk from factors related to climate change.

There is growing pressure for these annual reports, traditionally built on historic financial data and focusing on short term performance, to reflect a company’s exposure to all risks, including those from climate change and wider environmental issues. As a result of this, there is an increasing call for a change in the conventional reporting model towards Integrated Reporting. This system aims to better demonstrate the relationship between an organisation’s strategy, governance and financial performance and the social, environmental and economic context within which it operates. To this end, the Climate Disclosure Standards Board (CDSB), a special project of CDP, has developed the Climate Change Reporting Framework, which is designed to link financial and climate change related reporting in annual reports (see page 46).

It is clear that the future of carbon reporting will increasingly be driven by regulation: 84% of responding companies believe upcoming regulations pose a risk and 32% believe these are linked to emissions reporting obligation. However, 74% also see regulation as an opportunity and 20% see reporting obligations in the same light. The most commonly reported impact from this is an increase in demand for an existing product or service (28% of reporting opportunities). We do however expect leading companies to take action ahead of regulation; indeed, already 80% of the Carbon Disclosure Leadership Index (CDLI) include climate change information in their annual reports (non-CDLI: 49%) (see page 23).

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Being able to tell a positive story is important to manage stakeholders’ expectations and win new business opportunities. Diageo highlights that 2011 was a record year for total number of shareholder resolutions related to environmental issues, including climate change. Electrocomponents notes that reporting obligations can make its customers more aware of energy conservation opportunities which may increase the demand for its products and services. BT notes that, in 2012, its sustainability credentials were requested in £2.7billion of customer bids.

Financial auditors hold a responsibility to read all information in the annual report, including the data that will be reported by companies next year as part of the UK’s proposed mandatory reporting regulations. Any apparent discrepancies or disparities may impact the financial audit opinion. Encouragingly, this year there was an increase in companies reporting to CDP some form of verification or assurance of their Scope 1 and 2 emissions from 25% in 2011 to 31% in 2012, although the proportion jumps to 89% for the CDLI companies.

Companies are increasingly aware that they need to provide a complete story to all stakeholders and report on all factors which could affect their long term prosperity. The process of reporting through CDP, as shown by the highest scoring companies, brings about strategic change: although only 33% of responding companies consider themselves to have a strategic advantage relating to climate change, the proportion increases to 74% when looking at the companies listed on the CDLI. For example, United Utilities believes that an experience in delivering a business strategy which integrates climate change and a transparent strategic narrative around climate change puts it at an advantage.

Similarly, while the percentage of companies who integrate climate change into their business strategy remains low (56%), 95% of CDLI companies have an integrated strategy. The examples from CDLI companies show how regulation requiring more integrated reporting may help other companies close the gap on the leaders.

In the past decade, government regulation, from building standards and the EU ETS to the recently proposed mandatory reporting legislation, have helped drive carbon measurement and disclosure. Pressure from investors and customers, as seen by the work of CDP, has helped prepare companies for regulation. As the tools and frameworks (such as CDSB’s Climate Change Reporting Framework) for reporting become available and improve, the private sector has found that disclosure becomes easier and more valuable. Future developments in climate change reporting will focus on retaining global consistency, improving the quality of data and demonstrating an integration of climate change into wider business strategy. Mandatory reporting in the UK will continue to drive more companies to report emissions and include this information in their annual reports. Reporting through CDP will provide more detailed information for companies to determine what is material to their business, and for investors to use in their research and analysis of future risks. There will also be an expectation that the information reported is verified and assured.

2: Companies that submitted responses after the analysis cut-off date of 30th June 2012 are marked “AQ(L)” in Appendix I

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Diageo Consumer Staples 98 AAnglo American Materials 94 AReckitt Benckiser Consumer Staples 93 AMondi Materials 88 AMorgan Crucible Industrials 86 AUnilever Consumer Staples 84 A

T1 TOP COMPANIES BY DISCLOSURE AND PERFORMANCE

Respondents

Disclose GHG emissions

Publicly available

F1 YEAR ON YEAR DISCLOSURE LEvELS FOR THE FTSE 350

• 2008 • 2010 • 2012• 2009 • 2011

0 50 100 200 250 300150

236234

236243

240

194163

199206

205

158128

170174

183

Number of responding companies

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CDP Investor Members 2012

AegonAKBANK T.A.Ş.Allianz Global InvestorsAviva InvestorsAXA GroupBank of America Merrill LynchBendigo and Adelaide BankBlackrockBP Investment ManagementCalifornia Public Employees Retirement System - CalPERSCalifornia State Teachers Retirement Fund - CalSTRSCalvert Asset Management CompanyCatholic SuperCCLADaiwa Asset Management Co. Ltd.Generation Investment ManagementHSBC HoldingsKLPLegg MasonLondon Pension Fund

AuthorityMongeral Aegon Seguros e Previdência S/AMorgan StanleyNational Australia BankNEI Investments Neuberger BermanNewton Investment Management LtdNordea Investment ManagementNorges Bank Investment ManagementPFA PensionRobecoRockefeller & Co.SAM GroupSampension KP Livsforsikring A/SSchrodersScottish Widows Investment PartnershipSEBSompo Japan Insurance IncStandard CharteredTD Asset Management Inc. and TDAM USA Inc.The RBS GroupThe Wellcome Trust

CDP works with investors globally to advance the investment opportunities and reduce the risks posed by climate change by asking almost 6,000 of the world’s largest companies to report on their climate strategies, GHG emissions and energy use in the standardized Investor CDP format. To learn more about CDP’s member offering and becoming a member, please contact us or visit the CDP Investor Member section at https://www.cdproject.net/investormembers

2012 SIGNATORY INvESTOR BREAKDOWN

259 Asset Managers 220 Asset Owners143 Banks33 Insurance13 Other

CDP INvESTOR SIGNATORIES & ASSETS (US$ TRILLION) AGAINST TIME

• Investor CDP Signatories• Investor CDP Signatory Assets

39+33+22+4+26

39%

33%

21%

5% 2%

1 CDP INVESTOR SIGNATORIES & ASSETS (US$ TRILLION) AGAINST TIME

• Investor CDP Signatories• Investor CDP Signatory Assets

35 95 155 225 315 385 475 534 551 6554.5 10 21 31 41 57 55 64 71 78

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

700

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655 financial institutions withassets of US$78 trillion weresignatories to the CDP 2012information request datedFebruary 1st, 2012

Aberdeen Asset ManagersAberdeen Immobilien KAG mbHABRAPP - Associação Brasileira das Entidades Fechadas de Previdência ComplementarAchmea NVActive Earth Investment ManagementAcuity Investment ManagementAddenda Capital Inc.Advanced Investment PartnersAEGON N.V.AEGON-INDUSTRIAL Fund Management Co., LtdAFP IntegraAIG Asset ManagementAK Asset Management Inc.AKBANK T.A.Ş.Alberta Investment Management Corporation (AIMCo)Alberta Teachers Retirement FundAlcyone FinanceAllenbridgeEpic Investment Advisers LimitedAllianz Elementar Versicherungs-AGAllianz Global Investors Kapitalanlagegesellschaft mbHAllianz GroupAltira GroupAmalgamated BankAMP Capital InvestorsAmpegaGerling Investment GmbHAmundi AMANBIMA – Associação Brasileira das Entidades dos Mercados Financeiro e de CapitaisAntera Gestão de Recursos S.A.APGAQEX LLCAquila CapitalArisaig Partners Asia Pte LtdArma Portföy Yönetimi A.Ş.ASM Administradora de Recursos S.A.ASN BankAssicurazioni Generali SpaATI Asset ManagementATP GroupAustralia and New Zealand Banking Group LimitedAustralian Ethical InvestmentAustralianSuperAvaron Asset Management ASAviva InvestorsAviva plcAXA GroupBaillie Gifford & Co.BaltCapBANCA CÍVICA S.A.Banca Monte dei Paschi di Siena GroupBanco Bradesco S/ABanco Comercial Português S.A.Banco de Credito del Peru BCPBanco de Galicia y Buenos Aires S.A.Banco do Brasil S/ABanco Espírito Santo, SABanco Nacional de Desenvolvimento Econômico e Social - BNDESBanco Popular EspañolBanco Sabadell, S.A.Banco SantanderBanesprev – Fundo Banespa de Seguridade SocialBanestoBank Handlowy w Warszawie S.A.Bank of America Merrill LynchBank of MontrealBank VontobelBankhaus Schelhammer & Schattera Kapitalanlagegesellschaft m.b.H.BANKIA S.A.BANKINTERBankInvestBanque DegroofBanque Libano-FrancaiseBarclaysBasellandschaftliche KantonalbankBASF Sociedade de Previdência ComplementarBasler KantonalbankBâtirente

Baumann and Partners S.A.Bayern LBBayernInvest Kapitalanlagegesellschaft mbHBBC Pension Trust LtdBBVABedfordshire Pension FundBeetle CapitalBEFIMMO SCABendigo & Adelaide Bank LimitedBentall KennedyBerenberg BankBerti InvestmentsBioFinance Administração de Recursos de Terceiros LtdaBlackRockBlom Bank SALBlumenthal FoundationBNP Paribas Investment PartnersBNY MellonBNY Mellon Service Kapitalanlage GesellschaftBoston Common Asset Management, LLCBP Investment Management LimitedBrasilprev Seguros e Previdência S/A.British Airways Pension Investment Management LimitedBritish Columbia Investment Management Corporation (bcIMC)BT Investment ManagementBusan BankCAAT Pension PlanCadiz Holdings LimitedCaisse de dépôt et placement du QuébecCaisse des DépôtsCaixa Beneficente dos Empregados da Companhia Siderurgica Nacional - CBSCaixa de Previdência dos Funcionários do Banco do Nordeste do Brasil (CAPEF)Caixa Econômica FederalCaixa Geral de DepositosCaixaBank, S.ACalifornia Public Employees’ Retirement SystemCalifornia State Teachers’ Retirement SystemCalifornia State TreasurerCalvert Investment Management, IncCanada Pension Plan Investment BoardCanadian Friends Service Committee (Quakers)Canadian Imperial Bank of Commerce (CIBC)Canadian Labour Congress Staff Pension FundCAPESESPCapital Innovations, LLCCARE SuperCarmignac GestionCatherine Donnelly FoundationCatholic SuperCBF Church of England FundsCBRECbus Superannuation FundCCLA Investment Management LtdCeleste Funds Management LimitedCentral Finance Board of the Methodist ChurchCeresCERES-Fundação de Seguridade SocialChange Investment ManagementChristian Brothers Investment ServicesChristian SuperChristopher Reynolds FoundationChurch Commissioners for EnglandChurch of England Pensions BoardCI Mutual Funds’ Signature Global AdvisorsCity Developments LimitedClean Yield Asset ManagementClearBridge AdvisorsClimate Change Capital Group LtdCM-CIC Asset ManagementColonial First State Global Asset ManagementComerica IncorporatedCOMGESTCommerzbank AGCommInsureCommonwealth Bank AustraliaCommonwealth Superannuation CorporationCompton FoundationConcordia VersicherungsgruppeConnecticut Retirement Plans and Trust FundsCo-operative Financial Services (CFS)Credit SuisseDaegu BankDaesung Capital ManagementDaiwa Asset Management Co. Ltd.Daiwa Securities Group Inc.Dalton Nicol Reid

de Pury Pictet Turrettini & Cie S.A.DekaBank Deutsche GirozentraleDelta Lloyd Asset ManagementDeutsche Asset Management Investmentgesellschaft mbHDeutsche Bank AGDevelopment Bank of Japan Inc.Development Bank of the Philippines (DBP)Dexia Asset ManagementDexus Property GroupDnB ASADomini Social Investments LLCDongbu InsuranceDWS Investment GmbHEarth Capital Partners LLPEast Sussex Pension FundEcclesiastical Investment ManagementEcofi Investissements - Groupe Credit CooperatifEdward W. Hazen FoundationEEA Group LtdElan Capital PartnersElement Investment ManagersELETRA - Fundação Celg de Seguros e PrevidênciaEnvironment Agency Active Pension fundEpworth Investment ManagementEquilibrium Capital Groupequinet Bank AGErik Penser FondkommissionErste Asset ManagementErste Group BankEssex Investment Management Company, LLCESSSuperEthos FoundationEtica SgrEureka Funds ManagementEurizon Capital SGREvangelical Lutheran Church in Canada Pension Plan for Clergy and Lay WorkersEvangelical Lutheran Foundation of Eastern CanadaEvli Bank PlcF&C InvestmentsFACEB – FUNDAÇÃO DE PREVIDÊNCIA DOS EMPREGADOS DA CEBFAELCE – Fundacao Coelce de Seguridade SocialFAPERS- Fundação Assistencial e Previdenciária da Extensão Rural do Rio Grande do SulFASERN - Fundação COSERN de Previdência ComplementarFédéris Gestion d’ActifsFIDURA Capital Consult GmbHFIM Asset Management LtdFIM ServicesFIPECq - Fundação de Previdência Complementar dos Empregados e Servidores da FINEP, do IPEA, do CNPqFIRA. - Banco de MexicoFirst Affirmative Financial Network, LLCFirst Swedish National Pension Fund (AP1)Firstrand Group LimitedFive Oceans Asset ManagementFlorida State Board of Administration (SBA)FolketrygdfondetFolksamFondaction CSNFondation de LuxembourgForma Futura Invest AGFourth Swedish National Pension Fund, (AP4)FRANKFURT-TRUST Investment-Gesellschaft mbHFukoku Capital Management IncFUNCEF - Fundação dos Economiários FederaisFundação AMPLA de Seguridade Social - BrasiletrosFundação Atlântico de Seguridade SocialFundação Attilio Francisco Xavier FontanaFundação Banrisul de Seguridade SocialFundação BRDE de Previdência Complementar - ISBREFundação Chesf de Assistência e Seguridade Social – FachesfFundação Corsan - dos Funcionários da Companhia Riograndense de SaneamentoFundação de Assistência e Previdência Social do BNDES - FAPESFUNDAÇÃO ELETROBRÁS DE SEGURIDADE SOCIAL - ELETROSFundação Forluminas de Seguridade Social - FORLUZFundação Itaipu BR - de Previdência e Assistência SocialFUNDAÇÃO ITAUBANCOFundação Itaúsa IndustrialFundação Promon de Previdência SocialFundação Rede Ferroviária de Seguridade Social - ReferFUNDAÇÃO SANEPAR DE PREVIDÊNCIA E ASSISTÊNCIA SOCIAL - FUSAN

39+33+22+4+2

CDP Signatory Investors 2012

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Fundação Sistel de Seguridade Social (Sistel)Fundação Vale do Rio Doce de Seguridade Social - VALIAFUNDIÁGUA - FUNDAÇÃO DE PREVIDENCIA COMPLEMENTAR DA CAESBFuturegrowth Asset ManagementGaranti BankGEAP Fundação de Seguridade SocialGenerali Deutschland Holding AGGeneration Investment ManagementGenus Capital ManagementGjensidige Forsikring ASAGlobal Forestry Capital SARLGLS Gemeinschaftsbank eGGoldman Sachs Group Inc.GOOD GROWTH INSTITUT für globale Vermögensentwicklung mbHGovernance for OwnersGovernment Employees Pension Fund (“GEPF”), Republic of South AfricaGPT GroupGraubündner KantonalbankGreater Manchester Pension FundGreen Cay Asset ManagementGreen Century Capital ManagementGROUPAMA EMEKLILIK A.Ş.GROUPAMA SIGORTA A.Ş.Groupe Crédit CoopératifGroupe Investissement Responsable Inc.GROUPE OFI AMGrupo Financiero Banorte SAB de CVGrupo Santander BrasilGruppo Bancario Credito ValtellineseGuardians of New Zealand SuperannuationHanwha Asset Management CompanyHarbour Asset ManagementHarrington Investments, IncHauck & Aufhäuser Asset Management GmbHHazel Capital LLPHDFC Bank LtdHealthcare of Ontario Pension Plan (HOOPP)Helaba Invest Kapitalanlagegesellschaft mbHHenderson Global InvestorsHermes Fund ManagersHESTA SuperHIP InvestorHolden & PartnersHSBC Global Asset Management (Deutschland) GmbHHSBC Holdings plcHSBC INKA Internationale Kapitalanlagegesellschaft mbHHUMANISHyundai Marine & Fire Insurance. Co., Ltd.Hyundai Securities Co., Ltd.IBK SecuritiesIDBI Bank LtdIllinois State Board of InvestmentIlmarinen Mutual Pension Insurance CompanyImpax Asset ManagementIndusInd Bank LimitedIndustrial Alliance Insurance and Financial Services Inc.Industrial Bank (A)Industrial Bank of KoreaIndustrial Development CorporationIndustry Funds ManagementInfrastructure Development Finance CompanyING Group N.V.Insight Investment Management (Global) LtdInstituto de Seguridade Social dos Correios e Telégrafos- PostalisInstituto Infraero de Seguridade Social - INFRAPREVInstituto Sebrae De Seguridade Social - SEBRAEPREVInsurance Australia GroupIntReal KAGInvestec Asset ManagementInvesting for Good CIC LtdIrish Life Investment ManagersItau Asset ManagementItaú Unibanco Holding S AJanus Capital Group Inc.Jarislowsky Fraser LimitedJOHNSON & JOHNSON SOCIEDADE PREVIDENCIARIAJPMorgan Chase & Co.Jubitz Family FoundationJupiter Asset ManagementKaiser Ritter Partner (Schweiz) AGKB Kookmin BankKBC Asset Management NVKBC GroupKCPS Private Wealth ManagementKDB Asset Management Co., Ltd.

KDB Daewoo SecuritiesKEPLER-FONDS Kapitalanlagegesellschaft m. b. H.KevaKfW BankengruppeKillik & Co LLPKiwi Income Property TrustKleinwort Benson InvestorsKlimaINVESTKLPKorea Investment Management Co., Ltd.Korea Technology Finance Corporation (KOTEC)KPA PensionKyrkans pensionskassaLa Banque Postale Asset ManagementLa Financiere ResponsableLampe Asset Management GmbHLandsorganisationen i SverigeLBBW - Landesbank Baden-WürttembergLBBW Asset Management Investmentgesellschaft mbHLD Lønmodtagernes DyrtidsfondLegal & General Investment ManagementLegg Mason Global Asset ManagementLGT Capital Management Ltd.LIG Insurance Co., LtdLight Green Advisors, LLCLiving Planet Fund Management Company S.A.Lloyds Banking GroupLocal Authority Pension Fund ForumLocal Government SuperLocal SuperLogos portföy Yönetimi A.Ş.London Pensions Fund AuthorityLothian Pension FundLUCRF SuperLupus alpha Asset Management GmbHMacquarie Group LimitedMagNet Magyar Közösségi Bank Zrt.MainFirst Bank AGMAMA Sustainable Incubation AGManMAPFREMaple-Brown AbbottMarc J. Lane Investment Management, Inc.Maryland State TreasurerMatrix Asset ManagementMATRIX GROUP LTDMcLean BuddenMEAG MUNICH ERGO AssetManagement GmbHMeeschaert Gestion PrivéeMeiji Yasuda Life Insurance CompanyMendesprev Sociedade PrevidenciáriaMerck Family FundMercy Investment Services, Inc.Mergence Investment ManagersMeritas Mutual FundsMetallRente GmbHMetrus – Instituto de Seguridade SocialMetzler Asset Management GmbhMFS Investment ManagementMidas International Asset ManagementMiller/Howard InvestmentsMirae Asset Global Investments Co. Ltd.Mirae Asset SecuritiesMirvac Group LtdMissionary Oblates of Mary ImmaculateMistra, Foundation for Strategic Environmental ResearchMitsubishi UFJ Financial GroupMitsui Sumitomo Insurance Co.,LtdMizuho Financial Group, Inc.Mn ServicesMomentum Manager of Managers (Pty) LimitedMonega Kapitalanlagegesellschaft mbHMongeral Aegon Seguros e Previdência S/AMorgan StanleyMountain Cleantech AGMTAA Superannuation FundMutual Insurance Company Pension-FenniaNanuk Asset ManagementNatcan Investment ManagementNathan Cummings Foundation, TheNational Australia BankNational Bank of CanadaNATIONAL BANK OF GREECE S.A.National Grid Electricity Group of the Electricity Supply Pension SchemeNational Grid UK Pension SchemeNational Pensions Reserve Fund of IrelandNational Union of Public and General Employees (NUPGE)NATIXIS

Nedbank LimitedNeedmor FundNEI InvestmentsNelson Capital Management, LLCNeuberger BermanNew Alternatives Fund Inc.New Amsterdam Partners LLCNew Mexico State TreasurerNew York City Employees Retirement SystemNew York City Teachers Retirement SystemNew York State Common Retirement Fund (NYSCRF)Newton Investment Management LimitedNGS SuperNH-CA Asset ManagementNikko Asset Management Co., Ltd.Nipponkoa Insurance Company, LtdNissay Asset Management CorporationNORD/LB Kapitalanlagegesellschaft AGNordea Investment ManagementNorfolk Pension FundNorges Bank Investment ManagementNorth Carolina Retirement SystemNorthern Ireland Local Government Officers’ Superannuation Committee (NILGOSC)NORTHERN STAR GROUPNorthern TrustNorthward Capital Pty LtdNykreditOddo & CieOECO Capital Lebensversicherung AGÖKOWORLDOld Mutual plcOMERS Administration CorporationOntario Teachers’ Pension PlanOP Fund Management Company LtdOppenheim & Co. LimitedOppenheim Fonds Trust GmbHOpplysningsvesenets fond (The Norwegian Church Endowment)OPTrustOregon State TreasurerOrion Energy SystemsOsmosis Investment ManagementParnassus InvestmentsPax World FundsPensioenfonds VervoerPension DenmarkPension Fund for Danish Lawyers and EconomistsPension Protection FundPensionsmyndighetenPerpetual InvestmentsPETROS - The Fundação Petrobras de Seguridade SocialPFA PensionPGGM VermogensbeheerPhillips, Hager & North Investment Management Ltd.PhiTrust Active InvestorsPictet Asset Management SAPioneer InvestmentsPIRAEUS BANKPKAPluris Sustainable Investments SAPNC Financial Services Group, Inc.Pohjola Asset Management LtdPolden-Puckham Charitable FoundationPortfolio 21 InvestmentsPorto Seguro S.A.Power Finance Corporation LimitedPREVHAB PREVIDÊNCIA COMPLEMENTARPREVI Caixa de Previdência dos Funcionários do Banco do BrasilPREVIG Sociedade de Previdência ComplementarProLogisProvinzial Rheinland HoldingPrudential Investment ManagementPrudential PlcPsagot Investment House LtdPSP InvestmentsQ Capital PartnersQBE Insurance GroupRabobankRaiffeisen Fund Management Hungary Ltd.Raiffeisen Kapitalanlage-Gesellschaft m.b.H.Raiffeisen Schweiz GenossenschaftRathbones / Rathbone Greenbank InvestmentsRCM (Allianz Global Investors)Real Grandeza Fundação de Previdência e Assistência SocialRei SuperReliance Capital Ltd

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ResolutionResona Bank, LimitedReynders McVeigh Capital ManagementRLAMRobecoRobert & Patricia Switzer FoundationRockefeller Financial (trade name used by Rockefeller & Co., Inc.)Rose Foundation for Communities and the EnvironmentRothschildRoyal Bank of CanadaRoyal Bank of Scotland GroupRPMI Railpen InvestmentsRREEF Investment GmbHRussell InvestmentsSAM GroupSAMPENSION KP LIVSFORSIKRING A/SSAMSUNG FIRE & MARINE INSURANCESamsung SecuritiesSanlam Life Insurance LtdSanta Fé Portfolios LtdaSantamSarasin & Cie AGSAS Trustee CorporationSauren Finanzdienstleistungen GmbH & Co. KGSchrodersScotiabankScottish Widows Investment PartnershipSEBSEB Asset Management AGSecond Swedish National Pension Fund (AP2)Seligson & Co Fund Management PlcSentinel InvestmentsSERPROS - Fundo MultipatrocinadoService Employees International Union Pension FundSeventh Swedish National Pension Fund (AP7)Shinhan BankShinhan BNP Paribas Investment Trust Management Co., LtdShinkin Asset Management Co., LtdSiemens Kapitalanlagegesellschaft mbHSignet Capital Management LtdSmith Pierce, LLCSNS Asset ManagementSocial(k)Sociedade de Previdencia Complementar da Dataprev - PrevdataSocrates Fund ManagementSolaris Investment Management LimitedSompo Japan Insurance Inc.Sopher Investment ManagementSouthPeak Investment ManagementSPF Beheer bvSprucegrove Investment Management LtdStandard Bank GroupStandard CharteredStandard Chartered Korea LimitedStandard Life InvestmentsState Bank of IndiaState Street CorporationStatewideSuperStoreBrand ASAStrathclyde Pension FundStratus GroupSumitomo Mitsui Financial GroupSumitomo Mitsui Trust Holdings, Inc.Sun Life Financial Inc.Superfund Asset Management GmbHSUSI Partners AGSustainable CapitalSustainable Development CapitalSvenska Kyrkan, Church of SwedenSwedbank ABSwift FoundationSwiss ReSwisscanto Asset Management AGSyntrus Achmea Asset ManagementT. Rowe PriceT. SINAI KALKINMA BANKASI A.Ş.Tata Capital LimitedTD Asset Management Inc. and TDAM USA Inc.Teachers Insurance and Annuity Association – College Retirement Equities FundTelluride AssociationTempis Asset Management Co. LtdTerra Forvaltning ASTerraVerde Capital Management LLCTfL Pension FundThe ASB Community TrustThe Brainerd Foundation

The Bullitt FoundationThe Central Church Fund of FinlandThe Children’s Investment Fund Management (UK) LLPThe Collins FoundationThe Co-operative Asset ManagementThe Co-operators Group LtdThe Daly FoundationThe Environmental Investment Partnership LLPThe Hartford Financial Services Group, Inc.The Joseph Rowntree Charitable TrustThe Korea Teachers Pension (KTP)The Pension Plan For Employees of the Public Service Alliance of CanadaThe Pinch GroupThe Presbyterian Church in CanadaThe Russell Family FoundationThe Sandy River Charitable FoundationThe Shiga Bank, Ltd.The Sisters of St. AnnThe United Church of Canada - General CouncilThe University of Edinburgh Endowment FundThe Wellcome TrustThird Swedish National Pension Fund (AP3)Threadneedle Asset ManagementTOBAMTokio Marine Holdings, IncToronto Atmospheric FundTrillium Asset Management CorporationTriodos Investment ManagementTri-State Coalition for Responsible InvestmentTrygUBSUnibail-RodamcoUniCredit SpAUnion Asset Management Holding AGUnion Investment Privatfonds GmbHUnione di Banche Italiane S.c.p.a.UnionenUnipensionUNISON staff pension schemeUniSuperUnitarian Universalist AssociationUnited Methodist Church General Board of Pension and Health BenefitsUnited Nations FoundationUnity Trust BankUniversities Superannuation Scheme (USS)Vancity Group of CompaniesVCH Vermögensverwaltung AGVentas, Inc.Veris Wealth PartnersVeritas Investment Trust GmbHVermont State TreasurerVexiom Capital, L.P.VicSuperVictorian Funds Management CorporationVietNam Holding Ltd.Voigt & Coll. GmbHVOLKSBANK INVESTMENTSWaikato Community Trust IncWalden Asset Management, a division of Boston Trust & Investment Management CompanyWARBURG - HENDERSON Kapitalanlagegesellschaft für Immobilien mbHWARBURG INVEST KAPITALANLAGEGESELLSCHAFT MBHWater Asset Management, LLCWells Fargo & CompanyWest Yorkshire Pension FundWestLB Mellon Asset Management (WMAM)Westpac Banking CorporationWHEB Asset ManagementWhite Owl Capital AGWinslow Management, A Brown Advisory Investment GroupWoori BankWoori Investment & Securities Co., Ltd.YES BANK LimitedYork University Pension FundYouville Provident Fund Inc.Zegora Investment ManagementZevin Asset ManagementZurich Cantonal Bank

CalSTRS (California State Teachers Retirement System)

“CalSTRS’ board has made climate risk management the signature issue in our corporate governance engagement program. CDP data is an essential input and is reviewed prior to meeting with companies on any issue to ensure that the discussion covers climate risk if warranted. CDP data is also very important to CalSTRS as we develop and execute our shareholder resolutions.”

Jack Ehnes, CEO

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I am pleased to introduce the CDP FTSE 350 Report 2012. As a responsible long term investor, the London Pensions Fund Authority (LPFA) recognises environmental, social and governance (ESG) issues, such as natural capital, are often not captured by the traditional investment appraisal process but can have a material impact on long term investment returns. Driving this issue is insufficient disclosure by investee companies on how ESG issues impact their business model. As a result, we welcome the CDP’s recent merger with the Forest Footprint Disclosure Project, which together now represent the world’s largest natural capital disclosure system covering carbon, water and forests. This is an exciting development as it demonstrates the integrated approach that is needed to address these complex sustainability challenges. Having this information in one place will better facilitate investors’ assessment of the environmental footprints of companies. At the LPFA, this will aid in our efforts to hold our external fund managers and ultimately our investee companies to account for integrating ESG risks and opportunities into their strategic decision making.

The theme of this year’s report is the Future of Reporting, an issue which is currently under a significant amount of stakeholder scrutiny and in my view lies at the heart of the “externality” problem. When a company does not sufficiently demonstrate how ESG issues tie into their business model, it makes it more challenging for an investor to make the same assessment and as a result, ESG issues stand a greater chance of getting excluded from the investment process. In addition, the reliability of

the underlying ESG data in reporting has also been called into question, with a recent report3 noting few companies in the FTSE 350 assuring their sustainability reports.

However given recent events, I believe that the tide may be turning. The UK Government has made a major advancement by its introduction of mandatory reporting of greenhouse gas emissions for all companies listed on the main market of the London Stock Exchange by April 2013. As a board member of the European Institutional Investors Group on Climate Change, I am hopeful that this development will spark a more coordinated regulatory effort on tackling climate change at an international level. We have also seen a growing number of market-driven, innovative initiatives seeking to improve the reporting mechanism, such as the International Integrated Reporting Council and the CDP-endorsed Climate Disclosure Standards Board (CDSB). The CDSB’s Climate Change Reporting Framework empowers companies to provide information that connects the financial, governance and environmental impacts of climate change in their reporting to investors. As clarity and transparency in reporting is a key focus area for the LPFA, we will continue to support CDP’s visionary efforts in this crucial area, and remain hopeful for significant positive developments in the future.

Mike TaylorChief Executive, LPFA

3: Stuck on the starting blocks: The state of sustainability assurance in 2010, Carbon Smart.

Guest Foreword

“As clarity and transparency in reporting is a key focus area for the LPFA, we will continue to support CDP’s visionary efforts in this crucial area.”

Mike Taylor, Chief Executive, LPFA

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Building greater accountability to shareholdersIt is increasingly important to shareholders that companies be accountable and transparent on environmental issues which pose financial risks. As such, the quality and quantity of climate change reporting has radically changed. CDP has been at the forefront of carbon reporting for over ten years. It has become the mechanism for organisations worldwide to measure and disclose greenhouse gas emissions and climate change risk information which is of value to investors. When CDP launched its first FTSE 350 report in 2006, only 49% of companies responded to the questionnaire. This year, 69% of companies (96% of the FTSE100, 2006: 83%) responded, disclosing more information than ever before (average disclosure score in 2012: 66, 2011: 63). Companies are increasingly responsive to CDP’s request, which shows that business sees the threats and opportunities presented by climate change as real and material.

The UK Government recently announced regulation, which will be applicable to companies from next financial year, that all UK-registered quoted companies will have to report their greenhouse gases emissions in their Directors’ Report. By being the first country in the world to mandate disclosure of gross global emissions for the entire organisation in annual reports, the Government is recognising the importance of corporate reporting in driving company and shareholder actions. This is supported by Defra’s 2011 consultation on measuring and reporting on greenhouse gas emissions, which showed that two thirds of companies were in favour of mandatory reporting.

Reporting greenhouse gas emissions through CDP has become a standard part of the reporting process for UK

companies (93% report Scope 1 and Scope 2 emission), but fewer (64%) disclose greenhouse gas emissions as part of their corporate financial reports. Annual reports are often long, complex and focus on short term performance, based on historic financial data. Longer term business sustainability and broader issues such as environmental and social performance are rarely adequately covered. The global financial crisis has heightened the value of information disclosure, risk management and good corporate governance. There is also an increasing appetite to change the annual reporting model to include metrics that reflect a company’s exposure to all risks – including climate change. An emerging approach to this is ‘Integrated Reporting’, showing the relationship between an organisation’s strategy, governance and financial performance and the social, environmental and economic context within which it operates. CDSB, a special project of CDP, has developed a Climate Change Reporting Framework which is designed to link financial and climate change-related reporting in a company’s annual report.

While the proposed scope of reporting mandated by the UK Government remains limited to Scope 1 and Scope 2 greenhouse gas emissions reporting for now (and only covers a small set of the information reported to investors through CDP), it will likely increase over time. Some of the catalysts of better reporting include: continued economic uncertainty; growing interdependencies in business models; higher frequency of business disruption events (both climatic and man-made); and changing expectations from stakeholders. Despite these drivers, not many companies are integrating climate change in their strategy (2012: 56%, 2011: 46%) and only 31% verify or assure any of their emissions (2011: 26%).

Key Themes and Highlights of 2012 Responses

Physical opportunities

Regulatory opportunities

Reputational & change in consumer behaviour opportunities

F2 OPPORTUNITIES IDENTIFIED BY RESPONDING COMPANIES

• 2011• 2012

59%

57%

60%

53%

72%

76%

0 10 504020 30 60 80 10070 90

Percentage of responding companies

F3 RISKS IDENTIFIED BY RESPONDING COMPANIES

• 2011• 2012

Physical risks

Regulatory risks

Reputational & change in consumer behaviour risks

74%

68%

61%

50%

84%

77%

0 10 504020 30 60 80 10070 90

Percentage of responding companies

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Types of Reporting Investor requested reporting: Investor requested reporting is the provision of information by a company that goes beyond regulatory requirements and is of value to investors. Investor requested disclosures can include detailed information on a company’s greenhouse gas emissions and climate change-related information including governance, strategy and risk. CDP is an example of investor requested reporting.

Mandatory carbon reporting: Compulsory reporting by companies of their carbon emissions to regulators enabling investors and others to see which companies are effectively managing the hidden long-term costs of carbon (greenhouse) gas emissions. The proposed UK government mandatory reporting regulations due to be introduced from April 2013 require companies to include emissions data for their entire organisation (gross emissions) in their annual reports. Companies already reporting to CDP should be prepared to meet the requirements of this regulation. CDSB’s climate change reporting framework will be listed in the regulation guidance as a method for companies to comply with the proposed regulation.

Mainstream (annual) reports: These are the annual reporting packages in which certain organisations are required to deliver their audited financial results under the corporate compliance to securities laws of the territory or territories in which they operate. Mainstream reports are normally publicly available and provide information to existing and prospective investors about the financial position and financial performance of the organisation and are distinct from material published separately. The exact provisions under which companies are required to deliver mainstream reports differ internationally and examples include UK Companies Act 2006, Regulation (EC) No 1606/2002 of the European Parliament and the Council on the application of international accounting standards and the US Securities and Exchange Commission Regulations S-K. Mainstream reports include financial statements and other financial reporting.

Integrated reporting: Integrated reporting connects information about an organisation’s current decisions with its future prospects; connecting information about strategy, risk, remuneration and performance; and recognising that the economy, environment and society are inseparable and therefore information provided to understand an organisation’s performance in each of these areas needs to be viewed as part of a whole. Integrated reporting helps boards of directors to see the issues they face more clearly, and enables them to explain their business rationale to stakeholders with greater clarity and authority.

Non-financial reporting: Non-financial reporting is shorthand for the critical contextual information about social and environmental performance that is reported alongside financial information to provide a broader, more meaningful understanding of a company’s business, its market position, strategy, performance and future prospects.

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Climate change reporting: drivers and content Companies are increasingly aware that they need to tell a comprehensive story to all stakeholders and report on all elements which could affect their business continuity. Good reporting can demonstrate preparedness for regulations and motivate companies to critically evaluate their internal processes. Shareholders and customers are making choices based on both economic and environmental issues and transparent reporting can help companies to increase market share. Most significantly, some companies have stated that the process of reporting on climate issues has brought about strategic change.

To provide material, shareholder relevant, information to financial markets, companies need to report on the risks, opportunities and strategies associated with climate change across a company’s entire operation. This would include their suppliers, customers and other critical elements beyond the legal entity itself. CDP has been asking FTSE companies to disclose this information voluntarily, through its global reporting platform, since 2006, promoting an overall increase in awareness of the business-critical issues (see Figures 2 and 3).

RegulationThe introduction of new climate change regulations will motivate companies to report on the impact of those regulations. The future of carbon reporting will increasingly be driven by the introduction of new climate change regulation. Currently, regulatory risks and opportunities are the most reported type of risks and opportunities, with risks far outweighing opportunities (see Figure 4). 84% believe upcoming regulations pose a risk (2011: 77%)

and 32% believe these are linked to emissions reporting obligations (2011: 33%). For example, Morrison notes how reporting could be detrimental to its business if the regulation does not conform to the current voluntary method it uses: it could increase administrative costs or highlight relatively poor performance with respect to Morrison’s peers.

Tate & Lyle notes the absence of a binding international agreement to tackle climate change means levels of ambition, regulation and costs are developing differently around the world. Royal Dutch Shell believes that a real carbon price in the global energy system will be the most effective approach to managing greenhouse gas emissions internationally. It does not believe voluntary industry GHG targets will significantly help progress regulatory discussions across the globe.

Other UK regulations are also seen as risks. For instance, 41% of responding companies state that they see the CRC Energy Efficiency Scheme as a risk, in large part because of the uncertainties surrounding it. HSBC notes that the CRC Energy Efficiency Scheme put it at a disadvantage by not taking account of its carbon neutrality. Shanks and Derwent London are amongst those companies who report that administrative costs linked to the CRC Energy Efficiency Scheme will place a significant burden on their operations (Shanks: £205,000, Derwent London: £319,000). The Confederation of British Industry supports mandatory carbon reporting as an important way to help businesses save money and emissions, provided it is done in a sensible way.

F4 REGULATORY RISKS AND OPPORTUNITIES IDENTIFIED BY RESPONDING COMPANIES

• Risks• Opportunities

Air p

ollution lim

its

Cap

and

trade

schemes

Lack of regulation

Carb

on taxes

Other

regulatory d

rivers

Em

ission rep

orting ob

ligations

Prod

uct efficiency regulations and

stand

ards

Fuel/energy taxes and

regulation

Prod

uct labeling

regulations and

standard

s

General

environmental

regulations includ

ing planning

Uncertainty

surrounding new

regulation

International agreem

ents

Voluntary agreem

ents

7%

14

%

18%

33

%

22%

52

%

19%

32

%

26%

43

%

21%

31

%

17%

19

%

4%

18%12

%

19%

19

%

9%

13

%

32

%

7%6%

60%

50%

40%

30%

20%

10%

0%

13

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However, regulations can also lead to opportunities, as outlined by 72% of respondents (2011: 76%). For example, Kier notes how the need to comply with the CRC Energy Efficiency Scheme has been a major driver internally with regards to opportunities to improve energy efficiency and reduce energy consumption.

Emissions reporting obligations are one of the main regulatory opportunities (2012: 20% of respondents). The most highly reported impact from this is an increase in demand for an existing product or service (28% of reporting opportunities) with all opportunities being achievable in the near future (current opportunities: 56% of companies, opportunities in 1-5 years: 60% of companies).

Aegis notes how being able to proactively meet increasing emission reporting obligations will enhance its credibility amongst stakeholders. Cairn Energy and Diageo echo this by stating that they will gain a competitive advantage over other companies if they perform well in this area. Diageo has shown a long-term commitment to reporting its emissions, which has helped identify carbon hotspots and drive efficiencies. It believes this gives an advantage relative to competitors who lack such understanding or are not as well prepared for compliance with upcoming reporting regulations: there is a clear advantage to being an early-mover.

Existing and future regulations may lead to new costs due, for instance, to feed-in tariffs or carbon taxes. The fluctuating (and low) price of carbon is hindering investments. Aviva notes how the current low carbon

prices do not create the right incentives for private investment in low carbon infrastructure, while fluctuating fuel costs, often affected by regulation, are creating financial risks for companies. On the other hand, Rolls Royce notes how it has invested in facilities, operational improvements and energy efficiency programmes in order to lower its exposure to fuel-related costs and carbon-related costs. This decoupling is clearly shown by increasing revenue by 151% while decreasing greenhouse gas emissions by 33% between 1998 and 2011.

This clearly shows how regulation will drive the requirement to report and that the impacts of climate change related regulation will have an immediate relevance to the financial decisions for shareholders.

Reputation and stakeholder expectationsReporting climate change activities is not only important to comply with regulations, but also to manage reputation. Telling a positive story, through voluntary and mandatory communications is important to satisfy stakeholders’ needs, manage their expectations and win new business opportunities. This is even more important for those companies looking to take strategic advantage over their competitors and lead in the low carbon market. As the number of companies reporting increases, and report wider and deeper information, the expectation will grow for their peers to match their demonstration of managing the business impacts of climate change.

In 2012, 61% of responding companies highlighted risks (2011: 50%) and 60% highlighted opportunities (2011: 53%) associated with their reputation, changes

F5 PERCENTAGE OF RESPONDING COMPANIES vERIFYING/ASSURING SCOPE 1, 2 OR 3 EMISSIONS

• Scope 1• Scope 2• Scope 3

Scope 1

Scope 2

Scope 3

33%

17%

31%

0 5 252010 15 30 35

Percentage of responding companies

14

15

in consumer behaviour, or both. There are good reasons for why companies will consider reputational impacts an increasingly important reporting issue. Diageo, for instance, highlights that 2011 was a record year for shareholder resolutions related to environmental issues including greenhouse gas reporting. Spectrics notes that a number of the products it developed in 2011 have been influenced by climate change and reflect the drive from its customers to reduce energy consumption and emissions. Reporting can translate into a boost to brand value and reputation. British Sky Broadcasting notes that emission reporting guidelines (it uses Defra’s Voluntary Reporting Guidelines and the Greenhouse Gas Protocol) have enabled companies that are investing and reducing their carbon emissions to benefit by being seen to be a leader on climate change. This, in turn, can bring with it reputational benefits, the ability to attract and retain talent and the opportunity to build new partnerships with like-minded organisations and suppliers. Electrocomponents supports this assertion by noting that reporting obligations can make its customers more aware of energy conservation opportunities which may increase the demand for its products and services.

A leading reputation can stem from reporting commitments but also from bold internal policies. For example, Lloyds Banking introduced in 2011 a ‘No Travel Week’ once a month to reduce its business travel emissions by 20% by 2020. Imperial Tobacco grants environmental projects exemptions from their normal requirements that pay backs should occur within three years. Communicating and reporting this will improve a company’s reputation.

Consistency and reliability of emissions dataThe UK’s mandatory reporting regulation will require companies to report their Scope 1 and 2 emissions in their annual reports. While responding companies are increasingly confident in measuring and reporting their Scope 1 and Scope 2 emissions, there is still some way to go with the reporting of Scope 3 emissions. The quality of Scope 3 data disclosed to CDP was mixed due to the complexity involved in assessing some types of Scope 3 emissions. For example, a majority of responding companies (69%) measured business travel emissions as part of their Scope 3 emissions but few reported their upstream (19%) and downstream goods (25%) emissions. The updated Scope 3 protocol released in November 2011 will help consistency of reporting, but until there is a real driver to report on this area, the harder to measure Scope 3 items are unlikely to be reported in full.

Financial auditors hold a responsibility to read all financial and non-financial information in the annual report to identify material inconsistencies with the audited financial statements. This includes the data that will be reported by companies next year as part of the UK’s mandatory reporting regulations. Any apparent material misstatements or inconsistencies may impact the financial audit opinion. Over time, this may be seen as a risk that

leads companies to request that their emissions data is assured.

Reporting comparable and reliable data is important to ensure the data can be relied upon to drive key decisions. Stakeholders are looking for independent third party verification or assurance to help them to assess the materiality and accuracy of the companies’ reported data.

There was an increase in companies reporting some form of verification or assurance of their emissions in 2012 from 25% in 2011 to 35% in 2012. CDP has provided considerable input to drive this rise in verification, including the Carbon Performance Leadership Index (CPLI) (see page 26) entry requirement for verification or assurance over Scope 1 & 2. Verification and assurance adds credibility to companies’ efforts in tackling and reporting their actions on climate change: it adds an independent, external opinion on the data and is strong proof for investors of companies’ willingness to clearly disclose their performance and their progress. This increase in verification of emissions will prepare these companies for future, more stringent, reporting regulation, and reduce the risk of incorrect emissions reporting.

Gaining a business and strategic advantage from reportingCompanies are increasingly aware of the benefit of reporting on carbon issues. As Tesco notes, growing consumer awareness of climate change means that there are strong reputational benefits to taking a lead in the transition to a low carbon economy: companies’ actions can have a significant bearing on the ability to win business and/or investors. 89% of CDLI companies already recognise these reputational opportunities (non-CDLI: 55%).

BT Group highlights that, in 2012, its sustainability credentials were requested in £2.7billion of customer bids. The potential revenue streams are huge: RBS views the climate change-related market to be £200-400bn in size while HSBC’s Climate Change Centre of Excellence

“Longer term, we have integrated our Carbon Critical Design philosophy into all of our business decisions. The campaign aimed to raise our employees’ awareness of the criticality of carbon in every project that we deliver so that they in turn could engage our clients on carbon.”

Atkins

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estimates that the global market for low-carbon energy solutions in 2020 could be over US$2.2 trillion.

In addition, investors are increasingly using climate performance metrics to positively and negatively screen potential investments. United Utilities believes that an experience in delivering a business strategy which integrates climate change and a transparent strategic narrative around climate change puts it at a strategic advantage. Indeed, while only 33% of responding companies consider themselves to have a strategic advantage relating to climate change, the proportion jumps to 74% when looking at the companies listed on the CDLI. While the percentage of all reporting companies who integrate climate change into their strategy remains low (2012: 56%), 95% of CDLI companies already have an integrated strategy. 80% of the CDLI also includes climate change-related information in their annual reports.

Being able to report a long-term understanding of physical risks provides greater confidence to shareholders and customers. While customers may focus on the environmental impact of companies’ products or services, investors may focus on the long-term resilience of their business. Extreme weather patterns are increasingly frequent in the UK and worldwide (physical risks were highlighted by 74% of respondents) and can have a significant impact on a company’s business continuity. For example, Debenhams notes how a number of its supply chain operations are located in areas at risk from flooding or droughts and the supply of materials for products may be negatively affected by extreme weather events.

The gulf in the quality of reporting between CDLI companies and non-CDLI companies highlights how regulation will help other companies catch up with the leaders. Mandatory reporting, such as the UK’s proposed regulations on GHG reporting, will provide further impetus towards an integrated reporting model.

“We recognise that climate change is not just an environmental challenge; but also one that affects the health and livelihood of millions of people because of the links to complex issues such as poverty; economic development and population growth. We believe that the most effective response to the challenges associated with climate change can only be achieved through a concerted global effort.”

Astra Zeneca

“In 2012, our sustainability credentials were requested in £2.7bn of customer bids.”

BT Group

“We believe that incorporating climate change in our strategy has helped us to gain strategic advantage; both operationally... and in the market places we serve.”

Electrocomponent

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The Future of Reporting The culmination of several factors coming together has helped drive greater levels of carbon disclosure in the past decade. Government regulations, from building standards and the EU-ETS to the recently proposed mandatory reporting legislation, now require companies to measure and report their emissions as part of compliance. Stakeholder pressure from investors and customers, as seen by the work of CDP, helps prepare companies for regulation. As the tools and frameworks (such as CDSB’s Climate Change Reporting Framework) for reporting become available and improve, the private sector will continue to find that disclosure becomes easier and more useful.

Looking to the future, the evolution of reporting on climate change will be focused on the following key issues: retaining global consistency in reporting, improving the quality of data and demonstrating an integration of this understanding into strategy. Mandatory reporting in the UK will continue to drive more companies to report emissions and include this information in their annual reports. Voluntary reporting through CDP will provide more detailed information for companies to determine what is material and for investors to use in their research and analysis of future risk. There will also be an expectation that the information reported is verified and assured.

The detail of the UK Government’s new regulations, in particular regarding the boundary requirements, will be crucial in deciding whether companies are truly prepared for mandatory reporting or not. However, there is no doubt that CDP has been crucial in preparing companies for mandatory reporting. The investor-relevant information requested by CDP is currently more comprehensive than the proposed UK reporting requirements, and provides a global platform that continues to drive forward strategic change and business benefit and will prepare companies with the data they need to be ready for whatever the future of reporting is.

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The years since CDP started asking organisations for climate change-related information have seen significant developments in awareness of resource constraints, market inefficiencies and global risks and the private sector has been identified as needing to play a crucial role in addressing these issues. This has had consequential effects on reporting requirements. New legislation, standards and codes encourage or require companies to report on an increasingly wide range of factors designed to inform governments, investors, consumers and society about all aspects of their performance so that more effective decisions can be made by stakeholders about how to allocate and protect resources.

The future of reporting is likely to focus on refining the substance and format of these new requirements both to recognise the changing nature of business, (in particular its reliance on intangible rather than physical assets to create value) and to meet the needs of stakeholders seeking to secure sustainable economic growth. The widespread adoption of International Financial Reporting Standards gives a universal language for the disclosure of financial results, now we need equivalent internationally recognised standards on the measurement and assessment of the non-financial resources and relationships on which companies depend for their success together with mechanisms for disclosure of that information through mainstream reporting channels.

Much progress towards this has already been made by CDP through the significant non-financial reporting capacity it has built and its ever-pioneering advances such as the development of an XBRL taxonomy for climate disclosure. Complementing the work of the International Integrated Reporting Council (IIRC), CDP’s special project, the Climate Disclosure Standards Board (CDSB) focuses on mainstream reporting of climate change-related information in annual filings to investors. The requirements and principles of CDSB’s Climate Change Reporting Framework are designed to support assurance activities and are extensible to reporting on other forms of natural capital.

Work on reporting by governments and other organisations has been likened to notes on a musical score that are currently being played in isolation. The future will hopefully see more orchestration of efforts on reporting as envisaged by the inter-agency work on consistency by CDSB, GRI, the OECD and UNCTAD. Corporate reporting should reflect our need to work in harmony with each other and with our planet.

Standards and Consistency

Lois Guthrie, Executive Director,

CDSB

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Taking the next step in reporting

Over the last few years, we have seen sustainability and climate change move more towards the mainstream of business thinking and reporting. This has been driven by a number of factors: companies seeing the potential business benefits (for example GE generated US$21bn in revenues in 2011 from a US$2.3 billion R&D investment in their eco-imagination division); the realisation that growth cannot be sustained with declining natural capital; and a need for companies to meet changing customer needs. What is clear is that businesses are seeing sustainability and climate change as a new way in which to change their business model, strategy and generate and sustain multiple competitive advantages into the future.

However, capitalising on this opportunity is not straightforward. This is where reporting has a part to play. Reporting is all about telling it how it is: in a way that is balanced, unbiased, clear about the relevance to the business and some external context. However, it also needs to be concise, to the point, and memorable. And when it comes to corporate reporting, comparability should be added to this list of attributes.

With all of these attributes it is challenging but necessary to demonstrate how a business is seizing the opportunities and addressing the risks from climate change. The UK’s recent announcement of mandatory greenhouse gas emissions reporting for companies listed on the London Stock Exchange provides the necessity for many companies to report. The challenge will be telling a compelling picture to go along side the basic information that needs to be disclosed.

The underlying principles of integrated reporting are a good place to start when looking at the next steps in reporting:• Discuss the external market drivers: capture economic,

competitive, regulatory, geopolitical, environmental, social and technological drivers and be future orientated about how these are shaping the market in which you operate.

• Be transparent around your strategy: show how this responds to the market drivers, is aligned to remuneration policies and the identified risks, and inform the reader about the extent of this across the value chain in which you operate.

• Explain how the business model enables you to differentiate: include the relative importance of resources (financial, human and natural capital) and relationships (customers, suppliers, employees, etc.).

• Disclose your performance: give a balanced assessment of performance on progress against strategy, including Key Performance Indicators and targets, to provide insight into how the business is dealing with the market drivers.

• Think of the future: the future orientation of the business and how it is going to continue into the future will be important to the reader.

Giving a balanced picture is not as easy as it sounds. Climate change is a complex issue fraught with uncertainty. Admitting that you do not have all the answers and don’t have certainty about how it will impact the business is never easy. But biased reporting has less credibility and risks being branded as ‘greenwash’. Those who have the courage to deal with uncertainty are those who will capitalise on the opportunities.

Alan McGill, Partner,

PwC

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By leading on emissions reductions activities and CO2 accounting, as well as driving this through our value chain, we believe we can make our biggest difference to improving and preserving natural capital. Reporting plays a key role here. For a number of years we have been connecting our fiscal metrics to our nonfinancial KPIs to demonstrate the real value add of our policies, practice and performance to our stakeholders.

Transparency in reporting is critical, as it increases trust and helps to highlight the cost gaps of externalities. Our stakeholders are calling for the benefits of transparency and increased visibility in enabling the old adage: what you value, you protect. We have long believed that including environmental costs in reporting, reduces risk and will strengthen society’s ability to deliver a global economic model which balances efficiency and resiliency.

Environmental impacts from climate change are a thorny and pressing example. A recent study concluded that CO2e emissions and resulting climate change impacts account for a large and growing share of environmental costs. Trucost estimate these external costs as US$ 4.5 trillion in 2008 and rising to US$ 21 trillion in 2050. These environmental costs are unavoidable and translate into business costs in the guise of: insurance premiums, environmental taxes, rising supply costs and the cost associated with infrastructure repairs after severe weather events.

For example, the widespread flooding experienced across many parts of the UK in 2007 caused an additional 31,000 customer complaints and cost BT approximately £9m in operational insurance claims. More recently the severe flooding affecting Thailand last year caused severe human suffering and ecological damage. It also impacted on our industry by increasing costs and supply lead times for hard drives. Suppliers of such equipment are often clustered geographically; Thailand manufactures over 70% of the world market in hard drives. We know that there’s more to do to factor this into our climate change adaptation strategy. This summer in the UK our fault rate in the network increased by some 30% - this is despite our long term efforts to protect the network from flooding, wind damage and lightning strikes.

We all need to do more to ensure that businesses’ products and services can deliver more good to society than the natural capital consumed in their making, delivery and end of life. Transparently accounting and reporting for environmental costs, connecting non-financial and financial metrics, will play a central part in enabling this imperative.

Tony ChanmugamGroup Finance Director, BT

Reducing our business costs often go hand in hand with reducing our impacts on the environment. We know this with certainty since we’ve been measuring and reporting our environmental performance since 1992. But the goalposts are shifting, and rightly so. Reporting needs to frame and illuminate the global challenge of increasing population and consumption that is bringing break-point pressure on finite environmental resources.

As a business we are increasingly being asked to demonstrate how the decisions that we make impact on the environment and society, in particular through our supply chain and the products and services we provide our customers. Some of our customers are making commitments to accounting for natural capital and exploring aligned frameworks so that we can all speak the same language and count the same numbers. Investors too are increasingly looking to factor environmental considerations into investment decisions.

For BT, we believe that one of the biggest differences that we can make is by applying our people, skills and technology to help reduce the demands on the planet’s natural resources. For example, it’s been calculated that our sector generates some 2% of Carbon Dioxide equivalent (CO2e) worldwide and that our products and services could help avoid 15% of worldwide emissions by 2020.

Neither BT nor its supply chain is a large user of natural capital, but many of our business customers are, and we offer a host of services designed to help them be more efficient. Our primary raw material is energy. Energy powers the communications solutions that keep people and businesses connected. In the UK alone BT consumes around 0.7% of the country’s electricity, spending around £250m per annum and generating over 600,000 tonnes of CO2e emissions.

The Future of Reporting – A Company Perspective

A number of multinationals such as leading telecommunications group BT have demonstrated aforward-thinking approach to preparing their carbon statements by using the CDSB’s Climate Change Reporting Framework for climate change reporting since 2010.

21

22

2012 Leaders

Introduction to the Carbon Disclosure Leadership Index (CDLI) and the Carbon Performance Leadership Index (CPLI) Each year, company responses are reviewed, analysed and scored for the quality of disclosure and performance on actions taken to mitigate climate change. The highest scoring companies for disclosure enter the CDLI and the highest for performance enter the CPLI.

What are the CDLI and CPLI criteria? To enter the CDLI, a company must:• Make their response public and submit it via CDP’s

Online Response System;• Achieve a score within the top 10% of the reporting

population (35 companies in 2012).To enter the CPLI (Performance Band A), a company must:• Make their response public and submit it via CDP’s

Online Response System; • Attain a performance score greater than 85;• Score maximum performance points on question 13.1a

(absolute emissions performance for GHG reductions due to emissions reduction actions over the past year);

• Disclose gross global Scope 1 and Scope 2 figures; and• Score maximum performance points for verification of

Scope 1 and Scope 2 emissions.

Why are the CDLI and CPLI important to investors? Analyses of the CDLI and CPLI provide insights into the characteristics and common trends among the leading companies on carbon disclosure and performance. They highlight good practices in reporting, governance, risk management, verification and emissions reduction activities that drive climate change adaptation and mitigation.

Additionally, good carbon management and disclosure may be used as a proxy to assess where management are applying superior understanding of their risk profile and opportunities to help increase financial returns and the sustainability of their business. Companies in the CDLI and CPLI typically show a deeper understanding of, and address more pro-actively, the risks and opportunities presented by climate change. They build this into their strategy, risks and opportunities management and reporting processes. This transparency, and willingness to disclose information, is attractive to investors as they can make a more informed decision based on this information.

For further information on the CDLI and the CPLI

and how scores are determined, please visit

https://www.cdproject.net/guidance

23

Sector Company Name Dis

clo

sure

S

core

201

2

Con

secu

tive

year

s in

the

CD

LI

Per

form

ance

  B

and

Consumer Discretionary Reed Elsevier 88 4 BBritish Sky Broadcasting 86 3 BTUI Travel 85 5 BCarnival 84 4 BKingfisher 84 3 B

Consumer Staples Diageo 98 2 AReckitt Benckiser 93 4 ATesco 91 4 BTate & Lyle 89 1 BBritish American Tobacco 86 2 BUnilever 84 1 A

Energy BG Group 89 2 BRoyal Dutch Shell 89 4 B

Financials British Land 96 2 ABarclays 92 4 BLand Securities 92 1 BStandard Chartered 92 1 BRoyal Bank of Scotland 89 4 BHSBC 86 4 BLloyds Banking Group 85 4 BOld Mutual 85 4 BGreat Portland Estates 84 2 B

Health Care GlaxoSmithKline 90 4 BSmith & Nephew 84 1 C

Industrials Serco 92 3 BCobham 86 1 CMorgan Crucible 86 1 A

Information Technology Logica 93 4 BMaterials Anglo American 94 3 A

Mondi 88 2 ATelecommunication Services BT Group 88 3 B

Cable and Wireless Worldwide 85 2 BUtilities Centrica 96 4 B

United Utilities 92 1 BSSE 90 4 B

This FTSE Small Cap Company is not in FTSE 350 but achieved the required score to join CDLIIndustrials Morgan Sindall Group 86 1 B

CDLI

T2 THE CDP FTSE 350 CDLI 2012

In 2012, all ten sectors were once again represented and Financials was, as in 2011, the most represented sector (nine companies) although the most over-represented was Utilities, of whom 43% are in the CDLI (See Figure 6). There is a clear relationship between companies attaining a position in the CDLI and in the CPLI: six out of the seven (87%) CPLI companies are also in the CDLI (in 2011, all seven (100%) of the CPLI companies were in the CDLI).

Some of this year’s leaders have shown consistency over a number of years: 16 companies have now been in the CDLI for four years. However, nine companies are included in the CDLI for the first time this year. While the disclosure score required to enter the CDLI in 2012 is similar to last year, the average CDLI score increased once again to 88 (2011: 87, 2010: 85).

Emissions ReportingCDLI companies are far better prepared for the introduction of mandatory reporting regulations than non-CDLI companies:• 100% of CDLI companies report Scope 1 and Scope 2

emissions (non-CDLI: 91%);• 97% of CDLI companies report Scope 3 emissions

(non-CDLI: 69%);• 94% of CDLI companies verify their Scope 1 emissions

(non-CDLI: 22%);• 89% of CDLI companies verify their Scope 2 emissions

(non-CDLI: 20%);• 34% of CDLI companies verify their Scope 3 emissions

(non-CDLI: 13%);• CDLI companies report, a mean average, three different

Scope 3 types of emissions (non-CDLI: two categories); and

24

• 80% of the CDLI companies already include information on climate change in their annual reports (non-CDLI: 49%).

Overall, CDLI companies already show a far higher willingness and transparency around their processes, achievements and targets. This preparedness will allow them to respond better to any future regulatory requirements for emissions reporting.

Risks and OpportunitiesCDLI companies are able to better understand the risks and opportunities presented by climate change and link these to their strategies and risk management procedures.

On average, CDLI companies scored 77% of disclosure points for questions related to opportunities (non-CDLI: 42%) and CDLI companies scored 84% of disclosure points for risks (non-CDLI: 52). Figures 8 and 9 show how CDLI companies consistently outperform other companies in identifying regulatory and physical risks and opportunities.

Integrating StrategyLeaders are not only reporting the short term impact of climate change but are equally integrating climate change into their long-term strategy. 57% of the CDLI recognise risks with timeframes of more than ten years (non-CDLI: 24%) and 23% of the CDLI recognise opportunities with timeframes of more than ten years (non-CDLI: 12%).

CDLI companies have already adapted their strategies and reflect best practice reporting across the board:

• 94% (non-CDLI: 49%) of the CDLI have integrated climate change into their strategies;

• 97% have monetary incentives (non-CDLI: 35%); and • 100% have climate change risk management

procedures (non-CDLI: 72%).

74% of CDLI companies believe they currently have a strategic advantage relating to climate change. Indeed, the leaders demonstrate their preparedness for climate change and forward thinking by outperforming average FTSE 350 respondents in all areas of disclosure: emissions management, reporting, governance and strategy, opportunities, risks and stakeholder engagement (see Figure 10).

“Longer term (15-20 years) strategic opportunities are focused on providing products and services that enable adaptation and resilience to the impacts of climate change.”

Barclays

F6 SECTOR REPRESENTATION IN THE CDLI

• % of CDLI consisting of sector• % of disclosers in sector• % of disclosers in sector in CDLI

Consum

er D

iscretionary

Utilities

Telecomm

unication S

ervices

Materials

Information

Technology

Industrials

Health C

are

Financials

Energy

Consum

er S

taples

14

18 17

7 6 6

26

22

6

3

9

21

3

6 6

11

6

4

9

3

45

40

35

30

25

20

15

10

5

0%

F7 PERCENTAGE OF RESPONDING COMPANIES DISCLOSING OR vERIFYING EMISSIONS

• CDLI• Non-CDLI

Disclose Scopes 1 + 2

Verify Scope 1

Verify Scope 2

Disclose Scope 3

Verify Scope 3

91%

100%

20%

89%

70%

97%

13%

37%

22%

94%

0 10 504020 30 60 80 10070 90

Percentage of responding companies24

25

F8 AvERAGE DISCLOSURE SCORE FOR REGULATORY AND PHYSICAL RISKS

• CDLI• Non-CDLI

F9 AvERAGE DISCLOSURE SCORE FOR REGULATORY AND PHYSICAL OPPORTUNITIES

• CDLI• Non-CDLI

Physical risks

Regulatory risks

Physical opportunities

Regulatory opportunities

53% 37%

59% 46%

82% 73%

90% 83%

0 10 504020 30 60 80 10070 90 0 10 504020 30 60 80 10070 90

F10 COMPARISON OF DISCLOSURE SCORES

• CDLI• Non-CDLI• All

Governance and Strategy

Emissions Management

Emissions Reporting

Risks Disclosure

Opportunities Disclosure

Verification/ Stakeholder Engagement

77%

80%

94

%

72%

75%

93

% 85%

87%

99

%

50%

58%

84

%

42%

48%

77

%

40%

48%

89

%

100%

90%

80%

70%

60%

50%

40%

30%

20%

10%

0%

25

26

The criteria to enter the CPLI was more stringent in 2012: companies had to obtain a performance score above 85, achieve at least a 3% reduction in carbon emissions as a result of emissions reduction activities over the last year and disclose and verify Scope 1 and 2 emissions. All companies in the 2012 CPLI are new to the index, however six of the seven are also in the CDLI.

In addition to showing high levels of disclosure, companies are showing leadership by implementing actions. Figure 11 shows how CPLI companies are strongly outperforming non-CPLI companies in a number of areas.

CPLI companies are already, without exception, disclosing details of their greenhouse gas emissions in public reports, with the vast majority (86%) choosing to put this information in their annual reports. The leaders are therefore well placed to adapt to the Government’s new reporting requirements without significantly needing to modify their business processes. In addition, in

accordance with the CPLI entry requirements, 100% of the CPLI verify both their Scope 1 & 2 emissions (non-CPLI: 32%).

All CPLI companies are setting absolute and intensity targets to monitor progress: 57% of CPLI companies have absolute targets (non-CPLI: 32%) and 71% have intensity targets (non-CPLI: 36%). CPLI companies are not only setting and disclosing targets but, importantly, are working towards meeting them. CPLI companies are meeting their targets faster than the non-CPLI respondents: 86% of CPLI companies have met or are ahead of their targets (non-CPLI: 43%).

By already integrating climate change into their mainstream business processes, the vast majority of leading companies are ideally placed to meet future reporting requirements and are at the forefront of driving the change in the business as usual approach to adapting to a sustainable future.

Sector Company  Dis

clo

sure

S

core

201

2

Per

form

ance

B

and

Als

o in

the

C

DLI

?

Consumer Discretionary Marks & Spencer 81 A NoConsumer Staples Diageo 98 A Yes

Reckitt Benckiser 93 A YesUnilever 84 A Yes

Financials British Land* 96 A YesIndustrials Morgan Crucible 86 A YesMaterials Anglo American 94 A Yes

Mondi 88 A Yes

CPLI

T3 THE CDP FTSE 350 CPLI 2012

F11 PERFORMANCE COMPARISON BETWEEN CPLI AND NON-CPLI COMPANIES

• CPLI • All• Non-CPLI

Higher Level governance

Integrated strategy

Verification or assurance

Monetary incentives

Implementation of emissions

reduction targets

Progress meeting targets

Emissions reductions from

initiatives

Report Climate Change in annual

reports

97%

97%

10

0%

55%

56%

10

0%

57%

45%

10

0%

67%

66%

10

0%

43%

61%

88

%

53%

54%

10

0%

53%

54%

86

%

32%

31%

10

0%

100%

90%

80%

70%

60%

50%

40%

30%

20%

10%

0%

* British Land was added to FTSE CPLI on 8th November 2012 following a review which identified specific items with regards to British Land’s response. Revisions of the items resulted in scoring adjustments and British Land’s inclusion in the CPLI.

27

CPLI Appendix I Table of emissions, scores and sector information by company

Please refer to the Key on page 45 for further explanation of the abbreviations used

3i Group United

Kingdom

FIN 53 E AQ 2,457 580 1,877 3

3i Infrastructure United

Kingdom

FIN DP SA DP DP DP DP DP DP

A.G. Barr United

Kingdom

CS NR NR NR NR NR NR NR NR

Aberdeen Asset

Management

United

Kingdom

FIN 64 D AQ NP NP NP NP NP NP

Aberforth Smaller

Companies Trust

United

Kingdom

FIN DP DP DP DP DP DP DP DP

Admiral Group United

Kingdom

FIN 42 AQ 6,981 0 6,981

Aegis Group United

Kingdom

CD 79 C AQ 15,257 999 14,258 5* Int

Afren United

Kingdom

EGY AQ(L) NR AQ(L) AQ(L) AQ(L) AQ(L) AQ(L) AQ(L)

African Barrick Gold (see

Barrick Gold Corporation

- Global 500)

United

Kingdom

MAT AQ(SA) AQ(SA) AQ(SA) AQ(SA) AQ(SA) AQ(SA) AQ(SA) AQ(SA)

Aggreko United

Kingdom

IND IN DP IN IN IN IN IN IN

Alliance Trust United

Kingdom

FIN 54 D IN NP NP NP NP NP NP

AMEC United

Kingdom

EGY 76 C AQ 41,151 22,724 18,427 1 VAA S1,

S2, VAR S3

Int

Amlin United

Kingdom

FIN 70 D AQ 3,595 806 2,789 3* VAA S1,

S2, S3

Anglo American United

Kingdom

MAT 94 A AQ 18,844,462 9,361,858 9,482,604 5 VAA S1, S2 Abs

Antofagasta United

Kingdom

MAT 64 E AQ 1,883,876 565,718 1,318,158 6*

Aquarius Platinum Bermuda MAT 75 E AQ 635,445 38,094 597,351 1

ARM Holdings United

Kingdom

IT 53 E AQ 11,203 560 10,643 2 Int

Ashmore Group United

Kingdom

FIN 7 NR

Ashtead Group United

Kingdom

IND 36 AQ NP NP NP NP NP NP

Company name Co

untr

y

Sec

tora

2012

Sco

reb

2011

res

po

nse

stat

usc

Tota

l Sco

pe

1 +

Sco

pe

2 E

mis

sio

nsd

Sco

pe

1

Sco

pe

2

Num

ber

of S

cop

e 3

cate

go

ries

rep

ort

ede

veri

fica

tion/

Ass

uran

ce

stat

usf

Targ

et(s

) rep

ort

edg

28

Associated British

Foods

United

Kingdom

CS 57 D AQ 3,606,296 2,504,154 1,102,142 VAR S1, S2 Int

AstraZeneca United

Kingdom

HC 73 B AQ 637,555 375,002 262,553 5 VAA S1,

S2, S3

Abs, Int

Atkins United

Kingdom

IND 81 C AQ 59,619 33,578 26,041 1 VAA S1,

S2, S3

Abs

Aveva Group United

Kingdom

IT DP DP DP DP DP DP DP DP

Aviva United

Kingdom

FIN 78 B AQ 142,459 44,471 97,988 2* VAA S1,

S2, S3

Abs

Az Electronic Materials United

Kingdom

MAT NR X NR NR NR NR NR NR

Babcock International

Group

United

Kingdom

IND 28 AQ 0 0 Abs

BAE Systems United

Kingdom

IND 69 C AQ 1,017,000 353,000 664,000 1 VAA S1 Abs

Balfour Beatty United

Kingdom

IND 78 C AQ 482,851 348,522 134,329 5* VAA S1,

S2, S3

Int

Bankers Investment

Trust (see Henderson)

United

Kingdom

FIN AQ(SA) SA AQ(SA) AQ(SA) AQ(SA) AQ(SA) AQ(SA) AQ(SA)

Barclays United

Kingdom

FIN 92 B AQ 874,031 51,138 822,893 1 VAA S1,

S2, VAR S3

Abs

Barratt Developments United

Kingdom

CD NR IN NR NR NR NR NR NR

BBA Aviation United

Kingdom

IND 43 AQ 131,299 80,594 50,705 VAR S1, S2

Beazley United

Kingdom

FIN NR AQ NR NR NR NR NR NR

Bellway United

Kingdom

CD 47 AQ 2,944 370 2,574

Berendsen United

Kingdom

IND 12 AQ

Berkeley Group United

Kingdom

CD 76 C AQ 10,961 3,545 7,416 2* Abs

Betfair United

Kingdom

CD DP X DP DP DP DP DP DP

BG Group United

Kingdom

EGY 89 B AQ 7,525,410 7,507,395 18,015 1 VAA S1,

S2, S3

Abs

BH Global United

Kingdom

FIN NR DP NR NR NR NR NR NR

BH Macro United

Kingdom

FIN NR SA NR NR NR NR NR NR

BHP Billiton Australia MAT 71 B AQ 40,826,000 19,863,000 20,963,000 2 VAA S1,

S2, S3

Int

Big Yellow Group United

Kingdom

FIN 67 C NR 7,300 126 7,174 1 VAA S1,

S2, VAR S3

Abs, Int

Company name Co

untr

y

Sec

tora

2012

Sco

reb

2011

res

po

nse

stat

usc

Tota

l Sco

pe

1 +

Sco

pe

2 E

mis

sio

nsd

Sco

pe

1

Sco

pe

2

Num

ber

of S

cop

e 3

cate

go

ries

rep

ort

ede

veri

fica

tion/

Ass

uran

ce

stat

usf

Targ

et(s

) rep

ort

edg

29

Blackrock World (see

Blackrock - Global 500)

United

Kingdom

FIN AQ(SA) SA AQ(SA) AQ(SA) AQ(SA) AQ(SA) AQ(SA) AQ(SA)

Bluecrest Allblue United

Kingdom

FIN DP NR DP DP DP DP DP DP

Bodycote International United

Kingdom

IND DP NR DP DP DP DP DP DP

Booker Group United

Kingdom

CS DP NR DP DP DP DP DP DP

Bovis Homes Group United

Kingdom

CD 56 E AQ 1,323 853 470 1 Int

BP United

Kingdom

EGY 75 C AQ 70,790,000 61,820,000 8,970,000 1 VAA S1,

S2, S3

Brewin Dolphin Holdings United

Kingdom

FIN NR IN NR NR NR NR NR NR

British American

Tobacco

United

Kingdom

CS 86 B AQ 729,090 355,410 373,680 3* VAA S1,

S2, S3

Int

British Assets Trust

(see F&C Asset

Management)

United

Kingdom

FIN AQ(SA) SA AQ(SA) AQ(SA) AQ(SA) AQ(SA) AQ(SA) AQ(SA)

British Empire Securities United

Kingdom

FIN NR NR NR NR NR NR NR NR

British Land Company United

Kingdom

FIN 96 A AQ 31,346 1,821 29,525 7 VAA S1,

S2, S3

Abs

British Sky Broadcasting United

Kingdom

CD 86 B AQ 113,089 22,744 90,345 1* VAA S1,

S2, S3

Abs, Int

Britvic United

Kingdom

CS 64 D AQ NP NP NP NP NP NP

BT Group United

Kingdom

TCOM 88 B AQ 1,498,024 196,290 1,301,734 3 VAA S1,

S2, S3

Abs, Int

BTG United

Kingdom

HC 46 AQ 4,573 1,299 3,274

Bumi United

Kingdom

EGY NR X NR NR NR NR NR NR

Bunzl United

Kingdom

IND 71 C AQ 129,622 99,610 30,012 3 VAR S1, S2 Int

Burberry Group United

Kingdom

CD 74 D AQ 33,494 1,790 31,704 1 VAF S1, S2

BWIN Party Digital

Entertainment

United

Kingdom

CD NR NR NR NR NR NR NR NR

Cable & Wireless

Communications

United

Kingdom

TCOM 44 AQ 145,986 19,297 126,689 2*

Cable and Wireless

Worldwide

United

Kingdom

TCOM 85 B AQ 195,380 5,722 189,658 5* VAA S1,

S2, VAR S3

Abs

Cairn Energy United

Kingdom

EGY 74 D AQ 166,535 166,266 269 1 VAA S1,

S2, S3

Caledonia Investments United

Kingdom

FIN NR DP NR NR NR NR NR NR

Company name Co

untr

y

Sec

tora

2012

Sco

reb

2011

res

po

nse

stat

usc

Tota

l Sco

pe

1 +

Sco

pe

2 E

mis

sio

nsd

Sco

pe

1

Sco

pe

2

Num

ber

of S

cop

e 3

cate

go

ries

rep

ort

ede

veri

fica

tion/

Ass

uran

ce

stat

usf

Targ

et(s

) rep

ort

edg

30

CAPE United

Kingdom

IND AQ(L) X AQ(L) AQ(L) AQ(L) AQ(L) AQ(L) AQ(L)

Capita Group United

Kingdom

IND DP AQ DP DP DP DP DP DP

Capital & Counties

Properties

United

Kingdom

FIN 66 D NR 13,840 2,075 11,765 VAR S1, S2 Abs

Capital Shopping

Centres Group

United

Kingdom

FIN 71 C AQ 51,930 5,220 46,710 VAR S1, S2 Abs

Carillion United

Kingdom

IND 77 C AQ 255,794 217,420 38,374 2* VAR S1,

S2, S3

Abs, Int

Carnival USA CD 84 B AQ 11,003,072 10,949,844 53,228 3 VAA S1, S2 Int

Carpetright United

Kingdom

CD DP NR DP DP DP DP DP DP

Catlin Group United

Kingdom

FIN 68 D AQ 8,632 681 7,951 3

Centamin Egypt Canada MAT NR NR NR NR NR NR NR NR

Centrica United

Kingdom

UTIL 96 B AQ 7,696,573 7,564,949 131,624 2* VAA S1,

S2, S3

Abs, Int

Charter International United

Kingdom

IND NR DP NR NR NR NR NR NR

Chemring Group United

Kingdom

IND 30 AQ 68,357 68,357 Int

City of London

Investment Trust (see

Henderson Group)

United

Kingdom

FIN AQ(SA) SA AQ(SA) AQ(SA) AQ(SA) AQ(SA) AQ(SA) AQ(SA)

Close Brothers Group United

Kingdom

FIN DP NR DP DP DP DP DP DP

Cobham United

Kingdom

IND 86 C AQ 185,527 123,647 61,879 3 VAA S1, S2 Int

Colt Technology

Services

United

Kingdom

TCOM 62 D AQ 127,695 2,067 125,628 2

Compass United

Kingdom

CD 51 D AQ NP NP NP NP NP NP

Computacenter United

Kingdom

IT 53 E AQ NP NP NP NP NP NP

Cookson Group United

Kingdom

IND DP DP DP DP DP DP DP DP

Cranswick United

Kingdom

CS 57 D AQ 76,407 31,774 44,633 2 Int

CRH Ireland MAT 75 C AQ 11,580,000 10,329,000 1,251,000 2 VAA S1,

S2, S3

Int

Croda International United

Kingdom

MAT 72 D AQ 201,454 149,580 51,874 1* VAA S1 Abs

CSR United

Kingdom

IT DP DP DP DP DP DP DP DP

Daejan Holdings United

Kingdom

FIN DP DP DP DP DP DP DP DP

Company name Co

untr

y

Sec

tora

2012

Sco

reb

2011

res

po

nse

stat

usc

Tota

l Sco

pe

1 +

Sco

pe

2 E

mis

sio

nsd

Sco

pe

1

Sco

pe

2

Num

ber

of S

cop

e 3

cate

go

ries

rep

ort

ede

veri

fica

tion/

Ass

uran

ce

stat

usf

Targ

et(s

) rep

ort

edg

31

Daily Mail & General

Trust

United

Kingdom

CD 47 AQ 69,400 13,900 55,500 2 Abs

Dairy Crest Group United

Kingdom

CS 62 D AQ 223,462 141,805 81,657 3 VAA S1,

VAR S2, S3

Int

De La Rue United

Kingdom

IND 61 D AQ NP NP NP NP NP NP

Debenhams United

Kingdom

CD 71 D AQ NP NP NP NP NP NP

Dechra Pharmaceuticals United

Kingdom

HC DP NR DP DP DP DP DP DP

Derwent London United

Kingdom

FIN 78 C AQ 9,246 3,244 6,002 2* Int

Devro United

Kingdom

CS DP DP DP DP DP DP DP DP

Dexion Absolute United

Kingdom

FIN NR DP NR NR NR NR NR NR

Diageo United

Kingdom

CS 98 A AQ 690,263 596,506 93,757 5* VAA S1, S2 Abs

Dignity United

Kingdom

CD 49 AQ 22,590 15,202 7,388

Diploma United

Kingdom

IT DP DP DP DP DP DP DP DP

Dixons Retail United

Kingdom

CD NR SA NR NR NR NR NR NR

Domino Printing

Sciences

United

Kingdom

IT 63 E AQ 9,211 4,635 4,576 1 VAR S1,

S2, S3

Abs

Dominos Pizza United

Kingdom

CD 63 E AQ 86,770 40,431 46,339 3*

Drax Group United

Kingdom

UTIL 62 C AQ 21,465,607 21,465,607 0 VAR S1 Int

DS Smith United

Kingdom

MAT 58 D AQ 883,387 687,097 196,290 VAA S1, S2 Int

Dunedin Income Growth

Investment Trust

(see Aberdeen Asset

Management)

United

Kingdom

FIN AQ(SA) SA AQ(SA) AQ(SA) AQ(SA) AQ(SA) AQ(SA) AQ(SA)

Dunelm Group United

Kingdom

CD DP DP DP DP DP DP DP DP

Easyjet United

Kingdom

IND NR NR NR NR NR NR NR NR

Edinburgh Dragon Trust

(see Aberdeen Asset

Management)

United

Kingdom

FIN AQ(SA) SA AQ(SA) AQ(SA) AQ(SA) AQ(SA) AQ(SA) AQ(SA)

Edinburgh Investment

Trust

United

Kingdom

FIN NR SA NR NR NR NR NR NR

Electra Private Equity United

Kingdom

FIN 0 AQ

Company name Co

untr

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Sec

tora

2012

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32

Electrocomponents United

Kingdom

IT 77 B AQ 20,315 3,729 16,586 1

Elementis United

Kingdom

MAT DP IN DP DP DP DP DP DP

EnQuest United

Kingdom

EGY NR DP NR NR NR NR NR NR

Essar Energy United

Kingdom

UTIL NR SA NR NR NR NR NR NR

Eurasian Natural

Resources Corporation

(ENRC)

United

Kingdom

MAT 81 C DP NP NP NP NP NP NP

Euromoney Institutional

Investors

United

Kingdom

CD 40 AQ 2,860 200 2,660 1 Abs

Evraz United

Kingdom

MAT 20 NR NP NP NP NP NP NP

Exillon Energy United Arab

Emirates

EGY NR NR NR NR NR NR NR NR

Experian Group Ireland IND 65 D AQ 60,980 6,730 54,250 1 VAR S1,

S2, S3

Int

F&C Asset Management United

Kingdom

FIN 66 D AQ 752 0 752 1

F&C Commercial

Property Trust (see F&C

Asset Management)

United

Kingdom

FIN AQ(SA) SA AQ(SA) AQ(SA) AQ(SA) AQ(SA) AQ(SA) AQ(SA)

Fenner United

Kingdom

IND NR NR NR NR NR NR NR NR

Ferrexpo Switzerland MAT NR NR NR NR NR NR NR NR

Fidelity China Special

Situations (see Fidelity

European Values)

United

Kingdom

FIN AQ(SA) SA AQ(SA) AQ(SA) AQ(SA) AQ(SA) AQ(SA) AQ(SA)

Fidelity European Values United

Kingdom

FIN 16 NR NP NP NP NP NP NP

Fidessa Group United

Kingdom

IT NR NR NR NR NR NR NR NR

Filtrona United

Kingdom

MAT 54 E AQ 61,030 6,266 54,764 Int

FirstGroup United

Kingdom

IND 60 D AQ 3,074,615 2,713,282 361,333 2 VAF S1, S2 Int

Foreign & Colonial

Investment Trust

(see F&C Asset

Management)

United

Kingdom

FIN AQ(SA) SA AQ(SA) AQ(SA) AQ(SA) AQ(SA) AQ(SA) AQ(SA)

Fresnillo Mexico MAT 61 E AQ 700,340 285,788 414,552

G4S United

Kingdom

IND 77 C AQ 518,062 394,480 123,582 1 Int

Galliford Try United

Kingdom

IND 68 D AQ 49,092 41,864 7,228 VAF S1, S2 Int

Company name Co

untr

y

Sec

tora

2012

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2011

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33

Genesis Emerging

Markets Fund

United

Kingdom

FIN NR NR NR NR NR NR NR NR

Genus United

Kingdom

HC NR NR NR NR NR NR NR NR

GKN United

Kingdom

CD 60 C AQ NP NP NP NP NP NP

GlaxoSmithKline United

Kingdom

HC 90 B AQ 1,874,230 1,016,974 857,256 3* VAR S1,

S2, S3

Abs

Glencore International Switzerland MAT 64 E X NP NP NP NP NP NP

Go-Ahead Group United

Kingdom

IND 65 C DP 896,217 367,362 528,856 VAR S1, S2 Int

Grainger United

Kingdom

FIN 71 D AQ 601 249 352 2 Int

Great Portland Estates United

Kingdom

FIN 84 B AQ 5,444 1,181 4,263 1 VAA S1, S2 Int

Greene King United

Kingdom

CD 62 D AQ 146,036 53,128 92,908 1 VAF S3 Abs

Greggs United

Kingdom

CS 75 C AQ NP NP NP NP NP NP

Halfords Group United

Kingdom

CD NR IN NR NR NR NR NR NR

Halma United

Kingdom

IT 63 E NR 18,219 18,219 0 1 Int

Hammerson United

Kingdom

FIN 71 C AQ 67,684 4,886 62,798 * Int

Hansteen Holdings United

Kingdom

FIN DP DP DP DP DP DP DP DP

Hargreaves Lansdown United

Kingdom

FIN DP NR DP DP DP DP DP DP

Hays United

Kingdom

IND 58 E AQ 11,520 3,524 7,996 1 VAR S1,

S2, S3

Henderson Group United

Kingdom

FIN 72 B AQ 2,360 119 2,241 3 VAR S1,

S2, S3

Int

Herald Investment Trust United

Kingdom

FIN NR NR NR NR NR NR NR NR

Heritage Oil Channel

Islands

EGY 11 AQ NP NP NP NP NP NP

HICL Infrastructure (see

HSBC Holdings)

United

Kingdom

FIN AQ(SA) SA AQ(SA) AQ(SA) AQ(SA) AQ(SA) AQ(SA) AQ(SA)

Hikma Pharmaceuticals United

Kingdom

HC DP AQ DP DP DP DP DP DP

Hiscox United

Kingdom

FIN 58 C NR 1,348 165 1,183 2 Int

Hochschild Mining United

Kingdom

MAT NR DP NR NR NR NR NR NR

Home Retail Group United

Kingdom

CD 73 C AQ 285,552 113,117 172,435 1 VAR S1, S2 Int

Company name Co

untr

y

Sec

tora

2012

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2011

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34

Homeserve United

Kingdom

CD NR NR NR NR NR NR NR NR

Howden Joinery Group United

Kingdom

CD NR NR NR NR NR NR NR NR

HSBC Holdings United

Kingdom

FIN 86 B AQ 799,065 73,721 725,344 1 VAR S1,

S2, S3

Int

Hunting United

Kingdom

EGY 48 AQ 25,230 3,055 22,175

Icap United

Kingdom

FIN DP NR DP DP DP DP DP DP

IG Group Holdings United

Kingdom

FIN DP DP DP DP DP DP DP DP

Imagination

Technologies

United

Kingdom

IT NR NR NR NR NR NR NR NR

IMI United

Kingdom

IND 70 B AQ 92,000 25,000 67,000 1 VAA S1, S2 Int

Imperial Tobacco Group United

Kingdom

CS 75 D AQ 310,687 149,714 160,973 15 VAA S1, S2 Abs, Int

Inchcape United

Kingdom

CD NR AQ NR NR NR NR NR NR

Informa United

Kingdom

CD 63 E AQ NP NP NP NP NP NP

Inmarsat United

Kingdom

TCOM 20 AQ 4,328 4,328

Intercontinental Hotels

Group

United

Kingdom

CD 75 C AQ 2,233,000 656,000 1,577,000 2 Int

Intermediate Capital

Group

United

Kingdom

FIN DP AQ DP DP DP DP DP DP

International

Consolidated Airlines

Group

Spain IND 75 C X 22,699,731 22,578,170 121,561 2 VAA S1,

S2, S3

Abs, Int

International Personal

Finance

United

Kingdom

FIN 72 C AQ 25,299 19,932 5,367 2 VAR S1,

S2, S3

Int

International Power (see

GDF Suez)

United

Kingdom

UTIL AQ(SA) AQ AQ(SA) AQ(SA) AQ(SA) AQ(SA) AQ(SA) AQ(SA)

International Public

Partnerships

United

Kingdom

FIN NR NR NR NR NR NR NR NR

Interserve United

Kingdom

IND 79 B AQ 36,434 29,794 6,641 4 VAF S1, S2,

S3

Int

Intertek Group United

Kingdom

IND 59 E NR NP NP NP NP NP NP

Invensys United

Kingdom

IND 62 C AQ 99,479 21,573 77,906 1 VAR S1,

S2, S3

Abs

Investec (see Investec

Ltd - South Africa)

United

Kingdom

FIN AQ(SA) SA AQ(SA) AQ(SA) AQ(SA) AQ(SA) AQ(SA) AQ(SA)

ITE Group United

Kingdom

IND 57 D NR NP NP NP NP NP NP

Company name Co

untr

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2012

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35

ITV United

Kingdom

CD DP DP DP DP DP DP DP DP

J Sainsbury United

Kingdom

CS 82 B AQ 1,696,290 759,404 936,886 1 VAA S1,

S2, VAR S3

Abs, Int

Jardine Lloyd Thompson

Group

United

Kingdom

FIN NR DP NR NR NR NR NR NR

John Laing United

Kingdom

FIN 56 E AQ 128,138 30,003 98,135 1 VAR S1,

S2, S3

Johnson Matthey United

Kingdom

MAT 73 D AQ 417,407 159,742 257,665 1 VAR S1,

S2, S3

Abs, Int

JPMorgan American IT

(see JPMorgan Chase -

Global 500)

United

Kingdom

FIN AQ(SA) SA AQ(SA) AQ(SA) AQ(SA) AQ(SA) AQ(SA) AQ(SA)

JPMorgan Asian

Investment Trust (see

JPMorgan Chase)

United

Kingdom

FIN AQ(SA) SA AQ(SA) AQ(SA) AQ(SA) AQ(SA) AQ(SA) AQ(SA)

JPMorgan Emerging

Mkts Inv Trust (see

JPMorgan Chase)

United

Kingdom

FIN AQ(SA) SA AQ(SA) AQ(SA) AQ(SA) AQ(SA) AQ(SA) AQ(SA)

JPMorgan Indian

Investment Trust (see

JPMorgan Chase)

United

Kingdom

FIN AQ(SA) SA AQ(SA) AQ(SA) AQ(SA) AQ(SA) AQ(SA) AQ(SA)

Jupiter Fund

Management

United

Kingdom

FIN 57 E AQ 611 47 564 1*

Kazakhmys United

Kingdom

MAT 53 E NR NP NP NP NP NP NP

KCOM United

Kingdom

TCOM 52 D AQ 27,256 3,126 24,130 2 Abs

Kenmare Resources Ireland MAT NR NR NR NR NR NR NR NR

Kentz Corp United

Kingdom

IND DP X DP DP DP DP DP DP

Kesa Electricals United

Kingdom

CD NR NR NR NR NR NR NR NR

Kier Group United

Kingdom

IND 80 C AQ 74,428 63,166 11,262 1 VAF, S1,

VAR S2

Abs, Int

Kingfisher United

Kingdom

CD 84 B AQ 424,757 119,026 305,731 3* VAA S1,

S2, S3

Int

Ladbrokes United

Kingdom

CD 71 D AQ NP NP NP NP NP NP

Laird United

Kingdom

IT 59 D AQ 41,129 3,217 37,913 Int

Lamprell United Arab

Emirates

EGY NR AQ NR NR NR NR NR NR

Lancashire Holdings Bermuda FIN NR NR NR NR NR NR NR NR

Land Securities United

Kingdom

FIN 92 B AQ 99,817 12,350 87,467 2 VAA S1, S2 Int

Law Debenture

Corporation

United

Kingdom

FIN 17 AQ NP NP NP NP NP NP

Company name Co

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36

Legal & General Group United

Kingdom

FIN 78 C AQ NP NP NP NP NP NP

Lloyds Banking Group United

Kingdom

FIN 85 B AQ 378,877 57,179 321,698 1 VAA S1,

S2, S3

Abs

Logica United

Kingdom

IT 93 B AQ 92,228 28,390 63,838 1* VAA S1, S2 Abs

London and Stamford

Property

United

Kingdom

FIN NR X NR NR NR NR NR NR

London Stock Exchange United

Kingdom

FIN 61 E AQ 21,448 679 20,769 1

Lonmin United

Kingdom

MAT 78 B AQ 1,642,995 101,248 1,541,747 1 VAA S1,

S2, S3

Int

Man Group United

Kingdom

FIN 22 AQ 11,345 1,226 10,119

Marks & Spencer Group United

Kingdom

CD 81 A AQ 557,699 171,301 386,398 2 VAA S1,

S2, S3

Abs, Int

Marstons United

Kingdom

CD 38 AQ 98,942 98,942 0

Meggitt United

Kingdom

IND 34 AQ NP NP NP NP NP NP

Melrose United

Kingdom

IND NR NR NR NR NR NR NR NR

Menzies (John) United

Kingdom

CD NR NR NR NR NR NR NR NR

Mercantile Investment

Trust

United

Kingdom

FIN NR NR NR NR NR NR NR NR

Merchants Trust United

Kingdom

FIN NR SA NR NR NR NR NR NR

Michael Page

International

United

Kingdom

IND 38 DP 2,619 2,619 0 VAR S1

Micro Focus

International

United

Kingdom

IT 41 AQ 587 221 366 VAF S1, S2

Millennium & Copthorne

Hotels

United

Kingdom

CD 61 E AQ 300,907 67,073 233,834 1 Abs

Misys United

Kingdom

IT DP AQ DP DP DP DP DP DP

Mitchells & Butlers United

Kingdom

CD 41 AQ 274,639 78,410 196,229 VAR S1, S2

MITIE Group United

Kingdom

IND 69 C AQ 47,075 43,310 3,765 3*

Mondi United

Kingdom

MAT 88 A AQ 5,771,478 4,546,577 1,224,901 5 VAA S1,

S2, VAF S3

Int

Moneysupermarket.com

Group

United

Kingdom

IT NR NR NR NR NR NR NR NR

Monks Investment

Trust (see Baillie Gifford

Japan Trust - FTSE 600)

United

Kingdom

FIN AQ(SA) NR AQ(SA) AQ(SA) AQ(SA) AQ(SA) AQ(SA) AQ(SA)

Company name Co

untr

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Sec

tora

2012

Sco

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37

Morgan Crucible United

Kingdom

IND 86 A AQ 434,523 167,116 267,407 1 VAA S1, S2 Int

Morrison Supermarkets United

Kingdom

CS 75 B AQ 1,284,420 500,394 784,026 3 VAA S1,

S2, S3

Abs

Murray Income Trust

(see Aberdeen Asset

Management)

United

Kingdom

FIN AQ(SA) SA AQ(SA) AQ(SA) AQ(SA) AQ(SA) AQ(SA) AQ(SA)

Murray International

Trust (see Aberdeen

Asset Management)

United

Kingdom

FIN AQ(SA) SA AQ(SA) AQ(SA) AQ(SA) AQ(SA) AQ(SA) AQ(SA)

N Brown Group United

Kingdom

CD 76 C AQ 12,874 2,676 10,198 4* Abs, Int

National Express Group United

Kingdom

IND 55 D AQ 488,746 267,037 221,709 2 VAR S1,

S2, S3

Int

National Grid United

Kingdom

UTIL 78 C AQ 8,647,525 8,328,345 319,180 3 VAR S1, S2 Abs, Int

New World Resources Netherlands EGY NR NR NR NR NR NR NR NR

Next United

Kingdom

CD 82 B AQ NP NP NP NP NP NP

Ocado Group United

Kingdom

CD NR NR NR NR NR NR NR NR

Old Mutual United

Kingdom

FIN 85 B AQ 567,795 12,068 555,726 3 VAA S1,

S2, VAR S3

Int

OPHIR ENERGY United

Kingdom

EGY NR X NR NR NR NR NR NR

Oxford Instruments United

Kingdom

IT NR NR NR NR NR NR NR NR

Paragon Group of

Companies

United

Kingdom

FIN NR NR NR NR NR NR NR NR

Paypoint United

Kingdom

IND DP DP DP DP DP DP DP DP

Pearson United

Kingdom

CD 65 D AQ 150,536 35,806 114,730 2 VAR S1,

S2, S3

Abs

Pennon Group United

Kingdom

UTIL 73 C AQ 2,251,796 2,092,169 159,627 4 VAR S1,

S2, S3

Abs

PERFORM GROUP United

Kingdom

CD 0 X

Perpetual Income &

Growth Investment Trust

United

Kingdom

FIN DP SA DP DP DP DP DP DP

Persimmon United

Kingdom

CD 53 D AQ 13,872 9,063 4,809

Personal Assets Trust United

Kingdom

FIN 15 NR

Petrofac United

Kingdom

EGY 78 D AQ 227,390 210,663 16,727 1

Petropavlovsk United

Kingdom

MAT DP AQ DP DP DP DP DP DP

Company name Co

untr

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38

Phoenix Group Holdings United

Kingdom

FIN DP NR DP DP DP DP DP DP

Polar Capital Partners United

Kingdom

FIN NR NR NR NR NR NR NR NR

Polymetal Russia MAT DP DP DP DP DP DP DP DP

Premier Farnell United

Kingdom

IT 72 D AQ 22,573 3,986 18,587 2 VAR S1,

S2, S3

Abs, Int

Premier Oil United

Kingdom

EGY 66 E AQ 616,167 614,507 1,660 1 VAR S1

Provident Financial United

Kingdom

FIN 72 B AQ 6,024 1,944 4,080 1 VAA S1,

S2, S3

Prudential United

Kingdom

FIN 64 D AQ 137,581 13,725 123,856 1 VAR S1, S2 Abs

PZ Cussons United

Kingdom

CS 58 D AQ NP NP NP NP NP NP

Qinetiq Group United

Kingdom

IND 71 C AQ 66,590 20,643 45,947 1 Abs

Randgold Resources United

Kingdom

MAT 78 C AQ 410,387 409,904 483 2 VAA S1,

S2, VAR S3

Int

Rank Group United

Kingdom

CD NR NR NR NR NR NR NR NR

Rathbone Brothers United

Kingdom

FIN 67 D AQ NP NP NP NP NP NP

Raven Russia United

Kingdom

FIN NR NR NR NR NR NR NR NR

Reckitt Benckiser United

Kingdom

CS 93 A AQ 289,677 94,406 195,271 9* VAA S1,

S2, S3

Int

Redrow United

Kingdom

CD 72 D AQ 9,500 7,069 2,431 VAR S2 Abs

Reed Elsevier Group United

Kingdom

CD 88 B AQ 151,788 12,138 139,650 3* VAA S1,

S2, VAR S3

Int

Regus Group United

Kingdom

IND 68 C AQ NP NP NP NP NP NP

Renishaw United

Kingdom

IT NR AQ NR NR NR NR NR NR

Rentokil Initial United

Kingdom

IND 74 D AQ 266,290 227,893 38,397 1

Resolution United

Kingdom

FIN 68 D AQ 22,238 4,830 17,408 1 VAA S1,

S2, S3

Restaurant Group United

Kingdom

CD DP NR DP DP DP DP DP DP

Rexam United

Kingdom

MAT 57 C AQ NP NP NP NP NP NP

Rightmove United

Kingdom

FIN NR NR NR NR NR NR NR NR

Rio Tinto United

Kingdom

MAT 82 C AQ 44,700,000 27,500,000 17,200,000 6 VAR S1, S2 Int

Company name Co

untr

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Sec

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2012

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39

RIT Capital Partners United

Kingdom

FIN NR NR NR NR NR NR NR NR

Rolls-Royce United

Kingdom

IND 72 B AQ 568,883 224,500 344,383 3 VAR S1, S2 Abs, Int

Rotork United

Kingdom

IT 62 D AQ 8,480 4,401 4,079 1 VAR S1,

S2, S3

Abs

Royal Bank of Scotland

Group

United

Kingdom

FIN 89 B AQ 655,437 71,065 584,372 1 VAA S1,

S2, VAR S3

Abs

Royal Dutch Shell Netherlands EGY 89 B AQ 84,000,000 74,000,000 10,000,000 6 VAA S1,

S2, S3

RPC Group United

Kingdom

MAT 57 E AQ 196,893 2,836 194,057

RPS Group United

Kingdom

IND 78 C AQ 14,269 8,288 5,981 1 Int

RSA Insurance Group United

Kingdom

FIN 62 C AQ 41,246 12,902 28,344 4* VAA S1,

S2, S3

Abs

SABMiller United

Kingdom

CS 68 C AQ 2,193,208 1,410,135 783,073 1 VAR S1, S2 Int

Sage Group United

Kingdom

IT 56 D AQ 26,773 1,608 25,165

Salamander Energy United

Kingdom

EGY IN NR IN IN IN IN IN IN

Savills United

Kingdom

FIN 77 D AQ 2,693 137 2,556 2

Schroders United

Kingdom

FIN 79 B AQ 8,559 1,003 7,556 1 VAA S1,

S2, S3

Abs

Schroders N/V (see

Schroders)

United

Kingdom

FIN AQ(SA) X AQ(SA) AQ(SA) AQ(SA) AQ(SA) AQ(SA) AQ(SA)

Scottish Investment

Trust

United

Kingdom

FIN DP NR DP DP DP DP DP DP

Scottish Mortgage

Investment Trust (see

Baillie Gifford Japan

Trust - FTSE 600)

United

Kingdom

FIN AQ(SA) NR AQ(SA) AQ(SA) AQ(SA) AQ(SA) AQ(SA) AQ(SA)

SDL United

Kingdom

IT IN IN IN IN IN IN IN IN

Segro United

Kingdom

FIN 79 D AQ 21,236 3,948 17,288 1 Int

Senior United

Kingdom

IND 50 E AQ 53,555 9,409 44,146 2 VAR S1, S2 Int

Serco Group United

Kingdom

IND 92 B AQ 154,744 41,852 112,892 2 VAA S1,

S2, VAR S3

Int

Severn Trent United

Kingdom

UTIL 75 B AQ 540,385 155,266 385,119 2* VAA S1,

S2, S3

Abs

Shaftesbury United

Kingdom

FIN 78 C AQ 1,401 19 1,382 1 VAR S1,

S2, S3

Abs, Int

Shanks Group United

Kingdom

IND 50 E AQ 610,000 530,000 80,000

Company name Co

untr

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2012

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40

Shire Ireland HC 77 D AQ 64,554 28,115 36,439 2

SIG United

Kingdom

IND 59 C AQ 99,224 82,416 16,808 1 Abs

Smith & Nephew United

Kingdom

HC 84 C AQ 82,069 10,550 71,519 1 VAA S1, S2 Int

Smiths Group United

Kingdom

IND 31 AQ 121,401 18,868 102,533 VAR S1, S2 Int

Soco International United

Kingdom

EGY 11 AQ NP NP NP NP NP NP

Spectris United

Kingdom

IT 60 E AQ NP NP NP NP NP NP

Spirax-Sarco

Engineering

United

Kingdom

IND 69 C AQ NP NP NP NP NP NP

Spirent Communications United

Kingdom

IT NR NR NR NR NR NR NR NR

Sports Direct

International

United

Kingdom

CD NR NR NR NR NR NR NR NR

SSE United

Kingdom

UTIL 90 B AQ 26,194,904 24,791,474 1,403,430 1 VAA S1,

S2, S3

Int

St.James Place United

Kingdom

FIN 66 E AQ 3,022 786 2,236 5 VAR S1,

S2, S3

Abs, Int

Stagecoach Group United

Kingdom

IND 73 C AQ 1,150,475 848,861 301,614 VAA S1, S2 Abs, Int

Standard Chartered United

Kingdom

FIN 92 B AQ 250,456 10,643 239,813 1 VAA S1, S2 Int

Standard Life United

Kingdom

FIN 75 C AQ 21,071 3,240 17,831 1 VAR S1, S2 Abs, Int

Stobart Group United

Kingdom

IND AQ(L) NR AQ(L) AQ(L) AQ(L) AQ(L) AQ(L) AQ(L)

SuperGroup United

Kingdom

CD DP DP DP DP DP DP DP DP

SVG Capital United

Kingdom

FIN NR DP NR NR NR NR NR NR

Synergy Health United

Kingdom

HC 58 E AQ 57,649 26,413 31,236 1 Int

TalkTalk Telecom Group United

Kingdom

TCOM 67 E AQ 68,195 464 67,731 1 Int

Talvivaara Mining

Company

Finland MAT 69 E AQ 316,922 231,200 85,723 1

Tate & Lyle United

Kingdom

CS 89 B AQ 3,575,149 2,319,397 1,255,752 2 VAA S1, S2 Int

Taylor Wimpey United

Kingdom

CD 72 D AQ 24,367 10,923 13,444 1

Telecity Group United

Kingdom

IT 13 AQ

Telecom Plus United

Kingdom

TCOM DP DP DP DP DP DP DP DP

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Temple Bar Investment

Trust (see Investec Ltd -

South Africa)

United

Kingdom

FIN AQ(SA) SA AQ(SA) AQ(SA) AQ(SA) AQ(SA) AQ(SA) AQ(SA)

Templeton Emerging

Markets IT

United

Kingdom

FIN NR SA NR NR NR NR NR NR

Tesco United

Kingdom

CS 91 B AQ 5,540,789 1,944,344 3,596,445 1 VAA S1,

VAR S2, S3

Abs, Int

TR Property Investment

Trust (see F&C Asset

Management)

United

Kingdom

FIN AQ(SA) SA AQ(SA) AQ(SA) AQ(SA) AQ(SA) AQ(SA) AQ(SA)

Travis Perkins United

Kingdom

IND 63 D AQ 200,435 122,511 77,924 1 VAR S1, S2 Int

TUI Travel United

Kingdom

CD 85 B AQ 6,428,164 6,259,723 168,441 2* VAA S1 Abs, Int

Tullett Prebon Group United

Kingdom

FIN NR DP NR NR NR NR NR NR

Tullow Oil United

Kingdom

EGY 44 AQ 1,376,741 1,376,588 153 VAR S1

UK Commercial

Property Trust

(see Northern Trust)

United

Kingdom

FIN AQ(SA) DP AQ(SA) AQ(SA) AQ(SA) AQ(SA) AQ(SA) AQ(SA)

Ultra Electronic Holdings United

Kingdom

IND NR NR NR NR NR NR NR NR

Unilever United

Kingdom

CS 84 A AQ 2,491,971 1,048,797 1,443,174 VAA S1,

S2, VAF S3

Abs, Int

United Business Media United

Kingdom

CD 75 B AQ 10,181 1,129 9,052 3* VAA S1,

S2, S3

Abs

United Utilities United

Kingdom

UTIL 92 B AQ 487,539 128,361 359,178 1* VAA S1,

S2, S3

Abs

Utilico Emerging

Markets

United

Kingdom

FIN DP X DP DP DP DP DP DP

Vedanta Resources United

Kingdom

MAT 76 D AQ 33,332,647 31,667,184 1,665,463 2 VAR S1, S2 Abs

Victrex United

Kingdom

MAT NR NR NR NR NR NR NR NR

Vodafone Group United

Kingdom

TCOM 73 C AQ 2,469,985 358,691 2,111,294 2 VAR S1, S2 Abs

Weir Group United

Kingdom

IND 41 AQ 165,832 53,432 112,400

Wetherspoon United

Kingdom

CD 67 C AQ NP NP NP NP NP NP

WH Smith United

Kingdom

CD 52 C AQ 52,101 6,532 45,569 1 VAR S1,

S2, S3

Abs

Whitbread United

Kingdom

CD 73 B AQ 210,221 51,201 159,020 1 VAA S1,

S2, S3

Int

William Hill United

Kingdom

CD NR DP NR NR NR NR NR NR

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Witan Investment Trust United

Kingdom

FIN NR DP NR NR NR NR NR NR

Wolseley United

Kingdom

IND 75 C AQ 729,365 383,085 346,280 2 Abs

Wood Group United

Kingdom

EGY 65 C AQ 7,752 1,417 6,335 1

Workspace Group United

Kingdom

FIN 72 C AQ 14,468 3,480 10,988

Worldwide Healthcare

Trust

United

Kingdom

HC NR NR NR NR NR NR NR NR

WPP Group United

Kingdom

CD 81 B AQ 166,125 8,964 157,161 1* Int

Xstrata Switzerland MAT 85 C AQ NP NP NP NP NP NP

Yule Catto United

Kingdom

MAT NR NR NR NR NR NR NR NR

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Responding FTSE SmallCap CompaniesPlease refer to the Key on page 45 for further explanation of the abbreviations used

Aga Rangemaster

Group

United

Kingdom

CD 72 C AQ 28,185 14,043 14,142 Int

British Polythene

Industries

United

Kingdom

MAT 45 AQ 176,309 42,315 133,994 3

Brunner Investment

Trust

United

Kingdom

FIN 0 SA

Costain Group United

Kingdom

IND 72 C AQ NP NP NP NP NP NP

Dialight United

Kingdom

IT 16 AQ

Enterprise Inns United

Kingdom

CD 19 AQ NP NP NP NP NP NP

Fiberweb United

Kingdom

CS 51 E AQ NP NP NP NP NP NP

Fortune Oil United

Kingdom

EGY 42 AQ 9,298 5,947 3,351 1

Henry Boot United

Kingdom

CD 39 X NP NP NP NP NP NP

Hill & Smith Holdings United

Kingdom

MAT 50 E NR 28,478 17,437 11,041 Abs

Hyder Consulting United

Kingdom

IND 54 D AQ 3,311 232 3,079 1 Abs

Impax Environmental

Markets

United

Kingdom

FIN 56 E AQ 58 0 58 1

JKX Oil and Gas United

Kingdom

EGY 53 E AQ NP NP NP NP NP NP

Keller United

Kingdom

IND 49 AQ 1,636 1,208 428

Marshalls United

Kingdom

MAT 69 D AQ 65,109 43,421 21,688 VAR S1, S2 Abs, Int

McBride United

Kingdom

CS 77 C AQ 60,091 11,039 49,052 2 Int

Mecom Group United

Kingdom

MAT 29 AQ NP NP NP NP NP NP

Morgan Sindall Group United

Kingdom

IND 86 B AQ 49,548 36,701 12,847 3 VAA S1,

S2, S3

Abs, Int

Mothercare United

Kingdom

CD 66 D AQ 30,367 7,063 23,304 1 Abs

Pace United

Kingdom

CD 79 C AQ 6,876 571 6,305 1 VAR S1,

S2, S3

Abs, Int

Speedy Hire United

Kingdom

IND 36 AQ 27,735 22,544 5,191 Abs

Ted Baker United

Kingdom

CD 65 E AQ 3,952 144 3,808 4* VAR S1,S3

Thomas Cook Group United

Kingdom

CD 77 C AQ 4,455,119 4,406,861 48,258 1 Abs

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Unite Group United

Kingdom

FIN 58 E NR 62,614 6,167 56,447 2 Int

UTV Media United

Kingdom

CD 68 D AQ 3,634 833 2,801 1 Abs

Vectura Group United

Kingdom

HC 50 D AQ NP NP NP NP NP NP

Wincanton United

Kingdom

IND 70 C AQ NP NP NP NP NP NP

WSP Group United

Kingdom

IND 75 C AQ 11,537 2,015 9,522 1 Abs

Xchanging United

Kingdom

IT 65 E AQ 17,606 1,817 15,789 1

XP Power United

Kingdom

IT 54 E AQ 1,354 27 1,327 1 VAR S1,

S2, S3

Int

Yell United

Kingdom

CD 79 B AQ 23,253 2,393 20,860 4* VAA S1,

S2, S3

Abs

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KEY TO APPENDIX

a CD Consumer Discretionary CS Consumer Staples EGY Energy FIN Financials HC Health Care IND Industrials IT Information Technology MAT Materials TCOM Telecommunications UTIL Utilities

b The 2012 score is comprised of the disclosure score number and performance score letter. Only companies that have scored more than 50 for their disclosure score are given a performance score. Companies that are in the CDLI or CPLI have the relevant part of the score (disclosure or performance) in bold text. Companies that have not responded have the relevant response status code in this column. See the key above.

c AQ Answered Questionnaire AQ(L) Answered Questionnaire Late

(after analysis cut off date of 30th June 2012) AQ(SA) Company is either a subsidiary or has merged

during the reporting process. See company in brackets for further information on company’s status.

DP Declined to Participate IN Provided Information NR Not Responded X Company did not fall into one of the CDP

samples in that year * The company reported Scope 3 emissions

from “Other (upstream)” or “Other (downstream)” categories; however, these were not included in the count of ‘Number of Scope 3 categories reported’ as they are not one of the 15 specific named Scope 3 types.

d Emissions figures have been rounded to the nearest whole number. Due to rounding the Total Scope 1 + Scope 2 Emissions” column may not equal the “Scope 1 column” and “Scope 2 column” added together. There has been a change in the way in which Scope 1 and 2 emissions reported under CCRF are calculated although this is not expected to cause a major change in reported emissions. In 2011 the Scope 1 and 2 figure was taken as Parent and subsidiaries under control of the parent whereas in 2012 joint ventures are also included.

e Only Scope 3 categories reported using the Greenhouse Gas Protocol Scope 3 standard categories (as provided in the Online Response System) are listed here.

f vAR: Verification/Assurance reported; companies have reported that the have verification complete or underway with last year’s statement available but the verification statement provided has not been awarded the full points available, or they have not been scored and therefore their verification statement has not been assessed.

vAF: Verification/Assurance reported as underway, first year; companies have reported that the have verification underway but that it is the first year they have undertaken verification. In this case there is no verification statement available for assessment.

vAA: Verification/Assurance approved; companies have reported that they have verification complete or underway with last years certificate available and they have been awarded the full points available for their statement.

S1: Scope 1; verification/assurance applies to Scope 1 emissions.

S2: Scope 2; verification/assurance applies to Scope 2 emissions.

S3: Scope 3; verification/assurance applies to Scope 3 emissions.

g Abs Absolute target, Int Intensity target, based on entering a value for

“% reduction from base year”

46

The Climate Disclosure Standards Board (CDSB), a special project of CDP, is an international organisation committed to the integration of climate change-related information into mainstream corporate reporting. Established in 2007 at the World Economic Forum, CDSB is a coalition of environmental and business NGO’s, accountancy professionals, companies and representatives from the investment community, advancing its mission by acting as a forum for collaboration on how existing standards and practices can be supported and enhanced so as to link financial and climate change-related reporting and respond to regulatory developments.

In September 2010, CDSB launched its internationally accepted Climate Change Reporting Framework designed for use by companies in making disclosures in, or linked to, their mainstream financial reports about the risks and opportunities that climate change presents to their strategy, financial performance and condition. It has been developed using existing standards and practices to ensure a clear harmonised approach to reporting rather than creating a new standard and in so doing, it leads to globally consistent and comparable information reaching financial markets. Designed inline with the objectives of financial reporting and rules on non-financial reporting, CDSB’s Climate Change Reporting Framework offers a leading example of how to apply the principles of integrated reporting with respect to reporting on climate change.

CDP’s disclosure system is the mechanism for organisations worldwide to: measure and disclose greenhouse gas emissions and climate change risk information which is of value to investors; help companies understand what is material to their business and take strategic action; and prepare companies for mandatory reporting. Together CDP and CDSB provide a full disclosure toolkit for companies on carbon and climate change, both in reporting to financial markets and in preparing for, and adhering to, mandatory reporting around the world. Companies are advised to disclose in full to their shareholders and customers through CDP and can then pull the information that is most financially material into their mainstream reports using the reporting requirements as outlined in CDSB’s framework.

Learn more about CDSB and download your own copy of CDSB’s climate change reporting framework at www.cdsb.net.

Appendix II Using CCRF for your future reporting

47

Global Advisor and Report Writer

CDP Silver UK Consultancy Partners 2012

Design and production Printing

In recognition of its work to catalyze the transition to a profitable low carbon economy, drive greenhouse gas emissions reduction and sustainable water use by business and cities, the Carbon Disclosure Project (CDP) has been awarded the top accolade in the SME & NGO category of the Zayed Future Energy Prize.

CDP Silver UK Education & Training Partner 2012 CDP Silver Carbon Reduction Partner 2012

2012 WINNER

productionstudios.co.uk

48

CDP Contacts

Paul DickinsonExecutive Chair

Paul SimpsonChief Executive Officer

Frances WayCo-Chief Operating Officer

Sue HowellsCo-Chief Operating Officer

Daniel TurnerHead of Disclosure

Marcus NortonHead of Investor CDP & Water Disclosure

James HowardDisclosure Manager

Rosie MackenzieProject Officer

Carbon Disclosure Project40 Bowling Green Lane London, EC1R 0NEUnited KingdomTel: +44 (0) 20 7970 5660Fax: +44 (0) 20 7691 7316www.cdproject.netinfo@cdproject.net

PwC Contacts

Alan McGillPartner

Jonathan GrantDirector

James HallamSenior Manager

Simon MessengerSenior Associate

PricewaterhouseCoopers LLP7, More LondonLondon, SE1 2RTUnited KingdomTel: +44 (0) 20 7583 5000Fax: + 44 (0) 20 7822 4652

Contact details can be found atthe following web address:http://pwc.com/sustainability

CDP Board of Trustees

Chairman: Alan BrownSchroders

James CameronClimate Change Capital

Chris PageRockefeller Philanthropy Advisors

Dr. Christoph SchroederTVM Capital

Jeremy SmithBerkeley Energy

Takejiro Sueyoshi

Tessa TennantThe Ice Organisation

Martin WiseRelationship Capital Partners

Our sincere thanks are extended to the following

Allen & Overy, Board and Technical Working Group of Climate Disclosure Standards Board, European Commission, Freshfields, Institutional Investors Group on Climate Change, Investor Group on Climate Change, Investor Network on Climate Risk, Skadden Arps, UK Department of Environment Food and Rural Affairs, UK Foreign & Commonwealth Office, UN Environment Programme Finance Initiative, UNFCCC Secretariat, UN Global Compact, UN Principles for Responsible Investment, World Business Council for Sustainable Development, World Resources Institute

Global Partners