CDP Benelux 150 Climate Change Report 2013

Summary findings

On behalf of 722 investors with assets of US$ 87 trillion

Report writer Scoring partner Content

01 The evolution of CDP 02 CEO Foreword 03 Foreword to the CDP Benelux 150 Report 2013 04 Performance Leaders 2013 Climate Performance Leadership Index (CPLI)

05 Disclosure Leaders 2013 Climate Disclosure Leadership Index (CDLI) 06 Key statistics 09 FirstCarbon Solutions Scoring Commentary 10 Responding companies, scores and emissions data 11 Non responding companies 12 Investor members 13 Investor signatories 18 Contacts

Important Notice This content is for general information purposes only, and should not be used as a substitute for consultation with professional advisors.

The contents of this report may be used by anyone providing acknowledgement 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 contributing 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.

PwC and CDP have prepared the data and analysis in this report based upon the Benelux regions responses to the CDP 2013 climate change information request. No representation or warranty (express or implied) is given by PwC or CDP as to the accuracy or completeness 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, PwC and CDP 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 reliance on the information contained in this report or for any decision based on it. All information and views expressed herein by CDP and/or PwC 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.

PwC and CDP, 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 Kingdom charity number 1122330.

© 2013 Carbon Disclosure Project. All rights reserved. 01 The evolution of CDP

With great pleasure, CDP announced an exciting change this year.

Over ten years ago CDP pioneered the only global disclosure system for companies to report their environmental impacts and strategies to investors. In that time, and with your support, CDP has accelerated climate change and natural resource issues to the boardroom and has moved beyond the corporate world to engage with cities and governments.

The CDP platform has evolved significantly, supporting multinational purchasers to build more sustainable supply chains. It enables cities around the world to exchange information, take best practice action and build climate resilience. We assess the climate performance of companies and drive improvements through shareholder engagement.

Our offering to the global marketplace has expanded to cover a wider spectrum of the earth’s natural capital, specifically water and forests, alongside carbon, energy and climate.

For these reasons, we have outgrown our former name of the Carbon Disclosure Project and rebranded to CDP. Many of you already know and refer to us in this way. Our rebrand denotes our progress as we continue to catalyze action and respond to business, finance, investment and environmental needs globally.

We now have a bolder, more dynamic look and logo that reflects the scale of the work we must undertake in the coming years to move the markets ahead of where they would otherwise be on these issues and realize truly sustainable economies.

Over 5,000 companies from all over the world have been asked to report on climate change through CDP this year;

81% of the world’s 500 largest public companies listed on the Global 500 engage with CDP to enable effective measurement of their carbon footprint and climate change action;

CDP is a not-for-profit organization. If you would like to support our vi- tal work through donations or sponsorship opportunities, please email [email protected] or telephone +44 (0) 7703 184 312. 02 CEO Foreword

As countries around the world seek economic growth, strong employment and safe environments, corporations have a unique responsibility to deliver that growth in a way that uses natural resources wisely. The opportunity is enormous and it is the only growth worth having.

This year we passed a significant landmark of investments than on the average business investment. 400ppm of carbon dioxide in the atmosphere and are Meanwhile, governments are taking new action: The rapidly heading towards 450ppm, accepted by many US Administration has launched its Climate Action governments as the upper limit to avoid dangerous Plan, with a new emphasis on reducing emissions from climate change. The Intergovernmental Panel on utilities; China is developing air pollution measures and Climate Change (IPCC) 5th assessment report (AR5) moving toward pilot cap and trade schemes; the UK strengthens the scientific case for action. Government has mandated greenhouse gas emissions reporting for all large listed companies; the EU is Fears are increasing over future climate change looking at improving environmental and other reporting. impacts as we see more extreme weather events, Hurricane Sandy the most noted with damages The pressure on corporations, investors and totalling some $42 billion1. The unprecedented melting governments to act continues. At CDP, we have of the Arctic ice is a clear climate alarm bell, while the broadened our work to add forests to climate and first 10 years of this century have been the world’s water so our programs now extend to an estimated hottest since records began, according to the World 79% of natural capital, by value3. To reflect this, we Meteorological Organization. rebranded at the start of the year from the Carbon Disclosure Project to CDP and are increasing our focus The result is a seismic shift in corporate awareness of on projects to accelerate action. One explores how the need to assess physical risk from climate change corporations influence public policy on climate change and to build resilience. both positively and negatively. Some corporations are still acting – both directly and through trade For investors, the risk of stranded assets has been associations – to prevent the inevitable: nations need brought to the fore by the work of Carbon Tracker. sensible climate regulation that protects the public 1 New York State They calculate around 80 % of coal, oil and gas interest over the long term. Hurricane Sandy reserves are unburnable, if governments are to meet Damage Assessment; Governor Andrew global commitments to keep the temperature rise As countries around the world seek economic growth, Cuomo; November below 2°C. This has serious implications for institutional strong employment and safe environments, corporations 12, 2012 http://www. governor.ny.gov/ investors’ portfolios and valuations of companies with have a unique responsibility to deliver that growth in a press/11262012- fossil fuel reserves. way that uses natural resources wisely. The opportunity damageassessment 2 https://www.cdproject. is enormous and it is the only growth worth having. net/CDPResults/3- The economic case for action is strengthening. percent-solution-report.pdf 2 3 Based on findings from This year, we published the 3% Solution with the report Natural Capital WWF showing that the US corporate sector could at Risk: The Top 100 Externalities of Business, reduce emissions by 3% each year between 2010 published by TEEB for and 2020 and deliver $780 billion in savings above Business Coalition in April 2013 costs as a result. 79% of US companies responding Paul Simpson to CDP report higher ROI on emission reductions CEO CDP 03 Foreword to the CDP Benelux 150 Report 2013

The insights that the CDP disclosure system provides by helping companies and cities to measure and monitor their environmental impact support us in making better policy decisions.

We are seeing the first signs that Europe is exiting The various CDP Europe reports on Climate Change the crisis but there are still too many uncertainties to show that an increasing percentage of companies in be complacent. The focus is now shifting from the the Nordic region is achieving emissions reductions, short to the longer term: fiscal consolidation must while in southern Europe companies are becoming be accompanied by the structural reforms that will increasingly sophisticated in their disclosure of key lay more solid foundations for future growth. But the environmental information and in their management of impact of the crisis is still being felt. Long term and emissions. Although the percentage of companies in youth unemployment, weak domestic demand, poor central and Eastern Europe, which report their carbon access to credit for many SMEs - this is still today’s emissions, remains well below the European average, reality. Some of this could probably have been avoided there is a growing number of listed corporations in had we made the necessary reforms earlier. Now we the region which are measuring and reporting their are paying for not having done enough. emissions, and that is encouraging.

Having learned this lesson the hard way, we should Resource efficiency and responsible stewardship of not repeat the same mistake. Climate change is one of natural capital are at the centre of the EU’s strategy for those long term issues that need to be addressed now. long-term development. As the European Commission It has not stopped during the crisis. Europe has not prepares the framework for the EU’s climate and become energy independent. energy policies up to 2030, it is encouraging to see that so many European businesses have understood And our energy infrastructure has not become younger. that our future economic growth potential also depends These challenges are still here, and if we don’t address on how we handle our resources and the climate them they will have an even more serious impact on change challenge. Europe’s economy and on how business operates.

This is why reporting through CDP is such an important tool. It can tell investors whether companies integrate climate change challenges into their corporate strategies. It can make companies discover new potential for reducing their own energy use and carbon emissions. It can make new investments more Connie Hedegaard climate proof. European Commissioner for Climate Action

The insights that the CDP disclosure system provides by helping companies and cities to measure and monitor their environmental impact support us in making better policy decisions. 04 Performance Leaders 2013 Climate Performance Leadership Index (CPLI)

Sector Company Performance band Disclosure score Consumer Discretionary Philips Electronics N.V. A 100 Reed Elsevier Group A 91 Consumer Staples Anheuser Busch InBev A 85 Industrials Air France - KLM A 91 Telecommunication Services Belgacom A 86 Koninklijke KPN NV A 95 (Royal KPN)

Each year, company responses are analysed and scored against two parallel scoring schemes: performance and disclosure.

The performance score assesses the level of action, as reported by the company, on climate change The intent of the performance score is mitigation, adaptation and transparency. Its intent is to highlight positive climate action as to highlight positive climate action as demonstrated demonstrated by a company’s CDP by a company’s CDP response. A high performance response. score signals that a company is measuring, verifying and managing its carbon footprint, for example by setting and meeting carbon reduction targets and implementing programs to reduce emissions in both its direct operations and supply chain.

The highest scoring companies for performance To enter the CPLI (Performance Band A), a company and/or disclosure enter the CPLI and/or CDLI. must: Public scores are available in CDP reports, through � Make its response public and submit it via CDP’s Bloomberg Terminals, Google Finance and Deutsche Online Response System Boerse’s website. � Attain a performance score greater than 85 The number of companies in the Benelux CPLI grew � Score maximum performance points on question to five in 2013, from one in 2012. Both sectors with 12.1a for greenhouse gas emissions reductions due high and low emissions are represented in the index. to emission reduction actions over the past year (4% or above in 2013) � Disclose gross global scope 1 and scope 2 figures � Score maximum performance points for verification of scope 1 and scope 2 emissions � Furthermore, CDP reserves the right to exclude any company from the CPLI if there is anything in its response or other publicly available information that calls into question its suitability for inclusion. Note: Companies that receive a performance score high enough to warrant inclusion in the CPLI, but do not meet all of the other CPLI requirements are classed as Performance Band A- but are not included in the CPLI.

Average performance band Companies achieving A, A- or B Average performance change since 2012 C 52% 11% 05 Disclosure Leaders 2013 Climate Disclosure Leadership Index (CDLI)

Sector Company Disclosure score Performance band Consumer Discretionary Royal Philips 100 A Reed Elsevier Group 91 B Consumer Staples Heineken NV 96 B Financials ING Group 96 B Industrials Royal BAM Group NV 96 B Hitachi, Ltd. 95 B Air France – KLM 91 A TNT Express 88 B Materials Akzo Nobel 93 B Solvay S.A. 89 B Arcelor Mittal 88 A Telecommunication Services Koninklijke KPN NV 95 A (Royal KPN) Belgacom 86 A Utilities GDF Suez 95 B Energy Royal Dutch Shell 90 B

The disclosure score assesses the completeness and For the first time the Benelux 150 sample includes quality of a company’s response. Its purpose is to a company which has scored the full 100 disclosure provide a summary of the extent to which companies points. have answered CDP’s questions in a structured format. A high disclosure score signals that a company The average disclosure score increase to 74 in 2013 provided comprehensive information about the compared to 68 last year. measurement and management of its carbon footprint, its climate change strategy and risk management Less positively, a few companies still have a disclosure processes and outcomes. score below 50. The information provided by these companies is insufficient to assess the performance To enter the CDLI a company must achieve a score of a company and hence the performance band is not within the top 10% of the total Benelux 150 population issued. (15 companies in 2013). The threshold for inclusion in the CDLI rose to 86 disclosure points this year (79 in 2012). The average score of CDLI companies is 93.

Average disclosure score Companies scoring 80 or more Average disclosure change since 2012 74 40% 9% 06 Key statistics

For the second year in a row, 150 Benelux companies For comparison reasons, these 8 companies have were invited to participate to CDP. Compared to last been left out of the 2012 responses. The answers from year, 8 companies with no operations in Benelux but the 8 newcomers are included in the 2013 figures. listed in Benelux are no longer included in the invitation In the next pages, we present you key statistics for the base but are replaced by Benelux operational entities. Benelux respondents by comparing 2013 to 2012.

Overall, the Benelux 150 response rate remained stable showing KS1 Response rates in 2012 and 2013 an increase for Belgium/Luxembourg and a decrease for The for the CDP in the Benelux Netherlands. And remains far lower than sample response rates of the Global 500 which includes the 500 largest world companies (response rate of 81%).

2013 2012 2013 2012

Listing base Listing base

country Invited Responded Rate Invited Responded Rate country Public Private Public Private

B 50 13 26% 51 11 22% Total 40 8 36 9

L 9 3 33% 13 1 8%

NL 91 32 35% 78 33 42%

Total 150 48 32% 142 45 32%

KS2 Year on year number of companies KS3 Total scope 1 & 2 emissions reported by

disclosing scope 1 or scope 2 GHG emissions responding Benelux companies (million tCO2) 07

KS4 Emissions million tCO2 in 2013 per category

Instead of measuring carbon-intensive activities in of scope 3 emissions. For instance, only limited their value chain, companies often seem to focus on number of industrials report emissions from the use of relatively insignificant emission impacts. While close sold products, which is where it is expected that the to 55% of companies report emissions from business majority of their scope 3 emissions come from. Overall, travel, these account for only 0.1% of total reported this suggests that current scope 3 reporting does not scope 3 emissions. The importance of different reflect the full impact of companies’ activities, and may scope 3 categories varies between sectors. However, mislead as to the full carbon impact of a company. companies do not always report their primary sources 08 Key statistics continued

KS5 Key performance statistics

Risk management is playing an important role in mitigating climate change impacts. Compared to 2012, more companies identify climate change risks in all three categories: regulatory, physical and other climate-related developments . However, at the same time, an increasing number of companies are seeing commercial opportunities in anticipating changes in consumer behavior and the ability to enhance their reputation.

Overall, positive evolution in the response rate of the Benelux entities regarding the different aspects in the CDP questionnaire although sometimes very limited or a standstill. 09 FirstCarbon Solutions Scoring Commentary

Benelux Region Overview CDLI members from the highest scoring non-CDLI In 2013, the Benelux region continued to impress companies are: with the quality and completeness of their carbon � Setting and achieving Scope 1 and Scope 2 disclosures. The region had an impressive 7% overall emission reductions improvement in disclosure scoring, with a 74 average disclosure score. 15 participants were awarded � Establishing mitigation strategies for the risks & CDLI leadership distinction in 2013, 13 for the opportunities associated with climate changes second consecutive year, demonstrating a consistent � Demonstrating how climate change is integrated commitment to climate reduction. into risk planning and corporate strategy What defines an Index leader? � Providing 3rd party assurance of Scope 1, Scope Companies in CDP’s Climate Disclosure Leadership 2 and Scope 3 emissions Index (CDLI) demonstrate the highest level of quality and thoroughness in climate disclosure within their In 2013: 98% of all regional participants reported geographic region. To start, CDLI companies have Scope 1 & Scope 2 emissions in 2013. a strong foundation of internal data management practices that facilitate accurate and complete reporting. Additionally, CDLI companies demonstrate integrated climate change management in terms of business strategy, risk management, and emission reductions. With established board-level oversight, as well as transparency and outreach with both suppliers and customers, these companies establish themselves as trusted and responsible organizations. Every year, the minimum disclosure score to achieve CDLI differs based on the whole group of participating companies. In general, the required disclosure scores increase year over year. This means that companies must continue to maintain and improve their disclosures even at the highest levels to ensure inclusion in CDLI. And it’s FCS’ experience in scoring over 5000 companies since 2011 that a number of companies just miss the cut-off for inclusion in CDLI due to a few key areas that if strengthened, would help them achieve CDLI status. In 2013, the areas that were most notable in distinguishing

The CDLI comparison chart shows a Benelux Disclosure Category Comparison – CDLI Avg vs Regional Avg breakdown of the regional average scores compared to the CDLI average scores for each disclosure category. 10 Responding companies, scores and emissions data

Country (HQ) 2013 Score Scope 1 Scope 2 Scope 3 Company Company Country (HQ) 2013 Score Scope 1 Scope 2 Scope 3 Consumer Discretionary Materials continued Reed Elsevier Group UK 91 A 10,752* 127,105* 7 Koninklijke DSM NL 71 C 3,082,400 1,163,000 11 Royal Philips NL 100 A 442,549* 408,517* 4 Nyrstar NV B 66 D np np np Ses L 60 E 6,959 20,475 4 Solvay S.A. B 89 B 10,349,521* 4,557,133* 1 Telegraaf Media Groep NL 62 C 8,963 7,063 0 Umicore B 62 C np np np Telenet Group Holding NV B 73 B 6,833 0 5 Vopak NL 64 D 241,099 227,848 0 Tom Tom NV NL 52 E np np np Telecommunication Services Wolters Kluwer NL 61 C 6,358 30,124 1 Belgacom B 86 A 52,980* 71,212* 3 Consumer Staples Koninklijke KPN NV Anheuser Busch InBev B 85 A 2,459,221* 1,588,297* 0 (Royal KPN) NL 95 A 49,061* 50,733* 2 Delhaize Group B 82 B 1,037,695* 1,521,740* 2 Utilities Heineken Holding NV AQ GDF Suez F 95 B 154,230,874* 3,712,790* 2 (Heineken NV) NL (SA) Heineken NV NL 96 B 1,263,773* 737,418* 6 Koninklijke Ahold NL 69 B 934,000* 1,163,000* 0 Royal Wessanen NV NL 70 D 8,050 852 3 Unilever Nv Cva AQ (Unilever plc) NL (SA) Energy Royal Dutch Shell NL 90 B 72,000,000* 9,000,000* 5 SBM Offshore NL 50 D np np np Financials Aegon NL 70 B 6,133 69,692 1 Befimmo SA B 81 B 202* 0* 1 Cofinimmo SA/NV B 81 C 98 247 2 Corio NL 68 B 7,018 35,465 0 ING Group NL 96 B 27,039* 87,735* 3 KBC Group B 66 C 11,557* 0 0 SNS Reaal NL 34 np np np Unibail-Rodamco F 79 B 15,429* 66,533* 6 KEY Wereldhave NL 66 C 1,854 9,780 1 AQ: Wereldhave Belgium AQ Answered Questionnaire (Wereldhave) B (SA) AQ(L): Health Care Answered Questionnaire Late Mediq NV NL 55 D 11,917 - 0 AQ(SA): UCB SA B 65 D 42,652* 43,306* 0 See Another - refers to another company response Industrials DP: Declined to Participate Air France - KLM F 91 A 28,296,174* 90,229* 4 Arcadis NL 77 B 16,392 20,517 2 IN: Provided Information Grontmij NV NL 59 D 9,370 3,250 1 NR: Heijmans Nv-Cva NL 75 C 57,122* 785 2 No Response Hitachi, Ltd. JP 95 B 912,154* 3,313,114* 6 np: Imtech NL 63 B 88,546* 14,023* 0 not public - the company responded privately Royal BAM Group nv NL 96 B 203,728* 44,224* 3 Scope 3 column: Royal Boskalis Westminster NL 67 D np np np value indicates number of S3 categories that were reported as ‘relevant and TNT Express NL 88 B 1,041,642* 65,603* 3 calculated’ Information Technology *: the asterisk on scope 1 or scope 2 emissions figure indicates full points were ASM International NL 54 E np np np awarded for verification that is complete or underway using an approved standard Econocom B 48 np np np Bold: Materials companies that are in either CPLI (performance band A) or CDLI (disclosure score Akzo Nobel NL 93 B 1,512,500* 3,236,400* 4 86 or higher), or both AMG Advanced -: Metallurgical Group NV NL 60 D 190,185 289,114 0 no data

APERAM F 55 D 672,302 299,028 0 Scope 1 and Scope 2: Arcelor Mittal L 88 B 158,192,000* 17,256,000* 1 Data for Scope 1 and Scope 2 are in tOC2 11 Non responding companies

Company Country (HQ) Response status 2013 Company Country (HQ) Response status 2013 Consumer Discretionary Health Care Accell Group Netherlands NR Arseus Belgium NR Agfa-Gevaert N.V. Belgium NR Cryo-Save Group NV Netherlands NR Ajax AFC Netherlands NR Galapagos N.V. Belgium NR Beter Bed Netherlands NR Pharming Group Netherlands NR D’Ieteren S.A./N.V. Belgium NR ThromboGenics NV Belgium NR Hunter Douglas NV Netherlands DP Industrials Kinepolis Group NV Belgium NR Aalberts Industries Netherlands NR Koninklijke Brill NV Netherlands NR Ballast Nedam Netherlands NR Macintosh Retail Group Netherlands NR Brunel International Netherlands NR RTL Group Luxembourg NR CFE SA Belgium NR Spyker Cars Netherlands NR Compagnie Maritime Belge SA Belgium NR Stern Groep NV Netherlands NR Dockwise Ltd. Netherlands DP Ten Cate Netherlands NR DPA Group NV Netherlands NR Van de Velde NV Belgium NR Exmar N.V. Belgium NR Consumer Staples HES Beheer nv Netherlands NR Amsterdam Commodities NV Netherlands NR Kendrion NV Netherlands DP Colruyt Belgium NR Oranjewoud nv Netherlands NR CSM Netherlands NR PostNL Netherlands NR DE Master Blenders 1753 NV Netherlands DP Randstad Holding nv Netherlands DP Duvel Moortgat SA Belgium NR RoyalReesink Netherlands NR Lotus Bakeries Netherlands NR The Member Company Netherlands NR Nutreco Holding Netherlands NR USG People Netherlands NR Sipef NV Belgium NR Information Technology Sligro Food Group Netherlands NR ASML Holding Netherlands DP Socfinaf Luxembourg NR Barco NV Belgium NR Socfinasia SA Luxembourg NR BE Semiconductor Industries N.V Netherlands NR Energy DOCdata NV Netherlands NR Fluxys Belgium Belgium NR EVS Broadcast Equipment S.A. Belgium NR Fugro Netherlands NR Exact Holding Netherlands NR Financials ICT Automatisering NV Netherlands NR LBi International NV Netherlands NR Ackermans & van Haaren Belgium NR Melexis N.V. Belgium NR Aedifica SA Belgium NR Ned Apparaten Fabriek - NEDAP Netherlands NR Ageas SA/NV Belgium NR Neways Electronic International NV Netherlands NR Banque Nationale Belgique S.A. Belgium NR Ordina NV Netherlands DP BinckBank Netherlands NR Roodmicrotec NV Netherlands NR BIP Investment Partners SA Luxembourg NR Unit 4 Agresso Netherlands NR Brederode S.A. Belgium NR Xeikon NV Netherlands NR Compagnie du Bois Sauvage S.A. Belgium NR Delta Lloyd NV Netherlands DP Materials Dexia SA Belgium NR Bekaert NV Belgium DP Eurocommercial Properties NV Netherlands DP Tessenderlo Group Belgium NR Foyer SA Luxembourg NR Telecommunication Services Gimv Belgium NR Mobistar SA Belgium NR Groothandelsgebouwen NV Netherlands NR TKH Group Netherlands NR Groupe Bruxelles Lambert SA Belgium NR Ziggo NV Netherlands NR Hal Trust Netherlands Antilles NR Utilities Intervest Offices NV Belgium NR Elia System Operator Belgium NR Kardan Netherlands DP Kas Bank Netherlands NR Luxempart S.A. Belgium NR Nieuwe Steen Investments Netherlands NR Reinet Investments South Africa DP Retail Estates NV Belgium NR RHJ International SA Belgium NR Sofina Belgium NR Tetragon Financial Group Ltd Netherlands NR Van Lanschot NV Netherlands NR Vastned Retail NV Netherlands NR Warehouses De Pauw Comm. V.A. Belgium NR Yatra Capital Ltd Netherlands NR 12 Investor members

CDP works with investors globally to advance the standardized format. To learn more about CDP’s investment opportunities and reduce the risks posed member offering and becoming a member, please by climate change by asking over 5,000 of the world’s contact us or visit the investor pages at largest companies to report their climate strategies, https://www.cdp.net/en-US/WhatWeDo/ GHG emissions and energy use through CDP’s Pages/investors.aspx

ABRAPP - Associação Brasileira das Mongeral Aegon Seguros e Previdência S.A. 2013 INVESTOR SIGNATORY Entidades Fechadas de Previdência BREAKDOWN - REGION Complementar Morgan Stanley National Australia Bank ATP Group Africa (15) Aviva Investors Neuberger Berman Bank of America Newton Investment Management Limited Bendigo and Adelaide Bank Nordea Bank America - Latin & Caribbean (71) BlackRock Norges Bank Investment Management (NBIM) Boston Common Asset Management, LLC Northwest and Ethical Investments L.P. (NEI America - North (174) California Public Employees' Retirement Investments) System (CalPERS) PFA Pension California State Teachers' Retirement Asia (71) System (CalSTRS) Robeco Calvert Group, Ltd. RobecoSAM AG Rockefeller Asset Management Capricorn Investment Group Australia and New Zealand (61) Catholic Super Royal Bank of Scotland Group CCLA Investment Management Ltd Sampension KP Livsforsikring A/S Daiwa Asset Management Co. Ltd. Schroders Europe - North & Western (294) Generation Investment Management Scottish Widows Investment Partnership Goldman Sachs Group Inc. Skandinaviska Enskilda Banken AB (SEB AB) Europe - Southern & Eastern (39) Henderson Global Investors Sompo Japan Insurance Inc. HSBC Holdings plc Standard Chartered Legg Mason, Inc. Sun Life Financial Inc 0 50 100 150 200 250 300 KLP Sustainable Insights Capital Management London Pensions Fund Authority TD Asset Management The Wellcome Trust 1 MobimoCDP Holding INVESTOR AG SIGNATORIES & ASSETS (US$ TRILLION) AGAINST TIME 2013 INVESTOR SIGNATORY INCREASING NUMBER OF INVESTORS REQUESTING CLIMATE DATA BREAKDOWN - TYPE • THROUGHInvestor CDP CDP Signatories • Investor CDP Signatory Assets 247 Mainstream Asset Managers • Investor signatory assets 167 Pension funds • Number of investor signatories 160 Banks 51 Insurance 35 95 155 225 315 385 475 534 551 655 722 39 SRI Asset Managers 4.5 10 21 31 41 57 55 64 71 78 87 34 Foundations 27 Other 800 100

700 90 80 600 70 500 60 rillions) 400 50

300 40 30 200

20 Assets (US$ T Number of Signatories 100 10 0 0 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 13 Investor signatories

AXA Group British Columbia Investment Management 722 financial institutions Corporation (bcIMC) Baillie Gifford & Co. Brown Advisory with assets of US$87 trillion BaltCap BT Financial Group were signatories to the Banco Bradesco S/A BT Investment Management CDP 2013 climate change Banco Comercial Português SA Busan Bank information request dated Banco de Credito del Peru BCP CAAT Pension Plan February 1st 2013 Banco de Galicia y Buenos Aires S.A. Cadiz Holdings Limited Banco do Brasil Previdência CAI Corporate Assets International AG Banco do Brasil S/A Caisse de dépôt et placement du Québec 3Sisters Sustainable Management LLC Banco Espírito Santo SA Caisse des Dépôts Aberdeen Asset Management Banco Nacional de Desenvolvimento Economico e Aberdeen Immobilien KAG mbH Social (BNDES) Caixa de Previdência dos Funcionários do Banco do Nordeste do Brasil (CAPEF) ABRAPP - Associação Brasileira das Entidades Banco Popular Espanol Caixa Econômica Federal Fechadas de Previdência Complementar Banco Sabadell Caixa Geral de Depósitos Achmea NV Banco Santander CaixaBank Active Earth Investment Management Banesprev – Fundo Banespa de Seguridade Social California Public Employees' Retirement System Acuity Investment Management Banesto (CalPERS) Addenda Capital Inc. BANIF SA California State Teachers' Retirement System Advanced Investment Partners Bank Handlowy w Warszawie SA (CalSTRS) Advantage Asset Managers (Pty) Ltd Bank Leumi Le Israel California State Treasurer Aegon N.V. Bank of America Merrill Lynch Calvert Investment Management, Inc AEGON-INDUSTRIAL Fund Management Co., Ltd Bank of Montreal Canada Pension Plan Investment Board (CPPIB) AFP Integra Bank of Nova Scotia (Scotiabank) Canadian Imperial Bank of Commerce (CIBC) AIG Asset Management Bank Sarasin & Cie AG Canadian Labour Congress Staff Pension Fund AK PORTFÖY YÖNETİMİ A.Ş. Bank Vontobel CAPESESP AKBANK T.A.Ş. Bankhaus Schelhammer & Schattera Capital Innovations, LLC Kapitalanlagegesellschaft m.b.H. Alberta Investment Management Corporation Capricorn Investment Group (AIMCo) Bankia CARE Super Alberta Teachers Retirement Fund Bankinter Carmignac Gestion Alcyone Finance BankInvest Caser Pensiones E.G.F.P AllenbridgeEpic Investment Advisers bankmecu Cathay Financial Holding Alliance Trust Banque Degroof Catherine Donnelly Foundation Allianz Elementar Versicherungs-AG Banque Libano-Francaise Catholic Super Allianz Global Investors AG Barclays CBF Church of England Funds Allianz Group Basellandschaftliche Kantonalbank CBRE Group, Inc. Altira Group BASF Sociedade de Previdência Complementar Cbus Superannuation Fund Amalgamated Bank Basler Kantonalbank CCLA Investment Management Ltd Amlin Bâtirente Celeste Funds Management AMP Capital Investors Baumann and Partners S.A. Central Finance Board of the Methodist Church AmpegaGerling Investment GmbH Bayern LB Ceres Amundi AM BayernInvest Kapitalanlagegesellschaft mbH CERES-Fundação de Seguridade Social ANBIMA – Associação Brasileira das Entidades dos BBC Pension Trust Ltd Mercados Financeiro e de Capitais Change Investment Management BBVA Antera Gestão de Recursos S.A. Chinatrust Financial Holding Co Limited Bedfordshire Pension Fund APG Group Christian Brothers Investment Services Inc. Beetle Capital AQEX LLC Christian Super Befimmo SA Aquila Capital Christopher Reynolds Foundation Bendigo and Adelaide Bank Arisaig Partners Church Commissioners for England Bentall Kennedy Arkx Investment Management Church of England Pensions Board Berenberg Bank ARMA PORTFÖY YÖNETİMİ A.Ş. CI Mutual Funds' Signature Global Advisors Berti Investments Armstrong Asset Management City Developments Limited BioFinance Administração de Recursos de Terceiros ClearBridge Investments ASM Administradora de Recursos S.A. Ltda Climate Change Capital Group Ltd ASN Bank BlackRock CM-CIC Asset Management Assicurazioni Generali Blom Bank SAL Colonial First State Global Asset Management ATI Asset Management Blumenthal Foundation Comerica Incorporated Atlantic Asset Management BNP Paribas Investment Partners Comgest ATP Group BNY Mellon Commerzbank AG Auriel Capital Management BNY Mellon Service Kapitalanlage-Gesellschaft Australia and New Zealand Banking Group mbH CommInsure Australian Ethical Investment Boston Common Asset Management, LLC Commonwealth Bank of Australia AustralianSuper Brasilprev Seguros e Previdência S/A. Commonwealth Superannuation Corporation Avaron Asset Management AS Breckinridge Capital Advisors Compton Foundation, Inc. Aviva British Airways Pensions Concordia Versicherungs-Gesellschaft a.G. Aviva Investors British Coal Staff Superannuation Scheme Connecticut Retirement Plans and Trust Funds 14 Investor signatories continued

Conser Invest Financiere de l'Echiquier GPT Group Co-operative Asset Management FIPECq - Fundação de Previdência Complementar Greater Manchester Pension Fund dos Empregados e Servidores da FINEP, do IPEA, Co-operative Financial Services (CFS) Green Cay Asset Management do CNPq Credit Suisse Green Century Capital Management FIRA. - Banco de Mexico Daegu Bank GROUPAMA EMEKLİLİK A.Ş. First Affirmative Financial Network, LLC Daesung Capital Management GROUPAMA SİGORTA A.Ş. First Commercial Bank Daiwa Asset Management Co. Ltd. Groupe Crédit Coopératif First State Investments Daiwa Securities Group Inc. Groupe Investissement Responsable Inc. First State Superannuation Scheme Dalton Nicol Reid GROUPE OFI AM First Swedish National Pension Fund (AP1) Danske Bank A/S Grupo Financiero Banorte SAB de CV Firstrand Limited de Pury Pictet Turrettini & Cie S.A. Grupo Santander Brasil Five Oceans Asset Management DekaBank Deutsche Girozentrale Gruppo Bancario Credito Valtellinese Florida State Board of Administration (SBA) Delta Lloyd Asset Management Gruppo Monte Paschi Folketrygdfondet Desjardins Financial Security Guardians of New Zealand Superannuation Folksam Deutsche Asset Management Hang Seng Bank Fondaction CSN Investmentgesellschaft mbH Hanwha Asset Management Company Fondation de Luxembourg Deutsche Bank AG Harbour Asset Management Forma Futura Invest AG Deutsche Postbank AG Harrington Investments, Inc Fourth Swedish National Pension Fund, (AP4) Development Bank of Japan Inc. Hauck & Aufhäuser Asset Management GmbH FRANKFURT-TRUST Investment Gesellschaft mbH Development Bank of the Philippines (DBP) Hazel Capital LLP Friends Fiduciary Corporation Dexia Asset Management HDFC Bank Ltd Fubon Financial Holdings Dexus Property Group Healthcare of Ontario Pension Plan (HOOPP) Fukoku Capital Management Inc DLM INVISTA ASSET MANAGEMENT S/A Helaba Invest Kapitalanlagegesellschaft mbH FUNCEF - Fundação dos Economiários Federais DNB ASA Henderson Global Investors Fundação AMPLA de Seguridade Social - Domini Social Investments LLC Brasiletros Hermes Fund Managers Dongbu Insurance Fundação Atlântico de Seguridade Social HESTA Super Doughty Hanson & Co. Fundação Attilio Francisco Xavier Fontana HIP Investor DWS Investments Fundação Banrisul de Seguridade Social Holden & Partners DZ Bank Fundação BRDE de Previdência Complementar - HSBC Global Asset Management (Deutschland) Earth Capital Partners LLP ISBRE GmbH East Sussex Pension Fund Fundação Chesf de Assistência e Seguridade Social HSBC Holdings plc – Fachesf Ecclesiastical Investment Management HSBC INKA Internationale Kapitalanlagegesellschaft Fundação Corsan - dos Funcionários da Companhia mbH Ecofi Investissements - Groupe Credit Cooperatif Riograndense de Saneamento Humanis Edward W. Hazen Foundation Fundação de Assistência e Previdência Social do Hyundai Marine & Fire Insurance Co., Ltd. EEA Group Ltd BNDES - FAPES Hyundai Securities Co., Ltd. Eko FUNDAÇÃO ELETROBRÁS DE SEGURIDADE IBK Securities Elan Capital Partners SOCIAL - ELETROS IDBI Bank Ltd Element Investment Managers Fundação Forluminas de Seguridade Social - FORLUZ IDFC Ltd ELETRA - Fundação Celg de Seguros e Previdência Fundação Itaipu BR - de Previdência e Assistência Illinois State Board of Investment Environment Agency Active Pension fund Social Ilmarinen Mutual Pension Insurance Company Epworth Investment Management FUNDAÇÃO ITAUBANCO Impax Group plc Equilibrium Capital Group Fundação Itaúsa Industrial Independent Planning Group equinet Bank AG Fundação Promon de Previdência Social Indusind Bank Erik Penser Fondkommission Fundação Rede Ferroviaria de Seguridade Social Industrial Alliance Insurance and Financial Services Erste Asset Management – Refer Inc. Erste Group Bank AG FUNDAÇÃO SANEPAR DE PREVIDÊNCIA E ASSISTÊNCIA SOCIAL - FUSAN Industrial Bank Essex Investment Management Company, LLC Fundação Sistel de Seguridade Social (Sistel) Industrial Bank of Korea ESSSuper Fundação Vale do Rio Doce de Seguridade Social Industrial Development Corporation Ethos Foundation - VALIA Industry Funds Management Etica SGR FUNDIÁGUA - FUNDAÇÃO DE PREVIDENCIA Inflection Point Partners Eureka Funds Management COMPLEMENTAR DA CAESB ING Group Eurizon Capital SGR S.p.A. Futuregrowth Asset Management Insight Investment Management (Global) Ltd Evangelical Lutheran Church in Canada Pension GEAP Fundação de Seguridade Social Instituto Infraero de Seguridade Social - Plan for Clergy and Lay Workers General Equity Group AG INFRAPREV Evangelical Lutheran Foundation of Eastern Canada Generali Deutschland Holding AG Instituto Sebrae De Seguridade Social - Evli Bank Plc Generation Investment Management SEBRAEPREV F&C Asset Management Genus Capital Management Insurance Australia Group FACEB – Fundação de Previdência dos German Equity Trust AG IntReal KAG Empregados da CEB Gjensidige Forsikring ASA Investec Asset Management FAELCE – Fundacao Coelce de Seguridade Social Global Forestry Capital S.a.r.l. Investing for Good FAPERS- Fundação Assistencial e Previdenciária Irish Life Investment Managers da Extensão Rural do Rio Grande do Sul GLS Gemeinschaftsbank eG Itaú Asset Management FASERN - Fundação COSERN de Previdência Goldman Sachs Group Inc. Complementar GOOD GROWTH INSTITUT für globale Itaú Unibanco Holding S.A. Fédéris Gestion d'Actifs Vermögensentwicklung mbH Janus Capital Group Inc. FIDURA Capital Consult GmbH Governance for Owners Jarislowsky Fraser Limited FIM Asset Management Ltd Government Employees Pension Fund (“GEPF”), Jessie Smith Noyes Foundation Republic of South Africa FIM Services 15

JOHNSON & JOHNSON SOCIEDADE Mergence Investment Managers Northwest and Ethical Investments L.P. (NEI PREVIDENCIARIA Investments) MetallRente GmbH JPMorgan Chase & Co. Nykredit Metrus – Instituto de Seguridade Social Jubitz Family Foundation OceanRock Investments Inc. Metzler Investment Gmbh Jupiter Asset Management Oddo & Cie MFS Investment Management Kaiser Ritter Partner Privatbank AG (Schweiz) oeco capital Lebensversicherung AG Midas International Asset Management KB Kookmin Bank ÖKOWORLD Miller/Howard Investments KBC Asset Management NV Old Mutual plc Mirae Asset Global Investments Co. Ltd. KBC Group OMERS Administration Corporation Mirae Asset Securities KCPS and Company Ontario Pension Board Mirvac Group KDB Asset Management Co., Ltd. Ontario Teachers' Pension Plan Missionary Oblates of Mary Immaculate KDB Daewoo Securities Co. Ltd. OP Fund Management Company Ltd Mistra, Foundation for Strategic Environmental KEPLER-FONDS Kapitalanlagegesellschaft m. b. H. Research Oppenheim & Co Limited KEVA Mitsubishi UFJ Financial Group, Inc. Oppenheim Fonds Trust GmbH KeyCorp Mitsui Sumitomo Insurance Co.,Ltd Opplysningsvesenets fond (The Norwegian Church Endowment) KfW Bankengruppe Mizuho Financial Group, Inc. OPSEU Pension Trust (OP Trust) Killik & Co LLP Mn Services Oregon State Treasurer Kiwi Income Property Trust Momentum Manager of Managers (Pty) Ltd Orion Energy Systems Kleinwort Benson Investors Monega Kapitalanlagegesellschaft mbH Osmosis Investment Management KlimaINVEST Mongeral Aegon Seguros e Previdência S.A. Panahpur KLP Insurance Morgan Stanley Park Foundation Korea Investment Management Mountain Cleantech AG Parnassus Investments Korea Technology Finance Corporation MTAA Superannuation Fund Pax World Funds KPA Pension Mutual Insurance Company Pension-Fennia Pensioenfonds Vervoer La Banque Postale Asset Management Nanuk Asset Management Pension Denmark La Financiere Responsable Natcan Investment Management Pension Fund for Danish Lawyers and Economists Lampe Asset Management GmbH Nathan Cummings Foundation, The Pension Protection Fund Landsorganisationen i Sverige National Australia Bank Pensionsmyndigheten LaSalle Investment Management National Bank of Canada Perpetual Investments LBBW - Landesbank Baden-Württemberg National Bank Of Greece PETROS - Fundação Petrobras de Seguridade LBBW Asset Management Investmentgesellschaft National Grid Electricity Group of the Electricity Social mbH Supply Pension Scheme PFA Pension LD Lønmodtagernes Dyrtidsfond National Grid UK Pension Scheme PGGM Legal & General Investment Management National Pensions Reserve Fund of Ireland Phillips, Hager & North Investment Management Legg Mason, Inc. National Union of Public and General Employees Ltd. (NUPGE) LGT Capital Management Ltd. PhiTrust Active Investors Nativus Sustainable Investments LIG Insurance Co., Ltd. Pictet Asset Management SA Natixis SA Light Green Advisors, LLC Pinstripe Management GmbH Natural Investments LLC Living Planet Fund Management Company S.A. Pioneer Investments Nedbank Limited Lloyds Banking Group Piraeus Bank Needmor Fund Local Authority Pension Fund Forum PKA Nelson Capital Management, LLC Local Government Super Pluris Sustainable Investments SA Nest Sammelstiftung LOGOS PORTFÖY YÖNETIMI A.Ş. PNC Financial Services Group, Inc. Neuberger Berman London Pensions Fund Authority Pohjola Asset Management Ltd New Alternatives Fund Inc. Lothian Pension Fund Polden Puckham Charitable Foundation New Amsterdam Partners LLC LUCRF Super Portfolio 21 Investments New Forests Macquarie Group Porto Seguro S.A. New Mexico State Treasurer MagNet Magyar Közösségi Bank Zrt. POSTALIS - Instituto de Seguridade Social dos New York City Employees Retirement System MainFirst Bank AG Correios e Telégrafos New York City Teachers Retirement System Malakoff Médéric Power Finance Corporation New York State Common Retirement Fund MAMA Sustainable Incubation AG PREVHAB PREVIDÊNCIA COMPLEMENTAR (NYSCRF) Man Group plc PREVI Caixa de Previdência dos Funcionários do Newton Investment Management Limited Banco do Brasil Mandarine Gestion NGS Super PREVIG Sociedade de Previdência Complementar MAPFRE NH-CA Asset Management Prologis Maple-Brown Abbott Nikko Asset Management Co., Ltd. Provinzial Rheinland Holding Marc J. Lane Investment Management, Inc. Nipponkoa Insurance Company, Ltd Prudential Investment Management Maryland State Treasurer Nissay Asset Management Corporation Prudential PLC Matrix Asset Management NORD/LB Kapitalanlagegesellschaft AG Psagot Investment House Ltd Matrix Group Nordea Bank PSP Investments McLean Budden Norfolk Pension Fund Q Capital Partners Co. Ltd MEAG MUNICH ERGO Asset Management GmbH Norges Bank Investment Management (NBIM) QBE Insurance Group Mediobanca North Carolina Retirement System Rabobank Meeschaert Gestion Privée Northern Ireland Local Government Officers' Raiffeisen Fund Management Hungary Ltd. Meiji Yasuda Life Insurance Company Superannuation Committee (NILGOSC) Raiffeisen Kapitalanlage-Gesellschaft m.b.H. Mendesprev Sociedade Previdenciária Northern Star Group Raiffeisen Schweiz Merck Family Fund Northern Trust Rathbone Greenbank Investments Mercy Investment Services, Inc. Northward Capital RCM (Allianz Global Investors) 16 Investor signatories continued

Real Grandeza Fundação de Previdência e Standard Chartered Korea Limited Tokio Marine & Nichido Fire Insurance Co., Ltd. Assistência Social Standard Life Investments Toronto Atmospheric Fund REI Super State Bank of India Trillium Asset Management, LLC Reliance Capital Ltd State Street Corporation Triodos Bank Representative Body of the Church in Wales StatewideSuper Tri-State Coalition for Responsible Investment Resolution Stockland Tryg Resona Bank, Limited Storebrand ASA Turner Investments Reynders McVeigh Capital Management Strathclyde Pension Fund UBS River Twice Capital Advisors, LLC Stratus Group Unibail-Rodamco RLAM Sumitomo Mitsui Financial Group UniCredit Robeco Sumitomo Mitsui Trust Holdings, Inc. Union Asset Management Holding AG RobecoSAM AG Sun Life Financial Inc. Union di Banche Italiane S.c.p.a Robert & Patricia Switzer Foundation Superfund Asset Management GmbH Union Investment Privatfonds GmbH Rockefeller Asset Management SUSI Partners AG Unionen Rose Foundation for Communities and the Sustainable Capital Unipension Environment Sustainable Development Capital LLP UNISON staff pension scheme Rothschild Sustainable Insight Capital Management UniSuper Royal Bank of Canada Svenska Kyrkan, Church of Sweden Unitarian Universalist Association Royal Bank of Scotland Group Svenska Kyrkans Pensionskassa United Methodist Church General Board of Pension RPMI Railpen Investments and Health Benefits Swedbank RREEF Investment GmbH United Nations Foundation Swift Foundation Russell Investments Unity Trust Bank Swiss Re Sampension KP Livsforsikring A/S Universities Superannuation Scheme (USS) Swisscanto Holding AG Samsung Fire & Marine Insurance Vancity Group of Companies Sycomore Asset Management Samsung Life Insurance VCH Vermögensverwaltung AG Syntrus Achmea Asset Management Samsung Securities Ventas Inc T. Rowe Price Sanlam Veris Wealth Partners T.GARANTİ BANKASI A.Ş. Santa Fé Portfolios Ltda Veritas Investment Trust GmbH T.SINAİ KALKINMA BANKASI A.Ş. Santam Ltd Vermont State Treasurer Tata Capital Limited Sarasin & Partners Vexiom Capital, L.P. TD Asset Management SAS Trustee Corporation VicSuper Teachers Insurance and Annuity Association – Sauren Finanzdienstleistungen GmbH & Co. KG College Retirement Equities Fund Victorian Funds Management Corporation Schroders Telluride Association VIETNAM HOLDING ASSET MANAGEMENT LTD. Scottish Widows Investment Partnership Tempis Capital Management Co., Ltd. Vinva Investment Management SEB Asset Management AG Terra Forvaltning AS Voigt & Collegen Second Swedish National Pension Fund (AP2) TerraVerde Capital Management LLC VOLKSBANK INVESTMENTS Seligson & Co Fund Management Plc TfL Pension Fund Waikato Community Trust Sentinel Funds The ASB Community Trust Walden Asset Management, a division of Boston SERPROS - Fundo Multipatrocinado Trust & Investment Management Company The Brainerd Foundation Service Employees International Union Benefit WARBURG - HENDERSON The Bullitt Foundation Funds Kapitalanlagegesellschaft für Immobilien mbH The Central Church Fund of Finland Servite Friars WARBURG INVEST The Children's Investment Fund Foundation KAPITALANLAGEGESELLSCHAFT MBH Seventh Swedish National Pension Fund (AP7) The Clean Yield Group Water Asset Management, LLC Shiga Bank, Ltd. The Collins Foundation Wells Fargo & Company Shinhan Bank The Co-operators Group Limited West Yorkshire Pension Fund Shinhan BNP Paribas Investment Trust Management Co., Ltd The Daly Foundation WestLB Mellon Asset Management (WMAM) Shinkin Asset Management Co., Ltd The Environmental Investment Partnership LLP Westpac Banking Corporation Siemens Kapitalanlagegesellschaft mbH The Hartford Financial Services Group, Inc. WHEB Asset Management Signet Capital Management Ltd The Joseph Rowntree Charitable Trust White Owl Capital AG Skandia The Korea Teachers Pension Woori Bank Skandinaviska Enskilda Banken AB (SEB AB) The New School Woori Investment & Securities Smith Pierce, LLC The Oppenheimer Group YES BANK Limited SNS Asset Management The Pension Plan For Employees of the Public York University Pension Fund Service Alliance of Canada Social(k) Youville Provident Fund Inc. The Pinch Group Sociedade de Previdencia Complementar da Zegora Investment Management Dataprev - Prevdata The Presbyterian Church in Canada Zevin Asset Management Socrates Fund Management The Russell Family Foundation Zurich Cantonal Bank Solaris Investment Management The Sandy River Charitable Foundation Zurich Cantonal Bank Sompo Japan Insurance Inc. The Sisters of St. Ann Sonen Capital LLC The Standard Bank Group Sopher Investment Management The Sustainability Group Soprise! LLP The United Church of Canada - General Council SouthPeak Investment Management The University of Edinburgh Endowment Fund SPF Beheer bv The Wellcome Trust Spring Water Asset Management, LLC Third Swedish National Pension Fund (AP3) Sprucegrove Investment Management Ltd Threadneedle Asset Management Standard Chartered Tobam Notes CDP contacts CDP Board of Trustees Report writer/PwC contacts Scoring Partner

Steven Tebbe Chairman Marc Daelman FirstCarbon Solutions Managing Director Europe Alan Brown Partner [email protected] Schroders [email protected] Laurent Babikian Director France & Benelux James Cameron Ilse Moens [email protected] Climate Change Capital & ODI Director [email protected] Natalie Hallensleben Ben Goldsmith Project Officer France & WHEB Hans Schoolderman Benelux PwC NL Partner [email protected] Chris Page Rockefeller Philanthropy PwC Belgium CDP Europe Advisors Woluwedal 18 Reinhardtstrasse 14 1932 Sint-Stevens-Woluwe 10117 Berlin Dr. Christoph Schroeder (Brussels) Germany Belgium www.cdp.net Jeremy Smith www.pwc.be

Carbon Disclosure Project gGmbH; Takejiro Sueyoshi Executive Officers: Steven Tebbe, Sue Howells, Roy Wilson; Registered charity no. HRB119156 B; Tessa Tennant local court of Charlottenburg, Germany Martin Wise Relationship Capital Partners

The sole responsibility lies with the author and the Commission is not responsible for any use that may be made of the information contained therein. Co-funded by the LIFE+ programme of the European Union