Seeking opportunities for bigger impact: Climate Performance in the Benelux. CDP Benelux Climate Change Report 2014

Transcription

1 1 Sking opportunitis for biggr impact: Climat Prformanc in th Bnlux CDP Bnlux Climat Chang Rport 2014 On bhalf of 767 invstors with assts of US$92 trillion. Rport writr Scoring Partnr

2 2 Ky mssags 1 Out of th 142 companis that wr invitd to rspond to th CDP in th Bnlux, only 44% rspondd, but ths rprsntd a markt capitalization of ovr 95%. Climat rporting has bcom th norm among major Bnlux companis, but is not yt common practic among othr stock-listd companis. 2 Th total amount of grnhous gass mittd by th Bnlux companis in this analysis has rmaind largly unchangd sinc last yar 334 million mtric tons CO 2. Companis hav bn taking masurs to rduc missions, but th ovrall ffcts hav bn offst by incrass du to othr factors such as incrasing businss activitis or advrs wathr conditions. 3 Th Bnlux companis with bst climat prformanc ar among th global ladrs, but th avrag prformanc has dcrasd, shifting from B to C. Eight Bnlux companis rcivd an A band for climat prformanc, and can b considrd Climat Prformanc Ladrs, but th gap with th pack is larg. 4 Th ight Climat Prformanc Ladrs st highr ambition lvls and strictr targts. All Climat Prformanc Ladrs hav targts, and 88% hav absolut targts, whil fw than half of th othr companis do. 5 Climat Prformanc Ladrs invst in climat initiativs that mak businss sns as wll as rduc missions. Th majority (55%) of missions rduction invstmnts of Climat Prformanc Ladrs pay back within 3 yars, whil this is only 47% across th othr group of companis. 6 Climat Prformanc Ladrs undrstand th businss opportunity of ffctiv climat stratgy, and invst in actions for transforming thir businss, rathr than implmnting masurs that optimiz thir xisting oprations. Bnlux companis highlight climat-chang rlatd risks of incrasing oprational costs and opportunitis in dmand for nw products and srvics, as customr bcom incrasingly awar of th climat impacts.

3 Contnt 3 4 CDP Forword 5 Accntur Forword 6 Ky statistics: Bnlux at a glanc 8 Natural Capital: Building on climat chang ladrship 9 Ladrship Critria Rporting a rang of initiativs, but limitd impact 13 Ovrviw of initiativs by sctor 14 Climat ladrship: Positioning for futur businss opportunity 17 Had s Up: Th EU Non-Financial Rporting Dirctiv 18 Mitigating risks and sizing opportunitis 23 Conclusion: Incrasing impact and sizing businss opportunitis 24 Appndix I: Rsponding companis 27 Appndix II: Non-Rsponding companis 28 Appndix III: Invstor mmbrs and Signatory invstors 34 Nots 36 Contacts Important Notic Th contnts of this rport may b usd by anyon providing acknowldgmnt is givn to CDP Worldwid (CDP). This dos not rprsnt a licns to rpackag or rsll any of th data rportd to CDP or th contributing authors and prsntd in this rport. If you intnd to rpackag or rsll any of th contnts of this rport, you nd to obtain xprss prmission from CDP bfor doing so. Accntur and CDP hav prpard th data and analysis in this rport basd on rsponss to th CDP 2014 information rqust. No rprsntation or warranty (xprss or implid) is givn by Accntur or CDP as to th accuracy or compltnss of th information and opinions containd in this rport. You should not act upon th information containd in this publication without obtaining spcific profssional advic. To th xtnt prmittd by law, Accntur and CDP do not accpt or assum any liability, rsponsibility or duty of car for any consquncs of you or anyon ls acting, or rfraining to act, in rlianc on th information containd in this rport or for any dcision basd on it. All information and viws xprssd hrin by CDP and/ or Accntur is basd on thir judgmnt at th tim of this rport and ar subjct to chang without notic du to conomic, political, industry and firm-spcific factors. Gust commntaris whr includd in this rport rflct th viws of thir rspctiv authors; thir inclusion is not an ndorsmnt of thm. Accntur and CDP, thir affiliatd mmbr firms or companis, or thir rspctiv sharholdrs, mmbrs, partnrs, principals, dirctors, officrs and/or mploys, may hav a position in th scuritis of th companis discussd hrin. Th scuritis of th companis mntiond in this documnt may not b ligibl for sal in som stats or countris, nor suitabl for all typs of invstors; thir valu and th incom thy produc may fluctuat and/or b advrsly affctd by xchang rats. CDP Worldwid and CDP rfr to Carbon Disclosur Projct, a Unitd Kingdom company limitd by guarant, rgistrd as a Unitd Kingdom charity numbr CDP Worldwid. All rights rsrvd.

4 4 CDP Forword On irrfutabl fact is filtring through to companis and invstors: th bottom lin is at risk from nvironmntal crisis. Th global conomy has bouncd back from crisis and a cautious optimism is bginning to prvad th markts. As w mbrac rcovry w must rmmbr that grnhous gas missions continu to ris and w fac stp financial risk if w do not mitigat thm. 1 climatchang/towards-aclimat-agrmnt/ Th unprcdntd nvironmntal challngs that w confront today rducing grnhous gas missions, safguarding watr rsourcs and prvnting th dstruction of forsts ar also conomic problms. On irrfutabl fact is filtring through to companis and invstors: th bottom lin is at risk from nvironmntal crisis. Th impact of climat vnts on conomis around th world has incrasingly bn splashd across hadlins in th last yar, with th worst wintr in 30 yars suffrd by th USA costing billions of dollars. Australia has xprincd its hottst two yars on rcord and th UK has had its wttst wintr for hundrds of yars costing th insuranc industry ovr a billion pounds. Ovr thr quartrs of companis rporting to CDP this yar hav disclosd a physical risk from climat chang. Invsting in climat chang rlatd rsilinc planning has bcom crucial for all corporations. Invstor ngagmnt on ths issus is incrasing. In th US a rcord numbr of sharholdr rsolutions in th 2014 proxy sason ld 20 intrnational corporations to commit to rduc grnhous gas missions or sustainably sourc palm oil. As mainstram invstors bgin to rcogniz th ral valu at risk, w ar sing mor action from som of th 767 invstors who rqust disclosur through CDP. Th Norwgian pnsion fund, Norgs Bank, with assts worth $800 billion, xpcts companis to show stratgis for climat chang risk mitigation and watr managmnt, and hav divstd from both timbr and palm oil companis that did not mt thir standards. Thr is growing momntum on th policy front with Prsidnt Obama s announcmnt of nw fdral ruls to limit grnhous gass in th US. In th EU, som 6,000 companis will b rquird to disclos on spcific nvironmntal, social and govrnanc critria as part of thir mainstram rporting to invstors. In China ovr 20,000 companis will b rquird to rport thir grnhous gas missions to th govrnmnt. Thr is a palpabl sa chang in approach by companis drivn by a growing rcognition that thr is a cost associatd with th carbon thy mit. Masurmnt, transparncy and accountability drivs positiv chang in th world of businss and invstmnt. Our xprinc working with ovr 4,500 companis shows th multitud of bnfits for companis that rport thir nvironmntal impacts, unviling risks and prviously unsn opportunitis. W ar standing at a junctur in history. With th prospct of a global climat dal coming from th Unitd Nations procss, govrnmnts, citis, th privat sctor and civil socity hav a grat opportunity to tak bold actions and build momntum in th run up to th Paris 2015 mting. Th dcisions w mak today can lad us to a profitabl and scur futur. A futur that w can all b proud of. Paul Simpson Chif Excutiv Officr, CDP

5 Accntur Forword 5 Th nxt fw yars will dtrmin much of th futur dvlopmnt of th world s climat conditions. By making informd dcisions now, w can driv a low-carbon transformation of th conomy, opning a rang of opportunitis for profitability and growth. Aftr a priod of rlativ quit, fforts to addrss climat chang ar back on th political agnda. Following th UN Climat Wk in Nw York in Sptmbr 2014, th focus of intrnational climat policy is firmly st on th way to Paris Th Europan Union has announcd its Enrgy and Climat policy for 2030, stting th bar for othrs to follow. And in th Nthrlands, th implmntation of th Enrgy Agrmnt is undr way, scaling up dploymnt of rnwabl nrgy to rach a 14% shar of final nrgy dmand by Amid th political dvlopmnts, th businss community has com to raliz that th impacts of climat chang can pos significant risks to currnt oprations. Th latst assssmnt of th IPCC stimats that an avrag tmpratur ris of an additional 2 C would lad to global conomic losss of up to 2% of GDP 1. At th sam tim, changs in climat and th rlatd shift in consumr dmand also crat opportunitis. In Sptmbr 2014, th Global Commission on th Economy and Climat, a group of lading politicians and conomists, concludd that countris at all lvls of incom now hav th opportunity to build lasting conomic growth at th sam tim as rducing th immns risks of climat chang 2. With incrasing clarity about th policy landscap and growing awarnss of risks and opportunitis, companis hav progrssd from voicing thir ambitions for rducing thir climat impact to implmnting initiativs to achiv ths. To go byond th odd masur, this involvs comprhnsiv approachs for tackling climat chang across th organization, systmatically idntifying impacts, risks, opportunitis and climat chang initiativs. Morovr, companis cannot do this alon; coopration within th supply chain is crucial. This yar s analysis of th rsponss to CDP s climat chang information rqust by Bnlux companis thrfor com at a critical momnt. It allows us to rflct on th ffctivnss of corporat mitigation activitis, and to masur th progrss towards targts. Th analysis also rvals in which aras mor fforts nd to b undrtakn in th lad up to th climat summit in Paris in 2015, and in th longr-trm transformation to a low-carbon conomy. Manon van Bk Country Managing Dirctor, Accntur Nthrlands Olivir Gillrot Country Managing Dirctor, Accntur Blgium and Luxmbourg 1 Intrgovrnmntal Panl on Climat Chang (2014): Climat Chang 2014: Impacts, Adaptation, and Vulnrability. WGII Rport. Yokohama, Japan. March Global Commission on th Economy and Climat (2014): Nw Climat Economy. Washington DC, USA. Sptmbr 2014.

6 6 Ky statistics Focus on Bnlux companis Th Bnlux is an intrnationally-orintd businss nvironmnt, so many multinational companis oprat in th thr countris. Rflcting this, a wid rang of companis participatd in CDP s climat chang information rqust in Of th total 62 companis rsponding to th CDP rqust, 45 ar hadquartrd in th Bnlux (11 from Blgium, 31 from Nthrlands and 3 from Luxmbourg). For th purpos of this rport, th analysis will focus on this sub-group of 45 businsss with a hadquartrs in th Bnlux. 334 Mt CO 2 total scop 1 & 2 missions by 45 Bnlux companis Comparabl to th total GHG missions of Spain in 2012 Matrials is th sctor with th largst missions 203 Mt CO 2 Excding th total missions of th Nthrlands in Mt CO Mt CO 2 11 Thr largst mittrs account for 87% of missions 1. Arclor Mittal: 180 Mt CO Mt CO Royal Dutch Shll: 83 Mt CO 2 3. Air Franc - KLM: 28 Mt CO 2 Consumr Discrtionary Consumr Stapls Enrgy Financials Halth car Industry Information Tchnology Matrials Tlcommunication Srvics

7 Ky statistics Focus on Bnlux companis 7 Invitd companis rsponding 44% Avrag prformanc band C Companis achiving A, A- and B 35% Avrag prformanc chang sinc % Avrag disclosur scor 80 An avrag dislosur scor chang sinc % Figur A: Band Scors Nthrlands 2013 and A B C D E 2 Avrag Disclosur scor Nthrlands 2013 = = 80 Rspons rat Nthrlands 49% (31 out 63) *Not: th submission of Kndrion was rcivd lat, so thy ar xcludd from this graph. Figur B: Prformanc scors for Blgium and Luxmbourg in 2013 and Avrag Disclosur scor Blgium 2013 = = Rspons rat Blgium 29% (14 out 49) 1 0 A B C D E 1

8 8 Natural Capital: Building on climat chang ladrship Th impacts of climat chang, watr strss and dforstation ar today affcting popl s livs all ovr th world and if unchckd will caus dvastation for gnrations to com. Corporations, invstors and govrnmnts must tak rsponsibility to crat th systmic chang w nd for an nvironmntally sustainabl conomy. For this rason w congratulat thos companis that hav achivd a position on CDP s 2014 Climat Prformanc Ladrship Indx. All conomic activity ultimatly dpnds upon a stady flow of natural goods and srvics, such as frsh watr, timbr and food crops, or climat rgulation and flood control. Ths goods and srvics can b considrd th incom gnratd by th world s natural capital, th assts upon which th global conomy rsts. Howvr, as is bcoming incrasingly clar, w ar roding that natural capital bas. Businsss and invstors ar paying incrasing attntion to th rosion of th world s natural capital. By som stimats, th global conomy is incurring unpricd natural capital costs of US$7.3 trillion/yar, or 13% of global output. CDP has built a uniqu global systm to driv transparncy and accountability for businss impacts across th arth s natural capital, starting with climat, thn moving into watr and forst-risk commoditis. Our programs ar dsignd to hlp assss and manag corporat xposurs to nvironmntal risks and ultimatly to st companis on th path to natural capital ladrship. Dforstation and forst dgradation accounts for approximatly 15% of th world s grnhous gas missions, th quivalnt of th ntir transport sctor. Land us chang for agricultur is th main drivr of dforstation, with fiv agricultur commoditis rsponsibl for most dforstation globally: Timbr, palm oil, soy, cattl and bio-fuls. CDP s forsts program provids th only unifid systm for disclosing corporat dforstation risk xposur and managmnt information across ths ky commoditis. Discovr if you can hlp rduc your businss risks and limit your contribution to dforstation at cdp.nt/ forsts. Watr scurity is on of th most tangibl and fastgrowing social, political and conomic challngs facd today according to th World Economic Forum. CDP s watr program hlps businsss to rspond to this challng, to masur and manag watr-rlatd risks in thir dirct oprations and supply chains, and to attain a position of ladrship by starting th journy to watr stwardship. Find out mor at cdp.nt/watr. Through CDP, major multinationals ar using thir purchasing powr to achiv sustainabl supply chains. Our 66 mmbr companis who rprsnt US$1.15 trillion in annual purchasing spnd work with CDP. This nabls thm to implmnt succssful supplir ngagmnt stratgis that rduc missions, mitigat watr and othr nvironmntal risks, and protct against scalating costs in supply chains. Join us at cdp.nt/supplychain.

9 Ladrship Critria Each yar, company rsponss ar analyzd and scord against two paralll scoring schms: prformanc and disclosur. Th prformanc scor asssss th lvl of action, as rportd by th company, on climat chang mitigation, adaptation and transparncy. Its intnt is to highlight positiv climat action as dmonstratd by a company s CDP rspons. A high prformanc scor signals that a company is masuring, vrifying and managing its carbon footprint, for xampl by stting and mting carbon rduction targts and implmnting programs to rduc missions in both its dirct oprations and supply chain. Th disclosur scor asssss th compltnss and quality of a company s rspons. Its purpos is to provid a summary of th xtnt to which companis hav answrd CDP s qustions in a structurd format. A high disclosur scor signals that a company providd comprhnsiv information about th masurmnt and managmnt of its carbon footprint, its climat chang stratgy and risk managmnt procsss and outcoms. Th highst scoring companis for prformanc and/ or disclosur ntr th Climat Prformanc Ladrship Indx (CPLI) and/or th Climat Disclosur Ladrship Indx (CDLI). Public scors ar availabl on th CDP wbsit and in CDP rports, through Bloombrg trminals, Googl Financ and Dutsch Bors s wbsit. What ar th CPLI and CDLI critria? To ntr th CPLI (Prformanc Band A), a company must: { Mak its rspons public and submit via CDP s Onlin Rspons Systm. { Attain a prformanc scor gratr than 85. { Scor maximum prformanc points on qustion 12.1a (absolut missions prformanc) for GHG rductions du to mission rduction actions ovr th past yar (4% or abov in 2014). { Disclos gross global Scop 1 and Scop 2 figurs. { Scor maximum prformanc points for vrification of Scop 1 and Scop 2 missions. { Furthrmor, CDP rsrvs th right to xclud any company from th CPLI if thr is anything in its rspons or othr publicly availabl information that calls into qustion its suitability for inclusion. Not: Companis that achiv a prformanc scor high nough to warrant inclusion in th CPLI, but do not mt all of th othr CPLI rquirmnts ar classd as Prformanc Band A but ar not includd in th CPLI. How ar th CPLI and CDLI usd by invstors? Good prformanc and disclosur scors ar usd by invstors as a proxy of good climat chang managmnt or climat chang prformanc of companis. Invstors idntify and thn ngag with companis to ncourag thm to improv thir scor. Th Aiming for A initiativ which was initiatd by CCLA Invstmnt Managmnt is drivn by a coalition of UK asst ownrs and mutual fund managrs. Thy ar asking major UK-listd utilitis and xtractivs companis to aim for inclusion in th CPLI. This may involv filing supportiv sharholdr rsolutions for Annual Gnral Mtings occurring aftr Sptmbr Invstors ar also using CDP scors for cration of financial products. For xampl, Ndbank in South Africa dvlopd th Ndbank Grn Indx. Disclosur scors ar usd for slcting stocks and prformanc scors for assigning wight. For furthr information on th CDLI and th CPLI and how scors ar dtrmind, plas visit To ntr th CDLI, a company must: { Mak its rspons public and submit via CDP s Onlin Rspons Systm. { Achiv a scor within th top 10% of th total rgional sampl population.* * Not: whil it is usually 10%, in som rgions th CDLI cut-off may b basd on anothr critria, plas s local rports for confirmation.

10 10 Rporting a rang of initiativs, but limitd impact Climat prformanc: world-class ladrs but limitd progrss Th Bnlux companis with bst climat prformanc ar among th global ladrs, but th gap with th pack is larg. Out of th 45 companis, ight achivd th highst prformanc band A in 2014, but th majority rcivd a C for prformanc. Morovr, th avrag prformanc has dcrasd, shifting from B to C sinc last yar. This clarly lavs room for improvmnt. Th ight companis that rcivd an A band for climat prformanc ar considrd th ovrall Climat Prformanc Ladrs according to CDP s scoring mthodology. Thir total missions ar 8.5 million tons CO 2, or only 3% of th total 334 million tons CO 2 scop 1 and 2 missions by th 45 companis. Top Prformanc Ladrs - Climat Prformanc Ladrship Indx (CPLI) Four out of th 2014 climat prformanc ladrs improvd thir scor compard to Th fastst risr was bpost, incrasing its scor from C to A, whil ING, Royal BAM Group and Hinkn ros from B to A. Company Consumr stapls Prformanc band Disclosur scor Yars in CPLI Hinkn A 99 1 Anhusr Busch InBv A 94 2 Financials ING Group A 97 1 Industrials Royal Philips A Royal BAM A 98 1 bpost A 90 1 Tlcommunication Srvics Royal KPN A 99 3 Blgacom A 88 2

11 Rporting a rang of initiativs, but limitd impact 11 Climat disclosur: improving yar-on-yar Th quality of climat rporting in th Bnlux rgion continus to incras vry yar. Th avrag disclosur scor among th 45 Bnlux basd companis incrasd from 68 in 2012 and 74 in 2013 to 80 in For th scond yar in a row, Royal Philips achivd th prfct disclosur scor of 100, which rflcts comprhnsiv rporting and a thorough undrstanding of climat chang impacts on its businss. Climat Disclosur Ladrship Indx (CDLI) 2014 In 2014, 15 Bnlux companis ar includd in th CDLI indx, and th thrshold to qualify for th Bnlux CDLI ros slightly to 88. Th avrag disclosur scors among th ladrs rmains stabl at 93. Company Consumr discrtionary Disclosur scor Prformanc band Tlnt Group Holding 93 B Consumr stapls Hinkn 99 A Anhusr Busch InBv 94 A Dlhaiz Group 90 B Financials ING Group 97 A Cofinimmo 89 C Industrials Royal Philips 100 A Royal BAM Group 98 A bpost 90 A TNT Exprss 89 D Matrials Akzo Nobl 96 B Solvay 90 B Tlcommunication Srvics Royal KPN 99 A Blgacom 88 A Enrgy Royal Dutch Shll 90 B *For th purpos of this rgional rport, th Bnlux CPLI and CDLI only considr companis whos hadquartrs ar basd in th Bnlux rgions. Non-Bnlux basd companis that ar in th 2014 Bnlux sampl ar rcognizd in thir local CPLI and/or CDLI.

12 12 Rporting a rang of initiativs, but limitd impact Grnhous gas missions rduction: biggr impact ndd Th total amount of grnhous gass mittd by th Bnlux companis in this analysis has rmaind largly unchangd sinc last yar at 334 Mt CO 2, which is comparabl to th total missions of Spain. Companis in all sctors hav workd towards rducing thir grnhous gas missions, and hav mad major invstmnts to do so. Howvr, ths achivmnts hav bn largly offst by incrass of missions du to othr factors, such as incrasing businss activitis or advrs wathr conditions (figur 1). This lack of progrss mphasizs th nd for incrasing th impact of missions rduction initiativs. Bnlux companis hav rducd GHG missions through targtd initiativs, but ths gains hav bn offst by othr factors. Companis in tlcommunications and th financial sctor hav mad th most significant missions rduction through thir climat initiativs (11% and 10%, rspctivly), particularly through low-carbon products and purchasing rnwabl nrgy, but ths sctors only account for 0.1% of th total 334 Mt CO 2 mittd. Companis in consumr discrtionary hav managd to rduc total missions by improving procss fficincy and purchasing rnwabl nrgy, whil growing thir businss at th sam tim. Othr sctors also nd to dcoupl growth from missions in this way to mov th whol Bnlux towards a low carbon conomy. Figur 1: Total missions of Bnlux companis hav rmaind largly unchangd ovr th past yar Emissions rduction inititativs Businss activitis Othr (mthodology, unidntifid) Total scop 1 & 2 missions (Mt CO 2 ) Consumr Discrtionary Consumr Stapls Enrgy Financials Halth Car Industrials Information Tchnology Matrials Tlcommunication Srvics Rducd missions -9% -5% 0% -1% -10% -6% -1% -3% -7% -1% -1% -4% -1% -4% 0% 0% -11% -1% 0% Incrasd missions 7% 1% 7% 3% 0% 3% 2% 2%

13 Ovrviw of initiativs by sctor 13 Companis in consumr discrtionary hav implmntd a wid rang of small initiativs to rduc missions, particularly optimizing nrgy us in buildings and promoting lowcarbon businss travl. Th publishing companis in this group also grw thir businss, both organically and through acquisition, which ld to rising missions, partly offstting th fficincy gains. 4 companis 0.1 Mt CO 2 In consumr stapls, Climat Prformanc Ladrs AB Inbv and Hinkn accountd for 96% of th missions rduction through targtd initiativs. Ths companis implmntd nrgy fficincy programs in thir brwrs, improving hat rcovry and incrasing fficincy of installations, among othrs. Acquisitions wr th main factor rsulting in incrasing missions. Th targtd mission rductions by th companis in th nrgy sctor cam from incrasing captur of fugitiv missions, and bttr procss control through automation. At th sam tim, missions incrasd bcaus of growing output, and a widning of th rporting scop. 5 companis 11.7 Mt CO 2 4 companis 86.2 Mt CO 2 Th companis in financials hav achivd missions rductions of 10% through thir climat initiativs. Almost all buy low-carbon nrgy, and hav introducd nrgy fficincy masurs in thir buildings. Th biggst impact in this sctor, howvr, is through financing low-carbon nrgy projcts. Th participating companis hav financd 7.2 Mt CO 2 missions rduction this way, which is mor than 30 tims thir own footprint. 8 companis 0.2 Mt CO 2 UCB, th only halthcar company among participants, has achivd most missions rductions from its targtd initiativs through low-carbon nrgy purchas. Divstmnt also contributd to th ovrall dcras, whil th cold start to 2013 ld to incrasing missions. 1 company 0.1 Mt CO 2 In industrials, low-carbon missions rductions account for 66% of missions rductions achivd by th companis within thir own oprations, supplmntd by initiativs to lowr missions from transport and production procsss, among othrs. Howvr, th low-carbon products that ths companis offr to thir customrs hav a bnfit far gratr than th intrnal rductions, xcding thm by a factor 60. Thr wr also significant changs in businss activitis of participating companis, including mrgrs, dcrasing rvnus, and rorganizations. Across th sctor, ths dvlopmnts ld to an missions incras of 2%. A switch to mor ful-fficint vhicls was th most impactful initiativ lading by information tchnology companis, rprsnting 74% of missions rduction achivd through th diffrnt initiativs. Dcrasing businss activity and changs in mthodology also contributd to missions rductions. 12 companis 32.0 Mt CO 2 3 companis 0.1 Mt CO 2 Th matrials sctor accounts for 61% of total missions. Thr hav only bn a slight (0.15%) missions rduction through climat initiativs in this sctor, 99% of which through procss fficincy. This includs installing hot rolling mills in stl manufacturing and capturing wast nrgy strams for r-us. Businss-wis, thr wr shifts in product portfolios, which ld to an ovrall incras of missions. Blgacom and KPN, th two tlcommunication srvics providrs in th group of companis, hav achivd a joint 11% in missions rduction through thir climat initiativs. Th dcras is all th mor rmarkabl givn th rapid growth in data communication volums (+45% sinc prvious yar, in th cas of KPN). Both Blgacom and KPN buy 100% rnwabl lctricity, which accounts for 95% of missions rductions achivd in this sctor. 6 companis Mt CO 2 2 companis 0.1 Mt CO 2

14 14 Climat ladrship: Positioning for futur businss opportunity Corporat climat prformanc is a multi-factd concpt, so th CDP mthodology considrs a rang of factors in assssing climat prformanc. Th stratgy for rducing missions (15%), undrlying initiativs (19%), and th rsulting missions prformanc (20%) ar clarly critical, making up mor than half of th total scor. And yt thr ar othr factors that play an important rol in ffctiv climat mitigation, including, vrification, govrnanc and a thorough undrstanding of risks and opportunitis. Kping in mind all th diffrnt aspcts of climat prformanc, this chaptr focusss on th lmnts by which climat prformanc ladrs thos achiving an A for prformanc distinguish thmslvs most clarly from th rst. Th ight companis that stand out as Climat Prformanc Ladrs stand out from th othrs, th followrs, by thir proactiv, forwardapproach to climat prformanc. Thy distinguish thmslvs in thr aras.. 1 Climat Prformanc Ladrs st clar targts for rducing missions, mostly in absolut trms (figur 2). All Climat Prformanc Ladrs in th Bnlux hav dfind clar and ambitious targts. Among th 37 followrs, howvr, 10 hav no climat-rlatd targt in plac. Figur 2: All Climat Prformanc Ladrs in th Bnlux has st targts, whil 27% of th followrs do not Absolut targt Intnsity targt Absolut and intnsity targt No targt Ladrs 38% 13% 50% 0% Followrs 22% 30% 22% 27% 2 Climat Prformanc Ladrs invst in Ladrs hav invstd clos to 140 million ach, actions for transforming thir businss, on avrag, most of which in product dsign, whil Figur 3: Climat Prformanc Ladrs focus on cost-ffctiv opportunitis for rducing missions rathr than implmnting masurs that followrs invst primarily in fficincy. optimiz thir xisting oprations. Ladrs Followrs Climat prformanc ladrs focus thir climat-rlatd invstmnt in dsigning <1 yar products for a low-carbon world. 29% 34% Pr 1-3 company yars avrags Climat prformanc ladrs Followrs 41% 18% Intrnal Product Intrnal Product initiativs dsign initiativs dsign 11% Invstmnt 4-10 yars 1.7 m m 10.9 m 0.07 m 18% Annual montary savings 2.4 m 0.02 m 5.2 m 0.7 m 2% Annual yars missions rductions 2% as shar of total missions 1% 6% 2% 0% >15 yars 11% 34%

15 Figur 2: All Climat Prformanc Ladrs in th Bnlux has st targts, whil 27% of th followrs do not Absolut targt Intnsity targt Absolut and intnsity targt No targt Climat ladrship: Positioning for futur businss opportunity 15 Ladrs 38% 13% 50% 0% 3 Followrs 22% 30% 22% 27% Climat Prformanc Ladrs invst in masurs that mak businss sns as wll as dcras climat impacts. Th financial payback priods of initiativs of Climat Prformanc Ladrs ar typically blow thr yars, whil followrs fail to idntify costffctiv mitigation options, and targt about on-third of thir invstmnt on masurs that do not pay back within 15 yars (such as low-carbon nrgy purchas) (figur 3). Figur 3: Climat Prformanc Ladrs focus on cost-ffctiv opportunitis for rducing missions Ladrs Followrs <1 yar 29% 34% 1-3 yars 18% 41% 4-10 yars 11% 18% yars 2% 2% >15 yars 11% 34% 76% 23% 100%

16 16

17 Had s Up: Th EU Non-Financial Rporting Dirctiv Risks & Opportunitis 17 A pragmatic EU wid approach to non-financial rporting is th optimal solution for businss and invstors. On Sptmbr 29th 2014, th EU Council approvd a nw Dirctiv on disclosur of non-financial information for companis with ovr 500 mploys within th EU. Th dirctiv will b rolld out ovr th nxt two yars and must b nforcd by 2017 undr th EU Accounting Dirctiv. Unfortunatly, Mmbr Stats can individually choos how to intrprt th nvironmntal rporting componnt of th Dirctiv. This could potntially crat a patchwork of fragmntd and incompatibl rporting rquirmnts, which would add complxity and cost to rporting companis and would not satisfy th nds of th invstor community. An EU-wid approach is ndd, stablishing standardisd (or at last compatibl) rporting framworks, and promoting a consistnt and intgratd approach to rporting financial and nonfinancial corporat information. CDP s position CDP s long-trm ndorsmnt by narly 800 institutional invstors with ovr USD 92 trillion assts undr managmnt has d-facto introducd a standard for rporting corporat nvironmntal information. Som 4,500 companis worldwid (of which around 1,000 alon ar in Europ) alrady apply this rporting standard, cumulativly rprsnting ovr half of th world s markt capitalization. Institutional invstors us non-financial CDP data in thir daily dcision making via various information channls such as Bloombrg trminals, CSR rports, annual financial statmnts, ESG ratings, as wll as dirctly through CDP. CDP data is also usd to driv chang through corporat supply chains, and to inform nvironmntal policy that rlats to businss activity. How CDP can hlp Via th CDP rporting platform, companis alrady rport information to invstors that fulfils thir rquirmnts as rgards nvironmntal rporting. In addition to this, CDP has promotd th dvlopmnt of standards for mainstram non-financial rporting through its support of th Climat Disclosur Standards Board (CDSB), in coalition with svn othr ky nvironmntal NGOs (CERES, Th Climat Group, Th Climat Rgistry, IETA, WBCSD, WEF, WRI). CDSB s rporting framwork is a uniqu tool, which would nabl companis to us data from thir CDP rspons to comply with th nw EU accounting dirctiv as rgards nvironmntal rporting. Th CDSB rporting framwork also provids th basis on which th social and govrnanc rporting rquirmnts could b built. How your company can gt involvd In ordr to mak th nw lgislation maningful, as wll as simpl to implmnt by companis, w ncourag you to advocat your national govrnmnts dirctly and through your trad associations. A pragmatic EU wid approach to non-financial rporting is th optimal solution for businss and invstors. It should build on availabl and stablishd rporting framworks, such as CDSB. CDP and CDSB ar hr to support you in that ffort. Our staffs ar availabl to answr any qustions and provid furthr information. Stvn Tbb Managing Dirctor, CDP Europ To nsur a lvl playing fild among larg, comptitiv companis, CDP has bn supportiv of EU wid lgislation, making non-financial rporting mandatory within mainstram annual rports.

18 18 Mitigating risks and sizing opportunitis Proactivly daling with risks and opportunitis Climat prformanc ladrs ar mor awar of th risks and opportunitis that can affct thir businss. Thy idntifid th majority of all risks, as wll as th majority of high-rankd risks (risks that scord at last 28 points on th ovrall probability and impact multiplid). Accordingly, thy tnd to hav mor dtaild appropriat mitigation and adaptation action plans in plac. Many followrs, on th othr hand, just rspond to xtrnal dvlopmnts, such as rgulation or changs in physical oprating nvironmnt. Assssing risks and opportunitis Rsponding companis highlight two main climatrlatd impacts on thir businss: { impacts on oprational costs (primarily a risk). { impacts on rputation and dmand for products and srvics (both a risk and opportunity), largly drivn by changing customr bhavior, as consumr choics ar bcoming incrasingly drivn by climat impacts. In thir rsponss, companis hav indicatd th risks and opportunitis rlating to climat chang that thy hav idntifid, including thir liklihood (xtrmly unlikly to virtually crtain) and impact (low to high) on th company. This information was usd for ranking th risks and opportunitis, multiplying probability and impact to yild a scor for ach risk and opportunity. Probability Impact Virtually crtain 8 High 5 Vry likly 7 Mdium-high 4 Likly 6 Mdium 3 Mor likly than not 5 Low-mdium 2 About as likly as not 4 Low 1 Unlikly 3 Unknown 0 Vry unlikly 2 Excptionally unlikly 1 Unknown 0 Bnlux companis highlight risks of incrasd oprational costs du to changs in climat and climat rgulation. Figur 4: Idntifid risks rlatd to climat chang Inability to do businss Incrasd oprational costs Rproduction/disruption in production capacity Rducd dmand for goods & srvics Incrasd capital losss Othr Rducd stock pric (markt valuation) Bubbl siz dnots th numbr of tims th risk is mntiond Probability Virtually crtain Likly Unlikly Low Mdium High Impact

19 Mitigating risks and sizing opportunitis 19 Managing impacts on oprational costs For many Bnlux companis climat initiativs ar primarily about managing risks of rising oprational costs, which is both th most rportd risk and th highstrankd risk (figur 4). Climat-rlatd rgulation, with a pollutr pays -principl, can incras costs, particularly in th matrials sctor. Companis fors that complianc with nvironmntal obligations may rquir additional capital xpnditurs or modifications in oprating practics, lading to incras of oprational costs. Many also s volatil nrgy prics as a significant risk, drivn by uncrtainty surrounding nw rgulation and cap and trad schms. Concrnd about rising costs, most companis in th matrials sctor focus on optimizing thir xisting oprations. Masurs in procss fficincy account for 99% of th missions rduction initiativs of th companis in this sctor, and rprsnt an invstmnt of mor than 14 million. Ths initiativs ar highly ffctiv, both from a climat and businss point of viw; ths masurs now sav th companis mor than 28 million pr yar. In paralll, matrials companis monitor nrgy and CO 2 pric dvlopmnts and work on stratgis for optimizing supply of nrgy and raw matrials. Lading matrial production and procssing companis tak a mor proactiv approach to th impacts of rgulation. Thy s this as an opportunity to dvlop products and srvics for nw markts cratd by rgulation. Whn thr is a stabl long-trm policy framwork, ths businsss can mak informd stratgic dcisions about long-trm invstmnts in ths markts for low-carbon matrials. Boosting th rsilinc of supply chains Companis in consumr stapls rais concrns about th physical impacts of climat chang on thir oprations, as changing in wathr pattrns and xtrm vnts can disrupt supply chains and rais th costs of raw matrials. To addrss this risk, climat prformanc ladrs work with thir supplirs in making supply of fdstock mor rsilint and divrs. Thy hav pronouncd stratgis rgarding local sourcing, ngag small farmrs and invst in bttr agricultural practics. At th sam tim, ths companis ar looking into circular conomy approachs of rcovring matrial strams and products, b it for thir own r-us or for rslling to customrs. Climat Prformanc Ladrs rap concrt bnfits from thir forward looking approach to natural rsourc risks. Strongr ngagmnt with partis along th supply chain provid mor visibility and transparncy, and nsur mor stabl product sourcs for th products offrd. In addition to bing ffctiv climat chang adaptation, this approach crats bnfits in stakholdr rlationships and rputation. And by working in partnrship with othrs, thy crat broadr social bnfits, such as a mor rsilint agricultural sctor. Nw markts for rnwabl nrgy products Th majority of Solvay s dirct and indirct missions ar causd by facilitis within th EU, so th company monitors Europan climat chang rlatd rgulation closly. Incrasd mission taxs, for xampl, would lad to th ovrall incrasd oprational costs, and rnwabl nrgy rgulation is supporting dvlopmnt of nw nrgy sourcs, for which Solvay is xploring aras of us. Solvay is involvd in diffrnt partnrships and collaborativ rsarch projcts to accss nw and complmntary high-tch xprtis in filds such as rnwabl nrgy or advancd matrials. Th Solar Impuls projct is a good xampl of this. This projct aims to build a solar airplan that can fly day and night on solar powr, without a drop of ful and without pollution. This way, th projct contributs to innovativ applications of rnwabl nrgis in aviation, dmonstrating th possibilitis of clan tchnologis for sustainabl dvlopmnt. Solvay contributs to Solar Impuls through rsarch of innovativ matrials and tchnical solutions and th study of thir bhavior in xtrm conditions. Solvay supplid 11 of its products, fiftn applications and ovr 6,000 parts to th first vrsion of th aircraft. Aftr an intrcontinntal flight of this prototyp in 2012, from Payrn (Switzrland) to Ouarzazat (Morocco) and back, 2013 saw a coast-to-coast US flight, from San Francisco to Nw York City. Solar Impuls s tam and partnrs hav now built a scond solar airplan, aiming to fly around th world in th first half of Incrasing th climat rsilinc of supply chains through local sourcing AB Inbv has st up barly fficincy and sd rsarch programs to improv crops tolration to xtrm wathr conditions, such as drought. This rsarch and dvlopmnt aims to crat nw varitis with bttr yilds and dvlop sustainabl tchniqus that hlp improv th volum and quality of th barly producd. This hlps th company to manag th cost of raw matrials bttr and scur a sourc of high-quality raw matrials. Morovr, by cooprating with growrs in this rsarch program, th company dpns its rlationships with smallholdr farmrs. In paralll, AB Inbv works with local communitis to improv frsh watr managmnt, st an xampl for rducing watr risks and to find opportunitis to consrv watr rsourcs.

20 20 Mitigating risks and sizing opportunitis Sizing th futur businss opportunitis Climat and mission stratgy ar not just about mitigating risks; thr ar tangibl businss opportunitis. Companis in th global Climat Prformanc Ladrship Indx hav outprformd businsss in th Bloombrg World Indx and Dow Jons Sustainability World Indx by ovr 9.6% ovr 2010 to 2014 (figur 5). Th strong focus on managing risks among Bnlux companis could thratn to clips initiativs for sizing businss opportunitis. Climat Prformanc Ladrs do look to th opportunitis ahad. Thos in th Bnlux highlight opportunitis in changing dmand for products and srvics in rlation to climat chang and for strngthning company rputation and brand valu (figur 6). Dsigning products for a low-carbon world Changs in physical climat pattrns lad to nw dmands for products and srvics in th nginring sctor, for instanc for watr managmnt and rnwabl nrgy. Climat Prformanc Ladrs in industrials, hav invstd mor than 500 million in nw products for a low-carbon world. This includs Philips EcoDsign product rang, as wll as infrastructur products lik building matrials and machinry with smallr carbon footprint, and full nginring solutions for adapting to climat chang. Companis lik Royal BAM hav introducd initiativs for rducing th climat impact of thir currnt oprations, using approachs lik prdictiv modlling and lowcarbon sourcing. Shifts in dmand for goods and srvics do not just rsult from changs in th climat; companis also s risks and opportunitis rlating to a shift in consumr bhaviour. As consumrs incras thir awarnss of climat chang, thy shift thir consumption pattrns to mor sustainabl products and srvics, and ar looking to companis that can provid ths. This shift in dmand poss a risk to xisting product portfolios, but crats opportunitis to grow into nw markts. Th way companis dal with ths shifts also affcts thir rputation among customrs, as wll as thir ability to do businss and maintain currnt valu. Ractiv approachs focus on dfnding markt shar of products that ar bing ovrtakn by nw, bttr altrnativs. Climat prformanc ladrs hav a mor forward-looking approach to managing ths risks. By focusing thir invstmnts on rducing missions in product dvlopmnt, thy mak a transition to products and markts that mt th nw consumr nds. Enginring practics, matrials and solutions for a low-carbon world BAM is awar of th high risks rlatd to physical changs in climat. It forss that irrgularitis in monsoon sasons can caus disruption in projct planning, and rais rlatd cost. Th company has thrfor implmntd various masurs for mitigating this risk. For vryday oprations, for instanc, thy mak us of BABOS, a systm that uss wathr prdictions to giv advic rgarding th appropriat tims to apply asphalt, among othrs. At th sam tim, BAM has bn adapting its nginring dsigns for customrs to incras rsilinc to futur climat conditions. It conducts dynamic thrmal modlling to assss th prformanc of buildings in futur climat conditions, using this information to slct appropriat thrmal proprtis of building fabric, and dsign appropriat hat and cooling systms for coping with largr tmpratur fluctuations. Thy also us sustainabl urban drainag systms in aras at risk of flooding. BAM is also invsting in longr-trm opportunitis for nw infrastructur products lik dik dowl, cobach (a systm that supports natural nourishmnt of sand), x-bloc (brakwatrs), box barrirs (a tmporary dik) and th soutrrain systm (a systm that collcts rainwatr undrnath roads). BAM has startd to invstigat th us of slf-haling concrt, which may provid a solution to longr trm rsilinc of larg infrastructur dvlopmnts and buildings. Companis in th global Climat Prformanc Ladrship Indx hav outprformd businsss in th Bloombrg World Indx and Dow Jons Sustainability World Indx by ovr 3% ovr 2010 to 2014.

21 Mitigating risks and sizing opportunitis 21 Figur 5: Global CPLI financial prformanc Indx, Octobr 1, 2010=1,000. Prics calculatd in US$. CPLI 37.53% Bloombrg World Indx 34.24% Dow Jons Sustainability World Indx 31.38% 1,400 1,200 1, Oct 1 Spt Sourc: data in US$ from 1/10/2010 to 22/9/2014, sourc ECPI basd on data by Thomson Rutrs Datastram and Bloombrg. Figur 6: Bnlux companis considr changing customr bhavior and impact on rputation as major risks rlatd to climat chang Changing consumr bhaviour Incrasing humanitarian dmands Othr drivrs Fluctuating socio-conomic conditions Inducd changs in human and cultural nvironmnts Rputation Bubbl siz dnots th numbr of tims th opportunity is mntiond Probability Virtually crtain Likly Unlikly Low Mdium High Impact

22 22 Mitigating risks and sizing opportunitis Transforming product portfolios to adapt to changing customr nds In its CDP climat chang rspons, Philips highlights two significant risks drivn by changing consumr bhavior. Firstly, this trnd could rduc th company s ability to continu its work in nrgy-fficint products, worth rvnu of up to 12 billion. Scondly, it could affct Philips brand valu and rputation. Th company indicats that a 1% rduction in brand valu as a rsult of ngativ xposur on its climat impact would rsult in a loss of 98 million in brand assts. To mitigat this risk and crat nw markt opportunitis, Philips has workd continuously on making thir products mor nrgy fficint and nvironmntal frindly. Today, th company offrs a wid rang of nrgy fficint solutions, for instanc in its halthcar divisions. For mrging markts, it has dvlopd air and watr purification products. Philips Grn Products offr significant nvironmntal improvmnt in on or mor Grn Focal Aras: nrgy fficincy, packaging, hazardous substancs, wight, rcycling and disposal and liftim rliability. This way, ths products hlp consumrs rduc thir nrgy consumption and oprating costs. Ovr th thr dcads that Philips has bn dvloping its Grn Products rang, dmand for nrgy fficint solutions continus to incras, drivn by currnt and upcoming worldwid rgulations and intrnational agrmnts, incrasd consumr awarnss rgarding climat chang, as wll as rising nrgy prics. Philips is now wll-positiond in this growing markt, thanks to its invstmnt in climat-rlatd product dvlopmnt. Financing climat initiativs Th financial sctor is anothr xampl of th rlationship btwn climat chang and rputation changing trnd, as banks and insuranc companis ar rinvnting thir rol in socity aftr th conomic crisis and focus on strngthning customr rlationships. Rspondnts hav addrssd thir own missions both onsit by improving th fficincy of thir buildings, and by purchasing low carbon nrgy, hlping to build a lowcarbon profil. At th sam tim, thy ar dsigning low carbon banking, insuranc and invstmnt products, anticipating a growing customr nd for this. By driving low-carbon invstmnt and saving among thir clints, thy can dlivr missions rductions far xcding thir own footprint. Morovr, ths opportunitis mak good businss sns, crating nw rvnus that allow for quickly rcovring th costs of dvloping ths nw srvics. In 2013, participating financial companis hav financd missions rduction mor than 30 tims thir own footprint. Limiting th xposur of invstmnts and loans to climat chang, and dvloping products for sustainabl banking For ING, its rputation as a sustainabl and rsponsibl company is th building block to maintain th licns to oprat and siz commrcial opportunitis. An important part of thir rputation is thir stratgy on carbon missions. ING has bn carbon nutral sinc 2007 and is constantly working on incrasing th intrnational awarnss of th importanc of GHG missions rporting and stratgy. ING has intgratd its approach to mitigating climatrlatd risks into th rlationships with its supplirs. If supplirs ar associatd with nvironmntal issus or nhancing climat chang, this could damag rputation of ING, potntially lading to loss of xisting clints and dals. To countr th risk of rputation damag from supplirs, ING launchd an official Supplir Qualification procss to nhanc its supplir risk managmnt procss and improv its global supply chain managmnt with th scop of thir full supplir bas. This asssss supplirs of ING basd on nvironmntal, social, and thical standards and will indicat thos who would b considrd high risk. ING has dvlopd Environmntal and Social Risk policis and guidlins also for clints risk managmnt. As a pro-activ Climat Prformanc Ladr, ING considrs not only th risks rlatd to climat chang, but dvlops businss opportunitis that li in sustainabl dals and growing markt for nrgy fficincy products and srvics. In its banking businss, ING targts its financing at th most sustainabl practics in ral stat (Bram and LEED crtification), sustainabl projcts in infrastructur (lowr mission projcts, wast to nrgy, watr projcts tc.) and sustainabl commoditis (crtifications, low carbon missions tc.). In addition, th Structurd Financ Utilitis, Powr and Rnwabls tam at ING Commrcial Banking financd 12 rnwabl nrgy projcts in 2013, rsulting in an missions rduction of 7.2 million tons CO 2, and projcts financd by ING Gronbank hav ld to a total missions rduction of 29 tons of CO 2 and 15 mtric tons NO 2.

23 Conclusion: Incrasing impact and sizing businss opportunitis 23 Many Bnlux companis hav introducd a rang of masurs to rduc thir grnhous gas missions, but impact is falling short. Othr factors, such as growing businss activitis and advrs wathr conditions hav largly offst th gains mad. Th total amount of grnhous gass mittd by th Bnlux companis in this analysis has thrfor rmaind at th sam lvl as in Th climat prformanc scors of Bnlux companis illustrat th mixd mssag. Whil thr ar ight top prformrs Climat Prformanc Ladrs with an A-rating, th avrag scor of th whol group has shiftd down from B to C sinc last yar. Th quality of climat rporting by Bnlux companis shows a mor positiv and uniform trnd, incrasing from 68 in 2012 and 74 in 2013 to 80 in But mr rporting is not nough. Th Climat Prformanc Ladrs distinguish thmslvs through thir forward-looking stratgy to addrssing thir climat impacts. This allows th Climat Prformanc Ladrs to manag thir climat impact in a profssional, businsslik way. Thy st clar targts, whil many othrs do not, and this hlps thm focus thir invstmnts on initiativs that ar good for th climat as wll as thir businss. Most of all, Climat Prformanc Ladrs undrstand th businss opportunity of ffctiv climat chang stratgy, and ar transforming thmslvs to prpar for sizing ths. Whil many companis hav introducd initiativs for rducing th climat impact of thir currnt oprations, lading companis intgrat climat considrations in thir product dvlopmnt. This way, thy mak a transition to products and markts that mt changing consumr nds, and position thmslvs for succss in a low-carbon world. Out of th 142 companis that wr invitd to rspond to th CDP in th Bnlux, only 44% rspondd. Th total amount of grnhous gass mittd by th Bnlux companis in this analysis is not dcrasing. Th avrag climat prformanc of rsponding Bnlux companis has dcrasd, shifting from B to C. Climat Prformanc Ladrs hav targts, and 88% hav absolut targts. 55% of missions rduction invstmnts of Climat Prformanc Ladrs pay back within 3 yars. Climat Prformanc Ladrs invst in actions for transforming thir businss, rathr than implmnting masurs that optimiz thir xisting oprations.

24 24 Appndix I Rsponding companis Company Country Scors 2014 Scors 2013 Scop 1 Scop 2 Scop 3 Consumr Discrtionary Rd Elsvir Nthrlands AQ(SA)-s Rd Elsvir Group Ss Luxmbourg 53 E 60 E Tlgraaf Mdia Grop Nthrlands 75 C 62 C Tlnt Group Holding Blgium 93 B 73 B Volkswagn Grmany 99 A 99 A Woltrs Kluwr Nthrlands 77 C 61 C Consumr Stapls Anhusr Busch InBv Blgium 94 A 85 A Dlhaiz Group Blgium 90 B 82 B Hinkn Holding Nthrlands AQ(SA) - s Hinkn Hinkn Nthrlands 99 A 96 B Royal Ahold Nthrlands 75 C 69 B np np np Royal Wssann Nthrlands 83 C 70 D np np np Unilvr NV Nthrlands AQ(SA) - s Unilvr plc Enrgy Cor Laboratoris Nthrlands 66 D - np np np Eni Italy 96 B 92 B Royal Dutch Shll Nthrlands 90 B 90 B SBM Offshor Nthrlands 61 D 50 D np np np Vopak Nthrlands 66 C 64 D Financials Agon Nthrlands 86 C 70 B Banco Santandr Spain 88 A 84 B BBVA Spain 85 C 76 D Bfimmo Blgium 83 B 81 B BNP Paribas Fortis Blgium AQ(SA) - s BNP Paribas Cofinimmo Blgium 89 C 81 C Corio Nthrlands 74 C 68 B ING Group Nthrlands 97 A 96 B KBC Group Blgium 85 C 66 C Royal Bank of Scotland Group Unitd Kingdom 98 B 88 B Unibail-Rodamco Franc 96 B 79 B Van Lanschot Nthrlands 84 B Wrldhav Nthrlands 82 C 66 C Wrldhav Blgium Blgium AQ(SA) - s Wrldhav Halth Car UCB Blgium 67 D 65 D Industrials Air Franc - KLM Nthrlands 75 C 91 A Arcadis Nthrlands 68 D 77 B bpost Blgium 90 A 79 C Grontmij Nthrlands 66 D 59 D Hijmans Nthrlands 67 C 75 C Kndrion Nthrlands AQ(L)

25 Appndix I Rsponding companis 25 Company Country Scors 2014 Scors 2013 Scop 1 Scop 2 Scop 3 PostNL Nthrlands 96 C - np np np Royal BAM Group Nthrlands 98 A 96 B Royal Boskalis Wstminstr Nthrlands 69 D 67 D np np np Royal Imtch Nthrlands 54 E 63 B np np np Royal Philips Nthrlands 100 A 100 A Simns Grmany 99 A 96 A TNT Exprss Nthrlands 89 D 88 B Information Tchnology ASM Intrnational Nthrlands 81 C 54 E np np np Econocom Blgium 65 E 48 np np np Gmalto Nthrlands 80 C 56 C Nokia Group Finland 98 A 97 A Matrials AkzoNobl Nthrlands 96 B 93 B AMG Advancd Mtallurgical Group NV Nthrlands 70 E 60 D APERAM Luxmbourg 63 D 55 D np np np Arclor Mittal Luxmbourg 72 C 88 B Koninklijk DSM Nthrlands 74 C 71 C Solvay Blgium 90 B 89 B Umicor Blgium AQ(L) np np np Tlcommunication Srvics Blgacom Blgium 88 A 86 A Dutsch Tlkom Grmany 98 B 90 B Royal KPN Nthrlands 99 A 95 A Tlcom Italia Italy 93 B 95 B Tlfonica Spain 98 A 95 B Utilitis E.ON Grmany 87 B 83 B Ky to appndix Ky to appndix AQ Answrd Qustionnair DP Dclind to Participat AQ(L) Answrd Qustionnair Rcivd Lat NR No Rspons AQ(SA) S Anothr np Rspons non public * Numbr of scop 3 catgoris that wr indntifid as rlvant and calculatd by a company Bold txt Companis includd in th Bnlux CPLI and/or CDLI.

26 26

27 Appndix II Non-Rsponding companis 27 Company Country Rspons status Company Country Rspons status Consumr Discrtionary Nb Privat Equity Partnrs Gurnsy NR Accll Group Nthrlands NR Ajax AFC Nthrlands NR Btr Bd Nthrlands NR D'Itrn Blgium NR Huntr Douglas Nthrlands NR Kinpolis Group Blgium NR Macintosh Rtail Group Nthrlands NR RTL Group Luxmbourg DP Tom Tom Nthrlands DP Van d Vld Blgium NR Consumr Stapls Amstrdam Commoditis Nthrlands NR Corbion Nthrlands DP Lotus Bakris Blgium NR Sipf Blgium NR Sligro Food Group Nthrlands NR Socfinaf Luxmbourg NR Socfinasia Luxmbourg NR Enrgy Exmar Blgium NR Fluxys Blgium Blgium DP Fugro Nthrlands NR Financials Ackrmans & van Haarn Blgium NR Adifica Blgium NR Agas Blgium NR AP Altrnativ Assts Gurnsy NR Atrium Europan Ral Estat Channl Islands NR Banqu National Blgiqu Blgium NR BinckBank Nthrlands NR BIP Invstmnt Partnrs Luxmbourg NR Boussard & Gavaudan Holding Gurnsy NR Brdrod Blgium NR Dlta Lloyd Nthrlands DP Eurocommrcial Proprtis Nthrlands DP Financir d Tubiz Blgium NR Foyr Luxmbourg NR Gimv Blgium NR Group Bruxlls Lambrt Blgium NR Hal Trust Nthrlands Antills NR Hnx Blgium NR Kas Bank Nthrlands NR KBC Ancora Blgium NR Niuw Stn Invstmnts Nthrlands NR Rint Invstmnts South Africa NR Sofina Blgium NR Ttragon Financial Group Nthrlands NR Valu8 Nthrlands NR Vastnd Rtail Nthrlands NR Warhouss D Pauw Comm Blgium NR Halth Car Arsus Blgium NR Galapagos Blgium NR ThromboGnics Blgium NR Industrials Aalbrts Industris Nthrlands DP Ballast Ndam Nthrlands NR Brunl Intrnational Nthrlands NR CFE Blgium NR Compagni Maritim Blg Blgium NR Etx Group Blgium NR HES Bhr Nthrlands NR OCI Nthrlands NR Oranjwoud Nthrlands NR Randstad Holding Nthrlands DP SNCB Holding Blgium NR USG Popl Nthrlands NR Information Tchnology ASML Holding Nthrlands DP Barco Blgium DP BE Smiconductor Industris Nthrlands NR EVS Broadcast Equipmnt Blgium NR Exact Holding Nthrlands NR Mlxis Blgium NR Nd Apparatn Fabrik - NEDAP Nthrlands NR Ordina Nthrlands NR Unit 4 Agrsso Nthrlands NR Xikon Nthrlands NR Matrials Bkart Blgium DP Solvac Blgium NR Tn Cat Nthrlands NR Tssndrlo Group Blgium NR Viohalco Grc NR Utilitis Elia Systm Oprator Blgium NR Luxmpart Blgium NR

28 28 Appndix III Invstor mmbrs CDP works with invstors globally to advanc th invstmnt opportunitis and rduc th risks posd by climat chang by asking ovr 5,000 of th world s largst companis to rport thir climat stratgis, GHG missions and nrgy us through CDP s standardizd format. To larn mor about CDP s mmbr offring and bcoming a mmbr, plas contact us or visit Whr ar th signatory invstors locatd? * 200 North Amrica CDP invstor signatoris Europ 70 Latin Amrica & Caribban CDP invstor bas continus to grow* CDP invstor signatory assts in US$ trillions Africa 70 Asia Invstors by typ 312 Asst managrs 256 Asst ownrs 152 Banks 38 Insurancs 27 Othrs 64 Australia & Nw-Zaland * Thr wr 767 invstor signatoris on 1st Fbruary 2014 whn th official CDP climat chang lttr was snt to companis, howvr som invstors joind aftr this dat and ar only rflctd in th gographical and typ brakdown. CDP Invstor 2014 ABRAPP Associação Brasilira das Entidads Fchadas d Prvidência Complmntar AEGON N.V. ATP Group Aviva plc Aviva Invstors Bank of Amrica Mrrill Lynch Bndigo & Adlaid Bank Limitd BlackRock Boston Common Asst Managmnt, LLC BP Invstmnt Managmnt Limitd California Public Employs Rtirmnt Systm California Stat Tachrs Rtirmnt Systm Calvrt Invstmnt Managmnt, Inc. Capricorn Invstmnt Group, LLC Catholic Supr CCLA Invstmnt Managmnt Ltd ClarBridg Invstmnts DEXUS Proprty Group Fachsf Faps Fundação Itaú Unibanco Gnration Invstmnt Managmnt Goldman Sachs Group Inc. Hndrson Global Invstors HSBC Holdings plc Infraprv KLP Lgg Mason Global Asst Managmnt London Pnsions Fund Authority Mobimo Holding AG Mongral Agon Sguros Prvidência S/A Morgan Stanly National Australia Bank Limitd Nubrgr Brman Norda Invstmnt Managmnt Norgs Bank Invstmnt Managmnt NEI Invstmnts Ptros PFA Pnsion Prvi Ral Grandza Robco RobcoSAM AG Rockfllr Asst Managmnt, Sustainability & Impact Invsting Group Royal Bank of Canada Royal Bank of Scotland Group Sampnsion KP Livsforsikring A/S Schrodrs Scottish Widows Invstmnt Partnrship SEB AB Srpros Sistl Sompo Japan Nipponkoa Holdings, Inc Standard Chartrd TD Asst Managmnt Th Wllcom Trust

29 Appndix III Signatory invstors financial institutions with assts of US$92 trillion wr signatoris to th CDP 2014 climat chang information rqust datd Fbruary 1, Sistrs Sustainabl Managmnt LLC Abrdn Asst Managrs Abrdn Immobilin KAG mbh ABRAPP Associação Brasilira das Entidads Fchadas d Prvidência Complmntar Achma NV Activ Earth Invstmnt Managmnt Acuity Invstmnt Managmnt Addnda Capital Inc. Advancd Invstmnt Partnrs AEGON N.V. AEGON-Industrial Fund Managmnt Co., Ltd AIG Asst Managmnt AK Asst Managmnt Inc. Akbank T.A.Ş. Albrta Invstmnt Managmnt Corporation (AIMCo) Albrta Tachrs Rtirmnt Fund Board Alcyon Financ AllnbridgEpic Invstmnt Advisrs Limitd Allianc Trust PLC Allianz Elmntar Vrsichrungs-AG Allianz Global Invstors Kapitalanlaggsllschaft mbh Allianz Group Altira Group Amalgamatd Bank Amlin plc AMP Capital Invstors AmpgaGrling Invstmnt GmbH Amundi AM ANBIMA - Associação Brasilira das Entidads dos Mrcados Financiro d Capitais Antra Gstão d Rcursos S.A. APG Applsd Fund AQEX LLC Aquila Capital Arisaig Partnrs Asia Pt Ltd Arjuna Capital Arkx Invstmnt Managmnt Arma Portföy Yöntimi A.Ş. Armstrong Asst Managmnt As You Sow ASM Administradora d Rcursos S.A. ASN Bank Assicurazioni Gnrali Spa ATI Asst Managmnt Atlantic Asst Managmnt Pty Ltd ATP Group Australia and Nw Zaland Banking Group Australian Ethical Invstmnt AustralianSupr Avaron Asst Managmnt AS Aviva Invstors Aviva plc AXA Group BAE Systms Pnsion Funds Invstmnt Managmnt Ltd Bailli Gifford & Co. BaltCap Banca Mont di Paschi di Sina Group Banco Bradsco S/A Banco Comrcial Português S.A. Banco d Crdito dl Pru BCP Banco d Galicia y Bunos Airs S.A. Banco do Brasil Prvidência Banco do Brasil S/A Banco Espírito Santo, SA Banco Nacional d Dsnvolvimnto Econômico Social BNDES Banco Popular Español Banco Sabadll, S.A. Banco Santandr Bansprv, Fundo Banspa d Sguridad Social Bansto Banif, SA Bank Handlowy w Warszawi S.A. Bank Lumi L Isral Bank of Amrica Mrrill Lynch Bank of Montral Bank Vontobl AG Bankhaus Schlhammr & Schattra Kapitalanlaggsllschaft m.b.h. BANKIA S.A. Bankintr Bankmcu Banqu Dgroof Banqu Libano-Français Barclays Basllandschaftlich Kantonalbank BASF Socidad d Prvidência Complmntar Baslr Kantonalbank Bâtirnt Baumann and Partnrs S.A. Bayrn LB BayrnInvst Kapitalanlaggsllschaft mbh BBC Pnsion Trust Ltd. BBVA BC Invstmnt Managmnt Corporation Bdfordshir Pnsion Fund Btl Capital BEFIMMO SA Bndigo & Adlaid Bank Limitd Bntall Knndy Brnbrg Bank Brti Invstmnts BioFinanc Administração d Rcursos d Trciros Ltda BlackRock Blom Bank SAL Blumnthal Foundation BNP Paribas Invstmnt Partnrs BNY Mllon BNY Mllon Srvic Kapitalanlag Gsllschaft Boardwalk Capital Managmnt Boston Common Asst Managmnt, LLC BP Invstmnt Managmnt Limitd Brasilprv Sguros Prvidência S/A. Brcknridg Capital Advisors British Airways Pnsion Invstmnt Managmnt Limitd British Coal Staff Suprannuation Schm Brown Advisory BSW Walth Partnrs BT Financial Group BT Invstmnt Managmnt Busan Bank CAAT Pnsion Plan Cadiz Holdings Limitd CAI Corporat Assts Intrnational AG Caiss d dépôt t placmnt du Québc Caiss ds Dépôts Caixa d Prvidência dos Funcionários do Banco do Nordst do Brasil (CAPEF) Caixa Econômica Fdral Caixa Gral d Dpósitos CaixaBank, S.A California Public Employs Rtirmnt Systm California Stat Tachrs Rtirmnt Systm California Stat Trasurr Calvrt Invstmnt Managmnt, Inc. Canada Pnsion Plan Invstmnt Board Canadian Imprial Bank of Commrc (CIBC) Canadian Labour Congrss Staff Pnsion Fund CAPESESP Capital Innovations, LLC Capricorn Invstmnt Group, LLC CarSupr Carmignac Gstion Casr Pnsions Cathay Financial Holding Cathrin Donnlly Foundation Catholic Supr CBF Church of England Funds CBRE Cbus Suprannuation Fund CCLA Invstmnt Managmnt Ltd

30 30 Appndix III Signatory invstors Cdrus Asst Managmnt Clst Funds Managmnt Limitd Cntral Financ Board of th Mthodist Church Crs CERES - Fundação d Sguridad Social Challngr Chang Invstmnt Managmnt Christian Brothrs Invstmnt Srvics Christian Supr Christophr Rynolds Foundation Church Commissionrs for England Church of England Pnsions Board CI Mutual Funds Signatur Global Advisors City Dvlopmnts Limitd Clan Yild Asst Managmnt ClarBridg Invstmnts Climat Chang Capital Group Ltd CM-CIC Asst Managmnt Colonial First Stat Global Asst Managmnt Ltd Comrica Incorporatd COMGEST Commrzbank AG CommInsur Commonwalth Bank of Australia Commonwalth Suprannuation Corporation Compton Foundation Concordia Vrsichrungs-Gsllschaft a.g. Conflunc Capital Managmnt LLC Conncticut Rtirmnt Plans and Trust Funds Consr Invst Co-oprativ Financial Srvics (CFS) Crayna Capital, LLC. Crédit Agricol Crédit Suiss CTBC Financial Holding Co., Ltd. Dasung Capital Managmnt Daiwa Asst Managmnt Co. Ltd. Daiwa Scuritis Group Inc. Dalton Nicol Rid Dana Invstmnt Advisors Dansk Bank Group d Pury-Pictt-Turrttini & Ci S.A. DkaBank Dutsch Girozntral Dlta Lloyd Asst Managmnt Dmtr Partnrs Dsjardins Group Dutsch Asst Managmnt Invstmntgsllschaft mbh Dutsch Bank AG Dutsch Postbank AG Dvlopmnt Bank of Japan Inc. Dvlopmnt Bank of th Philippins (DBP) Dxia Asst Managmnt DEXUS Proprty Group DGB Financial Group DIP DLM INVISTA ASSET MANAGEMENT S/A DNB ASA Domini Social Invstmnts LLC Dongbu Insuranc Doughty Hanson & Co. DWS Invstmnt GmbH DZ Bank E.Sun Financial Holding Co Earth Capital Partnrs LLP East Capital AB East Sussx Pnsion Fund Ecclsiastical Invstmnt Managmnt Ltd. Ecofi Invstissmnts - Group Crédit Coopératif Edward W. Hazn Foundation EEA Group Ltd Eika Kapitalforvaltning AS Eko Elan Capital Partnrs Elmnt Invstmnt Managrs Eltra - Fundação Clg d Sguros Prvidência Environmnt Agncy Activ Pnsion fund Environmntal Invstmnt Srvics Asia Limitd Epworth Invstmnt Managmnt Equilibrium Capital Group Equint Bank AG Erik Pnsr Fondkommission Erst Asst Managmnt Erst Group Bank Essx Invstmnt Managmnt Company, LLC ESSSupr Ethos Foundation Etica Sgr Eurka Funds Managmnt Eurizon Capital SGR Evanglical Luthran Church in Canada Pnsion Plan for Clrgy and Lay Workrs Evanglical Luthran Foundation of Eastrn Canada Evanglisch-Luth. Kirch in Bayrn Evli Bank Plc F&C Invstmnts FACEB - Fundação d Prvidência dos Emprgados da CEB FAELCE - Fundacao Colc d Sguridad Social FAPERS- Fundação Assistncial Prvidnciária da Extnsão Rural do Rio Grand do Sul FASERN - Fundação Cosrn d Prvidência Complmntar Fdral Financ Fédéris Gstion d Actifs FIDURA Capital Consult GmbH FIM Asst Managmnt Ltd FIM Srvics Financ S.A. Financièr d l Echiquir FIPECq - Fundação d Prvidência Complmntar dos Emprgados Srvidors da FINEP, do IPEA, do CNPq FIRA - Banco d Mxico First Affirmativ Financial Ntwork First Bank First Stat Invstmnts First Stat Supr First Swdish National Pnsion Fund (AP1) Firstrand Group Limitd Fiv Ocans Asst Managmnt Folktrygdfondt Folksam Fondaction CSN Fondation d Luxmbourg Fondazion Cariplo Fondo Pnsion Gruppo Intsa Sanpaolo - FAPA Fonds d Résrv pour ls Rtraits - FRR Forluz - Fundação Forluminas d Sguridad Social - FORLUZ Forma Futura Invst AG Fourth Swdish National Pnsion Fund, (AP4) Frankfurt-Trust Invstmnt- Gsllschaft mbh Frinds Fiduciary Corporation Fubon Financial Holdings Fukoku Capital Managmnt Inc FUNCEF - Fundação dos Economiários Fdrais Fundação AMPLA d Sguridad Social Brasiltros Fundação Atlântico d Sguridad Social Fundação Attilio Francisco Xavir Fontana Fundação Banrisul d Sguridad Social Fundação BRDE d Prvidência Complmntar - ISBRE Fundação Chsf d Assistência Sguridad Social - Fachsf Fundação Corsan - dos Funcionários da Companhia Riograndns d Sanamnto Fundação d Assistência Prvidência Social do BNDES - FAPES Fundação Eltrobrás d Sguridad Social - ELETROS Fundação Itaipu BR d Prvidência Assistência Social Fundação Itaubanco Fundação Itaúsa Industrial Fundação Promon d Prvidência Social Fundação Rd Frroviaria d Sguridad Social Rfr Fundação Sanpar d Prvidência Assistência Social - FUSAN Fundação Sistl d Sguridad Social (Sistl) Fundação Val do Rio Doc d Sguridad Social VALIA FUNDIÁGUA Fundação d Prvidência Complmntar da CAESB Futurgrowth Asst Managmnt GamChang Capital LLC Garanti Bank GEAP Fundação d Sguridad Social Gmway Assts Gnral Equity Group AG Gnrali Dutschland Holding AG Gnration Invstmnt Managmnt Gnus Capital Managmnt Grman Equity Trust AG

31 Appndix III Signatory invstors 31 Gjnsidig Forsikring ASA Global Forstry Capital SARL Globalanc Bank Ltd GLS Gminschaftsbank G Goldman Sachs Group Inc. Good Growth Institut für global Vrmögnsntwicklung mbh Good Supr Govrnanc for Ownrs Govrnmnt Employs Pnsion Fund ( GEPF ), Rpublic of South Africa GPT Group Gratr Manchstr Pnsion Fund Grn Cay Asst Managmnt Grn Cntury Capital Managmnt GROUPAMA EMEKLİLİK A.Ş. GROUPAMA SİGORTA A.Ş. Group Crédit Coopératif Group Invstissmnt Rsponsabl Inc. Group OFI AM Grupo Financiro Banort SAB d CV Grupo Santandr Brasil Gruppo Bancario Crdito Valtllins Guardians of Nw Zaland Suprannuation Hang Sng Bank Hanwha Asst Managmnt Company Harbour Asst Managmnt Harrington Invstmnts, Inc Harvard Managmnt Company, Inc. Hauck & Aufhäusr Asst Managmnt GmbH Hazl Capital LLP HDFC Bank Ltd. Halthcar of Ontario Pnsion Plan (HOOPP) Hart of England Baptist Association Hlaba Invst Kapitalanlaggsllschaft mbh Hndrson Global Invstors Hrms Fund Managrs BUT Hrms EOS for Carbon Action HESTA Supr HIP Invstor Holdn & Partnrs HSBC Global Asst Managmnt (Dutschland) GmbH HSBC Holdings plc HSBC INKA Intrnational Kapitalanlaggsllschaft mbh HUMANIS Hyundai Marin & Fir Insuranc Co., Ltd Hyundai Scuritis Co., Ltd. IBK Scuritis IDBI Bank Ltd. Illinois Stat Board of Invstmnt Ilmarinn Mutual Pnsion Insuranc Company Imofundos, S.A Impax Asst Managmnt IndusInd Bank Ltd. Industrial Allianc Insuranc and Financial Srvics Inc. Industrial Bank (A) Industrial Bank of Kora Industrial Dvlopmnt Corporation Industry Funds Managmnt Inflction Point Capital Managmnt Inflction Point Partnrs Infrastructur Dvlopmnt Financ Company ING Group N.V. Insight Invstmnt Managmnt (Global) Ltd Instituto Infraro d Sguridad Social - INFRAPREV Instituto Sbra D Sguridad Social - SEBRAEPREV Insuranc Australia Group Intgr Walth Managmnt of Raymond Jams Intrfaith Cntr on Corporat Rsponsibility IntRal KAG Invstc Asst Managmnt Invsting for Good CIC Ltd Invstor Environmntal Halth Ntwork Irish Lif Invstmnt Managrs Itau Asst Managmnt Itaú Unibanco Holding SA Janus Capital Group Inc. Jarislowsky Frasr Limitd Jssi Smith Noys Foundation Jsuits in Britain JMEPS Trusts Limitd Johnson & Johnson Socidad Prvidnciaria JPMorgan Chas & Co. Jubitz Family Foundation Jupitr Asst Managmnt Kagiso Asst Managmnt Kaisr Rittr Partnr Privatbank AG KB Kookmin Bank KBC Asst Managmnt KBC Group KCPS Privat Walth Managmnt KDB Asst Managmnt Co. Ltd KDB Dawoo Scuritis Kndall Sustainabl Infrastructur, LLC Kplr Chuvrux Kplr-Fonds KAG Kva KyCorp KfW Bankngrupp Killik & Co LLP Kiwi Incom Proprty Trust Klinwort Bnson Invstors KlimaINVEST KLP Kora Invstmnt Managmnt Co., Ltd. Kora Tchnology Financ Corporation (KOTEC) KPA Pnsion La Banqu Postal Asst Managmnt La Financièr Rsponsabl La Français AM Lamp Asst Managmnt GmbH Landsorganisationn i Svrig LaSall Invstmnt Managmnt LBBW Landsbank Badn-Württmbrg LBBW Asst Managmnt Invstmntgsllschaft mbh LD Lønmodtagrns Dyrtidsfond Lgal and Gnral Invstmnt Managmnt Lgg Mason Global Asst Managmnt LGT Group LGT Group Foundation LIG Insuranc Light Grn Advisors, LLC Living Plant Fund Managmnt Company S.A. Lloyds Banking Group Local Authority Pnsion Fund Forum Local Govrnmnt Supr Logos portföy Yöntimi A.Ş. London Pnsions Fund Authority Lothian Pnsion Fund LUCRF Supr Luthran Council of Grat Britain Macquari Group Limitd MagNt Magyar Közösségi Bank Zrt. MainFirst Bank AG Making Drams a Rality Financial Planning Malakoff Médéric MAMA Sustainabl Incubation AG Man Mandarin Gstion MAPFRE Mapl-Brown Abbott Marc J. Lan Invstmnt Managmnt, Inc. Maryknoll Sistrs Maryland Stat Trasurr Matrix Asst Managmnt MATRIX GROUP LTD McLan Buddn MEAG MUNICH ERGO AsstManagmnt GmbH Mdiobanca Mschart Gstion Privé Miji Yasuda Lif Insuranc Company Mndsprv Socidad Prvidnciária Mrck Family Fund Mrcy Invstmnt Srvics, Inc. Mrgnc Invstmnt Managrs MtallRnt GmbH Mtrus Instituto d Sguridad Social Mtzlr Asst Managmnt Gmbh MFS Invstmnt Managmnt Midas Intrnational Asst Managmnt, Ltd. Millr/Howard Invstmnts, Inc. Mira Asst Global Invstmnts Mira Asst Scuritis Co., Ltd. Mirova Mirvac Group Ltd Missionary Oblats of Mary Immaculat Mistra, Foundation for Stratgic Environmntal Rsarch Mitsubishi UFJ Financial Group Mitsui Sumitomo Insuranc Co.,Ltd Mitsubishi UFJ Financial Group

32 32 Appndix III Signatory invstors MN Mobimo Holding AG Momntum Managr of Managrs (Pty) Limitd Momntum Managr of Managrs (Pty) Ltd Monga Kapitalanlaggsllschaft mbh Mongral Agon Sguros Prvidência S/A Morgan Stanly Mountain Clantch AG MTAA Suprannuation Fund Munich R Mutual Insuranc Company Pnsion-Fnnia Nanuk Asst Managmnt Natcan Invstmnt Managmnt Nathan Cummings Foundation, Th National Australia Bank Limitd National Bank of Canada National Bank of Grc S.A. National Grid Elctricity Group of th Elctricity Supply Pnsion Schm National Grid UK Pnsion Schm National Pnsions Rsrv Fund of Irland National Union of Public and Gnral Employs (NUPGE) Nativus Sustainabl Invstmnts NATIXIS Natural Invstmnts LLC Ndbank Limitd Ndmor Fund NEI Invstmnts Nlson Capital Managmnt, LLC Nst Sammlstiftung Nubrgr Brman Nw Altrnativs Fund Inc. Nw Amstrdam Partnrs LLC Nw Forsts Nw Mxico Stat Trasurr Nw Rsourc Bank Nw York City Employs Rtirmnt Systm Nw York City Tachrs Rtirmnt Systm Nw York Stat Common Rtirmnt Fund (NYSCRF) Nwground Social Invstmnt Nwton Invstmnt Managmnt Limitd NGS Supr NH-CA Asst Managmnt Company Nikko Asst Managmnt Co., Ltd. Nipponkoa Insuranc Company, Ltd Nissay Asst Managmnt Corporation NORD/LB Kapitalanlaggsllschaft AG Norda Invstmnt Managmnt Norfolk Pnsion Fund Norgs Bank Invstmnt Managmnt North Carolina Rtirmnt Systm Northrn Irland Local Govrnmnt Officrs Suprannuation Committ (NILGOSC) NORTHERN STAR GROUP Northrn Trust NorthStar Asst Managmnt, Inc Northward Capital Pty Ltd Nykrdit OcanRock Invstmnts Oddo & Ci oco capital Lbnsvrsichrung AG ÖKOWORLD Old Mutual plc OMERS Administration Corporation Ontario Pnsion Board Ontario Tachrs Pnsion Plan OP Fund Managmnt Company Ltd Oppnhim & Co. Limitd Oppnhim Fonds Trust GmbH Opplysningsvsnts fond (Th Norwgian Church Endowmnt) OPTrust Orgon Stat Trasurr Orion Enrgy Systms Osmosis Invstmnt Managmnt Panahpur Park Foundation Parnassus Invstmnts Pax World Funds Pnsionfonds Vrvor Pnsion Dnmark Pnsion Fund for Danish Lawyrs and Economists Pnsion Protction Fund Popl s Choic Crdit Union Prptual PETROS - Th Fundação Ptrobras d Sguridad Social PFA Pnsion PGGM Vrmognsbhr Phillips, Hagr & North Invstmnt Managmnt PhiTrust Activ Invstors Pictt Asst Managmnt SA Pinstrip Managmnt GmbH Pionr Invstmnts Piraus Bank PKA Pluris Sustainabl Invstmnts SA PNC Financial Srvics Group, Inc. Pohjola Asst Managmnt Ltd Poldn-Puckham Charitabl Foundation Portfolio 21 Porto Sguro S.A. POSTALIS - Instituto d Sguridad Social dos Corrios Tlégrafos Powr Financ Corporation Limitd Prvhab Prvidência Complmntar PREVI Caixa d Prvidência dos Funcionários do Banco do Brasil PREVIG Socidad d Prvidência Complmntar Prius Partnrs Progrssiv Asst Managmnt, Inc. Prologis Provinzial Rhinland Holding Prudntial Invstmnt Managmnt Prudntial Plc Psagot Invstmnt Hous Ltd Public Sctor Pnsion Invstmnt Board Q Capital Partnrs Co. Ltd QBE Insuranc Group Quiltr Chviot Asst Managmnt Quotint Invstors Rabobank Raiffisn Fund Managmnt Hungary Ltd. Raiffisn Kapitalanlag-Gsllschaft m.b.h. Raiffisn Schwiz Gnossnschaft Rathbons / Rathbon Grnbank Invstmnts RCM (Allianz Global Invstors) Ral Grandza Fundação d Prvidência Assistência Social REI Supr Rlianc Capital Limitd Rprsntativ Body of th Church in Wals Rsolution Rsona Bank, Limitd Ryndrs McVigh Capital Managmnt Rivr Twic Capital Advisors, LLC Robco RobcoSAM AG Robrt & Patricia Switzr Foundation Rockfllr Asst Managmnt, Sustainability & Impact Invsting Group Ros Foundation for Communitis and th Environmnt Rothschild & Ci Gstion Group Royal Bank of Canada Royal Bank of Scotland Group Royal London Asst Managmnt RPMI Railpn Invstmnts RREEF Invstmnt GmbH Russll Invstmnts Sampnsion KP Livsforsikring A/S Samsung Asst Managmnt Co., Ltd. Samsung Fir & Marin Insuranc Co., Ltd., Samsung Scuritis Samsunglif Insuranc Sanlam Lif Insuranc Ltd Santa Fé Portfolios Ltda Santam Sarasin & Ci AG Sarasin & Partnrs SAS Trust Corporation Saurn Finanzdinstlistungn GmbH & Co. KG Schrodrs Scotiabank Scottish Widows Invstmnt Partnrship SEB Scond Swdish National Pnsion Fund (AP2) Şkrbank T.A.Ş. Sligson & Co Fund Managmnt Plc Sntinl Invstmnts SERPROS - Fundo Multipatrocinado Srvic Employs Intrnational Union Pnsion Fund Srvit Friars Svnth Swdish National Pnsion Fund (AP7) Shinhan Bank

33 Appndix III Signatory invstors 33 Shinhan BNP Paribas Invstmnt Trust Managmnt Co., Ltd Shinkin Asst Managmnt Co., Ltd Simns Kapitalanlaggsllschaft mbh Signt Capital Managmnt Ltd Sistrs of St Francis of Philadlphia Sistrs of St. Dominic Skandia Smith Pirc, LLC SNS Asst Managmnt Social(k) Socidad d Prvidncia Complmntar da Dataprv Prvdata Socità ral mutua di assicurazioni Socrats Fund Managmnt Solaris Invstmnt Managmnt Limitd Sompo Japan Nipponkoa Holdings, Inc Sonn Capital Sophr Invstmnt Managmnt Sopris! Impact Fund SouthPak Invstmnt Managmnt SPF Bhr bv Spring Watr Asst Managmnt Sprucgrov Invstmnt Managmnt Ltd Standard Chartrd Standard Chartrd Kora Limitd Standard Lif Invstmnts Standish Mllon Asst Managmnt Stat Bank of India Stat Board of Administration (SBA) of Florida Stat Strt Corporation StatwidSupr Stockland Storbrand ASA Strathclyd Pnsion Fund Stratus Group Sumitomo Mitsui Financial Group Sumitomo Mitsui Trust Holdings, Inc. Sun Lif Financial Suprfund Asst Managmnt GmbH SURA Pru (AFP Intgra, Sguros SURA, Fondos SURA, Hipotcaria SURA) SUSI Partnrs AG Sustainabl Capital Sustainabl Dvlopmnt Capital Sustainabl Insight Capital Managmnt Svnska kyrkan Svnska kyrkans pnsionskassa Swdbank AB Swdish Pnsions Agncy Swift Foundation Swiss R Swisscanto Asst Managmnt AG Sycomor Asst Managmnt Syntrus Achma Asst Managmnt T. Row Pric T. Sinai Kalkinma Bankasi A.Ş. Tata Capital Limitd TD Asst Managmnt (TD Asst Managmnt Inc. and TDAM USA Inc.) Tachrs Insuranc and Annuity Association - Collg Rtirmnt Equitis Fund Tllurid Association Tlstra Supr Tmpis Asst Managmnt Co. Ltd Trra Global Capital, LLC TrraVrd Capital Managmnt LLC TfL Pnsion Fund Th ASB Community Trust Th Brainrd Foundation Th Bullitt Foundation Th Cntral Church Fund of Finland Th Childrn s Invstmnt Fund Managmnt (UK) LLP Th Collins Foundation Th Co-oprativ Asst Managmnt Th Co-oprators Group Ltd Th Council of Luthran Churchs Th Daly Foundation Th Environmntal Invstmnt Partnrship LLP Th Hartford Financial Srvics Group Th Josph Rowntr Charitabl Trust Th Kora Tachrs Pnsion (KTP) Th Nw School Th Oppnhimr Group Th Pnsion Plan For Employs of th Public Srvic Allianc of Canada Th Pinch Group Th Prsbytrian Church in Canada Th Russll Family Foundation Th Sandy Rivr Charitabl Foundation Th Shiga Bank, Ltd. Th Sistrs of St. Ann Th Sustainability Group at th Loring, Wolcott & Coolidg Offic Th Unitd Church of Canada - Gnral Council Th Univrsity of Edinburgh Endowmnt Fund Th Wllcom Trust Third Swdish National Pnsion Fund (AP3) Thradndl Asst Managmnt TOBAM Tokio Marin Holdings, Inc Toronto Atmosphric Fund Trillium Asst Managmnt, LLC Triodos Invstmnt Managmnt Tri-Stat Coalition for Rsponsibl Invstmnt Trust Waikato Trustam Financ Trusts of Donations to th Protstant Episcopal Church Tryg Turnr Invstmnts UBS UniCrdit SpA Union Asst Managmnt Holding AG Union Invstmnt Privatfonds GmbH Union di Banch Italian S.c.p.a. Unionn Unipnsion Fondsmaglrslskab A/S UNISONS Staff Pnsion Schm UniSupr Unitarian Univrsalist Association Unitd Church Funds Unitd Nations Foundation Unity Collg Unity Trust Bank Univrsitis Suprannuation Schm (USS) Van Lanschot Vancity Group of Companis VCH Vrmögnsvrwaltung AG Vntas, Inc. Vris Walth Partnrs Vritas Invstmnt Trust GmbH Vrmont Stat Trasurr Vxiom Capital Group, Inc. VicSupr Victorian Funds Managmnt Corporation VitNam Holding Ltd. Vinva Invstmnt Managmnt VOIGT & COLL. GMBH VOLKSBANK INVESTMENTS Waldn Asst Managmnt WARBURG - HENDERSON Kapitalanlaggsllschaft für Immobilin mbh WARBURG INVEST Kapitalanlaggsllschaft mbh Watr Asst Managmnt, LLC Wlls Fargo & Company Wspath Invstmnt Managmnt Wst Midlands Pnsion Fund Wst Yorkshir Pnsion Fund Wstfild Capital Managmnt Company, LP WstLB Mllon Asst Managmnt (WMAM) Wstpac Banking Corporation WHEB Asst Managmnt Whit Owl Capital AG Wisconsin, Iowa, & Minnsota Coalition for Rsponsibl Invstmnt Woori Bank Woori Invstmnt & Scuritis Co., Ltd. YES BANK Ltd. York Univrsity Pnsion Fund Youvill Providnt Fund Inc. Zgora Invstmnt Managmnt Zvin Asst Managmnt, LLC Zürchr Kantonalbank

34 34 Nots

35 Nots 35

36 Contacts CDP CDP Board of Trusts CDP Advisors Rport Writr Contacts Stvn Tbb Managing Dirctor Europ Laurnt Babikian Dirctor Franc & Bnlux Laura Brgdick Dirctor Policy & Rporting Europ Natali Hallnslbn Projct Officr Franc & Bnlux CDP Europ Rinhardtstrass Brlin Grmany Chairman : Alan Brown Wllcom Trust Jams Camron Climat Chang Capital & ODI Bn Goldsmith WHEB Chris Pag Rockfllr Philanthropy Advisors Jrmy Smith Takjiro Suyoshi Tssa Tnnant Lord Adair Turnr Rar Admiral Nil Moristti CB Mark Davids Managing Dirctor Stratgy & Sustainability Frdric L Born Managing Dirctor, Accntur Stratgy Blux Lad Joost Brinkman Lad Sustainability Srvics Bnlux Sytz Dijkstra Sustainability Lad, Accntur Global Rsarch Andra Kralikova Accntur Managmnt Consulting - Risk Managmnt Carbon Disclosur Projct GmbH Excutiv Officrs: Stvn Tbb, Su Howlls, Roy Wilson Rgistrd Charity no. HRB B ; local court of Charlottnburg, Grmany. Martin Wis Rlationship Capital Partnrs