The Climate Disclosure Leadership Index (CDLI) is produced by report writers Innovest. It is comprised of 68 FT500 companies that show distinction in their responses to the Carbon Disclosure Project survey based on their reporting of greenhouse gas emissions and assessment of a company's climate change strategy

All companies in the FT500 sample were assessed relative to their peers to provide an evaluation for investors, through the CDLI on which companies have developed the most comprehensive climate change disclosure practices. Innovest rank companies on a 100 point scale and all companies which achieved a score of 85 or over are featured in the CDLI.

Climate Disclosure Leadership Index members were distinguished by the disclosure of their awareness of the risks and opportunities of climate change, as well as the quality and effectiveness of programs put in place to reduce overall greenhouse gas emissions.

To demonstrate the relationship between leadership in carbon disclosure and leadership in carbon performance, Innovest's Carbon BetaTM ratings were also introduced into this year's CDLI. Innovest, through a proprietary methodology, calculates the net carbon exposure of a firm, taking into consideration current and potential regulatory frameworks within the different countries in which a corporation operates. The concept also accounts for the different risks, at an industry-specific level, to which companies may be exposed. In addition, the rating model integrates an analysis of risk management capability and strategic profit opportunities. Innovest's Carbon BetaTM ratings range from CCC (worst in class) through AAA (best in class)

HSBC's Climate Disclosure Leadership Index score was incorrectly calculated and reported in the 2007 CDP Report. HSBC achieved a score of 95, not 85. Both versions of the on-line FT500 report now reflect this correction. To minimise the risk of future miscalculations, an external auditor will verify the accuracy of CDLI methodology used by report writers. CDP and report writers Innovest Strategic Value Advisors, apologise for any inconvenience this may have caused.

Dow Chemical originally scored 85 points but were missing from the CDLI table in the printed FT500 Reports, they have been added to the online PDF versions. CDP and report writers Innovest Strategic Value Advisors, apologise for any inconvenience this may have caused.

Carbon-Intensive Sectors

	Sector			Companies			Scope 1 Emissions Reported in CDP5 Tonnes CO2e)			Scope 2 Emissions Reported in CDP5 Tonnes CO2e)			Total Scope 1,2 and 3 Emissions Reported in CDP5 Tonnes CO2e)			CDLI Score			Innovest Carbon Beta Rating
	Automobiles			DaimlerChrysler Nissan Motor			1,910,221 797,000			5,349,307 1,323,000			7,259,528 150,466,000			90 85			BBB BBB
	Diversified Chemicals			Bayer E I du Pont de Nemours (DuPont) Dow Chemicals			4,100,000 9,000,000 27,200,000			3,900,000 3,100,000 10,500,000			8,000,000 12,100,000 37,700,000			95 95 85			A AAA AA
	Electric Power Companies N.			Exelon Entergy Corp			12,100,000 28,350,587			900,000 773,114			13,000,000 29,123,701			95 90			AA A
	Electric Utilities - International			Iberdrola Fortum Scottish & Southern Energy			21,964,784 11,000,000 25,880,000			3,475,029 178,000 16,687			25,482,138 13,829,600 25,930,396			100 95 90			AAA AAA AAA
	Gas Utilities			Gaz de France			5,578,946			127,328			6,325,259			95			AA
	Household Durables			Matsushita Electric			1,042,121			3,083,766			4,125,887			90			AAA
	Integrated Oil & Gas			BP Repsol YPF Total ENI Exxon Mobil Petrobras Suncor Energy			59,300,000 26,492,885 57,800,000 59,300,000 145,500,000 49,860,000 11,030,033			10,100,000 1,545,939 3,750,000 13,300,000 571,960 315,741			608,400,000 28,718,824 686,800,000 63,050,000 158,800,000 50,431,960 11,345,774			90 90 90 85 85 85 85			AAA A AA A BB BB BBB
	Metals & Mining			Rio Tinto BHP Billiton Alcan Alcoa			15,300,000 23,200,000 20,300,000 33,900,000			13,500,000 28,600,000 11,600,000 26,200,000			654,336,000 51,928,500 31,900,000 60,100,000			100 90 85 85			AAA AA AAA AAA
	Multi-Utilities & Unregulated Power			Suez Centrica Veolia Environnement			83,421,727 8,775,035 36,482,620			137,251 3,025,415			83,421,727 8,912,286 39,674,035			90 85 85			AA AAA A
	Oil & Gas Exploration & Production			Woodside Petroleum			8,273,583			14,720			8,288,303			85			BB
	Pharmaceuticals			Pfizer			1,223,876			1,184,441			2,639,317			85			A
	Steel			Sumitomo Metal Inds.			21,810,000			4,470,000			26,280,000			85			AA

Low-Carbon Sectors

	Sector			Companies			Scope 1 Emissions Reported in CDP5 Tonnes CO2e)			Scope 2 Emissions Reported in CDP5 Tonnes CO2e)			Total Scope 1,2 and 3 Emissions Reported in CDP5 Tonnes CO2e)			CDLI Score			Innovest Carbon Beta Rating
	Banks Europe			HBOS Unicredit Group			47946 119,330			16,767 646,836			80,815 850,632			95 85			AAA AAA
	Banks Japan & Australia			Westpac Banking ANZ Banking			102,942 12,746			5,273 171,729			116,102 197,069			100 90			AAA AA
	Banks North America			Royal Bank of Canada CIBC			8,554 10,312			54,784 37,379			95,995 70,098			90 85			AAA AAA
	Beverages & Tobacco			British American Tobacco Coca Cola Diageo			365,550 1,962,287 505,157			376,712 2,905,492 243,521			3,109,797 4,922,779 2,253,678			95 95 90			A AA AA
	Communications Equipment			Ericsson			8,000			145,000			690,025			90			AAA
	Computers & Peripherals			Hewlett-Packard EMC Dell IBM Sun Microsystems			134,500 30,893 7,000 533,064 13,804			1,464,000 256,324 377,000 2,291,297 241,128			2,062,300 287,217 384,000 2,824,361 254,932			100 95 90 90 85			AAA B AAA AAA BBB
	Food & Drug Retailing			Tesco			1,726,650			2,346,380			4,106,958			90			AAA
	Food Products			Unilever Cadbury Schweppes			1,581,565 458,276			1,711,317 551,153			173,792,882 5,725,031			90 85			AAA AAA
	Global Banks			HSBC Citigroup Royal Bank of Scotland ABN Amro Holding Standard Chartered UBS Barclays ING Societe Generale			0 48,507 96,799 0 1,397 31,519 36,737 113,708 27,829			634,000 1,338,905 389,242 336,514 128,479 230,015 370,004 227,555 128,479			813,000 22,882,483 556,041 414,720 139,927 293,158 473,201 341,263 223,948			95 95 95 90 90 90 85 85 85			AAA AA BBB AAA AA AAA AA AAA A
	Health Care Equipment & Supplies			Baxter International			245,000			486,000			884,700			90			AAA
	Life & Health Insurance			Legal & General Group			0			10,359			15,344			90			BBB
	Multi-Line Insurance & Brokerage			Allianz Aviva			55,854 30,437			418,588 39,439			630,457 126,269			90 85			AA AAA
	Reinsurance			Swiss Re			8,158			59,157			95,895			85			AAA
	Integrated Telecommunication Services			Deutsche Telekom BCE BT Group Telstra			353,955 114,463 253,547 149,075			2,828,777 187,615 467,381 1,031,576			3,182,732 318,179 779,617 1,360,574			95 90 85 85			AAA AA A B
	Multiline Retail			Marks & Spencer Wal Mart Stores			66,000 4,306,369			212,000 14,413,425			5,584,000 20,388,574			90 85			AAA A
	Real Estate Management & Development			Land Securities			76,347			162,741			479,023			85			AAA
	Software & IT Services			Microsoft			14,730			137,870			416,170			90			BBB