ET Index Series Information Pack

ET UK 100 ET EUROPE 300INFORMATION PACK

Does the investment community hold the key to tackling climate change?

ENVIRONMENTALINVESTMENTORGANISATIONAn independent non-profit research organisation promoting ecological investment systems

ET Carbon Rankingcreating public pressure through the “spotlight effect”

ET Index Seriescreating share price incentive through supply & demand pressure

ET Index Fundspromoting engagement strategies through index ownership

ENVIRONMENTALTRACKING

global corporate greenhouse gas emissionsdesigned specifically to reduce

[email protected] | www.eio.org.uk | www.ETindex.com

WHAT WE STAND FOR

WHY WE DO IT

WHO WE ARE

mailto:[email protected]


http://www.eio.org.uk


http://www.ETindex.com


ENVIRONMENTALTRACKING

INDEX SERIES

Why this is not just another SRI Index

‣Designed to enable the investment community to play a leading role in tackling climate change

‣Creates share price incentive across global markets for corporations to cut their GHG emissions

‣Built on the publicly available ET Carbon Rankings: encouraging disclosure & verification of total GHG emissions

‣Based on transparent & clear methodology

‣Large cap, highly liquid global and regional indexes selected purely by free-float market capitalisation

‣Designed to reflect the risk/return profile of equivalent mainstream indexes








ET INDEX SERIES INTRODUCTION4

CONTENTS

CARBON RANKING METHODOLOGY6

RE-WEIGHT METHODOLOGY8

ET UK PERFORMANCE9ANALYSIS10PERFORMANCE11

ET INDEX

ANALYSIS12STRESS TEST14CALCULATION16

3


ET EUROPE 300

INDEX







Mainstream investment approach

The Environmental Tracking (ET) Index Series combines a mainstream index model with the objectives of ‘green’ and SRI funds; specifically focusing on the urgent need to address climate change. It is a unique response to a unique situation, creating a new Mainstream Green Benchmark: the ET Index Series.The ET Index system is based on the ET Carbon Rankings, which employ a fully-transparent envi ronmental scor ing method, based on companies’ levels of disclosure, verification and emissions intensity. The initial inclusion of companies in the ET Carbon Rankings is based on free-float market capitalisation, enabling the subsequent ET Indexes to operate much the same as a traditional market capitalisation index. As each company in the ET Carbon Rankings is scored relative to all the other constituents, each company can then be re-weighted accordingly within the ET Index. This is a fundamentally different concept from the ‘best in class’ approach usually found in SRI indices, as it is not just the ‘greenest’ companies that are included, but all companies. As the ET Carbon Rankings are updated annually, dynamic pressure is exerted upon constituent companies to improve their transparency and emissions intensity, as they seek to improve their position within the Rankings.To see the current ET Carbon Rankings, please click here.


ET INDEX SERIESINTRODUCTION

4

The ET Index Series

National:Live: The ET UK 100 Carbon Index

Regional:

Live: The ET Europe 300 Carbon IndexComing soon: The ET North America 300 Carbon Index

Coming soon: The ET Asia-Pacific 300 Carbon IndexComing soon: The ET BRIC 100 Carbon Index

Global:Coming soon: The ET Global 1000 Carbon Index Coming soon: The ET Global 800 Carbon Index

PRIMARY OBJECTIVE: RADICAL, GLOBAL CORPORATE GHG EMISSIONS REDUCTION

ENVIRONMENTAL TRACKING IS NOT BASED ON CLAIMS OF MARKET

OUTPERFORMANCE

THE SHIFT TO A LOW CARBON ECONOMY IS INEVITABLE

AN ET INDEX OFFERS THE POSSIBILITY OF A MODERATE PERFORMANCE BENEFIT

OVER THE LONG TERM

http://www.eio.org.uk/etindex.php?page=europe_300










Same performance, different result

The indexes are designed to reflect the performance of their non weight-adjusted counterparts, with minimal tracking error, whilst also, over time, allowing for gradual out-performance; which one would expect from companies ahead of the curve in terms of managing emissions and leading the field of disclosure. The scope of any potential deviation is minimised by employing an incremental re-weight system of the constituents, with a maximum possible re-weight of +/-50%, relative to the constituents within the non weight-adjusted counterpart index, which effectively act as its benchmark.

The ET UK 100 Index is designed to represent the weight-adjusted performance of the largest 100 companies domiciled in the United Kingdom.

The ET Europe 300 Index is designed to represent the weight-adjusted performance of the largest 300 companies domiciled in Europe.

The ET Index Series, in its national, regional and global forms, enables investors to diversify their investments across a sufficiently broad range of companies and geographies, such that even when the re-weighting system is applied, investments rest firmly within the confines of the inherent safety of index investing.

Yet with the ET UK 100 and ET Europe 300 Indexes, investors are also advantaging those companies who are ahead of the curve with regard to their GHG emissions disclosure, verification and intensity relative to all the other companies in the index; simultaneously disadvantaging those at the other end of the spectrum.

The resultant effect and stated aim of the ET Index Series is to apply a dynamic pressure to the demand for company shares within the index in relation to their GHG emissions transparency and intensity. This has the powerful potential to impact upon company share price, thus providing a dynamic market mechanism to incentivise emissions reduction across the world’s largest listed companies. I t also has the advantage of sidestepping the inherent difficulties and limitations of an international governmental agreement on emissions reductions.

The Index Series provides an ideal platform from which to invest in an environmentally responsible manner, whilst still diversifying interests across the world’s largest listed companies.

THE STOCK MARKET REPRESENTS A HUGE RESERVOIR OF HITHERTO UNTAPPED FINANCIAL FIREPOWER IN THE BATTLE AGAINST CLIMATE CHANGE. INVESTING IN A WAY WHICH OFFERS THE POTENTIAL TO MITIGATE THE EFFECTS OF CLIMATE CHANGE IS NOT ONLY A SENSIBLE LONG TERM INVESTMENT BUT A LOGICAL IMPERATIVE. THE ENVIRONMENTAL TRACKING SYSTEM PROVIDES THE FRAMEWORK. THE INVESTMENT COMMUNITY HOLDS THE KEY.

ET INDEX SERIESINTRODUCTION

5


Speaking at the 2010 Investor Summit on Climate risk, Abby Cohen of Goldman Sachs pointed out that their research indicates that in the 6 months prior to January 2010, companies with good governance including on environmental matters “have outperformed global market indices by 10 percentage points”







To view the complete ET Carbon Ranking methodology in its entirety please click here. Please see below for a summary of methodology.

RankingEach company within an ET Index Series has its weighting adjusted according to its position in the ET Carbon Ranking.

The ET Carbon Rankings categorise constituents in terms of disclosure and verification, placing them into one of four categories (listed below). Once placed within these categories, the constituents are ranked in terms of their greenhouse gas emissions intensity.

Emissions intensity is calculated by GHG emissions (currently Scope 1+2) as a proportion of turnover.

Companies are divided into 4 categories according to their ‘publicly and freely available’ emissions data:

1) Public, Complete, Verified2) Public, Complete, Unverified3) Public, Incomplete4) No Public Data

It is only once companies have been placed in these categories that they are ranked according to their emissions intensity.

Verification & AssuranceIn order for a company to have its emissions figures accepted as verified by the EIO methodology, a company has to have its emissions data verified/assured by an independent third party to a recognised standard, such as the ISO14064 for GHG emissions, AA1000 or ISAE3000.

IN ORDER FOR THE CARBON RANKING TO DO ITS JOB, ITS FIRST OBJECTIVE MUST BE TO CREATE A CLEAR INCENTIVE FOR UNIVERSAL DISCLOSURE AND VERIFICATION.

CARBON RANKINGMETHODOLOGY

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ET UK 100 & Europe 300 Carbon Ranking 2011 Analysis: Proportion of companies disclosing & verified

ET UK 100

ET Europe 300

0% 50% 100%

30%

34%

44%

40%

Disclosed & Verified Disclosed & Unverified


http://www.eio.org.uk/pdf/Carbon_Ranking_Methodology_2011.pdf

http://www.eio.org.uk/pdf/Carbon_Ranking_Methodology_2011.pdf







Overcoming the lack of dataThe most challenging hurdle for the successful implementation of the ET Index concept is dealing with the current lack of reliable data across all GHG emissions Scopes. This is why the EIO employs an inference system to penalise companies failing to disclose data in the public domain, enabling companies to be placed in a ranking system. This is not an estimate of the company’s emissions, rather a means of benchmarking a non-disclosing company against the company with the highest reported emissions intensity in the same sector.Where two or more companies have the same intensity score, once the levels of disclosure and verification have been factored in, market size is used to determine positioning, with smaller companies advantaged. The logic being that the larger the company the more resources it possesses to ensure good disclosure of emissions.

Example of inference methodology

Future developmentsWhile the ET Carbon Rankings are designed to be based on companies’ GHG emissions across the whole value chain, the EIO has taken the decision not to factor Scope 3 data into its intensity calculations for 2011. Instead it will display Scope 3 data in terms of numbers of Scope 3 categories disclosed in order to allow companies time to integrate the new GHG protocol Scope 3 Accounting and Reporting Standard. A timeline for the inclusion of Scope 3 into the Ranking system will be reviewed by the EIO following the publication of the new Corporate Value Chain (Scope 3) Accounting and Reporting Standard by the GHG Protocol.

CARBON RANKINGMETHODOLOGY

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Orkla is the company with the highest emissions intensity disclosing complete data within the Capital Goods sector.

Here, Tomkins and Saint-Gobain have been benchmarked against the highest disclosing company with complete data from the Capital Goods sector. This means they have been given an inferred intensity of

293.76 tCO2e/$M turnover. This is not an approximation of their emissions but a means of making sure that the highest disclosing company in the sector is not penalised for being honest enough to report a large

figure.

As both companies have the same inferred intensity figure, the company with the largest market capitalisation is placed lower down the Ranking.







RE-WEIGHTMETHODOLOGY

8


Position Company Normal Index weighting

1 Fuel & Power Plc 14%2 Supermarket Chain Inc 13%

3 Big Bank Plc 13%

4 Global Mining Plc 12%

5 Global Transport Inc 10%

6 The Book Company Plc 10%

7 Network Solutions Plc 8%

8 New Energy Co. Plc 8%

9 LED Lighting Plc 7%

10 Wind Solutions Plc 5%

NORMAL INDEX

CO₂ Rank Company Disclosed?

Y/NVerified?

Y/NEmissions IntensityGHG/$M

1 New Energy Co. Plc Y Y 1.2

2 Wind Solutions Plc Y Y 2.4

3 Network Solutions Plc Y Y 10.9

4 The Book Company Plc Y N 5.9

5 LED Lighting Plc Y N 7.1

6 Supermarket Chain Inc Y N 19.8

7 Global Mining Plc Y N 296.4

8 Fuel & Power Plc Y N 546.3

9 Big Bank Plc N - 790.9

10 Global Transport Inc N - 800.5

ET CARBON RANKING

ET Index Position Company Normal Index

weighting CO₂ Rank ET re-weight % ET index weighting

1 New Energy Co. Plc 8% 1 +50% 12.0%

2 The Book Company Plc 10% 4 +20% 12.0%

3 Supermarket Chain Inc 13% 6 -10% 11.7%

4 Network Solutions Plc 8% 3 +30% 10.4%

5 Fuel & Power Plc 14% 8 -30% 9.8%

6 Global Mining Plc 12% 7 -20% 9.6%

7 LED Lighting Plc 7% 5 +10% 7.7%

8 Wind Solutions Plc 5% 2 +40% 7.0%

9 Big Bank Plc 13% 9 -40% 5.4%

10 Global Transport Inc 10% 10 -50% 5.0%

ET INDEX

EIO re-weight methodology

The EIO Methodology follows the 50% maximum over-weight/under-weight logic, in order for the index construction to be sufficiently similar to a conventional non weight-adjusted index; reflecting overal l performance whilst simultaneously penalising those at the bottom and rewarding those at the top. As certain companies improve, further pressure is applied, annually, to those who do not.

Incentivising emissions reduction

The logic behind the concept is that once a sufficiently large pool of index investors begins to utilise the Environmental Tracking method, companies will experience a change in the demand for their shares, culminating in positive/negative pressure on their share prices, incentivising emissions reductions and higher standards of disclosure.







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31 Mar 2009 30 Jun 2009 30 Sep 2009 31 Dec 2009 31 Mar 2010 30 Jun 2010 30 Sep 2010 31 Dec 2010 31 Mar 2011


The graph below demonstrates the performance of the ET UK 100 against its benchmark, the conventional non weight-adjusted counterpart for the period March 31st 2009 to March 31st 2011. It also offers a comparison with a recognised equivalent market capitalisation index, the FTSE 100, rebased to 6000 as of 1st January 2011, the starting date and starting value for the ET UK 100.

Data source: ECPIndices

CY 2Y 1Y YTD Volatility Tracking error

ET UK 100

ET ‘Conventional’

FTSE 100 (rebased)

GBP 54.34% 5.80% 0.40% 1.14%

GBP 53.66% 4.89% 0.65% 1.14% 0.07%

GBP 50.50% 4.03% 0.49% 1.11% 0.10%

Notes on data:The 2Y & 1Y figures go back from 31st March 2011. YTD is up until 1st June 2011. Tracking error and volatility represent the period March 31st 2009 to March 31st 2011. Tracking error is expressed in relation to the ET UK 100 Index. Volatility is expressed daily.

ET UK 100PERFORMANCE

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Currency Total Mean Median Largest Smallest

USD 2,247.75 22.04 7.55 176.50 2.97

ET UK 100 Market Capitalisation (billions)


USD 2,019.04 19.79 7.12 176.50 2.97

ET UK 100 Free-Float Market Capitalisation (billions)

Market Cap. figures taken from date of constituent selection: 01.09.10

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ET UK 100ANALYSIS

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31 Mar 2009 30 Jun 2009 30 Sep 2009 31 Dec 2009 31 Mar 2010 30 Jun 2010 30 Sep 2010 31 Dec 2010 31 Mar 2011


The graph below demonstrates the performance of the ET Europe 300 against its benchmark, the conventional non weight-adjusted counterpart for the period March 31st 2009 to March 31st 2011. It also offers a comparison with a recognised equivalent market capitalisation index, the FTSEurofirst 300, rebased to 6000 as of 1st January 2011, the starting date and starting value for the ET Europe 300. Data source: ECPIndices

CY 2Y 1Y YTD Volatility Tracking error

ET Europe 300

ET ‘Conventional’

FTSEurofirst 300 (rebased)

EUR 54.10% 3.90% -0.17% 1.20%

EUR 56.45% 4.42% -0.13% 1.19% 0.03%

EUR 53.32% 4.29% -0.11% 1.18% 0.10%

Notes on data:The 2Y & 1Y figures go back from 31st March 2011. YTD is up until 1st June 2011. Tracking error and volatility represent the period March 31st 2009 to March 31st 2011. Tracking error is expressed in relation to the ET Europe 300 Index. Volatility is expressed daily.

ET EUROPE 300PERFORMANCE

11







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USD 7,707.81 24.78 13.25 192.92 4.08

ET Europe 300 Market Capitalisation (billions)


USD 6,094.35 19.60 8.94 192.92 4.07

ET Europe 300 Free-Float Market Capitalisation (billions)

Market Cap. figures taken from date of constituent selection: 01.09.10

ET EUROPE 300ANALYSIS

12







ET EUROPE 300ANALYSIS

13

Country ET Index Conventional Index

GB 32.66% 32.56%

FR 14.59% 15.14%

CH 12.95% 13.25%

DE 11.98% 11.57%

ES 6.53% 5.81%

IT 5.18% 4.75%

SE 4.46% 4.47%

NL 4.20% 4.04%

FI 1.55% 1.45%

BE 1.30% 1.58%

DK 1.23% 1.47%

NO 1.13% 1.20%

LU 0.75% 0.89%

PT 0.43% 0.40%

AT 0.25% 0.31%

IE 0.23% 0.27%

HU 0.19% 0.18%

PL 0.19% 0.36%

GR 0.12% 0.18%

CZ 0.08% 0.14%


2%1%

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GBFRCHDEESITSENLFIBEDKNOROE

The ET Europe 300 Index is comprised of the largest 300 companies across the whole of Europe by free-float market capitalisation and regardless of geographical location. As with the ET UK 100, the graph on page 11 shows there is a tight correlation between The ET Europe 300 and its conventional counterpart over quarterly, one year and two year periods and is a practical confirmation of the Environmental Tracking concept. As shown by the accompanying tables and charts, geographical and sector correlations also hold up well.







The following worst-case stress test scenarios are shown to inform users of possible outcomes, when considering the potential effects of the re-weight methodology within the indexes. Whilst there is a theoretically equal likelihood of a deviation being either positive or negative, the key issue is to identify the likely outer-perimeters of any deviation.

Past performance figures, which are shown in the backtesting section, do not in themselves answer this question. Even if we could demonstrate a track record of ET indexes maintaining a tight correlation with their conventional counterpart over a 10 or even 20 year period, this would not remove the possibility of a worst case scenario occurring.

ET INDEXSTRESS TEST

14

100%

105%

110%

115%

120%

125%

130%

December March June September December

ConventionalETExclusionary

Conventional ET Index Exclusionary Index

15.00% 13.75% 12.50%


ET Index stress test: scenario 1

In this example equal-weighted 300 company index the overall performance is 15%, with half of the companies in the index achieving a performance of 20% and the other half achieving 10%. So what happens if all the companies that have been over-weighted by the ET Index happen to be those that underperform and all the companies that have been under-weighted outperform?

And finally, how does this compare to the equivalent worst case scenario for an exclusionary index, i.e an index that excludes one third of companies with the highest emissions?







ET Indexes are designed to replicate the performance of their non-weight adjusted market capitalisation counterparts with minimal tracking error. The stress test scenarios below demonstrate the highly improbable statistical patterns that would have to repeat themselves year after year for the correlation to break down over time.

However, the parameters of deviation can never be guaranteed. (Theoretically every underweighted company could halve in value whilst every overweighted company could quadruple!).

ET INDEXSTRESS TEST

15

ET Index stress test: scenario 2

In this example equal-weighted 300 company index the overall performance is 30%, with half of the companies in the index achieving a performance of 40% and the other half achieving 20%. As in scenario 1, all the companies that have been over-weighted by the ET Index have been modelled to be those that underperform and all the companies that have been under-weighted outperform.

Again, this is compared to the equivalent worst case scenario for an exclusionary index where one third of the highest emitters have been omitted altogether.

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110%

115%

120%

125%

130%

December March June September December

ConventionalETExclusionary

Conventional ET Index Exclusionary Index

30.00% 27.50% 25.00%








The Index Series is the exclusive property of the Environmental Investment Organisation Ltd (the “EIO”) and will be calculated on a real-time basis by ECP International S.A. and disseminated via Bloomberg.

The indexes will be made available for commercial use which will require a license agreement between the EIO and any third party wishing to track the indexes.

To register your interest in the ET Index Series, please contact the EIO:

Sam Gill, Operational Director+44 208 801 0570+44 7983 240 336Email: [email protected]

Sebastian Hoeg, New Business Director +44 208 801 0570+44 7523 650 540Email: [email protected]

© Environmental Investment Organisation (EIO) Ltd 2011 (‘EIO’). All rights reserved. “ET®" is a registered trade mark of the EIO. All rights in and to the ET Index Series vest in the EIO.Every effort is made to ensure that all information given in this publication is accurate, but the EIO does not warrant that the ET Index Series Indices will be free from error or omission and does not accept any liability in connection with the use of the ET Index Series for trading or otherwise. Any opinions, forecasts or estimates contained herein constitute a high-level information statement only valid as at the date of its release. There can be no assurance that the evolution of the information contained herein and/or any future events will be consistent with such opinions, forecasts or estimates. Any information herein is at any time subject to change, update or amendment subsequently to the date of this document, with no undertaking by the EIO to notify such change, update or amendment.No part of this publication may be reproduced or modified, in any form or by any means, without the prior written permission of the EIO. The EIO is not engaging in financial advice subject to special authorization and thus do not provide formal financial advice in the area of investment nor perform any asset management activity. The EIO recommends to potential investors wishing to be provided with formal financial advice in this area of investment to contact a financial advisor duly authorized by the competent regulatory authority of its country.

To maintain and calculate the ET Index Series, the EIO has contracted with ECP International SA and/or ECPI S.r.l., and/or any of their subsidiaries and affiliates, being noted that ECP International SA and ECPI S.r.l., are entirely owned by ECPI Group S.p.A., a company organized and existing under the laws of Italy, with registered office at Via Crocefisso, 8, 20122 Milan, Italy (together hereafter referred to as “ECPI”).“ECPI™” is a trade mark of ECPI and has been licensed for use by the EIO in conjunction with the ET index Series. ECPI shall have no liability for any errors or omissions in calculating the Index.The ET Index Series is not sponsored, endorsed, sold or promoted by ECPI or its third party licensors. Neither ECPI nor its third party licensors make any representation or warranty, express or implied, to the owners of the ET Index Series or any member of the public regarding the advisability of investing in any products generally or in the ET Index Series particularly or the ability of the ET Index Series to track general stock market performance. Neither ECPI nor its third party licensors are responsible for or participated in the determination of the prices and amount of the ET Index Series or the timing of the issuance or sale of the ET Index Series or in the determination or calculation of the equation by which the ET Index Series is to be converted into cash. ECPI has no obligation or liability in connection with the administration, marketing or trading of the ET Index Series.All opinions and information contained herein are obtained from sources believed by ECPI to be accurate and reliable. While the opinions and information contained in this document are based on public sources believed to be reliable and in good faith, ECPI has not independently verified the accuracy of such public sources. Because of the possibility of human, technical or whatsoever kind of error however, such information is provided “as is” without warranty of any kind and ECPI makes in particular no representation or warranty, whether express or implicit, as to the fairness, accuracy, timeliness, completeness, merchantability and/or fitness of any opinions and information contained in this document.Accordingly, neither ECPI nor any of its respective directors, managers, officers or employees shall be held liable for whatever reason (including without limitation liability in negligence) for any loss (including consequential loss), expense, consequential, special, incidental, direct or indirect or similar damage, whether or not advised of the possibility of such damage, in connection with the fairness, accuracy, timeliness, completeness, merchantability and/or fitness of the information and opinions contained in this document and/or arising from any use or performance of this document or its contents or otherwise arising in connection with this document.Any opinions, forecasts or estimates contained herein constitute a high-level information statement only valid as at the date of its release. There can be no assurance that the evolution of the information contained herein and/or any future events will be consistent with such opinions, forecasts or estimates. Any information herein is at any time subject to change, update or amendment subsequently to the date of this document, with no undertaking by ECPI to notify such change, update or amendment.ECPI is not engaging in financial advice subject to special authorization and thus do not provide formal financial advice in the area of investment nor perform any asset management activity. ECPI Group Companies recommend to potential investors wishing to be provided with formal financial advice in this area of investment to contact a financial advisor duly authorized by the competent regulatory authority of its country.

INDEXCALCULATION

16












CONTACT US

Should you wish to contact the EIO for more information or to discuss the opportunities available for tracking one or more of its indexes, then please

find our contact details listed below.

T: +44 208 801 0570E: [email protected]

www.eio.org.ukwww.ETindex.com







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