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Managing the risks of exposure to fossil fuel companies Page 1 of 5 IW Financial Home 1 Client Log in | Contact Us • SOLUTIONS o Products • IWF Workstation • Investment Universes and Custom Indexes • Data Feeds • Reports ° Services • Consulting Services • Compliance and Engagement Services • UN PRI • Wealth Management and Family Office Services • Managed Account Solutions • Custom Research • RESEARCH o Corporate Practices o Sustainability o Global Compliance o Corporate Governance ° Global Security Risk • INSIGHTS & RESOURCES o Issue Spotlights o White Papers o Resource links o Global Security Risk ° Next Generation SRI: Values and Value o ESG: Finding Value. Managing Risk • IWFBLOG • SUPPORT • ABOUT US 0 Management o Press Center • In the News • Press Releases o Partners o Careers INSIGHTS & RESOURCES Issue SpotlightsWhite PapersResource linksGlobal Security RiskNext Generation SRI: Values and ValueESG: Finding Value, Managing Risk App. 341 http://info.iwfinancial.com/?top=897925&mid=959639&bottom-7567999 8/3/2016
Managing the risks of exposure to fossil fuel companies Page 2 of 5 Managing the risks of exposure to fossil fuel companies Investors who are not yet sold on the idea that environmental, social and governance (ESG) factors can affect corporate financial performance may be overlooking material risks. From individual investors and asset managers to top officials at the United Nations, there are many stakeholders who have been advocating for greater recognition of the risks associated with the fossil fuel industry's business model. Looking beyond near-term risks, such as the cost of cleaning up environmental disasters, there are fundamental questions about whether fossil fuel companies like ExxonMobil have a long-term future in the marketplace. One of the primary concerns for investors is that increased regulation of carbon emissions and related market forces will effectively render a large portion of known fossil fuel reserves "unbumable." This would place a significant amount of shareholder value at risk, as the valuations of major energy companies are based in large part on the quantity of fossil fuel reserves in their possession. Quantifying the risks of owning fossil fuel stocks Fossil fuel companies' proven reserves of coal, oil and gas are valued at approximately $20 trillion. However, multiple scientific studies have looked at the current climate situation and concluded that the vast majority of these resources must not be burned for the international <strong>comm</strong>unity to retain even a reasonable chance of limiting climate change to 2 degrees Celsius — a goal recognized by virtually every national government and many prominent international organizations. According to the Carbon Tracker Initiative, the industry's current reserves contain almost 2,800 gigatons of carbon dioxide — roughly five times the amount that can be added to the atmosphere without completely discarding the 2-degree target. If 80 percent of these reserves — approximately $16 trillion in assets — become "stranded," what impact will it have on fossil fuel companies' share price? This question is driving a wide range of stakeholders to reconsider their investments in the fossil fuel industry. Material effects of regulatory intervention could come sooner than expected The latest report from the Intergovernmental Panel on Climate Change (IPCC) suggested that the planet is already on track to experience more severe consequences from global warming than previously projected. This means regulatory interventions may need to be more dramatic and come faster than expected, which increases the risk facing investors with exposure to fossil fuel companies. In the United States, cap and trade markets are currently functioning in California and the Northeast, where the Regional Greenhouse Gas Initiative (RGGI) includes nine participating states and several observers. In 2013, following larger-than-expected declines in emissions driven by the economic App. 342 http://info.iwfmancial.com/?top=897925&mid=959639&bottom=7567999 8/3/2016
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COMMONWEALTH OF MASSACHUSETTS SUFFO
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9 Exxon webpage, Meeting global nee
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24 Exxon: The Road Not Taken series
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34 Justin Gillis & Clifford Krauss,
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54 Webpage for National Association
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COMMONWEALTH OF MASSACHUSETTS SUFFO
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https://web.archive.Org/web/2016060
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Than 12,500 Massachusetts Consumers
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David Hasemyer and John H. Cushman
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May 28, 2014, available https://www
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40. Attached to this affidavit as E
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Perspectives, May 23, 2016, availab
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V— '> C0 2 GREENHOUSE AND CLIMATE
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PROJECTED CARBON DIOXIDE (AS CARBON
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Page 43 and 44: PARIS AGREEMENT The Parties to this
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ExxonMobil's Energy Outlook Project
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Meeting global needs - managing cli
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EXHIBIT 10 App. 404
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— BUSINESS: Document trove detail
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EXHIBIT 11 App. 408
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Chase Bank to Pay $136 Million in N
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Ocwen to Provide $2.1 Billion in Re
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$470 Million State-Federal Settleme
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CitiGroup to Pay $7B Over Mortgage
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JPMorgan to Pay $13 Billion in Fede
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MoneyGram to Pay $13M Over Wire Tra
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AG Announces Major Award for 12,500
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NY A.G. Schneiderman, Massachusetts
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At a Cape Cod Landmark, a Strategic
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At a Cape Cod Landmark, a Strategic
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Climate change could have an even w
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Climate change could have an even w
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Summary for Policymakers Introducti
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Summary for Policymakers the past 1
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Summary for Policymakers Contributi
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Summary for Policymakers very likel
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Summary for Policymakers Multi-mode
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Summary for Policymakers RCP2.6 RCP
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Regional key risks and potential fo
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Summary for Policymakers Rural area
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Summary for Policymakers impacts in
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Summary for Policymakers Greater ra
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Summary for Policymakers Table SPM.
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Summary for Policymakers Global mit
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Summary for Policymakers entail num
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Summary for Policymakers SPM 4.3 Re
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Summary for Policymakers high agree
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EXHIBIT 23 App. 480
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What Exxon knew about the Earth's m
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Highlighting the Allure of Synfueis
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Exxon Sowed Doubt about Climate Sci
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8/1/2016 More Exxon Documents Show
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8/1/2016 Exxon's Oil Industry Peers
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InsideClimate News Is a Pulitzer Pr
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8/5/2016 References | ExxonMobil Ja
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tNERAI 114.1-ID -OFFICE CORRESPONDE
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DRAFT BED TO MEJO 1 L You asked abo
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Mr. A. M. Natkin - 2 - August 25, 1
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i 0763-L-RWC CO2 Climate Modeling R
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PROPRIETARY INFORMATION For Authori
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PROPRlcTAHY I'irORM, CXX'On Por Aut
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cl 798 - 3 - Figure 3 shows the car
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cl 7 98 A. No Limit on CO2 Emission
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l798 APPENDIX C CONSTRUCTION OF SCE
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Figure 1 MOST OF THE USSR'S VAST AG
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Figiirg a The Carbon Cycle Current
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App. 638
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funds and asset managers are starti
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concerns that some fossil fuels wil
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Really? ExxonMobil left the risk ou
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Really? ExxonMobil left the risk ou
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Joe Walker TO: CCJ Subject Otobal C
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V 2 Because the sdeuce xmdtrpinning
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4 Strategies and Tactics I. Nationa
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Number of school teachers/students
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Status of Ratification Page 1 of 8
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Exxon Mobil Investigated for Possib
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(EongreaB nf States Mafil?ingtnn, S
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Edward Mar^y United States Senator
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19 senat Page 1 of 10 fueffix FREE
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2 (A) developed a sophisticated and
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4 1 (C) what they knew about the ha
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Where to buy motor oil products | M
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Gas Stations in Massachusetts, Unit
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Gas Stations in Massachusetts, Unit
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Mobil Gas Station in Boston, Massac
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northeast and midwest assets Page 1
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Fuel Distribution and Retail Opport
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Mass. reaches $2.9M settlement with
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PROPOSED EXXON RESEARCH PROGRAM TO
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W BUSINESS . , ' RATIONALE FOR EXXO
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DEFINITION App. 796 GREENHOUSE EFFE
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MAJORRESEARCH NEEDS PROBLEM AREA AT
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FLUX = (TRANSFER COEFFICIENT) X (DR
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C TANKER PROGRAM (CONTINUED) TANKER
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pC0 2 10" 6 atm. IN THE SURFACE WAT
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- S A L I N I T Y | . - P H , j - S
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INFORMATION YIELDS (CONTINUED) ? +
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INFORMATION YIELDS (CONTINUED) DRIL
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THEORY OF LAND BIOTA SAMPLING e INC
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PROPOSED PROGRAM - LAND BIOTA SAMPL
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Unleashing Innovation To Meet our E
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The coordinated attack on ExxonMobi
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ExxonMobil to Hold Media Call on Ne
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