• Climate change is being taken increasingly seriously by the UK’s FTSE 350 companies
• Over three quarters of respondents now claim to measure their emissions and more
  than two thirds report on them
• Just over half of respondents are targeting a reduction in emissions
• 60% of FTSE 100 respondents and 52% of FTSE 350 respondents believe government
  policy on climate change is not sufficiently clear

UK companies of what climate change might mean for them. In essence, companies are now saying that if rules are being applied to a global problem, then they should be applied on a global basis.

The survey was conducted using a postal questionnaire during March and April 2006. Significantly more than half of the UK’s biggest companies replied representing 59% of the FT All Share Index by market capitalisation.

Commenting on the findings of the survey, John Hildebrand, Head of Charity Fund
Management at Investec Asset Management, said:

“This year’s survey aimed to give us an updated snapshot of how seriously business is taking the issue of climate change, what actions they are taking, how it might affect them and importantly for us, whether this is a factor for investors. Investec undertakes the survey precisely because we believe that climate change, and its related themes, such as carbon trading will be important issues in some long term investment decisions.

“This year we expanded the survey to include companies in the FTSE 250 as well as the FTSE 100 and the findings show that during the last 12 months, most companies have recognised that climate change is an issue for them and are measuring their emissions, though notably less are actually targeting a reduction in this area. It is also interesting to note that the majority of respondents to our survey do not feel that the government’s policy on climate change is clear enough for them to make their investment decisions. If they are investing on a long-term basis they need to know more about the second stage of the EU Emissions Trading Scheme and about what happens post 2012 when the
scheme comes to an end.

”Once again, we believe the survey to be generally reassuring in terms of the companies’ proactive attitude to climate change, though it is clear respondents believe the government needs to communicate its climate change policy more clearly to business and in turn, more companies need to convert their awareness of climate change into actually targeting a reduction in emissions.”

For further information, please contact:

John Hildebrand 020 7597 1849
Investec Asset Management

Ben Curson/Julie Allison 020 7786 4870
Penrose Financial

Notes to Editors

Investec Asset Management

Investec Asset Management is an international, specialist investment manager, which provides a premier range of portfolio management services and products to institutional and individual investors worldwide. As at 31 March 2006, Investec Asset Management managed assets of £31.7 billion on behalf of pension funds, insurance companies, charities, governments, corporations and individual investors.
Investec Asset Management has offices in the UK, Southern Africa, Hong Kong, and the
Channel Islands and employs approximately 90 investment professionals.

Investec Asset Management has won the Overall Small Group Award and the Mixed Asset
Small Group Award at the 2005 Lipper Fund Management Awards.
Investec Asset Management is a subsidiary of Investec plc.

Any information contained in this communication is believed to be reliable but no warranty is given as to its accuracy or completeness. While opinions stated are honestly held, they are not guarantees and should not be relied on. Phone calls may be recorded to confirm your instructions.