Good afternoon. I'm Peter Altman, National Coordinator of Campaign ExxonMobil. I want to welcome you to this telenews event, which is sponsored by Campaign ExxonMobil and CERES. You will be hearing from Mindy Lubber of CERES in a moment.

We are releasing a major new claros consulting report on ExxonMobil that shows a dramatic development in the last year. "Sleeping Tiger, Hidden Liabilities" shows that ExxonMobil is now alone among the world's four largest oil companies in having no meaningful strategy to deal with global warming. The study also shows that the climate-related risks faced by ExxonMobil are now "significantly increased" from where they were a year ago.

Mark Mansley discuss those findings in more detail in a few minutes.

It is important to keep in mind that this is all playing out against a backdrop of ExxonMobil's upcoming annual meeting, which is on may 28th. This year, investors are considering two climate-related resolutions and one on corporate governance prompted by the company's climate position.

For those of you who are not familiar with Campaign ExxonMobil, it was founded by faith and environmental groups and works with institutional investors, corporate governance activists and financial analysts to highlight the financial risks to shareholders of ExxonMobil's current position.

Campaign ExxonMobil and CERES sponsored this report as a way to build on and revisit questions raised by a study Claros performed last year. That study found that ExxonMobil's position towards global warming was fraught with unnecessary risks and missed opportunities that could put at risk nearly $100 billion in long-term shareholder value.

In its 2003 report, Claros found those risks have significantly increased - and ExxonMobil is now isolated among the "big four" supermajors in its denial about global warming.

ExxonMobil claims that it is communicating its strategy widely. But as the Claros report and our campaign materials document, ExxonMobil has a long way to go to catch up to its competitors in preparing for the risks and opportunities of climate change.

1. Their reporting on climate is fragmented, scattered and anecdotal
2. The strategies they do talk about don't address the resolutions or the concerns that prompted them
3. Most importantly, the company's own words belie their failure to respond to the issue. As the company says "steps should be taken to reduce greenhouse emissions if they are economically attractive in their own right."

While this sounds at first like a proactive approach, it really means that the company's actions would be the same whether the risks of climate change existed or not - which essentially means this company is not responding to the issue.

What does all of this portend?

We'll get our first inklings on may 28th when ExxonMobil shareholders gather for its annual meeting. Last year, 20.3 percent of those voting - $55 billion worth of stock supported a resolution seeking greater disclosure of the company's plans for renewable energy.

So, do we expect an even bigger vote on this may 28th? Its always tough to predict proxy voting results, but we think the case for disclosure of ExxonMobil's strategies has become even stronger . and that more investors will respond.

We are working the vote harder this year as well.

We have placed half and full page ads in the highly respected pensions & investments paper as well as the nation magazine.

The P&I ad alerts investors to today's new report and promotes a briefing for proxy analysts scheduled for 1:00 pm eastern tomorrow, May 14th. Proxy analysts interested in the briefing can make arrangements by contacting me at 512-479-0335.

The Nation magazine ad emphasizes the failure of individual ExxonMobil board members to properly oversee the company's response on global warming. Those concerns prompted the resolution by Robert A.G. Monks that calls for separating the CEO and Chairman positions, which we support.

In addition, the Claros report recommends voting against public issues Committee Chairman Phil Lippincott for his apparent failure to pursue his responsibilities as the leader of a committee tasked with reviewing ExxonMobil's environmental and social performance.

Our vote building efforts also include a solicitation to 3,500 key investors representing 60 percent of ExxonMobil shares. The mailing included a cover letter from Connecticut State Treasurer Denise Nappier and a professionally produced briefing on the issues.

We have also produced and distributed case statements and point-by-point responses to ExxonMobil's arguments against the climate and renewable energy resolutions.

You can see both of the ads and our proxy solicitation materials on the campaign ExxonMobil web site at www.campaignExxonMobil.org

• The Nation ad (Adobe pdf format)
• The P&I ad (Adobe pdf format)

We think that through these and other efforts we will see growth in shareholder support for the renewable energy resolution and a strong first year for the climate change resolution.

This concludes my opening remarks. I look forward to your questions during the Q&A.