Improving transparency as the foundation for carbon performance

Transcription

1 Improving transparency as the foundation for carbon performance CDP Canada Climate Change Report 12 On behalf of 655 investors with assets of US$ 78 trillion Report written for Carbon Disclosure Project by: Carbon Disclosure Project 6 W 48th Street, 1th Floor New York, NY 136 [email protected]

2 24 CDP Investor Members 12 Members CDP works with investors globally to advance the investment opportunities and reduce the risks posed by climate change. It does this by asking almost 6, of the world s largest companies to report on their climate change strategies, GHG emissions and energy use in the standardized Investor CDP format. To learn more about CDP s member offering and becoming a member, please contact us or visit the CDP Investor Member section at: investormembers ABRAPP Aegon AKBANK T.A.Ş. Allianz Global Investors Aviva Investors AXA Group Bank of America Merrill Lynch Bendigo and Adelaide Bank Blackrock BP Investment Management California Public Employees Retirement System - CalPERS California State Teachers Retirement Fund - CalSTRS Calvert Asset Management Company Catholic Super CCLA Daiwa Asset Management Co. Ltd. Generation Investment Management HSBC Holdings KLP Legg Mason London Pension Fund Authority Mongeral Aegon Seguros e Previdência S/A Morgan Stanley National Australia Bank NEI Investments Neuberger Berman Newton Investment Management Ltd Nordea Investment Management Norges Bank Investment Management PFA Pension Robeco Rockefeller & Co. SAM Group Sampension KP Livsforsikring A/S Schroders Scottish Widows Investment Partnership SEB Sompo Japan Insurance Inc Standard Chartered TD Asset Management Inc. and TDAM USA Inc. The RBS Group The Wellcome Trust 1 CDP INVESTOR SIGNATORIES AND ASSETS (US$ TRILLION) AGAINST TIME Investor CDP Signatories Investor CDP Signatory Assets SIGNATORY INVESTOR BREAKDOWN 259 (39%) Asset Managers 2 (33%) Asset Owners 143 (21%) Banks 33 (5%) Insurance 13 (2%) Other Number of Signatories Assets (US$ Trillions) 39 2

3 CDP Signatory Investors 12 Signatories 655 financial institutions with assets of US $78 trillion were signatories to the CDP 12 information request dated February 1st, 12 Aberdeen Asset Managers Aberdeen Immobilien KAG mbh ABRAPP - Associação Brasileira das Entidades Fechadas de Previdência Complementar Achmea NV Active Earth Investment Management Acuity Investment Management Addenda Capital Inc. Advanced Investment Partners AEGON N.V. AEGON-INDUSTRIAL Fund Management Co., Ltd AFP Integra AIG Asset Management AK Asset Management Inc. AKBANK T.A.Ş. Alberta Investment Management Corporation (AIMCo) Alberta Teachers Retirement Fund Alcyone Finance AllenbridgeEpic Investment Advisers Limited Allianz Elementar Versicherungs-AG Allianz Global Investors Kapitalanlagegesellschaft mbh Allianz Group Altira Group Amalgamated Bank AMP Capital Investors AmpegaGerling Investment GmbH Amundi AM ANBIMA Associação Brasileira das Entidades dos Mercados Financeiro e de Capitais Antera Gestão de Recursos S.A. APG AQEX LLC Aquila Capital Arisaig Partners Asia Pte Ltd Arma Portföy Yönetimi A.Ş. ASM Administradora de Recursos S.A. ASN Bank Assicurazioni Generali Spa ATI Asset Management ATP Group Australia and New Zealand Banking Group Limited Australian Ethical Investment AustralianSuper Avaron Asset Management AS Aviva Investors Aviva plc AXA Group Baillie Gifford & Co. BaltCap BANCA CÍVICA S.A. Banca Monte dei Paschi di Siena Group Banco Bradesco S/A Banco Comercial Português S.A. Banco de Credito del Peru BCP Banco de Galicia y Buenos Aires S.A. Banco do Brasil S/A Banco Espírito Santo, SA Banco Nacional de Desenvolvimento Econômico e Social - BNDES Banco Popular Español Banco Sabadell, S.A. Banco Santander Banesprev Fundo Banespa de Seguridade Social Banesto Bank Handlowy w Warszawie S.A. Bank of America Merrill Lynch Bank of Montreal Bank Vontobel Bankhaus Schelhammer & Schattera Kapitalanlagegesellschaft m.b.h. BANKIA S.A. BANKINTER BankInvest Banque Degroof Banque Libano-Francaise Barclays Basellandschaftliche Kantonalbank BASF Sociedade de Previdência Complementar Basler Kantonalbank Bâtirente Baumann and Partners S.A. Bayern LB BayernInvest Kapitalanlagegesellschaft mbh BBC Pension Trust Ltd BBVA Bedfordshire Pension Fund Beetle Capital BEFIMMO SCA Bendigo & Adelaide Bank Limited Bentall Kennedy Berenberg Bank Berti Investments BioFinance Administração de Recursos de Terceiros Ltda BlackRock Blom Bank SAL Blumenthal Foundation BNP Paribas Investment Partners BNY Mellon BNY Mellon Service Kapitalanlage Gesellschaft Boston Common Asset Management, LLC BP Investment Management Limited Brasilprev Seguros e Previdência S/A. British Airways Pension Investment Management Limited British Columbia Investment Management Corporation (bcimc) BT Investment Management Busan Bank CAAT Pension Plan Cadiz Holdings Limited Caisse de dépôt et placement du Québec Caisse des Dépôts Caixa Beneficente dos Empregados da Companhia Siderurgica Nacional - CBS Caixa de Previdência dos Funcionários do Banco do Nordeste do Brasil (CAPEF) Caixa Econômica Federal Caixa Geral de Depositos CaixaBank, S.A California Public Employees Retirement System California State Teachers Retirement System California State Treasurer Calvert Investment Management, Inc Canada Pension Plan Investment Board Canadian Friends Service Committee (Quakers) Canadian Imperial Bank of Commerce (CIBC) Canadian Labour Congress Staff Pension Fund CAPESESP Capital Innovations, LLC CARE Super Carmignac Gestion Catherine Donnelly Foundation Catholic Super CBF Church of England Funds CBRE Cbus Superannuation Fund CCLA Investment Management Ltd Celeste Funds Management Limited Central Finance Board of the Methodist Church Ceres CERES-Fundação de Seguridade Social Change Investment Management Christian Brothers Investment Services Christian Super Christopher Reynolds Foundation Church Commissioners for England Church of England Pensions Board CI Mutual Funds Signature Global Advisors City Developments Limited Clean Yield Asset Management ClearBridge Advisors Climate Change Capital Group Ltd CM-CIC Asset Management Colonial First State Global Asset Management Comerica Incorporated COMGEST Commerzbank AG CommInsure Commonwealth Bank Australia Commonwealth Superannuation Corporation Compton Foundation Concordia Versicherungsgruppe Connecticut Retirement Plans and Trust Funds Co-operative Financial Services (CFS) Credit Suisse Daegu Bank Daesung Capital Management Daiwa Asset Management Co. Ltd. Daiwa Securities Group Inc. Dalton Nicol Reid de Pury Pictet Turrettini & Cie S.A. DekaBank Deutsche Girozentrale Delta Lloyd Asset Management Deutsche Asset Management Investmentgesellschaft mbh Deutsche Bank AG Development Bank of Japan Inc. Development Bank of the Philippines (DBP) Dexia Asset Management Dexus Property Group DnB ASA Domini Social Investments LLC Dongbu Insurance DWS Investment GmbH Earth Capital Partners LLP East Sussex Pension Fund Ecclesiastical Investment Management Ecofi Investissements - Groupe Credit Cooperatif Edward W. Hazen Foundation EEA Group Ltd Elan Capital Partners Element Investment Managers ELETRA - Fundação Celg de Seguros e Previdência Environment Agency Active Pension fund Epworth Investment Management Equilibrium Capital Group equinet Bank AG Erik Penser Fondkommission Erste Asset Management Erste Group Bank Essex Investment Management Company, LLC ESSSuper Ethos Foundation Etica Sgr Eureka Funds Management Eurizon Capital SGR Evangelical Lutheran Church in Canada Pension Plan for Clergy and Lay Workers Evangelical Lutheran Foundation of Eastern Canada Evli Bank Plc F&C Investments FACEB FUNDAÇÃO DE PREVIDÊNCIA DOS EMPREGADOS DA CEB FAELCE Fundacao Coelce de Seguridade Social FAPERS- Fundação Assistencial e Previdenciária da Extensão Rural do Rio Grande do Sul FASERN - Fundação COSERN de Previdência Complementar Fédéris Gestion d Actifs FIDURA Capital Consult GmbH FIM Asset Management Ltd FIM Services FIPECq - Fundação de Previdência Complementar dos Empregados e Servidores da FINEP, do IPEA, do CNPq FIRA. - Banco de Mexico First Affirmative Financial Network, LLC First Swedish National Pension Fund (AP1) Firstrand Group Limited Five Oceans Asset Management Florida State Board of Administration (SBA) Folketrygdfondet Folksam Fondaction CSN Fondation de Luxembourg Forma Futura Invest AG Fourth Swedish National Pension Fund, (AP4) FRANKFURT-TRUST Investment-Gesellschaft mbh Fukoku Capital Management Inc FUNCEF - Fundação dos Economiários Federais Fundação AMPLA de Seguridade Social - Brasiletros Fundação Atlântico de Seguridade Social Fundação Attilio Francisco Xavier Fontana Fundação Banrisul de Seguridade Social Fundação BRDE de Previdência Complementar - ISBRE Fundação Chesf de Assistência e Seguridade Social Fachesf Fundação Corsan - dos Funcionários da Companhia Riograndense de Saneamento Fundação de Assistência e Previdência Social do BNDES - FAPES FUNDAÇÃO ELETROBRÁS DE SEGURIDADE SOCIAL - ELETROS 3

4 4 Fundação Forluminas de Seguridade Social - FORLUZ Fundação Itaipu BR - de Previdência e Assistência Social FUNDAÇÃO ITAUBANCO Fundação Itaúsa Industrial Fundação Promon de Previdência Social Fundação Rede Ferroviária de Seguridade Social - Refer FUNDAÇÃO SANEPAR DE PREVIDÊNCIA E ASSISTÊNCIA SOCIAL - FUSAN Fundação Sistel de Seguridade Social (Sistel) Fundação Vale do Rio Doce de Seguridade Social - VALIA FUNDIÁGUA - FUNDAÇÃO DE PREVIDENCIA COMPLEMENTAR DA CAESB Futuregrowth Asset Management Garanti Bank GEAP Fundação de Seguridade Social Generali Deutschland Holding AG Generation Investment Management Genus Capital Management Gjensidige Forsikring ASA Global Forestry Capital SARL GLS Gemeinschaftsbank eg Goldman Sachs Group Inc. GOOD GROWTH INSTITUT für globale Vermögensentwicklung mbh Governance for Owners Government Employees Pension Fund ( GEPF ), Republic of South Africa GPT Group Graubündner Kantonalbank Greater Manchester Pension Fund Green Cay Asset Management Green Century Capital Management GROUPAMA EMEKLILIK A.Ş. GROUPAMA SIGORTA A.Ş. Groupe Crédit Coopératif Groupe Investissement Responsable Inc. GROUPE OFI AM Grupo Financiero Banorte SAB de CV Grupo Santander Brasil Gruppo Bancario Credito Valtellinese Guardians of New Zealand Superannuation Hanwha Asset Management Company Harbour Asset Management Harrington Investments, Inc Hauck & Aufhäuser Asset Management GmbH Hazel Capital LLP HDFC Bank Ltd Healthcare of Ontario Pension Plan (HOOPP) Helaba Invest Kapitalanlagegesellschaft mbh Henderson Global Investors Hermes Fund Managers HESTA Super HIP Investor Holden & Partners HSBC Global Asset Management (Deutschland) GmbH HSBC Holdings plc HSBC INKA Internationale Kapitalanlagegesellschaft mbh HUMANIS Hyundai Marine & Fire Insurance. Co., Ltd. Hyundai Securities Co., Ltd. IBK Securities IDBI Bank Ltd Illinois State Board of Investment Ilmarinen Mutual Pension Insurance Company Impax Asset Management IndusInd Bank Limited Industrial Alliance Insurance and Financial Services Inc. Industrial Bank (A) Industrial Bank of Korea Industrial Development Corporation Industry Funds Management Infrastructure Development Finance Company ING Group N.V. Insight Investment Management (Global) Ltd Instituto de Seguridade Social dos Correios e Telégrafos- Postalis Instituto Infraero de Seguridade Social - INFRAPREV Instituto Sebrae De Seguridade Social - SEBRAEPREV Insurance Australia Group IntReal KAG Investec Asset Management Investing for Good CIC Ltd Irish Life Investment Managers Itau Asset Management Itaú Unibanco Holding S A Janus Capital Group Inc. Jarislowsky Fraser Limited JOHNSON & JOHNSON SOCIEDADE PREVIDENCIARIA JPMorgan Chase & Co. Jubitz Family Foundation Jupiter Asset Management Kaiser Ritter Partner (Schweiz) AG KB Kookmin Bank KBC Asset Management NV KBC Group KCPS Private Wealth Management KDB Asset Management Co., Ltd. KDB Daewoo Securities KEPLER-FONDS Kapitalanlagegesellschaft m. b. H. Keva KfW Bankengruppe Killik & Co LLP Kiwi Income Property Trust Kleinwort Benson Investors KlimaINVEST KLP Korea Investment Management Co., Ltd. Korea Technology Finance Corporation (KOTEC) KPA Pension Kyrkans pensionskassa La Banque Postale Asset Management La Financiere Responsable Lampe Asset Management GmbH Landsorganisationen i Sverige LBBW - Landesbank Baden-Württemberg LBBW Asset Management Investmentgesellschaft mbh LD Lønmodtagernes Dyrtidsfond Legal & General Investment Management Legg Mason Global Asset Management LGT Capital Management Ltd. LIG Insurance Co., Ltd Light Green Advisors, LLC Living Planet Fund Management Company S.A. Lloyds Banking Group Local Authority Pension Fund Forum Local Government Super Local Super Logos portföy Yönetimi A.Ş. London Pensions Fund Authority Lothian Pension Fund LUCRF Super Lupus alpha Asset Management GmbH Macquarie Group Limited MagNet Magyar Közösségi Bank Zrt. MainFirst Bank AG MAMA Sustainable Incubation AG Man MAPFRE Maple-Brown Abbott Marc J. Lane Investment Management, Inc. Maryland State Treasurer Matrix Asset Management MATRIX GROUP LTD McLean Budden MEAG MUNICH ERGO AssetManagement GmbH Meeschaert Gestion Privée Meiji Yasuda Life Insurance Company Mendesprev Sociedade Previdenciária Merck Family Fund Mercy Investment Services, Inc. Mergence Investment Managers Meritas Mutual Funds MetallRente GmbH Metrus Instituto de Seguridade Social Metzler Asset Management Gmbh MFS Investment Management Midas International Asset Management Miller/Howard Investments Mirae Asset Global Investments Co. Ltd. Mirae Asset Securities Mirvac Group Ltd Missionary Oblates of Mary Immaculate Mistra, Foundation for Strategic Environmental Research Mitsubishi UFJ Financial Group Mitsui Sumitomo Insurance Co.,Ltd Mizuho Financial Group, Inc. Mn Services Momentum Manager of Managers (Pty) Limited Monega Kapitalanlagegesellschaft mbh Mongeral Aegon Seguros e Previdência S/A Morgan Stanley Mountain Cleantech AG MTAA Superannuation Fund Mutual Insurance Company Pension-Fennia Nanuk Asset Management Natcan Investment Management Nathan Cummings Foundation, The National Australia Bank National Bank of Canada NATIONAL BANK OF GREECE S.A. National Grid Electricity Group of the Electricity Supply Pension Scheme National Grid UK Pension Scheme National Pensions Reserve Fund of Ireland National Union of Public and General Employees (NUPGE) NATIXIS Nedbank Limited Needmor Fund NEI Investments Nelson Capital Management, LLC Neuberger Berman New Alternatives Fund Inc. New Amsterdam Partners LLC New Mexico State Treasurer New York City Employees Retirement System New York City Teachers Retirement System New York State Common Retirement Fund (NYSCRF) Newton Investment Management Limited NGS Super NH-CA Asset Management Nikko Asset Management Co., Ltd. Nipponkoa Insurance Company, Ltd Nissay Asset Management Corporation NORD/LB Kapitalanlagegesellschaft AG Nordea Investment Management Norfolk Pension Fund Norges Bank Investment Management North Carolina Retirement System Northern Ireland Local Government Officers Superannuation Committee (NILGOSC) NORTHERN STAR GROUP Northern Trust Northward Capital Pty Ltd Nykredit Oddo & Cie OECO Capital Lebensversicherung AG ÖKOWORLD Old Mutual plc OMERS Administration Corporation Ontario Teachers Pension Plan OP Fund Management Company Ltd Oppenheim & Co. Limited Oppenheim Fonds Trust GmbH Opplysningsvesenets fond (The Norwegian Church Endowment) OPTrust Oregon State Treasurer Orion Energy Systems Osmosis Investment Management Parnassus Investments Pax World Funds Pensioenfonds Vervoer Pension Denmark Pension Fund for Danish Lawyers and Economists Pension Protection Fund Pensionsmyndigheten Perpetual Investments PETROS - The Fundação Petrobras de Seguridade Social PFA Pension PGGM Vermogensbeheer Phillips, Hager & North Investment Management Ltd. PhiTrust Active Investors Pictet Asset Management SA Pioneer Investments PIRAEUS BANK PKA Pluris Sustainable Investments SA PNC Financial Services Group, Inc. Pohjola Asset Management Ltd Polden-Puckham Charitable Foundation Portfolio 21 Investments Porto Seguro S.A. Power Finance Corporation Limited PREVHAB PREVIDÊNCIA COMPLEMENTAR PREVI Caixa de Previdência dos Funcionários do Banco do Brasil PREVIG Sociedade de Previdência Complementar ProLogis Provinzial Rheinland Holding Prudential Investment Management Prudential Plc Psagot Investment House Ltd PSP Investments Q Capital Partners QBE Insurance Group Rabobank Raiffeisen Fund Management Hungary Ltd.

5 Raiffeisen Kapitalanlage-Gesellschaft m.b.h. Raiffeisen Schweiz Genossenschaft Rathbones / Rathbone Greenbank Investments RCM (Allianz Global Investors) Real Grandeza Fundação de Previdência e Assistência Social Rei Super Reliance Capital Ltd Resolution Resona Bank, Limited Reynders McVeigh Capital Management RLAM Robeco Robert & Patricia Switzer Foundation Rockefeller Financial (trade name used by Rockefeller & Co., Inc.) Rose Foundation for Communities and the Environment Rothschild Royal Bank of Canada Royal Bank of Scotland Group RPMI Railpen Investments RREEF Investment GmbH Russell Investments SAM Group SAMPENSION KP LIVSFORSIKRING A/S SAMSUNG FIRE & MARINE INSURANCE Samsung Securities Sanlam Life Insurance Ltd Santa Fé Portfolios Ltda Santam Sarasin & Cie AG SAS Trustee Corporation Sauren Finanzdienstleistungen GmbH & Co. KG Schroders Scotiabank Scottish Widows Investment Partnership SEB SEB Asset Management AG Second Swedish National Pension Fund (AP2) Seligson & Co Fund Management Plc Sentinel Investments SERPROS - Fundo Multipatrocinado Service Employees International Union Pension Fund Seventh Swedish National Pension Fund (AP7) Shinhan Bank Shinhan BNP Paribas Investment Trust Management Co., Ltd Shinkin Asset Management Co., Ltd Siemens Kapitalanlagegesellschaft mbh Signet Capital Management Ltd Smith Pierce, LLC SNS Asset Management Social(k) Sociedade de Previdencia Complementar da Dataprev - Prevdata Socrates Fund Management Solaris Investment Management Limited Sompo Japan Insurance Inc. Sopher Investment Management SouthPeak Investment Management SPF Beheer bv Sprucegrove Investment Management Ltd Standard Bank Group Standard Chartered Standard Chartered Korea Limited Standard Life Investments State Bank of India State Street Corporation StatewideSuper StoreBrand ASA Strathclyde Pension Fund Stratus Group Sumitomo Mitsui Financial Group Sumitomo Mitsui Trust Holdings, Inc. Sun Life Financial Inc. Superfund Asset Management GmbH SUSI Partners AG Sustainable Capital Sustainable Development Capital Svenska Kyrkan, Church of Sweden Swedbank AB Swift Foundation Swiss Re Swisscanto Asset Management AG Syntrus Achmea Asset Management T. Rowe Price T. SINAI KALKINMA BANKASI A.Ş. Tata Capital Limited TD Asset Management Inc. and TDAM USA Inc. Teachers Insurance and Annuity Association College Retirement Equities Fund Telluride Association Tempis Asset Management Co. Ltd Terra Forvaltning AS TerraVerde Capital Management LLC TfL Pension Fund The ASB Community Trust The Brainerd Foundation The Bullitt Foundation The Central Church Fund of Finland The Children s Investment Fund Management (UK) LLP The Collins Foundation The Co-operative Asset Management The Co-operators Group Ltd The Daly Foundation The Environmental Investment Partnership LLP The Hartford Financial Services Group, Inc. The Joseph Rowntree Charitable Trust The Korea Teachers Pension (KTP) The Pension Plan For Employees of the Public Service Alliance of Canada The Pinch Group The Presbyterian Church in Canada The Russell Family Foundation The Sandy River Charitable Foundation The Shiga Bank, Ltd. The Sisters of St. Ann The United Church of Canada - General Council The University of Edinburgh Endowment Fund The Wellcome Trust Third Swedish National Pension Fund (AP3) Threadneedle Asset Management TOBAM Tokio Marine Holdings, Inc Toronto Atmospheric Fund Trillium Asset Management Corporation Triodos Investment Management Tri-State Coalition for Responsible Investment Tryg UBS Unibail-Rodamco UniCredit SpA Union Asset Management Holding AG Union Investment Privatfonds GmbH Unione di Banche Italiane S.c.p.a. Unionen Unipension UNISON staff pension scheme UniSuper Unitarian Universalist Association United Methodist Church General Board of Pension and Health Benefits United Nations Foundation Unity Trust Bank Universities Superannuation Scheme (USS) Vancity Group of Companies VCH Vermögensverwaltung AG Ventas, Inc. Veris Wealth Partners Veritas Investment Trust GmbH Vermont State Treasurer Vexiom Capital, L.P. VicSuper Victorian Funds Management Corporation VietNam Holding Ltd. Voigt & Coll. GmbH VOLKSBANK INVESTMENTS Waikato Community Trust Inc Walden Asset Management, a division of Boston Trust & Investment Management Company WARBURG - HENDERSON Kapitalanlagegesellschaft für Immobilien mbh WARBURG INVEST KAPITALANLAGEGESELLSCHAFT MBH Water Asset Management, LLC Wells Fargo & Company West Yorkshire Pension Fund WestLB Mellon Asset Management (WMAM) Westpac Banking Corporation WHEB Asset Management White Owl Capital AG Winslow Management, A Brown Advisory Investment Group Woori Bank Woori Investment & Securities Co., Ltd. YES BANK Limited York University Pension Fund Youville Provident Fund Inc. Zegora Investment Management Zevin Asset Management Zurich Cantonal Bank CalSTRS (California State Teachers Retirement System) CalSTRS board has made climate risk management the signature issue in our corporate governance engagement program. CDP data is an essential input and is reviewed prior to meeting with companies on any issue to ensure that the discussion covers climate risk if warranted. CDP data is also very important to CalSTRS as we develop and execute our shareholder resolutions. Jack Ehnes, CEO 5

6 CEO Foreword CDP has pioneered the only global system that collects information about corporate behavior on climate change and water scarcity, on behalf of market forces, including shareholders and purchasing corporations. 6 The pressure is growing for companies to build long-term resilience in their business. The unprecedented debt crisis that has hit many parts of the world has sparked a growing understanding that short-termism can bring an established economic system to breaking point. As some national economies have been brought to their knees in recent months, we are reminded that nature s system is under threat through the depletion of the world s finite natural resources and the rise of greenhouse gas emissions. Business and economies globally have already been impacted by the increased frequency and severity of extreme weather events, which scientists are increasingly linking to climate change. 1 Bad harvests due to unusual weather have this year rocked the agricultural industry, with the price of grain, corn and soybeans reaching an all time high. Last year, Intel lost $1 billion in revenue and the Japanese automotive industry lost $45 million of profits as a result of the business interruption floods caused to their Thailand-based suppliers. It is vital that we internalise the costs of future environmental damage into today s decisions by putting an effective price on carbon. Whilst regulation is slow, a growing number of jurisdictions have introduced carbon pricing with carbon taxes or cap-and-trade schemes. The most established remains the EU Emissions Trading Scheme but moves have also been made in Australia, California, China and South Korea among others. Enabling better decisions by providing investors, companies and governments with high quality information on how companies are managing their response to climate change and mitigating the risks from natural resource constraints has never been more important. CDP has pioneered the only global system that collects information about corporate behavior on climate change and water scarcity, on behalf of market forces, including shareholders and purchasing corporations. CDP works to accelerate action on climate change through disclosure and more recently through its Carbon Action program. In 12, on behalf of its Carbon Action signatory investors CDP engaged 5 companies in the Global 5 to request they set an emissions reduction target; 61 of these companies have now done so. CDP continues to evolve and respond to market needs. This year we announced that the Global Canopy Program s Forest Footprint Disclosure Project will merge with CDP over the next two years. Bringing forests, which are critically linked to both climate and water security, into the CDP system will enable companies and investors to rely on one source of primary data for this set of interrelated issues. Accounting for and valuing the world s natural capital is fundamental to building economic stability and prosperity. Companies that work to decouple greenhouse gas emissions from financial returns have the potential for both short and long-term cost savings, sustainable revenue generation and a more resilient future. Paul Simpson CEO, Carbon Disclosure Project 1. The State of the Climate in 11 report, led by the National Oceanic and Atmospheric Administration (NOAA) in the US and published as part of the Bulletin of the American Meteorological Society (BAMS).

7 Foreword The Canadian corporations that responded to this year s CDP information request are rising to the long-term carbon and climate change challenge in the same way they would for any other significant and material change. The incentive to capture and analyze carbon emissions data is the benefit of transparency in understanding the performance of corporations. It is also a basic human desire to understand the changing world around us and to improve the lives of the next generation. As simple as it sounds, the process of taking a yearly snapshot of even a single country s corporate carbon profile is a complex project that requires significant resources, cooperation, and expertise. Accenture is proud to be the official writer of the CDP Canada Climate Change Report 12. The conclusions we found in this year s report were encouraging. As the responses in this report show, Canadian companies are tackling the challenge of climate change headon. They are seeking opportunities, managing risks, putting climate change on their boardroom agendas, encouraging their leaders and organizations, and increasingly, identifying and capturing the economic benefits of doing so. In short, the Canadian corporations that responded to this year s CDP information request are rising to the long-term carbon and climate change challenge in the same way they would for any other significant and material change. In seeking to clarify the relationship between carbon, corporations, and the global economy, the Carbon Disclosure Project and Accenture work closely together in many regions of the world. We have collaborated to score and write the country reports in multiple countries around the world and will continue our Canadian support as CDP Canada Report Writer over the next two years. Globally, Accenture is the solution integrator and implementation partner for CDP s reporting platform and database the largest source of primary corporate climate change information in the world. This strong partnership stems from shared goals; namely, helping companies integrate climate change into strategies and operations. Ultimately, this helps our respective stakeholders investors, respondents and the broader public mitigate the risks of climate change and realize sustainable value creation related to carbon. As a leading provider of consulting, technology and outsourcing services, Accenture helps leading organizations in both the private and public sectors, in Canada and internationally to improve productivity and efficiency in their operations, reduce emissions, and reinvent their infrastructure as they move towards a low carbon economy. Accenture thanks all the current Canadian Institutional Investor Signatories and the 17 responding companies for their ongoing and strong commitment to addressing climate change. We look forward to continuing our work with CDP, and we encourage the Canadian investment and business communities to act decisively on sustainability today, to drive high performance in the future. Michael Denham Country Managing Director, Accenture Canada 7

8 Contents 8 CDP Investor Members 12 2 CDP Signatory Investors 12 3 CEO Foreword 6 Paul Simpson, CEO, Carbon Disclosure Project Foreword 7 Michael Denham, Country Managing Director, Accenture Canada Executive Summary 9 Companies Identify More Climate Change Risks with a Direct Short-Term Impact on their Business 11 Companies Prioritize Climate Change on the Corporate Agenda, Finding More Value in Emissions 15 Reduction Initiatives and More Opportunity to Improve Profitability Companies Improve Transparency on Climate Change Issues, but Lag on Performance Criteria 18 Value of Responding to CDP 19 Guest commentary Marie Giguère, Executive Vice-President, Legal Affairs and Secretariat, Caisse de dépôt et placement du Québec Guest commentary 21 Peter Grauer, Chairman, Bloomberg L.P. Carbon Disclosure Leadership Index (CDLI) 22 Carbon Performance Leadership Index (CPLI) 25 Sector Snapshots Canada Sector Snapshot Overview 27 Communication and High Tech 28 Consumer Discretionary 29 Consumer Staples 3 Energy 31 Financials 32 Industrials 33 Materials 34 Utilities 35 Appendix I: Table of Emissions, Scores and Sector Information by Company 36 Key to Appendix I 41 Appendix II: Non-Canada Responding Companies 42 CDP Canada Partners and Sponsors 43 Important Notice The contents of this report may be used by anyone provided acknowledgement is given to Carbon Disclosure Project (CDP). This does not represent a license to repackage or resell any of the data reported to CDP or the contributing authors and presented in this report. If you intend to repackage or resell any of the contents of this report, you need to obtain express permission from CDP before doing so. Accenture and CDP have prepared the data and analysis in this report based on responses to the CDP 12 information request. No representation or warranty (express or implied) is given by Accenture or CDP as to the accuracy or completeness of the information and opinions contained in this report. You should not act upon the information contained in this publication without obtaining specific professional advice. To the extent permitted by law, Accenture and CDP do not accept or assume any liability, responsibility or duty of care for any consequences of you or anyone else acting, or refraining to act, in reliance on the information contained in this report or for any decision based on it. All information and views expressed herein by CDP and/or Accenture is based on their judgment at the time of this report and are subject to change without notice due to economic, political, industry and firm-specific factors. Guest commentaries where included in this report reflect the views of their respective authors; their inclusion is not an endorsement of them. Accenture and CDP, their affiliated member firms or companies, or their respective shareholders, members, partners, principals, directors, officers and/or employees, may have a position in the securities of the companies discussed herein. The securities of the companies mentioned in this document may not be eligible for sale in some states or countries, nor suitable for all types of investors; their value and the income they produce may fluctuate and/or be adversely affected by exchange rates. 'Carbon Disclosure Project and CDP refer to Carbon Disclosure Project, a United Kingdom company limited by guarantee, registered as a United Kingdom charity number In the United States, CDP is a special project of Rockefeller Philanthropy Advisors. 12 Carbon Disclosure Project. All rights reserved.

9 Executive Summary Amidst an increasingly uncertain regulatory landscape and changing physical environment, Canada s largest public companies have used the 12 Investor CDP Information Request to signal that they are now, more than ever, faced with the challenge of identifying and managing a spectrum of growing, near-term climate risks. As a result, they are increasing the position of climate change on the corporate agenda and are finding more ways to capitalize on climaterelated opportunities to improve corporate profitability while achieving climate change mitigation goals. Through their continued efforts to advance transparency in their climate change-related practices, encouraged by an increasingly aware and sensitive public and investment community, they are laying the foundation for good carbon performance. The key findings of the 12 CDP Canada Report are: Companies identify more climate change risks with a direct short-term impact on their business The total number of risks related to climate change increased by 8% (38) to 496 in 12. Regulatory risks, such as carbon and fuel taxes, were most frequently reported (238), followed by physical risks (165), such as extreme weather, and other climate change risks (93), such as impact on a company s reputation. Eighteen percent (12) more respondents (77) reported regulatory risks in 12, while 1% (6) more respondents (67) reported physical risks (see Figure 3). Relative to physical and other climate change risks, regulatory risks are seen as the most short-term 67% (16) of these risks are expected to materialize within five years. Physical risks are seen as the most direct in impact 82% (136) of these risks are expected to have a direct impact on respondents, rather than on their customers and suppliers. Companies prioritize climate change on the corporate agenda, finding more value in emissions reduction initiatives and more opportunity to improve profitability Companies continue to weave the issue of climate change into the core fabric of their business models. Seventy-seven percent (79) of respondents report that climate change is integrated into their business strategy up 4% (3) from 11. Climate change is being addressed at the highest levels of the corporate structure. Eighty-six percent (89) of respondents report senior manager/officer or individual/ sub-set board-level responsibility for climate change. Companies increasingly identify economic value in emissions reduction initiatives. A total of 139 reported emissions reductions initiatives have annual monetary savings up 3% (32) from 11 (see Figure 4). Companies find more opportunities in climate change to improve profitability by appealing to changing consumer demands and by reducing costs. An equal number of respondents (86) report 11% (32) more climate-change opportunities (315) than in NUMBER OF COMPANIES REPORTING REGULATORY, PHYSICAL AND OTHER RISKS Number of Companies Reporting Risks Regulatory Physical Climate Change Other* Risk Type * Other climate-related risks include reputation, changing consumer behavior, induced changes in human and cultural environments, fl uctuating socioeconomic conditions, increasing humanitarian demands, amongst others NUMBER OF RESPONDENTS IDENTIFYING ANNUAL MONETARY SAVINGS BY EMISSIONS REDUCTION ACTIVITY TYPE Number of Respondents Energy Efficiency Other* Transportation Fugitive or Process Emissions Activity Type Reductions * Other includes behavioral change, low carbon energy installation and purchase, product design, and any uncategorized initiative. 9

10 Companies improve transparency on climate change issues, but lag on performance criteria Twenty-seven percent (47) more external publications, such as annual and voluntary reports, were used by respondents in 12 to communicate corporate activity related to climate change and GHG emissions performance. Canada respondents received an average carbon disclosure score of 6 an increase of 9% (5) from 11 (see Figure 5). Opportunities still exist for respondents to improve on carbon performance by defining emissions reduction targets, verifying and assuring emissions data, and accelerating achievements in emissions reduction as only one Canada respondent received the A performance band required to gain entry into the Carbon Performance Leadership Index (CPLI). 1. Canada s largest publicly traded companies on the Toronto Stock Exchange (TSX) by market capitalization. 2. Additionally, 92% (55) of the TSX6 (Canada s 6 largest publicly traded companies) responded, representing 91% of the TSX6 by market capitalization. 3. Although 17 companies responded, the report analysis was conducted on a base of a 13 companies. Companies excluded from the analysis were: subsidiaries of another responding company, merged during the scoring process, or submitted their response past the information request deadline. About CDP Canada in 12 The 12 Investor CDP Information Request was sent to the Canada 1 companies on behalf of 655 institutional investors (CDP signatories) representing $78 trillion in assets. The fiduciary backing of the 12 CDP questionnaire increased by 19% (14) over the previous year, up from 551 signatories in 11. This represents the growing interest of the investor community in environmental, social and governance (ESG) reporting. Fifty-four percent (17) of the Canada responded, representing 79% of the Canada by market capitalization. 2 For the first time in Canada, this report publishes the carbon performance scores of eligible respondent companies. This information will enable respondents to better measure themselves against their peers and investors to quickly assess the quality of performance on actions taken to mitigate climate change. The compilation of the 12 CDP Canada Report is based on their responses 3 to the 12 Investor CDP Information Request. This report examines how the largest Canadian companies continue to integrate climate change into their strategy, governance, management, and operations in order to mitigate risks and act on opportunities presented by climate change. 5 RANGE AND AVERAGE OF CANADA CARBON DISCLOSURE SCORES Minimum Maximum 12 Sector Carbon Disclosure Leadership Index (CDLI) Average 12 Average 11 Average Carbon Disclosure Score Leaders (CDLI) Communication and High Tech Consumer Discretionary Consumer Staples Energy Financials Industrials Materials Utilities Sector

11 Companies Identify More Climate Change Risks with a Direct Short- Term Impact on their Business In 12, Canadian companies reported an increasing number of risks 8% (38) more risks related to climate change were reported in 12, 496 versus 458 in 11. Regulatory risks topped the list, but concerns about physical risks from climate change were also expressed. Regardless of type, companies are taking action to mitigate these risks. Regulatory risks are the most frequently cited Canada s fragmented regulatory environment, with different federal, provincial, and territorial climate change policy plans, poses an increasing risk to business operations. Of the companies that responded to the CDP 12 questionnaire, 72% (77) identified 238 regulatory risks. This reveals that regulation takes prominence as the leading climate change risk, when compared to physical risks (165) and other climate change risks (93), such as an impact on the company s reputation. Uncertainty around regulation makes it difficult for our clients to plan for the future or quantify risk and makes it difficult for financial institutions to adequately determine the extent and timeframes associated with regulatory risk Bank of Nova Scotia In fact, the actual number of companies reporting regulatory risks increased from 11. Figure 6 illustrates a significant 18% increase from 65 to 77 companies identifying regulatory risks. By comparison, the number of companies identifying physical risks and "other" risks increased by 1% (from 61 to 67 and 49 to 54, respectively). 6 MORE RESPONDENTS ARE REPORTING RISKS IN Number of Companies Reporting Risks Regulatory Physical Other* Risk Type * Other climate-related risks include reputation, changing consumer behavior, induced changes in human and cultural environments, fl uctuating socio-economic conditions, increasing humanitarian demands, amongst others. 11

12 Regulatory risks have the potential to impact both direct and indirect business operations Regulatory risks have a greater impact on companies in GHG-intensive industries, particularly in their direct operations. 1 For example, the 77 companies that reported regulatory risks account for more than 98% of the emissions volume disclosed to CDP. Conversely, the 26 remaining organizations that did not identify regulatory risks are either self-identified as low GHG emitters or have chosen not to disclose emissions. Regardless, organizations that did not disclose regulatory risks mentioned they are indirectly impacted by regulatory risks through their partners, customers and suppliers. While we have identified potential for regulatory risks related to climate change, we do not at this point deem these risks to be significant. We acknowledge that development of a legal and regulatory framework to address climate change would have potential economic impacts, for example, through disruption or increased cost of oil-dependent transportation, increased fuel and electricity costs and costs associated with new building requirements, and we will continue to monitor developments with interest. Future climate change regulations may also affect the operating costs for the real estate we occupy and that which we own as an investment. Sun Life Financial Inc. Companies expect regulatory risks to impact the bottomline. Sixty-six percent (156) of regulatory risks identified are expected to increase operational costs, such as the increasing cost of energy and fuel, payment of carbon taxes and the operational cost of complying with emissions regulations obligations. Should a cap-and-trade regime be implemented [in B.C.], current estimates around cost suggest a range similar to that of the Carbon Tax Teck s B.C. operations [currently pays] a total of $4-45M per year in carbon fees. Teck Resources Limited Meanwhile, 11% (27) of regulatory risks are expected to impact capital costs, such as the investment made in infrastructure to comply with regulatory obligations. As shown in Figure 7, the majority of regulatory risks are expected to impact organizations in the short term. Sixty-seven percent (16) of these risks are expected to materialize within five years, while only 7% (17) are expected to have an impact in more than 5 years. Meanwhile, 26% (61) of the risks have an unknown or blank timeframe. 1. For a detailed description on how CDP defi nes Direct versus Indirect impacts, please refer to the CDP Guidance for responding companies - Investor CDP 12, CDP Supply Chain 12, page RESPONDENTS EXPECT THE MAJORITY OF REGULATORY RISKS TO MATERIALIZE WITHIN FIVE YEARS <5 Years >5 Years Unknown/Blank Uncertainty Surrounding New Regulation Fuel/Energy Taxes and Regulations Cap and Trade Schemes Risk Driver Carbon Taxes Emission Reporting Obligations Other Regulatory Drivers* General Environmental Regulations Air Pollution Limits Product Efficiency Regulations & Standards International Agreements Number of Regulatory Risks Reported 12 * Other regulatory drivers include voluntary agreements, lack of regulation, product labeling and standards, etc.

13 More physical climate change risks are identified in 12 Risks from physical climate change such as changes in precipitation patterns, changes in average temperatures, rising sea levels, droughts, etc. are also receiving greater attention from the Canada. Extreme heat across Canada and the US, wildfires in the western provinces, and tropical storms in the Gulf of Mexico are recognized as weather crises with potential ramifications on global operations and supply chains. The Canada responded accordingly on two levels. Firstly, the number of companies identifying physical climate change risks increased by 1% (6) to 67 in 12 from 61 in 11. Secondly, the total number of reported physical climate change risks increased by 11% (16), to 165 in 12 from 149 in 11. Companies are clearly recognizing the direct impact physical climate change risks could have on their business. Eighty-two percent (136) of physical climate-related risks were reported to directly impact the company, a 14% (17) increase from 11. Extreme weather events in our areas of operation (the four western provinces) such as flooding, wildfires, lightning, and tornados could impact the operation of our facilities and therefore impact production. ARC Resources Ltd. Physical risks are the most direct in impact Meanwhile, approximately 1% (17) of risks were considered to indirectly impact companies through their supply chain or customers, which is similar to the 11 figures. Furthermore, 76% (125) of risks were reported to have a potential impact on reducing or disrupting production capacity, or increasing operational costs. This is virtually unchanged from 11. Physical risks affecting our suppliers could ultimately impact not only our own operations but our provision of products or services to our customers as well, depending on the circumstances. We view the range of impacts as follows: (a) minor delay in service or delivery (b) supply chain issues resulting in need to switch to alternate supplier which may result in delayed delivery, process workarounds, increased costs and differences in quality of materials and; (c) complete cessation of service or delivery in the short to medium term. Bank of Montreal Companies are proactively mitigating climate change risks Despite the regulatory and physical climate change risks, Canada respondents are clearly and actively pursuing risk mitigation options. Overall, 1% (7) more companies are integrating climate change into their multi-disciplinary risk management processes (74 respondents in 12 versus 67 in 11), as can be seen in Figure 8. [Enbridge] has a formal risk management policy, procedures and systems designed to mitigate risks, such as operational risks [Enbridge] performs an annual corporate risk assessment to scan its environment for all potential risks and allows pro-active management decisions to be made. Enbridge Inc. As the responses in this report show, Canadian companies are tackling the challenge of climate change head-on. They are seeking opportunities, managing risks, putting climate change on their boardroom agendas, encouraging their leaders and organizations, and increasingly, identifying and capturing the economic benefits of doing so. Michael Denham Country Managing Director, Accenture Canada 8 MORE RESPONDENTS ARE INTEGRATING CLIMATE CHANGE INTO MULTI-DISCIPLINARY RISK MANAGEMENT PROCESSES Specific Risk Managment Process Integrated into Multi-Disciplinary Processes No Documented Processes Number of Respondents Year 13

14 Most respondents are mitigating regulatory risks Since regulatory concerns topped the list of risks, it is no surprise that Canadian companies are managing regulatory risks through a variety of methods. In fact, most companies are engaging with policy makers 74% (57) of companies that disclosed regulatory risks are engaging with policy makers to encourage further action on climate change mitigation and/or adaptation. Even of those that did not disclose regulatory risks, 54% (14) work with policy makers and others to monitor the potential risks and opportunities of regulations. See right for other actions being taken to mitigate regulatory risks. Mitigating physical climate change risks poses a challenge to respondents Companies face more difficulty in mitigating the risks posed by physical climate changes, mainly due to the uncertainty of occurrence. Nevertheless, respondents are being proactive in implementing initiatives to manage the controllable elements of these risks. See below for other actions being taken to mitigate physical risks. Examples of Physical Risk Mitigation Adapting operations and supply chain The Company continually reviews physical risks to its business as part of regular management operating reviews and as issues are raised, it adapts its operating processes to minimize potential impact from these risks. For example, in anticipation of Hurricane Katrina in Louisiana, USA in 5, the Company pre-emptively prepared its operations and relocated its personnel and assets to minimize loss or suffering in the area. In addition, the Company procures its equipment, services and consumables from many sources and many locations to minimize risks of climate effects in any one particular geographic locale or business provider. Progressive Waste Solutions Ltd. Investing in natural resource management and technology The flooding we experience[d] in Saskatchewan in 11 had an estimated impact on ARC of between $5 - $1 million These risks are out of our control and unpredictable. We are, however, taking measures to better manage our water (i.e., our consumption, sources, licenses, etc.). By improving our water management system we will be able to better react to restricted access to the source. ARC Resources Inc. Examples of Regulatory Risk Mitigation Engaging with policy makers Nexen believes that engaging in public policy debates affecting our industry is fundamental to ensuring long-term business success. [... we] participated on Government of Canada climate-related trade missions to Africa and Central/South America and are active in the Climate Change working group of our international industry association IPIECA who are committed to education and improving industry s performance through cooperation and communication. Nexen Inc. Setting energy efficiency targets In terms of energy costs, Stantec's Sustainable Development team is developing Performance Improvement targets and associated initiatives that will focus on energy efficiency within each facility. The Stantec Executive Leadership team has set goals for energy efficiency in all offices. Approved 12 goals of reduction in energy usage by 4% are designed to reduce operational costs as a response to experienced and projected future fuel price increases. Stantec Inc. Investing in transformation to reduce overall emissions [Emera recently] completed construction of [a] sixth generator on the site that recycles the heat from two natural gas combustion turbines already producing power at the plant and use it to generate additional electricity with minimal extra fuel. The new equipment captures waste heat from the exhaust streams of the two combustion turbines and uses it to power a new steam turbine and generator set, generating 25 megawatts of electricity without any additional fuel or emissions. A second 25 megawatts will be generated by burning gas added directly into the waste heat stream from the turbines to increase energy output. The cost of this project is $93 million. Emera Inc. Investing in emissions data management and technology As emission reporting obligations become more complex, Enerplus will need to increase staff resources and may need to increase the accuracy of data collection technologies To manage this risk, Enerplus has upgraded their GHG emissions database to include all Canadian and U.S. operated facilities as well as to import and track data necessary for the source categories. This investment in our database management for GHG emissions had initial costs of approximately $15, with yearly maintenance costs. Enerplus Corporation 14

15 Companies Prioritize Climate Change on the Corporate Agenda, Finding More Value in Emissions Reduction Initiatives and More Opportunity to Improve Profitability Against a backdrop of increasing risks, companies are integrating climate change into their core strategies and operations. Specifically, the Canada are prioritizing climate change on their corporate agendas, offering stronger individual performance incentives for the management of this issue, and identifying more economic benefit in their related initiatives. Climate change is increasing its position on the corporate agenda Seventy-seven percent (79) of respondents report that climate change is integrated into their business strategy up 4% from 11 (76). Canadian Tire has integrated its business sustainability strategy into its operating plans within a profit mandate. The Company defines business sustainability as the pursuit and achievement of economic benefits from enhanced social and environmental outcomes. Canadian Tire Corporation, Limited Furthermore, 86% (89) of respondents report senior manager/ officer or individual/sub-set board-level responsibility for climate change consistent with the Canada last year. And there is a strong correlation between senior management involvement and carbon performance; of the top 4 respondents ranked by 12 carbon performance score, only one did not report senior management or board-level responsibility for climate change. More companies are offering incentives for the management of climate change issues The number of respondents that reported incentives for management of climate change issues increased by 6% from 44% (46) in 11 to 5% (52) in 12, as displayed in Figure 9. These incentives are also more tangible; for example, monetary incentives are now offered by 46% (47) of respondents, up from 37% (38) last year. Finally, these incentives are targeting higher levels of the organization. Eighteen percent (19) of all respondents report 9 RESPONDENTS OFFERING INCENTIVES FOR THE MANAGEMENT OF CLIMATE CHANGE ISSUES Percentage of Respondents % (52) 46% 44% (47) (46) 37% (38) 18% (19) 13% (13) Offer Any Incentives Offer Monetary Incentives Incentive Type Target CEO, COO, or Other Executive Officer 15

16 an incentive for the CEO, COO, Corporate Executive Team, or an Executive Officer, which is an increase from 13% (13) in 11. This is an encouraging trend. Offering incentives to the C-suite increases management buy-in, which then drives a stronger focus on climate change and should ultimately create value in the search of opportunities. CEO's performance is based on achieving annual targets which includes a target to reduce greenhouse gas emissions by 1% per tonne of product by 12 compared to 7. (Type of incentive reported: monetary reward) Potash Corporation of Saskatchewan Inc. Companies are realizing economic benefits from emissions reduction or avoidance Companies continue to incorporate climate change into their strategy and operations because they increasingly see economic value in doing so. In the pursuit of reduced carbon emissions, companies are deploying two main strategies: implementing specific emissions reduction initiatives, and capitalizing on products and services that aim to reduce third-party emissions. Internally, companies appear to be transitioning from people and process-based initiatives as sources for emissions reduction towards fixed capital investments in energy efficiency and transportation initiatives. Fixed capital investments indicate a continued focus on capturing sources of emissions reduction, and ensuring greater persistence of these benefits. For example, while the total number of initiatives reported has decreased by 21% (84) from 48 in 11 to 324 in 12, the decrease in energy efficiency initiatives was negligible and now energy efficiency represents 55% (178) of all initiatives up from 45% (182) in 11 (see Figure 1). More importantly, companies are tracking, recognizing and reporting the economic benefits of investing in climate change. Respondents are increasingly identifying annual monetary savings from emission reduction activities; the number of reported initiatives with annual monetary savings has increased by 3% (to 139 initiatives) in 12 across all types of emissions reduction activities (see Figure 11). This is a paradigm shift from the assumption that carbon and emissions-related initiatives are merely a cost, rather than a true investment with an expected economic return. Finally, from a revenue and earnings perspective, companies are capitalizing on the opportunity to offer products that help third parties reduce emissions. Sixty percent (61) of respondents reported that the use of its goods and/or services directly enable GHG emissions to be avoided by a third party up 9% (5) from last year. Use of our product (i.e., electricity generated by hydro, wind and landfill gas) allows our customers to reduce their GHG footprint. NGCC and SGER requirement led to 2,18,115 tonnes of CO2e reductions in 11 and 17,932,21 tonnes since baseline years. Capital Power Corporation The consumer market is increasingly looking for products with improved environmental performance attributes and lower carbon footprints. We are also improving our offerings of e-solutions and helping consumers to better understand how they can reduce their GHG emissions by using information and communication technologies (ICT) solutions. Bell Aliant Inc. 1 EMISSIONS REDUCTION INITIATIVES IMPLEMENTED BY TYPE Other* Fugitive or process emissions reductions Transportation Energy Efficiency 11 NUMBER OF RESPONDENTS IDENTIFYING ANNUAL MONETARY SAVINGS BY EMISSIONS REDUCTION ACTIVITY TYPE Number of Emissions Reduction Initiatives Implemented Year Number of Respondents Energy Efficiency Other* Transportation Fugitive or Process Emissions Activity Type Reductions 16 * Other includes behavioral change, low carbon energy installation and purchase, product design, and any uncategorized initiative.

17 Companies are identifying more climate change opportunities In conjunction with integrating climate change into their strategies and operations, Canadian companies continue to look for opportunities to improve profitability and reduce costs by navigating a fluid regulatory environment and appealing to changing consumer demands. Annual Performance Agreement commitments made by EVP, Environment & Strategic Planning in 11: 1) Communicate Cenovus's environmental commitments, long-range forecasts to the organization; 2) Strengthen delivery of energy efficiency initiatives that subsequently improve GHG emissions and leverage available funding through the Climate Change and Emissions Management Corporation (CCEMC) for investigating future, game-changing technologies. Cenovus Energy Inc. While the number of companies reporting opportunities has remained consistent at 86 since 11, the total number of opportunities reported increased to 315 from 283. As seen in Figure 12, regulation is the most frequently reported climate change opportunity, thereby re-emphasizing that regulatory factors are top-of-mind for Canadian companies. In 1, the expectation of stronger regulations to create more energy efficient products, presented Canadian Tire with an opportunity to increase in store traffic and to increase the sales of energy-efficient products in its portfolio the incremental increase in sales in 11 was equal to $2 million Canadian Tire Corporation, Limited With that being said, the most frequently cited individual opportunity drivers are in the Other category, and relate to Changing consumer behavior, which increased 46% to 35 in 12 from 24 in 11 and Reputation, which increased 17% to 34 from 29. These responses demonstrate that both "Changing Consumer Behavior" and "Reputation" are key drivers of action as the Canadian public becomes more knowledgeable and attuned to climate change and its impacts on business and the environment. As a consumer-oriented business that sells products directly into the market place, reputational risk is always [a] concern... For climate change in particular, consumers would be interested in our ability to perform as a responsible environmental steward. This presents a potential opportunity for us in that our ability to manage our environmental reputation more effectively than our competitors may result in increased guest patronage, or conversely, may shield us from increased concerns and a potential decrease in guest patronage... Effectively managing our reputation with respect to environmental sustainability in order to attract and retain key talent in the industry also presents us and our Restaurant Owners with a significant opportunity. Tim Hortons Inc. As seen in Figure 13, companies most frequently reported an increase in demand for existing products and services as a potential impact of the opportunities identified above. "With demand for low-emissions natural gas and electricity steadily climbing... TransCanada continues to pursue new opportunities in technology that can improve the efficiencies of our systems, processes and facilities." TransCanada Corporation 12 REGULATORY OPPORTUNITIES ARE MOST FREQUENTLY CITED 13 INCREASED DEMAND IS THE MOST FREQUENTLY CITED POTENTIAL IMPACT Number of Opportunities Reported Regulatory Physical Other* Percentage of Total Opportunities Identified % (122) Increased Demand for Existing Prodcuts/Services 18% (55) Reduced Operational Costs 14% (42) New Products/ Business Services 28% (86) Other Impact* Opportunity Type * Other opportunities include those posed by changes in consumer attitude or improved standing due to your organization s stance or action on climate change. Potential Impact * Other impact includes: Increased production capacity, Investment opportunities, Increased stock price (market valuation), and 24 other categories. Blank responses were removed from chart sample. 17

18 Companies Improve Transparency on Climate Change Issues, but Lag on Performance Criteria Companies in the Canada are focused on improving the visibility of their response to climate change, as evidenced by the increase in number of publications used to communicate with their stakeholders, as well as the improvement in the average carbon disclosure scores of the Canada and the Carbon Disclosure Leadership Index (CDLI) detailed on page 22. For the first time in Canada, this report publishes the carbon performance scores of eligible respondent companies. This information will enable respondents to better measure themselves against their peers and investors to quickly assess the quality of performance on actions taken to mitigate climate change. Only one Canada company achieved the Carbon Performance Leadership Index (CPLI), detailed on page 25, indicating an opportunity for others to improve their performance scores. The proactive effort of Canada respondents to improve transparency in 12 reflects a foundation to excel on performance criteria in years to come. Companies are increasing communication with external stakeholders As companies identify more climate change-related opportunities, they are increasing the number of publications used to communicate their response to climate change and GHG emissions performance. In 12, companies reported a 27% (47) increase in annual reports, regulatory filings and voluntary communications up from 177 in 11 (see Figure 14). This growth was primarily driven by a 4% increase (from 87 to 122) in the number of voluntary communications, such as voluntary Corporate Social Responsibility (CSR) or sustainability reports, and consumer facing publications and advertising, among others. While the depth of these communications vary (e.g., onepage press release vs. annual sustainability report), the sharp increase in volume is a signal of more effort from corporations on communicating climate change-related topics to investors and the public. Enabling better decisions by providing investors, companies and governments with high quality information on how companies are managing their response to climate change and mitigating the risks from natural resource constraints has never been more important. Paul Simpson CEO, Carbon Disclosure Project 14 NUMBER OF PUBLICATIONS REPORTED BY TYPE Number of Publications Reported Annual Reports Regulatory Filings Voluntary Communications Publication Type 18

19 Value of Responding to CDP Overall, the Canada sees value in responding to the CDP s questionnaire (see table below). Their responses are a means to increase transparency with stakeholders, communicate targets, collect and track data, and measure performance. According to a 11 study 1, Carbon Disclosure Project data is downloaded on average more than 73, times a month via Bloomberg terminals a sure sign that investors and consumers see the value of disclosing this type of information. Responding to CDP allows companies to meet demand for transparency from investors, consumers and the general public. We meet stakeholder needs for transparent disclosure by publicly communicating our sustainability and climate change related initiatives. Key disclosure mechanisms include the Carbon Disclosure Project, our Corporate Responsibility Report and [other publications] Barrick Gold Corporation Shareholders and consumers are demanding that corporations show progress on reducing their impact on the environment. Rogers will continue to respond to the CDP to provide information on our carbon footprint and climate change related strategies. Rogers Communications Inc. Buyers are setting carbon reduction targets and are using CDP as a medium to collect information from suppliers Leading multinational and manufacturing companies are already setting environmental pre-selection criteria for their suppliers.for example, Wal-Mart has invited its suppliers to report their GHGs and reduction targets as part of its sustainability index for Wal-Mart products CDP recently came out with a supply chain questionnaire, endorsed by Wal-Mart, Ford and other leading multinational organizations, to enable companies to capture supplier emissions. Canadian National Railway Company The CDP questionnaire motivates companies to organize a strategy and system for emissions management and tracking. CCL has no in-place metric or database to capture data from our 38 countries and over 72 operations with common units of energy, waste volumes with detail on energy and sustainability related measurements... As we [were] invited in April 12 to be part of a CDP response we have been working for the past 9 days or so to organize a true strategy and system we have setup a team to put in place a real-time GHG program. CCL Industries CDP assists companies in measuring carbon performance of themselves over time and compared to others companies. Yamana has been reporting its emissions in the Corporate Sustainability Reports and other initiatives (as CDP) voluntarily. Its emissions results indicate good index comparing with its competitors. Yamana Gold Inc. 1. Eccles, Robert G.; Krzus, Michael P.; Serafeim, George. Market Interest in Nonfi nancial Information, The Journal of Applied Corporate Finance, Volume 23 Number 4 (Autumn 11). Based on November 1 April 11 data. 19

20 Guest Commentary The Caisse is convinced that climate change is a real and major issue, and that it may have an impact in the long term unless action is taken. The first phase of the Kyoto protocol, which sought to reduce greenhouse gas emissions, ends in 12. Several industrialized countries have decided not to participate in the next phase, preferring instead to begin negotiations on the terms of the next treaty, which only comes into force in. In this context, the Caisse attaches great importance to the Carbon Disclosure Project (CDP), an initiative that encourages companies to take into account the impact of their activities on the environment by asking them to account for and disclose their greenhouse gas emissions. Such disclosure encourages businesses to adopt best practices and develop emission reduction strategies. As an investor, the Caisse wants to have a profile of companies activities in this area in order to better analyze and manage this type of risk. The information collected in this way is useful to the Caisse because it allows for constructive dialogue with corporate leaders based on the disclosures. Where appropriate, our analysts and managers also integrate the costs related to CO 2 emissions into their financial models, or adjust the cost of capital based on carbon risk. In this regard, our managers applaud CDP s collaboration with the Bloomberg platform, which now provides access to CDP data. A few years ago, in the first Canadian edition of the CDP, the Caisse noted that under its responsibility to depositors it is obliged to account for the environmental impacts of business activities. This is why the Caisse has agreed to sponsor this project. Today, CDP Canada s 52 Canadian investors have asked businesses all over the world, including Canada s largest corporations by market capitalization, to disclose climate change information. The Caisse supports this collective effort, and encourages businesses to cooperate with the CDP by providing the information it has requested. Marie Giguère Executive Vice-President, Legal Affairs and Secretariat Caisse de dépôt et placement du Québec

21 Guest Commentary The scale, complexity and long-term nature of climate change challenges our collective capacity for problem solving. While capital markets generally allocate capital efficiently, they are highly dependent on widely available, clear price signals. But without good information, these price signals can create significant distortions. Today, environmental data is not yet comprehensively integrated into capital markets information systems, creating classic economic externalities costs to society at large such as rising sealevels, disruptions to agricultural production and loss of species - that some estimate to be valued at $33 trillion. This represents a significant market failure with potentially profound implications. Why is it so hard to interrupt this narrative with an effective combination of market and regulatory responses? Though we can t offer a definitive answer just yet, we at Bloomberg and our partner, CDP, are certain of at least one thing: good information helps. Data is the life-blood of policy-making and the capital markets; even with the most sophisticated assumptions, regulations and financial models formulated on unreliable information are liable to miss the mark and, worse still, compound the problem. This is the shared perspective of Bloomberg and CDP and why we ve been partners since 8 to collaborate on advancing the quality, quantity and analysis of environmental data. We understand that climate change risk is real and that reliable information is critical to the development of business, market and policy solutions. At Bloomberg, we have seen a steady rise in investor interest in environmental, social and governance (ESG) information in recent years. In response to growing client demand, Bloomberg increased its capacity to deliver ESG data covering more than 6, global companies to investors, including CDP responses. Within our ESG data set, corporate greenhouse gas emissions is the number one viewed metric by investors. Since our partnership began in 8, investor queries of CDP data on Bloomberg terminals have risen substantially, both in quantity and number of users. In July 12 alone, investors viewed more than four million greenhouse gas related indicators on Bloomberg terminals globally. Investors are beginning to address the information gap essential to our capital markets by accessing CDP s critical environmental data infrastructure through Bloomberg every day. By partnering with CDP - and you - we can bridge that information gap, integrate climate change considerations into investment decisions and accelerate the shift to a low carbon economy. Peter Grauer Chairman, Bloomberg L.P. 21

22 12 Canada Carbon Disclosure Leadership Index (CDLI) CANADA CDLI Company Name Sector 12 Carbon Disclosure Score 11 Carbon Disclosure Score Bank of Montreal Financials ARC Resources Ltd. Energy 9 77 Stantec Inc. Industrials Teck Resources Limited Materials TMX Group Inc. Financials 84 8 Suncor Energy Inc. Energy Barrick Gold Corporation Materials Enbridge Inc. Energy TransCanada Corporation Energy 83 NR Enerplus Corporation Energy Telus Corporation Communication and High Tech Bank of Nova Scotia (Scotiabank) Financials Tim Hortons Inc. Consumer Discretionary 8 84 Emera Inc. Utilities Cenovus Energy Inc. Energy Toronto-Dominion Bank Financials 78 6 Inmet Mining Corporation Materials Nexen Inc. Energy 78 6 SNC-Lavalin Group Inc. Industrials Canadian National Railway Company Industrials RANGE AND AVERAGE OF CANADA CARBON DISCLOSURE SCORES Minimum Maximum 12 Sector CDLI Average 12 Average 11 Average Carbon Disclosure Score Leaders (CDLI) Communication and High Tech Consumer Discretionary Consumer Staples Energy Financials Industrials Materials Utilities Sector

23 Importance of Carbon Disclosure and Performance Leadership Indices to investors Each year, company responses are reviewed, analyzed, and scored according to the CDP Scoring Methodology. The highest scoring companies for disclosure and/or performance enter the Carbon Disclosure Leadership Index (CDLI) and the Carbon Performance Leadership Index (CPLI). Analysis of the CDLI and CPLI provides insight into the characteristics and common trends among the leading companies on carbon disclosure and performance. They highlight good practices in reporting, governance, risk management, verification and emissions reductions activities toward climate change adaptation and mitigation. Additionally, good carbon management and disclosure may be used as a proxy for superior, forward-looking management with a better understanding of the companies risk profile. The interrelations between CDLI and CPLI companies show how companies with better data can use this advantage within the business to drive value-adding activities. Companies in the CDLI and CPLI typically show a deeper understanding of, and address more pro-actively, the risks and opportunities presented by climate change. Their transparency and willingness to disclose information is attractive to investors. For further information on the CDLI and the CPLI and how scores are determined, please visit 17 CDLI SECTOR REPRESENTATION OF CANADA 7 (35%) Energy 4 (%) Financials 3 (15%) Industrials 3 (15%) Materials 1 (5%) Utilities 1 (5%) Communication and High Tech 1 (5%) Consumer Discretionary About the CDLI The CDLI provides a valuable perspective on the range of responses to CDP s questionnaire. To qualify for entry into the CDLI, a company must make their responses public, submit them before the CDP questionnaire deadline, and achieve a disclosure score within the top 1% of the Canada. The 12 CDLI is a list of the top companies with the highest carbon disclosure scores from the Canada sample (see Figure 15). The CDP Scoring Methodology used to evaluate company responses is publicly available on CDP s website but generally speaking, the carbon disclosure score represents the quality and comprehensiveness of individual company responses. While the quantity and depth of information provided is measured, the scoring process does not assess or place judgment on the content or merit of the action taken by respondents. Range of scores The range of scores for the 12 CDLI is 77 to 91 with an average CDLI score of 83. This is greater than that of the 11 CDLI, which ranged from 69 to 92 with an average score of 77 indicating an improvement in climate change reporting among leading Canadian companies. This is also reflected by an improvement in the average disclosure scores for the Canada, which has increased 9% to 6 (from 55 in 11). However, these scores are still significantly lower than those of the Global 5 CDLI companies, which range from 94 to 1. Additionally, the range of scores in the full respondent sample of the Canada is very wide from 9 to 91 (see Figure 16). At least one company in every sector scored 5 or below, suggesting that not all companies are equally advanced in their climate change reporting. Sector representation and recognition of repeat top performers A placement on the 12 CDLI reflects a continued commitment to disclose information on corporate climate change issues. For example, 5% (1) of the 12 CDLI were also leaders in 11. Going further back in history, approximately 75% (15) of the 12 CDLI have been honored with CDLI status at some point in the past. Figure 17 illustrates that in 12, the Energy sector represented the largest proportion of CDLI companies at 35% (7). By contrast, Energy represented % (4) of the 11 CDLI. The Financials sector ranked second, comprising % (4) of the 12 CDLI, down from 25% (5) in 11. Meanwhile, fewer companies from the Materials sector are in the 12 CDLI, which is mainly driven by the fact that some past CDLI companies are no longer in the Canada sample. The Industrials, Utilities, Communication and High Tech, and Consumer Discretionary sectors each comprise a similar percentage of the CDLI as they did last year. Consumer Staples was the only sector with no CDLI representation. 23

24 Comparison of CDLI to Canada respondents Figure 18 shows that companies from the CDLI outperformed the rest of the Canada respondents in all key disclosure categories. 1 This outperformance was highest in the categories of stakeholder engagement (e.g. GHG verification/assurance), opportunities and emissions management. For Stakeholder Engagement, the 12 CDLI recognizes that the quality of data reported is increasingly important to their stakeholders. As a result, leaders are verifying/assuring emissions data more frequently than non-cdli companies: 85% (17) of CDLI companies verified Scope 1 emissions, versus 24% () for non-cdli, and 6% (12) of CDLI verified Scope 2 emissions, against 16% (13) for non-cdli. With Opportunities increasing from climate change-related issues, leaders in the 12 CDLI are more thoroughly identifying, describing and estimating the financial impact of climate change-related opportunities, or detailing why these opportunities do not exist. Emissions Management was also prevalent among the 12 CDLI Leaders. Nearly 9% (18) of CDLI companies are setting emissions reduction targets and revealing the progress toward achievement of these targets, while only 31% (26) of non-cdli companies set targets. 1. Disclosure score key categories are based on the following areas of the questionnaire: Emissions Management - Absolute and/or intensity targets, emissions reduction activities, and change in emissions from prior year. Emissions Reporting - Reporting of Scopes 1, 2, and 3 emissions data and % operational spend on energy costs and energy use. Governance and Strategy - Level of oversight, incentives/rewards, integrated strategy, risk management approach, and emissions trading. Opportunities - Opportunities. Risks - Risks. Stakeholder Engagement - Verifi cation/ assurance, communication of sustainability information to public, and engagement with regulators. 18 KEY INDICATORS OF DISCLOSURE LEADERS VS. REST OF CANADA RESPONDENTS Canada Non-CDLI Canada CDLI Proportion of Possible Carbon Disclosure Score % 69% 39% 72% 61% 9% 48% 74% 75% 97% 96% 79% 1 Stakeholder Engagement Opportunites Emissions Management Risks Emissions Reporting Governance & Strategy Key Disclosure Category 24

25 12 Canada Carbon Performance Leadership Index (CPLI) CANADA CARBON PERFORMANCE LEADERSHIP INDEX (CPLI) Company Name Sector 12 Performance Band Bank of Montreal Financials A In 12, all of the responding companies in the Canada were reviewed, analyzed and scored for the quality of performance on actions taken to mitigate climate change. Performance Scoring and the Carbon Performance Leadership Index Methodology All companies with a carbon disclosure score above 5 were eligible to receive a performance band. 1 It is important to note that disclosure scores of less than 5 do not necessarily indicate poor performance; rather, they indicate insufficient information to evaluate performance. Performance is grouped into six bands: A (representing highest performance), A-, B, C, D and E (representing lowest performance). The Carbon Performance Leadership Index, however, only includes Performance Band A. Therefore, to enter the CPLI (Performance Band A), a company must: Make their responses public and submit them via CDP s Online Response System Attain a performance score greater than 85 Score maximum performance points on question 13.1a (absolute emissions performance) for GHG reductions due to emissions reduction actions over the past year Disclose gross global Scope 1 and Scope 2 figures Score maximum performance points for verification of Scope 1 and Scope 2 emissions Note: Companies that achieve a performance score high enough to warrant inclusion in the CPLI, but do not meet all of the other CPLI requirements, are classified as Performance A- and are not included in the CPLI. A listing of companies and their performance bands is included in Appendix I. Companies that did not qualify for a performance band appear in Appendix I without a band in the 12 score column. CANADA RESPONDENTS IN EACH CARBON PERFORMANCE BAND BY MARKET CAPITALIZATION Less than $5B Between $5B to $12B Greater than $12B Number of Respondents Carbon Performance Leader Bank of Montreal was the only respondent from the Canada sample that emerged as CPLI in 12 (see Figure 19). This ranking is an indication of good carbon performance on several key performance metrics. It is interesting to note a possible relationship between high market capitalization and strong carbon performance. Respondents with a market capitalization of over $12B had the most representation across the Carbon Performance Bands A, B, and C (see Figure ). This will be a point to revisit in the future as respondents become more familiar with the CDP Scoring Methodology A B C D E Carbon Performance Band 1. More information can be found in the information request, supporting methodology and guidance documents, as well as within individual company responses at 25

26 Opportunities to improve carbon performance among Canada respondents The CDP Scoring Methodology awards performance points for effective corporate management, identification of risks and opportunities considerations related to climate change, as well as emissions management. The following practices demonstrate thorough and detailed ways in which companies can score high performance points across the key performance score categories. 2 Best practices are actions, which if correctly undertaken, increase the performance score. Carbon performance best practices include: Governance: Providing monetary incentives linked to a performance indicator that incentivizes meeting emissions reduction targets. While most companies reported board or senior management oversight, leading companies went further by incentivizing executives for the effective management of climate change issues. Stakeholder Communications: Verifying and assuring emissions data, engaging with policy makers on climate change, and disclosing climate change information in mainstream filings. Only 25% (26) and 15% (16) of companies received performance scores for Scope 1 and 2 verification respectively. Strategy: Setting targets for absolute emissions or emissions intensity and redefining short and long-term business strategy according to the influence of climate change. While climate change risks and opportunities are being integrated in company risk management procedures and overall business strategy, significant opportunity remains for setting emissions reduction targets. Achievements: Making progress towards emissions reduction targets and reducing emissions through the implementation of activities. While thirty-five percent (36) of companies reported a decrease in absolute emissions for Scope 1 and 2, few companies identified emissions reductions initiatives as the cause. Recalling that a performance score greater than 85 warrants a performance band A, Figure 21 shows that Canada companies have an opportunity to improve across all performance categories. 2. Performance score key categories are based on the following areas of the questionnaire: Governance includes board or other senior management oversight and monetary incentives for management of climate change; Stakeholder Communications includes verifi cation of emissions, engagement with policy makers and advocating climate change mitigation, as well as disclosure of climate change information in mainstream fi lings or other external communications; Strategy includes implementation of emissions reduction targets, integration of climate change into risk management procedures, integration of climate change risks or opportunities into overall business strategy; Achievements includes reporting of emissions reduction due to implementation of activities, and demonstrating progress toward meeting targets. 21 AVERAGE CARBON PERFORMANCE SCORE OF CANADA VS. PERFORMANCE BAND A AND B RESPONDENTS A - Band B - Band Average Proportion of Possible Carbon Performance Score % 9% 52% Governance 93% 71% 26% Stakeholder Communications 89% 78% Strategy 35% Key Performance Category 83% 54% 23% Achievements 26

27 Canada Sector Snapshot Overview The following pages will analyze the CDP responses from each sector of the Global Industry Classification Standard (GICS). The purpose of this is to provide a deeper understanding of the Canada responses through sectorspecific analysis and comparisons. The key findings from a cross-sector comparison include: Industrials identified the most risks and opportunities per respondent across all risk categories (See Figure 22). Industrials, Energy, and Utilities identified the most regulatory risks and opportunities per respondent and among the largest total Scope 1 emissions (See Figure 23). Industrials had the highest average disclosure score relative to the average score of CDLI from that sector (See Figure 24). Communication and High Tech had a payback period of less than one year for 5% of emissions reduction activities implemented (See Figure 25). Energy had a payback period of over three years for approximately 45% of activities implemented. 23 TOTAL REPORTED EMISSIONS BY SECTOR 22 AVERAGE NUMBER OF RISKS AND OPPORTUNITIES REPORTED PER COMPANY IN EACH SECTOR Regulatory Physical Other Average Industrials Energy Utilities Materials Financials Consumer Discretionary Communication and High Tech Consumer Staples Risks Opportunities Scope 1: Scope 2: 187 Mt CO 2 e 25 Mt CO 2 e 53% Energy 49% Energy 27% Utilities 27% Materials 13% Materials 8% Financials 6% Industrials 5% Consumer Staples 2% Other* 4% Consumer Discretionary * Refers to all other sectors 6% Other* not listed. 24 AVERAGE CARBON DISCLOSURE SCORE OF SECTOR VS. CANADA CDLI 25 DISTRIBUTION IN PAYBACK PERIOD OF EMISSIONS REDUCTION ACTIVITIES BY SECTOR 12 Sector CDLI 12 Sector <1 Year 1-3 Years >3 Years Utilities Materials Industrials Financials Energy Consumer Staples Consumer Discretionary Communication and High Tech Average Carbon Disclosure Score 1 Communication and High Tech (14) Materials (24) Consumer Discretionary () 6 Financials (53) Energy (38) 1 Consumer Staples (12) 2 Industrials (15) Percentage of Emissions Reduction Activities

28 Communication and High Tech Sector Snapshot Response Summary Sector Response Rate: 71% (1 of 14) By Industry Within Sector: Cable and Satellite (2), Integrated Telecommunication Services (4), IT Consulting and Other Services (1), Other (3) Largest Non-Respondents:*,1 Shaw Communications Inc., OpenText Corporation Largest New Respondents: 1 N/A Proportion of Canada Market Cap: 2 $94B (87%) of $18B Sector Themes Climate change is part of management incentives and company strategies. All employees have the ability to earn rewards and recognition for specific actions and suggestions related to energy reductions, particularly as part of employee engagement initiatives. Bell Aliant Inc. Sustainability initiatives are targeting energy efficiency and new goods and services. We have an Energy Management program that is focused on improving efficiency and reducing absolute consumption across our operations. In 11, this resulted in $6 million in efficiency savings. Telus Corporation Sector Leaders Disclosure Score TELUS Corporation 82 BCE Inc. 74 Cogeco Cable Inc. 69 TOTAL EMISSIONS Respondents Scope 1 284,421 9% 294,523 89% 919,773 9% Scope ,49 89% Scope 3 145,328 6% 119,727 56% Tonnes CO 2 e DISCLOSURE BREAKDOWN FOR SECTOR VS. CANADA We are estimating that our teleconference services conducted by our customers in 1 prevented the emission of approximately 1.8 megatonnes of CO 2 e. BCE Inc. Sector Opportunities Regulation and extreme weather can drive revenue. Large emitters may be impacted [by legislation] and will be stimulated to reduce emissions. This may create additional opportunities for Rogers in virtual technologies that may replace traditional greenhouse gas emitting activities. Examples of these technologies include e-billing, e-commerce, internet meeting tools, video conferencing, and internet based services. Rogers Communications Inc. Potential extreme climate conditions also represent an opportunity for our Resiliency services... [which] help businesses mitigate their risks from things such as power outages or unavailable computer servers. Bell Aliant Inc. Sector Risks Regulation and extreme weather can also increase costs. The many regulations present the risk of having to manage and to be in compliance with multiple versions of national mandatory reporting and cap-and-trade systems. Duplicate or inconsistent regulations could potentially increase cost and impede our competitiveness. Celestica Inc. 12 Sector 12 Canada Non-CDLI Sector 12 Canada CDLI With increasing temperatures, there will be more demand put on cooling equipment. Greater demand on cooling requirements will result in increased costs. Rogers Communications Inc. PAYBACK PERIOD OF EMISSIONS REDUCTION INITIATIVES FOR MOST COMMON ACTIVITY TYPES <1 Year 1-3 Years >3 Years (Total Initiatives) Emissions Management Emissions Reporting Governance & Strategy Opportunities Risks Stakeholder Engagement Energy Efficiency: Building Services Energy Efficiency: Processes Transportation: Fleet 17% 67% 33% 33% 33% 1% 17% (6) (3) (2) 28 * Largest non-respondents include companies that are non-responding (NR) and declined to partipate (DP). See Appendix I (pgs ) for more detail. 1. Based on market capitalization data available from Thomson Reuters as of Based on stock market data as of December 3, Percentage of respondents that reported emissions and total disclosed emissions for the sector.

29 Consumer Discretionary Response Summary Sector Response Rate: 6% (9 of 15) By Industry Within Sector: Distributors (3), Home Improvement Retail (2), Movies and Entertainment (), Other (4) Largest Non-Respondents:*,1 Dollarama Inc. Largest New Respondents: 1 N/A Proportion of Canada Market Cap: 2 $32B (76%) of $42B Sector Leaders Disclosure Score Tim Hortons Inc. 8 Canadian Tire Corporation 76 Aimia 75 TOTAL EMISSIONS Scope 1 Scope 2 3 Scope 3 DISCLOSURE BREAKDOWN FOR SECTOR VS. CANADA 12 Sector 12 Canada Non-CDLI 762, ,64 1,2,763 1,35,416 3,129,55 3,83,245 Tonnes CO 2 e Respondents 1% 92% 1% 92% 11 Sector 12 Canada CDLI 67% 67% Sector Themes Respondents are monitoring emissions, implementing initiatives, and working towards setting specific targets in the future. Measuring [our] footprint was an important initial step to understand the impact it had on the environment and the implications of setting reductions targets. Canadian Tire Corporation, Limited Support for initiatives is driven through employee engagement and dedicated sustainability budgets. [R]esources are allocated to various business groups to facilitate the execution of our sustainability strategy responsibilities include monitoring and improving our environmental footprint energy efficiency packaging, minimizing waste in our processes, and fleet fuel efficiency. Tim Hortons Inc. Sector Opportunities Reputation and consumer preferences create additional demand for existing products and services. While furthering the groundwork that was established in 9, in 1 Canadian Tire continued its efforts to reduce its scope 3 carbon footprint and precede provincial legislation by expanding its brand of Blue Planet products to include recycled tire floor mats. Canadian Tire Corporation, Limited Energy efficiency upgrades and transportation initiatives provide opportunities to reduce operational costs. Tim Hortons implemented various energy saving initiatives in their distribution centers which are expected to decrease annual C 2 emissions by 37, tonnes and provide monetary savings of $45, per year. - Tim Hortons Inc. Sector Risks A fragmented regulatory environment, including current and upcoming carbon taxes, is expected to impact operations and costs directly or indirectly through partners, customers and suppliers. Fragmented regulatory landscape and the adoption of inconsistent regional approaches to climate change policy creates some degree of uncertainty. Russel Metals Inc. Sector Snapshot Emissions Management Emissions Reporting Governance & Strategy Opportunities Risks Stakeholder Engagement 69 PAYBACK PERIOD OF EMISSIONS REDUCTION INITIATIVES FOR MOST COMMON ACTIVITY TYPES <1 Year 1-3 Years >3 Years (Total Initiatives) Energy Efficiency: Building Services Low Carbon Energy Installation Energy Efficiency: Processes 75% 33% 33% 33% 1% 25% (8) (3) (3) * Largest non-respondents include companies that are non-responding (NR) and declined to partipate (DP). See Appendix I (pgs ) for more detail. 1. Based on market capitalization data available from Thomson Reuters as of Based on stock market data as of December 3, Percentage of respondents that reported emissions and total disclosed emissions for the sector. 29

30 Consumer Staples Sector Snapshot Response Summary Sector Response Rate: 64% (7 of 11) By Industry Within Sector: Food Retail (4), Drug Retail (1), Packaged Foods and Meats (2), Other () Largest Non-Respondents:*,1 Alimentation Couche-Tard, Jean Coutu Group Inc. Largest New Respondents: 1 N/A Proportion of Canada Market Cap: 2 $47B (77%) of $6B Sector Leaders Disclosure Score Metro Inc. 77 Saputo Inc. 67 George Weston Ltd. 6 TOTAL EMISSIONS Scope 1 Scope 2 3 Scope 3 1,375,293 1,319,589 1,476,144 1,433,49 568,98 343,669 Respondents 1% 1% 1% 1% 57% 57% Sector Themes Emissions reduction initiatives primarily target cost savings, as many respondents have not yet set emissions reduction targets. Saputo did not have active emissions reduction targets in the reporting year. However it has implemented a number of initiatives, including equipment upgrades, energy efficiency projects and collaboration with suppliers and utility partners, to reduce emissions and improve its environmental stewardship. Saputo Inc. Companies are reporting an increase in absolute emissions, resulting from organic and inorganic growth in their retail footprint and production capacity. Sector Opportunities Some respondents see an opportunity in the regulation of emissions planning and reporting, citing a competitive advantage as they have already prepared for potential regulatory changes. If a comprehensive carbon pricing system were applied across all of our markets and covered the entire retail industry Walmart s early action on emission reductions represents a competitive advantage over other retailers that have not performed such projects. Wal-Mart Stores, Inc. Sector Risks Physical climate parameters are likely to impact respondents agricultural operations and supply chains, increasing their operational costs. Changing temperatures and precipitations patterns may lead to decreased availability of critical raw materials in the supply chain, especially agricultural commodities. These will lead to the increased operational cost or even disrupt the business operations along the entire value chain of Nestlé. Nestlé Tonnes CO 2 e DISCLOSURE BREAKDOWN FOR SECTOR VS. CANADA 12 Sector 12 Canada Non-CDLI 11 Sector 12 Canada CDLI Emissions Management Emissions Reporting Governance & Strategy Opportunities Risks Stakeholder Engagement PAYBACK PERIOD OF EMISSIONS REDUCTION INITIATIVES FOR MOST COMMON ACTIVITY TYPES <1 Year 1-3 Years >3 Years (Total Initiatives) Energy Efficiency: Processes Energy Efficiency: Building Services 25% 75% (4) 67% 33% (3) 3 * Largest non-respondents include companies that are non-responding (NR) and declined to partipate (DP). See Appendix I (pgs ) for more detail. 1. Based on market capitalization data available from Thomson Reuters as of Based on stock market data as of December 3, Percentage of respondents that reported emissions and total disclosed emissions for the sector.

31 Energy Response Summary Sector Response Rate: 44% (24 of 55) By Industry Within Sector: Integrated Oil and Gas (4), Oil and Gas E&P (18), Oil and Gas Storage and Transportation (1), Oil and Gas Equipment and Services (1), Other () Largest Non-Respondents:*,1 Pembina Pipeline Corporation, MEG Energy Corp. Largest New Respondents: 1 TransCanada Corporation Proportion of Canada Market Cap: 2 $338B (83%) of $48B Sector Leaders Disclosure Score ARC Resources Ltd. 9 Enbridge Inc. 84 Suncor Energy Inc. 84 TOTAL EMISSIONS Sector Themes Companies are engaging with government and various industry groups to address GHG emissions reduction strategies, policy, and guidance on emissions data. Through one of the CAPP committees, industry members are combining and providing additional equipment and processing data to support emissions modelling..." Enerplus Corporation Companies are actively implementing emissions reduction initiatives, but are less active in setting emissions targets and verifying emissions data. it is difficult to accurately calculate our base line emissions. We are formulating meaningful strategies to clearly identify baseline emissions, and improve the reliability of the data. Baytex Energy Corp. Sector Opportunities Emissions reduction, energy efficiency, waste reduction initiatives and carbon credits are utilized to mitigate regulatory risks. The BC Carbon Tax has prompted improved fuel gas management facility design will optimize our fuel gas consumption and reduce the environmental footprint of those facilities. ARC Resources Ltd. Sector Snapshot Respondents 99,44,458 96% Scope 1 12,65,438 96% 13,253,638 88% Scope ,54,5 83% 695,11 46% Scope 3 3,346,522 33% Tonnes CO 2 e DISCLOSURE BREAKDOWN FOR SECTOR VS. CANADA 12 Sector 11 Sector 12 Canada Non-CDLI 12 Canada CDLI Voluntary reporting initiatives are used as a means to safeguard a company s reputation. We are committed to advancing environmental stewardship, [ ]. We publicly report our environmental performance in the CR Report, the DJSI report and the Carbon Disclosure Project. Cenovus Energy Inc. Sector Risks Companies are faced with uncertainty surrounding regulation, cap and trade schemes and carbon taxes. The magnitude of the impact on Suncor is viewed as high, as the complexity of possible regulations could result in lower shareholder returns and higher costs for new facilities as well as for retrofits to existing facilities. Suncor Energy Inc. Extreme weather patterns are impacting supply chains. Severe weather events may disrupt supplies or interrupt the operations of Imperial facilities. Imperial Oil Emissions Management Emissions Reporting Governance & Strategy Opportunities Risks Stakeholder Engagement PAYBACK PERIOD OF EMISSIONS REDUCTION INITIATIVES FOR MOST COMMON ACTIVITY TYPES <1 Year 1-3 Years >3 Years (Total Initiatives) Energy Efficiency: Processes Fugitive Emissions Reductions Low Carbon Energy Installation 25% 44% 31% (16) % 33% 22% 44% 8% (9) (5) * Largest non-respondents include companies that are non-responding (NR) and declined to partipate (DP). See Appendix I (pgs ) for more detail. 1. Based on market capitalization data available from Thomson Reuters as of Based on stock market data as of December 3, Percentage of respondents that reported emissions and total disclosed emissions for the sector. 31

32 Financials Sector Snapshot Response Summary Sector Response Rate: 75% (21 of 28) By Industry Within Sector: Diversified Banks (7), Other Diversified Financials (2); Insurance (5), Real Estate (2), Other (5) Largest Non-Respondents:*,1 Fairfax Financial Holdings, CI Financial Corp., ONEX Corporation Largest New Respondents: 1 Power Financial Corporation, Power Corporation of Canada Proportion of Canada Market Cap: 2 $345B (79%) of $436B Sector Leaders Disclosure Score Bank of Montreal 91 TMX Group Inc. 84 Bank of Nova Scotia (Scotiabank) 82 TOTAL EMISSIONS Scope 1 Scope 2 3 Scope 3 663, ,274 2,17,716 2,444,76 3,275,779 3,388,836 Tonnes CO 2 e Respondents 95% 75% 95% 85% 71% 6% DISCLOSURE BREAKDOWN FOR SECTOR VS. CANADA Sector Themes Respondents have realized energy efficiency initiatives with short payback periods....we initiated lighting retrofits at most branches. This retrofit initiative included installing daylight harvesting systems at locations that have good sources of natural light. The program is expected to save 2.4 million kwh per year, a 1% reduction from current levels. This completed initiative resulted in a reduction in energy consumption, carbon emissions, and maintenance costs. Bank of Montreal Companies are faced with data uncertainties such as metering constraints; however, companies are implementing initiatives to develop better data management approaches. We are developing a GHG management program, beginning with gaining experience in data collection and emissions calculation working to better understand the drivers or changes in our emission profile. Sun Life Financial Inc. Sector Opportunities Companies have identified opportunities driven by changes in regulation, such as reduced operational costs and new areas for investment. For several years, the Bank has supported companies doing business in the environment sector (e.g., recycling of electronics) by granting them financing. Changes in regulatory requirements can create sources of opportunity, such as the increasing demand for cleaner energy and recycling solutions. National Bank of Canada Sector Risks Companies are challenged by the potential impact of climate change on consumer behaviour and corporate reputation. Stakeholders expectations with respect to the environment and climate change are increasing. There is potential for reputational risk if TMX Group or its customers are perceived to have inadequate business responses to climate change impacts. Maintaining a positive reputation among stakeholders is very important to TMX Group. TMX Group Inc. 12 Sector 12 Canada Non-CDLI 11 Sector 12 Canada CDLI PAYBACK PERIOD OF EMISSIONS REDUCTION INITIATIVES FOR MOST COMMON ACTIVITY TYPES 4 Emissions Management Emissions Reporting Governance & Strategy Opportunities Risks Stakeholder Engagement <1 Year 1-3 Years >3 Years (Total Initiatives) Energy Efficiency: Building Services Energy Efficiency: Processes Energy Efficiency: Building Fabric 23% 35% 42% (26) % 43% 43% 14% 8% (14) (5) 32 * Largest non-respondents include companies that are non-responding (NR) and declined to partipate (DP). See Appendix I (pgs ) for more detail. 1. Based on market capitalization data available from Thomson Reuters as of Based on stock market data as of December 3, Percentage of respondents that reported emissions and total disclosed emissions for the sector.

33 Industrials Response Summary Sector Response Rate: 67% (8 of 12) By Industry Within Sector: Railroads (2), Aerospace and Defense (1), Construction and Engineering (2), Other (3) Largest Non-Respondents:*,1 Bombardier Inc., ATCO Ltd. Largest New Respondents: 1 Westport Innovations Proportion of Canada Market Cap: 2 $61B (82%) of $74B Sector Leaders Disclosure Score Stantec Inc. 89 SNC-Lavalin Group Inc. 77 Canadian National Railway 77 Company TOTAL EMISSIONS Scope 1 Scope 2 3 Scope 3 1,578,939 28,9,14 378,65 393,726 14,453 49,54 DISCLOSURE BREAKDOWN FOR SECTOR VS. CANADA 12 Sector 12 Canada Non-CDLI Tonnes CO 2 e Respondents 11 Sector 12 Canada CDLI 1% 1% 1% 75% 75% 5% Sector Themes Companies are integrating climate change into their business strategy to drive productivity, innovation, reduce consumption, and increase efficiency. On an annual basis, climate change is discussed as part of the company s strategic planning and management review- which includes consideration of targets, performance improvements and resourcing of initiatives. Stantec Inc. Companies are not setting emissions reduction targets; however, they are engaging in efficiency initiatives to lower their energy consumption and operating costs. SNC-Lavalin does not currently have a GHG reductions program. Business units are encouraged to implement their own energy efficient programs...while reducing energy demand; these have had minimal impacts on GHG emissions as all energy consumed in the head office is purchased hydroelectricity with an extremely low carbon footprint. SNC- Lavalin Group Inc. Sector Opportunities Cap and trade is seen as opportunity to increase demand for products and services; carbon/energy taxes are seen as opportunity to increase energy efficiency initiatives. Cap and Trade should provide opportunities for SNC- Lavalin Environment and Capital groups to offer services and to structure deals. SNC-Lavalin Group Inc. Changing weather patterns are seen as an opportunity that will increase demand for companies products and services. Warming temperatures and their impact on navigational waters could increase our traffic volumes when shipping alternatives are not possible due to climatic changes. Canadian National Railway Company Sector Risks Uncertainties surrounding regulation and carbon/energy taxes are considered to have an impact on capital or operational costs. Carbon Taxes in BC, Canada are at a rate of $.621/L of fuel. This had the potential impact in the order of over $27, in 11 to The Company. Progressive Waste Solutions Ltd. Sector Snapshot PAYBACK PERIOD OF EMISSIONS REDUCTION INITIATIVES FOR MOST COMMON ACTIVITY TYPES 4 Emissions Management Emissions Reporting Governance & Strategy Opportunities 48 Risks Stakeholder Engagement <1 Year 1-3 Years >3 Years (Total Initiatives) Energy Efficiency: Processes Transportation: Fleet Fugitive Emissions Reductions 67% 33% (3) 67% 33% 1% (3) (3) * Largest non-respondents include companies that are non-responding (NR) and declined to partipate (DP). See Appendix I (pgs ) for more detail. 1. Based on market capitalization data available from Thomson Reuters as of Based on stock market data as of December 3, Percentage of respondents that reported emissions and total disclosed emissions for the sector. 33

34 Materials Sector Snapshot Response Summary Sector Response Rate: 43% (23 of 53) By Industry Within Sector: Precious Metals and Minerals (1), Diversified Metals and Mining (6), Gold (2), Other (5) Largest Non-Respondents:*,1 New Gold Inc., Detour Gold Corporation, Lundin Mining Corporation Largest New Respondents: 1 Uranium One Inc., Eldorado Gold Corporation Proportion of Canada Market Cap: 2 $25B (8%) of $313B Sector Themes Definition of emissions reduction targets are challenged by changing operations and acquisitions. AuRico has undergone a significant change in size and scale in the reporting year [as such] AuRico does not currently have an accurate base level to judge emission performance. AuRico Gold Emissions reduction initiatives target energy efficiency and use of transportation. We upgraded the hot gas expander and steam turbine driver on the air compressor at [an] acid plant, which is expected to improve energy efficiency and improve steam consumption for an operational savings of 77 million kilowatt hours annually. Potash Corporation of Canada Sector Leaders Disclosure Score Teck Resources Limited 88 Barrick Gold Corporation 84 Inmet Mining Corporation 78 TOTAL EMISSIONS Respondents Scope 1 24,11,194 83% 28,9,332 86% 7,195,932 74% Scope 2 3 1,286,81 82% Scope 3 694,497 3% 73,948,68 36% Tonnes CO 2 e DISCLOSURE BREAKDOWN FOR SECTOR VS. CANADA Our exploration group in Turkey was able to reduce their GHG emissions 7.7 tonnes of CO 2 e by installing a pipeline at one of the drill sites which reduced the need for water haulage by truck. Inmet Mining Corporation Sector Opportunities Companies can improve their reputation in local communities. [By assisting] our neighbouring communities to implement adaptation strategies [or] deal with climate-related disasters (e.g., the flooding near our Donlin Project in Alaska), it will engender more goodwill which will result in real financial benefits. Barrick Gold Corporation Goods and services that enable reduction of GHG emissions are seen as opportunities. [We offer] specially engineered product offerings with advanced-generation coatings and other technology to prevent nutrient loss to the environment. Agrium Inc. Sector Risks There is uncertainty surrounding regulation, cap and trade schemes and carbon taxes. Lack of certainty makes it particularly challenging to fully assess risks and opportunities and/or make informed decisions pertaining to energy use and GHG emissions. Teck Resources Limited 12 Sector 12 Canada Non-CDLI Sector 12 Canada CDLI Changes in average temperature and precipitation pose a large risk. Changes in climate may facilitate the spread of forest pests such as the mountain pine beetle, and diseases that can affect trees. West Fraser Timber Co. PAYBACK PERIOD OF EMISSIONS REDUCTION INITIATIVES FOR MOST COMMON ACTIVITY TYPES 4 Emissions Management Emissions Reporting Governance & Strategy Opportunities Risks Stakeholder Engagement <1 Year 1-3 Years >3 Years (Total Initiatives) Energy Efficiency: Processes Other 44% 19% 38% (16) 33% 67% (3) 34 * Largest non-respondents include companies that are non-responding (NR) and declined to partipate (DP). See Appendix I (pgs ) for more detail. 1. Based on market capitalization data available from Thomson Reuters as of Based on stock market data as of December 3, Percentage of respondents that reported emissions and total disclosed emissions for the sector.

35 Utilities Response Summary Sector Response Rate: 44% (4 of 9) By Industry Within Sector: Electric Utilities (2), Independent Power Producers and Energy Traders (2), Multi-Utilities () Largest Non-Respondents:*,1 Canadian Utilities Limited, Atlantic Power Corporation Largest New Respondents: 1 Algonquin Power & Utilities Corporation Proportion of Canada Market Cap: 2 $12B (39%) of $31B Sector Leaders Disclosure Score Emera Inc. 79 Capital Power Corporation 74 TransAlta Corporation 68 TOTAL EMISSIONS Scope 1 Scope 2 3 Scope Emissions Management Emissions Reporting 5,56,1 47,369, ,34 382,6 DISCLOSURE BREAKDOWN FOR SECTOR VS. CANADA 12 Sector 12 Canada Non-CDLI Tonnes CO 2 e 79 Governance & Strategy Sector 12 Canada CDLI Opportunities Risks Respondents % 1% 1% 1% 71 25% % 31 Stakeholder Engagement 69 Sector Themes Responsibility for climate change lies with the executive team and board members, and all respondents have an integrated climate change risk management approach. Accountability for environmental performance rests with the President and CEO of Capital Power, who in turn has delegated critical responsibilities to the Sr. VP., Operations, and the V.P., HS&E. Capital Power Corporation Respondents engage with policy makers to increase awareness of industry regulations and policy, and to advise government on possible responses to climate change. We have worked collaboratively with government to align utility strategy and planning with public policy objectives, including increased targets for renewable energy (which enable reductions in carbon-based generation). Emera Inc. Sector Opportunities Renewable energy is seen as an opportunity within the sector. TransAlta s renewable energy business is forecasted to grow at -3MW s per year. The company is building greenfield wind and geothermal facilities in Canada and the US in response to a growing demand for renewable-based energy, in part to help address government climate change programs. TransAlta Corporation Sector Risks Respondents are currently facing regulations and expect more in the future. Environment Canada announced its intentions for a new national GHG framework for the electricity sector. [ ] Nova Scotia s existing GHG regulations require reductions in NS Power s emissions similar to the intentions of the federal framework. [ ] the two levels of government announced they are working together on an equivalency agreement that may permit the provincial regulations to take precedent over proposed federal rules [ ]. Emera Inc. All respondents have identified risks in water supply and availability. The Company s hydroelectric facilities are dependent upon the availability of water. Variances in water flow may be caused by uncontrollable weather-related factors affecting precipitation. Capital Power Corporation PAYBACK PERIOD OF EMISSIONS REDUCTION INITIATIVES FOR MOST COMMON ACTIVITY TYPES <1 Year 1-3 Years >3 Years (Total Initiatives) Energy Efficiency: Processes Low Carbon Energy Purchase Low Carbon Energy Installation No Payback Periods Disclosed No Payback Periods Disclosed No Payback Periods Disclosed (-) (-) (-) Sector Snapshot * Largest non-respondents include companies that are non-responding (NR) and declined to partipate (DP). See Appendix I (pgs ) for more detail. 1. Based on market capitalization data available from Thomson Reuters as of Based on stock market data as of December 3, Percentage of respondents that reported emissions and total disclosed emissions for the sector. 35

36 Appendix I: Table of Emissions, Scores and Sector Information Company Name Sector 12 Score 1 (Disclosure Score, Performance Band) 11 Response Status AGF Management Limited FIN DP DP DP DP DP DP DP DP Agnico-Eagle Mines Limited MAT 43 AQ 339, ,398 58,517 Int Agrium Inc. MAT 56 C AQ 3,441,65 Int Aimia CD 75 E AQ 7,137 1,139 5,998 1 Alacer Gold MAT NR X NR NR NR NR NR NR Alamos Gold Inc. MAT 11 DP Algonquin Power & Utilities Corp UTIL 5 E X 339, ,355 23,96 Alimentation Couche-Tard Inc. CS NR DP NR NR NR NR NR NR AltaGas Ltd. EGY 31 AQ NP NP NP NP NP NP ARC Resources Ltd. EGY 9 B AQ 9,284 56, ,817 2 VAR Abs Astral Media Inc. CD NR IN NR NR NR NR NR NR ATCO Ltd. IND DP AQ DP DP DP DP DP DP Athabasca Oil Sands Corp. EGY DP DP DP DP DP DP DP DP Atlantic Power Corporation UTIL DP X DP DP DP DP DP DP Aurico Gold Inc MAT 58 E X NP NP NP NP NP NP B2Gold Corp MAT NR X NR NR NR NR NR NR Bank of Montreal FIN 91 A AQ 86,753 21,151 65,63 5 VAA Abs Bank of Nova Scotia (Scotiabank) FIN 82 B AQ 112,348 15,27 97,321 3 VAA Bankers Petroleum Ltd. EGY AQ Barrick Gold Corporation MAT 84 B AQ 5,3,69 3,4,464 2,26,226 VAA Abs Baytex Energy Corp. EGY 64 E AQ 671,23 435,64 235,626 BCE Inc. TCOM 4 74 C AQ 215,29 85, ,431 1 VAA Abs Bell Aliant Inc. TCOM 4 56 D AQ 131,869 31,484 1,385 2 Abs Birchcliff Energy Ltd EGY NR X NR NR NR NR NR NR BlackPearl Resources Inc EGY NR X NR NR NR NR NR NR Bombardier Inc. IND DP DP DP DP DP DP DP DP Bonavista Energy Corporation EGY 45 AQ 1,153,97 979, ,228 Bonterra Energy Corp EGY NR X NR NR NR NR NR NR Brookfi eld Asset Management Inc. FIN 63 D AQ(SA) 731,298 1, ,54 Brookfi eld Offi ce Properties Inc. FIN 59 D AQ 587,341 61, ,7 CAE Inc. IND 36 AQ Calfrac Well Services Ltd EGY NR X NR NR NR NR NR NR Cameco Corporation MAT 63 D AQ 516,992 19, ,225 2 Abs Canadian Imperial Bank of Commerce FIN 68 C AQ 72,486 23,36 49,126 1 (CIBC) Canadian National Railway Company IND 77 C AQ 4,969,46 4,797,41 172,5 2 Abs/Int Canadian Natural Resources Limited EGY 38 AQ 16,617,843 14,833,951 1,783,892 Canadian Oil Sands Limited EGY 31 AQ 12,873,14 Int Total Scope 1 + Scope 2 emissions 2 Scope 1 2 Scope 2 2 Number of Scope 3 Categories Reported 3 Verification/Assurance Status Target(s) Reported 36

37 Company Name Sector 12 Score 1 (Disclosure Score, Performance Band) 11 Response Status Canadian Pacifi c Railway IND 7 D AQ 3,559,355 3,495,877 63,478 1 Int Canadian Tire Corporation, Limited CD 76 D AQ 61,648 32,256 29,392 1 Canadian Utilities Limited UTIL DP AQ(SA) DP DP DP DP DP DP Canadian Western Bank FIN 12 AQ Canfor Corporation MAT NR X NR NR NR NR NR NR Capital Power Corporation UTIL 74 D X 11,919,5 11,919,5 2 VAA Int Capstone Mining Corp MAT DP X DP DP DP DP DP DP CCL Industries MAT 18 X Celestica Inc. IT 4 62 C AQ 179,44 9,296 17,18 Celtic Exploration Ltd. EGY NR X NR NR NR NR NR NR Cenovus Energy Inc. EGY 79 C AQ 5,8,287 4,25,53 1,54,757 1 VAA Int Centerra Gold Inc. MAT 52 E AQ 321,71 264,676 57,25 CGI Group Inc. IT 4 9 AQ NP NP NP NP NP NP China Gold International Resources MAT DP X DP DP DP DP DP DP Corp. CI Financial Corp. FIN NR NR NR NR NR NR NR NR Cineplex Inc. CD NR NR NR NR NR NR NR NR CML Healthcare Inc HC NR X NR NR NR NR NR NR Cogeco Cable Inc CD 4 69 D X 13,516 5,521 7,995 1 Int Corus Entertainment Inc. CD NR DP NR NR NR NR NR NR Crescent Point Energy Corporation EGY 62 D AQ 1,127, , ,168 Crew Energy Inc. EGY NR DP NR NR NR NR NR NR Davis + Henderson Corp IT 4 NR X NR NR NR NR NR NR Detour Gold Corporation MAT NR NR NR NR NR NR NR NR Dollarama Inc CD DP DP DP DP DP DP DP DP Dundee Corp. FIN NR X NR NR NR NR NR NR Dundee Precious Metals Inc MAT NR X NR NR NR NR NR NR Eldorado Gold Corporation MAT 52 E DP 226,474 44, ,95 Emera Inc. UTIL 79 B AQ 9,52,627 9,338, ,953 VAA Abs Empire Company Limited CS 57 C AQ NP NP NP NP NP NP Enbridge Inc. EGY 84 C AQ 4,646,349 1,641,28 3,5,321 1 Int Encana Corporation EGY 75 D AQ 6,13,374 5,447, ,19 2 VAA Enerfl ex Ltd EGY DP X DP DP DP DP DP DP Enerplus Corporation EGY 83 C AQ 759,5 548,453 21,752 2 VAR Int Ensign Energy Services Inc. EGY NR NR NR NR NR NR NR NR European Goldfi elds MAT DP DP DP DP DP DP DP DP Fairfax Financial Holdings FIN NR NR NR NR NR NR NR NR Finning International Inc. CD 41 AQ 73,14 42,581 3,523 3 First Capital Realty Inc. FIN 58 D AQ NP NP NP NP NP NP First Majestic Silver Corp MAT NR X NR NR NR NR NR NR First Quantum Minerals Limited MAT 54 E AQ NP NP NP NP NP NP Fortis Inc. UTIL DP DP DP DP DP DP DP DP Franco-Nevada Corporation MAT 15 AQ Total Scope 1 + Scope 2 emissions 2 Scope 1 2 Scope 2 2 Number of Scope 3 Categories Reported 3 Verification/Assurance Status Target(s) Reported 37

38 Company Name Sector 12 Score 1 (Disclosure Score, Performance Band) 11 Response Status Freehold Royalties Ltd. EGY NR X NR NR NR NR NR NR Gabriel Resources Ltd. MAT NR NR NR NR NR NR NR NR Genworth MI Canada Inc. FIN AQ(SA) NR AQ(SA) AQ(SA) AQ(SA) AQ(SA) AQ(SA) AQ(SA) George Weston Limited CS 6 E AQ NP NP NP NP NP NP Gildan Activewear Inc. CD 66 D AQ NP NP NP NP NP NP Goldcorp Inc. MAT 71 C AQ 1,411,7 667,8 743,9 4 VAA Abs Grande Cache Coal Corp MAT NR X NR NR NR NR NR NR Great-West Lifeco Inc. FIN AQ(SA) DP AQ(SA) AQ(SA) AQ(SA) AQ(SA) AQ(SA) AQ(SA) Harry Winston Diamond Corp MAT NR X NR NR NR NR NR NR Home Capital Group Inc. FIN DP AQ DP DP DP DP DP DP HudBay Minerals Inc. MAT 5 C AQ 86,744 71,371 15,373 Abs/Int Husky Energy Inc. EGY 7 D AQ 9,938,613 8,49,499 1,448,114 VAA Int IAMGOLD Corporation MAT 4 AQ 281, ,179 23,258 IGM Financial Inc. FIN AQ(SA) DP AQ(SA) AQ(SA) AQ(SA) AQ(SA) AQ(SA) AQ(SA) Imperial Oil Limited EGY 61 D AQ 11,663, 1,285,4 1,377,8 VAA Int Industrial Alliance Insurance and FIN 41 AQ Financial Services Inc. Inmet Mining Corporation MAT 78 D AQ 17,593 46,18 124,485 2 Int Intact Financial Corporation FIN 62 D AQ 13,193 5,715 7,478 1 Ivanhoe Mines Ltd. MAT NR NR NR NR NR NR NR NR Jean Coutu Group Inc CD 5 NR X NR NR NR NR NR NR Total Scope 1 + Scope 2 emissions 2 Scope 1 2 Scope 2 2 Number of Scope 3 Categories Reported 3 Verification/Assurance Status Target(s) Reported Just Energy Group Inc. UTIL NR NR NR NR NR NR NR NR Keyera Facilities Income Fund EGY 65 C AQ 1,757,155 1,48,43 276,725 VAA Int Kinross Gold Corporation MAT 71 D AQ 1,2,37 652, ,625 2 Kirkland Lake Gold Inc. MAT NR X NR NR NR NR NR NR Laurentian Bank of Canada FIN 43 AQ NP NP NP NP NP NP Legacy Oil + Gas Inc. EGY NR DP NR NR NR NR NR NR Linamar Corporation CD DP DP DP DP DP DP DP DP Loblaw Companies Limited CS 55 E AQ NP NP NP NP NP NP Lundin Mining Corporation MAT IN AQ IN IN IN IN IN IN MacDonald, Dettwiler and Associates IT 4 DP DP DP DP DP DP DP DP Ltd. (MDA Corporation) Magna International Inc. CD 55 E AQ 1,222,94 337, ,557 Major Drilling Group International. MAT NR X NR NR NR NR NR NR Manitoba Telecom Services TCOM 4 43 AQ 18,559 13,167 5,392 Abs Manulife Financial Corp. FIN 57 C AQ NP NP NP NP NP NP Maple Leaf Foods Inc. CS 6 E AQ NP NP NP NP NP NP MEG Energy Corp. EGY NR NR NR NR NR NR NR NR Methanex Corporation MAT 28 AQ 2,75,262 Metro Inc. CS 77 C AQ NP NP NP NP NP NP Minefi nders Corp MAT NR X NR NR NR NR NR NR Mullen Group Ltd EGY NR X NR NR NR NR NR NR NAL Energy Corporation EGY NR DP NR NR NR NR NR NR 38

39 Company Name Sector 12 Score 1 (Disclosure Score, Performance Band) 11 Response Status National Bank of Canada FIN 68 D AQ 7,921 3,91 4,83 1 VAR Int Nevsun Resources Ltd. MAT NR X NR NR NR NR NR NR New Gold Inc. MAT NR DP NR NR NR NR NR NR Nexen Inc. EGY 78 C AQ 5,824, 5,79, 34, 5 VAA Abs/Int Niko Resources Ltd. EGY 52 E AQ 33,154 31,255 1,899 North West Company Inc. CS NR X NR NR NR NR NR NR Northland Power Inc UTIL NR X NR NR NR NR NR NR NovaGold Resources Inc. MAT NR AQ NR NR NR NR NR NR ONEX Corporation FIN NR NR NR NR NR NR NR NR OpenText Corporation IT 4 DP DP DP DP DP DP DP DP Osisko Mining Corporation MAT NR DP NR NR NR NR NR NR Pacifi c Rubiales Energy Corp. EGY 67 D IN NP NP NP NP NP NP Pan American Silver Corp. MAT NR NR NR NR NR NR NR NR Paramount Resources Ltd. EGY NR DP NR NR NR NR NR NR Pason Systems Inc EGY NR X NR NR NR NR NR NR Pembina Pipeline Corporation EGY NR NR NR NR NR NR NR NR Pengrowth Energy Corporation EGY 44 NR 1,384,65 857, ,6 NP NP NP Penn West Exploration EGY 65 E AQ 3,429,216 2,211,935 1,217,281 2 PetroBakken Energy Ltd. EGY NR DP NR NR NR NR NR NR Petrobank Energy and Resources Ltd. EGY NR NR NR NR NR NR NR NR Petrominerales Ltd. EGY NR NR NR NR NR NR NR NR Peyto Exploration & Development EGY NR AQ NR NR NR NR NR NR Corp. Potash Corporation of Saskatchewan MAT 68 D AQ 1,212,8 8,512,8 1,7, Int Inc. Power Corporation of Canada FIN 73 D DP NP NP NP NP NP NP Power Financial Corporation FIN 73 D DP NP NP NP NP NP NP Precision Drilling Corporation EGY NR NR NR NR NR NR NR NR Progress Energy Resources Corp. EGY 42 AQ 222,64 221, Progressive Waste Solutions Ltd. IND 76 C AQ 2,229,192 2,4,626 24,566 1 Provident Energy Ltd. EGY NR NR NR NR NR NR NR NR Quadra FNX Mining MAT DP NR NR NR NR NR NR NR Quebecor Inc. IND 4 57 E AQ NP NP NP NP NP NP Reitmans CD NR X NR NR NR NR NR NR Research In Motion Limited TCOM 4 61 E AQ 93,611 14,572 79,39 4 Rogers Communications Inc. CD 4 66 D AQ 151,644 36, ,1 1 RONA inc. CD 43 AQ NP NP NP NP NP NP Royal Bank of Canada FIN IN AQ IN IN IN IN IN IN Rubicon Mineral MAT NR X NR NR NR NR NR NR Russel Metals Inc. CD 6 E AQ 46,423 3,7 15,73 1 Saputo Inc. CS 61 D AQ 53, , ,499 VAR Semafo Inc. MAT NR DP NR NR NR NR NR NR Shaw Communications Inc. CD 4 DP DP DP DP DP DP DP DP Total Scope 1 + Scope 2 emissions 2 Scope 1 2 Scope 2 2 Number of Scope 3 Categories Reported 3 Verification/Assurance Status Target(s) Reported 39

40 Company Name Sector 12 Score 1 (Disclosure Score, Performance Band) 11 Response Status ShawCor Ltd. EGY NR AQ NR NR NR NR NR NR Sherritt International Corporation MAT DP DP DP DP DP DP DP DP Shoppers Drug Mart Corporation CS 49 AQ NP NP NP NP NP NP Silver Standard Resources Inc. MAT NR DP NR NR NR NR NR NR Silver Wheaton Corp. MAT 19 AQ NP NP NP NP NP NP Silvercorp Metals Inc. MAT NR NR NR NR NR NR NR NR SNC-Lavalin Group Inc. IND 77D AQ 45,392 14,968 3,424 2 SouthGobi Resources Ltd. EGY NR NR NR NR NR NR NR NR Stantec Inc. IND 89 C AQ 36,326 7,671 28,655 3 VAR Int Sun Life Financial Inc. FIN 76 B AQ 8,273 32,771 47,52 4 Suncor Energy Inc. EGY 84 B AQ 18,739,477 16,6,796 2,138,681 1 VAA Int SXC Health Solutions Corp. HC NR NR NR NR NR NR NR NR Tahoe Resources Inc. MAT NR X NR NR NR NR NR NR Talisman Energy Inc. EGY 63 C AQ 12,7, 12,86, 121, VAA Teck Resources Limited MAT 88 B AQ 2,954,695 2,655, ,348 1 VAR Int Telus Corporation TCOM 4 82 C AQ 371,1 7, 31,1 3 VAR Abs Thompson Creek Metals Company MAT DP DP DP DP DP DP DP DP Inc. Thomson Reuters Corporation CD 6 61 D AQ NP NP NP NP NP NP Tim Hortons Inc. CD 8 C AQ 23,241 19,173 4,68 1 Int TMX Group Inc. FIN 84 B AQ 4, ,69 1 VAA Abs Toromont Industries Ltd. CD 35 AQ NP NP NP NP NP NP Toronto-Dominion Bank FIN 78 B AQ 222,19 47, ,754 1 VAA Abs Tourmaline Oil Corp EGY NR X NR NR NR NR NR NR TransAlta Corporation UTIL 68 C AQ 28,661,377 28,482,86 179,291 VAA Abs/Int TransCanada Corporation EGY 83 C AQ 12,241,946 12,64, ,621 1 VAR Abs/Int Transcontinental Inc. IND 72 C AQ 114,8 56,1 58,7 3 Int TransForce Inc. IND DP X DP DP DP DP DP DP Trican Well Service Ltd. EGY 6 E AQ 294, ,6 5,795 2 Trilogy Energy Corp EGY NR X NR NR NR NR NR NR Trinidad Drilling Ltd EGY NR X NR NR NR NR NR NR Uranium One Inc. MAT 43 NR 19,85 7,214 12,591 Valeant Pharmaceuticals International, HC NR NR NR NR NR NR NR NR Inc. Veresen Inc. EGY DP NR DP DP DP DP DP DP Vermilion Energy Inc. EGY NR NR NR NR NR NR NR NR Viterra Inc. CS DP DP DP DP DP DP DP DP West Fraser Timber Co. Ltd. MAT 55 E AQ NP NP NP NP NP NP WestJet Airlines Ltd. IND NR NR NR NR NR NR NR NR Westport Innovations Inc IND 6 E X NP NP NP NP NP NP Yamana Gold Inc. MAT 76 C AQ 394,3 263, ,12 3 Total Scope 1 + Scope 2 emissions 2 Scope 1 2 Scope 2 2 Number of Scope 3 Categories Reported 3 Verification/Assurance Status Target(s) Reported 4

41 Key to Appendix I Key AQ AQ(L) AQ(SA) IN DP NP NR X Answered questionnaire Answered questionnaire late Company is either a subsidiary or has merged during the reporting process. See company in brackets for further information on company s status. Provided information Declined to participate Non Public No response Company did not fall into one of the CDP samples in that year * The company reported Scope 3 emissions from "Other (upstream)" or "Other (downstream)" categories; however, these were not included in the count of 'Number of Scope 3' categories reported' as they are not one of the 15 specifi c name Scope 3 types. VAR VAF VAA Abs Int Verifi cation/assurance reported; companies have reported that they have verifi cation complete or underway with last year's statement available but the verifi cation statement provided has not been awarded the full points available, or they have not been scored and therefore their verifi cation statement has not been assessed. Verifi cation/assurance reported as underway, fi rst year; companies have reported that they have verifi cation underway but that it is the fi rst year they have undertaken verifi cation. In this case there is no verifi cation statement available for assessment. Verifi cation/assurance approved; companies have reported that they have verifi cation complete or underway with last years certifi cate available and they have been awarded the full points available for their statement. Absolute emissions reduction target Intensity emissions reduction target Sector Key CD CS EGY FIN HC IND IT MAT TCOM UTIL Consumer Discretionary Consumer Staples Energy Financials Healthcare Industrials Information Technology Materials Telecommunications Utilities 1. The 12 score is comprised of the disclosure score number and performance score letter. Only companies that have scored more than 5 for their disclosure score are given a performance score. Companies that are in CDLI or CPLI have the relevant part of the score (disclosure or performance) in bold text. Companies that have not responded have the relevant response status code in this column. 2. Emissions fi gures have been rounded to the nearest whole number. Due to rounding the "Total Scope 1 + Scope 2 Emissions" column may not equal the "Scope 1" column and "Scope 2" column added together. There has been a change in the way in which Scope 1 and 2 emissions reported under CCRF are calculated although this is not expected to cause a major change in reported emissions. In 11 the Scope 1 and 2 fi gure was taken as Parent and subsidiaries under control of the parent whereas in 12 joint ventures are also included. 3. Only Scope 3 categories reported using the Greenhouse Gas Protocol Scope 3 standard categories (as provided in the Online Response System) are listed here. 4. Company has been recategorized as "Communication and High Technology" for inclusion in the sector snapshots. 5. Company has been recategorized as "Consumer Staples" for inclusion in the sector snapshots. 6. Company has been recategorized as "Financials" for inclusion in the sector snapshots. 41

42 Appendix II: Non-Canada Responding Companies CDP would like to recognize all of the Canadian companies outside of the Canada sample that responded to the 12 Investor CDP questionnaire. The majority of these responses are publicly available via the CDP website: Air Canada Allseating Corporation Andean Resources Limited* Bentall Kennedy Boardwalk REIT* Boliden Group* Brookfield Infrastructure Partner L.P.* Brookfield Renewable Power Inc.* Canada Post Corporation Catalyst Paper Corporation Co-operators Group Limited, The Daishowa-Marubeni International Ltd. Domtar Corporation* Dorel Industries Inc. E-L Financial Corporation Limited* Essar Power Canada Ltd. Inscape Corporation Krug Inc. Lululemon Athletica Inc. Millar Western Forest Products Ltd. Newmont Mining Corporation* Petro-Canada Ritchie Bros. Auctioneers Inc.* Sears Canada Inc.* SunOpta Inc. *Company was a Canada Respondent in

43 CDP Canada Partners and Sponsors Global Implementation Partner, Report Writer and Typesetter In addition, CDP has been generously supported by: Investment Management Corporation CDP Silver Canada Consultancy Partners 12 Zayed Future Energy Prize 12 WINNER In recognition of its work to catalyze the transition to a profitable low carbon economy, drive greenhouse gas emissions reduction and sustainable water use by business and cities, the Carbon Disclosure Project (CDP) has been awarded the top accolade in the SME and NGO category of the Zayed Future Energy Prize. 43

44 CDP Contacts Stephen Donofrio Project Manager and Report Contact Zoe Tcholak-Antitch Director CDP North America Paula DiPerna Special Advisor CDP North America Sue Howells Co-Chief Operating Officer Marc Fox Director, Investor Initiatives CDP North America Chyrstina Gastelum Senior Manager CDP Supply Chain Andrea Tenorio Manager CDP Reporter Services Carbon Disclosure Project 4 Bowling Green Lane London, EC1R NE United Kingdom Tel: +44 () Fax: +44 () [email protected] Carbon Disclosure Project c/o RPA, 6 W 48th Street, 1th Floor New York, NY 136 USA Tel: + 1 (212) Fax: + 1 (212) Accenture Contacts David Abood North American Sustainability Lead [email protected] Losel Tethong Canadian Sustainability Lead [email protected] Kristen Caughill Director, Marketing and Communications Canada [email protected] Accenture Inc. 145 King Street West Suite 141 Toronto, Ontario M5H 1J8 Canada Tel: Carbon Disclosure Project 12 This report and all of the public responses from corporations are available for download from Our sincere thanks are extended to the following Advisory Council Members: Tim Adamson, Brigid Barnett, Kim Brand, Jennifer Coulson, Joanne Howard, Jim Johnston, Michael Leering, Robert Peterman, Johanne Pichette, Lauren Sweeney, Losel Tethong Global Partners 44