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Recognizing Environmental,<br /> Social and Governance<br /> Factors in Investing for<br /> Long-term Value<br /> —<br /> 2012 REPORT ON<br /> RESPONSIBLE INVESTINGCORPORATE PROFILE<br /> The Canada Pension Plan Investment Board (CPPIB) is<br /> a professional investment management organization with<br /> a critical purpose – to help provide a foundation upon<br /> which Canadians build financial security in retirement.<br /> We invest the assets of the Canada Pension Plan (CPP);<br /> that is, those assets not currently needed by the CPP<br /> to pay pension, disability and survivor benefits.<br /> —<br /> CPPIB is headquartered in Toronto with o ces in London and Hong Kong. We invest in public equities, private<br /> equities, bonds, private debt, real estate, infrastructure and other areas. Of the Fund's current total assets of<br /> $166 billion, about $67 billion (or 40%) is currently invested in Canada, while the rest is invested globally. Over<br /> time, our as<a title="CPPIB Responsible Investing Report page 1" href="http://viewer.zmags.com/publication/6b20f1a9?page=1">Recognizing Environmental, Social and Governance </a> <a title="CPPIB Responsible Investing Report page 2" href="http://viewer.zmags.com/publication/6b20f1a9?page=2">CORPORATE PROFILE The Canada Pension Plan Inv</a> <a title="CPPIB Responsible Investing Report page 3" href="http://viewer.zmags.com/publication/6b20f1a9?page=3">PRESIDENT'S MESSAGE Mark D. Wiseman, President an</a> <a title="CPPIB Responsible Investing Report page 4" href="http://viewer.zmags.com/publication/6b20f1a9?page=4"> water, a dedicated outdoor air system, high insul</a> <a title="CPPIB Responsible Investing Report page 5" href="http://viewer.zmags.com/publication/6b20f1a9?page=5">APPROACH TO RESPONSIBLE INVESTING The purpose o</a> <a title="CPPIB Responsible Investing Report page 6" href="http://viewer.zmags.com/publication/6b20f1a9?page=6">PRINCIPLES The legislated mandate of CPPIB requ</a> <a title="CPPIB Responsible Investing Report page 7" href="http://viewer.zmags.com/publication/6b20f1a9?page=7"> APPROACH TO RESPONSIBLE INVESTING continued CP</a> <a title="CPPIB Responsible Investing Report page 8" href="http://viewer.zmags.com/publication/6b20f1a9?page=8"> Strategies – Engagement As active and engaged inv</a> <a title="CPPIB Responsible Investing Report page 9" href="http://viewer.zmags.com/publication/6b20f1a9?page=9">UNITED NATIONS' PRINCIPLES FOR RESPONSIBLE INVESTM</a> <a title="CPPIB Responsible Investing Report page 10" href="http://viewer.zmags.com/publication/6b20f1a9?page=10">INVESTMENT MANAGEMENT ACTIVITIES INVESTMENTS </a> <a title="CPPIB Responsible Investing Report page 11" href="http://viewer.zmags.com/publication/6b20f1a9?page=11"> INVESTMENT MANAGEMENT ACTIVITIES continued INVE</a> <a title="CPPIB Responsible Investing Report page 12" href="http://viewer.zmags.com/publication/6b20f1a9?page=12"> Comprising over 3 million sq ft of commercial are</a> <a title="CPPIB Responsible Investing Report page 13" href="http://viewer.zmags.com/publication/6b20f1a9?page=13"> INVESTMENT MANAGEMENT ACTIVITIES continued Infr</a> <a title="CPPIB Responsible Investing Report page 14" href="http://viewer.zmags.com/publication/6b20f1a9?page=14"> previously identi ed or that emerge over time req</a> <a title="CPPIB Responsible Investing Report page 15" href="http://viewer.zmags.com/publication/6b20f1a9?page=15">ENGAGEMENT ACTIVITIES CPPIB believes that its s</a> <a title="CPPIB Responsible Investing Report page 16" href="http://viewer.zmags.com/publication/6b20f1a9?page=16"> In addition to these groups, CPPIB remains active</a> <a title="CPPIB Responsible Investing Report page 17" href="http://viewer.zmags.com/publication/6b20f1a9?page=17">FOCUS AREA – CLIMATE CHANGE Climate change may </a> <a title="CPPIB Responsible Investing Report page 18" href="http://viewer.zmags.com/publication/6b20f1a9?page=18"> WHAT DO WE SEEK? > More complete, and more stand</a> <a title="CPPIB Responsible Investing Report page 19" href="http://viewer.zmags.com/publication/6b20f1a9?page=19">FOCUS AREA – EXTRACTIVE INDUSTRIES Oil, gas and</a> <a title="CPPIB Responsible Investing Report page 20" href="http://viewer.zmags.com/publication/6b20f1a9?page=20"> WHAT DO WE SEEK? > Improved disclosure of enviro</a> <a title="CPPIB Responsible Investing Report page 21" href="http://viewer.zmags.com/publication/6b20f1a9?page=21">FOCUS AREA – WATER Water is one of the world's </a> <a title="CPPIB Responsible Investing Report page 22" href="http://viewer.zmags.com/publication/6b20f1a9?page=22"> WHAT DO WE SEEK? > Increased corporate reporting</a> <a title="CPPIB Responsible Investing Report page 23" href="http://viewer.zmags.com/publication/6b20f1a9?page=23">FOCUS AREA – EXECUTIVE COMPENSATION CPPIB belie</a> <a title="CPPIB Responsible Investing Report page 24" href="http://viewer.zmags.com/publication/6b20f1a9?page=24"> WHAT DO WE SEEK? > A well-structured link betwee</a> <a title="CPPIB Responsible Investing Report page 25" href="http://viewer.zmags.com/publication/6b20f1a9?page=25">BROADER AREAS OF ENGAGEMENT We believe that com</a> <a title="CPPIB Responsible Investing Report page 26" href="http://viewer.zmags.com/publication/6b20f1a9?page=26"> UN GLOBAL COMPACT The Compact is a voluntary com</a> <a title="CPPIB Responsible Investing Report page 27" href="http://viewer.zmags.com/publication/6b20f1a9?page=27">PROXY VOTING Voting proxies is not only our fi</a> <a title="CPPIB Responsible Investing Report page 28" href="http://viewer.zmags.com/publication/6b20f1a9?page=28"> MANAGEMENT PROPOSALS Most agenda items at shareh</a> <a title="CPPIB Responsible Investing Report page 29" href="http://viewer.zmags.com/publication/6b20f1a9?page=29"> PROXY VOTING continued Type of Shareholder Pro</a> <a title="CPPIB Responsible Investing Report page 30" href="http://viewer.zmags.com/publication/6b20f1a9?page=30">GOING FORWARD Through changing investment envir</a> <a title="CPPIB Responsible Investing Report page 31" href="http://viewer.zmags.com/publication/6b20f1a9?page=31">HEAD OFFICE TORONTO One Queen Street East Sui</a>