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Improving transparency as the foundation for carbon performance CDP Canada 200 Climate Change Report 2012 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, 10th Floor New York, NY 10036 [email protected] +1 212 378 2086 www.cdproject.net

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Page 1: Improving transparency as the foundation for carbon performance · PDF file · 2014-08-12transparency as the foundation for carbon performance ... with assets of US$ 78 trillion Report

1

Improving transparency as the foundation for carbon performance

CDP Canada 200 Climate Change Report 2012 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, 10th FloorNew York, NY 10036

[email protected]+1 212 378 2086www.cdproject.net

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CDP Investor Members 2012

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 6,000 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:www.cdproject.net/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

2 2012 SIGNATORY INVESTOR

BREAKDOWN

259 (39%) Asset Managers 220 (33%) Asset Owners143 (21%) Banks33 (5%) Insurance13 (2%) Other

1 CDP INVESTOR SIGNATORIES AND ASSETS

(US$ TRILLION) AGAINST TIME

• Investor CDP Signatories• Investor CDP Signatory Assets

39 4235 95 155 225 315 385 475 534 551 6554.5 10 21 31 41 57 55 64 71 78

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

700

600

500

400

300

200

100

0

80

70

60

50

40

30

20

10

0

Ass

ets

(US

$ Tr

illio

ns)

Num

ber

of S

igna

torie

s

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CDP Signatory Investors 2012

Signatories 655 fi nancial institutions withassets of US $78 trillion weresignatories to the CDP 2012information request datedFebruary 1st, 2012

Aberdeen Asset ManagersAberdeen Immobilien KAG mbHABRAPP - Associação Brasileira das Entidades Fechadas de Previdência ComplementarAchmea NVActive Earth Investment ManagementAcuity Investment ManagementAddenda Capital Inc.Advanced Investment PartnersAEGON N.V.AEGON-INDUSTRIAL Fund Management Co., LtdAFP IntegraAIG Asset ManagementAK Asset Management Inc.AKBANK T.A.Ş.Alberta Investment Management Corporation (AIMCo)Alberta Teachers Retirement FundAlcyone FinanceAllenbridgeEpic Investment Advisers LimitedAllianz Elementar Versicherungs-AGAllianz Global Investors Kapitalanlagegesellschaft mbHAllianz GroupAltira GroupAmalgamated BankAMP Capital InvestorsAmpegaGerling Investment GmbHAmundi AMANBIMA – Associação Brasileira das Entidades dos Mercados Financeiro e de CapitaisAntera Gestão de Recursos S.A.APGAQEX LLCAquila CapitalArisaig Partners Asia Pte LtdArma Portföy Yönetimi A.Ş.ASM Administradora de Recursos S.A.ASN BankAssicurazioni Generali SpaATI Asset ManagementATP GroupAustralia and New Zealand Banking Group LimitedAustralian Ethical InvestmentAustralianSuperAvaron Asset Management ASAviva InvestorsAviva plcAXA GroupBaillie Gifford & Co.BaltCapBANCA CÍVICA S.A.Banca Monte dei Paschi di Siena GroupBanco Bradesco S/ABanco Comercial Português S.A.Banco de Credito del Peru BCPBanco de Galicia y Buenos Aires S.A.Banco do Brasil S/ABanco Espírito Santo, SABanco Nacional de Desenvolvimento Econômico e Social - BNDESBanco Popular EspañolBanco Sabadell, S.A.Banco SantanderBanesprev – Fundo Banespa de Seguridade SocialBanestoBank Handlowy w Warszawie S.A.Bank of America Merrill LynchBank of MontrealBank VontobelBankhaus Schelhammer & Schattera Kapitalanlagegesellschaft m.b.H.BANKIA S.A.BANKINTERBankInvestBanque DegroofBanque Libano-Francaise

BarclaysBasellandschaftliche KantonalbankBASF Sociedade de Previdência ComplementarBasler KantonalbankBâtirenteBaumann and Partners S.A.Bayern LBBayernInvest Kapitalanlagegesellschaft mbHBBC Pension Trust LtdBBVABedfordshire Pension FundBeetle CapitalBEFIMMO SCABendigo & Adelaide Bank LimitedBentall KennedyBerenberg BankBerti InvestmentsBioFinance Administração de Recursos de Terceiros LtdaBlackRockBlom Bank SALBlumenthal FoundationBNP Paribas Investment PartnersBNY MellonBNY Mellon Service Kapitalanlage GesellschaftBoston Common Asset Management, LLCBP Investment Management LimitedBrasilprev Seguros e Previdência S/A.British Airways Pension Investment Management LimitedBritish Columbia Investment Management Corporation (bcIMC)BT Investment ManagementBusan BankCAAT Pension PlanCadiz Holdings LimitedCaisse de dépôt et placement du QuébecCaisse des DépôtsCaixa Benefi cente dos Empregados da Companhia Siderurgica Nacional - CBSCaixa de Previdência dos Funcionários do Banco do Nordeste do Brasil (CAPEF)Caixa Econômica FederalCaixa Geral de DepositosCaixaBank, S.ACalifornia Public Employees’ Retirement SystemCalifornia State Teachers’ Retirement SystemCalifornia State TreasurerCalvert Investment Management, IncCanada Pension Plan Investment BoardCanadian Friends Service Committee (Quakers)Canadian Imperial Bank of Commerce (CIBC)Canadian Labour Congress Staff Pension FundCAPESESPCapital Innovations, LLCCARE SuperCarmignac GestionCatherine Donnelly FoundationCatholic SuperCBF Church of England FundsCBRECbus Superannuation FundCCLA Investment Management LtdCeleste Funds Management LimitedCentral Finance Board of the Methodist ChurchCeresCERES-Fundação de Seguridade SocialChange Investment ManagementChristian Brothers Investment ServicesChristian SuperChristopher Reynolds FoundationChurch Commissioners for EnglandChurch of England Pensions BoardCI Mutual Funds’ Signature Global AdvisorsCity Developments LimitedClean Yield Asset ManagementClearBridge AdvisorsClimate Change Capital Group LtdCM-CIC Asset ManagementColonial First State Global Asset ManagementComerica IncorporatedCOMGESTCommerzbank AGCommInsureCommonwealth Bank AustraliaCommonwealth Superannuation CorporationCompton FoundationConcordia VersicherungsgruppeConnecticut Retirement Plans and Trust Funds

Co-operative Financial Services (CFS)Credit SuisseDaegu BankDaesung Capital ManagementDaiwa Asset Management Co. Ltd.Daiwa Securities Group Inc.Dalton Nicol Reidde Pury Pictet Turrettini & Cie S.A.DekaBank Deutsche GirozentraleDelta Lloyd Asset ManagementDeutsche Asset Management Investmentgesellschaft mbHDeutsche Bank AGDevelopment Bank of Japan Inc.Development Bank of the Philippines (DBP)Dexia Asset ManagementDexus Property GroupDnB ASADomini Social Investments LLCDongbu InsuranceDWS Investment GmbHEarth Capital Partners LLPEast Sussex Pension FundEcclesiastical Investment ManagementEcofi Investissements - Groupe Credit CooperatifEdward W. Hazen FoundationEEA Group LtdElan Capital PartnersElement Investment ManagersELETRA - Fundação Celg de Seguros e PrevidênciaEnvironment Agency Active Pension fundEpworth Investment ManagementEquilibrium Capital Groupequinet Bank AGErik Penser FondkommissionErste Asset ManagementErste Group BankEssex Investment Management Company, LLCESSSuperEthos FoundationEtica SgrEureka Funds ManagementEurizon Capital SGREvangelical Lutheran Church in Canada Pension Plan for Clergy and Lay WorkersEvangelical Lutheran Foundation of Eastern CanadaEvli Bank PlcF&C InvestmentsFACEB – FUNDAÇÃO DE PREVIDÊNCIA DOS EMPREGADOS DA CEBFAELCE – Fundacao Coelce de Seguridade SocialFAPERS- Fundação Assistencial e Previdenciária da Extensão Rural do Rio Grande do SulFASERN - Fundação COSERN de Previdência ComplementarFédéris Gestion d’ActifsFIDURA Capital Consult GmbHFIM Asset Management LtdFIM ServicesFIPECq - Fundação de Previdência Complementar dos Empregados e Servidores da FINEP, do IPEA, do CNPqFIRA. - Banco de MexicoFirst Affi rmative Financial Network, LLCFirst Swedish National Pension Fund (AP1)Firstrand Group LimitedFive Oceans Asset ManagementFlorida State Board of Administration (SBA)FolketrygdfondetFolksamFondaction CSNFondation de LuxembourgForma Futura Invest AGFourth Swedish National Pension Fund, (AP4)FRANKFURT-TRUST Investment-Gesellschaft mbHFukoku Capital Management IncFUNCEF - Fundação dos Economiários FederaisFundação AMPLA de Seguridade Social - BrasiletrosFundação Atlântico de Seguridade SocialFundação Attilio Francisco Xavier FontanaFundação Banrisul de Seguridade SocialFundação BRDE de Previdência Complementar - ISBREFundação Chesf de Assistência e Seguridade Social – FachesfFundação Corsan - dos Funcionários da Companhia Riograndense de SaneamentoFundação de Assistência e Previdência Social do BNDES - FAPESFUNDAÇÃO ELETROBRÁS DE SEGURIDADE SOCIAL - ELETROS

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Fundação Forluminas de Seguridade Social - FORLUZFundação Itaipu BR - de Previdência e Assistência SocialFUNDAÇÃO ITAUBANCOFundação Itaúsa IndustrialFundação Promon de Previdência SocialFundação Rede Ferroviária de Seguridade Social - ReferFUNDAÇÃO SANEPAR DE PREVIDÊNCIA E ASSISTÊNCIA SOCIAL - FUSANFundação Sistel de Seguridade Social (Sistel)Fundação Vale do Rio Doce de Seguridade Social - VALIAFUNDIÁGUA - FUNDAÇÃO DE PREVIDENCIA COMPLEMENTAR DA CAESBFuturegrowth Asset ManagementGaranti BankGEAP Fundação de Seguridade SocialGenerali Deutschland Holding AGGeneration Investment ManagementGenus Capital ManagementGjensidige Forsikring ASAGlobal Forestry Capital SARLGLS Gemeinschaftsbank eGGoldman Sachs Group Inc.GOOD GROWTH INSTITUT für globale Vermögensentwicklung mbHGovernance for OwnersGovernment Employees Pension Fund (“GEPF”), Republic of South AfricaGPT GroupGraubündner KantonalbankGreater Manchester Pension FundGreen Cay Asset ManagementGreen Century Capital ManagementGROUPAMA EMEKLILIK A.Ş.GROUPAMA SIGORTA A.Ş.Groupe Crédit CoopératifGroupe Investissement Responsable Inc.GROUPE OFI AMGrupo Financiero Banorte SAB de CVGrupo Santander BrasilGruppo Bancario Credito ValtellineseGuardians of New Zealand SuperannuationHanwha Asset Management CompanyHarbour Asset ManagementHarrington Investments, IncHauck & Aufhäuser Asset Management GmbHHazel Capital LLPHDFC Bank LtdHealthcare of Ontario Pension Plan (HOOPP)Helaba Invest Kapitalanlagegesellschaft mbHHenderson Global InvestorsHermes Fund ManagersHESTA SuperHIP InvestorHolden & PartnersHSBC Global Asset Management (Deutschland) GmbHHSBC Holdings plcHSBC INKA Internationale Kapitalanlagegesellschaft mbHHUMANISHyundai Marine & Fire Insurance. Co., Ltd.Hyundai Securities Co., Ltd.IBK SecuritiesIDBI Bank LtdIllinois State Board of InvestmentIlmarinen Mutual Pension Insurance CompanyImpax Asset ManagementIndusInd Bank LimitedIndustrial Alliance Insurance and Financial Services Inc.Industrial Bank (A)Industrial Bank of KoreaIndustrial Development CorporationIndustry Funds ManagementInfrastructure Development Finance CompanyING Group N.V.Insight Investment Management (Global) LtdInstituto de Seguridade Social dos Correios e Telégrafos- PostalisInstituto Infraero de Seguridade Social - INFRAPREVInstituto Sebrae De Seguridade Social - SEBRAEPREVInsurance Australia GroupIntReal KAGInvestec Asset ManagementInvesting for Good CIC LtdIrish Life Investment ManagersItau Asset ManagementItaú Unibanco Holding S AJanus Capital Group Inc.Jarislowsky Fraser LimitedJOHNSON & JOHNSON SOCIEDADE PREVIDENCIARIAJPMorgan Chase & Co.

Jubitz Family FoundationJupiter Asset ManagementKaiser Ritter Partner (Schweiz) AGKB Kookmin BankKBC Asset Management NVKBC GroupKCPS Private Wealth ManagementKDB Asset Management Co., Ltd.KDB Daewoo SecuritiesKEPLER-FONDS Kapitalanlagegesellschaft m. b. H.KevaKfW BankengruppeKillik & Co LLPKiwi Income Property TrustKleinwort Benson InvestorsKlimaINVESTKLPKorea Investment Management Co., Ltd.Korea Technology Finance Corporation (KOTEC)KPA PensionKyrkans pensionskassaLa Banque Postale Asset ManagementLa Financiere ResponsableLampe Asset Management GmbHLandsorganisationen i SverigeLBBW - Landesbank Baden-WürttembergLBBW Asset Management Investmentgesellschaft mbHLD Lønmodtagernes DyrtidsfondLegal & General Investment ManagementLegg Mason Global Asset ManagementLGT Capital Management Ltd.LIG Insurance Co., LtdLight Green Advisors, LLCLiving Planet Fund Management Company S.A.Lloyds Banking GroupLocal Authority Pension Fund ForumLocal Government SuperLocal SuperLogos portföy Yönetimi A.Ş.London Pensions Fund AuthorityLothian Pension FundLUCRF SuperLupus alpha Asset Management GmbHMacquarie Group LimitedMagNet Magyar Közösségi Bank Zrt.MainFirst Bank AGMAMA Sustainable Incubation AGManMAPFREMaple-Brown AbbottMarc J. Lane Investment Management, Inc.Maryland State TreasurerMatrix Asset ManagementMATRIX GROUP LTDMcLean BuddenMEAG MUNICH ERGO AssetManagement GmbHMeeschaert Gestion PrivéeMeiji Yasuda Life Insurance CompanyMendesprev Sociedade PrevidenciáriaMerck Family FundMercy Investment Services, Inc.Mergence Investment ManagersMeritas Mutual FundsMetallRente GmbHMetrus – Instituto de Seguridade SocialMetzler Asset Management GmbhMFS Investment ManagementMidas International Asset ManagementMiller/Howard InvestmentsMirae Asset Global Investments Co. Ltd.Mirae Asset SecuritiesMirvac Group LtdMissionary Oblates of Mary ImmaculateMistra, Foundation for Strategic Environmental ResearchMitsubishi UFJ Financial GroupMitsui Sumitomo Insurance Co.,LtdMizuho Financial Group, Inc.Mn ServicesMomentum Manager of Managers (Pty) LimitedMonega Kapitalanlagegesellschaft mbHMongeral Aegon Seguros e Previdência S/AMorgan StanleyMountain Cleantech AGMTAA Superannuation FundMutual Insurance Company Pension-FenniaNanuk Asset ManagementNatcan Investment ManagementNathan Cummings Foundation, TheNational Australia Bank

National Bank of CanadaNATIONAL BANK OF GREECE S.A.National Grid Electricity Group of the Electricity Supply Pension SchemeNational Grid UK Pension SchemeNational Pensions Reserve Fund of IrelandNational Union of Public and General Employees (NUPGE)NATIXISNedbank LimitedNeedmor FundNEI InvestmentsNelson Capital Management, LLCNeuberger BermanNew Alternatives Fund Inc.New Amsterdam Partners LLCNew Mexico State TreasurerNew York City Employees Retirement SystemNew York City Teachers Retirement SystemNew York State Common Retirement Fund (NYSCRF)Newton Investment Management LimitedNGS SuperNH-CA Asset ManagementNikko Asset Management Co., Ltd.Nipponkoa Insurance Company, LtdNissay Asset Management CorporationNORD/LB Kapitalanlagegesellschaft AGNordea Investment ManagementNorfolk Pension FundNorges Bank Investment ManagementNorth Carolina Retirement SystemNorthern Ireland Local Government Offi cers’ Superannuation Committee (NILGOSC)NORTHERN STAR GROUPNorthern TrustNorthward Capital Pty LtdNykreditOddo & CieOECO Capital Lebensversicherung AGÖKOWORLDOld Mutual plcOMERS Administration CorporationOntario Teachers’ Pension PlanOP Fund Management Company LtdOppenheim & Co. LimitedOppenheim Fonds Trust GmbHOpplysningsvesenets fond (The Norwegian Church Endowment)OPTrustOregon State TreasurerOrion Energy SystemsOsmosis Investment ManagementParnassus InvestmentsPax World FundsPensioenfonds VervoerPension DenmarkPension Fund for Danish Lawyers and EconomistsPension Protection FundPensionsmyndighetenPerpetual InvestmentsPETROS - The Fundação Petrobras de Seguridade SocialPFA PensionPGGM VermogensbeheerPhillips, Hager & North Investment Management Ltd.PhiTrust Active InvestorsPictet Asset Management SAPioneer InvestmentsPIRAEUS BANKPKAPluris Sustainable Investments SAPNC Financial Services Group, Inc.Pohjola Asset Management LtdPolden-Puckham Charitable FoundationPortfolio 21 InvestmentsPorto Seguro S.A.Power Finance Corporation LimitedPREVHAB PREVIDÊNCIA COMPLEMENTARPREVI Caixa de Previdência dos Funcionários do Banco do BrasilPREVIG Sociedade de Previdência ComplementarProLogisProvinzial Rheinland HoldingPrudential Investment ManagementPrudential PlcPsagot Investment House LtdPSP InvestmentsQ Capital PartnersQBE Insurance GroupRabobankRaiffeisen Fund Management Hungary Ltd.

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Raiffeisen Kapitalanlage-Gesellschaft m.b.H.Raiffeisen Schweiz GenossenschaftRathbones / Rathbone Greenbank InvestmentsRCM (Allianz Global Investors)Real Grandeza Fundação de Previdência e Assistência SocialRei SuperReliance Capital LtdResolutionResona Bank, LimitedReynders McVeigh Capital ManagementRLAMRobecoRobert & Patricia Switzer FoundationRockefeller Financial (trade name used by Rockefeller & Co., Inc.)Rose Foundation for Communities and the EnvironmentRothschildRoyal Bank of CanadaRoyal Bank of Scotland GroupRPMI Railpen InvestmentsRREEF Investment GmbHRussell InvestmentsSAM GroupSAMPENSION KP LIVSFORSIKRING A/SSAMSUNG FIRE & MARINE INSURANCESamsung SecuritiesSanlam Life Insurance LtdSanta Fé Portfolios LtdaSantamSarasin & Cie AGSAS Trustee CorporationSauren Finanzdienstleistungen GmbH & Co. KGSchrodersScotiabankScottish Widows Investment PartnershipSEBSEB Asset Management AGSecond Swedish National Pension Fund (AP2)Seligson & Co Fund Management PlcSentinel InvestmentsSERPROS - Fundo MultipatrocinadoService Employees International Union Pension FundSeventh Swedish National Pension Fund (AP7)Shinhan BankShinhan BNP Paribas Investment Trust Management Co., LtdShinkin Asset Management Co., LtdSiemens Kapitalanlagegesellschaft mbHSignet Capital Management LtdSmith Pierce, LLCSNS Asset ManagementSocial(k)Sociedade de Previdencia Complementar da Dataprev - PrevdataSocrates Fund ManagementSolaris Investment Management LimitedSompo Japan Insurance Inc.Sopher Investment ManagementSouthPeak Investment ManagementSPF Beheer bvSprucegrove Investment Management LtdStandard Bank GroupStandard CharteredStandard Chartered Korea LimitedStandard Life InvestmentsState Bank of IndiaState Street CorporationStatewideSuperStoreBrand ASAStrathclyde Pension FundStratus GroupSumitomo Mitsui Financial GroupSumitomo Mitsui Trust Holdings, Inc.Sun Life Financial Inc.Superfund Asset Management GmbHSUSI Partners AGSustainable CapitalSustainable Development CapitalSvenska Kyrkan, Church of SwedenSwedbank ABSwift FoundationSwiss ReSwisscanto Asset Management AGSyntrus Achmea Asset ManagementT. Rowe PriceT. SINAI KALKINMA BANKASI A.Ş.Tata Capital LimitedTD Asset Management Inc. and TDAM USA Inc.Teachers Insurance and Annuity Association – College Retirement Equities Fund

Telluride AssociationTempis Asset Management Co. LtdTerra Forvaltning ASTerraVerde Capital Management LLCTfL Pension FundThe ASB Community TrustThe Brainerd FoundationThe Bullitt FoundationThe Central Church Fund of FinlandThe Children’s Investment Fund Management (UK) LLPThe Collins FoundationThe Co-operative Asset ManagementThe Co-operators Group LtdThe Daly FoundationThe Environmental Investment Partnership LLPThe Hartford Financial Services Group, Inc.The Joseph Rowntree Charitable TrustThe Korea Teachers Pension (KTP)The Pension Plan For Employees of the Public Service Alliance of CanadaThe Pinch GroupThe Presbyterian Church in CanadaThe Russell Family FoundationThe Sandy River Charitable FoundationThe Shiga Bank, Ltd.The Sisters of St. AnnThe United Church of Canada - General CouncilThe University of Edinburgh Endowment FundThe Wellcome TrustThird Swedish National Pension Fund (AP3)Threadneedle Asset ManagementTOBAMTokio Marine Holdings, IncToronto Atmospheric FundTrillium Asset Management CorporationTriodos Investment ManagementTri-State Coalition for Responsible InvestmentTrygUBSUnibail-RodamcoUniCredit SpAUnion Asset Management Holding AGUnion Investment Privatfonds GmbHUnione di Banche Italiane S.c.p.a.UnionenUnipensionUNISON staff pension schemeUniSuperUnitarian Universalist AssociationUnited Methodist Church General Board of Pension and Health Benefi tsUnited Nations FoundationUnity Trust BankUniversities Superannuation Scheme (USS)Vancity Group of CompaniesVCH Vermögensverwaltung AGVentas, Inc.Veris Wealth PartnersVeritas Investment Trust GmbHVermont State TreasurerVexiom Capital, L.P.VicSuperVictorian Funds Management CorporationVietNam Holding Ltd.Voigt & Coll. GmbHVOLKSBANK INVESTMENTSWaikato Community Trust IncWalden Asset Management, a division of Boston Trust & Investment Management CompanyWARBURG - HENDERSON Kapitalanlagegesellschaft für Immobilien mbHWARBURG INVEST KAPITALANLAGEGESELLSCHAFT MBHWater Asset Management, LLCWells Fargo & CompanyWest Yorkshire Pension FundWestLB Mellon Asset Management (WMAM)Westpac Banking CorporationWHEB Asset ManagementWhite Owl Capital AGWinslow Management, A Brown Advisory Investment GroupWoori BankWoori Investment & Securities Co., Ltd.YES BANK LimitedYork University Pension FundYouville Provident Fund Inc.Zegora Investment ManagementZevin Asset ManagementZurich 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

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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.”

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 fi nite 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 $450 million of profi ts as a result of the business interruption fl oods 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 2012, on behalf of its Carbon Action signatory investors CDP engaged 205 companies in the Global 500 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 fi nancial 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 2011 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).

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The incentive to capture and analyze carbon emissions data is the benefi t 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 profi le is a complex project that requires signifi cant resources, cooperation, and expertise. Accenture is proud to be the offi cial writer of the CDP

Canada 200 Climate Change Report 2012.

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 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 benefi ts 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 signifi cant 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 200 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 effi ciency 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 107 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

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 signifi cant

and material change.”

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8

CDP Investor Members 2012 2

CDP Signatory Investors 2012 3

CEO Foreword

Paul Simpson, CEO, Carbon Disclosure Project

6

Foreword

Michael Denham, Country Managing Director, Accenture Canada

7

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

Reduction Initiatives and More Opportunity to Improve Profitability

15

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

20

Guest commentary

Peter Grauer, Chairman, Bloomberg L.P.

21

Carbon Disclosure Leadership Index (CDLI) 22

Carbon Performance Leadership Index (CPLI) 25

Sector Snapshots

Canada 200 Sector Snapshot Overview 27

Communication and High Tech 28

Consumer Discretionary 29

Consumer Staples 30

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 200 Responding Companies 42

CDP Canada Partners and Sponsors 43

Contents

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 2012 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 specifi c 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 fi rm-specifi c factors. Guest commentaries where included in this report refl ect the views of their respective authors; their inclusion is not an endorsement of them.

Accenture and CDP, their affi liated member fi rms or companies, or their respective shareholders, members, partners, principals, directors, offi cers 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 fl uctuate 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 1122330. In the United States, CDP is a special project of Rockefeller Philanthropy Advisors.

© 2012 Carbon Disclosure Project. All rights reserved.

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Executive Summary

3 NUMBER OF COMPANIES REPORTING

REGULATORY, PHYSICAL AND OTHER RISKS

• 2012• 2011

4 NUMBER OF RESPONDENTS IDENTIFYING

ANNUAL MONETARY SAVINGS BY EMISSIONS

REDUCTION ACTIVITY TYPE

• 2012• 2011

Nu

mb

er

of

Co

mp

an

ies R

ep

ort

ing

Ris

ks

Risk Type

Regulatory Physical ClimateChange

Other*

77

67

54

6561

49

0

10

20

30

40

50

60

70

80

Nu

mb

er

of

Re

sp

on

de

nts

Activity Type

EnergyEfficiency

Other* Fugitive orProcess Emissions

Reductions

Transportation

93

2016

10

74

17

8 8

0

20

40

60

80

100

* 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.

* Other includes behavioral change, low carbon energy installation and purchase, product design, and any uncategorized initiative.

Amidst an increasingly uncertain regulatory landscape and changing physical environment, Canada’s largest public companies have used the 2012 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 fi nding more ways to capitalize on climate-related opportunities to improve corporate profi tability 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 fi ndings of the 2012 CDP Canada 200 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 2012.

• 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 2012, while 10% (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% (160) of these risks are expected to materialize within fi ve 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, fi nding more value in emissions reduction

initiatives and more opportunity to improve profi tability

• 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 2011.

• Climate change is being addressed at the highest levels of the corporate structure. Eighty-six percent (89) of respondents report senior manager/offi cer 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 30% (32) from 2011 (see Figure 4).

• Companies fi nd more opportunities in climate change to improve profi tability 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 2011.

9

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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 2012 to communicate corporate activity related to climate change and GHG emissions performance.

• Canada 200 respondents received an average carbon disclosure score of 60 – an increase of 9% (5) from 2011 (see Figure 5).

• Opportunities still exist for respondents to improve on carbon performance – by defi ning emissions reduction targets, verifying and assuring emissions data, and accelerating achievements in emissions reduction – as only one Canada 200 respondent received the “A” performance band required to gain entry into the Carbon Performance Leadership Index (CPLI).

About CDP Canada in 2012

The 2012 Investor CDP Information Request was sent to the Canada 2001 companies on behalf of 655 institutional investors (CDP signatories) representing $78 trillion in assets. The fi duciary backing of the 2012 CDP questionnaire increased by 19% (104) over the previous year, up from 551 signatories in 2011. This represents the growing interest of the investor community in environmental, social and governance (ESG) reporting. Fifty-four percent (107) of the Canada 200 responded, representing 79% of the Canada 200 by market capitalization.2

For the fi rst 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 2012 CDP Canada 200 Report is based on their responses3 to the 2012 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 200 CARBON DISCLOSURE SCORES

— Minimum— Maximum• 2012 Sector Carbon Disclosure Leadership Index (CDLI) Average• 2012 Average• 2011 Average

1. Canada’s 200 largest publicly traded companies on the Toronto Stock

Exchange (TSX) by market capitalization.

2. Additionally, 92% (55) of the TSX60 (Canada’s 60 largest publicly

traded companies) responded, representing 91% of the TSX60 by market

capitalization.

3. Although 107 companies responded, the report analysis was conducted

on a base of a 103 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.

Ca

rbo

n D

isc

losu

re S

co

re

Sector

0

20

40

60

80

100

Leaders(CDLI)

Communicationand High Tech

ConsumerDiscretionary

ConsumerStaples

Energy Financials Industrials Materials Utilities

91

837777

83 82 8082 80

59 605649

77

90 91

848981

8883

53

11

7164

36

64

56

12

83

63

52

20

57

35

5852

9

52

79

7168

50

79

10

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1111

Companies Identify More Climate

Change Risks with a Direct Short-

Term Impact on their Business In 2012, Canadian companies reported an increasing number of risks––8% (38) more risks related to climate change were reported in 2012, 496 versus 458 in 2011. 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 2012 questionnaire, 72% (77) identifi ed 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 2011. Figure 6 illustrates a signifi cant 18% increase from 65 to 77 companies identifying regulatory risks. By comparison, the number of companies identifying physical risks and "other" risks increased by 10% (from 61 to 67 and 49 to 54, respectively).

6 MORE RESPONDENTS ARE REPORTING RISKS IN 2012

• 2012• 2011

Nu

mb

er

of

Co

mp

an

ies R

ep

ort

ing

Ris

ks

Risk Type

Regulatory Physical Other*

77

67

54

6561

49

0

20

40

60

80

* 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.

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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-identifi ed 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 bottom-line. Sixty-six percent (156) of regulatory risks identifi ed 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 $40-45M 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 (160) of these risks are expected to materialize within fi ve 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.

7 RESPONDENTS EXPECT THE MAJORITY OF REGULATORY RISKS TO MATERIALIZE WITHIN FIVE YEARS

• <5 Years• >5 Years• Unknown/Blank

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 2012, CDP Supply Chain 2012”, page 49.

Ris

k D

rive

r

Number of Regulatory Risks Reported

Uncertainty Surrounding New Regulation

Fuel/Energy Taxes and Regulations

Cap and Trade Schemes

Carbon Taxes

Emission Reporting Obligations

Other Regulatory Drivers*

General Environmental Regulations

Air Pollution Limits

Product Efficiency Regulations & Standards

International Agreements

0 10 20 30 40 50

6 2 3

8 6

13 1

9 6

8 1 7

16 3 2

19 3 11

23 2 8

30 2 5

28 4 12

* Other regulatory drivers include voluntary agreements, lack of regulation, product labeling and standards, etc.12

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1313

More physical climate change risks are identifi ed in 2012

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 200. Extreme heat across Canada and the US, wildfi res in the western provinces, and tropical storms in the Gulf of Mexico are recognized as weather crises with potential ramifi cations on global operations and supply chains.

The Canada 200 responded accordingly on two levels. Firstly, the number of companies identifying physical climate change risks increased by 10% (6) to 67 in 2012 from 61 in 2011. Secondly, the total number of reported physical climate change risks increased by 11% (16), to 165 in 2012 from 149 in 2011.

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 2011.

“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 10% (17) of risks were considered to indirectly impact companies through their supply chain or customers, which is similar to the 2011 fi gures.

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 2011.

“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 200 respondents are clearly and actively pursuing risk mitigation options. Overall, 10% (7) more companies are integrating climate change into their multi-disciplinary risk management processes (74 respondents in 2012 versus 67 in 2011), 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.

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

Nu

mb

er

of

Re

sp

on

de

nts

Year

24 24

6774

135

0

20

40

60

80

100

2011 2012

“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

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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 diffi culty 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 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 2012 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 $150,000 with yearly maintenance costs.” – Enerplus Corporation

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 2005, 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 2011 had an estimated impact on ARC of between $5 - $10 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.

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Companies Prioritize Climate Change on

the Corporate Agenda, Finding More Value

in Emissions Reduction Initiatives and

More Opportunity to Improve Profi tability Against a backdrop of increasing risks, companies are integrating climate change into their core strategies and operations. Specifi cally, the Canada 200 are prioritizing climate change on their corporate agendas, offering stronger individual performance incentives for the management of this issue, and identifying more economic benefi t 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 2011 (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/offi cer or individual/sub-set board-level responsibility for climate change––consistent with the Canada 200 last year. And there is a strong correlation between senior management involvement and carbon performance; of the top 40 respondents ranked by 2012 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 2011 to 50% (52) in 2012, 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

• 2012• 2011

50%(52) 46%

(47)

18%(19)

44%(46)

37%(38)

13%(13)

0

10

20

30

40

50

60

Pe

rce

nta

ge

of

Re

sp

on

de

nts

Offer AnyIncentives

OfferMonetaryIncentives

Target CEO,COO, or Other

Executive OfficerIncentive Type

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16

an incentive for the CEO, COO, Corporate Executive Team, or an Executive Offi cer, which is an increase from 13% (13) in 2011. 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 10% per tonne of product by 2012 compared to 2007. (Type of incentive reported: monetary reward)” – Potash

Corporation of Saskatchewan Inc.

Companies are realizing economic benefi ts 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 specifi c 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 fi xed capital investments in energy effi ciency and transportation initiatives. Fixed capital investments indicate a continued focus on capturing sources of emissions reduction, and ensuring greater persistence of these benefi ts. For example, while the total number of initiatives reported has decreased by 21% (84) from 408 in 2011 to 324 in 2012, the decrease in energy effi ciency initiatives was negligible and now energy effi ciency represents 55% (178) of all initiatives––up from 45% (182) in 2011 (see Figure 10).

More importantly, companies are tracking, recognizing and reporting the economic benefi ts 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 30% (to 139 initiatives) in 2012 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 2,108,115 tonnes of CO2e reductions in 2011 and 17,932,210 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.

10 EMISSIONS REDUCTION INITIATIVES

IMPLEMENTED BY TYPE

• Other*• Fugitive or process emissions reductions• Transportation• Energy Effi ciency

11 NUMBER OF RESPONDENTS IDENTIFYING

ANNUAL MONETARY SAVINGS BY EMISSIONS

REDUCTION ACTIVITY TYPE

• 2012• 2011

182 178

58 47

4130

127

69

0

100

200

300

400

Nu

mb

er

of

Em

issio

ns R

ed

uc

tio

nIn

itia

tive

s I

mp

lem

en

ted

Year

2011 2012

Nu

mb

er

of

Re

sp

on

de

nts

Activity Type

93

2016

10

74

17

8 8

0

20

40

60

80

100

EnergyEfficiency

Other* Transportation Fugitive orProcess

EmissionsReductions

* Other includes behavioral change, low carbon energy installation and purchase, product design, and any uncategorized initiative.

16

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1717

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 profi tability and reduce costs by navigating a fl uid regulatory environment and appealing to changing consumer demands.

“Annual Performance Agreement commitments made by EVP, Environment & Strategic Planning in 2011: 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 2011, 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 2010, 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 2011 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 2012 from 24 in 2011 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 identifi ed 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

13 INCREASED DEMAND IS THE MOST FREQUENTLY

CITED POTENTIAL IMPACT

12 REGULATORY OPPORTUNITIES ARE MOST

FREQUENTLY CITED

• 2012• 2011

Nu

mb

er

of

Op

po

rtu

nit

ies R

ep

ort

ed

Regulatory Other*Physical

153

61

101

130

62

91

0

20

40

60

80

100

120

140

160

180

Opportunity Type

Pe

rce

nta

ge

of

To

tal O

pp

ort

un

itie

s I

de

nti

fie

d

IncreasedDemand for

ExistingProdcuts/Services

New Products/Business Services

OtherImpact*

ReducedOperational

Costs

40%(122)

18%(55) 14%

(42)

28%(86)

5

0

10

15

20

25

30

35

40

45

Potential Impact

* Other opportunities include those posed by changes in consumer attitude or improved standing due to your organization’s stance or action on climate change.

* Other impact includes: Increased production capacity, Investment opportunities, Increased stock price (market valuation), and 24 other categories. Blank responses were removed from chart sample.

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18

Companies in the Canada 200 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 200 and the Carbon Disclosure Leadership Index (CDLI) detailed on page 22.

For the fi rst 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 tomitigate climate change.

Only one Canada 200 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 200 respondents to improve transparency in 2012 refl ects 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 2012, companies reported a 27% (47) increase in annual reports, regulatory fi lings and voluntary communications––up from 177 in 2011 (see Figure 14). This growth was primarily driven by a 40% 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., one-page 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.

14 NUMBER OF PUBLICATIONS REPORTED BY TYPE

• 2012• 2011

Nu

mb

er

of

Pu

blic

ati

on

s R

ep

ort

ed

AnnualReports

RegulatoryFilings

VoluntaryCommunications

Publication Type

71

31

122

63

27

87

0

20

40

60

80

100

120

Companies Improve Transparency

on Climate Change Issues, but Lag

on Performance Criteria

“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

18

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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.

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 2012

to be part of a CDP response we have been working

for the past 90 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

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

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.

Overall, the Canada 200 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 2011 study1, Carbon Disclosure Project data is downloaded on average more than 730,000 times a month via Bloomberg terminals––a sure sign that investors and consumers see the value of disclosing this type of information.

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 2011). Based on November 2010 – April 2011 data.

Value of Responding to CDP

19

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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 fi rst phase of the Kyoto protocol, which sought to reduce greenhouse gas emissions, ends in 2012. 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 2020.

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 profi le 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 CO2 emissions into their fi nancial 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 fi rst 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 200 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 SecretariatCaisse de dépôt et placement du Québec

Guest Commentary

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21

The scale, complexity and long-term nature of climate change challenges our collective capacity for problem solving. While capital markets generally allocate capital effi ciently, they are highly dependent on widely available, clear price signals. But without good information, these price signals can create signifi cant 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 sea-levels, disruptions to agricultural production and loss of species - that some estimate to be valued at $33 trillion.

This represents a signifi cant 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 defi nitive 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 fi nancial 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 2008 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 6,000 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 2008, investor queries of CDP data on Bloomberg terminals have risen substantially, both in quantity and number of users. In July 2012 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.

Guest Commentary

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16 RANGE AND AVERAGE OF CANADA 200 CARBON DISCLOSURE SCORES

— Minimum— Maximum• 2012 Sector CDLI Average• 2012 Average• 2011 Average

Ca

rbo

n D

isc

losu

re S

co

re

Sector

0

20

40

60

80

100

Leaders(CDLI)

Communicationand High Tech

ConsumerDiscretionary

ConsumerStaples

Energy Financials Industrials Materials Utilities

91

837777

83 82 8082 80

59 605649

77

90 91

848981

8883

53

11

7164

36

64

56

12

83

63

52

20

57

35

5852

9

52

79

7168

50

79

Company Name Sector 2012 Carbon

Disclosure Score

2011 Carbon

Disclosure Score

Bank of Montreal Financials 91 88

ARC Resources Ltd. Energy 90 77

Stantec Inc. Industrials 89 81

Teck Resources Limited Materials 88 68

TMX Group Inc. Financials 84 80

Suncor Energy Inc. Energy 84 92

Barrick Gold Corporation Materials 84 81

Enbridge Inc. Energy 84 61

TransCanada Corporation Energy 83 NR

Enerplus Corporation Energy 83 64

Telus Corporation Communication and High Tech 82 59

Bank of Nova Scotia (Scotiabank) Financials 82 54

Tim Hortons Inc. Consumer Discretionary 80 84

Emera Inc. Utilities 79 75

Cenovus Energy Inc. Energy 79 78

Toronto-Dominion Bank Financials 78 60

Inmet Mining Corporation Materials 78 59

Nexen Inc. Energy 78 60

SNC-Lavalin Group Inc. Industrials 77 76

Canadian National Railway Company Industrials 77 82

15 2012 CANADA 200 CDLI

2012 Canada 200 Carbon Disclosure

Leadership Index (CDLI)

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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, verifi cation 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 profi le.

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 www.cdproject.net/guidance.

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 10% of the Canada 200.

The 2012 CDLI is a list of the top 20 companies with the highest carbon disclosure scores from the Canada 200 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 2012 CDLI is 77 to 91 with an average CDLI score of 83. This is greater than that of the 2011 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 refl ected by an improvement in the average disclosure scores for the Canada 200, which has increased 9% to 60 (from 55 in 2011).

However, these scores are still signifi cantly lower than those of the Global 500 CDLI companies, which range from 94 to 100. Additionally, the range of scores in the full respondent sample of the Canada 200 is very wide––from 9 to 91 (see Figure 16). At least one company in every sector scored 50 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 2012 CDLI refl ects a continued commitment to disclose information on corporate climate change issues. For example, 50% (10) of the 2012 CDLI were also leaders in 2011. Going further back in history, approximately 75% (15) of the 2012 CDLI have been honored with CDLI status at some point in the past.

Figure 17 illustrates that in 2012, the Energy sector represented the largest proportion of CDLI companies at 35% (7). By contrast, Energy represented 20% (4) of the 2011 CDLI. The Financials sector ranked second, comprising 20% (4) of the 2012 CDLI, down from 25% (5) in 2011. Meanwhile, fewer companies from the Materials sector are in the 2012 CDLI, which is mainly driven by the fact that some past CDLI companies are no longer in the Canada 200 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.

17 CDLI SECTOR REPRESENTATION OF CANADA 200

7 (35%) Energy4 (20%) Financials3 (15%) Industrials3 (15%) Materials1 (5%) Utilities1 (5%) Communication and High Tech1 (5%) Consumer Discretionary

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Comparison of CDLI to Canada 200 respondents

Figure 18 shows that companies from the CDLI outperformed the rest of the Canada 200 respondents in all key disclosure categories.1 This outperformance was highest in the categories of stakeholder engagement (e.g. GHG verifi cation/assurance), opportunities and emissions management.

For “Stakeholder Engagement”, the 2012 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 verifi ed Scope 1 emissions, versus 24% (20) for non-CDLI, and 60% (12) of CDLI verifi ed Scope 2 emissions, against 16% (13) for non-CDLI.

With “Opportunities” increasing from climate change-related issues, leaders in the 2012 CDLI are more thoroughly identifying, describing and estimating the fi nancial impact of climate change-related opportunities, or detailing why these opportunities do not exist.

“Emissions Management” was also prevalent among the 2012 CDLI Leaders. Nearly 90% (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 200 RESPONDENTS

• Canada 200 Non-CDLI• Canada 200 CDLI

Pro

po

rtio

n o

f P

ossib

leC

arb

on

Dis

clo

su

re S

co

re

31%

39%

61%

48%

75%79%

69%72%

90%

74%

97% 96%

0

10

20

30

40

50

60

70

80

90

100

Key Disclosure Category

StakeholderEngagement

Opportunites Emissions Management

Risks Emissions Reporting

Governance & Strategy

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25

In 2012, all of the responding companies in the Canada 200 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 50 were eligible to receive a performance band.1 It is important to note that disclosure scores of less than 50 do not necessarily indicate poor performance; rather, they indicate insuffi cient 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.

19 2012 CANADA 200 CARBON PERFORMANCE LEADERSHIP INDEX (CPLI)

1. More information can be found in the information request, supporting

methodology and guidance documents, as well as within individual company

responses at www.cdproject.net.

Company Name Sector 2012 Performance Band

Bank of Montreal Financials A

2012 Canada 200 Carbon

Performance Leadership Index (CPLI)

20 CANADA 200 RESPONDENTS IN EACH

CARBON PERFORMANCE BAND BY MARKET

CAPITALIZATION

• Less than $5B• Between $5B to $12B• Greater than $12B

Nu

mb

er

of

Re

sp

on

de

nts

Carbon Performance Band

15

10 92

510

8

2

9

6

11

0

5

10

15

20

25

A B C D E

1

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 fi gures• Score maximum performance points for verifi cation 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 classifi ed 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 2012 score column.

2012 Carbon Performance Leader

Bank of Montreal was the only respondent from the Canada 200 sample that emerged as CPLI in 2012 (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 20). This will be a point to revisit in the future as respondents become more familiar with the CDP Scoring Methodology.

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26

21 AVERAGE CARBON PERFORMANCE SCORE OF

CANADA 200 VS. PERFORMANCE BAND “A” AND

“B” RESPONDENTS

• A - Band• B - Band• Average

Pro

po

rtio

n o

f P

ossib

le C

arb

on

Pe

rfo

rma

nc

e S

co

re

Key Performance Category

100%93%

89%83%

90%

71%78%

54%52%

26%

35%

23%

10

0

20

30

40

50

60

70

80

90

100

Governance StakeholderCommunications

Strategy Achievements

Opportunities to improve carbon performance among

Canada 200 respondents

The CDP Scoring Methodology awards performance points for effective corporate management, identifi cation 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 fi lings. Only 25% (26) and 15% (16) of companies received performance scores for Scope 1 and 2 verifi cation respectively.

• Strategy: Setting targets for absolute emissions or

emissions intensity and redefi ning short and long-term business strategy according to the infl uence of climate

change. While climate change risks and opportunities are being integrated in company risk management procedures and overall business strategy, signifi cant opportunity remains for setting emissions reduction targets.

• Achievements: Making progress towards emissions reduction targets and reducing emissions through the implementation of activities. While thirty-fi ve percent (36) of companies reported a decrease in absolute emissions for Scope 1 and 2, few companies identifi ed emissions reductions initiatives as the cause.

Recalling that a performance score greater than 85 warrants a performance band A, Figure 21 shows that Canada 200 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.

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27

The following pages will analyze the CDP responses from each sector of the Global Industry Classifi cation Standard (GICS). The purpose of this is to provide a deeper understanding of the Canada 200 responses through sector-specifi c analysis and comparisons.

The key fi ndings from a cross-sector comparison include:• Industrials identifi ed the most risks and opportunities per

respondent across all risk categories (See Figure 22).• Industrials, Energy, and Utilities identifi ed 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 50% of emissions reduction activities implemented (See Figure 25). Energy had a payback period of over three years for approximately 45% of activities implemented.

Canada 200 Sector Snapshot Overview

24 AVERAGE CARBON DISCLOSURE SCORE OF

SECTOR VS. CANADA 200 CDLI

• 2012 Sector CDLI • 2012 Sector

100806040200Average Carbon Disclosure Score

Materials

Industrials

Financials

Energy

ConsumerStaplesConsumerDiscretionaryCommunicationand High Tech

Utilities 79

83

81

84

83

80

82

68

52

71

64

60

59

58

22 AVERAGE NUMBER OF RISKS AND OPPORTUNITIES

REPORTED PER COMPANY IN EACH SECTOR

• Regulatory • Physical • Other

Financials

Utilities

Energy

Industrials

Consumer Staples

Risks Opportunities

Communicationand High Tech

ConsumerDiscretionary

Materials

Average

0 2 4 68 6 4 2

0.9 1.7 2.2 1.5 0.60.9

1.5 2.5 3.4 2.6 1.4 1.6

1.1 1.3 3.6 2.2 0.41.0

0.8 2.3 2.8 1.8 0.8 0.5

0.7 1.6

0.8

1.2

0.4 2.0 1.5 1.2

1.31.11.0 0.3 0.30.4

0.8 0.9

1.1 1.8 1.1 0.11.2

1.5 1.6 1.1 0.51.0

1.8 0.8 0.90.7

25 DISTRIBUTION IN PAYBACK PERIOD OF

EMISSIONS REDUCTION ACTIVITIES BY SECTOR

• <1 Year • 1-3 Years • >3 Years

Percentage of Emissions Reduction Activities

0 10 20 30 40 50 60 70 80 90 100

Industrials (15)

Consumer Staples (12)

Energy (38)

Financials (53)

Consumer Discretionary (20)

Materials (24)

Communication and High Tech (14)7 5 2

10410

3116

211616

171110

372

312

23 TOTAL REPORTED EMISSIONS BY SECTOR

Scope 1: Scope 2: 187 Mt CO2e 25 Mt CO2e53% Energy 49% Energy27% Utilities 27% Materials13% Materials 8% Financials6% Industrials 5% Consumer Staples2% Other* 4% Consumer Discretionary* Refers to all other sectors 6% Other*not listed.

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Se

cto

r S

na

psh

ot

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 effi ciency 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 2011, this resulted in $6 million in efficiency savings.” – Telus Corporation

“We are estimating that our teleconference services conducted by our customers in 2010 prevented the emission of approximately 1.8 megatonnes of CO2e.” – 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.

“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.

Response SummarySector Response Rate:

71% (10 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 CorporationLargest New Respondents:1

N/AProportion of Canada 200 Market Cap:2

$94B (87%) of $108B

Communication and High Tech

Sector Leaders Disclosure Score

TELUS Corporation 82

BCE Inc. 74

Cogeco Cable Inc. 69

20

0

40

60

80

100

Em

issi

ons

Man

agem

ent

Em

issi

ons

R

epor

ting

Gov

erna

nce

& S

trat

egy

Opp

ortu

nitie

s

Ris

ks

Sta

keho

lder

E

ngag

emen

t

62 6661

90

7970

7597

76 75 7996

4337 39

72

5246 48

74

3631 31

69

DISCLOSURE BREAKDOWN FOR SECTOR VS. CANADA 200

• 2012 Sector • 2011 Sector • 2012 Canada 200 Non-CDLI • 2012 Canada 200 CDLI

TOTAL EMISSIONS3

• 2012 • 2011

Respondents

Scope 1284,421

294,523

919,773

888,049

145,328

119,727

90%

89%

90%

89%

60%

56%Scope 3

Scope 23

Tonnes CO2e

PAYBACK PERIOD OF EMISSIONS REDUCTION

INITIATIVES FOR MOST COMMON ACTIVITY TYPES

• <1 Year • 1-3 Years • >3 Years (Total Initiatives)

Energy Efficiency:Building Services

Energy Efficiency:Processes

Transportation: Fleet

17% 67%

33%

100%

33% 33%

17% (6)

(3)

(2)

* Largest non-respondents include companies that are non-responding (NR) and declined to partipate (DP). See Appendix I (pgs. 36-41) for more detail.1. Based on market capitalization data available from Thomson Reuters as of 2011. 2. Based on stock market data as of December 30, 2011.3. Percentage of respondents that reported emissions and total disclosed emissions for the sector.

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Se

cto

r Sn

ap

sh

ot

Sector Themes

Respondents are monitoring emissions, implementing initiatives, and working towards setting specifi c 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 2009,

in 2010 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 effi ciency 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 C02 emissions by 37,000 tonnes and provide monetary savings of $45,000 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.

Response SummarySector Response Rate:

60% (9 of 15) By Industry Within Sector:

Distributors (3), Home Improvement Retail (2), Movies and Entertainment (0), Other (4)

Largest Non-Respondents:*,1

Dollarama Inc. Largest New Respondents:1

N/AProportion of Canada 200 Market Cap:2

$32B (76%) of $42B

Consumer Discretionary

Sector Leaders Disclosure Score

Tim Hortons Inc. 80

Canadian Tire Corporation 76

Aimia 75

20

0

40

60

80

100

Em

issi

ons

Man

agem

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Em

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ons

R

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Gov

erna

nce

& S

trat

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Opp

ortu

nitie

s

Ris

ks

Sta

keho

lder

E

ngag

emen

t

6367

8576 75 71

4743

51 49

25 28

6190

7597

7996

3972

4874

3169

DISCLOSURE BREAKDOWN FOR SECTOR VS. CANADA 200

• 2012 Sector • 2011 Sector • 2012 Canada 200 Non-CDLI • 2012 Canada 200 CDLI

TOTAL EMISSIONS3

• 2012 • 2011

Respondents

762,248

789,640

1,202,763

1,305,416

3,129,505

3,083,245

100%

92%

100%

92%

67%

67%

Scope 1

Scope 3

Scope 23

Tonnes CO2e

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%

100%

33% 33%

25% (8)

(3)

(3)

* Largest non-respondents include companies that are non-responding (NR) and declined to partipate (DP). See Appendix I (pgs. 36-41) for more detail.1. Based on market capitalization data available from Thomson Reuters as of 2011. 2. Based on stock market data as of December 30, 2011.3. Percentage of respondents that reported emissions and total disclosed emissions for the sector.

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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

Response SummarySector Response Rate: 64% (7 of 11) By Industry Within Sector:

Food Retail (4), Drug Retail (1), Packaged Foods and Meats (2), Other (0)

Largest Non-Respondents:*,1

Alimentation Couche-Tard, Jean Coutu Group Inc.Largest New Respondents:1

N/AProportion of Canada 200 Market Cap:2

$47B (77%) of $60B

Consumer Staples

Sector Leaders Disclosure Score

Metro Inc. 77

Saputo Inc. 67

George Weston Ltd. 60

20

0

40

60

80

100

Em

issi

ons

Man

agem

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Em

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R

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Gov

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& S

trat

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Opp

ortu

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s

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Sta

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E

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emen

t

68 66

8680 80 80

4031

46 48

35 34

6190

7597

7996

3972

4874

3169

DISCLOSURE BREAKDOWN FOR SECTOR VS. CANADA 200

• 2012 Sector • 2011 Sector • 2012 Canada 200 Non-CDLI • 2012 Canada 200 CDLI

TOTAL EMISSIONS3

• 2012 • 2011

Respondents

1,375,293

1,319,589

1,476,144

1,433,490

568,908

343,669

100%

100%

100%

100%

57%

57%

Scope 1

Scope 3

Scope 23

Tonnes CO2e

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

75%

67% 33%

25% (4)

(3)

* Largest non-respondents include companies that are non-responding (NR) and declined to partipate (DP). See Appendix I (pgs. 36-41) for more detail.1. Based on market capitalization data available from Thomson Reuters as of 2011. 2. Based on stock market data as of December 30, 2011.3. Percentage of respondents that reported emissions and total disclosed emissions for the sector.

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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 effi ciency, 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.

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

Response SummarySector 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 (0)

Largest Non-Respondents:*,1

Pembina Pipeline Corporation, MEG Energy Corp.Largest New Respondents:1 TransCanada CorporationProportion of Canada 200 Market Cap:2

$338B (83%) of $408B

Energy

Sector Leaders Disclosure Score

ARC Resources Ltd. 90

Enbridge Inc. 84

Suncor Energy Inc. 84

20

0

40

60

80

100

Em

issi

ons

Man

agem

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Em

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R

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Gov

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& S

trat

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Opp

ortu

nitie

s

Ris

ks

Sta

keho

lder

E

ngag

emen

t

6962

8170

8576

4635

5743 44

32

6190

7597

7996

3972

4874

3169

DISCLOSURE BREAKDOWN FOR SECTOR VS. CANADA 200

• 2012 Sector • 2011 Sector • 2012 Canada 200 Non-CDLI • 2012 Canada 200 CDLI

TOTAL EMISSIONS3

• 2012 • 2011

Respondents

99,404,458

102,650,438

13,253,638

12,054,205

695,011

3,346,522

96%

96%

88%

83%

46%

33%

Scope 1

Scope 3

Scope 23

Tonnes CO2e

PAYBACK PERIOD OF EMISSIONS REDUCTION

INITIATIVES FOR MOST COMMON ACTIVITY TYPES

• <1 Year • 1-3 Years • >3 Years (Total Initiatives)

Energy Efficiency:Processes

Fugitive EmissionsReductions

Low Carbon Energy Installation

44% 31%

80%20%

33% 22% 44%

25% (16)

(9)

(5)

* Largest non-respondents include companies that are non-responding (NR) and declined to partipate (DP). See Appendix I (pgs. 36-41) for more detail.1. Based on market capitalization data available from Thomson Reuters as of 2011. 2. Based on stock market data as of December 30, 2011.3. Percentage of respondents that reported emissions and total disclosed emissions for the sector.

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Sector Themes

Respondents have realized energy effi ciency 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 10% 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 identifi ed 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.

Response SummarySector 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

CorporationLargest New Respondents:1

Power Financial Corporation, Power Corporation of CanadaProportion of Canada 200 Market Cap:2

$345B (79%) of $436B

Financials

Sector Leaders Disclosure Score

Bank of Montreal 91

TMX Group Inc. 84

Bank of Nova Scotia (Scotiabank) 82

20

0

40

60

80

100

Em

issi

ons

Man

agem

ent

Em

issi

ons

R

epor

ting

Gov

erna

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& S

trat

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Opp

ortu

nitie

s

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Sta

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lder

E

ngag

emen

t

70 70

8175

8573

5240

5450 47

33

6190

7597

7996

3972

4874

3169

DISCLOSURE BREAKDOWN FOR SECTOR VS. CANADA 200

• 2012 Sector • 2011 Sector • 2012 Canada 200 Non-CDLI • 2012 Canada 200 CDLI

TOTAL EMISSIONS3

• 2012 • 2011

Respondents

663,329

726,274

2,170,716

2,444,076

3,275,779

3,388,836

95%

75%

95%

85%

71%

60%

Scope 1

Scope 3

Scope 23

Tonnes CO2e

PAYBACK PERIOD OF EMISSIONS REDUCTION

INITIATIVES FOR MOST COMMON ACTIVITY TYPES

• <1 Year • 1-3 Years • >3 Years (Total Initiatives)

Energy Efficiency:Building Services

Energy Efficiency:Processes

Energy Efficiency:Building Fabric

35% 42%

80%20%

43% 43% 14%

23% (26)

(14)

(5)

* Largest non-respondents include companies that are non-responding (NR) and declined to partipate (DP). See Appendix I (pgs. 36-41) for more detail.1. Based on market capitalization data available from Thomson Reuters as of 2011. 2. Based on stock market data as of December 30, 2011.3. Percentage of respondents that reported emissions and total disclosed emissions for the sector.

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Sector Themes

Companies are integrating climate change into their business strategy to drive productivity, innovation, reduce consumption, and increase effi ciency. “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 effi ciency 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 hydro-electricity 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 effi ciency 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 $0.0621/L

of fuel. This had the potential impact in the order of over $270,000 in 2011 to The Company.” – Progressive Waste

Solutions Ltd.

Response SummarySector 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 InnovationsProportion of Canada 200 Market Cap:2

$61B (82%) of $74B

Industrials

Sector Leaders Disclosure Score

Stantec Inc. 89

SNC-Lavalin Group Inc. 77

Canadian National Railway Company

77

20

0

40

60

80

100

Em

issi

ons

Man

agem

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Em

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ons

R

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Gov

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& S

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Opp

ortu

nitie

s

Ris

ks

Sta

keho

lder

E

ngag

emen

t

80 79

9178

91 89

6154

6559

33 37

6190

7597

7996

3972

4874

3169

DISCLOSURE BREAKDOWN FOR SECTOR VS. CANADA 200

• 2012 Sector • 2011 Sector • 2012 Canada 200 Non-CDLI • 2012 Canada 200 CDLI

TOTAL EMISSIONS3

• 2012 • 2011

Respondents

10,578,939

28,009,104

378,065

393,726

140,453

49,504

100%

100%

100%

75%

75%

50%

Scope 1

Scope 3

Scope 23

Tonnes CO2e

PAYBACK PERIOD OF EMISSIONS REDUCTION

INITIATIVES FOR MOST COMMON ACTIVITY TYPES

• <1 Year • 1-3 Years • >3 Years (Total Initiatives)

Energy Efficiency:Processes

Transportation: Fleet

Fugitive EmissionsReductions

33%

100%

67% 33%

67% (3)

(3)

(3)

* Largest non-respondents include companies that are non-responding (NR) and declined to partipate (DP). See Appendix I (pgs. 36-41) for more detail.1. Based on market capitalization data available from Thomson Reuters as of 2011. 2. Based on stock market data as of December 30, 2011.3. Percentage of respondents that reported emissions and total disclosed emissions for the sector.

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Sector Themes

Defi nition 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 effi ciency 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

“Our exploration group in Turkey was able to reduce their GHG emissions 7.7 tonnes of CO2e 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

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.

Response SummarySector Response Rate:

43% (23 of 53) By Industry Within Sector:

Precious Metals and Minerals (10), 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 CorporationProportion of Canada 200 Market Cap:2

$250B (80%) of $313B

Materials

Sector Leaders Disclosure Score

Teck Resources Limited 88

Barrick Gold Corporation 84

Inmet Mining Corporation 78

20

0

40

60

80

100

Em

issi

ons

Man

agem

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Em

issi

ons

R

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Gov

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Opp

ortu

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s

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Sta

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lder

E

ngag

emen

t

6266 68 68

81 80

35 38

45 49

31 29

6190

7597

7996

3972

4874

3169

DISCLOSURE BREAKDOWN FOR SECTOR VS. CANADA 200

• 2012 Sector • 2011 Sector • 2012 Canada 200 Non-CDLI • 2012 Canada 200 CDLI

TOTAL EMISSIONS3

• 2012 • 2011

Respondents

24,101,194

28,209,332

7,195,932

10,286,801

694,497

73,948,680

83%

86%

74%

82%

30%

36%

Scope 1

Scope 3

Scope 23

Tonnes CO2e

PAYBACK PERIOD OF EMISSIONS REDUCTION

INITIATIVES FOR MOST COMMON ACTIVITY TYPES

• <1 Year • 1-3 Years • >3 Years (Total Initiatives)

Energy Efficiency:Processes

Other

38%

33% 67%

44% 19% (16)

(3)

* Largest non-respondents include companies that are non-responding (NR) and declined to partipate (DP). See Appendix I (pgs. 36-41) for more detail.1. Based on market capitalization data available from Thomson Reuters as of 2011. 2. Based on stock market data as of December 30, 2011.3. Percentage of respondents that reported emissions and total disclosed emissions for the sector.

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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

200-300MW’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 identifi ed 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

Response SummarySector Response Rate:

44% (4 of 9) By Industry Within Sector:

Electric Utilities (2), Independent Power Producers and Energy Traders (2), Multi-Utilities (0)

Largest Non-Respondents:*,1

Canadian Utilities Limited, Atlantic Power CorporationLargest New Respondents:1

Algonquin Power & Utilities CorporationProportion of Canada 200 Market Cap:2

$12B (39%) of $31B

Utilities

Sector Leaders Disclosure Score

Emera Inc. 79

Capital Power Corporation 74

TransAlta Corporation 68

20

0

40

60

80

100

Em

issi

ons

Man

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Em

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R

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Gov

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& S

trat

egy

Opp

ortu

nitie

s

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Sta

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lder

E

ngag

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t

6877

8176

81 79

54 57

68 70

5571

6190

7597

7996

3972

4874

3169

DISCLOSURE BREAKDOWN FOR SECTOR VS. CANADA 200

• 2012 Sector • 2011 Sector • 2012 Canada 200 Non-CDLI • 2012 Canada 200 CDLI

TOTAL EMISSIONS3

• 2012 • 2011

Respondents

50,056,120

47,369,860

366,340

382,206

-

-

100%

100%

100%

100%

25%

0%

Tonnes CO2e

Scope 1

Scope 3

Scope 23

PAYBACK PERIOD OF EMISSIONS REDUCTION

INITIATIVES FOR MOST COMMON ACTIVITY TYPES

• <1 Year • 1-3 Years • >3 Years (Total Initiatives)

Energy Efficiency:Processes

Low CarbonEnergy Purchase

Low CarbonEnergy Installation

No Payback Periods Disclosed

No Payback Periods Disclosed

No Payback Periods Disclosed

(-)

(-)

(-)

Se

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* Largest non-respondents include companies that are non-responding (NR) and declined to partipate (DP). See Appendix I (pgs. 36-41) for more detail.1. Based on market capitalization data available from Thomson Reuters as of 2011. 2. Based on stock market data as of December 30, 2011.3. Percentage of respondents that reported emissions and total disclosed emissions for the sector.

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Company Name Se

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2012 S

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(Dis

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AGF Management Limited FIN DP DP DP DP DP DP DP DP

Agnico-Eagle Mines Limited MAT 43 AQ 339,915 281,398 58,517 Int

Agrium Inc. MAT 56 C AQ 3,441,605 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 50 E X 339,451 316,355 23,096

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 90 B AQ 900,284 506,467 393,817 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 65,603 5 VAA Abs

Bank of Nova Scotia (Scotiabank) FIN 82 B AQ 112,348 15,027 97,321 3 VAA

Bankers Petroleum Ltd. EGY 20 AQ

Barrick Gold Corporation MAT 84 B AQ 5,030,690 3,004,464 2,026,226 VAA Abs

Baytex Energy Corp. EGY 64 E AQ 671,230 435,604 235,626

BCE Inc. TCOM4 74 C AQ 215,029 85,598 129,431 1 VAA Abs

Bell Aliant Inc. TCOM4 56 D AQ 131,869 31,484 100,385 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 1,153,907 979,679 174,228

Bonterra Energy Corp EGY NR X NR NR NR NR NR NR

Brookfi eld Asset Management Inc. FIN 63 D AQ(SA) 731,298 201,794 529,504

Brookfi eld Offi ce Properties Inc. FIN 59 D AQ 587,341 61,641 525,700

CAE Inc. IND 36 AQ 490 490 0

Calfrac Well Services Ltd EGY NR X NR NR NR NR NR NR

Cameco Corporation MAT 63 D AQ 516,992 190,767 326,225 2 Abs

Canadian Imperial Bank of Commerce (CIBC)

FIN 68 C AQ 72,486 23,360 49,126 1

Canadian National Railway Company IND 77 C AQ 4,969,406 4,797,401 172,005 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 12,873,014 Int

Appendix I: Table of Emissions,

Scores and Sector Information

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Company Name Se

cto

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2012 S

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(Dis

clo

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Pe

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2011 R

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Canadian Pacifi c Railway IND 70 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 11,919,005 11,919,005 0 2 VAA Int

Capstone Mining Corp MAT DP X DP DP DP DP DP DP

CCL Industries MAT 18 X

Celestica Inc. IT4 62 C AQ 179,404 9,296 170,108

Celtic Exploration Ltd. EGY NR X NR NR NR NR NR NR

Cenovus Energy Inc. EGY 79 C AQ 5,080,287 4,025,530 1,054,757 1 VAA Int

Centerra Gold Inc. MAT 52 E AQ 321,701 264,676 57,025

CGI Group Inc. IT4 9 AQ NP NP NP NP NP NP

China Gold International Resources Corp.

MAT DP X DP DP DP DP DP DP

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 CD4 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 1,127,284 845,116 282,168

Crew Energy Inc. EGY NR DP NR NR NR NR NR NR

Davis + Henderson Corp IT4 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 44,525 181,950

Emera Inc. UTIL 79 B AQ 9,502,627 9,338,674 163,953 VAA Abs

Empire Company Limited CS 57 C AQ NP NP NP NP NP NP

Enbridge Inc. EGY 84 C AQ 4,646,349 1,641,028 3,005,321 1 Int

Encana Corporation EGY 75 D AQ 6,013,374 5,447,265 566,109 2 VAA

Enerfl ex Ltd EGY DP X DP DP DP DP DP DP

Enerplus Corporation EGY 83 C AQ 759,205 548,453 210,752 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 73,104 42,581 30,523 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

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Company Name Se

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2012 S

co

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clo

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Pe

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2011 R

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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 60 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 1,411,700 667,800 743,900 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 50 C AQ 86,744 71,371 15,373 Abs/Int

Husky Energy Inc. EGY 70 D AQ 9,938,613 8,490,499 1,448,114 VAA Int

IAMGOLD Corporation MAT 40 AQ 281,437 258,179 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 11,663,200 10,285,400 1,377,800 VAA Int

Industrial Alliance Insurance and Financial Services Inc.

FIN 41 AQ 397 328 69

Inmet Mining Corporation MAT 78 D AQ 170,593 46,108 124,485 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 CD5 NR X NR NR NR NR NR NR

Just Energy Group Inc. UTIL NR NR NR NR NR NR NR NR

Keyera Facilities Income Fund EGY 65 C AQ 1,757,155 1,480,430 276,725 VAA Int

Kinross Gold Corporation MAT 71 D AQ 1,220,037 652,512 567,625 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 Ltd. (MDA Corporation)

IT4 DP DP DP DP DP DP DP DP

Magna International Inc. CD 55 E AQ 1,222,940 337,383 885,557

Major Drilling Group International. MAT NR X NR NR NR NR NR NR

Manitoba Telecom Services TCOM4 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 60 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 2,705,262

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

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Company Name Se

cto

r

2012 S

co

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clo

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Pe

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2011 R

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National Bank of Canada FIN 68 D AQ 7,921 3,091 4,830 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 5,824,000 5,790,000 34,000 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 IT4 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 1,384,605 857,399 527,206 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 Corp.

EGY NR AQ NR NR NR NR NR NR

Potash Corporation of Saskatchewan Inc.

MAT 68 D AQ 10,212,800 8,512,800 1,700,000 Int

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 222,640 221,961 679

Progressive Waste Solutions Ltd. IND 76 C AQ 2,229,192 2,204,626 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. IND4 57 E AQ NP NP NP NP NP NP

Reitmans CD NR X NR NR NR NR NR NR

Research In Motion Limited TCOM4 61 E AQ 93,611 14,572 79,039 4

Rogers Communications Inc. CD4 66 D AQ 151,644 36,443 115,201 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 60 E AQ 46,423 30,720 15,703 1

Saputo Inc. CS 61 D AQ 530,688 286,189 244,499 VAR

Semafo Inc. MAT NR DP NR NR NR NR NR NR

Shaw Communications Inc. CD4 DP DP DP DP DP DP DP DP

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Company Name Se

cto

r

2012 S

co

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clo

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Pe

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2011 R

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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 30,424 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 80,273 32,771 47,502 4

Suncor Energy Inc. EGY 84 B AQ 18,739,477 16,600,796 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 12,207,000 12,086,000 121,000 VAA

Teck Resources Limited MAT 88 B AQ 2,954,695 2,655,347 299,348 1 VAR Int

Telus Corporation TCOM4 82 C AQ 371,100 70,000 301,100 3 VAR Abs

Thompson Creek Metals Company Inc.

MAT DP DP DP DP DP DP DP DP

Thomson Reuters Corporation CD6 61 D AQ NP NP NP NP NP NP

Tim Hortons Inc. CD 80 C AQ 23,241 19,173 4,068 1 Int

TMX Group Inc. FIN 84 B AQ 4,474 406 4,069 1 VAA Abs

Toromont Industries Ltd. CD 35 AQ NP NP NP NP NP NP

Toronto-Dominion Bank FIN 78 B AQ 222,019 47,265 174,754 1 VAA Abs

Tourmaline Oil Corp EGY NR X NR NR NR NR NR NR

TransAlta Corporation UTIL 68 C AQ 28,661,377 28,482,086 179,291 VAA Abs/Int

TransCanada Corporation EGY 83 C AQ 12,241,946 12,064,325 177,621 1 VAR Abs/Int

Transcontinental Inc. IND 72 C AQ 114,800 56,100 58,700 3 Int

TransForce Inc. IND DP X DP DP DP DP DP DP

Trican Well Service Ltd. EGY 60 E AQ 294,854 289,060 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 19,805 7,214 12,591

Valeant Pharmaceuticals International, Inc.

HC NR NR NR NR NR NR NR NR

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 60 E X NP NP NP NP NP NP

Yamana Gold Inc. MAT 76 C AQ 394,203 263,191 131,012 3

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1. The 2012 score is comprised of the disclosure score number and

performance score letter. Only companies that have scored more than 50 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 2011 the Scope 1 and 2 fi gure was taken as Parent

and subsidiaries under control of the parent whereas in 2012 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.

Key to Appendix I

Key

AQ Answered questionnaire

AQ(L) Answered questionnaire late

AQ(SA) Company is either a subsidiary or has

merged during the reporting process. See

company in brackets for further information

on company’s status.

IN Provided information

DP Declined to participate

NP Non Public

NR No response

X 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 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.

VAF 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.

VAA 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.

Abs Absolute emissions reduction target

Int Intensity emissions reduction target

Sector Key

CD Consumer Discretionary

CS Consumer Staples

EGY Energy

FIN Financials

HC Healthcare

IND Industrials

IT Information Technology

MAT Materials

TCOM Telecommunications

UTIL Utilities

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42

Appendix II: Non-Canada 200

Responding CompaniesCDP would like to recognize all of the Canadian companies outside of the Canada 200 sample that responded to the 2012 Investor CDP questionnaire. The majority of these responses are publicly available via the CDP website: www.cdproject.net

Air Canada

Allseating Corporation

Andean Resources Limited*

Bentall Kennedy

Boardwalk REIT*

Boliden Group*

Brookfi eld Infrastructure

Partner L.P.*

Brookfi eld 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 200 Respondent in 2011.

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43

CDP Canada Partners and SponsorsGlobal Implementation Partner, Report Writer and Typesetter

CDP Silver Canada Consultancy Partners 2012

Zayed Future Energy Prize

In recognition of its work to catalyze the transition to a profi table 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.2012 WINNER

In addition, CDP has been generously supported by:

Investment Management Corporation

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44

CDP Contacts

Stephen Donofrio

Project Manager and Report [email protected]

Zoe Tcholak-Antitch

DirectorCDP North America

Paula DiPerna

Special AdvisorCDP North America

Sue Howells

Co-Chief Operating Offi cer

Marc Fox

Director, Investor InitiativesCDP North America

Chyrstina Gastelum

Senior ManagerCDP Supply Chain

Andrea Tenorio

ManagerCDP Reporter Services

Carbon Disclosure Project

40 Bowling Green LaneLondon, EC1R 0NEUnited KingdomTel: +44 (0) 20 7970 5660Fax: +44 (0) 20 7691 [email protected]

Carbon Disclosure Project

c/o RPA, 6 W 48th Street, 10th FloorNew York, NY 10036USATel: + 1 (212) 378 2086Fax: + 1 (212) 812 4335https://www.cdproject.net/USA

Accenture Contacts

David Abood

North American Sustainability Lead [email protected]

Losel Tethong

Canadian Sustainability Lead [email protected]

Kristen Caughill

Director, Marketing and Communications––[email protected]

Accenture Inc.

145 King Street West Suite 1401Toronto, Ontario M5H 1J8CanadaTel: 1 416 641 5220www.accenture.com

Carbon Disclosure Project 2012

This report and all of the public responses from corporations are available for download from www.cdproject.net

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