Full response sent via email:

Thank you for providing us with the opportunity to respond to this report, which contains incorrect information about our financial holdings.

 In March, the author of this report contacted us. He said the organization had calculated our holdings in the public companies that own these power generation plants and estimated it was $279.95 million. We wrote on April 3 to make clear this grossly overstates CPPIB’s investment. Based on our initial review using the criteria provided, we explained that our equity exposure to these companies was C$57.2 million as of March 31, 2017.

The author then asked for further clarification on the difference between the two values. We replied noting issues with the market prices and categories of shares used, pointing to the list of CPPIB’s Foreign Publicly-Traded Equity Holdings that we disclose annually on our website.

 At CPPIB, we work to ensure that environmental, social and governance (ESG) risks and opportunities are incorporated into our investment decision-making and asset management activities. As an investor, we monitor ESG factors and actively engage with companies to promote improved management of ESG issues, ultimately leading to enhanced long-term outcomes. Climate change and Human Rights are two of our ESG focus areas. You can find further details on our approach at this link:

http://www.cppib.com/en/how-we-invest/sustainable-investing/investing-reports/#/engagement

Thank you again for taking the time to contact us on this issue, and allowing us to set the record straight with the correct information.