CDP Canada Climate Change Report 2016

Written on behalf of 827 investors with US$100 trillion in assets

CDP Report | December 2016 56%of Canada 200 corporations respond to their investors through CDP*

* The response rate of 56% (111 companies) is based on time of printing. 02 Contents

04 Paul Simpson Chief Executive Officer, CDP 05 Executive summary 06 Communicating progress 08 Climate A List 09 Company scores 10 Appendix I: Scores and initiatives by company 18 Appendix II: Investor signatories and members

Important Notice The contents of this report may be used by anyone providing acknowledgement is given to 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.

CDP has prepared the data and analysis in this report based on responses to the CDP 2016 information request. No representation or warranty (express or implied) is given by CDP as to the accuracy or completeness of the information and opinions contained in this report. You should not act upon the informa- tion contained in this publication without obtaining specific professional advice. To the extent permitted by law, CDP does 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 are based on their judgment at the time of this report and are subject to change without notice due to economic, political, industry and firm-specific factors. Guest commentaries where included in this report reflect the views of their respective authors; their inclusion is not an endorsement of them.

CDP, their affiliated member firms or companies, or their respective shareholders, members, partners, principals, directors, officers and/or employees, may have a position in the securities of the companies discussed herein. The securities of the companies mentioned in this document may not be eligible for sale in some states or countries, nor suitable for all types of investors; their value and the income they produce may fluctuate and/or be adversely affected by exchange rates.

‘CDP’ refers to CDP North America, Inc, a not–for-profit organization with 501(c)3 charitable status in the US and CDP Worldwide, a registered charity number 1122330 and a company limited by guarantee, registered in England number 05013650.

© 2016 CDP. All rights reserved. 03 Paul Simpson Chief Executive Officer, CDP

The Paris Agreement—unprecedented in speed of ratification—and the adoption of the Sustainable Development Goals (SDGs) marked the start of a new strategy for the world, with a clear message for businesses: the low-carbon revolution is upon us. By agreeing to limit global temperature rises to well below 2°C, governments have signaled an end to the fossil fuel era and committed to transforming the global economy.

The choice facing companies and investors has never Now, we are poised to fill the glass. We welcome the been clearer: seize the opportunities of a carbon- FSB’s new Task Force on Climate-related Financial constrained world and lead the way in shaping our Disclosures, building on CDP’s work and preparing transition to a sustainable economy; or continue the way for mandatory climate-related disclosure business as usual and face serious risks—from across all G20 nations. We look forward to integrating regulation, shifts in technology, changing consumer the Task Force recommendations into our tried and expectations and climate change itself. CDP’s data tested disclosure system and working together to take shows that hundreds of companies are already disclosure to the next level. Measurement and preparing for the momentous changes ahead, but We know that business is key to enabling the global many are yet to grapple with this new reality. transparency are economy to achieve – and exceed – its climate goals. where meaningful Investors are poised to capitalize on the opportunities This report sets the baseline for corporate climate climate action starts, that await. Some of the biggest index providers in the action post-Paris. In future reports, we’ll be tracking world, including S&P and STOXX, have created low- progress against this baseline to see how business is and as governments carbon indices to help investors direct their money delivering on the low-carbon transition and enabling work to implement towards the sustainable companies of the future. investors to keep score. Already, some leading the Paris Agreement, Meanwhile, New York State’s pension fund—the third companies in our sample—including some of the largest in the United States—has built a US$2 billion highest emitters—are showing it’s possible to reduce CDP will be shining a low-carbon index in partnership with Goldman Sachs, emissions while growing revenue, and we expect to spotlight on progress using CDP data. see this number multiply in future years. and driving a race to With trillions of dollars’ worth of assets set to be Measurement and transparency are where meaningful net-zero emissions. at risk from climate change, investors are more climate action starts, and as governments work focused than ever on winners and losers in the low- to implement the Paris Agreement, CDP will be carbon transition. Information is fundamental to their shining a spotlight on progress and driving a race to decisions. Through CDP, more than 800 institutional net-zero emissions. investors with assets of over US$100 trillion are asking The Paris Agreement and the SDGs are the new companies to disclose how they are managing the compass for business. Companies across all sectors risks posed by climate change. Their demands don’t now have the chance to create this new economy stop there: international coalitions of investors with and secure their future in doing so. High-quality billions of dollars under management are requesting information will signpost the way to this future for greater transparency on climate risk at the AGMs of companies, investors and governments—never has the world’s biggest polluters. there been a greater need for it. The glass is already more than half full on environmental disclosure. Over fifteen years ago, when we started CDP, climate disclosure was nonexistent in capital markets. Since then our annual request has helped bring disclosure into the mainstream. Today some 5,800 companies, representing close to 60% of global market capitalization, disclose through CDP.

04 Executive summary

Investors and policymakers need robust data to build a stronger understanding of future risk and inform more strategic decision-making. Disclosure fosters transparency, aids benchmarking of performance, and creates a time series of information that helps the financial markets understand trends and how to prudently manage future risk.

Every year CDP requests climate change related disclosures from public companies on behalf of 827 institutional investors with $100 trillion dollars in assets under management. CDP data is the world’s largest repository of voluntary corporate environmental data, reported directly from the world’s largest and most influential brands, providing powerful insight into how these companies view climate related risks in the context of their business strategy and operations, and how they are managing those risks while seizing climate change– related opportunities.

The Paris Agreement was a major milestone validating the fact that the world’s governments understand the threat of irreversible climate change to their countries and their citizens. Recent electoral outcomes in the US and UK, however, and the pending elections in EU countries are all raising questions about whether climate action will continue to be a priority for national governments. While policy is vital in furnishing clarity, reducing risk to investors, and providing a level playing field for companies, the reality is that companies, investors, cities, states and regions are all taking action on climate change because the benefits of doing so are clear, and the risks of failing to do so are unacceptable. While abrupt changes in the policy or political landscape could slow progress, it is unlikely to halt it. This annual report aims to demonstrate, via CDP disclosures, the material climate-related risks that are facing US & Canadian companies, and the actions companies themselves are taking that are helping speed the transition to a low carbon economy.

Major findings include:

^^ The majority of North American requested companies are responding; but more need to do so: disclosure results show 348 companies in the S&P 500 reported their climate data through CDP, while 152 have not. In Canada, 111 of 200 requested companies reported their climate data through CDP, leaving 89 companies who have failed to do so.

^^ Despite regulatory uncertainty, companies are recognizing and managing climate risks that are impacting them now: in some instances, major global events have deprioritized climate action. This is not reflected in corporate risk data, as companies are facing more significant risks on a shorter timeframe. 28% of S&P 500 responding companies & 32% of Canadian responding companies have identified regulatory uncertainty a risk to their business.

^^ The mainstreaming of ESG continues: financial institutions and the investment community are developing and launching new ESG related products and services, and seeing tremendous opportunities. ESG data, such as CDP data, is increasingly being used in decision making. North American investors filed upwards of 30 resolutions this year which specifically mentioned CDP.

05 Communicating progress

Central to CDP’s mission is communicating the progress companies have made in addressing environmental issues, and highlighting where risks may be unmanaged. In order to do so in a more intuitive way, CDP has adopted a streamlined approach to presenting scores in 2016.

This new way to present scores measures a company’s progress towards leadership using a 4 step approach: Disclosure which measures the completeness of the company’s response; Awareness considers the extent to which the company has assessed environmental issues, risks and impacts in relation to its business; Management which is a measure of the extent to which the company has implemented actions, policies and strategies to address environmental issues; and Leadership which looks for particular steps a company has taken which represent best practice in the field of environmental management.

A

Leadership A– B

Management B– C

Awareness C– D

Disclosure D–

F: Failure to provide sufficient information to CDP to be evaluated for Climate Change¹

The scoring methodology clearly outlines how many Disclosure 0–39% D– points are allocated for each question and at the end of scoring, the number of points a company has been 40 –74% D awarded per level is divided by the maximum number Awareness 0–39% C– that could have been awarded. The fraction is then 40 –74% C converted to a percentage by multiplying by 100 and rounded to the nearest whole number. A minimum Management 0–39% B– score of 75%, and/or the presence of a minimum 40 –74% B number of indicators on one level will be required in Leadership 0 –74% A– order to be assessed on the next level. If the minimum score threshold is not achieved, the company will not A be scored on the next level.

1 Not all companies requested to respond to CDP do so. Companies who are requested to disclose their data and fail to do so, or fail to provide sufficient information will receive an F, which signifies their failure to provide sufficient information to CDP to be evaluated for Climate Change. An F does not indicate a failure in environmental stewardship.

06 The final letter grade is awarded based on the score obtained in the highest achieved level. For example, Company XYZ achieved 88% in Disclosure level, 76% in Awareness and 65% in Management will receive a B. If a company obtains less than 40% in its highest achieved level, its letter score will have a minus. For example, Company 123 achieved 76% in Disclosure level and 38% in Awareness level resulting in a C–. However, a company must achieve over 75% in Leadership to be eligible for an A and thus be part of the A List, which represents the highest scoring companies. In order to be part of the A list, a company must score 75% in Leadership, not report any significant exclusions in emissions and have at least 70% of its scope 1 and scope 2 emissions verified by a third party verifier using one of the accepted verification standards as outlined in the scoring methodology. Public scores are available in CDP reports, through Bloomberg terminals, Google Finance and Deutsche Boerse’s website. CDP operates a strict conflict of interest policy with regards to scoring and this can be viewed at https://www.cdp.net/Documents/Guidance/2016/CDP-2016-Conflict-of-Interest-Policy.pdf Comparing scores from previous years It is important to note that the 2016 scoring approach is fundamentally different from the 2015 one, and different information is requested. A perfect relation between different year’s scores is impossible. The 2016 final score will be based on the 2016 response, and on the 2016 scoring methodology. However we have developed a visual representation which provides some indication on how 2015’s scores can be translated into 2016. To use this table a company can place its score in the table and see in which range it falls into in the current scoring levels. For more detailed instructions please refer to our webinar: https://vimeo.com/162087170 .

How 2015 scores can be translated into 2016

2015 performance score 100

D C– C B– B A– A 90

80 2015 disclosure 70

60

50

D–

40

0

07 Climate A List North America

CANADA UNITED STATES

Consumer Discretionary Consumer Discretionary Industrials

General Motors Company Caesars Entertainment Lockheed Martin Corporation

Gap Inc. Owens Corning Energy General Motors Company Republic Services, Inc. Vermilion Energy Inc. Johnson Controls Stanley Black & Decker, Inc. Financials Las Vegas Sands Corporation Union Pacific Corporation Great-West Lifeco Inc. Waste Management, Inc. Consumer Staples Industrials Coca-Cola European Partners Information Technology Canadian National Railway Company Colgate Palmolive Company Accenture

General Mills Inc. Alphabet, Inc.

Philip Morris International Apple Inc.

Reynolds American Inc. Autodesk, Inc. Cisco Systems, Inc. Financials EMC Corporation BNY Mellon Hewlett-Packard Goldman Sachs Group Inc. Microsoft Corporation Host Hotels & Resorts, Inc. Oracle Corporation Macerich Co.

Materials

International Flavors & Fragrances Inc.

Praxair, Inc.

Sealed Air Corp.

The Mosaic Company

Utilities

PG&E Corporation

08 Company scores

09 Appendix I Scores and initiatives by company

Legend Company Ticker Score Canada 200 Commit to Action initiatives

 A List CONSUMER DISCRETIONARY AQL answered questionnaire late Inc. AIM CN B • CP Commit to Action initiatives Amaya Inc AYA CN F • CP Price on Carbon BRP DOO CN C • CR Mainstream climate reporting DEF Remove deforestation from Corporation, Limited CTC/A CN A– • supply chains Cara Operations Ltd CAO CN F • EP Improving energy productivity Cineplex Inc. CGX CN F • POL Responsible corporate engagement Communications Inc. CCA CN B • RE100 100% renewable power DHX Media Ltd DHX CN F • SBT Science-based targets SLCP Removing short-lived pollutants Inc DOL CN F • TECH Technology partnerships Inc. DII/B CN F • WATER Improve water security EnerCare Inc ECI CN AQL, no score • Entertainment One Ltd ETO LN F  General Motors Company GM US A • RE100 Activewear Inc. GIL CN C • Hudson's Bay Co. HBC CN F • Krug Inc. D Linamar Corporation LNR CN F • Lululemon Athletica Inc. LULU US B Inc. MG CN D • MARTINREA INTERNATIONAL INC. MRE CN C– Inc. QBR/B CN C • Restaurant Brands International QSR CN AQL, no score • RONA inc. RON CN C Inc. SJR/B CN F • Corporation TRI US B • Uni-Select Inc. UNS CN F •

Company Ticker Score Canada 200 Commit to Action initiatives

CONSUMER STAPLES

Alimentation Couche-Tard Inc. ATD/B CN F • Cott Corporation BCB CN F • Empire Company Limited EMP/A CN D • WN CN C • Jean Coutu Group Inc PJC/A CN F • Limited L CN C • Maple Leaf Foods Inc. MFI CN C • Metro Inc. MRU CN C • Molson Coors Canada TPX/A CN No score, see Molson • Coors Brewing Company North West Company Inc. NWC CN F • Saputo Inc. SAP CN C– • SunOpta Inc. SOY CN C

10 Company Ticker Score Canada 200 Commit to Action initiatives

ENERGY

Advantage Oil & Gas Ltd. AAV CN F Africa Oil Corp AOI SS F AltaGas Ltd. ALA CN B • ARC Resources Ltd. ARX CN AQL, no score • Athabasca Oil Corporation ATH CN F Bankers Petroleum Ltd. BNK CN F Baytex Energy Corp. BTE CN C Bellatrix Exploration Ltd BXE CN F Birchcliff Energy Ltd BIR CN F BlackPearl Resources Inc PXX CN F Bonavista Energy Corporation BNP CN AQL, no score Bonterra Energy Corp BNE CN F Corporation CCO CN C • Canadian Natural Resources Limited CNQ CN C • Canadian Oil Sands Limited COS CN F • Inc. CVE CN A- • CNOOC 883 HK F • Connacher Oil and Gas Ltd CLC CN F Crescent Point Energy Corporation CPG CN C • Crew Energy Inc. CR CN F Ecopetrol Sa ECOPETL CB D • Inc. ENB CN B • Enbridge Income Fund Holding ENF CN No score, see Enbridge • Inc. Encana Corporation ECA CN D • Enerplus Corporation ERF CN C Freehold Royalties Ltd. FRU CN F Gibson Energy Inc GEI CN F • Gran Tierra Energy Inc. GTE US F Husky Energy Inc. HSE CN B • IMO CN D • Ltd. IPL CN F • Ithaca Energy Inc IAE CN F Keyera Corp. KEY CN B • Lightstream Resources Ltd LTS CN F Long Run Exploration Ltd LRE CN F MEG Energy Corp. MEG CN AQL, no score • Niko Resources Ltd. NKO CN D NuVista Energy NVA CN F Paramount Resources Ltd. POU CN F Parex Resources Inc PXT CN F • Parkland Fuel Corporation PKI CN F • Pason Systems Inc PSI CN F • Corporation PPL CN F • Pengrowth Energy Corporation PGF CN C Penn West Exploration PWT CN F Peyto Exploration & Development Corp. PEY CN F • Prairiesky Royalty Ltd PSK CN F • Precision Drilling Corporation PD CN F • Prophecy Resource Corp. PCY CN F Questerre Energy Corporation QEC CN F Raging River Exploration Inc RRX CN F •

11 Appendix I Scores and initiatives by company

Legend Company Ticker Score Canada 200 Commit to Action initiatives  A List ENERGY continued AQL answered questionnaire late Seven Generations Energy VII CN B • Commit to Action initiatives ShawCor Ltd. SCL CN C • CP Price on Carbon SouthGobi Resources Ltd. 1878 HK F CR Mainstream climate reporting DEF Remove deforestation from Inc. SU CN B • supply chains Surge Energy Inc SGY CN F EP Improving energy productivity Touchstone Exploration Inc TXP CN F POL Responsible corporate engagement Tourmaline Oil Corp TOU CN F • RE100 100% renewable power TransCanada Corporation TRP CN B • SBT Science-based targets SLCP Removing short-lived pollutants Trilogy Energy Corp TET CN F TECH Technology partnerships Twin Butte Energy Ltd TBE CN F WATER Improve water security Inc. VSN CN F •  Vermilion Energy Inc. VET CN A • Whitecap Resources WCP CN F •

Company Ticker Score Canada 200 Commit to Action initiatives

FINANCIALS

Allied Properties REIT AP-U CN F • Artis REIT AX-U CN F • Bank of BMO CN B • Bank of Nova Scotia () BNS CN B • Bentall Kennedy D Boardwalk REIT BEI-U CN C • Brookfield Asset Management Inc. BAM/A CN F • Brookfield Canada Office Properties BOX-U CN F • Brookfield Property Partners BPY-U CN F • Canadian Imperial Bank of Commerce CM CN C • (CIBC) Canadian Real Estate Investment Trust REF-U CN AQL, no score • Canadian Western Bank CWB CN F • CAPREIT CAR-U CN F • Central Fund of Canada Limited CEF/A CN F • Chartwell Seniors Housing REIT CSH-U CN F • Choice Properties Reit CHP-U CN No score, see Loblaw • Companies Limited CI Financial Corp. CIX CN F • Colliers International CIG CN F • Cominar Real Estate Investment Trust CUF-U CN F • Crombie Real Estate Investment Trust CRR-U CN F • CT Real Estate Investment Trust CRT-U CN No score, see Canadian • Tire Corporation, Limited Desjardins Group B Dundee Real Estate Investment Trust D-U CN F • E-L Financial Corporation Limited ELF CN F • Element Financial EFN CN F • Fairfax Financial Holdings FFH CN F • Fairfax India Holdings FIH/U CN F • First Capital Realty Inc. FCR CN C • First National Financial FN CN F •

12 Company Ticker Score Canada 200 Commit to Action initiatives

FINANCIALS continued

FirstService Corp. FSV CN F • Gazit Globe Ltd GZT CN AQL, no score • Genworth MI Canada Inc. MIC CN No score, see Genworth • Financial, Inc.

Granite Real Estate Inc GRT-U CN F •  Great-West Lifeco Inc. GWO CN A • H&R Real Estate Investment Trust HR-U CN AQL, no score • Home Capital Group Inc. HCG CN F • IGM Financial Inc. IGM CN A– • Industrial Alliance Insurance and Financial IAG CN C • Services Inc. Intact Financial Corporation IFC CN C • Laurentian Bank of Canada LB CN D • Financial Corp. MFC CN B • Milestone Real Estate MST-U CN F • Investment Trust Morguard Corporation MRC CN F • NA CN C • ONEX Corporation OCX CN F • Power Corporation of Canada POW CN B • Corporation PWF CN B • RioCan Real Estate Investment Trust REI-U CN F • RY CN C • Smart Real Estate Investment Trust SRU-U CN F • Inc. SLF CN C • TD Bank Group TD CN A– • RE100 TMX Group Limited X CN F •

Company Ticker Score Canada 200 Commit to Action initiatives

HEALTH CARE

Concordia Healthcare Corp CXR CN F • Endo International plc ENDP US F • ProMetic Life Sciences Inc PLI CN F • Valeant Pharmaceuticals International, Inc. VRX US D •

13 Appendix I Scores and initiatives by company

Legend Company Ticker Score Canada 200 Commit to Action initiatives

 A List INDUSTRIALS AQL answered questionnaire late AC CN B • Commit to Action initiatives Allseating Corporation D CP Price on Carbon ATS Automation Tooling Systems ATA CN C CR Mainstream climate reporting DEF Remove deforestation from Bombardier Inc. BBD/B CN F • supply chains CAE Inc. CAE CN AQL, no score • EP Improving energy productivity  Canadian National Railway Company CNR CN A • POL Responsible corporate engagement CP CN B • RE100 100% renewable power Chorus Aviation CHR/A CN F • SBT Science-based targets SLCP Removing short-lived pollutants Finning International Inc. FTT CN AQL, no score • TECH Technology partnerships Inscape Corporation INQ CN D WATER Improve water security Keilhauer C– MacDonald, Dettwiler and Associates Ltd. MDA CN F • (MDA Corporation) New Flyer Industries Inc NFI CN F • Progressive Waste Solutions Ltd. WCN CN C • Richelieu Hardware RCH CN F • Ritchie Bros. Auctioneers Incorporated RBA CN AQL, no score • SNC-Lavalin Group Inc. SNC CN C • SPIN MASTER LTD TOY CN AQL, no score • Stance Healthcare D Stantec Inc. STN CN C • Teknion Limited TEKNF US B Toromont Industries Ltd. TIH CN D • Transcontinental Inc. TCL/A CN C • TransForce Inc. TFI CN F • WestJet Airlines Ltd. WJA CN F • WSP | Parsons Brinckerhoff WSP CN B •

Company Ticker Score Canada 200 Commit to Action initiatives

INFORMATION TECHNOLOGY

BlackBerry Limited BB CN C • Celestica Inc. CLS CN B • CGI Group Inc. GIB/A CN C • Inc CSU CN F • Davis + Henderson Corp DH CN F • Descartes Systems Group DSG CN F • Enghouse Systems ESL CN F • OpenText Corporation OTEX US AQL, no score • Inc SH CN AQL, no score •

14 Company Ticker Score Canada 200 Commit to Action initiatives

MATERIALS

Agnico-Eagle Mines Limited AEM CN D • Agrium Inc. AGU CN F • Corporation ABX CN A– • Canfor Corporation CFP CN F • Cardero Resource Corp CDYCF US F Inc. CAS CN F Catalyst Paper Corporation CYT CN D CCL Industries CCL/B CN B • Centamin plc CEY LN F • Centerra Gold Inc. CG CN C • Chemtrade Logistics Income Fund CHE-U CN AQL, no score Detour Gold Corporation DGC CN C • Dominion Diamond Corp DDC CN F Domtar Corporation UFS US D • Eldorado Gold Corporation ELD CN C • Limited FM CN B– • Franco-Nevada Corporation FNV CN D • Goldcorp Inc. G CN C • HudBay Minerals Inc. HBM CN C IAMGOLD Corporation IMG CN C Interfor Corp IFP CN F Intertape Polymer Group Inc ITP CN F Corporation K CN C • Lundin Mining Corporation LUN CN C • Major Drilling Group International. MDI CN F Methanex Corporation MX CN AQL, no score • New Gold Inc. NGD CN C • Norbord Inc. OSB CN F • NovaGold Resources Inc. NG CN F • OceanaGold Corporation OGC CN F • Pan American Silver Corp. PAA CN F • Potash Corporation of Saskatchewan Inc. POT CN C • Resolute Forest Products Inc. RFP US B Richmont Mines Inc RIC CN F Royal Gold, Inc. RGLD US D • Inc. SMF CN F Sherritt International Corporation S CN F Silver Wheaton Corp. SLW CN C • Stella-Jones Inc SJ CN AQL, private score • Tahoe Resources Inc. THO CN F • Limited TCK/B CN B • Turquoise Hill Resources Ltd TRQ CN No score, see Rio Tinto •

West Fraser Timber Co. Ltd. WFT CN D • Winpak Ltd. WPK CN F • Yamana Gold Inc. YRI CN C •

15 Appendix I Scores and initiatives by company

Legend Company Ticker Score Canada 200 Commit to Action initiatives

 A List TELECOMMUNICATION SERVICES AQL answered questionnaire late BCE Inc. BCE CN A– • Commit to Action initiatives Manitoba Telecom Services MBT CN C • CP Price on Carbon Inc. RCI/B CN B • CR Mainstream climate reporting DEF Remove deforestation from Corporation T CN A– • supply chains EP Improving energy productivity POL Responsible corporate engagement RE100 100% renewable power SBT Science-based targets SLCP Removing short-lived pollutants Company Ticker Score Canada 200 Commit to Action initiatives TECH Technology partnerships WATER Improve water security UTILITIES Alaska Hydro Corporation AKH CN F Algonquin Power & Utilities Corporation AQN CN D • ATCO Ltd. ACO/X CN F • Brookfield Infrastructure Partner L.P. BIP US F • Brookfield Renewable Power Inc. BEP-U CN F • Canadian Utilities CU CN F • Capital Power Corporation CPX CN C • Inc. EMA CN B • Fortis Inc. FTS CN F • Hydro One Inc H CN AQL, no score • Just Energy Group Inc. JE CN F • Northland Power Inc NPI CN F • Pattern Energy Group Inc PEG CN F • Superior Plus Corp. SPB CN F • TransAlta Corporation TA CN B • Transalta Renewables Inc RNW CN No score, see TransAlta • Corporation

16 At HP, we are focused on creating a brighter future through our actions, solutions, and technologies that make life better for everyone, everywhere.

We believe sustainability is not only the right thing to do, but it is a powerful force for growth and innovation. It challenges us to think of new ways to reinvent solutions that truly amaze, and serves as a guiding principle in how we operate and do business.

As part of our sustainability efforts, we are continuing our strong legacy of transparency and leadership in reducing the environmental impact of our operations, supply chain, and products. That includes analyzing our complete carbon footprint, setting public goals to reduce GHG emissions, and taking steps to meet those goals and improve performance.

For example, in 2016 we set three new goals. First, to use 100% renewable electricity in our global operations, with 40% by 2020. Second, to achieve zero deforestation associated with HP brand paper and paper-based product packaging by 2020. And third, to reduce the GHG emissions intensity of HP’s product portfolio by 25% by 2020, compared to 2010.

We’re pleased to support CDP’s efforts to promote greater accountability, drive transparency around climate change issues, and track the performance of companies around the world as we work together to create a low-carbon economy.

Nate Hurst Chief Sustainability & Social Impact Officer HP Inc.

17 Appendix II Investor signatories and members

CDP’s investor 1. Investor signatories by location CDP investor members program—backed ABRAPP—Associação Brasileira das in 2016 by 827 Africa Entidades Fechadas de Previdência 13 Complementar ACTIAM institutional Asia 71 Aegon N.V. investor signatories Allianz Global Investors Australia and New Zealand ATP Group representing in 67 Aviva Investors Europe AXA Group excess of US$100 382 Bank of America Merrill Lynch Latin American & Caribbean Bendigo and Adelaide Bank trillion in assets— 73 BlackRock Boston Common Asset Management, LLC works with investors North America 223 BP Investment Management Limited British Columbia Investment Management to understand their Corporation California Public Employees’ Retirement data and analysis System requirements and California State Teachers’ Retirement System 2. Investor signatories by type Calvert Investment Management, Inc offers tools and Capricorn Investment Group Catholic Super solutions to help CCLA Investment Management Ltd Dexus Property Group them. Asset Managers Etica SGR 363 Fachesf FAPES Asset Owners Fundação Itaú Unibanco 256 COP 21 provided not only the Generation Investment Management opportunity but the obligation to Banks Goldman Sachs Asset Management go further on climate change. With 158 Henderson Global Investors more than 15 years’ experience, Insurance Hermes Fund Managers 39 HSBC Holdings plc CDP understands disclosure now Others Infraprev and how it is evolving globally and 13 KeyCorp across sectors to provide peer to KLP Legg Mason, Inc. peer learnings. Last year, more London Pensions Fund Authority than 50 percent of the largest listed Maine Public Employees Retirement System G20 companies by market cap 100 Morgan Stanley National Australia Bank reported to CDP. 95 NEI Investments 3. Investor signatories over time 92 87 Neuberger Berman Our global data from companies New York State Common Retirement Fund Nordea Investment Management and cities in response to climate 78 CDP investor Norges Bank Investment Management change, water insecurity and 71 signatories Overlook Investments Limited deforestation and our award PFA Pension CDP investor 64 POSTALIS—Instituto de Seguridade Social winning investor research series is dos Correios e Telégrafos signatory assets driving investor decision-making. 57 PREVI under management Our analysis helps investors Rathbone Greenbank Investments in US$ trillions Real Grandeza understand the risks they run in 55 Robeco their portfolios. Our insights shape 41 RobecoSAM AG engagement and add value not Rockefeller & Co. 31 Royal Bank of Canada only in financial returns but by Sampension KP Livsforsikring A/S building a more sustainable future. 21 Schroders 31 SEB AB For more information about Sompo Japan Nipponkoa Holdings, Inc 10 Sustainable Insight Capital Management the CDP investor program, 4.5 (SICM) including the benefits of TIAA Terra Alpha Investments LLC becoming a signatory or The Sustainability Group member, and to see a full list The Wellcome Trust of current signatories, please UBS visit https://www.cdp.net/ 35 95 155 225 315 385 475 534 551 655 722 767 822 827 University of California ’13’12’11’10’09’08’07’06’05’04’03 ’14 ’15 ’16 University of en/investor/signatories-and- Whitley Asset Management members

18 2016 Canada report sponsors

CDP North America Climate Finance Partner & Gold Sponsor

Global Scoring & Sustainability BPO Partner CDP North America Technology Partner & Silver Sponsor

Bronze Sponsors

Printing

Printed on Rolland ENVIRO100 Print which contains FSC-certified 100% post- consumer fibre, is EcoLogo and processed chlorine free accredited and is manufactured by Cascades using biogas energy.

Printed locally by The Thomas Group, New York, NY. 19 Report managers CDP contacts Maxwell McKenna Lance Pierce CDP North America President CDP North America Camila Montes de Oca CDP North America Paula DiPerna Special Advisor CDP North America Sara Law Communications VP Global Initiatives Camilla Lyngsby CDP North America [email protected] Andrea Tenorio VP Disclosure Services CDP North America CDP North America 127 W 26th Street Teresa Yung Suite 300 VP Finance & Operations New York, NY 10001 CDP North America Tel: +1 212 378 2086 Raina Aronowitz [email protected] Director of Development www.cdp.net/USA CDP North America

Our sincere thanks are extended to the following: For access to a database of public responses for analysis, CDP North America benchmarking and learning best practices, please contact Board of Directors [email protected]. Joyce Haboucha This report is available for download from www.cdp.net. David Lubin Martin Whittaker Martin Wise David Wolfson

Design

Tatiana Temple www.tatianatemple.com