Investment Inventory List AS AT MARCH 31, 2017 (UNAUDITED) British Columbia Investment Management Corporation Contents Fixed Income ............................................................................. 1 Mortgages .................................................................................. 8 Infrastructure & Renewable Resources ................................ 10 Private Equity .......................................................................... 13 Public Equities ........................................................................ 22 Real Estate ............................................................................ 150 About BCI BCI is the leading provider of investment management services to British Columbia’s public sector. Our role is to generate investment returns that will enable our clients to meet their future funding obligations. Employing a global outlook, we seek investment opportunities that will meet our clients’ risk and return requirements over time. Our investment inventory provides an overview of the holdings within BCI’s investment portfolio as at March 31, 2017. BCI holds all assets in trust; clients do not own the individual assets within BCI’s investment portfolio. As BCI acts for many clients with different mandates, the inventory is not representative of the portfolio of any particular client. BCI is bound by obligations of confidentiality to many parties, including its clients, and does not disclose commercially sensitive information. All values in the investment inventory are unaudited. This inventory reflects the investments managed by each asset class. BCI’S INVESTMENT INVENTORY 1 Fixed Income BCI offers clients a variety of fixed income investment strategies. Our fixed income portfolio, which includes money market funds and currency hedging, represents 19.2 per cent of managed assets. FIXED INCOME INVESTMENTS As at March 31, 2017 (unaudited) ISSUER 407 INTERNATIONAL INC AEROPORTS DE MONTREAL AGT FOOD & INGREDIENTS INC AIR CANADA 2015-1 PASS ALBERTA (PROVINCE OF) ALBERTA (PROVINCE OF) (MONEY MARKET) ALCOA NEDERLAND HLDG ALIMENTATION COUCHE ALTAGAS LTD ALTALINK LP BCI’S INVESTMENT INVENTORY 2 FIXED INCOME INVESTMENTS As at March 31, 2017 (unaudited) ISSUER ALTICE SA ANHEUSER BUSCH ARROW LAKES PWR CORP ASIAN DEVELOPMENT BANK AUSTRALIA (COMMONWEALTH OF) BANK OF MONTREAL BANK OF MONTREAL (FLTG) BANK OF NOVA SCOTIA BANK OF NOVA SCOTIA (FLTG) BANK OF NOVA SCOTIA (MONEY MARKET) BC MUNI FINANCE BELGIUM (KINGDOM OF) BELL CANADA BERKSHIRE HATHAWAY (FLTG) BMW CDA INC BOISE CASCADE CO BRITISH COLUMBIA (PROVINCE OF) BRITISH COLUMBIA (PROVINCE OF) (STRIP) BRUCE POWER L.P. CABLE ONE INC CADILLAC FAIRVIEW CANADA (GOVERNMENT OF) CANADA (GOVERNMENT OF) (FLTG) CANADA (GOVERNMENT OF) (MONEY MARKET) CANADA (GOVERNMENT OF) (REAL RETURN) CANADA (GOVERNMENT OF) (STRIP) CANADA HOUSING TRUST CANADA HOUSING TRUST (FLTG) CANADIAN IMPERIAL BANK OF COMMERCE BCI’S INVESTMENT INVENTORY 3 FIXED INCOME INVESTMENTS As at March 31, 2017 (unaudited) ISSUER CANADIAN IMPERIAL BANK OF COMMERCE (FLTG) CANADIAN IMPERIAL BANK OF COMMERCE (MONEY MARKET) CANADIAN WESTERN BANK CAPITAL POWER CORP CENTRAL 1 CREDIT UNION CHOICE PPTYS LTD PAR CHOICE PPTYS REAL ES CI FINL CORP CINCINNATI BELL INC CLEARWATER PAPER CORP CMHC MBS COLUMBIA HEALTHCARE CREW ENERGY INC CU INC CVR PARTNERS LP/CVR DAVITA INC DENMARK (KINGDOM OF) DOLLARAMA INC EDMONTON AIRPORT EMERA INC ENBRIDGE ENERGY PARTNERS LP ENBRIDGE INCOME FUND EPCOR UTILITIES EUROPEAN INVESTMENT BANK EXPORT DEVELOPMENT CANADA (FLTG) FARM CREDIT CORP (MONEY MARKET FARM CREDIT CORP (MONEY MARKET) FED DES CAISSES FEDERATED CO-OPERATIVES BCI’S INVESTMENT INVENTORY 4 FIXED INCOME INVESTMENTS As at March 31, 2017 (unaudited) ISSUER FINANCEMENT QUEBEC (FLTG) FIRST CAPITAL REALTY INC FIRST NATIONS FINANCE AUTHORITY FIRST QUANTUM MINERALS LTD FORTIS ALBERTA INC FORTIS INC FORTISBC ENERGY FRANCE (GOVT OF) GAZ METROPOLITAIN GCI INC GERMANY (FEDERAL REPUBLIC OF) GIBSON ENERGY INC GREATER TOR AIRPORT GULFPORT ENERGY CORP HEATHROW FUNDING LTD HONDA FINANCE (MONEY MARKET) HUDBAY MINERALS INC HYDRO OTTAWA HLDG HYDRO QUEBEC HYDRO QUEBEC (STRIP) IGM FIN INC INMARSAT FIN PLC INTER PIPELINE LTD INTL BK RECON DEV MT (FLTG) INVESTORS GROUP ITALY (REPUBLIC OF) JAPAN (GOVERNMENT OF) JARDEN CORP JOHN DEERE CANADA FUNDING INC BCI’S INVESTMENT INVENTORY 5 FIXED INCOME INVESTMENTS As at March 31, 2017 (unaudited) ISSUER KLX INC KREDITANST FUR WIE LEVEL 3 FINANCING INC LIFEPOINT HEALTH INC MANITOBA (PROVINCE OF) MANITOBA (PROVINCE OF) (FLTG) MANITOBA (PROVINCE OF) (REAL RETURN) MANITOBA TELECOM SERVICE MERCER INTL INC MILLICOM INTL CELLULAR MONTREAL QC MOOG INC MUNICIPAL FINANCE AUTHORITY OF BC (MONEY MARKET) MUTUAL LIFE ASSUR NATIONAL BANK OF CANADA (MONEY MARKET) NETHERLANDS (KINGDOM OF) NEW BRUNSWICK (PROVINCE OF) NEWFOUNDLAND & LAB HYDRO (MONEY MARKET) NEWFOUNDLAND (PROVINCE OF) NEWFOUNDLAND LT & PW NISSAN CANADA FINL NORBORD INC NORTH WEST REDWATER NOVA GAS TRANS LTD NOVA SCOTIA POWER NUMERICABLE GROUP SA OMERS RLTY CORP ONTARIO (PROVINCE OF) ONTARIO (PROVINCE OF) (FLTG) BCI’S INVESTMENT INVENTORY 6 FIXED INCOME INVESTMENTS As at March 31, 2017 (unaudited) ISSUER ONTARIO (PROVINCE OF) (MONEY MARKET) ONTARIO (PROVINCE OF) (REAL RETURN) ONTARIO (PROVINCE OF) (STRIP) ONTARIO HYDRO (STRIP) OPB FIN TR OTTAWA MCDONALD-CART PATTERN ENERGY GROUP PERSHING SQUARE HL PHI INC PRECISION DRILLING C PRINCE EDWARD ISLAND (PROVINCE OF) QUEBEC (PROVINCE OF) QUEBEC (PROVINCE OF) (FLTG) QUEBEC (PROVINCE OF) (REAL RETURN) QUEBEC HYDRO (MONEY MARKET) RANGE RES CORP RICE ENERGY INC ROWAN COS INC ROYAL BANK OF CANADA ROYAL BANK OF CANADA (FLTG) ROYAL BANK OF CANADA (MONEY MARKET) SABINE PASS LIQUEFAC SASKATCHEWAN (PROVINCE OF) SASKATCHEWAN (PROVINCE OF) (MONEY MARKET) SOUTH COAST BC (MONEY MARKET) SPAIN (KINGDOM OF) SUNCOR ENERGY INC SUPERIOR PLUS LP SWEDEN (KINGDOM OF) BCI’S INVESTMENT INVENTORY 7 FIXED INCOME INVESTMENTS As at March 31, 2017 (unaudited) ISSUER TEINE ENERGY LTD TELUS CORP TORONTO ON TORONTO-DOMINION BANK TORONTO-DOMINION BANK (FLTG) TORONTO-DOMINION BANK (MONEY MARKET) TOYOTA CREDIT CANADA INC TRANSCANADA PIPELINE TRANSCANADA TRUST TRANSLINK TRANSOCEAN INC TRINIDAD DRILLING LT TRIUMPH GROUP INC NE ULTRAPAR INTL S A UNION GAS LTD UNITED KINGDOM (GOVERNMENT OF) UNITED STATES OF AMERICA (GOVERNMENT OF) UNITED STATES OF AMERICA (GOVERNMENT OF) (MONEY MARKET) VANCOUVER BC VANCOUVER CITY SAVINGS CREDIT UNION (MONEY MARKET) VERMILION ENERGY INC VILLE DE QUEBEC WESTCOAST ENERGY INC WESTJET AIRLINES LTD WINNIPEG AIRPORT WINNIPEG MB YORK ON OTHER BRIDGEWATER HAYFIN CAPITAL MANAGEMENT BCI’S INVESTMENT INVENTORY 8 Mortgages BCI is a major lender to Canada’s commercial real estate industry. Our focus in on strong-yielding mortgage loans with attractive risk-return profiles. We hold direct and indirect mortgage investments. Indirect mortgage investments (such as mortgage funds) are managed by external managers. Our mortgage portfolio represents 2.1 per cent of managed assets. MORTGAGE INVESTMENTS As at March 31, 2017 (unaudited) CANADIAN PROPERTY TYPE/PROVINCE MARKET VALUE (C$ MILLION) HOSPITALITY BRITISH COLUMBIA 16.41 INDUSTRIAL ALBERTA 56.6 BRITISH COLUMBIA 41.0 MANITOBA 12.7 NEW BRUNSWICK 1.9 NEWFOUNDLAND 3.3 BCI’S INVESTMENT INVENTORY 9 MORTGAGE INVESTMENTS As at March 31, 2017 (unaudited) PROPERTY TYPE/PROVINCE MARKET VALUE (C$ MILLION) INDUSTRIAL NOVA SCOTIA 14.8 ONTARIO 54.4 QUEBEC 37.9 RESIDENTIAL ALBERTA 91.82 BRITISH COLUMBIA 95.38 MANITOBA 3.51 ONTARIO 406.02 SASKATCHEWAN 15.59 OFFICE ALBERTA 401.40 BRITISH COLUMBIA 47.23 NEW BRUNSWICK 0.79 NOVA SCOTIA 3.45 ONTARIO 233.10 SASKATCHEWAN 17.27 RETAIL ALBERTA 42.5 BRITISH COLUMBIA 302.96 ONTARIO 125.24 OTHER ALBERTA 35.40 BRITISH COLUMBIA 121.11 ONTARIO – SASKATCHEWAN 132.48 UNITED STATES PROPERTY TYPE/STATE MARKET VALUE (C$ MILLION) RESIDENTIAL NEW YORK 129.54 BCI’S INVESTMENT INVENTORY 10 Infrastructure & Renewable Resources BCI holds Infrastructure & Renewable Resources in private assets both directly and through a portfolio of external managers. Infrastructure & Renewable Resources represents 9.6 per cent of managed assets. INFRASTRUCTURE & RRIF INVESTMENTS As at March 31, 2017 (unaudited) INFRASTRUCTURE & RRIF DIRECT INVESTMENTS ARTERIS ASCIANO - LINX CARGO CARE ASCIANO - PACIFIC NATIONAL RAIL ASCIANO - PATRICK CLECO PARTNERS LP COMPANIA LOGISTICA DE HIDROCARBUROS CLH, S.A. CORIX INFRASTRUCTURE INC. DALRYMPLE BAY COAL TERMINAL INTRANSIT BC LIMITED PARTNERSHIP (RAV) ISAGEN SA BCI’S INVESTMENT INVENTORY 11 INFRASTRUCTURE & RRIF INVESTMENTS As at March 31, 2017 (unaudited) INFRASTRUCTURE & RRIF DIRECT INVESTMENTS ISLAND TIMBERLANDS MACQUARIE UTILITIES INC. NOVA TRANSPORTADORA DO SUDESTE OPEN GRID EUROPE GMBH PUGET ENERGY TEAYS RIVER THAMES WATER TIMBERWEST FOREST CORPORATION TRANSELEC CHILE TRENCAP LP INFRASTRUCTURE & RRIF FUND INVESTMENTS ARCLIGHT ENERGY PARTNERS FUND III, LP ARCLIGHT ENERGY PARTNERS FUND IV, LP ARCLIGHT ENERGY PARTNERS FUND V, LP ARCLIGHT ENERGY PARTNERS FUND VI, LP AZIMUTH ENERGY PARTNERS II FUND BONNEFIELD CANADIAN FARMLAND LP III BROOKFIELD AMERICAS INFRASTRUCTURE FUND BROOKFIELD BRAZIL TIMBER FUND BROOKFIELD INFRASTRUCTURE FUND II BROOKFIELD INFRASTRUCTURE FUND III-D ENERGY CAPITAL PARTNERS FUND I FIRST RESERVE FUND XI HIGHSTAR CAPITAL II PRISM FUND, LP HIGHSTAR CAPITAL III PRISM FUND, LP HIGHSTAR CAPITAL IV PRISM FUND, LP MACQUARIE EUROPEAN INFRASTRUCTURE FUND MACQUARIE EUROPEAN INFRASTRUCTURE FUND II MACQUARIE EUROPEAN INFRASTRUCTURE FUND IV BCI’S INVESTMENT INVENTORY 12 INFRASTRUCTURE & RRIF INVESTMENTS As at March 31, 2017