May 1, 2008


Mr. David Denison
President and Chief Executive Officer
CPP Investment Board
One Queen Street East
Suite 2600, PO Box 101
Toronto ON M5C 2W5

Dear Mr. Denison:

Thank you for your letter of March 6, 2008.

In response, I am enclosing a section of the transcripts from the House of Commons Foreign Affairs and International Development Committee meeting of April 8, 2008. The testimony given by Mr. Tin Maung Htoo, Executive Director of Canadian Friends of Burma, alleges that the CPP Investment Board continues to maintain investments in companies operating in Burma. I would appreciate your response to these allegations.

In reference to information in your most recent letter, I would also appreciate a reply to the following questions:

No companies in our public equity portfolio, to the best of our knowledge, have material operations in Burma.

a) What constitutes a material operation?

b) What about the Board’s other investments, such as private equities?

The CPP Investment Board is committed to public transparency of our responsible investing activities, including timely disclosure of our proxy votes.

a) If the Board is committed to public transparency, why does it choose to primarily conduct its direct engagement activities privately?

Nevertheless, we retain the right to do so if we believe we are not seeing sufficient progress in any given engagement situation.

a) What guidelines does the Board follow when choosing to publicly disclose the names of those companies it engages?

b) In the past, has the Board ever released any names of those companies operating in Burma that resisted engagement activities? If so, please provide a list of these organizations.

I look forward to hearing from you.


Original signed by

Percy E. Downe



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