September,6,2019

Government Pension Investment Fund (GPIF) entrusted Analysis of Climate Change Impacts on Portfolios and Information Disclosure Support Services to Trucost (*1) and disclosed climate-related information for the first time in "ESG report 2018" in accordance with the recommendations published by the TCFD.

While the research report that Trucost had produced includes detailed information regarding a wide variety of climate related metrics, "ESG report 2018" selectively chose several of the most relevant topics that apply most to the issues that of concern for GPIF's portfolio.

Efforts to disclose information is still very much in its early stage, however GPIF endeavors to improve not only carbon related disclosure, but also the broader field of ESG information disclosure to enhance the sustainability of the market as a whole.

（Note）This report is a summary of the results of a quantitative assessment conducted by Trucost (a part of S&P Global) as part of the "Analysis of Climate Change Impacts on Portfolios and Information Disclosure Support Services" commissioned by GPIF. The results of the quantitative analysis presented in this report do not necessarily reflect the views of GPIF. In addition, GPIF and Trucost (a part of S&P Global) does not guarantee the accuracy or completeness of the data that have been published in this report. Excluding the underlying environmental data provided by Trucost, all rights related to this report belong to GPIF.

• "GPIF Climate Related Portfolio Risk Assessment - Trucost Analysis supporting GPIF's disclosures in line with TCFD recommendations (Summary)"

(*1) Originally founded in 2000 as a U.K. based company, Trucost is a leader in carbon and environmental data and risk analysis, assessing risks relating to climate change, natural resource constraints, and broader environmental, social, and governance factors. Companies and financial institutions use Trucost intelligence to understand their ESG exposure to these factors, inform resilience and identify transformative solutions for a more sustainable global economy. Acquired by S&P Global in October 2016, Trucost reflects the firm's commitment to environmental analysis and product innovation to ultimately deliver essential ESG investment related information to the global marketplace.

(*2) In response to the request from the G20 summit in 2015, the Financial Stability Board (FSB) established the Task Force on Climate-related Financial Disclosures (TCFD) in December of that year, and the TCFD released in June 2017 their recommendations on how companies can perform more appropriate information disclosure in relation to climate change risks and opportunities. Currently, the recommendations of the TCFD are endorsed by 792 organizations (as of July 2019) from around the world, from companies and national governments to financial institutions such as pension funds and other asset owners, asset managers and banks. GPIF declared its support for the TCFD in December 2018.

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