Queen’s Pension Plan

1. Queen’s Pension Plan Annual General Meeting December 6, 2013

2. Agenda • Members of Queen’s Pension Committee • Summary of Pension Plan Membership • Pension Plan Asset Reconciliation • Summary of Plan Assets at August 31, 2013 • Integrated Private Debt • Returns Compared to Benchmark and BNY Mellon’s Universe • Returns Compared to Other Canadian University Pension Plans • True vs. Paid Pensions • Financial Position of Queen’s Pension Plan – Going Concern Basis • Financial Position of Queen’s Pension Plan – Wind-Up/ Solvency Basis • Questions

3. Members of Queen’s Pension Committee • Appointed by Members • James MacKinnon • Bill Cannon • Peggy Hauschildt • Jonathan MacDonell • Alison Morgan • John Gordon • Appointed by Board of Trustees • David Grace • Don Raymond • Peter Copestake • Kathryn Bush • Jill Wagman • Ex Officio • David Dodge • Daniel Woolf • Barbara Palk • Caroline Davis • Al Orth

4. Summary of Pension Plan Membership

5. Pension Plan Asset Reconciliation ($000’s)

6. Summary of Pension Plan Assets at October 31, 2013

7. Asset Manager Presentation Integrated Private Debt Corp.Canada’s Leading Independent Private Debt Manager

8. Integrated Private Debt: Corporate Profile • Integrated Private Debt Corp. is Canada’s leading independent provider of investment grade corporate debt and has been originating and managing private debt investments for institutional investors since 1987 • In addition to providing an alternative source of debt financing for mid-market Canadian companies, IPD offers investors an attractive yield, diversification and low volatility • Since its inception, IPD has originated, underwritten and managed more than $2.5 billion in private placement loans • In October 2013, IPD closed its 4th private corporate debt fund raising $387 million 8

9. What is Private Debt? • Senior ranked private placement debt of investment grade mid-market companies • Fixed interest rate and fixed term to maturity (terms up to 10 years) • Secured by first charge on key operating and economic assets of the borrower • Custom designed loans to meet unique borrowing requirements • The uses of private debt are broad and diverse, including debt financing for company expansion, capital projects and acquisition financing • For investors, an investment in a private debt funds represent an attractive source of diversification and current monthly income, with returns above the benchmark at a lower level of volatility 9

10. Sample Transactions 10

11. Integrated Private Debt - Investment Performance

12. QPP Returns Compared to Benchmark &BNY Mellon’s Universe of Canadian Pension Plans • At September 30th, 2013:

13. QPP Returns Compared to Other Canadian University Pension Plans • CAUBO survey results, as at December 31, 2012:

14. True vs. Paid Pensions 14

15. Financial Position of Queen’s Pension Plan:Going Concern Basis ($000’s)

16. Financial Position of Queen’s Pension Plan:Wind-Up/Solvency Basis ($000’s)

17. Thank You Questions?