Here for Every Generation: A Message to Canadians

All figures in Canadian dollars unless otherwise noted. This year, I met Canadians from coast to coast. Many told me that higher living costs, whether it’s mortgage renewals or rent increases, or simply keeping up with everyday expenses are making it hard to manage the here and now, and even harder to look at the years ahead. It’s times like these that Canadians look for institutions that are strong, steady, and built for the long run. That’s our job. We invest your contributions to the Canada Pension Plan (CPP) so they will grow over time and be there for your retirement. We operate at arm’s length from governments and the assets we manage are held separate from government finances. The CPP is dependable, built to last and recognized as one of the strongest pension plans in the world. Your retirement foundation is now amplified with the CPP enhancement fully in place. Over the past five years, the government has phased in an enhancement to raise future CPP benefits and cover more of your earnings. Over a full career, this means meaningfully higher CPP benefits for Canadians. Strong and steady performance We continue to stay disciplined and focused on long-term performance and as of September 30, 2025, the Fund stands at $777.5 billion with a 10-year net return of 8.8%. We got here not because we chase the latest trend, but rather by keeping the portfolio invested across a wide range of asset classes and geographies. While the Canadian investment market makes up less than 5% of the global total by some measures, 12% of our investment portfolio is invested here at home, because we see compelling long-term opportunities in Canada. Earlier this year, we were proud to be ranked as the world’s second-highest performing pension fund over the past decade. This acknowledgement reflects our long-term focus and our responsibility to grow the CPP steadily over decades, not quarters. Since we began investing more than 25 years ago, the income earned from investments is $539.4 billion. Here are a few examples of how we put the CPP to work this year, investing in ways that support both today’s needs and tomorrow’s opportunities. 2025 Investment Highlights  In Canada Everyday infrastructure Canadians use: We continue to invest in the 407 ETR, used by over three million Canadians each week. We also invested $225 million in a loan to construct a data-centre expansion in Cambridge, Ontario, helping to power Canada’s growing cloud and AI needs. National connectivity: We invested in a new Rogers subsidiary that owns part of its wireless network. Backing homegrown innovation: We committed an additional $105 million to an investment fund managed by Canadian venture capital firm Radical Ventures, to help promising Canadian AI companies to grow. Around the world Turning gains into pensions: We sold our investment in Informatica for $3.8 billion, and we sold a portfolio of UK shopping-centres for $615 million. Building where demand is rising: We committed $1.8 billion to Japan DC Partners to develop three new data center campuses in Greater Tokyo. Why CPP matters today Across the country, I heard a frequent question, “Will my savings last?” Our latest retirement survey shows nearly six in ten Canadians share that concern. When people know they have the CPP as a solid foundation, it gives them the confidence to take steady steps – saving a little more, making a plan, asking for advice. That’s the benefit of a national plan built for the long run. Another question is, “Will the CPP be there for me when I retire?” Yes. Independent actuarial reviews conclude the Plan is sustainable over the very long term at current contribution rates. And finally, “Will my benefits keep up with inflation?” CPP benefits are designed to be paid for life and indexed to inflation each January, helping to preserve purchasing power through different economic cycles. For millions of Canadians, especially those without a workplace pension, you can count on the CPP as a dependable layer of retirement income. At its core, the CPP is more than a fund, it’s a promise. A pension you have for as long as you live. On behalf of everyone at CPP Investments, thank you for your trust. Sincerely, John Graham About the Author John Graham President & Chief Executive Officer John Graham’s Canadian Club speech highlights the CPP Fund’s strength The Canada Pension Plan (CPP) Fund is strong, sustainable and built to last. That was the message from our President & CEO, John Graham, in Video October 10, 2025 President’s Message Fiscal 2025 Annual Report Canadians have many reasons to be proud – and the Canada Pension Plan is one of them. I am pleased to report that the Fund remains secure, Article May 21, 2025 Your Pension, Our Promise: A Message to Canadians Our commitment to Canadians has never been stronger. The CPP Fund isn’t just an investment portfolio; it’s a promise to provide Article December 9, 2024