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August 13, 1999

The Board of Directors of the Canada Pension Plan Investment Board released today the financial statements for the first quarter of fiscal 2000, the three months ended June 30, 1999.

Assets under management increased to $533 million from $12 million at the end of the prior quarter. This significant increase was primarily attributable to the federal government?s transfer to the Investment Board of employer and employee contributions to the CPP that were not required to pay current pensions. In the previous quarter, cash flows arose only from funds made available as a result of government decisions not to roll over maturing bonds held by the Canada Pension Plan.

As in prior periods, new cash flows were invested in stock index funds designed to track the performance of broad stock market indices. Domestic equity investments were made in stock funds that substantially replicate the Toronto Stock Exchange 300 Composite Index. Foreign equities were invested in S&P (Standard and Poors) 500 and EAFE (Europe, Australia, Far East) index funds designed to substantially replicate the performance of the Morgan Stanley Capital International Index, excluding Canada. All funds are currently managed by external managers.

Following a careful recruitment process, the Board of Directors announced on June 22 the appointment of John A. MacNaughton as the first President and Chief Executive Officer of the CPP Investment Board, effective September 7, 1999. Mr. MacNaughton has had a distinguished 31-year career in the investment industry in Canada and abroad. He is past President of Nesbitt Burns Inc. and has been involved in a wide variety of industry and community activities.

The Annual Report of the CPP Investment Board was published June 29, 1999 and distributed to all federal and provincial elected representatives and Senators; industry and professional groups; associations and major public libraries. The document highlights the activities of the CPP Investment Board in its first six months of operation. Copies of the Report may be obtained from the Investment Board?s office, or from its web-site at www.cppib.ca.

 For further information contact: 
Canada Pension Plan Investment Board 
181 University Avenue 
Suite 1800 
Toronto, Ontario M5H 3M7 
(Telephone) 416-868-4075 
(Facsimile) 416-868-408

August 13, 1999

The Board of Directors of the Canada Pension Plan Investment Board released today the financial statements for the first quarter of fiscal 2000, the three months ended June 30, 1999.

Assets under management increased to $533 million from $12 million at the end of the prior quarter. This significant increase was primarily attributable to the federal government?s transfer to the Investment Board of employer and employee contributions to the CPP that were not required to pay current pensions. In the previous quarter, cash flows arose only from funds made available as a result of government decisions not to roll over maturing bonds held by the Canada Pension Plan.

As in prior periods, new cash flows were invested in stock index funds designed to track the performance of broad stock market indices. Domestic equity investments were made in stock funds that substantially replicate the Toronto Stock Exchange 300 Composite Index. Foreign equities were invested in S&P (Standard and Poors) 500 and EAFE (Europe, Australia, Far East) index funds designed to substantially replicate the performance of the Morgan Stanley Capital International Index, excluding Canada. All funds are currently managed by external managers.

Following a careful recruitment process, the Board of Directors announced on June 22 the appointment of John A. MacNaughton as the first President and Chief Executive Officer of the CPP Investment Board, effective September 7, 1999. Mr. MacNaughton has had a distinguished 31-year career in the investment industry in Canada and abroad. He is past President of Nesbitt Burns Inc. and has been involved in a wide variety of industry and community activities.

The Annual Report of the CPP Investment Board was published June 29, 1999 and distributed to all federal and provincial elected representatives and Senators; industry and professional groups; associations and major public libraries. The document highlights the activities of the CPP Investment Board in its first six months of operation. Copies of the Report may be obtained from the Investment Board?s office, or from its web-site at www.cppib.ca.

 For further information contact: 
Canada Pension Plan Investment Board 
181 University Avenue 
Suite 1800 
Toronto, Ontario M5H 3M7 
(Telephone) 416-868-4075 
(Facsimile) 416-868-408

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