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February 21, 2005

The CPP Investment Board today announced a US$50 million commitment to Celtic House Venture Partners Fund III. This Canadian venture capital fund, with a target of US$200 million, will focus on investing in early-stage high technology companies in the semiconductors, Micro-Electro-Mechanical Systems (MEMS), optics and software sectors.

With this announcement, the CPP Investment Board has made commitments to Canadian private equity funds totalling $1.5 billion, which includes $590 million to Canadian venture capital. 

”As one of the largest venture capital investors in Canada, we continue to selectively commit to Canadian opportunities. We believe venture capital investments will provide attractive long-term risk adjusted returns,” said David Denison, President and CEO, CPP Investment Board.

The commitment to Celtic House Venture Partners Fund III brings the CPP Investment Board’s private equity commitments to $7.5 billion committed to 52 limited partnerships managed by 41 private equity firms. 

Celtic House Venture Partners is an Ottawa-based independent venture capital firm with offices in Toronto and London, England. The CPP Investment Board committed US$13.5 million to Celtic House Venture Partners IIA, its predecessor fund, in 2002.

The CPP reserve fund, as at December 31, 2004, was $77.2 billion.

CPP Investment Board The CPP Investment Board invests in capital markets the funds not needed by the Canada Pension Plan to pay current pensions. Cash flows are currently invested in equities, real estate and infrastructure to balance the cash and bonds owned by the Canada Pension Plan. By increasing the long-term value of funds, the CPP Investment Board will help the Canada Pension Plan to keep its pension promise to 16-million Canadians. With a mandate from the federal and provincial governments, the CPP Investment Board is accountable to Parliament and to the federal and provincial finance ministers who serve as the stewards of the CPP. Based in Toronto, CPP Investment Board is governed and managed independently of the Canada Pension Plan and at arm’s length from governments. Its fiscal year is from April 1 to March 31. For more information about the CPP Investment Board, visit www.cppib.ca.   

For further information contact:

John Cappelletti

Manager – Communications

416-868-0308

jcappelletti@cppib.ca      

February 21, 2005 The CPP Investment Board today announced a US$50 million commitment to Celtic House Venture Partners Fund III. This Canadian venture capital fund, with a target of US$200 million, will focus on investing in early-stage high technology companies in the semiconductors, Micro-Electro-Mechanical Systems (MEMS), optics and software sectors. With this announcement, the CPP Investment Board has made commitments to Canadian private equity funds totalling $1.5 billion, which includes $590 million to Canadian venture capital. 

"As one of the largest venture capital investors in Canada, we continue to selectively commit to Canadian opportunities. We believe venture capital investments will provide attractive long-term risk adjusted returns," said David Denison, President and CEO, CPP Investment Board. The commitment to Celtic House Venture Partners Fund III brings the CPP Investment Board's private equity commitments to $7.5 billion committed to 52 limited partnerships managed by 41 private equity firms. 

Celtic House Venture Partners is an Ottawa-based independent venture capital firm with offices in Toronto and London, England. The CPP Investment Board committed US$13.5 million to Celtic House Venture Partners IIA, its predecessor fund, in 2002.

The CPP reserve fund, as at December 31, 2004, was $77.2 billion. CPP Investment Board The CPP Investment Board invests in capital markets the funds not needed by the Canada Pension Plan to pay current pensions. Cash flows are currently invested in equities, real estate and infrastructure to balance the cash and bonds owned by the Canada Pension Plan. By increasing the long-term value of funds, the CPP Investment Board will help the Canada Pension Plan to keep its pension promise to 16-million Canadians. With a mandate from the federal and provincial governments, the CPP Investment Board is accountable to Parliament and to the federal and provincial finance ministers who serve as the stewards of the CPP. Based in Toronto, CPP Investment Board is governed and managed independently of the Canada Pension Plan and at arm's length from governments. Its fiscal year is from April 1 to March 31. For more information about the CPP Investment Board, visit www.cppib.ca.    For further information contact: John Cappelletti Manager - Communications 416-868-0308 jcappelletti@cppib.ca      

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