Arrow Global Group Announces Acquisition of Amitra Capital from CPP Investments and Establishes European Strategic Partnership

London, (13 May, 2024) – Arrow Global Group Limited (‘Arrow Global’), a leading vertically integrated alternative asset manager specialising in credit and real estate, today announced the acquisition of Amitra Capital Limited (‘Amitra Capital’) from Canada Pension Plan Investment Board (‘CPP Investments’). This acquisition significantly expands Arrow’s footprint in Spain and provides a foundation for future collaboration with CPP Investments, focusing on both current and prospective investment opportunities. CPP Investments retains its current direct economic interest in all of the portfolios managed by Amitra Capital.

Founded in 2019 and based in London and Madrid, Amitra Capital specialises in managing European non-performing loans (NPLs) and real estate investments. With assets under management (AUM) totalling over €4.0 billion, Amitra has established a strong presence in the NPL and real estate markets of Spain and Portugal.

Zach Lewy, Founder, CEO, and Chief Investment Officer of Arrow Global, commented: “This acquisition builds on our existing presence in Spain alongside our other operations, including Elba Finance and Galata, it also sets the stage for a broader strategic partnership with CPP Investments. We are excited to extend our platform and servicing capabilities into this key European market and look forward to expanding our partnership with CPP Investments in providing access to investment opportunities, expanding market presence, and delivering value to our clients.”

The acquisition includes a new five-year servicing agreement between Arrow and CPP Investments, emphasising Arrow’s commitment to leveraging its expertise in asset management to enhance portfolio performance. Key management personnel from Amitra Capital will continue to lead the company, ensuring continuity and stability in operations under Arrow.

Derek Jackson, Managing Director, Head of European Credit, from CPP Investments, said: “The sale of Amitra Capital to Arrow Global, and the establishment of a long-term strategic partnership is centred on Arrow Global’s extensive knowledge and experience in real estate asset-backed investments. We have built a strong asset management business in Amitra Capital which is complementary and valuable to Arrow’s franchise, can access the scale and scope of their platform and we look forward to seeing the combined business move from strength to strength.”

The acquisition of Amitra Capital not only expands Arrow’s existing operations in Spain but also strengthens its role as a leading investment and servicing capability in the Iberian market. Coupled with Arrow’s leading Portuguese platforms – Whitestar, Norfin, Restart Capital, Viriato and Details Hospitality, Arrow will continue its strategy of having deep expertise in key market segments, including primary and master servicing, while also enhancing its capability to manage complex credit and real estate investments on behalf of its investors across Europe.

About CPP Investments

Canada Pension Plan Investment Board (CPP Investments™) is a professional investment management organization that manages the Fund in the best interest of the more than 22 million contributors and beneficiaries of the Canada Pension Plan. In order to build diversified portfolios of assets, investments are made around the world in public equities, private equities, real estate, infrastructure and fixed income. Headquartered in Toronto, with offices in Hong Kong, London, Luxembourg, Mumbai, New York City, San Francisco, São Paulo and Sydney, CPP Investments is governed and managed independently of the Canada Pension Plan and at arm’s length from governments. At December 31, 2023, the Fund totalled C$590.8 billion. For more information, please visit www.cppinvestments.com  or follow us on LinkedIn, Instagram or on X @CPPInvestments.

Arrow Global Group

Arrow Global is a leading European vertically integrated alternative asset manager specialising in European private credit and real estate.

Founded in 2005, we own 20 best-in-class asset management and servicing platforms which enhance operational efficiencies and maximise the value of underlying assets through disciplined investment approach, underwriting insight and proprietary dealflow. This vertically integrated advantage allows us to create sustainable value throughout market cycles across a range of alternative asset classes, including opportunistic credit, real estate lending and real estate equity.

With the added benefit of key European regulatory licenses, we service approximately €80 billion of third-party AUM. Our strong track record, predominantly with real estate asset-backed investments, spans a broad range of opportunities and has resulted in more than €10 billion being invested over the last 20 years.

We operate across six European geographies with headquarters in London, and have a further 15 offices including Milan, Rome, Lisbon, Porto, Amersfoort, Amsterdam, Luxembourg, Dublin, Manchester, Leeds, and Jersey.
www.arrowglobal.net

• Positions ALLETE to Execute Clean-Energy Future for Customers, Communities and Employees as a Private Company
• ALLETE to Remain Locally Managed and Operated with Headquarters in Duluth, Minnesota
• Agreement Contains Meaningful Commitments to Retain ALLETE’s Workforce and Maintain Compensation Levels and Benefits Programs
• Utilities Minnesota Power and Superior Water, Light and Power to Continue Being Regulated by Minnesota Public Utilities Commission (MPUC) and Public Service Commission of Wisconsin (PSCW)
• Union Agreements to be Honored
• Shareholders to Receive $67.00 Per Share in Cash

DULUTH, Minn.— May 6, 2024 — ALLETE, Inc. (NYSE: ALE) and a partnership led by Canada Pension Plan Investment Board (“CPP Investments”) and Global Infrastructure Partners (“GIP”), (the “partnership”), today jointly announced that they have entered into a definitive agreement under which the partnership will acquire ALLETE for $67.00 per share in cash, or $6.2 billion including the assumption of debt.

ALLETE is a leading energy company and provider of safe, reliable, and competitively priced energy with a national footprint. Together, ALLETE and its family of companies, which includes regulated utilities and renewable energy companies, are focused on driving the clean-energy transition by expanding renewables, reducing carbon, enhancing grid resiliency, and driving innovation.

“Our ‘Sustainability-in-Action’ strategy has secured ALLETE’s place as a clean-energy leader. Through this transaction with CPP Investments and GIP, we will have access to the capital we need while keeping our customers, communities and co-workers at the forefront of all that we do, with continuity of our day-to-day operations, strategy and shared purpose and values,” said ALLETE Chair, President, and Chief Executive Officer Bethany Owen. “CPP Investments and GIP have a successful track record of long-term partnerships with infrastructure businesses, and they recognize the important role our ALLETE companies serve in our communities as well as our nation’s energy future. Together, we will continue to invest in the clean-energy transition and build on our 100 plus-year history of providing safe, reliable, affordable energy to our customers.”

CPP Investments and GIP are premier, well-resourced infrastructure investors at a global scale with deep industry expertise and long-term outlooks. Together, they bring over four decades of experience investing in large-scale infrastructure businesses across sectors to support sustainable, long-term growth. Both CPP Investments and GIP pride themselves on their responsible investment approach, which is centered on delivering value to their organizations and the communities in which they operate.

Owen continued, “Our ‘Sustainability-in-Action’ strategy will require focused execution and significant capital. Transitioning to a private company with these strong partners will not only limit our exposure to volatile financial markets, it also will ensure ALLETE has access to the significant capital needed for our planned investments now and over the long term. Importantly, CPP Investments and GIP are aligned with ALLETE’s values of safety, integrity, planet and people. They also recognize the importance of our employees and our ties to the communities we serve and in which we operate. To that end, we are proud to remain locally managed as we enter this next chapter as committed as ever to our customers, our communities and our employees. I look forward to all we will achieve together.”

“ALLETE’s management team has done an excellent job leading the company toward a truly sustainable clean-energy future. Together with GIP, we look forward to bringing our sector expertise and long-term capital to support ALLETE’s strong management team as they continue to deliver safe, reliable, affordable energy services to their customers,” said James Bryce, Managing Director and Global Head of Infrastructure, CPP Investments. “ALLETE is at the forefront of the clean energy transition and we are thrilled to support the delivery of the company’s ‘Sustainability-in-Action’ strategy, which we believe will generate substantial value both for ALLETE’s customers and CPP contributors and beneficiaries.”

“We are excited to work with Bethany Owen and the full ALLETE team as they continue to supply affordable and reliable energy services,” said Bayo Ogunlesi, GIP’s Chairman and Chief Executive Officer. “GIP, alongside CPP Investments, look forward to partnering to provide ALLETE with additional capital so they can continue to decarbonize their business to benefit the customers and communities they serve. Bringing together ALLETE, with its demonstrated commitment to clean energy, with GIP, one of the world’s premier developers of renewable power, furthers our commitment to serve growing market needs for affordable, carbon-free and more secure sources of energy.”

Commitment to Employees, Customers and Communities
Under the terms of the merger agreement governing the proposed transaction, several commitments have been made by CPP Investments and GIP to align with ALLETE’s shared purpose, culture and values, including:

• Retaining Workforce: The agreement provides commitments with respect to workforce retention, as well as maintaining compensation levels and benefits programs. The agreement also honors union contracts including our strong partnership with the International Brotherhood of Electrical Workers.
• Maintaining Current Headquarters and Leadership: ALLETE’s Minnesota Power and Superior Water, Light and Power (SWL&P) will continue as independently operated, locally managed, regulated utilities. Bethany Owen will continue as Chief Executive Officer, and the current management team will continue to lead ALLETE and remain as the primary points of contact for customers, regulators and other stakeholders. ALLETE will continue to be headquartered in Duluth, Minnesota.
• Contributing to Community: ALLETE and its family of businesses and the Minnesota Power Foundation will continue to make economic and charitable contributions in its service territories to support vibrant and sustainable communities, close opportunity gaps, and help people of all ages live with purpose and passion. ALLETE will continue to invest corporate resources and employee volunteer hours to help build thriving communities.

In addition, the transaction will support existing commitments made by ALLETE such as:

• ALLETE’s Clean-Energy Goals: All ALLETE companies will remain committed to advancing a clean-energy future, through solar, wind, storage and transmission infrastructure and achieving carbon-free goals of the respective states in which the companies operate.
• Retail or Municipal Rates for Utility Customers: Following the close of the acquisition, Minnesota Power and SWL&P will continue to be regulated by the Minnesota Public Utilities Commission (MPUC), the Public

Service Commission of Wisconsin (PSCW) and the Federal Energy Regulatory Commission (FERC). The acquisition is not expected to impact retail or municipal rates for utility customers.

Terms, Approvals and Timing
In connection with the merger, CPP Investments and GIP will acquire all of the outstanding common shares of ALLETE for $67.00 per share in cash representing an enterprise value of approximately $6.2 billion, including ALLETE’s net debt. This represents a premium of approximately 19.1% to ALLETE’s closing share price on December 4, 2023, the date prior to a media article reporting that ALLETE was exploring a sale. The consideration also represents a 22.1% premium to the 30-day volume weighted average share price prior to that date.

The acquisition was unanimously approved by ALLETE’s Board of Directors and is expected to close in mid-2025, subject to the approval of ALLETE’s shareholders, the receipt of regulatory approvals, including by the MPUC, PSCW and FERC, and other customary closing conditions. Dividends payable to ALLETE shareholders are expected to continue in the ordinary course until the closing, subject to approval by ALLETE’s Board of Directors. Upon completion of the acquisition, ALLETE’s shares will no longer trade on the New York Stock Exchange, and ALLETE will become a private company.

Advisors
J.P. Morgan Securities LLC is acting as lead financial advisor and provided a fairness opinion to ALLETE, and Houlihan Lokey Capital, Inc. also provided a fairness opinion to ALLETE. Skadden, Arps, Slate, Meagher & Flom LLP is acting as legal advisor to ALLETE.

Cancellation of First Quarter 2024 Earnings Conference Call
ALLETE will release its financial results for the first quarter as scheduled before the stock markets open on Thursday, May 9, 2024. In light of the announced transaction with CPP Investments and GIP, ALLETE will be cancelling its scheduled earnings conference call.

Additional Resources
Additional information and stakeholder resources are also available on ALLETE’s dedicated transaction website at www.ALLETEforward.com.

About ALLETE, Inc.
ALLETE, Inc. is an energy company headquartered in Duluth, Minnesota. ALLETE’s largest business unit, Minnesota Power, is an electric utility which serves 150,000 residents, 14 municipalities, and some of the nation’s largest industrial customers. In addition to Minnesota Power, ALLETE owns Superior Water, Light and Power, based in Superior, Wisconsin, ALLETE Clean Energy, based in Duluth; BNI Energy in Bismarck, N.D.; and New Energy Equity, headquartered in Annapolis, Maryland; and has an 8% equity interest in the American Transmission Co. More information about ALLETE is available at www.allete.com. ALE-CORP

ALLETE calculates and reports carbon emissions based on the GHG Protocol. Details in ALLETE’s Corporate Sustainability Report

About CPP Investments
Canada Pension Plan Investment Board (CPP Investments™) is a professional investment management organization that manages the Fund in the best interest of the more than 22 million contributors and beneficiaries of the Canada Pension Plan. In order to build diversified portfolios of assets, investments are made around the world in public equities, private equities, real estate, infrastructure and fixed income. Headquartered in Toronto, with offices in Hong Kong, London, Luxembourg, Mumbai, New York City, San Francisco, São Paulo and Sydney, CPP Investments is governed and managed independently of the Canada Pension Plan and at arm’s length from governments. At December 31, 2023, the Fund totaled C$590.8 billion. For more information, please visit www.cppinvestments.com or follow us on LinkedIn, Instagram or on X @CPPInvestments.

About Global Infrastructure Partners (GIP)
Global Infrastructure Partners (GIP) is a leading infrastructure investor that specializes in investing in, owning and operating some of the largest and most complex assets across the energy, transport, digital infrastructure and water and waste management sectors. With decarbonization central to our investment thesis, we are well positioned to support the global energy transition. Headquartered in New York, GIP has offices in Brisbane, Dallas, Hong Kong, London, Melbourne, Mumbai, Singapore, Stamford and Sydney.
GIP has approximately $112 billion in assets under management. Our portfolio companies have combined annual revenues of approximately $73 billion and employ over 115,000 people. We believe that our focus on real infrastructure assets, combined with our deep proprietary origination network and comprehensive operational expertise, enables us to be responsible stewards of our investors’ capital and to create positive economic impact for communities. For more information, visit www.global-infra.com.

Important Information and Where to Find It
This communication may be deemed to be solicitation material in respect of the proposed transaction. In connection with the proposed transaction, ALLETE, Inc. (“ALLETE”) expects to file a proxy statement on Schedule 14A with the Securities and Exchange Commission (“SEC”). ALLETE also may file other documents with the SEC regarding the merger. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE PROXY STATEMENT AND ANY OTHER RELEVANT DOCUMENTS THAT ARE FILED OR WILL BE FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION AND RELATED MATTERS. Investors are or will be able to obtain such documents (if and when available) free of charge at http://www.sec.gov, the SEC’s website, or from ALLETE’s website (http://www.investor.allete.com).

Participants in the Solicitation
ALLETE and its directors, executive officers, other members of management, and employees may be deemed to be participants in the solicitation of proxies in respect of the proposed merger. Information regarding ALLETE’s directors and executive officers is contained in (i) the “Directors, Executive Officers and Corporate Governance,” “Executive Compensation” and “Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters” sections of the Annual Report on Form 10-K for the fiscal year ended December 31, 2023 of ALLETE, which was filed with the SEC on February 20, 2024 and (ii) the “Item No. 1 – Election of Directors,” “Compensation Discussion and Analysis,” and “Ownership of ALLETE Common Stock” sections in the definitive proxy statement for the 2024 annual meeting of shareholders of ALLETE, which was filed with the SEC on March 28, 2024. To the extent the holdings of ALLETE’s securities by ALLETE’s directors and executive officers have changed since the amounts set forth in the proxy statement for its 2024 annual meeting of shareholders, such changes have been or will be reflected on Statements of Changes in Beneficial Ownership on Form 4 filed with the SEC. More detailed information regarding the identity of potential participants, and their direct or indirect interests, by securities, holdings or otherwise, will be set forth in the proxy statement and other materials relating to the merger when they are filed with the SEC. You may obtain free copies of these documents using the sources indicated above.

Cautionary Statement Regarding Forward-Looking Information
This communication contains “forward-looking statements” within the meaning of the federal securities laws, including safe harbor provisions of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements regarding the proposed acquisition of ALLETE, shareholder and regulatory approvals, the expected timetable for completing the proposed transaction and any other statements regarding ALLETE’s future expectations, beliefs, plans, objectives, financial conditions, assumptions or future events or performance that are not historical facts. This information may involve risks and uncertainties that could cause actual results to differ materially from such forward-looking statements. These risks and uncertainties include, but are not limited to: failure to obtain the required vote of ALLETE’s shareholders; the timing to consummate the proposed transaction; the risk that the conditions to closing of the proposed transaction may not be satisfied; the risk that a regulatory approval that may be required for the proposed transaction is not obtained or is obtained subject to conditions that are not anticipated; and the diversion of management’s time on transaction-related issues.

When used in this communication, or any other documents, words such as “anticipate,” “believe,” “estimate,” “expect,” “forecast,” “target,” “could,” “goal,” “intend,” “objective,” “plan,” “project,” “seek,” “strategy,” “target,” “may,” “will” and similar expressions are intended to identify forward-looking statements. These forward-looking statements are based on the beliefs and assumptions of management at the time that these statements were prepared and are inherently uncertain. Such forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements. These risks and uncertainties, as well as other risks and uncertainties that could cause ALLETE’s actual results to differ materially from those expressed in the forward-looking statements, are described in greater detail under the heading “Item 1A. Risk Factors” in ALLETE’s Form 10-K for the year ended December 31, 2023 and in subsequently filed Forms 10-Q and 8-K, and in any other SEC filings made by ALLETE. These risks should not be considered a complete statement of all potential risks and uncertainty, and will be discussed more fully, along with other risks associated with the proposed transaction, in the proxy statement to be filed with the SEC in connection with the proposed transaction. Management cautions against putting undue reliance on forward-looking statements or projecting any future results based on such statements or present or prior earnings levels. Forward-looking statements speak only as of the date hereof, and ALLETE does not undertake any obligation to update or supplement any forward-looking statements to reflect actual results, new information, future events, changes in its expectations or other circumstances that exist after the date as of which the forward-looking statements were made, except as required by applicable law.

London, U.K. (May 03, 2024) – Canada Pension Plan Investment Board (CPP Investments) today announced it has committed US$450 million to support the continued growth of Ontic. CVC Capital Partners (CVC), Ontic’s current financial partner, will remain invested in the business.

Ontic is a leading provider of original equipment manufacturer (OEM) licenced parts and repair services for established aerospace technologies and is headquartered in the U.K., with operations in the U.S. and Singapore. Ontic manufactures and assembles a growing product portfolio of more than 8,000 flight-critical systems and products. The business’ client base includes global aerospace leaders across both OEMs and aircraft operators.

“Ontic is a globally trusted aerospace partner, supporting and supplying established aircraft parts to the world’s aerospace leaders. It is uniquely positioned to address the strong need for products and services necessary to extend longevity of existing aircraft fleets,” said Hafiz Lalani, Managing Director, Global Head of Direct Private Equity, CPP Investments. “We look forward to working alongside CVC, a long-standing partner to CPP Investments, and the Ontic leadership team, to support the business as it aims to continue its current growth trajectory, while delivering attractive risk-adjusted returns for CPP contributors and beneficiaries.”

CPP Investments’ Direct Private Equity (DPE) strategy is focused on assets and sub-sectors where we maintain competitive advantages including a strong track record, superior insights, and strategic partnerships to deliver attractive risk-adjusted returns.

This transaction has been signed and is subject to customary conditions and regulatory approvals. The transaction is expected to complete by year-end 2024.

About CPP Investments

Canada Pension Plan Investment Board (CPP Investments™) is a professional investment management organization that manages the Fund in the best interest of the more than 22 million contributors and beneficiaries of the Canada Pension Plan. In order to build diversified portfolios of assets, investments are made around the world in public equities, private equities, real estate, infrastructure and fixed income. Headquartered in Toronto, with offices in Hong Kong, London, Luxembourg, Mumbai, New York City, San Francisco, São Paulo and Sydney, CPP Investments is governed and managed independently of the Canada Pension Plan and at arm’s length from governments. At December 31, 2023, the Fund totalled C$590.8 billion. For more information, please visit www.cppinvestments.com  or follow us on LinkedIn,  Instagram or X @CPPInvestments.

Toronto, CANADA (April 8, 2024) – Canada Pension Plan Investment Board (CPP Investments), has today announced that Reventus Power, a U.K. based, wholly owned portfolio company, will become its dedicated global offshore wind platform. CPP Investments will consolidate its existing direct and indirect offshore wind holdings into Reventus Power to build on the business’ existing global footprint and support the sector’s significant growth opportunities.

To support this expansion, Reventus Power will be growing its teams in the U.K., Germany, Poland and Portugal, to form a team of approximately 50 offshore wind specialists. This is subject to customary approvals.

“Reventus Power is an important pillar of CPP Investments’ global energy strategy, and its growth will help us expand our portfolio of green and transition assets. CPP Investments will benefit from the enhanced capabilities of Reventus Power to support our ambition to grow our offshore wind portfolio, where we see considerable potential,” said Bill Rogers, Managing Director, Global Head of Sustainable Energies, CPP Investments. “Offshore wind is a vital renewable energy source and one that is evolving rapidly. Long-term, scale and flexible capital is needed to ensure the infrastructure that is required to harness this energy can be built at pace.”

Backed by CPP Investments, Reventus Power was established in 2021 as an offshore wind centre of excellence and has provided dedicated expertise to CPP Investments’ global offshore wind projects, including in its entry to the U.S. offshore wind market. CPP Investments’ current exposure to offshore wind is more than C$1bn. Reventus Power will continue to secure new offshore wind projects by leveraging existing expertise, focusing on markets with supportive decarbonisation targets and working alongside high-quality offshore wind partners and developers.

“CPP Investments and the experienced team at Reventus Power, are well positioned as an investor and partner of choice in offshore wind,” added Mr. Rogers. “As the world looks to generate more renewable power, Reventus Power’s deep sector expertise, supported by partnerships with leading industry players, will help accelerate the development of offshore wind, while generating strong risk-adjusted returns for the CPP Fund.”

CPP Investments’ Sustainable Energies group pursues investments in renewable and conventional energy, carbon capture, distributed energy, and emerging technologies. The Sustainable Energies group combines deep sector expertise with CPP Investments’ global reach and long term, scale and flexible capital. At December 31, 2023, the Sustainable Energies group portfolio totaled C$32.9 billion in net assets.

About CPP Investments

Canada Pension Plan Investment Board (CPP Investments™) is a professional investment management organization that manages the Fund in the best interest of the more than 22 million contributors and beneficiaries of the Canada Pension Plan. In order to build diversified portfolios of assets, investments are made around the world in public equities, private equities, real estate, infrastructure and fixed income. Headquartered in Toronto, with offices in Hong Kong, London, Luxembourg, Mumbai, New York City, San Francisco, São Paulo and Sydney, CPP Investments is governed and managed independently of the Canada Pension Plan and at arm’s length from governments. At December 31, 2023, the Fund totalled C$590.8 billion. For more information, please visit www.cppinvestments.com  or follow us on LinkedIn, Instagram or on X @CPPInvestments.

London, UK (April 02, 2024) – Canada Pension Plan Investment Board (CPP Investments) today announced it has established a new real estate investment and operating platform focused on purpose-built student accommodation (PBSA) in continental Europe. CPP Investments is forming this platform through its acquisition of Round Hill Capital’s minority stake in Round Hill European Student Accommodation Partnership (our existing joint venture), and the full acquisition of Nido Living, a leading European PBSA operator and manager. Through these combined transactions, CPP Investments is investing up to C$40 million in the platform.

Operating as Nido, the platform will be backed by CPP Investments’ real estate investment strategy and will be a wholly owned, but independently operated portfolio company with pan-European exposure. Going forward, the company will be focused on investing in and expanding the existing CPP Investments owned portfolio of over 5,000 beds, the majority of which has been operated by Nido since acquisition.

“CPP Investments and Nido together are well placed to meet the increasing demand across Europe for high-quality PBSA,” said Tom Jackson, Managing Director, Head of Real Estate Europe at CPP Investments. “Premium quality and affordable student housing is in high demand due to increased student mobility and growing participation in higher education. In Europe, student populations are increasing as labour markets upskill, resulting in growing pressure for accommodation, positioning this platform well to deliver strong risk-adjusted returns for the CPP Fund.”

In addition to managing the existing CPP Investments portfolio, Nido will continue to manage high-quality PBSA assets for other international investors. Nido will continue to provide a best-in-class service to customers during this transition. Nido, established in 2007, is a European market leader and was recently awarded ‘International Operator of the Year’ at the 2023 Property Week Student Accommodation Awards and ‘Best Private Housing, Europe’ by the 2023 Global Student Living Index. Nido’s focus on driving value for both investors and residents fits well with CPP Investments’ approach to the sector. Initially, core target growth markets will be Germany, Italy and Spain, focusing on acquiring and developing additional assets to continue to build a diversified pan-European portfolio.

About CPP Investments

Canada Pension Plan Investment Board (CPP Investments™) is a professional investment management organization that manages the Fund in the best interest of the more than 22 million contributors and beneficiaries of the Canada Pension Plan. In order to build diversified portfolios of assets, investments are made around the world in public equities, private equities, real estate, infrastructure and fixed income. Headquartered in Toronto, with offices in Hong Kong, London, Luxembourg, Mumbai, New York City, San Francisco, São Paulo and Sydney, CPP Investments is governed and managed independently of the Canada Pension Plan and at arm’s length from governments. At December 31, 2023, the Fund totalled C$590.8 billion. For more information, please visit www.cppinvestments.com or follow us on LinkedIn, Instagram or on X @CPPInvestments.

Toronto, CANADA (April 01, 2024) – Canada Pension Plan Investment Board (CPP Investments), through its wholly-owned subsidiary CPP Investment Board Europe Sarl., has agreed to a 100% sale of its holding in Dorna Sports to Liberty Media alongside Bridgepoint. Dorna is the international sports management, media and marketing company which holds the global rights to organize the MotoGP and WSBK Championships, which together represent the two pre-eminent motorcycle racing series in the world.

The transaction is a full realization of the existing stake to Liberty Media. CPP Investments’ net proceeds from the transaction are expected to be approximately C$1.9 billion, of which approximately 75% is in cash and 25% in Series C Liberty Formula One tracking stock.

“Since our first investment in Dorna in 2013, the Company has expanded the scale, scope and fanbase of motorcycle racing globally. Our partnership with the Dorna management team and Bridgepoint over more than a decade has delivered excellent returns for the CPP fund,” said Hafiz Lalani, Managing Director, Global Head of Direct Private Equity, CPP Investments. “As a coordinated ownership group, we have supported and focused the growth of the business globally, as well as helped steward it through a challenging period of time during the global pandemic. We are confident the business will now further benefit from the new ownership of Liberty Media.”

CPP Investments’ Direct Private Equity (DPE) strategy is focused on assets and sub-sectors where we maintain competitive advantages including a strong track record, superior insights, and strategic partnerships to deliver attractive risk-adjusted returns. At March 31, 2023, total Private Equity assets were C$146.0bn, 26% of total assets.

This transaction has been signed and is subject to customary conditions and regulatory approvals. The transaction is expected to complete by year-end 2024.

About CPP Investments

Canada Pension Plan Investment Board (CPP Investments™) is a professional investment management organization that manages the Fund in the best interest of the more than 22 million contributors and beneficiaries of the Canada Pension Plan. In order to build diversified portfolios of assets, investments are made around the world in public equities, private equities, real estate, infrastructure and fixed income. Headquartered in Toronto, with offices in Hong Kong, London, Luxembourg, Mumbai, New York City, San Francisco, São Paulo and Sydney, CPP Investments is governed and managed independently of the Canada Pension Plan and at arm’s length from governments. At December 30, 2023, the Fund totalled C$590.8 billion. For more information, please visit www.cppinvestments.com  or follow us on LinkedIn,  Instagram or X @CPPInvestments.

Mumbai, INDIA (March 19, 2024) – Canada Pension Plan Investment Board (CPP Investments) today announced a follow-on investment of INR 18.2 billion (C$297 million) in the units of National Highways Infra Trust (NHIT, also known as NHAI InvIT), an infrastructure investment trust (InvIT) sponsored by the National Highways Authority of India (NHAI).

The investment is part of NHIT’s capital raise by way of an institutional placement. The proceeds will be used to acquire seven brownfield toll roads, currently owned by NHAI, as part of Government of India’s National Monetisation Pipeline.

Following this investment, CPP Investments will continue to hold 25% of the units in NHIT. CPP Investments’ total investment in NHIT will increase to INR 36.8 billion (C$614 million).

“India remains a key market for CPP Investments and infrastructure is vital to the country’s economic growth. Our follow-on investment in NHIT deepens our commitment to this highly scalable platform, which has an important role to play in the continued expansion of the Indian road network,” said James Bryce, Managing Director, Head of Infrastructure, CPP Investments. “We are confident that this investment will continue to deliver high-quality infrastructure across India while generating strong risk-adjusted returns for the CPP Fund.”

The newly acquired toll roads will increase the size of NHIT’s portfolio from eight to 15 toll roads – all of which have been acquired from NHAI, a statutory authority set up in 1988 by an act of the Indian Parliament and responsible for developing, maintaining and managing national highways in India. Following the completion of this transaction, NHIT’s total portfolio will span over 1,500 kilometers across nine Indian states: Assam, Gujarat, Karnataka, Madhya Pradesh, Maharashtra, Rajasthan, Uttar Pradesh, Telangana and West Bengal.

About CPP Investments

Canada Pension Plan Investment Board (CPP Investments™) is a professional investment management organization that manages the Fund in the best interest of the more than 22 million contributors and beneficiaries of the Canada Pension Plan. In order to build diversified portfolios of assets, investments are made around the world in public equities, private equities, real estate, infrastructure and fixed income. Headquartered in Toronto, with offices in Hong Kong, London, Luxembourg, Mumbai, New York City, San Francisco, São Paulo and Sydney, CPP Investments is governed and managed independently of the Canada Pension Plan and at arm’s length from governments. At December 31, 2023, the Fund totalled C$590.8 billion. For more information, please visit www.cppinvestments.com  or follow us on LinkedIn, Instagram or on X @CPPInvestments.

Creates long-term alignment between two leading investment managers

Provides accretive financing capacity to support growth of Redwood’s market-leading operating platforms

MILL VALLEY, CA/Toronto, Canada (March 19, 2024) –– Redwood Trust, Inc. (NYSE: RWT; “Redwood” or the “Company”), a leader in expanding access to housing for homebuyers and renters, and Canada Pension Plan Investment Board (“CPP Investments”), through subsidiaries of CPPIB Credit Investments Inc., today announced a US$750 million strategic capital partnership.

The partnership consists of a newly formed US$500 million Asset Joint Venture and a US$250 million corporate secured financing facility that CPP Investments is providing to Redwood.

The Joint Venture will initially invest across the broad suite of Redwood’s residential investor bridge and term loans, targeting more than US$4 billion in total acquisitions. Redwood and its subsidiaries will administer the assets on behalf of the Joint Venture. Together, CPP Investments and Redwood will contribute up to US$500 million of equity to the Joint Venture, with an anticipated split of 80% from CPP Investments and 20% from Redwood. Redwood will earn ongoing fees to oversee the administration of the Joint Venture and is entitled to earn additional performance fees upon realization of specified return hurdles.

The secured corporate financing will have total capacity of up to US$250 million and carry a two-year term, with a one-year extension option. The facility is structured with revolving capacity to support the continued growth and scale of Redwood’s mortgage banking platforms.

To further promote long-term strategic alignment, CPP Investments will also receive warrants to acquire Redwood common stock in an initial amount of approximately US$15 million with the option to acquire up to an additional US$36 million if certain joint venture deployment targets are achieved¹. The warrants are struck at a 25% premium to the trailing 30-day average stock price and have anti-dilution mechanics including a mandatory conversion feature.

“We are thrilled to announce this strategic partnership with CPP Investments, whose experienced team sees the power of Redwood’s franchise and the financial assets we procure,” said Christopher Abate, Chief Executive Officer of Redwood. “Last year, we unveiled a key initiative to evolve our investment approach, deploying capital side-by-side with strategic investing partners and driving organic scale within our operating platforms. Today’s announcement is a critical step forward in that evolution, one which we believe supports the unprecedented growth opportunities in front of us to scale our mortgage banking businesses and generates attractive earnings streams for our shareholders.”

“This investment partnership with Redwood provides an attractive opportunity to deploy capital at scale into residential mortgage assets alongside a well-established leader in the U.S. mortgage credit sector with a 30-year proven track record,” said David Colla, Managing Director, Head of Capital Solutions, CPP Investments. “We have confidence in Redwood’s long-term growth strategy and the strength of their origination franchise. This transaction expresses our positive thesis on U.S. housing and other asset-backed credit opportunities.”

For additional information on this announcement, please see the Current Report on Form 8-K filed by Redwood with the SEC concurrently with the publication of this press release.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including statements related to the opportunity to scale Redwood’s mortgage banking business and generate attractive earnings streams, as well as statements related to total equity commitment to the joint venture, the targeted amount of total loan acquisition volume by the joint venture, and Redwood’s opportunity to earn administrative fees and performance fees upon realization of specified return hurdles in connection with the joint venture. Forward-looking statements involve numerous risks and uncertainties. Redwood’s actual results may differ from Redwood’s beliefs, expectations, estimates, and projections and, consequently, you should not rely on these forward-looking statements as predictions of future events. Forward-looking statements are not historical in nature and can be identified by words such as “anticipate,” “estimate,” “will,” “should,” “expect,” “believe,” “intend,” “seek,” “plan” and similar expressions or their negative forms, or by references to strategy, plans, or intentions. These forward-looking statements are subject to risks and uncertainties, including, among other things, those described in our Annual Report on Form 10-K for the year ended December 31, 2023 under the caption “Risk Factors”. Other risks, uncertainties, and factors that could cause actual results to differ materially from those projected may be described from time to time in reports we file with the Securities and Exchange Commission, including reports on Forms 10-Q and 8-K. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

About Redwood

Redwood Trust, Inc. (NYSE: RWT) is a specialty finance company focused on several distinct areas of housing credit. Our operating platforms occupy a unique position in the housing finance value chain, providing liquidity to growing segments of the U.S. housing market not well served by government programs. We deliver customized housing credit investments to a diverse mix of investors, through our best-in-class securitization platforms; whole-loan distribution activities; and our publicly traded shares. Our aggregation, origination and investment activities have evolved to incorporate a diverse mix of residential, business purpose and multifamily assets. Our goal is to provide attractive returns to shareholders through a stable and growing stream of earnings and dividends, capital appreciation, and a commitment to technological innovation that facilitates risk-minded scale. We operate our business in three segments: Residential Mortgage Banking, Business Purpose Mortgage Banking and Investment Portfolio. Additionally, through RWT Horizons™, our venture investing initiative, we invest in early-stage companies strategically aligned with our business across the lending, real estate, and financial technology sectors to drive innovations across our residential and business-purpose lending platforms. Since going public in 1994, we have managed our business through several cycles, built a track record of innovation, and established a best-in-class reputation for service and a common-sense approach to credit investing. Redwood Trust is internally managed and structured as a real estate investment trust (“REIT”) for tax purposes. For more information about Redwood, please visit our website at www.redwoodtrust.com or connect with us on LinkedIn.

About CPP Investments

Canada Pension Plan Investment Board (CPP Investments™) is a professional investment management organization that manages the Fund in the best interest of the more than 22 million contributors and beneficiaries of the Canada Pension Plan. In order to build diversified portfolios of assets, investments are made around the world in public equities, private equities, real estate, infrastructure and fixed income. Headquartered in Toronto, with offices in Hong Kong, London, Luxembourg, Mumbai, New York City, San Francisco, São Paulo and Sydney, CPP Investments is governed and managed independently of the Canada Pension Plan and at arm’s length from governments. At December 31, 2023, the Fund totalled C$590.8 billion. For more information, please visit www.cppinvestments.com or follow us on LinkedIn, Instagram or on X @CPPInvestments.

¹ Represents the aggregate exercise price of the warrants.

Toronto, CANADA (March 08, 2024) – Canada Pension Plan Investment Board (CPP Investments), has entered into an agreement to join the Optics BidCo investor group, which is acquiring NetCo – the most extensive telecoms network in Italy – from Telecom Italia S.p.A.  CPP Investments has committed to acquire a 17.5% interest in NetCo for up to €2.0 billion (C$2.9 billion), as part of a transaction which values the business at an enterprise value of approximately €18.8 billion (C$27.5 billion). The investor group, led by Kohlberg Kravis Roberts & Co. L.P. (KKR), includes a wholly owned subsidiary of the Abu Dhabi Investment Authority (ADIA), the Italian infrastructure fund F2i and the Ministry of Economy and Finance of the Italian Government.

The newly defined NetCo business will be primarily comprised of the fixed network assets being separated out from Telecom Italia S.p.A., offering connectivity to homes and businesses across the country on an open-access wholesale basis with a mix of copper and fiber-based technologies.

“NetCo will provide critical end-to-end data connectivity services that support the functioning of the Italian economy,” said James Bryce, Managing Director, Global Head of Infrastructure, CPP Investments. “Our investment alongside these key partners with a shared long-term vision will help deliver high-quality digital infrastructure across Italy as well as generating long-term risk-adjusted returns for the fund. We are optimistic that NetCo can represent the first of several infrastructure investments in Italy for CPP Investments.”

The investor group at NetCo will support the completion of an extensive upgrade to the existing network to deliver high quality and high capacity fiber-based services in urban and rural areas, decommissioning of legacy copper technologies, making improvements to IT functionality, and driving efficiencies in the business. The closing of the transaction is expected in the summer of 2024 subject to customary conditions.

CPP Investments is an active global infrastructure investor with 29 direct investments in 13 countries totalling C$51.8 billion as at December 31, 2023, with significant investments in digital infrastructure businesses, including Boldyn Networks (United States, UK and Italy), Cellnex (Pan-European) and V.Tal (Brazil).

About CPP Investments

Canada Pension Plan Investment Board (CPP Investments™) is a professional investment management organization that manages the Fund in the best interest of the more than 22 million contributors and beneficiaries of the Canada Pension Plan. In order to build diversified portfolios of assets, investments are made around the world in public equities, private equities, real estate, infrastructure and fixed income. Headquartered in Toronto, with offices in Hong Kong, London, Luxembourg, Mumbai, New York City, San Francisco, São Paulo and Sydney, CPP Investments is governed and managed independently of the Canada Pension Plan and at arm’s length from governments. At December 31, 2023, the Fund totalled C$590.8 billion. For more information, please visit www.cppinvestments.com  or follow us on LinkedIn, Instagram or on X @CPPInvestments.

Toronto/Edmonton, CANADA (March 6, 2024) – Canada Pension Plan Investment Board (CPP Investments), Alberta Investment Management Corporation (AIMCo) and Manulife Investment Management today announced a new follow-on commitment to Boldyn Networks (Boldyn), a leading shared network infrastructure provider in the U.S. and globally. This commitment will support Boldyn’s ongoing growth strategy, including the agreed acquisition of Apogee Telecom (Apogee), one of the largest providers of on-campus connectivity infrastructure in the U.S. higher education industry.

This acquisition represents an opportunity for Boldyn to grow its U.S. footprint and capabilities by expanding into the higher education sector as the demand for highspeed, low latency connectivity at colleges and universities continues to rapidly increase. Serving more than 350 institutions, Apogee offers wireless residential campus networks for students, faculty and staff, as well as managed campus network and technology solutions, fiber infrastructure as a service, and video services. Through this deal, Apogee’s customers will have access to Boldyn’s extended wireless capabilities.

“As demand for connectivity and data-rich content rises, Boldyn is well placed to provide advanced, high-performing network services as a global player in the wireless infrastructure sector,” said James Bryce, Managing Director, Head of Infrastructure, CPP Investments. “Investing in digital infrastructure continues to be attractive as the world becomes increasingly data centric, and we believe Boldyn’s acquisition of Apogee will position the company for growth within the large-scale U.S. higher education industry.”

Since 2009, CPP Investments has been a majority shareholder in Boldyn (with an 86% position) and has committed approximately C$3.5 billion to the Boldyn platform, with AIMCo as a minority shareholder in the company (with a 10% position). In the fourth quarter of 2021, Manulife Investment Management, on behalf of its clients, partnered with Boldyn to acquire a minority interest in its digital infrastructure assets in the U.S.

“Boldyn has articulated and effectively executed an impressive growth strategy with acquisitions that both expand its footprint and complement its core capabilities as a leading network infrastructure provider,” said Ben Hawkins, Executive Managing Director, Head of Infrastructure & Renewable Resources, AIMCo. “Apogee brings important scale to Boldyn’s U.S. business as well as a new focus on the growing higher education market.

“We are pleased to continue to support the growth of Boldyn Networks as one of the leading neutral-host connectivity providers in the U.S. positioned to benefit from the increased demand for fixed and wireless connectivity solutions,” said Daniel Neil, Senior Director, Infrastructure Investments, Manulife Investment Management. “We believe that Boldyn’s acquisition of Apogee is a strategic fit as it will expand the company’s wireless capabilities and provide an opportunity to serve new clients as colleges increasingly outsource connectivity infrastructure to trusted partners.”

The Apogee transaction is subject to customary regulatory consents. It is expected to close in the second quarter of 2024.

About CPP Investments

Canada Pension Plan Investment Board (CPP Investments™) is a professional investment management organization that manages the Fund in the best interest of the more than 22 million contributors and beneficiaries of the Canada Pension Plan. In order to build diversified portfolios of assets, investments are made around the world in public equities, private equities, real estate, infrastructure and fixed income. Headquartered in Toronto, with offices in Hong Kong, London, Luxembourg, Mumbai, New York City, San Francisco, São Paulo and Sydney, CPP Investments is governed and managed independently of the Canada Pension Plan and at arm’s length from governments. At December 31, 2023, the Fund totalled C$590.8 billion. For more information, please visit www.cppinvestments.com or follow us on LinkedIn, Instagram or on X @CPPInvestments.

About Alberta Investment Management Corporation (AIMCo)

AIMCo is one of Canada’s largest and most diversified institutional investment managers with more than C$158 billion of assets under management. AIMCo invests globally on behalf of pension, endowment, insurance, and government funds in the Province of Alberta. AIMCo manages approximately 30 pools of capital on behalf of our clients. With offices in Edmonton, Calgary, Toronto, London, Luxembourg, New York, and Singapore, our more than 200 investment professionals bring deep expertise in a range of sectors, geographies, and industries. For more information on AIMCo please visit www.aimco.ca or follow us on LinkedIn.

About Manulife Investment Management

Manulife Investment Management is the brand for the global wealth and asset management segment of Manulife Financial Corporation. Our mission is to make decisions easier and lives better by empowering investors for a better tomorrow. Serving more than 17 million individuals, institutions, and retirement plan members, we believe our global reach, complementary businesses, and the strength of our parent company position us to help investors capitalize on today’s emerging global trends. We provide our clients access to public and private investment solutions across equities, fixed income, multi-asset, alternative, and sustainability-linked strategies, such as natural capital, to help them make more informed financial decisions and achieve their investment objectives. Not all offerings are available in all jurisdictions. For additional information, please visit manulifeim.com.