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| CPP Investments is committed to timely and continuous disclosure of significant new investments and asset |
| sales. |
| In addition, we publish an annual view of our economic exposure to individual listed equities to both |
| demonstrate the broad diversification of investments across countries and industries, as well as maintain |
| transparency and accountability to stakeholders. |
| The Canadian Public Equity Holdings list below specifically includes a view of publicly traded equities based |
| in Canada with positive net market values greater than C$5 million as at March 31, 2023. |
| These market values are calculated by combining the investment positions directly held by CPP Investments |
| through shares or units, as well as indirect exposures through non-index derivative instruments. As the total |
| Fund increases in value, both the number of individual securities and the average size of each |
| holding tend to increase. |
| While this list represents a point-in-time snapshot of exposure, we believe that this form of disclosure |
| best reflects the Fund’s investment position at fiscal year-end. |
| KEY DISCLOSURE ELEMENTS |
| > Includes physical equity positions (where we hold shares or units directly) as well as synthetic exposures |
| obtained through derivative securities that do not reference an index. Voting rights are typically not attached |
| to economic exposure attained through derivatives. |
| > Investments in individual companies do not include implied positions from index-based instruments. |
| Investment exposure to market indexes are shown separately. Exchange-traded funds (i.e. ETFs or Public |
| Funds) have been reported in the list on a direct basis. |
| > Does not include positions managed by a third-party investment manager for which CPP Investments has |
| no discretionary investment authority. |
| > Does not include certain investments which are kept confidential to avoid signaling our intentions to the |
| market or as required under confidentiality agreements. We will publicly disclose any individual investment |
| required to be disclosed under relevant securities regulations. |
| Canadian Publicly Traded Equities |
| As of March 31, 2023 |
Equity Holding
('000)
(CAD $ millions)