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 Foreign Public Equity Holdings list below specifically includes a view of our financial exposure to publicly traded equities based outside of Canada with positive net market values greater than C$5 million as at March 31, 2025.

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.

Foreign Publicly Traded Equities

As at March 31, 2025