Investor Presentaiton

Credit ratings MORNINGSTAR DBRS MOODY'S S&P Global Fitch Ratings | A-1+/AAA | Rating Reports R1-High / AAA | P-1/Aaa F1+/AAA - We are a debt issuer Positive net contributions Strong corporate governance and liquidity management Low leverage and no pension liability Independent Board of Directors 100% owned by the Government of Canada Exclusive Investment Manager for federal pension plans ON A STAND-ALONE BASIS Strong corporate governance Conservative approach to leverage Focus on liquidity FROM THE SPONSORSHIP Likelihood of support Bond holders rank senior to the amounts due to pension plans AAA Stable 11 == PSP

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