Investor Presentaiton

同 10 34 = Private Markets overview Back 2/2 PRIVATE EQUITY Private Equity builds strategic relationships with external fund managers and investment partners, leveraging their networks and sector and geographic expertise to source long-term co-investment opportunities. CREDIT INVESTMENTS Credit Investments focuses on non-investment grade credit investments in North America and Europe across private and public markets, as well as rescue financing opportunities. From offices in New York, London and Montréal, our global team invests across the debt capital structure in the form of loans, bonds and preferred equity. The group balances credit quality, structure, fixed-floating deployment opportunity, risk-return profile, asset mix and portfolio diversification, among other considerations. * REAL ESTATE Real Estate focuses on building a world-class portfolio of assets in major international cities, based on global themes such as technology, logistics, lifestyle, urbanization and demographics. The group prefers to own assets directly with first-class partners that have local expertise and share its approach to creating value and generating returns. Real Estate also invests with select funds in specific markets or strategies where direct ownership is more challenging. INFRASTRUCTURE Infrastructure invests globally on a long-term basis in the sectors of transportation, communications, and energy. The asset class provides diversification, stability, and illiquidity premiums that enhance PSP Investments' overall risk-return profile. The group added a new strategy last year that focuses on assets providing strong inflation protection. The group has a flexible investment strategy incorporating platforms, consortium direct investments, as well as funds and co-investments. Platforms are companies we control that have sector-specific knowledge, operational expertise, key relationships, and on the ground presence to manage green-field assets and expand our reach in terms of access to investment opportunities. Direct investments are large minority investments alongside financial or strategic partners with strong alignment of interests between investors. Finally, funds are used to target complicated sectors or geographies that require specialized knowledge, and/or to gain access to co-investment opportunities. NATURAL RESOURCES Natural Resources focuses on real assets in agriculture and timber in investment-friendly jurisdictions around the world. The group partners with best-in-class local operators who share the group's long-term investment philosophy and responsible ESG culture. The group targets opportunities well poised to benefit from secular trends driving continued demand growth and increasingly constrained supply. Its investments are typically underpinned by a high component of land, water or biological assets that provide the fund with significant downside protection and uncorrelated returns. The group also invests in strategic, complementary post-farmgate opportunities which increase margins and reduce cash flow volatility.

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