Investor Presentaiton

36 36 PSP offers good spread pick up to AAA Canadian agencies, such as Canada Housing Trust While not explicitly guaranteed by the Government of Canada, the Government has the responsibility to ensure the pension plans are fully funded Historical credit spread Spread (in I bps) 100 90 80 5yr PSP Capital Spreads vs. Canada & Canada Housing Trust 70 60 50 40 30 20 10 0 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 Apr-18 Jul-18 Oct-18 5Y PSP-CHT 5Y CHT Jan-19 Apr-19 Jul-19 Oct-19 Jan-20 Apr-20 Jul-20 Oct-20 5Y PSP Jan-21 Apr-21 Jul-21 Oct-21 Jan-22 PSP Back 1/3

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