CPP Investment Board Announces David Denison as New President and CEO.

TORONTO -- The Board of Directors of the CPP Investment Board today appointed David Denison as the organization's next President and CEO. Mr. Denison will join the CPP Investment Board on January 17, 2005, succeeding John A. MacNaughton. Mr. MacNaughton, who has led the CPP Investment Board since 1999, announced his plans to retire earlier this year.

Mr. Denison is currently President of Fidelity Investments Canada Limited, one of the largest investment firms in Canada with $33 billion in assets under management. Previously, he served as President of one of Fidelity's business units in the United States. Fidelity is one of the world's largest financial services companies with custodied assets of US$1.9 trillion, including managed assets of US$1 trillion.

Mr. Denison has extensive experience in financial services in Canada and internationally. He began his business career in 1981 as a chartered accountant with Price Waterhouse, was a senior executive in Merrill Lynch's Canada, Europe and Middle East operations from 1984-1988, and served as Chief Financial Officer at S.G. Warburg Canada, Midland Walwyn and Mercer Consulting, and Chief Operating Officer of Bunting Warburg immediately before joining Fidelity Canada in 1995. (Please see attached biographical sketch for additional information)

The Board selected Mr. Denison from a list of outstanding candidates following a rigorous six-month search process managed by a selection committee of the Board, with the assistance of a leading global executive search firm.

Gail Cook-Bennett, Chair of the CPP Investment Board, said, "David Denison is a seasoned executive with two decades of experience within global financial services organizations, and an impressive record of accomplishment. His integrity, broad management experience and success in strategy execution are precisely the qualities that the board sought in a new CEO. The Board of Directors is delighted to have attracted David Denison to this important role."

"I have great respect for what the CPP Investment Board has achieved over the past five years and I am very excited about the opportunity to build on those achievements in the future," said Mr. Denison. "My immediate focus will be to gain a more thorough understanding of the issues, challenges and opportunities facing this organization. I am honoured to be leading the team that invests the CPP reserve fund on behalf of 16 million Canadians."

Ms. Cook-Bennett added, "On behalf of the Board of Directors, I want to recognize John MacNaughton, the CPP Investment Board's first President and CEO, for his significant contribution in building and leading the organization through its formative stages. We wish John the very best in his retirement activities."

Mr. Denison is a member of the Board of Governors of York University and the York School, a director and treasurer of the Toronto Rehabilitation Institute, and a member of the Campaign Cabinet for the United Way of Greater Toronto. Born in Gander, Newfoundland, Mr. Denison worked for six years as a secondary school mathematics teacher in Toronto before earning his Chartered Accountant designation and beginning his business career. He is a graduate of the University of Toronto with Bachelor's degrees in Mathematics and Education.

The chief executive appointment process, designed by the reformers of the CPP in 1997, is an important part of the distinct governance model of the CPP Investment Board. The federal and provincial finance ministers, in their role as stewards of the Plan, produced a carefully crafted governance framework that balances accountability with an ability to operate at arms-length from government. The resulting governance model, enshrined in legislation, mandates that an independent board of directors appoints the CEO following a rigorous selection process.

The CPP Investment Board is a Crown corporation created by an Act of Parliament in December 1997. It invests in capital markets the funds not needed by the Canada Pension Plan to pay current pensions. Cash flows are currently invested in equities and real estate to balance the cash and bonds owned by the Canada Pension Plan. By increasing the long-term value of funds, the CPP Investment Board will help the Canada Pension Plan to keep its pension promise to Canadians. Based in Toronto, the CPP Investment Board is governed and managed independently of the Canada Pension Plan and at arm's length from governments. Its fiscal year is from April 1 to March 31. For more information about the CPP Investment Board, visit www.cppib.ca.

A teleconference has been scheduled for today at 1:30 p.m. ET to discuss this announcement. Journalists who wish to participate should contact Jennifer Ross at 416-868-4682 or [e-mail].

Backgrounder

David Denison, CA

David Denison assumes his position as President and CEO of CPP Investment Board on January 17, 2005. Mr. Denison is currently the President of Fidelity Investments Canada Limited, one of the largest investment firms in Canada with $33 billion in assets under management and 750 employees. Mr. Denison assumed this role in March 2003 and was responsible for Fidelity's mutual fund, defined contribution and defined benefit businesses in Canada.

Before returning to Canada, Mr. Denison served as President of the Fidelity Investments Institutional Brokerage Group in Boston from 2000 to 2003, and managed the operation of three business units - Fidelity Capital Markets, National Financial and Fidelity Registered Investment Advisor Group which in the aggregate had revenues of approximately $1 billion.

From 1995 to 2000, Mr. Denison served as Chief Operations Officer and then President of Fidelity Investments Canada. During this period, the company's assets grew from $6 billion to $33 billion, and was ranked as one of the top 35 companies to work for by Report on Business magazine in 1999 and 2000. Fidelity Canada led the mutual fund industry in net sales and market share growth from 1998 to 2000.

Mr. Denison was a senior executive in Merrill Lynch's Canada, Europe and Middle East operations from 1984-1988, and served as Chief Financial Officer at S.G. Warburg Canada, Midland Walwyn and Mercer Consulting, and Chief Operating Officer of Bunting Warburg. He began his business career in 1981 as a chartered accountant with Price Waterhouse.

Mr. Denison was born in Gander, Newfoundland and raised in Montreal. He worked for six years as a secondary school mathematics teacher in Toronto before earning his Chartered Accountant designation and beginning his business career. He is a graduate of the University of Toronto with Bachelor's degrees in mathematics and education.

Mr. Denison is a member of the Board of Governors of York University and the York School, a director and treasurer of the Toronto Rehabilitation Institute, and a member of the Campaign Cabinet for the United Way of Greater Toronto.