CPP Investment Board Invests €400 million in the ProLogis European Properties Fund II

TORONTO, ON (August 21, 2007) CPP Investment Board, the investment management organization that invests Canada’s national pension fund assets announced today that it has committed €400 million to the ProLogis European Fund II (PEPF II) which focuses on acquiring and managing a diversified portfolio of core institutional-quality distribution facilities in Europe. The CPP Investment Board’s equity investment represents approximately 17 per cent of the total fund.

Based in Denver, ProLogis is the leading global developer and operator of distribution facilities in Europe with a proven track record in this market segment. This fund commitment builds on other CPP Investment Board real estate transactions in Europe including its recent investments in the UK retail sector.

“By investing in the PEPF II, the CPP Investment Board is continuing its strategy of building relationships with world class developers and operators of commercial real estate,” said Graeme Eadie, Senior Vice-President, Real Estate Investments, CPP Investment Board. “This investment will achieve attractive risk adjusted returns and will help us build a long-term core real estate holding at the same time. It also supports the CPP Investment Board’s focus to geographically diversify its real estate portfolio with further investments in Continental Europe and selected markets in Central and Eastern Europe.”

“We’re extremely pleased to welcome CPP Investment Board as a major investor in our latest European fund,” said Jeffrey H. Schwartz, ProLogis chairman and chief executive officer. “We believe the new fund will enable CPP Investment Board and our other fund partners to achieve their investment objectives by delivering stable cash flows and long-term asset appreciation, while delivering access to Europe’s leading platform of industrial properties.”

About the CPP Investment Board
The CPP Investment Board invests the funds not needed by the Canada Pension Plan to pay current benefits on behalf of 16 million Canadian contributors and beneficiaries. In order to build a diversified portfolio of CPP assets, the CPP Investment Board is investing in publicly-traded stocks, private equities, real estate, inflation-linked bonds, infrastructure and fixed income. The CPP Investment Board is accountable to Parliament and the federal and provincial finance ministers. Based in Toronto, the CPP Investment Board is governed and managed independently of the Canada Pension Plan and at arm's length from governments. At June 30, 2007, the CPP Fund totaled C$120.5 billion including $5.6 billion in real estate investments. For more information, please visit www.cppib.ca.

For further information contact:
Joel Kranc
Manager, Communications
CPP Investment Board
(416) 874-5163 
jkranc@cppib.ca

or

May Chong
Director, Communications
CPP Investment Board
(416) 868-8657 
mchong@cppib.ca