OPTRUST FULLY FUNDED FOR 13TH CONSECUTIVE YEAR

TORONTO,March 9,2022 -- OPTrust today released its 2021 Funded Status Report,Moving Forward,which details the Plan's financial results and fully funded status. In 2021,OPTrust achieved a net investment return of 15.3 per cent and lowered its discount rate. Over the past 10 years,the Plan's average net investment return is 8.9 per cent.

OPTrust is one of Canada's largest defined benefit pension plans.

"Our role as a pension plan is to look beyond the short term and into the future to pay pensions for generations of Ontarians," said Peter Lindley,President and CEO of OPTrust. "While the impact of the global pandemic will be felt for years,together,we have continued to move forward by doing what we do best: focusing on our members so they can have peace of mind knowing their pension is secure."

OPTrust recognized two significant growth milestones in 2021 – surpassing 100,000 members and welcoming the 50th new employer to OPTrust Select. Additional highlights include the appointment of OPTrust's first Inclusion,Diversity and Equity leader to develop and implement a robust three-year strategy,establishing more integrated and measurable approaches to responsible investing across our investment portfolio,and delivering over a billion dollars in pension benefits to members across hundreds of Ontario communities.

"OPTrust's vision is to deliver peace of mind in retirement for our members,to invest sustainably for the long-term health of the Plan and to create an inclusive and fulfilling work experience for our people," said Lindley. "In 2021,we delivered on that vision by making meaningful progress towards a more inclusive workforce,investing in a risk-efficient manner,and maintaining our fully funded status for the 13th consecutive year."

The OPTrust team continued to provide an exceptional service experience to members. In 2021,members and retirees rated their service satisfaction as 8.8 out of 10. We also achieved a top 10 global placement by CEM Benchmarking Inc. for service,and top two among Canadian peers. OPTrust continued to strengthen actuarial assumptions to enhance the long-term funding health of the Plan by lowering the discount rate to 2.85%,net of inflation,from 3.0% in 2020.

Additional information about OPTrust's 2021 strategy and results is available in Moving Forwardat optrust.com.

About OPTrust

With net assets of over $25 billion,OPTrust invests and manages one of Canada's largest pension funds and administers the OPSEU Pension Plan (including OPTrust Select),a defined benefit plan with over 100,000 members. OPTrust was established to give plan members and the Government of Ontario an equal voice in the administration of the Plan and the investment of its assets through joint trusteeship. OPTrust is governed by a 10-member Board of Trustees,five of whom are appointed by OPSEU and five by the Government of Ontario.

Media Contact:Claire Prashaw,Director,Public Affairs,OPTrust,1-416-681-3617,cprashaw@optrust.com

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