February 05, 2009

TORONTO - The Ontario Teachers' Pension Plan (Teachers') filed a Form 13F with the U.S. Securities and Exchange Commission after market close today. The form notes that Teachers' held approximately 16 million common shares of Petro-Canada, representing 3.3% of the company, as of December 31, 2008 and 4.3 million common shares as of September 30, 2008.

Teachers' also has confirmed that it has held discussions with the management and board of Petro-Canada regarding the creation of shareholder value. Those discussions are continuing.

The Ontario Teachers' Pension Plan is the largest single-profession pension plan in Canada. An independent organization, it invests the pension fund's assets and administers the pensions of 278,000 active and retired teachers in Ontario.


Deborah Allan
Director, Communications and Media Relations
Ontario Teachers' Pension Plan
(416) 730-5347

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