The Caisse de dépôt et placement du Québec realizes a gain on the sale of 20% of its participation in BAA

The Caisse de dépôt et placement du Québec ("Caisse") announced that it has realized a meaningful premium on the sale of 20% of its stake in airport operator BAA. The transaction which occurred in July 2007 was subject to confidentiality agreements until recently. The Caisse’s interest in BAA stands at 23.15% compared to 28.94% at the time of the acquisition of BAA with Spain's Grupo Ferrovial and GIC in July 2006. As a result, the Caisse’s equity stake in BAA has gone from 1.2 billion pounds to 962 million pounds.

“At the time of the BAA acquisition by the Caisse and its two partners, it was always contemplated that the Caisse’s participation in BAA would drop below 25% to allow for other partners to become shareholders of BAA,” said Mr. Henri-Paul Rousseau, President and Chief Executive Officer of the Caisse de dépôt et placement du Québec. “The 15% gain on the sale clearly demonstrates that the Caisse’s participation in BAA is a sound investment.”

The Caisse remains a long-term investor in BAA. The fundamental attributes of BAA’s airports, including those in London, remained solid. London is and will be the hub of global air transport for many years to come.

Furthermore, BAA can count on the support of the Caisse in its refinancing process. The planned refinancing will be used not only to renew the current debt, but also to fund improvements and modernization of a number of terminals in years to come. Details of the plan will be made public once they are finalized. The Caisse’s participation in BAA, including an eventual participation in the refinancing program, will be less than the Caisse’s initial participation of 1.2 billion pounds.

About the Caisse de dépôt et placement du Québec
The Caisse de dépôt et placement du Québec is a financial institution that manages funds primarily for public and private pension and insurance plans. As at December 31, 2007, it held $155.4 billion of net assets. One of the leading institutional fund managers in Canada, the Caisse invests in the main financial markets as well as in private equity and real estate. For more information: www.cdpq.com.