Caisse de dépôt et placement du Québec: Richard Guay steps down as President and Chief Executive Officer and becomes strategic adviser. Fernand Perreault will assume management of the Caisse for the next six months

Pierre Brunet, Chairman of the Caisse de dépôt et placement du Québec, announced today that Richard Guay had decided, for personal reasons, to step down as President and Chief Executive Officer. “The Board of Directors has accepted his resignation. It understands Mr. Guay’s decision and has thanked him for his contribution to the Caisse’s management since May 2008,” Mr. Brunet stated. The resignation will take effect on January 7, 2009.

Further to this decision, Mr. Guay will continue to work for the institution and, starting January 8, will hold the position of Strategic Adviser to the President and Chief Executive Officer, providing counsel on investment policy and asset allocation. “The Caisse is pleased that it can continue to rely on his expertise and in-depth knowledge of the organization and financial instruments,” Mr. Brunet stated.

Mr. Guay was appointed President and Chief Executive Officer on September 5, 2008, having been responsible for interim management of the institution since May 30, 2008. He has worked for the Caisse since 1995, in positions that include Chief Investment Officer (2006-2008) and Executive Vice-President, Risk Management and Depositors’ Accounts Management (2002-2006).

The Caisse’s Board of Directors has recommended that the Québec government approve the appointment of Fernand Perreault as President and Chief Executive Officer for a period of six months ending July 7, 2009. “The Board believes it is appropriate at this time to entrust Mr. Perreault with a transitional mandate. During this transition, Mr. Perreault and the senior management team will contine to implement the appropriate decisions so as to adapt the Caisse’s strategies to the changes caused by the global financial and economic crisis,” Mr. Brunet explained.

The Board of Directors will undertake the recruitment of a new President and Chief Executive Officer at the appropriate time.

René Tremblay, President and Chief Executive Officer of Ivanhoe Cambridge, a subsidiary of the Caisse de dépôt et placement du Québec, has also been appointed Executive Vice-President, Real Estate, to replace Fernand Perreault. Mr. Tremblay will hold this position on an interim basis from January 8 to July, 7, 2009, and in this capacity will be a member of the Caisse’s Executive Committee.

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.