Clarifications on the Caisse’s investment in Gesca Ltée

The Caisse de dépôt et placement du Québec stated today that its private equity investment in Gesca Ltée, referred to on page 65 of its Annual Report, is a variable-rate loan repayable at the borrower’s discretion and administered by a banking syndicate consisting of three banks and the Caisse.

The Caisse has been one of Gesca’s lenders since January 31, 2001, the date of the first transaction of this kind with the company and other lenders. The last loan was made in April 2007.

The Caisse is involved in dozens of loans of this kind with as many companies. Like all other variable-rate loans repayable at the borrower’s discretion, this one is a private equity investment of an undisclosed amount.

The Caisse would like to point out that the portfolio managers have the leeway to make a loan of this type without authorization from Caisse senior management.

The Caisse would like to reiterate that Henri-Paul Rousseau was appointed President and Chief Executive Officer of the Caisse by the Québec government on May 30, 2002, and stepped down on May 30, 2008. He remained an adviser to senior management until August 31, 2008.

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, 2008, it held $120.1 billion of net assets. As 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.