Reaction of the Caisse de dépôt et placement du Québec to the agreement in principle under the Montréal Accord

The Caisse de dépôt et placement du Québec is very satisfied with the agreement in principle reached today under the Montréal Accord.

The agreement covers 20 of the 22 Canadian non-bank trusts that have issued asset-backed commercial paper. It provides for the creation of three trusts, holding traditional assets, synthetic assets and subprime mortgages, respectively. The agreement also provides for credit facilities to meet investors’ liquidity needs. Under the agreement in principle, the ABCP restructuring should be completed in March 2008.

The Caisse is very satisfied with the agreement in principle, which is designed to preserve the value of the ABCP held by investors, and it intends to continue to collaborate on putting it in place. “The solutions provided by the agreement serve the interests of the Caisse’s depositors,” stated Henri-Paul Rousseau, President and Chief Executive Officer of the Caisse.

He also commended Purdy Crawford, the lawyer who is the Chairman of the Committee, on his extraordinary ability to achieve a consensus and outstanding work. “Mr. Crawford has succeeded in reaching an agreement that will undoubtedly be recognized as vital to Canada’s financial market,” Mr. Rousseau concluded.

The Caisse would like to reiterate that it has undertaken to provide a full accounting regarding asset-backed commercial paper when it announces its annual results.

The details of the agreement in principle can be consulted at: http://documentcentre.eycan.com/pages/main/?SID=35

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, 2006, it held $143.5 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.