CAISSE DE DÉPÔT ET PLACEMENT DU QUÉBEC AR Our Clients, the Depositors

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1 CAISSE DE DÉPÔT ET PLACEMENT DU QUÉBEC AR Our Clients, the Depositors

2 CAISSE DE DÉPÔT ET PLACEMENT DU QUÉBEC AR Our Clients, the Depositors STRATEGIC DECISIONS WITH LEVERAGE FOR THE LONG TERM La Caisse s client-centric approach is based on listening and collaborating so that it can propose solutions designed to meet the needs of its depositors. In 2013, La Caisse therefore implemented, in co-operation with the depositors, major decisions made the previous year concerning its investment directions and strategy. The main changes made during the year focused on two key pillars: La Caisse s specialized portfolio offering and the strategic allocation of depositors assets. PORTFOLIO OFFERING Several Caisse teams mobilized to complete the implementation of changes made in 2013 to the portfolio offering, in particular: Creating the Global Quality Equity portfolio, focused on high-quality securities with more stable returns over the long term. Its benchmark index consists of 85% MSCI ACWI, unhedged, and 15% DEX 91 Day T-Bills; Gradually winding down the Global Equity portfolio; Gradually applying an active management approach to the Emerging Markets Equity portfolio. The benchmark index now consists of MSCI EM, unhedged, and adjusted to include the MSCI China A index; Integrating a management mandate based on long-term relationships with growth-driven companies into the Private Equity portfolio. The hedged index now consists of 50% MSCI World and 50% State Street Private Equity, adjusted; Finalizing the repositioning of the Hedge Fund portfolio and adjusting its benchmark index. At the end of 2013, this portfolio s activities were integrated into Active Overlay Strategies, a new non-capitalized specialized portfolio introduced on January 1, The specialized portfolio offering and the portfolios benchmark indexes as at December 31, 2013, are provided in Table 2 on page 18, and in Table 3 on page 19, respectively. STRATEGIC ALLOCATION OF DEPOSITORS ASSETS Constantly aiming to satisfy the needs of its clients, La Caisse continued to strengthen its ability to analyze their long-term financial obligations. In 2013, this expertise enabled it to enhance its advisory services related to asset allocation. Orientations for strategic asset allocation were the focus of several working sessions between Caisse teams and depositors during the year. As a result of the sessions, most depositors adjusted their asset allocations in light of their specific needs and Caisse orientations, concerning mainly: The level of weighting to be given to the new Global Quality Equity portfolio; The increased weighting of less-liquid assets; and The increased weighting of investments in emerging markets. Certain depositors also scaled back their allocation to the fixed-income portfolios and shortened the duration of their bond positions to reduce their exposure to rising interest rates. They also adjusted their allocation to the various equity portfolios, such as indexed portfolios. To offset the underweighting of less-liquid portfolios, resulting from disciplined deployment of capital in real estate, infrastructure and private equity, La Caisse offered depositors a strategy to invest available cash in financial markets. The strategy is designed to generate a return exceeding that of short-term investments while respecting the risk-return profile of each portfolio concerned.

3 CAISSE DE DÉPÔT ET PLACEMENT DU QUÉBEC AR DEPOSITORS INDIVIDUAL RETURNS The equity markets made strong gains in 2013, returning an average of 22.4%, while the bond markets returned -1.2%. Because of this disparity, asset allocation decisions had a substantial impact on each depositor s return. Such decisions depend on factors that include a depositor s target returns, risk tolerance and investment horizon. In 2013, the returns for the eight main depositors ranged from 8.9% to 15.5%. Over four years, the differences between these depositors returns are much smaller, ranging from 9.1% to 10.6% (see Figure 1). FIGURE 1 DIFFERENCES IN RETURNS ON THE EIGHT MAIN DEPOSITORS FUNDS (as a percentage) 20 Weighted average return on depositors funds Highest return Lowest return CLIENT SATISFACTION In 2013, La Caisse obtained feedback from all its clients on their overall satisfaction and on the following topics: strategic orientations, investment policies, risk management, reporting, collaboration and communication. This exercise is part of the initiative to enhance the services offered and analyze clients needs more effectively. It found high levels of satisfaction with most aspects of the services, particularly collaborative forums, portfolio offering and reporting practices % 4 years 1.5% difference 13.1% % difference WE ARE IMPROVING OUR PORTFOLIO OFFERING AND ADVISORY SERVICES TO BETTER MEET OUR CLIENTS NEEDS

4 CAISSE DE DÉPÔT ET PLACEMENT DU QUÉBEC AR Our Clients, the Depositors A PORTFOLIO OFFERING ADAPTED TO DEPOSITORS NEEDS La Caisse provides its depositors with the ability to allocate their funds to specialized portfolios that hold securities from the same asset class. Each portfolio is managed according to a set of rules contained in an investment policy. This document specifies: The portfolio s management approach; Its investment universe and benchmark index; Its target returns; and Its risk monitoring. CUSTOMIZED ADVISORY SERVICES La Caisse offers depositors advisory services to assist them with their investment decisions. The services include: Analyses of financial markets and economic outlooks; Risk and return forecasts for the main asset classes and specialized portfolios; and Simulated allocation of depositors funds to various specialized portfolios in order to determine the optimal composition of their benchmark portfolio, in line with their needs and risk tolerance. In addition to its specialized portfolios, La Caisse offers customized overlay strategies so that each depositor can tailor its exposure to foreign currencies and interest rates. TABLE 2 SPECIALIZED PORTFOLIO OFFERING (as at December 31, 2013) ACTIVELY MANAGED INDEXED OBJECTIVES FIXED INCOME Bonds Real Estate Debt Short Term Investments Long Term Bonds Reduce the portfolio s overall risk level Match depositors assets and liabilities INFLATION- SENSITIVE INVESTMENTS EQUITY OTHER INVESTMENTS Real Estate Infrastructure Canadian Equity Global Quality Equity Global Equity Emerging Markets Equity Private Equity Hedge Funds Asset Allocation ABTN Real Return Bonds U.S. Equity EAFE Equity Have exposure to markets whose investment income is indexed to inflation Partially hedge the inflation risk associated with the liabilities of several depositors Increase depositors long-term target returns Achieve diversification and complementarity of La Caisse s overall portfolio _Tableaux RA-AN V8 14/04/2014 PAGE 9

5 CAISSE DE DÉPÔT ET PLACEMENT DU QUÉBEC AR TABLE 3 BENCHMARK INDEXES OF THE SPECIALIZED PORTFOLIOS 1 (as at December 31, 2013) SPECIALIZED PORTFOLIO BONDS (Created October 1, 1996) REAL ESTATE DEBT (Created April 1, 1995) SHORT TERM INVESTMENTS (Created July 1, 1998) LONG TERM BONDS (Created April 1, 2005) REAL ESTATE (Created October 1, 1985) INFRASTRUCTURE (Created July 1, 2010) REAL RETURN BONDS (Created January 1, 2004) CANADIAN EQUITY (Created July 1, 1995) BENCHMARK INDEX DEX Universe Bond, adjusted to increase the proportion of Québec bonds in the index DEX Universe Bond DEX 91 Day T-Bill DEX Long Term Government Bond, adjusted to increase the proportion of provincial bonds in the index Aon Hewitt Real Estate, adjusted Infrastructure (index consisting of a basket of infrastructure-related public securities, partially hedged) DEX Real Return Bond Canadian Equity (index consisting of 90% S&P/TSX Capped and 10% Morningstar National Bank Québec) _Tableaux RA-AN V8 8/04/2014 PAGE 10 GLOBAL QUALITY EQUITY (Created January 1, 2013) GLOBAL EQUITY (Created April 1, 2010) EMERGING MARKETS EQUITY (Created January 1, 1995) U.S. EQUITY (Created April 1, 2010) EAFE EQUITY (Created April 1, 2010) PRIVATE EQUITY (Created July 1, 2003) HEDGE FUNDS (Created April 1, 2003) Global Quality Equity (index consisting of 85% MSCI ACWI, unhedged, and 15% DEX 91 Day T-Bill) MSCI ACWI, unhedged Emerging Markets Equity (index consisting of MSCI EM, unhedged and adjusted to include MSCI China A Index) S&P 500, unhedged MSCI EAFE, unhedged Private Equity (hedged index consisting of 50% MSCI World and 50% State Street Private Equity, adjusted to reflect the investment sectors in the specialized portfolio) Dow Jones Credit Suisse Hedge Fund, hedged and adjusted to include only Macro Trends, Managed Futures and Market Neutral strategies 1. For the detailed changes in benchmark indexes of the specialized portfolios from the past 10 years, refer to the 2013 Annual Report Additional Information, Section 1, Tables of Returns.

6 CAISSE DE DÉPÔT ET PLACEMENT DU QUÉBEC AR Our Clients, the Depositors BEHIND OUR CLIENTS ARE QUEBECERS La Caisse s clients are mainly public and parapublic pension and insurance plans. And behind our clients are the majority of Quebecers. Together, they pay out each year: More than $19 B in pension and insurance benefits To almost 2 MILLION Quebecers TABLE 4 THE EIGHT MAIN DEPOSITORS FUNDS, representing 97.4% of net assets as at December 31, GOVERNMENT AND PUBLIC EMPLOYEES RETIREMENT PLAN $50.4 B 530,000 contributors 210,000 retirees and 14,000 surviving spouses and orphans $4 billion in retirement benefits paid annually 2 RETIREMENT 3 RÉGIE PLANS SINKING FUND DES RENTES DU QUÉBEC (RRQ) 4 SUPPLEMENTAL PENSION PLAN FOR EMPLOYEES OF THE QUÉBEC CONSTRUCTION INDUSTRY 5 COMMISSION 6 SOCIÉTÉ DE LA SANTÉ ET DE LA SÉCURITÉ DU TRAVAIL DE L ASSURANCE AUTOMOBILE DU QUÉBEC $46.9 B $45.9 B $15.9 B $12.2 B $8.9 B Fund used by the Government of Québec to capitalize the employer s portion of retirement benefits of employees in the public and parapublic sectors 4 million contributors 1.7 million beneficiaries $11 billion in benefits paid annually 160,000 contributors 85,000 retirees or surviving spouses $650 million in benefits paid annually 220,000 contributing employers 3.7 million workers covered $1.8 billion in benefits paid annually 5 million driver s licence holders 6 million registered vehicles $1 billion paid in compensation annually _Tableaux RA-AN V8 14/04/2014 PAGE 2 7 PENSION PLAN OF MANAGEMENT PERSONNEL $8.7 B 29,000 contributors 24,500 retirees and 2,000 surviving spouses and orphans $1 billion in benefits paid annually 8 GENERATIONS FUND $5.9 B Fund used to repay Québec s debt

7 CAISSE DE DÉPÔT ET PLACEMENT DU QUÉBEC AR TABLE 5 LA CAISSE S 31 DEPOSITORS Comparison of net assets as at December 31, 2012, and as at December 31, 2013 (fair value as at December 31 in millions of dollars) Depositors net assets First deposit $ % $ % PENSION PLANS Régie des rentes du Québec , , Supplemental Pension Plan for Employees of the Québec Construction Industry , , Government and Public Employees Retirement Plan , , Pension Plan of Management Personnel , , Individual Plans Pension Plan of Elected Municipal Officers Régime complémentaire de rentes des techniciens ambulanciers/ paramédics et des services préhospitaliers d urgence Ministère des Finances et de l Économie, Government of Québec 1 Retirement Plans Sinking Fund , , Superannuation Plan for the Members of the Sûreté du Québec Caisse employeurs Régime de retraite de l Université du Québec Régime de retraite du personnel des CPE et des garderies privées conventionnées du Québec Régime de retraite pour certains employés de la Commission scolaire de la Capitale Régime de rentes pour le personnel non enseignant de la Commission des écoles catholiques de Montréal Superannuation Plan for the Members of the Sûreté du Québec Caisse participants Régime de retraite des employés de la Ville de Laval Retirement Plan for Active Members of the Centre hospitalier Côte-des-Neiges Fonds commun de placement des régimes de retraite de l Université Laval Fiducie globale Ville de Magog Régime de retraite des employées et employés de la Ville de Sherbrooke Régime de retraite des agents de la paix en services correctionnels Régime complémentaire de retraite des employés réguliers de la Société de transport de Sherbrooke _Tableaux RA-AN V8 14/04/2014 PAGE 3 INSURANCE PLANS Régie des marchés agricoles et alimentaires du Québec La Financière agricole du Québec Autorité des marchés financiers Commission de la santé et de la sécurité du travail , , Société de l'assurance automobile du Québec , , Fédération des producteurs de bovins du Québec Survivor s Pension Plan Conseil de gestion de l'assurance parentale OTHER DEPOSITORS Office de la protection du consommateur Société des alcools du Québec Ministère des Finances et de l Économie, Government of Québec 1 Generations Fund , , Accumulated Sick Leave Fund Fonds d information sur le territoire Agence du revenu du Québec Total 200, , The Ministère des Finances et de l Économie entrusts La Caisse with a total of five funds. 2. New depositor in 2013.

8 CAISSE DE DÉPÔT ET PLACEMENT DU QUÉBEC AR

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