FINANCIAL STATEMENTS. As at May 31, 2013 and 2012

FINANCIAL STATEMENTS As at May 31, 2013 and 2012

INDEPENDENT AUDITORS REPORT To the Shareholders of the Fonds de solidarité des travailleurs du Québec (F.T.Q.) We have audited the accompanying financial statements of the Fonds de solidarité des travailleurs du Québec (F.T.Q.), which comprise the balance sheets as at May 31, 2013 and 2012, and the statements of operations, changes in net assets and cash flows for the years then ended, and a summary of significant accounting policies and other explanatory information. Management's Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with Canadian generally accepted accounting principles, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. Auditors Responsibility Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with Canadian generally accepted auditing standards. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditors judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditors consider internal control relevant to the entity's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained in our audits is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fonds de solidarité des travailleurs du Québec (F.T.Q.) as at May 31, 2013 and 2012 and the results of its operations and its cash flows for the years then ended in accordance with Canadian generally accepted accounting principles. 2 ------------------------ ----------------------- 1 CPA auditor, CA, public accountancy permit No. A105976 2 CPA auditor, CA, public accountancy permit No. A125741 Montréal, June 27, 2013 FONDS DE SOLIDARITÉ DES TRAVAILLEURS DU QUÉBEC (F.T.Q.) 1

BALANCE SHEETS AS AT MAY 31 (In thousands $, except net assets per share) 2013 2012 Assets Development capital investments (Note 4) 5,298,843 4,918,765 Other investments (Note 5) 4,370,186 4,123,020 Accounts receivable and other assets (Note 8) 689,183 656,836 Cash 9,172 13,789 Capital assets (Note 9) 62,609 61,076 Income taxes 4,971 93 10,434,964 9,773,579 Liabilities Notes (Note 10) 396,601 428,544 Accounts payable and other liabilities (Note 12) 735,199 816,434 Future income taxes (Note 17) 1,864 3,913 1,133,664 1,248,891 Net assets (Note 13) 9,301,300 8,524,688 Number of Class A shares outstanding (Note 13) 332,441 320,629 Net assets per Class A share 27.98 26.59 Contingencies (Note 14) The accompanying notes form an integral part of these financial statements. On behalf of the Board of Directors, Yvon Bolduc, Director Michel Arsenault, Director FONDS DE SOLIDARITÉ DES TRAVAILLEURS DU QUÉBEC (F.T.Q.) 2

STATEMENTS OF OPERATIONS FOR THE YEARS ENDED MAY 31 (In thousands $, except earnings per share) 2013 2012 Revenues Interest (Note 15) 157,549 174,804 Dividends 98,348 72,614 255,897 247,418 Expenses (Note 16) Corporate expenses 42,614 38,663 Development capital investment and other investment expenses 32,229 32,588 Shareholder Services and Economic Training development and administration expenses 49,386 45,923 Amortization of property and equipment and information systems development 5,630 4,974 129,859 122,148 Net investment income before income taxes 126,038 125,270 Income taxes (Note 17) 16,500 27,489 Net investment income 109,538 97,781 Gains (losses) on development capital investments and other investments Realized 97,213 49,249 Change in unrealized appreciation or depreciation 252,597 69,614 Transaction costs (1,460) (2,000) 348,350 116,863 Net earnings 457,888 214,644 Weighted average number of Class A shares 325,734 317,092 Earnings per Class A share 1,41 0.68 The accompanying notes form an integral part of these financial statements. FONDS DE SOLIDARITÉ DES TRAVAILLEURS DU QUÉBEC (F.T.Q.) 3

STATEMENTS OF CHANGES IN NET ASSETS FOR THE YEARS ENDED MAY 31 Share Capital Class A (Note 13) (In thousands $) Series 1 Series 2 Subscribed Contributed Surplus (Note 13) Retained Earnings Net Assets 2013 Balance at beginning of year 7,010,355 76,483 760 972,070 465,020 8,524,688 Net earnings 457,888 457,888 Share issues 843,892 11,197 855,089 Net change in share subscriptions 18 18 Share redemptions (444,751) (7,674) (63,156) (26,631) (542,212) Change in outstanding redemptions 4,751 1,025 53 5,829 Transfers (Note 13) 95,000 (95,000) - Balance at end of year 7,509,247 80,006 778 909,939 801,330 9,301,300 2012 Balance at beginning of year 6,676,628 78,428 727 1,052,330 369,698 8,177,811 Net earnings 214,644 214,644 Share issues 757,066 9,981 767,047 Net change in share subscriptions 33 33 Share redemptions (507,864) (11,926) (77,253) (22,877) (619,920) Change in outstanding redemptions (12,475) (3,007) 555 (14,927) Transfers (Note 13) 97,000 (97,000) - Balance at end of year 7,010,355 76,483 760 972,070 465,020 8,524,688 The accompanying notes form an integral part of these financial statements. FONDS DE SOLIDARITÉ DES TRAVAILLEURS DU QUÉBEC (F.T.Q.) 4

STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED MAY 31 (In thousands $) 2013 2012 Operating activities Net investment income 109,538 97,781 Non-cash items and change in non-cash items Interest capitalized on development capital investments (2,325) (3,071) Interest capitalized on notes 16,859 16,766 Amortization of property and equipment and information systems development 5,630 4,974 Future income taxes (2,049) 615 Accounts receivable and other assets 37,616 (403,672) Accounts payable and other liabilities (44,839) 459,490 Income taxes (4,878) (1,263) Other (2,156) 975 Transaction costs (1,498) (1,972) 111,898 170,623 Financing activities Issuance of notes 139,038 263,906 Repayment of notes (187,840) (201,631) Shares issued and subscribed 855,107 767,080 Shares redeemed (534,912) (620,177) 271,393 209,178 Investing activities Acquisition of development capital investments (792,902) (1,018,526) Proceeds of disposal of development capital investments 577,208 670,847 Acquisition of other investments (6,222,907) (8,067,744) Proceeds of disposal of other investments 6,055,038 8,046,753 Acquisition of property and equipment (2,063) (3,335) Proceeds of disposal of property and equipment - 2,250 Information systems development (2,282) (2,629) (387,908) (372,384) Increase (decrease) in cash (4,617) 7,417 Cash at beginning of year 13,789 6,372 Cash at end of year 9,172 13,789 Cash flows from operating activities include income taxes paid of $25.5 million (2012: $26.1 million). The accompanying notes form an integral part of these financial statements. FONDS DE SOLIDARITÉ DES TRAVAILLEURS DU QUÉBEC (F.T.Q.) 5

NOTES TO FINANCIAL STATEMENTS As at May 31, 2013 and 2012 1. INCORPORATION ACT STATUTES AND OBJECTIVES OF THE FONDS The Fonds de solidarité des travailleurs du Québec (F.T.Q.) (the Fonds ), incorporated by an Act of the Québec National Assembly, is a joint-stock company with the following objectives: a) to invest in Québec business enterprises and provide them with services in order to create, maintain or protect jobs; b) to promote the training of workers in economic matters to enable them to increase their influence on Québec s economic development; c) to stimulate the Québec economy by making strategic investments that will be of benefit to Québec workers and business enterprises; d) to promote the development of qualified business enterprises by inviting workers to participate in that development by purchasing the Fonds shares. To this end, the Fonds endeavours to concentrate most of its development capital investments in unsecured investments, mainly in small and medium-sized enterprises ( SMEs ), located in Québec. As a general rule, the Fonds will take a minority interest in the projects in which it invests. 60% RULE The Fonds may make development capital investments in any business enterprise with or without security. However, in any given financial year, the proportion of unsecured development capital investments made in qualified business enterprises must represent an average of at least 60% of the Fonds average net assets of the previous financial year. If the Fonds fails to reach this percentage, the share issues giving rise to tax credits for the following financial year are limited to a prescribed percentage of the total value of shares issued in the preceding financial year, except for shares acquired through payroll deductions and employer contributions stipulated in agreements concluded at the end of the preceding financial year. The percentage of average qualified development capital investments to the average net assets of the preceding year was 66.0% as at May 31, 2013 (2012: 67.0%). Since the minimum percentage prescribed by the 60% rule has been reached as at May 31, 2013, the amount of share issues will not be limited for the 2013-2014 financial year. 2. SIGNIFICANT ACCOUNTING POLICIES The Fonds is an investment company as defined in the Accounting Guideline on investment companies contained in the Canadian Institute of Chartered Accountants ( CICA ) Handbook and, as such, applies the generally accepted accounting principles ( GAAP ) stated therein. A Statement of Comprehensive Income is not provided as there are no items to include therein. USE OF ESTIMATES The preparation of financial statements in accordance with Canadian GAAP requires management to make estimates and assumptions, in particular when determining allowances and the fair value of development capital investments and other investments, that affect the reported amounts in the financial statements. Actual results could differ from those estimates. RECOGNITION OF FINANCIAL INSTRUMENTS Financial instruments are recognized at fair value on the transaction date. The cost presented corresponds to the amount paid and is determined based on average cost, excluding transaction costs. Financial assets classified as loans and receivables comprise Accounts receivable and other assets, excluding securities purchased under reverse repurchase agreements and financial instruments related to securities sold under repurchase agreements. Financial liabilities classified as other liabilities comprise Notes and Accounts payable and other liabilities, excluding securities sold under repurchase agreements and derivative financial instruments. These instruments are recognized at amortized cost, which approximates their fair value. FONDS DE SOLIDARITÉ DES TRAVAILLEURS DU QUÉBEC (F.T.Q.) 6

NOTES TO FINANCIAL STATEMENTS As at May 31, 2013 and 2012 2. SIGNIFICANT ACCOUNTING POLICIES (continued) MEASUREMENT OF FINANCIAL INSTRUMENTS All development capital investments and other investments are measured at fair value, established as follows: a) Unlisted financial instruments Unlisted financial instruments consist of shares, units and loans and advances. These instruments are measured at fair value using appropriate valuation techniques and models that may not be principally based on observable market information. Observable market information is used in valuation models if it is available. The fair value is established based on reasonable assumptions that would be considered by parties to an arm s length transaction. Certain assumptions may have a material impact on fair value, including those used to determine characteristic cash flows and the level of risk and future growth rate associated with such cash flows considering economic conditions, the outlook for the relevant industry segment and conditions specific to the business entreprise. Hedge fund units are measured at the fair value set by their respective manager at the date closest to the Fonds balance sheet date. b) Listed financial instruments Listed financial instruments consist of shares, bonds and money market instruments. These instruments are measured at bid price at the close of trading at balance sheet date. In exceptional instances, when the market for a financial instrument is not active, such instrument is then measured using appropriate valuation techniques, including the techniques used for unlisted financial instruments. c) Derivative financial instruments Listed derivative financial instruments are measured at bid price at the close of trading at balance sheet date. Unlisted derivative financial instruments are measured using appropriate valuation techniques, including discounting future cash flows at the current rate of return. SECURITIES LENDING, SECURITIES PURCHASED UNDER REVERSE REPURCHASE AGREEMENTS AND SECURITIES SOLD UNDER REPURCHASE AGREEMENTS To generate additional revenues, the Fonds participates in the securities lending program put in place by its trustee for securities of which it is the custodian. Under this program, the Fonds can enter into securities lending transactions, as well as short-term purchases and sales of securities with a simultaneous commitment to resell and repurchase them at a specified price and date. Reverse repurchase agreements and repurchase agreements are recognized as secured lending and borrowing transactions. Reverse repurchase agreements are recorded on the balance sheet at their fair value, while repurchase agreements are recorded on the balance sheet at the repurchase price determined by the commitment which approximates their fair value. The revenues resulting from the Fonds participation in this program are recorded under Interest in the Statement of Operations. CAPITAL ASSETS Capital assets are stated at cost and are amortized over their estimated useful life using the following methods and annual rates: Property and equipment Methods Rates (%) Buildings straight-line 2.5 Office furniture and equipment diminishing balance 20.0 Computer hardware straight-line 25.0 Information systems development straight-line 33.3 Capital assets are tested for recoverability whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. An impairment loss is recorded when their carrying amount exceeds the undiscounted cash flows that would result from their use and eventual disposition. The recognized impairment loss is measured as the amount by which the carrying amount of the asset exceeds its fair value. FONDS DE SOLIDARITÉ DES TRAVAILLEURS DU QUÉBEC (F.T.Q.) 7

NOTES TO FINANCIAL STATEMENTS As at May 31, 2013 and 2012 2. SIGNIFICANT ACCOUNTING POLICIES (continued) REVENUE RECOGNITION a) Interest Interest is recorded on an accrual basis. b) Dividends Dividends are recorded as income when they are declared, except for cumulative dividends which are recorded on an accrual basis. c) Gains and losses on development capital investments and other investments Realized gains and losses on disposals of development capital investments and other investments, including derivative financial instruments, are recorded at the time of sale and presented under Gains (losses) on development capital investments and other investments in the Statement of Operations. The amount is the difference between the proceeds of disposal and the average cost. INCOME TAXES The Fonds uses the asset and liability method of accounting for income taxes. Under this method, future income taxes are recognized based on the expected future tax consequences of differences between the carrying amounts of balance sheet items and their tax bases, multiplied by the enacted or substantively enacted income tax rates for the years in which the differences are expected to reverse. Future income tax assets are recognized to the extent that it is more likely than not that they will be realized. FOREIGN CURRENCY TRANSLATION Monetary assets and liabilities and assets and liabilities measured at fair value are translated into Canadian dollars at the exchange rate prevailing at the balance sheet date. Revenues and expenses denominated in foreign currencies are translated at the exchange rate prevailing at the transaction date. Foreign exchange gains and losses are recognized in the Statement of Operations. EMPLOYEE FUTURE BENEFITS The cost of pensions and other retirement benefits earned by managers and employees is actuarially determined using the projected benefit method prorated on service and management s best estimate of expected return on plan assets, salary escalation and retirement ages of employees. For the purposes of calculating the expected return on plan assets, those assets are valued at fair value. Net actuarial gains or losses which are greater than 10% of the accrued benefit obligation or the fair value of the plan assets, whichever is higher, are amortized over the average remaining service period of active employees. The average remaining service period of covered active employees is between 9.5 and 11.7 years (2012: between 8.5 and 12.1 years). 3. FUTURE CHANGES IN ACCOUNTING POLICIES INTERNATIONAL FINANCIAL REPORTING STANDARDS ( IFRS ) In 2008, the Accounting Standards Board of Canada ( AcSB ) confirmed that Canadian GAAP will be replaced by IFRS for the years beginning on or after January 1, 2011, for publicly accountable enterprises. In December 2011, the AcSB confirmed that investment companies, as defined in the Accounting Guideline on investment companies of the CICA Handbook, will have to apply IFRS for the first time to interim and annual financial statements for the years beginning on or after January 1, 2014. The Fonds complies with its conversion plan and will present its first interim financial statements prepared in accordance with IFRS as at November 30, 2014. The Fonds IFRS transition date is June 1, 2013. The Fonds is currently evaluating the impact of this transition. FONDS DE SOLIDARITÉ DES TRAVAILLEURS DU QUÉBEC (F.T.Q.) 8

NOTES TO FINANCIAL STATEMENTS As at May 31, 2013 and 2012 4. DEVELOPMENT CAPITAL INVESTMENTS The audited Statement of Development Capital Investments, at Cost, is available at the Fonds head office, on its Website at www.fondsftq.com or at www.sedar.com. (In thousands $) Unsecured Cost 2013 2012 Unrealized Unrealized appreciation appreciation (depreciation) Fair value Cost (depreciation) Fair value Listed shares 761,142 108,071 869,213 666,736 45,502 712,238 Unlisted shares and units 2,454,011 353,550 2,807,561 2,381,376 231,649 2,613,025 Loans, bonds and advances 1,612,955 (1,362) 1,611,593 1,592,344 (24,144) 1,568,200 Secured Loans and advances 11,590 (1,114) 10,476 29,173 (3,871) 25,302 4,839,698 459,145 5,298,843 4,669,629 249,136 4,918,765 Development capital investments include securities denominated in foreign currencies, mainly the U.S. dollar, with a fair value of $286.8 million (2012: $283.7 million). Investment agreements may include clauses providing for conversion and redemption options. BREAKDOWN BY MATURITY OF LOANS, BONDS AND ADVANCES AT FAIR VALUE Variable rates Fixed rates Total (In thousands $) Less than 1 year 1 to 5 years 5 years and more 2013 Unsecured 100,685 342,346 628,564 539,998 1,611,593 Average effective rate (%) 9.0 2.1 1 7.8 6.9 Secured 6,009 4,467 10,476 Average effective rate (%) 6.9 16.5 2012 Unsecured 104,134 362,866 335,348 765,852 1,568,200 Average effective rate (%) 9.1 2.8 1 8.5 7.3 Secured 413 7,429 150 17,310 25,302 Average effective rate (%) 5.0 14.4 8.1 11.6 1. This average rate includes non-interest bearing advances repayable on demand of $268.9 million (2012: $294.2 million) to a wholly-owned company. Excluding these advances, the average effective rate would be 8.4% (2012: 12.0%). FONDS DE SOLIDARITÉ DES TRAVAILLEURS DU QUÉBEC (F.T.Q.) 9

NOTES TO FINANCIAL STATEMENTS As at May 31, 2013 and 2012 4. DEVELOPMENT CAPITAL INVESTMENTS (continued) BREAKDOWN BY INDUSTRY SEGMENT Regional or local (In thousands $) Technology Manufacturing and primary Services and tourism and real estate funds Total 2013 Cost 831,953 1,203,943 1,971,693 832,109 4,839,698 Unrealized appreciation (depreciation) (134,322) 26,567 340,696 226,204 459,145 Fair value 697,631 1,230,510 2,312,389 1,058,313 5,298,843 Allocation of investments made by the regional or local funds 25,559 80,184 90,422 (196,165) - Funds committed but not disbursed 1 406,413 191,491 181,116 58,666 837,686 Guarantees and suretyships 2 7,814 7,814 2012 1,129,603 1,502,185 2,591,741 920,814 6,144,343 Cost 874,966 1,150,805 1,825,158 818,700 4,669,629 Unrealized appreciation (depreciation) (176,520) (17,855) 241,706 201,805 249,136 Fair value 698,446 1,132,950 2,066,864 1,020,505 4,918,765 Allocation of investments made by the regional or local funds 21,723 78,430 85,302 (185,455) - Funds committed but not disbursed 1 415,625 118,234 215,802 72,141 821,802 Guarantees and suretyships 2 6,898 9,331 16,229 1,135,794 1,336,512 2,377,299 907,191 5,756,796 1. Funds committed but not disbursed represent development capital investments that have already been agreed to and for which amounts have been committed by the Fonds but have not been disbursed at balance sheet date. Disbursements are subject to compliance with the agreement s terms and conditions. Of funds committed but not disbursed, an amount of $171.8 million (2012: $248.1 million) represents credit facilities and project financing for operating companies, having a weighted average maturity of 18 months (2012: 15 months); and an amount of $665.9 million (2012: $573.7 million) represents commitments that will be disbursed to specialized funds in tranches, having a weighted average maturity of 8.1 years (2012: 9.3 years). Commitments amounting to $103.6 million (2012: $89.9 million) are denominated in foreign currencies, mainly the U.S. dollar. 2. Under Section 17 of its Incorporation Act, when the Fonds makes a development capital investment in the form of a guarantee or a suretyship, it must establish and maintain a reserve equal to at least 50% of the guarantee or suretyship amount for the term thereof. This reserve is established from Other investments. GUARANTEES AND SURETYSHIPS The Fonds granted guarantees and suretyships that do not generally include a specific maturity and that are irrevocable commitments by the Fonds to make the payments of partner companies that cannot meet their obligations to third parties for an undiscounted total maximum amount and for the following purposes: (In thousands $) 2013 2012 Operating activities and operating lines of credit - without recourse 7,814 7,831 Operating activities and operating lines of credit - with recourse - 8,398 7,814 16,229 As at May 31, 2013, there is no allowance related to guarantees and suretyships (2012: $4.5 million presented under Accounts payable and other liabilities). As well, in the normal course of business, the Fonds enters into various indemnification agreements, usually related to sales of development capital investments, for the representations and warrantees made as well as to the liability of the Fonds directors, officers or representatives toward partner companies. The latter liability is covered, subject to certain conditions, by liability insurance. Due to the nature of these agreements, it is impossible to reasonably estimate the maximum amount that the Fonds may have to pay to counterparties. In management s opinion, it is highly unlikely that these commitments will result in material additional expenses, taking into consideration the provisions recorded. FONDS DE SOLIDARITÉ DES TRAVAILLEURS DU QUÉBEC (F.T.Q.) 10

NOTES TO FINANCIAL STATEMENTS As at May 31, 2013 and 2012 5. OTHER INVESTMENTS The unaudited Statement of Other Investments is available at the Fonds head office, on its Website at www.fondsftq.com or at www.sedar.com. 2013 2012 Unrealized (In thousands $) Cost Unrealized appreciation Fair value Cost appreciation (depreciation) Fair value Listed shares and unlisted units 1,665,829 65,932 1,731,761 1,607,277 (92,976) 1,514,301 Hedge fund units 242,630 4,663 247,293 238,510 2,540 241,050 Bonds 2,325,705 60,097 2,385,802 2,032,824 120,890 2,153,714 Money market instruments 848 1 849 207,346 129 207,475 4,235,012 130,693 4,365,705 4,085,957 30,583 4,116,540 Derivative financial instruments 1,492 2,989 4,481 43 6,437 6,480 4,236,504 133,682 4,370,186 4,086,000 37,020 4,123,020 Other investments include securities denominated in foreign currencies with a fair value of $1,520.9 million (2012: $1,338.5 million), mainly including $909.8 million (2012: $825.9 million) in U.S. dollars, $199.5 million (2012: $153.2 million) in Euros and $180.0 million (2012: $170.0 million) in pounds sterling. BREAKDOWN BY MATURITY Bonds Less than 1 to 5 to 10 to 20 to 30 years (In thousands $) 1 year 5 years 10 years 20 years 30 years and more Total 2013 Fair value 84,080 738,618 781,930 309,429 359,974 111,771 2,385,802 Cost 84,714 733,505 764,198 296,973 336,942 109,373 2,325,705 Par value 82,972 712,346 724,150 236,004 293,689 103,369 2,152,530 Average effective rate (%) 2.1 2.2 3.2 3.9 4.1 3.8 3.1 Average nominal rate (%) 4.0 3.2 4.0 6.0 5.1 4.3 4.1 2012 Fair value 206,858 699,972 575,566 221,241 395,104 54,973 2,153,714 Cost 209,031 696,094 538,235 196,441 338,660 54,363 2,032,824 Par value 205,856 674,956 516,919 167,872 306,258 53,559 1,925,420 Average effective rate (%) 2.0 2.7 3.8 4.4 4.5 3.0 3.4 Average nominal rate (%) 3.1 3.9 4.4 5.8 5.2 3.1 4.3 Money market instruments (In thousands $) Less than 1 month 1 to 6 months Total 2013 Fair value 90 759 849 Average effective rate (%) 1.0 1.0 1.0 2012 Fair value 56,991 150,484 207,475 Average effective rate (%) 1.0 1.1 1.1 FONDS DE SOLIDARITÉ DES TRAVAILLEURS DU QUÉBEC (F.T.Q.) 11

NOTES TO FINANCIAL STATEMENTS As at May 31, 2013 and 2012 5. OTHER INVESTMENTS (continued) BREAKDOWN BY MATURITY (continued) Derivative financial instruments (In thousand $) Less than 1 month 1 to 6 months 6 months and more Total 2013 Fair value 1 Unlisted shares option contracts Purchased put options 750 750 Written put options (2,327) (2,327) Listed stock index option contracts Purchased put options 2 254 256 Written call options (60) (179) (239) Written put options (93) (93) Foreign currency forward contracts Purchases 150 (1) 149 Sales (14,573) (67) (14,640) Interest rate futures - - - - Interest rate forward contracts 896 896 Stock index futures - - - (14,481) 810 (1,577) (15,248) Notional amount Unlisted shares option contracts Purchased put options 18,900 18,900 Written put options 31,500 31,500 Listed stock index option contracts Purchased put options 1,550 11,724 13,274 Written call options 1,633 12,636 14,269 Written put options 9,367 9,367 Foreign currency forward contracts Purchases 630,656 77,298 707,954 Sales 931,659 639,582 1,571,241 Interest rate futures 25,612 67,646 1,357,638 1,450,896 Interest rate forward contracts 159,738 159,738 Stock index futures 124,603 7,925 132,528 FONDS DE SOLIDARITÉ DES TRAVAILLEURS DU QUÉBEC (F.T.Q.) 12

NOTES TO FINANCIAL STATEMENTS As at May 31, 2013 and 2012 5. OTHER INVESTMENTS (continued) BREAKDOWN BY MATURITY (continued) Derivative financial instruments (continued) (In thousands $) 2012 Fair value 1 Listed stock index option contracts Less than 1 month 1 to 6 months 6 months and more Purchased put options 80 80 Written call options (45) (45) Foreign currency forward contracts Purchases 237 8 245 Sales (22,000) (36) (22,036) Interest rate futures - - - Interest rate forward contracts (246) (4,884) (5,130) Stock index futures - - Over-the-counter interest rate swaps (3,774) (3,774) Notional amount Listed stock index option contracts Total (22,009) (4,877) (3,774) (30,660) Purchased put options 2,693 2,693 Written call options 9,012 9,012 Foreign currency forward contracts Purchases 568,341 10,525 578,866 Sales 881,848 547,637 1,429,485 Interest rate futures 11,182 114,215 125,397 Interest rate forward contracts 147,743 359,854 507,597 Stock index futures 3,494 3,494 Over-the-counter interest rate swaps 25,000 25,000 1. The fair value of instruments with positive values is $4.5 million (2012: $6.4 million) and is presented under Other investments. The fair value of those with negative values is $19.7 million (2012: $37.1 million) and is presented under Accounts payable and other liabilities. FONDS DE SOLIDARITÉ DES TRAVAILLEURS DU QUÉBEC (F.T.Q.) 13

NOTES TO FINANCIAL STATEMENTS As at May 31, 2013 and 2012 5. OTHER INVESTMENTS (continued) BREAKDOWN OF FAIR VALUE BY INDUSTRY SEGMENT 1 Listed shares, (In thousands $) unlisted units and hedge fund units Bonds Money market instruments Total 2013 Government and government agencies 1,596,837 849 1,597,686 Financial institutions 102,970 471,920 574,890 Technology 271,661 96,838 368,499 Manufacturing and primary 1,025,348 84,778 1,110,126 Services and tourism 579,075 135,429 714,504 Fair value 1,979,054 2,385,802 849 4,365,705 Funds committed but not disbursed² 16,903 16,903 2012 1,995,957 2,385,802 849 4,382,608 Government and government agencies 1,302,050 112,471 1,414,521 Financial institutions 79,313 529,820 35,243 644,376 Technology 223,457 98,970 19,957 342,384 Manufacturing and primary 901,526 105,998 39,804 1,047,328 Services and tourism 551,055 116,876 667,931 Fair value 1,755,351 2,153,714 207,475 4,116,540 Funds committed but not disbursed² 26,324 26,324 1,781,675 2,153,714 207,475 4,142,864 1. This breakdown does not take into account changes in asset allocation resulting from derivative financial instruments. 2. Funds committed but not disbursed to international infrastructure funds represent other investments that have already been agreed to and for which amounts have been committed by the Fonds but have not been disbursed at balance sheet date. Disbursements are subject to compliance with the agreement s terms and conditions. These commitments, having a weighted average maturity of 7.4 years (2012: 9.1 years), are denominated in U.S. dollars. 6. FAIR VALUE HIERARCHY Financial instruments measured at fair value are classified using a hierarchy that reflects the significance of the inputs used in making the measurements. This hierarchy has the following levels: Level 1: Fair value based on quoted market prices (unadjusted) observed on active markets for identical financial instruments. Level 2: Fair value based on quoted prices for similar financial instruments or based on valuation techniques for which all significant inputs are based on observable market information. Level 3: Fair value based on valuation techniques for which all significant inputs are not based on observable market information. FONDS DE SOLIDARITÉ DES TRAVAILLEURS DU QUÉBEC (F.T.Q.) 14

NOTES TO FINANCIAL STATEMENTS As at May 31, 2013 and 2012 6. FAIR VALUE HIERARCHY (continued) Level (In thousands $) 1 2 3 Total 2013 Development capital investments Unsecured Listed shares 868,830 383-869,213 Unlisted shares and units 2,807,561 2,807,561 Loans, bonds and advances 441,224 1,170,369 1,611,593 Secured Loans and advances 10,476 10,476 868,830 441,607 3,988,406 5,298,843 Other investments Listed shares and unlisted units 1,674,321 57,440 1,731,761 Hedge fund units 247,293 247,293 Bonds 2,375,066 10,736 2,385,802 Money market instruments 849 849 Derivative financial instruments 256 4,225 4,481 1,674,577 2,380,140 315,469 4,370,186 2,543,407 2,821,747 4,303,875 9,669,029 Financial instruments related to securities sold under repurchase agreements 148,819 148,819 Securities purchased under reverse repurchase agreements 274,123 274,123 Cash 9,172 9,172 Derivative financial instruments (332) (19,397) (19,729) Securities sold under repurchase agreements (422,942) (422,942) 2,552,247 2,802,350 4,303,875 9,658,472 2012 Development capital investments Unsecured Listed shares 703,132 9,106-712,238 Unlisted shares and units 2,613,025 2,613,025 Loans, bonds and advances 463,393 1,104,807 1,568,200 Secured Loans and advances 25,302 25,302 703,132 472,499 3,743,134 4,918,765 Other investments Listed shares and unlisted units 1,436,719 77,582 1,514,301 Hedge fund units 241,050 241,050 Bonds 2,144,909 8,805 2,153,714 Money market instruments 207,475 207,475 Derivative financial instruments 80 6,400 6,480 1,436,799 2,358,784 327,437 4,123,020 2,139,931 2,831,283 4,070,571 9,041,785 Financial instruments related to securities sold under repurchase agreements 131,507 131,507 Securities purchased under reverse repurchase agreements 325,443 325,443 Cash 13,789 13,789 Derivative financial instruments (45) (37,095) (37,140) Securities sold under repurchase agreements (456,950) (456,950) 2,153,675 2,794,188 4,070,571 9,018,434 FONDS DE SOLIDARITÉ DES TRAVAILLEURS DU QUÉBEC (F.T.Q.) 15

NOTES TO FINANCIAL STATEMENTS As at May 31, 2013 and 2012 6. FAIR VALUE HIERARCHY (CONTINUED) The following table shows the reconciliation from beginning balances to ending balances for Level 3 fair values. DEVELOPMENT CAPITAL INVESTMENTS (In thousands $) Listed shares Unlisted shares and units Loans, bonds and advances Unsecured Secured Total 2013 Fair value as at May 31, 2012-2,613,025 1,104,807 25,302 3,743,134 Realized losses (24,723) (7,210) (2,360) (34,293) Change in unrealized appreciation or depreciation 121,902 6,146 2,755 130,803 Purchases 281,927 182,886 6,500 471,313 Sales and settlements (184,570) (131,260) (21,721) (337,551) Transfer to Level 3 15,000 1 15,000 Fair value as at May 31, 2013-2,807,561 1,170,369 10,476 3,988,406 Change in unrealized appreciation or depreciation of development capital investments held as at May 31, 2013-84,197 (1,899) 604 82,902 2012 Fair value as at May 31, 2011-2,097,834 997,759 31,161 3,126,754 Realized gains (losses) (7,513) 40,148 (11,165) (1,114) 20,356 Change in unrealized appreciation or depreciation 8,052 185,621 25,866 30,503 250,042 Purchases - 596,940 240,387 25,729 863,056 Sales and settlements (539) (307,518) (148,040) (60,977) (517,074) Fair value as at May 31, 2012-2,613,025 1,104,807 25,302 3,743,134 Change in unrealized appreciation or depreciation of development capital investments held as at May 31, 2012-112,411 (872) (459) 111,080 1. An unsecured debenture has been transferred from Level 2 to Level 3 since its measurement method is no longer based on observable market data. FONDS DE SOLIDARITÉ DES TRAVAILLEURS DU QUÉBEC (F.T.Q.) 16

NOTES TO FINANCIAL STATEMENTS As at May 31, 2013 and 2012 6. FAIR VALUE HIERARCHY (CONTINUED) OTHER INVESTMENTS (In thousands $) 2013 Listed shares and unlisted units Hedge fund units Bonds Total Fair value as at May 31, 2012 77,582 241,050 8,805 327,437 Realized gains (losses) (689) 3,444-2,755 Change in unrealized appreciation or depreciation (3,355) 2,124 1,938 707 Purchases 955 68,290 69,245 Sales and settlements (17,053) (67,615) (7) (84,675) Fair value as at May 31, 2013 57,440 247,293 10,736 315,469 Change in unrealized appreciation or depreciation of other investments held as at May 31, 2013 (3,355) 5,685 1,935 4,265 2012 Fair value as at May 31, 2011 76,742 216,439 11,742 304,923 Realized losses (4,103) (2,376) (6,479) Change in unrealized appreciation or depreciation 7,057 16,154 2,138 25,349 Purchases 2,392 114,819 117,211 Sales and settlements (8,609) (102,259) (2,699) (113,567) Fair value as at May 31, 2012 77,582 241,050 8,805 327,437 Change in unrealized appreciation or depreciation of other investments held as at May 31, 2012 7,057 10,148 (462) 16,743 All Level 3 financial instruments, except for certain units, are measured at fair value using valuation techniques and models whose outputs depend on significant assumptions that are based on data that are not observable on the market. Even though management believes that its fair value measurements are appropriate, using reasonably possible alternative assumptions could result in different fair values. Whenever possible, a sensitivity analysis of changes in significant assumptions is performed. Management assessed the situation and determined that using reasonably possible alternative assumptions would not result in significantly different fair values. Since the Fonds does not have access to information on the underlying investments, the fair value of hedge fund units and of certain units classified as Level 3 is based on the value provided by the general partner or the external manager. Therefore no other reasonably possible assumption could be used. 7. SECURITIES LENDING As part of the securities lending program, the trustee receives, in exchange for the securities loaned, guarantees or assets equivalent to the minimum percentage prescribed by any applicable law or agreement or to a percentage that may vary according to best practices. Depending on the securities loaned, this percentage is 102% as at May 31, 2013 (2012: ranges from 102% to 106%), and the fair value of the securities loaned is $84 million (2012: $133 million). 8. ACCOUNTS RECEIVABLE AND OTHER ASSETS (In thousands $) 2013 2012 Accounts receivable relating to development capital investments and other investments sold 159,421 89,399 Accrued dividends and interest 71,597 73,315 Financial instruments related to securities sold under repurchase agreements 148,819 131,507 Securities purchased under reverse repurchase agreements 274,123 325,443 Other 35,223 37,172 689,183 656,836 FONDS DE SOLIDARITÉ DES TRAVAILLEURS DU QUÉBEC (F.T.Q.) 17

NOTES TO FINANCIAL STATEMENTS As at May 31, 2013 and 2012 9. CAPITAL ASSETS (In thousands $) Cost Accumulated amortization Net carrying amount 2013 Buildings 1 70,109 19,008 51,101 Office furniture and equipment 18,659 16,060 2,599 Computer hardware 14,303 9,988 4,315 Information systems development 20,283 15,689 4,594 123,354 60,745 62,609 2012 Buildings 1 67,715 17,179 50,536 Office furniture and equipment 17,945 15,449 2,496 Computer hardware 12,966 8,353 4,613 Information systems development 17,928 14,497 3,431 116,554 55,478 61,076 1. The net carrying amount of the portion of building that is leased out is $21.2 million (2012: $20.6 million). 10. NOTES Notes are repayable on demand and bear interest at a rate based on the rate of return of Other investments. Consequently, the fair value of these notes arising from excess liquidities of regional and local funds and of certain specialized funds corresponds to their carrying amount. As at May 31, 2013 and 2012, the interest rate is 4%. 11. CREDIT FACILITIES As at May 31, 2013 and 2012, the Fonds has credit facilities amounting to $80 million, bearing interest at prime rate and renewable annually. As at May 31, 2013 and 2012, these facilities are unused. 12. ACCOUNTS PAYABLE AND OTHER LIABILITIES (In thousands $) 2013 2012 Accounts payable relating to development capital investments and other investments purchased 185,862 204,982 Derivative financial instruments 19,729 37,140 Share redemptions 29,833 28,072 Securities sold under repurchase agreements 422,942 456,950 Accrued expenses and other 76,833 89,290 735,199 816,434 13. NET ASSETS SHARE CAPITAL Authorized CLASS A SHARES Unlimited number of Class A shares to be issued in Series 1 and 2, without par value, voting, redeemable and inalienable unless approved by a resolution of the Board of Directors. Class A shares, Series 1 and 2 can be exchanged for shares of another series and rank pari passu. However, Class A shares, Series 1 may be issued only to an individual requesting their transfer to a trustee under a registered retirement savings plan. FONDS DE SOLIDARITÉ DES TRAVAILLEURS DU QUÉBEC (F.T.Q.) 18

NOTES TO FINANCIAL STATEMENTS As at May 31, 2013 and 2012 13. NET ASSETS (CONTINUED) SHARE CAPITAL (CONTINUED) Authorized (CONTINUED) CLASS B SHARES Unlimited number of Class B shares, without par value, non-voting, entitled to a preferential dividend at the rate determined by the Board of Directors. In the event of liquidation, the Class B shares rank prior to Class A shares. Subscribed Subscribed capital is money cashed but for which no Class A share can be issued in consideration thereof pursuant to the Fonds purchase-by-agreement policy. These Class A shares will be issued at the time set out in such policy at the share price in effect at that date. Redemption terms The Fonds is required to redeem shares in the circumstances set out in its Incorporation Act or to redeem them by mutual agreement in exceptional situations provided under a policy for such purpose adopted by the Fonds Board of Directors and approved by the Minister of Finance of Québec. The redemption price is determined semi-annually based on the value of the Fonds. Contributed surplus Contributed surplus arises from the reduction in issued and paid-up capital resulting from transfers and the excess of the average value of share capital over the redemption price. This excess is reduced when shares are redeemed at a price exceeding the average value of issued share capital, prorata to the redeemed shares. Transfers During the year, the Board of Directors approved an increase in the issued and paid-up capital on Class A shares, Series 1 of $95 million through transfers from retained earnings (2012: $97 million). As at May 31, 2013, the Fonds had transferred a cumulative amount of $1,812 million from retained earnings to share capital. NET ASSETS CLASS A Series 1 Series 2 Subscribed Total (In thousands) Number $ Number $ $ $ 2013 Net assets at beginning of year 317,218 8,433,242 3,411 90,686 760 8,524,688 Net earnings 453,015 4,873 457,888 Share issues 31,335 843,892 418 11,197 855,089 Net change in share subscriptions 18 18 Share redemptions (19,837) (533,097) (339) (9,115) (542,212) Change in outstanding redemptions 235 5,829 5,829 Net assets at end of year 328,951 9,202,881 3,490 97,641 778 9,301,300 2012 Net assets at beginning of year 311,941 8,084,720 3,563 92,364 727 8,177,811 Net earnings 212,353 2,291 214,644 Share issues 29,225 757,066 386 9,981 767,047 Net change in share subscriptions 33 33 Share redemptions (23,393) (605,970) (538) (13,950) (619,920) Change in outstanding redemptions (555) (14,927) (14,927) Net assets at end of year 317,218 8,433,242 3,411 90,686 760 8,524,688 FONDS DE SOLIDARITÉ DES TRAVAILLEURS DU QUÉBEC (F.T.Q.) 19

NOTES TO FINANCIAL STATEMENTS As at May 31, 2013 and 2012 14. CONTINGENCIES In the normal course of business, the Fonds is party to claims and litigations that could result in losses. A contingent loss is recognized when it is likely and can be estimated. Management believes that the aggregate amount of contingent losses, net of losses recognized, would not have a material adverse effect of the Fonds financial position. 15. REVENUES Interest totalling $16.9 million (2012: $16.8 million) on the notes is recorded against Interest in the Statement of Operations and capitalized under Notes. 16. OPERATING EXPENSES (In thousands $) 2013 2012 Salaries and benefits 80,869 75,451 Advertising and information 18,231 15,142 Occupancy expenses and rent 10,334 10,597 Professional fees 7,244 7,818 Management fees 6,779 7,443 Stationery and office supplies 3,813 3,459 Travel and entertainment 3,806 3,807 Shareholder reporting costs 3,041 3,247 Custodial fees and trustee s fees 965 990 Fees and other income (6,656) (6,702) Rental income (4,197) (4,078) Amortization of property and equipment 4,438 4,057 Amortization of information systems development 1,192 917 129,859 122,148 FONDS DE SOLIDARITÉ DES TRAVAILLEURS DU QUÉBEC (F.T.Q.) 20

NOTES TO FINANCIAL STATEMENTS As at May 31, 2013 and 2012 17. INCOME TAXES For purposes of the Income Tax Act (Canada), the Fonds is subject to the rules applicable to mutual fund corporations. As such, the Fonds can receive a refund of the income taxes paid on its capital gains by redeeming its shares or by increasing its issued and paid-up share capital through a transfer from retained earnings. Since these income taxes are refundable and that, in management s opinion, the issued and paid-up share capital will be increased sufficiently to recover them, these income taxes are not presented in the Statement of Operations, but are included in Accounts receivable and other assets. The balance of these income taxes is $7.2 million (2012: $10.3 million). The Fonds, as a private company, can receive a refund of a portion of the income taxes paid on its investment income through the refundable dividend tax on hand (RDTOH). The RDTOH is recoverable by increasing the issued and paid-up share capital through a transfer from retained earnings. This tax of $30.3 million (2012: $31.9 million) was entirely applied against income taxes payable following transfers approved by the Board of Directors during the year. Under the Taxation Act (Québec), the Fonds is an open-ended investment company. As such, the Fonds can, in calculating its Québec taxes, deduct taxable capital gains from its taxable income. Consequently, capital gains realized by the Fonds are not subject to taxes in Québec. Income taxes on net investment income before income taxes are detailed as follows: (In thousands $) 2013 2012 Current 18,549 26,874 Future (2,049) 615 16,500 27,489 The above income taxes are different from the amounts that would be obtained by applying the combined basic tax rate (federal and provincial) to net investment income before income taxes. The difference is explained as follows: (In thousands $) 2013 2012 Income taxes based on combined income tax rate of 46.6% 58,734 58,376 Non-taxable dividends (25,853) (14,158) Refundable dividend tax on hand (30,345) (31,912) Other items 13,964 15,183 16,500 27,489 Items giving rise to future income taxes are as follows: (In thousands $) 2013 2012 Capital assets 2,273 1,749 Development capital investments and other (409) 2,164 1,864 3,913 FONDS DE SOLIDARITÉ DES TRAVAILLEURS DU QUÉBEC (F.T.Q.) 21

NOTES TO FINANCIAL STATEMENTS As at May 31, 2013 and 2012 18. EMPLOYEE FUTURE BENEFITS On January 1, 2001, the Fonds implemented funded and unfunded defined benefit pension plans, which guarantee pension benefits to most of its employees. Pension benefits under these plans are based on years of service and average annual salary, which represents the average annual salary over the period of 36 months of consecutive service which results in the highest average. Also, since July 1, 2003, the Fonds has had an optional personal insurance plan for retired employees. The accrued benefit obligation of these plans as determined by independent actuaries and the fair value of plan assets are as at March 31, 2013. The most recent actuarial valuation of the pension plans for funding and solvency purposes was as at December 31, 2012 and the next valuation will take place as at December 31, 2013. Information about the plans is as follows: 2013 2012 (In thousands $) Pension plans Insurance plan Pension plans Insurance plan Accrued benefit obligation Balance at beginning of year 160,030 2,217 120,826 1,833 Current service cost 16,733 101 14,419 87 Interest cost 7,879 103 7,009 100 Benefits paid (1,556) (37) (1,465) (29) Actuarial loss 4,562 163 19,241 226 Balance at end of year 187,648 2,547 160,030 2,217 Plan assets Balance at beginning of year 112,379-93,246 - Fonds contributions 13,589 37 9,493 29 Employee contributions 5,549 5,629 Benefits paid (1,556) (37) (1,465) (29) Actual return on plan assets 12,789 5,476 Balance at end of year 142,750-112,379 - Reconciliation of accrued benefit obligation and plan assets Funded status - deficit (44,898) (2,547) (47,651) (2,217) Unamortized net actuarial loss 30,686 777 33,277 653 Unamortized past service cost (gain) - (98) 362 (138) Accrued benefit liabilities (14,212) (1,868) (14,012) (1,702) These accrued benefit liabilities are presented under Accounts payable and other liabilities. ADDITIONAL INFORMATION ABOUT PLAN ASSETS Funded plan assets are held in trust and their breakdown is as follows: (in %) 2013 2012 Equity mutual funds 62.0 62.3 Bond mutual funds 37.2 37.4 Cash and other 0.8 0.3 100.0 100.0 FONDS DE SOLIDARITÉ DES TRAVAILLEURS DU QUÉBEC (F.T.Q.) 22

NOTES TO FINANCIAL STATEMENTS As at May 31, 2013 and 2012 18. EMPLOYEE FUTURE BENEFITS (CONTINUED) ADDITIONAL INFORMATION ABOUT PLAN ASSETS (CONTINUED) Costs recognized in the year were as follows: 2013 2012 (In thousands $) Pension plans Insurance plan Pension plans Insurance plan Current service cost, net of employee contributions 11,184 101 8,790 87 Interest cost 7,879 103 7,009 100 Actual return on plan assets (12,789) (5,476) Actuarial loss 4,562 163 19,241 226 Cost before adjustments to recognize the long-term nature of employee future benefits 10,836 367 29,564 413 Difference between actual and expected return on plan assets 5,518 (528) Difference between actuarial loss or gain recognized and actual actuarial loss or gain on accrued benefit obligation (2,927) (124) (18,891) (201) Difference between amortization of past service cost or gain and actual plan amendments 362 (40) 173 (40) Costs recognized in the year 13,789 203 10,318 172 Cash payments for employee future benefits, which comprise contributions made by the Fonds to these funded pension plans and amounts paid directly to members under unfunded plans totalled $13.6 million (2012: $9.5 million). SIGNIFICANT ACTUARIAL ASSUMPTIONS The significant actuarial assumptions used to determine the accrued benefit obligation and the costs recognized for the plans are as follows: 2013 2012 (in %) Pension plans Insurance plan Pension plans Insurance plan Accrued benefit obligation Rate at end of year Discount rate 4.25 4.25 4.50 4.50 Rate of compensation increase 3.50 3.50 Accrued benefit costs recognized Rate at end of previous year Discount rate 4.50 4.50 5.25 5.25 Expected rate of return on plan assets 6.00 6.00 Rate of compensation increase 3.50 3.50 The Fonds set the maximum annual insurance premium it will assume per retiree and does not expect any increases in the future. FONDS DE SOLIDARITÉ DES TRAVAILLEURS DU QUÉBEC (F.T.Q.) 23

NOTES TO FINANCIAL STATEMENTS As at May 31, 2013 and 2012 19. RELATED PARTY TRANSACTIONS In the normal course of business, the Fonds conducts transactions with related companies that are either controlled by the Fonds or subject to significant influence by the Fonds. Many of the development capital investments are of such an amount and nature that the investee is considered a related company. These transactions consist predominantly of interest and dividend revenues on investments and certain expenses, in particular premiums paid under insurance plans. The Fonds, of which a majority of directors are elected by the FTQ, agreed to pay $1.8 million to the FTQ for the year ended May 31, 2013 (2012: $1.9 million) under an agreement that calls for compensation to be paid for services rendered in respect of economic training, social audits, shareholder development, and support and guidance of certain activities. These transactions are measured at the exchange amount, which is the amount of consideration established and agreed to by the related parties. The Fonds incorporated the Fondation de la formation économique du Fonds de solidarité des travailleurs du Québec (F.T.Q.) (the Fondation ) under Part III of the Québec Companies Act and appoints the members of the Fondation s Board of Directors. The Fonds granted a loan of $5 million to the Fondation at a variable, contingent interest rate, with a fair value of $3.8 million (2012: $3.6 million). The Fonds granted non-interest bearing loans of $20 million with a fair value of $13.7 million (2012: $13.9 million) to the Fonds étudiants solidarité travail du Québec (FESTQ), which are considered related to the Fonds because the Fonds appoints some of their directors together with the Government of Québec. These loans are presented in the Balance Sheet under Accounts receivable and other assets. 20. RISK MANAGEMENT Risks arising from financial instruments are an integral part the audited Financial Statements and are discussed in the Risk management section of the Management Discussion and Analysis for the year Ended May 31, 2013, which is available at the Fonds head office, on its Website at www.fondsftq.com or at www.sedar.com. 21. COMPARATIVE FIGURES Certain prior year figures have been reclassified to be comparable with those of the current year. 22. ADDITIONAL INFORMATION The audited Statement of Development Capital Investments, at Cost, the unaudited Relevé des autres investissements and the unaudited Index of the Share of the Fonds in Investments Made by the Specialized Funds, at Cost, are available at the Fonds head office, on its Website at www.fondsftq.com or at www.sedar.com. FONDS DE SOLIDARITÉ DES TRAVAILLEURS DU QUÉBEC (F.T.Q.) 24

MANAGEMENT DISCUSSION AND ANALYSIS FOR THE YEAR ENDED MAY 31, 2013

MANAGEMENT DISCUSSION AND ANALYSIS FOR THE YEAR ENDED MAY 31, 2013 This Management Discussion and Analysis ( MD&A ) is intended to help the readers to assess, through the eyes of management, the Fonds de solidarité FTQ s (the Fonds ) results and financial condition and the material changes therein during the financial year ended May 31, 2013. The annual MD&A complements and supplements the financial statements and contains financial highlights, but does not contain the complete annual financial statements of the Fonds. To facilitate understanding of events and uncertainties presented herein, this MD&A should be read together with the financial statements and the notes thereto. This MD&A contains forward-looking statements about the Fonds activities, results, and strategies that should be interpreted with caution. These forecasts necessarily involve assumptions, uncertainties and risks; it is therefore possible that a number of factors may cause them not to materialize. Legislative or regulatory changes, economic and business conditions and the level of competition are some examples of major factors that may influence, sometimes significantly, the accuracy of the forward-looking statements in this MD&A. This MD&A is dated June 27, 2013. The Fonds is subject to the Regulation Respecting Development Capital Investment Fund Continuous Disclosure (the Regulation ) and, as such, applies the requirements of this Regulation, notably to its financial statements and its MD&A. You can get a copy of the annual financial statements at your request, and at no cost, by calling us at 514-383-3663 or toll free at 1-800-567-3663, by writing to us at 8717 Berri Street, Montréal, Québec H2M 2T9 or by visiting our website at www.fondsftq.com or the SEDAR website at www.sedar.com. You can also obtain a copy of the interim documents in this same manner. FINANCIAL HIGHLIGHTS The following tables show selected key financial information about the Fonds and are intended to help you understand the Fonds financial performance for the past five financial years. This information is derived from the Fonds audited financial statements. The Fonds results are discussed under Results of Operations on page 3. RATIOS AND SUPPLEMENTAL DATA Years ended May 31 (in millions of dollars, unless otherwise specified) 2013 2012 2011 2010 2009 Revenues 256 247 256 222 239 Net earnings (net loss) 458 215 650 600 (919) Net assets 9,301 8,525 8,178 7,294 6,375 Class A shares outstanding (number, in thousands) 332,441 320,629 315,504 305,951 291,733 Total operating expense ratio* (%) 1.44 1.46 1.47 1.54 1.70 Portfolio turnover rate**: Development capital investments (%) Other investments (%) 8.44 115.57 12.09 158.61 11.38 172.57 7.93 233.20 6.71 179.65 Trading expense ratio*** (%) 0.02 0.02 0.02 0.03 0.02 Number of shareholders (number) 615,664 594,287 583,235 577,511 570,889 Issues of shares 855 767 698 660 655 Redemptions of shares 542 620 465 341 647 Fair value of development capital investments**** 6,144 5,757 5,207 4,784 4,598 * The total operating expense ratio is obtained as follows: by dividing expenses (excluding capital tax) for the year, as shown in the Statement of Operations, by the average net assets for that year. ** The portfolio turnover rate reflects the number of changes made to the composition of the portfolio. There is not necessarily a relationship between a high turnover rate and the portfolio s performance. *** The trading expense ratio represents transaction costs expressed as a percentage of average net assets. **** These investments include funds committed but not disbursed as well as guarantees and suretyships. 1

CHANGE IN NET ASSETS PER SHARE Years ended May 31 (in dollars) 2013 2012 2011 2010 2009 Net assets per share, beginning of year* 26.59 25.92 23.84 21.78 25.05 Increase (decrease) from operations**: 1.41 0.68 2.10 2.01 (3.16) Interest and dividends 0.79 0.78 0.82 0.74 0.82 Total operating expenses (0.40) (0.39) (0.38) (0.37) (0.37) Income tax and capital tax (0.05) (0.09) (0.08) (0.09) (0.05) Realized gains (losses) 0.30 0.16 0.26 0.22 (1.31) Unrealized gains (losses) 0.77 0.22 1.48 1.51 (2.25) Variance from issues and redemptions of shares Variance from the transfer of Class G shares (0.02) - (0.01) - (0.02) - (0.02) 0.07 (0.11) - Net assets per share, end of year* 27.98 26.59 25.92 23.84 21.78 * The amount of net assets per share is based on the actual number of shares outstanding at the relevant time. ** The increase (decrease) from operations is based on the weighted-average number of shares outstanding during the financial year. ECONOMIC CONDITIONS World and the United States Over the last 12 months, the global economic and financial environment has remained tense. Austerity programs and economic, financial and political uncertainty continued to dampen growth in industrialized countries, many of which are also grappling with major structural problems. The economic situation in many emerging countries, including China and India, was worrisome for most of 2012; these countries saw their growth, which was fast paced until then, taper off in particular due to the weakness of the global economy and, especially, of the European economy, which reduced the level of their exports. All this tension created volatility in commodity prices, including copper, gold and oil. There are still many economic and financial issues around the world, and there are still many obstacles on the road to greater stability. In the Eurozone, despite financial strains easing over the last 12 months particularly as a result of the launch by the European Central Bank of a program under which it may purchase unlimited amounts of bonds from countries that sought assistance from the European bailout fund and some economic indicators beginning to show improvement toward the end of 2012, the recession that officially began in 2011 is far from over. Even the indicators that are slightly improving are still at levels that in many cases suggest sharp dips in GDP. In other words, everything seems to point to a deepening recession in the Eurozone, particularly in the countries with more fragile economies such as Greece, Italy, Spain and Portugal. Nevertheless, during the last 12 months, the European political authorities and financial community managed to succeed in navigating the storm, mostly because of Germany. This country however showed clear signs that its economy was contracting in the fourth quarter of 2012. This was short lived, however, as the situation seemed to rebound as early as the following quarter, contrary to the situation in France where the economic indicators suggest stagnation at best. In the United States, the great uncertainty surrounding the fiscal cliff for the better part of 2012 that could have triggered a recession has lifted somewhat following the partial agreement concluded on January 1, 2013. Despite the fact that this agreement introduced tax increases that will reduce their disposable income, households seem to have demonstrated some resilience, at least in the opening months of 2013, judging by the growth in retail sales, the strengthening of manufacturing and non-manufacturing indexes, and the rising consumer confidence index. However, this strong relative performance in consumption appears to have started to slacken off beginning in March and continued to do so in April. The labour market experienced a similar loss of momentum: after adding an average of 237,000 jobs per month between November 2012 and February 2013, only 142,000, 149,000 and 175,000 jobs were added in March, April and May 2013, respectively. 2

Generally speaking, the U.S. economy grew in booms and busts over the last 12 months. After seeing GDP growth slow down in the first two quarters of 2012 mainly due to the lack of household and corporate confidence in the economy and the persistence of financial fears related to Europe, the U.S. economy posted improved GDP growth in the third quarter of 2012. This growth shrank in the following quarter then rebounded in the first quarter of 2013. On the other hand, the savings rate remained low (averaging 3.7% since May 31, 2012). Despite a slowing labour market beginning in March 2013, the overall unemployment rate dropped over the last 12 months: it was 7.6% in May 2013, compared to 8.2% in May 2012. In addition, residential investment is looking up after several lean years, and house prices tend to rise, which should help consumers better weather higher taxes. In terms of inflation, the annual variation in the U.S. CPI has averaged 1.7% since May 2012. Lastly, the key interest rate has remained unchanged at 0.25% since December 2008. Canada and Québec Over the last 12 months, the Canadian economy was not shielded from the economic sluggishness and uncertainty that spread around the world; its loss of momentum is really tangible. During this period, the real estate market slowdown persisted, as evidenced by the slump in residential investments. Inversely, non-residential investments continued to grow, but their contribution to economic growth was offset in part by a reduction in government spending due to the fight against the deficit. Domestic demand only rose slightly due to the weakness in consumer spending resulting from dampening credit and improvement in household balance sheets. Foreign trade was hobbled by a weaker global demand and deteriorating competitiveness. On the inflation front, the annual variation of the Canadian CPI has averaged 1.0% since May 2012. The unemployment rate decreased from 7.3% in May 2012 to 7.1% in May 2013. The Canadian dollar traded at $US 0.97 on May 31, 2013, the same value as on May 31, 2012. The discount rate has remained unchanged at 1% since September 2010. In Québec, economic growth continued to be relatively weak during the last 12 months, mainly due to the waning household consumption and lower foreign trade. Signs of a slowdown also began to appear in the residential sector, which saw a dip in home sales (existing and new) following the federal government s tightening of mortgage rules. The unemployment rate was 7.7% in May 2013, slightly lower than the 7.8% rate recorded in May 2012; this rate is higher than the rates for Canada (7.1%) and for Ontario (7.3%). During the last 12 months, short-term (2 years) and long-term (10 years) Canadian government bond interest rates fluctuated, however, as at May 31, 2013, they were slightly higher compared to May 31, 2012. Provincial and investment-grade corporation credit spreads also fluctuated during this period; however, both were narrower as at May 31, 2013 compared to May 31, 2012. The economic uncertainty that persisted around the wold during the last 12 months continued to impact the performance of many financial institutions, including the Fonds. MANAGEMENT DISCUSSION OF FINANCIAL PERFORMANCE RESULTS OF OPERATIONS OVERALL RESULT For the financial year ended May 31, 2013, the Fonds recorded net earnings of $458 million, compared to net earnings of $215 million for the prior year. With this result for the year, the Fonds generated a return of 5.3%, up from the return of 2.6% experienced for the previous year in much less favourable stock market conditions. The value of the Fonds shares therefore increased by $1.39 compared to the price reported in July 2012 and by $0.78 compared to January 2013 to stand at $27.98 as at July 5, 2013. The Fonds also reached new historic highs as at May 31, 2013 as it increased its number of shareholders to 615,664 and its net assets to $9.3 billion. 3

As a result of its mission, a significant portion of the Fonds de solidarité FTQ s portfolio is comprised of private securities and specialized funds. Consequently, the Fonds did not benefit from the full effect of the increase on the stock markets that occurred during the year. In fact, the Fonds asset allocation tends to limit its return potential in a bull market such as we have experienced in the last financial year, while the opposite occurs in a bear market. In that respect, the Fonds had been able to achieve, for the financial year ended May 31, 2012, a return that exceeded the average return of Canadian balanced mutual funds 1 ; this was largely attributable to its performance for the first six-month period, when stock markets declined. FONDS RETURN Years ended May 31 Assets under management at end of year* $M 2013 2012 Assets under management at Weight Return end of year* Weight % % $M % Development capital investments 4,910 52.7 7.4 4,497 52.6 9.2 Other investments** 4,411 47.3 6.6 4,053 47.4 (0.1) 9,321 100.0 6.9 8,550 100.0 4.4 Total operating expenses (1.4) (1.5) Income tax (0.2) (0.3) Fonds return (annual) 5.3 2.6 Fonds return (1 st six-month period) 2.3 0.2 Fonds return (2 nd six-month period) 2.9 2.3 * Assets under management at end of year refer to the fair value, at the end of the year, of the assets managed by the Investments and Other Investments sectors and used to generate revenues presented in the Statement of Operations. This amount differs from the amount of assets presented in the financial statements, which includes, unlike assets under management, notes from the liquidity surpluses of regional and local funds and certain specialized funds, among other things. ** Other investments represent the remaining assets not invested in partner companies. Managed by the Other Investments sector, they consist of the following portfolios: bonds, cash and money market, sector-based shares, absolute return strategies, international infrastructure funds and high-income. Return % SECTOR RESULTS Investments sector The assets managed by the Investments sector are essentially mission-driven development capital investments made by the Fonds in public and private companies in the form of shares, units or loans. To stabilize its return, the Fonds favours a fair balance between investments in the form of loans that are usually unsecured and provide a current return through interest payments, investments in shares that potentially generate a higher return but involve an increased level of volatility, and investments in specialized fund units that allow the Fonds to better diversify its portfolio while bringing private and foreign capital inflows to Québec. Development capital investments are governed by the Fonds Investment Policy, which is an important component of its Integrated Financial Assets Management Policy. The Investments sector earned a gross return of 7.4% for the year, down from the gross return of 9.2% generated for the prior year. Taking into account this return and given the level of mission-driven investments made by the Fonds during the year, the assets in this sector represented $4.9 billion or 52.7% of assets under management as at May 31, 2013 (52.6% as at May 31, 2012). The performance of the Investments sector is influenced by various factors, particularly the behaviour of the financial markets as well as the economic and business conditions in which our partner companies operate, and by the dynamic management of our investments. The gross return of 7.4% of the Investments sector for the year is largely explained by the following: the return of 6.7% generated by our private securities and specialized funds portfolio during the year (compared to 12.5% for the previous year, when significant gains had been realized on the disposal of some of our investments, including the investment we held in Enobia Pharma). This performance is essentially attributable to the general strength of the portfolio, which produced interest and dividend revenues and, in addition, generated an increase in value during the year; the positive return of 11.0% generated by our portfolio of listed securities during the year. This return is essentially explained by the good performance of the stock markets during the last 12 months. For the previous year, this portfolio had recorded a negative return of 7.0%, when the stock market conditions were much less favourable. 1 Canadian neutral balanced funds, as compiled by globefund.com 4

Other Investments sector The Other Investments sector manages the Fonds assets that are not invested in partner companies. Other investments consist of the following portfolios: bonds, cash and money market, sector-based shares, absolute return strategies, international infrastructure funds and high-income. As with development capital investments, other investments are managed in accordance with the Integrated Financial Assets Management Policy, which targets sound diversification of the Fonds financial assets. Under this policy, a sufficient portion of financial assets must be invested in a way that allows the Fonds to meet its liquidity needs, to produce current revenue sufficient to cover its expenses and to contribute to the generation of a reasonable return to its shareholders. For the year, the Other Investments sector earned a positive gross return of 6.6%, up from the negative gross return of 0.1% recorded for the prior year. The assets of this sector represented $4.4 billion or 47.3% of the Fonds assets under management as at May 31, 2013 (47.4% as at May 31, 2012). The evolution of interest rates and the performance of the stock markets are the determining factors in analyzing the performance of the Other Investments sector. Accordingly, the results achieved by this sector are influenced by the behaviour of the financial markets and the conditions affecting the Fonds economic environment. The positive gross return of 6.6% of the Other Investments sector for the year is largely explained by the following: the increase in stock markets, which led to a positive return of 12.1% for the sector-based shares 2 and other securities 3 portfolios. This performance followed a negative return of 9.6% for the prior year, when the stock market conditions were bearish both in Canada and internationally; the return of 2.4% on our fixed-income securities portfolio for the year, compared to 7.1% for the previous year. This return is mainly explained by interest revenues generated by the portfolio. The difference in returns compared to the prior year is essentially attributable to the decrease, in 2011-2012, in interest rates for Government of Canada securities, which increased the value of bonds included in the portfolio. RETURN BY ASSET CLASS Year ended May 31 Assets under management at end of year* $M 2013 2012 Assets under management Weight Return at end of year* Weight % % $M % Return % Development capital investments Private securities and specialized funds Listed securities 4,042 868 43.4 9.3 6.7 11.0 3,796 701 44.4 8.2 12.5 (7.0) Other investments Fixed-income securities 2,427 26.0 2.4 2,304 26.9 7.1 Sector-based shares and other securities 1,984 21.3 12.1 1,749 20.5 (9.6) 9,321 100.0 6.9 8,550 100.0 4.4 TOTAL OPERATING EXPENSES Total operating expenses consist mainly of expenses related to assets under management, shareholder services, subscription activities, systems and controls and their improvement, prospecting and monitoring of partner companies, personnel and all other resources the Fonds de solidarité FTQ requires to achieve its mission and meet its objectives. Although it is essential that the Fonds has available resources to achieve its mission, it is also fundamental that it controls its expenses. Year after year, the Fonds was able to maintain its total operating expenses at a level it considers to be low. For the financial year ended May 31, 2013, the ratio of total operating expenses to net average assets for the year, calculated using the method prescribed in the Regulation, was 1.4% (1.5% for the previous year). Expressed in dollars, total operating expenses amounted to $129.9 million for the year ended May 31, 2013, compared to $122.1 million for the previous year. This increase is largely attributable to the increase in salaries and benefits as well as in expenses related to the advertising and information campaigns. 2 3 These sectors are materials, energy, consumer staples, utilities and telecommunications. Other securities are comprised of the following portfolios: absolute return strategies, international infrastructure funds and high-income. 5

ANALYSIS OF CASH FLOWS, BALANCE SHEET AND OFF-BALANCE SHEET ITEMS Cash flows Cash flows from operating activities of the Fonds totalled $112 million for the year, down from $171 million for the previous year. Changes in these cash flows mainly resulted from our current operations. Cash flows from financing activities of the Fonds totalled $271 million for the year, compared to $209 million for the prior year. These cash flows for the year resulted mainly from issues of shares amounting to $855 million ($767 million for the previous year) less redemptions of shares totalling $535 million 4 ($620 million for the previous year). Cash flows from investment activities of the Fonds represented a net cash outflow of $388 million for the year, compared to $372 million for the previous year. Cash needed to support net investments (acquisitions less proceeds from disposals) in partner companies was provided by both the cash flows from operating activities and the cash flows from financing activities of the Fonds discussed above. The Fonds also has lines of credit available for its working capital requirements. As at May 31, 2013, these lines of credit were unused. Balance sheet and off-balance sheet items Balance sheet development capital investments increased from $4.9 billion as at May 31, 2012 to $5.3 billion as at May 31, 2013. This $380 million increase mainly resulted from our net disbursed investments of $216 million (disbursed investments of $507 million less disinvestments of $291 million) and the increase in value of our development capital investments during the year. On a commitment basis, the Fonds made development capital investments of $521 million during the year, compared to $908 million for the prior year, which included a $300 million investment in SSQ Financial Group. On the other hand, funds committed but not disbursed increased from $822 million as at May 31, 2012 to $838 million as at May 31, 2013. In addition, balance sheet other investments increased by $247 million during the year to settle at $4.4 billion as at May 31, 2013 ($4.1 billion as at May 31, 2012). This increase is explained, among other factors, by the excess net cash inflows (issues of shares less redemptions of shares) for the year that were not used to make development capital investments. In accordance with its Integrated Financial Assets Management Policy, the Fonds uses derivative financial instruments in particular to safeguard the value of its assets, to facilitate the management of its portfolios, to modify its asset allocation without increasing or decreasing the amounts managed by internal and external specialists and to improve its returns within allocated risk limits (see the Risk Management section on page 21 for more details). MISSION OF THE FONDS DE SOLIDARITÉ FTQ, OBJECTIVES AND STRATEGIES MISSION AND OBJECTIVES The Fonds de solidarité FTQ is a union-based development capital investment fund that was born out of the Fédération des travailleurs et travailleuses du Québec. Created in 1983 under the Act to Establish the Fonds de solidarité des travailleurs du Québec (F.T.Q.), the Fonds endeavours to collect the savings of Quebecers who want to participate in creating and maintaining jobs, in order to improve the situation of workers and to stimulate the Québec economy. The Fonds mission also includes raising awareness and encouraging workers to save for retirement as well as providing economic training to workers. 4 This amount is presented on a cash basis and therefore includes the change in amounts payable between May 31, 2012 and May 31, 2013. 6

The Fonds mission is supported by both levels of government since shares of the Fonds qualify for RRSPs and give rise to a 15% tax credit at both the Québec and federal tax levels, for a total of 30% 5. The maximum tax credit is $1,500 per year, which corresponds to a purchase of $5,000 of shares. However, it should be noted that in the federal budget tabled on March 21, 2013, the government of Canada announced its intention to phase out until 2017 the 15% tax credit it grants to labour-sponsored fund shareholders. The credit remains at 15% until the taxpayer s 2014 tax year (therefore including any contributions made in the first 60 days of 2015 and applied to the 2014 tax year), and will then be phased out until 2017. The Québec tax credit of 15% remains in place. Consequently, for the taxpayer s 2013 and 2014 tax years, total credits will continue to be 30%. The federal government had also announced in its budget that it would hold consultations on this measure until May 31, 2013. However, on May 23, 2013, it announced that it would hold new consultations until July 23, 2013; these consultations would precede the eventual release of draft legislation for comment. In this context, it is important to point out that the federal government s intentions, as set out in its budget, are only for the time being a proposal that will not come into force until an act implementing the phase-out of the tax credit is adopted. Since the phase-out of the 15% federal tax credit was announced, the Fonds has undertook a detailed analysis of the impact this could have on its business model, strategies and various policies, particularly the Integrated Financial Assets Management Policy. This analysis will be continued during the next financial year, based on the development of the legislative measures that the federal government will propose on that matter. The business model the Fonds uses to achieve its mission can be illustrated as follows: When shareholders buy shares of the Fonds, an entire process is set into motion. A portion of the money collected from shareholders (in consideration of which the Fonds issues them shares) is first invested by the Fonds, pursuant to its mission, in shares, units or loans in private and public companies in Québec, or in companies that generate economic spinoffs in Québec. The investments made by the Fonds in compliance with its mission represent the development capital investments portfolio, and the companies in which the Fonds invests become partner companies of the Fonds. Pursuant to the Fonds Incorporation Act, this portion invested in partner companies must comply with the 60% rule 6. To ensure sound diversification of its financial assets, the other portion of the money collected but not invested in Fonds partner companies is invested in other financial instruments in a way that allows the Fonds to meet its liquidity needs, to produce current revenue sufficient to cover expenses and to contribute to the generation of a reasonable return to the shareholders. All of these other financial investments represent the other investments portfolio. The Fonds interests in partner companies are qualified as patient capital as they are intended to be held over an investment horizon generally ranging from 5 to 7 years, depending on the financial instrument used. The sums raised when an interest held by the Fonds is sold or bought back (disinvestment) are reinvested in other companies or used to reimburse shareholders who request a share redemption, in accordance with our retirement or early retirement criteria. On average, shareholders request a redemption approximately 10 years after their first share purchase. During this 10-year average period, given the Fonds investment horizon, the shareholders money would therefore have been invested in development capital more than 1.5 times. 5 Please see the prospectus for more information. 6 For more on this, please see the 60% rule section of this MD&A. 7

STRATEGIES To implement its mission and to reach its objectives, the Fonds deployed various strategies, both from a global management perspective and by sector. Therefore, in an overall perspective, the Fonds implemented an Integrated Financial Assets Management Policy under which it manages its financial assets in an integrated and comprehensive way to produce a reasonable return for its shareholders while mitigating the volatility of the return from a six-month period to the next. Accordingly, the assets in the other investments portfolio are allocated in a way that is complementary to the portfolio of mission-driven investments made in partner companies. This strategy allows the Fonds to obtain, overall, the desired return/risk ratio. The Integrated Financial Assets Management Policy takes into account actual and expected changes in the Fonds business, particularly the expected increase in redemptions due to aging shareholders and the increase in the size of the portfolio of missiondriven development capital investments. In fact, the weight of investments disbursed by the Fonds, which was 53% as at May 31, 2013, should gradually increase. This policy allows the Fonds to maintain the desired balance among the various components of the Fonds balance sheet and to review the target weight of each asset class with a view to maintaining the desired return/risk profile and continue to meet shareholders expectations. In general, the Fonds may modify its targets depending on the circumstances and events that occur in the next few years. The high volatility of financial and stock markets during recent financial years resulted in significantly modifying the actual weight of these various asset classes, which led the Fonds to rebalance its portfolio a few times. These rebalancings were made to comply with the limits and guidelines of the Integrated Financial Assets Management Policy regarding the target asset allocation. They were also a way to actively manage the portfolio within the limits set out by this policy to improve the return/risk profile, taking into consideration the general movement and erratic behaviour of financial and stock markets. The Shareholder Services sector The Shareholder Services sector strategies are built on three axes: developing systematic savings, mobilizing the LR (local representatives) network and building shareholder loyalty. For the financial year ended May 31, 2013, the Fonds collected subscriptions allowing it to issue shares totalling $855 million, compared to $767 million in the previous year. The number of new shareholders totalled 42,984, which helped the Fonds reach a new historic high of 615,664 shareholders as at May 31, 2013. Its financial performance and strength, publicity campaign, targeted marketing mailings, increased presence (particularly through its LR network throughout Québec) during the RRSP period have all allowed the Fonds to increase the amount of lump-sum subscriptions by 20%, reaching $424 million (compared to $354 million for the previous financial year). Despite a rising long-term trend, the volume of redemptions dipped this year, amounting to $542 million as at May 31, 2013, compared to $620 million as at May 31, 2012. This reduction in redemptions does not hide the fact that the Fonds needs to renew its shareholder base. This is why for several years now its communication strategies have mainly targeted young people and cultural communities. On that front, during the financial year, the number of new enrolments by people under the age of 40 increased by 27% compared to the previous year. But beyond this axis of communication and the various means the Fonds uses to get the word out, it can also count, to meet its objectives, on a network of 2,077 LRs from FTQ-affiliated unions as well as unions the Fonds has agreements with. These LRs promote, on a voluntary basis, the Fonds in their workplace across Québec, both in factories and in professional environments. They explain the Fonds' objectives and encourage their coworkers to subscribe to Fonds shares and thereby contribute to Québec's economic development while saving for retirement. The network is also supported by a team of coordinators and an LR service group is dedicated specifically to it. Our LRs receive continuing education, which is provided in collaboration with the Fondation de la formation économique, to mobilize them around the Fonds mission and the development of systematic savings. Thanks in large part to our LR network, subscriptions through payroll deduction continue to represent the largest proportion of the Fonds subscriptions. Our efforts to recruit new shareholders who contribute to their RRSP through payroll deduction combined with the increase in workplace blitzes (22% more than last year) paid off: 13,327 additional shareholders chose payroll deduction in 2012-2013. Online transactions didn t slacken off either: 17,073 new shareholders enrolled through the Fonds website, and lump-sum subscriptions totalling close to $166 million were collected through the various virtual channels. 8

The Investments sector The Investments sector s strategies, which support the Fonds' achievement of its mission regarding development capital investments in Québec's economy, are integrated in the global perspective defined by the Integrated Financial Assets Management Policy, which includes the Investment Policy, and vary, among other things, depending on fluctuations of the 60% rule which the Fonds must follow pursuant to its Incorporation Act (for more on this, see the "60% Rule" section). To enable risk diversification, the Fonds allocates its investment portfolio among various economic sectors. Generally, the Fonds holds a minority interest in the companies it invests in, however it may exceptionally, in very specific situations, hold a majority or all the shares of a company. Over the years, this approach to investing has allowed the Fonds to develop extensive knowledge of the various sectors in which it invests, and its partner companies highly value the expertise this has allowed it to develop. Every year the Fonds undertakes an analysis to determine the sectors that will be prioritized given the behaviour of the financial markets and the economic and business conditions of the various sectors, as well as based on the dynamic management of its investments. The priorities are determined within the risk management framework implemented by the Investments sector several years ago, which helped improving the quality of the portfolio and stabilizing the return. Multidisciplinary teams support our investment specialists with their expertise: legal, tax, business valuation, market study, due diligence, labour relations and public market departments. A due diligence committee reviews all files submitted to governing bodies to identify the associated risks taking into consideration the Fonds mission. In addition, to deal with more difficult situations, the Senior Vice-President, Turnaround Management and Special Projects, together with the Vice-President, Legal Affairs, very closely monitors investments that entail greater credit risk. To fulfill its Québec economic development and job creation mission, the Fonds invests significantly in the form of unsecured risk capital (development capital) in partner companies. To have an accurate idea of the Fonds efforts in Québec s economic development, we must go beyond the image given by the portfolio as at a particular date and look at amounts invested in the form of unsecured risk capital (development capital) over a certain period. As the following graph illustrates, during the financial years 2004 to 2013, i.e. a 10-year period, the Fonds has committed $5.5 billion of unsecured risk capital (development capital) to partner companies. Of this amount, $2.2 billion have been invested in venture capital 7 either directly in private companies ($1.2 billion) or indirectly in private funds ($1.0 billion) in Québec and Canada. The investments made by the Fonds in private funds had a structuring effect on the Québec venture capital industry and allowed these private funds to raise several additional billions of dollars. 7 Venture capital comprises high-risk investments made directly or indirectly by the Fonds in companies in the start-up or early development stage, particularly in the new economy sector. 9

The Other Investments sector In managing the balance of assets not invested in partner companies (presented under Other Investments in the financial statements), the Other Investments sector is governed by the Integrated Financial Assets Management Policy which targets sound diversification of the Fonds financial assets. A sufficient portion of financial assets must be invested in a way that allows the Fonds to meet its liquidity needs, to produce current revenue sufficient to cover expenses and to contribute to the generation of a reasonable return to the shareholders, who generally invested in the Fonds for their retirement. The assets of the Other Investments sector are managed internally by a team of specialists and externally by specialized managers. The internal team of specialists manages the money market portfolio, part of the bond portfolio, the high-income portfolio and a portfolio comprised of hedge fund managers. The portfolios that are managed internally represented $2.0 billion as at May 31, 2013, or 47% of the total amount of other investments (45% as at May 31, 2012). To improve the overall performance of these portfolios, the Fonds specialists have some latitude in buying and selling securities; these transactions must comply with the limits and guidelines of the Integrated Financial Assets Management Policy and are overseen by the Financial Assets Management Committee. For portfolios managed externally, the Fonds retains the services of specialized managers which allows optimizing the management of those portfolios. One of the benefits of this kind of management is the implementation of specialized management strategies, such as active management of the duration of the bond portfolio, which targets generating added value for the portfolios in question through the expertise the selected specialists have in the area. The Fonds also held for a few years an overlay management portfolio managed by an external manager specialized in bonds. This portfolio has been gradually eliminated during the year. Using derivative financial instruments provides active management of market risks the Fonds is exposed to. When appropriate, the Other Investments sector develops a risk management strategy, which must be authorized by the appropriate governing bodies, to minimize the Fonds exposure to volatility in foreign exchange rates or stock market prices. Over the last few years, based on the changes in the weight of its development capital investments, the Fonds was led to aim for a gradual reduction of its bond portfolio. The transactions required subsequent to these modifications to the target asset allocation were executed in an orderly fashion so the Fonds would not hurt its return. During the last financial year, other changes affecting the Other Investments sector and being phased in beginning on June 1, 2013, were made to the Integrated Financial Assets Management Policy. On one hand, the equity benchmark index will be switched from an in-house index composed of five sectors to the S&P/TSX and MSCI Global 10 sector indexes, and on the other hand, the absolute return strategies category will be gradually liquidated, except for the portfolio comprised of hedge fund managers selected internally. These changes are mainly intended to optimize the Fonds return/risk ratio. The activities of the Other Investments sector fall under the responsibility of two separate Vice-Presidents: the Vice-President, Marketable Securities Portfolio Management and the Vice-President, Financial Management and Strategy. This structure helps the Fonds continue prioritizing the optimization of its return/risk ratio despite the increasing complexity of financial markets. 60% RULE The 60% rule set out in the Fonds Incorporation Act stipulates that the Fonds average unsecured investments in qualified business enterprises must represent at least 60% of its average net assets of the previous financial year. The remaining assets may be invested in other financial vehicles for asset diversification and sound management purposes. The calculation method for this rule is based on the value of the Fonds assets, which depends in part on interest rate fluctuations and on the performance of stock markets and the economy in general. Even though market volatility is not something new, the fluctuations that result may, given the size of the Fonds, make it more difficult to manage the 60% rule. Accordingly, the 2012 budget of the Government of Québec proposed to amend the Fonds Incorporation Act to allow flexibility in the calculation of average qualified investments. It would therefore be possible, under certain conditions, to include in the calculation excess qualified investments with respect to the 60% rule made in the two financial years preceding the current financial year. As at May 31, 2013, the value of average qualified investments 8 amounted to $5.5 billion or 66.0% of the average net assets of the previous financial year (compared to 67.0% as at May 31, 2012). Since the minimum percentage prescribed was reached as at May 31, 2013, the amount of share issues for the 2013-2014 financial year will not be limited by the 60% rule. As at May 31, 2013, the Fonds was also in compliance with all other limits and rules set out in its Incorporation Act. The Fonds expects to comply with all the limits and rules set out in its Incorporation Act over the next several years. 8 These investments include funds committed but not disbursed as well as guarantees and suretyships. 10

RECENT DEVELOPMENTS ACCOUNTING POLICIES The Fonds does not anticipate adopting new accounting policies that would significantly affect its net earnings for the financial year ending May 31, 2014 or its net assets per share as at May 31, 2014. INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS) In 2008, the Accounting Standards Board of Canada (AcSB) announced that publicly accountable enterprises would have to replace Canadian generally accepted accounting principles (GAAP) by IFRS in their financial statements for the years beginning on or after January 1, 2011. Then, in December 2011, the AcSB confirmed that investment companies, as defined in the Accounting Guideline on investment companies of the Canadian Institute of Chartered Accountants (CICA) Handbook, will have to apply IFRS for the first time to their interim and annual financial statements for the years beginning on or after January 1, 2014, at the latest. The Fonds intends to meet this first-time adoption date and will therefore apply IFRS for the first time to prepare its financial statements for the six-month period ending November 30, 2014. IFRS conversion plan The Fonds adopted an IFRS conversion plan comprising three phases: a diagnostic phase; a standards assessment, detailed analysis, issue resolution and model financial statements preparation phase; and a change integration phase. The first phase was completed before the end of the financial year ended May 31, 2009. This phase included identifying the IFRS having an impact on the Fonds as well as the main issues and priorities to assess in the context of the Fonds. The part of the second phase dealing with standards assessment, detailed analysis and issue resolution was completed in May 2010. It included a more detailed analysis of the IFRS and the differences with current Canadian standards and their interpretations in order to identify the impact the conversion will have on processes, systems and the financial statements. In the coming months, the Fonds will prepare draft financial statements in accordance with the new standards. During the change integration phase, we will keep accounting records both under GAAP and IFRS to be able to present comparative information upon transition. In addition, the Fonds deployed its training plans, which are intended to upgrade the knowledge of its accounting staff and other stakeholders of the organization who are affected by the IFRS conversion. The Fonds continuously monitors the development of IFRS to assess its impact. Main expected changes The following table presents only the significant differences between GAAP currently applied by the Fonds and IFRS. While noteworthy, these differences do not necessarily have a significant impact on the Fonds financial statements. This table was prepared based on current standards that would be effective as at the date of transition; however, certain standards could be amended and the Fonds could reassess its position as needed. The impact assessment reflects the results of the analysis based on the current situation. 11

Accounting policy Main differences between GAAP and IFRS Impact on financial statements Consolidation Financial instruments Financial instruments fair value Under GAAP, investment companies meeting certain criteria recognize their investments at fair value, in accordance with Accounting Guideline AcG-18, Investment Companies. This rule applies to all investments, including those in entities in which the investment company holds more than 50% of voting shares and those in entities over which it exercises control. On October 31, 2012, the International Accounting Standards Board (IASB), the international standard-setting organization, issued a document entitled Investment Entities (amendments to IFRS 10, IFRS 12 and IAS 27), which defines investment entities and provides for an exception to the consolidation principle for such entities. Under this exception, investment entities measure their investments in controlled entities at fair value instead of consolidating them and recognize changes in fair value in profit or loss. In addition, the document specifies certain disclosure requirements regarding these investments in controlled entities. Under GAAP, the Fonds recognizes all its development capital investments and other investments at fair value, in accordance with accounting principles applicable to investment companies. Other than for financial instruments subject to consolidation, as described above, IFRS that apply to financial instruments are similar to GAAP. Under GAAP, listed financial instruments are measured at the closing bid price at the balance sheet date. Under IFRS, if an asset measured at fair value has a bid price and an ask price, the price within the bid-ask spread that is most representative of fair value in the circumstances must be used to measure fair value. The Fonds does not currently prepare consolidated financial statements and recognizes all its development capital investments and other investments at fair value. IFRS now provide for an accounting treatment for controlled entities that is similar to the treatment currently applied by the Fonds. The Fonds meets the definition of an investment entity set out in the recent amendments to the standards. The Fonds is currently assessing the disclosure requirements under IFRS. The Fonds will recognize all its financial instruments at fair value, as it currently does. The Fonds will use the most pertinent fair value within the bid price and ask price range. 12

Accounting policy Main differences between GAAP and IFRS Impact on financial statements Property and equipment (Capital assets) Investment property Employee benefits IFRS require that each component of an item of property, plant and equipment be depreciated separately when such item of property, plant and equipment is comprised of components to which different depreciation rates apply. One impact of this requirement is that more components are recognized under IFRS than under GAAP. Under IFRS, an item of property, plant and equipment may be measured using the cost model or the revaluation model. GAAP preclude the remeasurement of property, plant and equipment at fair value. Upon transition to IFRS, IFRS 1 First-Time Adoption of International Financial Reporting Standards allows an entity to use the fair value of an item of property, plant and equipment as its deemed cost as at the date of transition. Under IFRS, an investment property is defined as a property held to earn rentals or for capital appreciation, or both. An investment property may be measured using the cost model or the fair value model. However, investment entities are required to apply the fair value model, thereby eliminating the above-mentioned choice. GAAP do not include a specific definition of investment property. Under IFRS, past service cost of defined benefit pension plans for which benefits are already vested is immediately expensed. Under GAAP, it is usually amortized over the average remaining service period of active employees. Under GAAP, the actuarial gains or losses of defined benefit pension plans that exceed the corridor are amortized over the average remaining service period of active employees. This option to defer the recognition of gains and losses, which was previously allowed by IFRS, has been eliminated with the issuance of an amendment to IAS 19 Employee Benefits. The list of the specific components of the Fonds buildings is currently being developed. The Fonds expects to use the fair value of its buildings as their deemed cost as at the date of transition. After the transition, the Fonds expects to continue using the cost model to measure its property and equipment. The Fonds will reclassify in its balance sheet the portion of the buildings that it leases out. The Fonds will measure this portion of the buildings that it leases out at fair value. The vested portion of past service cost will have to be immediately recognized in net assets. The Fonds will recognize all net actuarial losses of pension plans in net assets. 13

Accounting policy Main differences between GAAP and IFRS Impact on financial statements Income taxes Under GAAP, the portion of income taxes paid that will be refundable in the future upon the payment of dividends or a transfer from retained earnings to share capital must be recognized as an asset. In addition, income tax rates used in the calculation of future income taxes already include the favourable effect of refundable taxes. Under IFRS, refundable taxes are recognized only when dividends or transfers from retained earnings to share capital giving right to a refund of these taxes are realized and approved by the Board of Directors. As such, the calculation of future income taxes cannot reflect the favourable effect of refundable taxes. As a result of these differences, refundable tax balances will have to be written off as at the date of transition and the amount of future income taxes will have to be adjusted. Future income taxes will be recognized for unrealized appreciations and depreciations. The amounts of the main differences between GAAP and IFRS described above are currently being assessed. However, they should not have a significant impact on net assets, net earnings and net earnings per share. The Fonds believes that the IFRS conversion will not require major changes to its information systems, its data processing procedures and its various activities. The Fonds also believes that its current internal control over financial reporting and disclosure controls and procedures will be sufficient and adequate for adopting IFRS and meeting their related disclosure requirements. 14

PAST PERFORMANCE This section presents the past performance of the Fonds. The past performance of the Fonds does not necessarily indicate how it will perform in the future. YEAR-BY-YEAR RETURNS OF THE FONDS The following chart shows the Fonds annual performance and illustrates how the Fonds performance has changed from year to year for the last ten financial years. The annual performance of the Fonds is calculated by dividing net earnings (net loss) per share for the financial year by the price per share at the beginning of the financial year. Such performance sometimes differs from the annual compound return to the shareholder because the annual performance of the Fonds is calculated taking into account share issues and redemptions made during the year, which have a dilutive or accretive effect on net earnings (net loss) per share, as the case may be. ANNUAL COMPOUND RETURNS TO THE SHAREHOLDER At the current value of $27.98 per share, a shareholder who has invested at the beginning of each of the periods indicated below earns the following annual compound returns: The annual compound return to the shareholder is calculated by taking into account the annualized change in the price per share over the periods indicated. This return sometimes differs from the annual performance of the Fonds since, as explained above, it does not take into account the dilutive or accretive effect of share issues and redemptions made during the year. Since the inception of the Fonds, the annual compound return to the shareholder has been 3.7%. ANNUAL COMPOUND RETURNS TO THE SHAREHOLDER (INCLUDING TAX CREDITS) Let s take, for example, a shareholder who has invested an equal amount each year through payroll deduction. Including the Québec and federal labour-sponsored fund tax credits (each amounting to 15%) that this shareholder has received, at the current value of $27.98 per share, this shareholder earned an annual compound return of 13.9% and 10.3% for a 7-year and 10-year period, respectively. In addition to this return, the shareholder can receive additional tax benefits if he holds his Fonds shares in an RRSP. 15

SUMMARY OF INVESTMENT PORTFOLIO As at May 31, 2013, the Fonds assets under management were broken down as follows: Asset classes % of net assets Development capital investments Private securities 31.4 Specialized funds 12.1 Listed securities 9.3 52.8 Other investments Cash and money market 1.3 Bonds 24.8 Sector-based shares 17.0 Hedge funds 9 2.6 High-dividend shares 10 1.1 International infrastructure funds 0.6 47.4 As at May 31, 2013, the issuers of the top 25 positions held by the Fonds, of which 17 are part of the development capital investments portfolio and 8 are part of the other investments portfolio, were as follows: Issuers % of net assets Development capital investments (17 issuers) * 32.1 Other investments (8 issuers)** 17.0 49.1 * The 17 issuers representing, as a group, 32.1% of the Fonds net assets are: ** The 8 issuers representing, as a group, 17.0% of the Fonds net assets are: Atrium Innovations inc. Camoplast Solideal inc. Cogeco Câble inc. Corporation Financière L'Excellence ltée Entreprises publiques québécoises à faible capitalisation 11 FinTaxi, s.e.c. Fonds immobilier de solidarité FTQ inc. 11 Fonds immobilier de solidarité FTQ I, s.e.c. 11 Fonds immobilier de solidarité FTQ II, s.e.c. 11 Gestion TFI inc. Metro inc. Société de gestion d'actifs forestiers Solifor, société en commandite 11 SSQ Financial Group 12 TMX Group Limited Transcontinental Inc. Trencap s.e.c. VC, société en commandite Province of Ontario 5.3% Province of Québec 3.1% Financement-Québec 2.3% Government of Canada 1.8% Canada Housing Trust No. 1 1.6% Laurentian Bank of Canada 1.3% Q-BLK Strategic Partners, Inc. 0.8% FRM Diversified II Fund SPC 0.8% This summary of investment portfolio may change due to ongoing portfolio transactions of the Fonds. 9 10 11 12 Hedge funds are included in the absolute return strategies portfolio. High-dividend shares are included in the high-income portfolio. Despite their relatively important weight in the overall portfolio of the Fonds, these issuers do not constitute a significant concentration risk given the large number of investees. Includes all of the Fonds investments in SSQ, Life Insurance Company Inc. and its subsidiaries, SSQ Insurance Company Inc. and SSQ General Insurance Company Inc. Includes also the Fonds investment in SSQ, Mutual Holding Inc. 16

CONTRIBUTION TO QUÉBEC S ECONOMIC DEVELOPMENT In keeping with its mission, the Fonds made investments over the financial year that contributed to creating, maintaining or saving quality jobs in different sectors of the Québec economy. In the current, still uncertain economic conditions, the Fonds continues to play an active role in the development and growth of Québec companies. As such, during the financial year, the Fonds invested $521 million, on a commitment basis, to support Québec entrepreneurs in their development projects. In particular, the Fonds made a $75 million commitment (announced last year) in the new Fonds Valorisation Bois. This investment fund for high value-added wood transformation will help businesses in the forestry industry move, among other things, into new niches such as green construction, green energy and green chemicals, which are all supported by the forestry industry. In the services industry, the Fonds contributed, with a $15 million investment in Athos services commémoratifs, to the return to Québec ownership of two flagships of the funeral industry: Lépine Cloutier, in Québec City and Urgel Bourgie, in Montréal. As part of the international development plan of Premier Tech, world leader in the horticulture and agriculture, industrial equipment and environmental technology industries, the Fonds reinvested $8 million; this is the Fonds fourth investment in this company based in Rivière-du-Loup. In addition, a new investment of $2 million in Sail Outdoors will allow the company to continue the regional expansion of its store network in Ontario and Québec over the 2013 to 2015 period. In venture capital, the Fonds collaborated directly, with an investment of $17.2 million, to repatriate to Canada control of Distech Controls, a leader in energy management solutions; this transaction will help create jobs in Québec in the green technology industry and strengthen Québec s position in the economy of tomorrow. In addition, in partnership with investors from other parts of the world, the Fonds participated in the financing of a project in Québec related to the lead product of Thrasos Innovation, a private, clinical stage, biotherapeutics company focused on the treatment of kidney diseases; the Fonds invested $7.1 million in this company. In addition, the Fonds was involved in the capitalization of two private venture capital funds: $25 million in Fonds CTI Sciences de la vie, s.e.c. and $10 million in Sanderling Ventures VII (Canada), L.P. discussed below as well as in a $6.7 million co-investment agreement with the Fonds de solidarité FTQ investissements croissance I, s.e.c. Furthermore, the Fonds invested $12 million in AJW Technique to relaunch Aveos, thereby contributing to the creation of 300 jobs in the aerospace industry by 2015. POLICY FOR INVESTMENT OUTSIDE QUÉBEC 13 Over the years, the Fonds made investments pursuant to the Policy for Investment Outside Québec that have had significant economic spinoffs for Québec. During the financial year, the Fonds invested $53.9 million ($47.2 million in the previous year) in five companies in accordance with this policy. In the category of companies undertaking large-scale projects in Québec, the Fonds made two investments totalling $19.0 million ($39.7 million in the previous year), including $15 million in Vision 7 International ULC, a company incorporated in Alberta that is the parent company of Cossette Communications, the largest marketing communication company in Québec. The Fonds made two investments in private funds outside of Québec totalling $29.7 million during the financial year. As mentioned previously, a $10 million investment was made in Sanderling Ventures VII (Canada), L.P., a U.S. investment fund specialized in life sciences, while $19.7 million was invested in FCPR Aerofund III, a French investment fund specialized in the aerospace industry. The eligibility of the investments in these two foreign funds is conditional to these two funds reinvesting in Québec companies an amount at least equivalent to the amount invested by the Fonds. These private funds should also provide their current and future partner companies in Québec with the specific expertise or international network necessary for their development. Lastly, during the financial year, the Fonds made an investment of $5.2 million in Cellfish Media, a company meeting the company impacting the Québec economy criteria ($7.5 million in the previous year). 13 Since 1998, the Fonds has been authorized by the Minister of Finance of Québec to invest outside Québec provided certain clearly defined conditions are met, notably with regards to economic spinoffs in Québec. The main groups of eligible investments are private funds outside Québec, companies impacting the Québec economy and large-scale investment projects (financing for expansion, modernization, productivity improvement). 17

THE FONDS DE SOLIDARITÉ FTQ INVESTMENT NETWORK Since its inception in 1983, the Fonds has built a solid investment network that provides entrepreneurs who follow their ambitions with patient capital based on their needs. A veritable business hub brimming with ideas, talent and knowledge, this network offers the Fonds' partner companies the opportunity to share their concerns with other SMEs, learn from past experiences and forge new business ties. The Fonds investment network revolves around five levels of investment: The Fonds de solidarité FTQ generally offers $2 million and up for large companies. The fonds régionaux de solidarité FTQ, which cover all of Québec, generally offer capital ranging from $100,000 to $2 million to meet the needs of businesses in their region. The local solidarity funds, created by the Fonds and the Québec Federation of Municipalities, generally offer $5,000 to $100,000 to small businesses. The fonds immobiliers de solidarité FTQ are specialized in real estate investment and development. Their main objective is to create and save jobs through building or renovating major office buildings and commercial, industrial, institutional and residential properties. The other specialized funds form an investment network in Québec and abroad that invests in assorted industries. The Fonds commitment to this network continued in 2012-2013, with the ongoing goal to facilitate Québec SMEs access to capital in all their stages of development. Québec entrepreneurs have had access to the entire Fonds investment network through its website: www.fondsftq.com. In addition to searching for our financing projects and for members of our teams of experts, this one-stop shop for investment provides details on the Fonds, the regional funds, the local funds and the real estate funds. The following graph shows the breakdown of the Fonds investments based on its various network components: DISTRIBUTION OF INVESTMENTS BY NETWORK COMPONENTS (AT COST) As at May 31, 2013 18

OUTLOOK AND TRENDS ECONOMIC AND FINANCIAL OUTLOOK World and the United States Economic conditions in Europe continue to be difficult, and generally, leading economic indicators don t seem to suggest short- or medium-term improvement. As such, it seems that for the next few quarters the Eurozone will continue to be mired in the recession that has persisted since 2011. The bond purchase program orchestrated by the European Central Bank has so far been successful in lowering financial tensions and soothing fears of a potential collapse of the Eurozone. However, political uncertainty in certain countries, such as Spain and Italy, where recent elections have returned unconvincing results (no majority government), clearly show that the Eurozone continues to struggle and the situation remains fragile. While the economic outlook in France will likely still be challenging in 2013, the only source of comfort comes from the German economy (main driver in the Eurozone), where certain leading economic indicators suggest that in the coming quarters GDP will grow compared to its fall 2012 trough. In the United States, negotiations surrounding the fiscal cliff and the partial agreement that was concluded had no major impact on the markets. The politicians postponed the most critical decisions, particularly those concerning the debt ceiling and adopting a budget. However, sooner or later, the Americans will want to know what is happening with their public finances. The question is even more relevant as certain economic indicators that, all in all, performed well in the opening months of 2013, showed signs of weakness starting in March 2013. Put another way, the economic situation in the United States which, at the start of 2013, seemed to be setting up for a promising year, may ultimately not have enough momentum to offset the cooling in public spending and higher taxes if the economic indicators continue to trend downward in the next few months, the end result of which would be lower U.S. GDP. We should remain prudent regarding the economic growth outlook in light of the seasonal phenomenon of optimism in the first months of the year that the U.S. economy has experienced for several years now, and has shown to be a false start each time. Caution should also be exercised with respect to the economic outlook following the June 19, 2013 statement by the U.S. Federal Reserve (the Fed) according to which it intends to slow down, starting in fall 2013, the pace of its purchases of U.S. Treasury bonds and mortgage-backed securities if the economy and the labour market continue to improve. This third round of quantitative easing might even slow down further at the beginning of 2014 and end in the middle of the year. This announcement had a negative effect on several stock indexes and a positive effect on the U.S. dollar and the 10-year U.S. Treasury bills. In addition, the Fed set two indicators to be reached: an unemployment rate below 6.5% and an inflation rate near or under 2.0%. In general, the goal of the Fed s strategies is to give the government the time it needs to implement fiscal measures that will fix structural problems. Canada and Québec In Canada, analysts have been closely monitoring the slowdown in the real estate industry for a few months. Unlike in several other industrialized countries, the Canadian real estate sector was not very affected by the last financial crisis. To avoid overheating, the Bank of Canada took several measures to stifle demand in this sector. These measures seem to have borne fruit judging by the diminished activity in the Canadian real estate market in most provinces. This reduction in real estate activity obviously puts downward pressure on domestic demand and, ultimately, GDP. Since the Canadian government expects to continue cutting spending in the attempt to reach a zero deficit, all that is left to drive growth is Canadian consumers. But, since they are already deeply in debt, they should focus more in the next few months on rebalancing their financial situation rather than buying on credit. Given the above-mentioned points, combined with weak global demand for its export products, Canadian GDP growth should slow down in the coming months. The discount rate should not be revised up or down in 2013. Given current economic conditions, we forecast that over the next few months the Canadian dollar will fluctuate between $US0.93 and $US1.04, while interest rates on Canadian 10-year and 30-year bonds should vary in a range not exceeding plus or minus 50 basis points. In Québec, consumer spending remained very weak and there is no indication that this will change in the coming months. Business investment is also at anaemic levels, as are export data. The weakness of global economic conditions and the strength of the Canadian dollar weigh heavily on exports. The residential market seems to be slowing down, which is another factor of uncertainty. Québec s GDP growth in the coming months should be relatively weak. 19

TRENDS IN THE VENTURE CAPITAL INDUSTRY 14 In 2012, the level of activity on the North American venture capital market varied from one region to the next. While funds invested dropped 10% in the United States, activity remained stable in Canada compared to 2011, with investments of $1.5 billion. Québec saw a decrease in activity with $409 million of venture capital invested in 2012 compared to $486 million in 2011. While Québec represented 32% of all venture capital investments in Canada in 2011, its share was only 28% in 2012, despite a sharp rise in investment activity in the fourth quarter of 2012. However, taking into consideration only the last six months of 2012, the Québec s market share was 37% of investments across the country. A total of 147 Québec-based companies received venture capital investments in 2012 (compared to 191 companies in 2011). Based on the results for the first quarter of 2013, the situation seems to be improving. In fact, venture capital investments in Québec totalled $227 million, more than four times the $54 million invested during the same period in 2012, and 51% higher than the investments in the final quarter of 2012. In addition, the number of companies that received venture capital investments rose from 39 in the first quarter of 2012 to 48 for the first three months of 2013. It remains to be seen if this situation is only temporary or rather marks a new trend. THE SAVINGS MARKET AND RRSP The Canada and Québec economies are currently experiencing rather weak growth, particularly due to reduced consumer spending, and the outlook for the next few years are hardly more optimistic. According to some specialists, the reduction in consumer spending would largely be the result of income stagnation and debt accumulation. In fact, debt rises faster than income: the level of Canadian household debt jumped 11.4% in 2012, rising from 152% to 163.4% of personal disposable income. However, in theory, debt does not seem to impact Canadians intentions to save. According to a SOM survey, more than 50% of individuals aged 35-64 say they are saving more than they did 10 years ago. This trend is confirmed by a BMO Financial Group survey, which showed that Canadians total savings should climb approximately $600 on average in 2013, to reach $9,859. But these additional amounts could well be invested somewhere other than an RRSP if the decrease in the average amount contributed to an RRSP in Canada for the 2012 tax year compared to the prior year continues. According to SOM s survey, the TFSA is what could benefit from this: there are more holders of TFSAs than before, and they seem to use them more as a retirement savings vehicle. Savers in Québec have the lowest savings intentions for 2013 in the country, with $5,477 on average and are also in last place for RRSP contributions for the 2012 tax year, with $3,049 on average. Given these results, it seems evident that Quebecers should take saving more seriously in the future and find a way to save even more. In this context, it is clear that making Quebecers aware of savings and encouraging them to save, which is an integral part of the Fonds mission, remains at the center of our priorities, especially with regards to young people. On this point, we believe that the communication strategy that we designed specifically for them as well as the involvement of our network of 2,077 LRs, our return, and the tax credits our shares give rise to are all features that contributed, once again in 2012-2013, to the Fonds shares keeping their advantageous position among all the retirement savings products available on the market. 14 The information presented in this section only concerns the venture capital category and is therefore not representative of the Fonds overall development capital investments. In addition, most of the information presented in this section covers the 2012 calendar year, which is different than the Fonds financial year. 20

FONDS OUTLOOK 15 Based on current financial and economic outlooks, and given our mission and investment strategy, we are anticipating an average annual return of 2.5% to 3%. This return does not take into account the tax credits granted to shareholders upon purchasing shares of the Fonds and is subject to significant volatility on a six-month or annual basis. While the Fonds is confident it will reach its return objective over a long period, the annual return depends on current economic conditions and the ups and downs of the stock and financial markets. Therefore, the Fonds return over the 2013-2014 year will be greatly influenced by stock market returns. The return for private securities is also linked to the general performance of the economy and may be lower than their historic average returns, particularly because of an increase in the cost of credit, adverse impact of economic conditions, the volatility of the Canadian dollar compared to the U.S. dollar and the effects of foreign competition. The Fonds is targeting a ratio of total operating expenses to average net assets similar to the ratio achieved for the financial year ended May 31, 2013. With projected share issues higher than anticipated redemptions, the Fonds net assets should increase over the 2013-2014 financial year. This being said, net cash inflows (shares issues less shares redemptions) could be lower than in the previous years, particularly because of the anticipated increase in share redemptions, as previously mentioned in this report. Consequently, considering the current 60% rule level, the volume of investments made by the Fonds will likely not exceed the average level of investments recorded in the last financial years. However, and as noted previously, since the announcement of the phase-out of the 15% federal tax credit, the Fonds has undertook a detailed analysis of the impact this could have on its business model, financial outlook and various short-, medium- and long-term strategies. RISK MANAGEMENT Sound risk management practices are vital to the success of the Fonds de solidarité FTQ. We manage our risk within a framework taking into account the nature of our activities and the risks we can reasonably assume considering the desired return/risk ratio and shareholder expectations. To that end, we capitalize on a structured process to determine, measure and control the significant risks with which we must contend. Notice to readers: The following paragraphs and the sections on market risk, credit and counterparty risk and liquidity risk form an integral part of the financial statements on which an unmodified opinion was expressed in an independent auditors report dated June 27, 2013. The Fonds manages all its financial instruments in an integrated, comprehensive manner in accordance with the standards set out in the Integrated Financial Assets Management Policy adopted by the Board of Directors. This policy covers both development capital investments and other investments. It sets goals, guidelines and several limits so that the Fonds management can ensure that the target return/risk profile is reached. The Fonds uses derivative financial instruments in particular to safeguard the value of its assets, to facilitate the management of its portfolios, to modify its asset allocation without increasing or decreasing the amounts managed by internal and external specialists and to improve its returns within allocated risk limits. During the year ended May 31, 2013, the risk management approach continued to evolve, after the Fonds undertook, a few years ago, a process to implement an integrated risk management framework. The objective of this process was essentially to provide the Fonds management with an overall vision of all risks to ensure that they are managed in accordance with their degree of importance. The production of an integrated risk profile allowed prioritizing the key financial and non-financial risks to which the Fonds is exposed, before and after considering the effectiveness of the controls implemented to mitigate the Fonds exposure to these risks. A mitigation strategy was developed for some of these risks, and action plans were set up and deployed. In addition, the Fonds produces on a quarterly basis a risk scorecard. This scorecard, which is integrated into its corporate scorecard, allows management to monitor the evolution of risks with respect to its business objectives and the organization's strategies. The integrated risk management approach was also designed to improve risk governance, monitoring and reporting. To this end, the Board of Directors of the Fonds adopted, in May 2012, the Integrated Risk Management Policy, a new policy that sets out the Fonds requirements in that regard while specifying the responsibilities of the main stakeholders involved. This new policy has been effective since June 1, 2012 and continued to be implemented throughout the financial year. 15 The outlook presented in this MD&A reflects the Fonds expectations with respect to future events, based on information available to the Fonds as at June 27, 2013, and presupposes certain risks, uncertainties and assumptions. Many factors, several of which are beyond our control, may cause the Fonds actual results, performance, or achievements to differ materially from explicit or implicit expected future results, performance, or achievements. 21

More specifically, the Fonds undertook in 2012-2013 a process to qualify and quantify its risk appetite and tolerance. The objectives of this process are as follows: Defining the level of risk that the Fonds is willing to accept in pursuing its strategic objectives, executing its business plan and fulfilling its mission; Defining the Fonds risk tolerance for each risk category using a quantitative threshold or objective for financial risks and a qualitative statement for risks that are more difficult to measure. The qualitative and quantitative statements resulting from this process will be included in the Integrated Risk Management Policy and will be reviewed annually. The results of such review will have to be approved by the Board of Directors of the Fonds. In addition, as the Fonds chose to manage its risks using the principle of subsidiarity, the Fonds business sectors have started to review their procedures and processes to integrate the management of the risks identified in the Integrated Risk Management Policy into the management of their operations. The review of processes has started in the Other Investments and Investments sectors and will continue in the other sectors of the Fonds during the next financial year. In the normal course of business, the Fonds is exposed to various risks; the principal ones are presented hereafter. MARKET RISK Market risk, which is inherent to the Fonds participation in financial markets, represents the risk of losses in value arising from fluctuations in interest rates, exchange rates and prices of listed financial instruments. More specifically, this risk varies with the financial markets conditions and certain parameters of these markets, such as volatility, that may lower the value of the Fonds financial assets and thus have a negative impact on its Balance Sheet and Statement of Operations. Difficult economic or financial conditions may thus have a negative impact on the value of the Fonds shares. The Fonds manages market risk by allocating its financial assets across several classes. In addition, it invests in various industries (government and government agencies, financial institutions, technology, manufacturing and primary, services and tourism, regional or local funds and real estate) and geographic areas, within the limits allowed by its Incorporation Act. The Fonds financial assets are especially sensitive to listed share prices and fluctuations in bond interest rates (Canada bond rates and credit spreads). The Fonds financial assets are also sensitive to exchange rate fluctuations, but since most of its transactions are in Canadian dollars, the Fonds direct exposure to currency risk is relatively low. Furthermore, common hedging mechanisms such as foreign currency forward contracts are generally used for other investments in a foreign currency. A few years ago, in response to the significant appreciation of the Canadian dollar, the Fonds decided to gradually reduce from 100% to 50% the hedge of its sector-based shares portfolio against currency risk. The Fonds met this objective during the most recently ended financial year. The sector-based shares hedging ratio was 50% as at May 31, 2013 compared to 52.5% as at May 31, 2012. For the portion of the bond portfolio that is internally managed, it had been agreed in April 2012 to eliminate hedges against an increase in interest rates as rate markets would provide a window for action. During the financial year 2012-2013, the hedge level for this portion of the portfolio gradually moved towards this objective. As at May 31, 2013, hedges against an increase in interest rates for this portion of the portfolio had completely been eliminated (16.5% as at May 31, 2012). The Fonds performs sensitivity analyses and simulations to inform senior management of material levels of market risk exposure. It uses derivative financial instruments to reduce its market risk exposure and safeguard the value of its assets. The following table presents a sensitivity analysis for each of the three market risk categories to which the Fonds financial assets are exposed, namely changes in interest rates, listed share prices and exchange rates. These analyses reflect the changes made to existing hedging levels aimed at reducing the Fonds exposure to interest rate risk and currency risk. 22

SENSITIVITY OF THE FONDS RESULTS TO MARKET RISK (in millions of dollars) May 31, 2013 May 31, 2012 Change in bond interest rates* 1% increase in bond interest rates (179) (134) 1% decrease in bond interest rates 179 134 Change in listed share prices** 10% increase in listed share prices 253 215 10% decrease in listed share prices (253) (215) Change in exchange rates*** 10% appreciation of the Canadian dollar 10% depreciation of the Canadian dollar (94) 94 (77) 77 * This analysis is performed on bonds held by the Fonds presented under Other investments in the financial statements. In this analysis, the impact on results takes into account the use of interest rate forward and futures contracts aimed at safeguarding assets. ** This analysis is performed on listed shares held by the Fonds presented under Development capital investments and Other investments in the financial statements. In this analysis, the impact on results takes into account the use of stock index futures. *** This analysis is performed on securities denominated in foreign currencies held by the Fonds presented under Development capital investments and Other investments in the financial statements. In this analysis, the impact on results takes into account the use of foreign currency forward contracts. The value of unlisted financial instruments in the development capital investments portfolio is established using approved and accepted valuation techniques. These techniques are based on a set of assumptions that take into account market conditions such as exchange rates, economic growth and credit spreads as at the valuation date. Since the assumptions used are highly interrelated, a sensitivity analysis that isolates the impact of one of these variables on the unlisted securities portfolio is not considered to fairly represent the sensitivity of the results. In addition, the fair value of certain financial instruments, in particular other investments and listed securities in the development capital investments portfolio, is determined based on external information and, consequently, no other reasonably possible assumption can be applied to the valuation techniques. Despite this, management assessed the situation for loans, bonds and advances as well as for unlisted securities valued using the capitalization of cash flows method, and determined that using possible alternative assumptions would not result in significantly different fair values. CREDIT AND COUNTERPARTY RISK The Fonds exposure to credit risk stems mainly from its mission-driven development capital investments, which are generally unsecured. Its other investment activities generally entail less of this risk since the counterparties concerned are typically more financially solid (governments, banks, etc.). Credit risk is the potential for loss due to the failure of a partner company (financial instruments presented under Development capital investments), issuer or counterparty in a transaction (financial instruments presented under Other investments) to honour its contractual obligations or due to a degradation of its financial position. The Fonds manages this risk through several means, including a due diligence process to ensure that the credit risk level is acceptable. The Fonds maintains a sound diversification of its assets through the Integrated Financial Assets Management Policy. Compliance with this policy therefore enables managing the concentration risk associated with the exposure to an issuer or group of issuers with common characteristics (industries, credit ratings, etc.). EXPOSURE TO CREDIT AND COUNTERPARTY RISK (fair value as a percentage of net assets) May 31, 2013 May 31, 2012 Weight of the five largest investments (Development capital investments) 19.5* 19.7* Weight of the five largest issuers or counterparties (Other investments) 14.1** 13.8** * The portion attributable to investments that do not constitute a significant concentration risk given the large number of investees represented 9.6% as at May 31, 2013 (9.7% as at May 31, 2012). ** The portion attributable to securities issued or guaranteed by the governments of Québec, Ontario or Canada represented 14.1% as at May 31, 2013 (12.7% as at May 31, 2012). 23

The summary of investment portfolio presented previously also discloses relevant information on the credit and counterparty risk concentration level. For the development capital investments portfolio, the Fonds approves on an annual basis targets by industries, in keeping with its internal structure. These targets are set using a risk allocation mechanism. It should be noted that the actual results may however differ from the industry targets determined based on the investment opportunities on the market. Based on an optimal risk level defined by the Fonds for this portfolio as a whole by taking into account its mission, the risk allocation mechanism facilitates a more effective monitoring and control of the portfolio profile and sector allocation by risk level. The return/risk balance of this portfolio is achieved through a sector-based risk allocation mechanism that takes into account the higher risk of our investments in certain sectors. The Fonds regularly re-examines the status of its development capital investments to ensure that they are adequately classified in one of the following three categories: compliant with internal criteria, under watch or in turnaround. To deal with the more difficult situations, an internal committee closely monitors investments that entail greater credit risk. CLASSIFICATION OF THE DEVELOPMENT CAPITAL INVESTMENTS PORTFOLIO (fair value in millions of dollars) May 31, 2013 May 31, 2012 Compliant with internal criteria 4,982 4,562 Under watch 293 334 In turnaround 24 23 5,299 4,919 For the other investments portfolio, issuer and counterparty ratings and compliance with exposure limits by borrower or counterparty contribute to the sound management of the credit and counterparty risk of the portfolio and to the diversification of assets. These criteria are set based on the risks specific to each asset class and reduce the risk that our results will be materially affected in the event of a payment default. As at May 31, 2013, the weighted average credit rating of bonds was AA-, as it was as at May 31, 2012. CLASSIFICATION OF BONDS INCLUDED IN THE OTHER INVESTMENTS PORTFOLIO* (fair value in millions of dollars) May 31, 2013 May 31, 2012 AAA 444 342 AA 705 801 A 973 796 BBB 264 211 Other - 4 2,386 2,154 * Presented using the Standard and Poor s rating scale. LIQUIDITY RISK The Fonds must make disbursements on a daily basis when it redeems shares held by shareholders, disburses amounts it committed to invest in partner companies, reimburses notes payable and pays expenses. It is worth noting that the Fonds is required to redeem shares only in the circumstances set out in its Incorporation Act, or to purchase them by agreement in exceptional situations provided under a policy adopted for such purpose by the Board of Directors and approved by the Minister of Finance of Québec. The Fonds must be able to obtain the liquidity required to meet its commitments. Liquidity risk is therefore related to the potential for loss due to its inability to meet such commitments. In certain cases, securities acquired on the market can be subject to resale restrictions, thus potentially reducing their liquidity. The Fonds Incorporation Act provides that part of the financial assets of the Fonds may be invested in marketable securities on organized markets, such as stock and bond markets, so it can easily obtain cash. The Fonds also has access to bank credit facilities for additional liquidities. As at May 31, 2013, the ratio of liquid financial assets 16 as a percentage of assets under management was 53.8% (51.5% as at May 31, 2012), demonstrating, in management s opinion, that the Fonds has the required liquidity to fulfill all its obligations and commitments, even under potential scenarios that would be less favourable to it. 16 Liquid financial assets are comprised of fixed-income securities (cash, bonds and money market securities), listed shares of the other investments portfolio and certain listed shares of the development capital investments portfolio. 24

OPERATIONAL RISK Inherent to all the Fonds activities, operational risk is the risk of sustaining losses as a result of the inadequacy or failure of certain processes or systems in place or due to human factors or external events. This risk also includes legal risk. Effective policies, standards and procedures are implemented to manage this risk. Control principles and mechanisms are monitored and periodically revised with a view to continuous improvement. The Fonds operational risk management and the effectiveness of its management framework are underpinned by the following guiding principles: Competent, well-trained staff; A succession management program; A culture of integrity; Segregation of incompatible duties; Adoption of a concept of independence inspired by the securities regulations applicable to public companies; Delegation of decision-making authority to Special Boards whose majority of members are external to the Fonds and the FTQ; Monitoring of the development capital investment valuation process; Implementation of a framework program of financial compliance; Monitoring of technology development and information security; A planning process for resumption of activities in the event of business interruption; Continuous monitoring of changes in applicable legislation, regulations and standards, including the Fonds compliance therewith; Risk identification and assessment when new products or activities are implemented. Codes of ethics and conduct define, among other things, the rules of conduct to be followed by employees, officers and directors to avoid, for instance, conflict of interest situations. All employees or officers must, in the execution of their duties, put the interests of the Fonds ahead of their own or those of third parties. They must also avoid placing themselves in a conflict of interest situation, either real, potential or apparent. The codes of ethics and conduct prohibit, among others, certain personal trading deemed conflictual, including receiving certain gifts and using any advantage, information or interest related to the Fonds that would be incompatible with the professional duties and responsibilities of an employee. In addition, the codes forbid the disclosure by directors and employees, for purposes other than the execution of their duties, of confidential information obtained through such execution. Each year, all employees must complete a statement of interests held and a statement on the compliance of their conduct with the code. The codes provide for a whistleblowing procedure for cases of non-compliance with the code involving financial or accounting information or illegal acts. During the financial year 2011-2012, the Fonds also undertook an analysis of the risk of fraud and misconduct to which it is exposed. Although this risk was not assessed as high following this analysis, recommendations to improve its control environment have been implemented by the Fonds during the most recently ended financial year and additional work will be performed in 2013-2014. OTHER RISKS The Fonds is also exposed to other risks such as strategic and reputation risks, which could result in negative financial consequences. Strategic risk, which includes competitive risk and risk associated with regulatory changes, refers to the possibility of incurring losses as a result of ineffective strategies, lack of integrated business strategies or the inability to adapt the strategies to changes in the business environment. This risk is managed through monitoring and strategic and operational planning processes that seek input from all levels of the organization; the resulting plans are submitted to the Board of Directors for approval. The Management Committee periodically monitors the business plans and strategic objectives of the Fonds and each sector. Any strategic decision or change to the Fonds already adopted orientations that could have a material impact is authorized beforehand by the appropriate governing bodies, based on the powers delegated to them. 25

Reputation risk is the risk that negative publicity, whether founded or unfounded, will cause losses, a decrease in liquidity or a decline in the customer base. The Fonds controls and manages reputation risk through the following, among others: proper training, legal and financial due diligence for all its capital development investments, sound governance practices, the application of policies and procedures, and ownership of the codes of ethics and conduct by all officers and employees. The Fonds is a responsible corporate citizen that takes ethical, social and environmental aspects into consideration when making investment decisions. We have also adopted a voting rights policy with regards to public partner companies and a code of conduct for international business dealings. The Fonds also ensures that any financial information released outside the organization is accurate and validated beforehand. The Fonds implemented a Disclosure Policy concerning all financial and non-financial information issued and/or disclosed externally and the information that is communicated internally to a large number of employees. The main objectives of this policy are to provide a disclosure framework and standards, to ensure that information disclosed is rigorously prepared and validated, to make the Fonds employees aware of disclosure principles, and to specify the roles and responsibilities of the main participants in the disclosure process. The application of this policy is monitored by a Disclosure Committee composed of members of the Fonds management. The main responsibilities of this Committee are to set disclosure guidelines, to implement and keep up to date the Disclosure Policy and ensure it is complied with, and to ensure that relevant and effective disclosure controls and procedures are in place. The Disclosure Committee reports its activities to the Management Committee. Given the growing use of social media by the Fonds and its employees, the Fonds implemented a Social Media Policy during the financial year 2011-2012. This policy governs the use of these tools to prevent any harm or damage to the image or the reputation of the Fonds resulting from such use. All employees were trained following the implementation of this policy. GOVERNANCE RISK GOVERNANCE The Management Committee, comprised of the President and CEO and executives, is responsible for the global management of the Fonds de solidarité FTQ s operations. Because risk governance is an essential part of integrated financial assets management, the Fonds has put in place a management framework to ensure that risk management and control strategies and resulting operational decisions take the established level of acceptable risk into account. An Integrated Risk Management Advisory Committee has also been set up. The governance structure that supports the Fonds, in particular with respect to risk management, is as follows: Our risk governance structure is built upon a series of policies approved by the Board of Directors. The Fonds regularly reassesses policies, standards, guidelines, and procedures to incorporate the best possible practices. It should be noted that the functions of Chairman of the Board and President and CEO are separate. 26

The implementation process of an integrated risk management framework, that was launched a few years ago and led to the adoption by the Board of Directors of the Integrated Risk Management Policy in May 2012 (see the Risk Management section), also had some effects on the risk governance structure. The roles and responsibilities of the Fonds governing bodies, internal committees and main stakeholders involved were specified in this policy. The Board of Directors of the Fonds thus reconfirmed its responsibility for integrated risk management while delegating to the Executive Committee the monitoring of some work and their results in that respect. In addition to the governance structure, the Integrated Risk Management Policy sets out the organization s requirements with respect to the integrated management of all types of risks, ensures that risk management is closely related to the total risk appetite and determines an approach whereby all significant risks and their interrelations are considered in the development of the organization and the maintenance of the return/risk balance. The Vice-President responsible for the integrated risk management framework reports directly to the President and CEO in carrying out his duties, and he is supported by the Integrated Risk Management Advisory Committee. The Integrated Financial Assets Management Policy, which is under the Integrated Risk Management Policy, is a key piece of this management framework. The policy sets out the target financial asset allocation allowing the Fonds to fulfill its mission while meeting the desired return/risk ratio through sound diversification that helps mitigate the volatility of such return from a six-month period to the next. This policy also provides objectives, guidelines, and limits within which our managers and specialists must perform their duties to carry out their mandates. In fact, the Integrated Financial Assets Management Policy is composed of several policies covering general principles, orientations, and the limits and guidelines applicable to various asset classes, including a separate policy applicable to the Investments sector. The detailed guidelines and procedures covering the management of financial assets on an operational basis are presented separately to facilitate their application. KEY GOVERNING BODIES BOARD OF DIRECTORS, DELEGATE BOARDS AND COMMITTEES The Board of Directors carries out the following duties: Ensuring the Fonds mission, Incorporation Act and any other law it is subject to are followed while adhering to its values of solidarity and responsibility; Approving the main directions, policies and business strategies of the Fonds, notably in regards to integrated financial assets management and integrated risk management; Ensuring there are controls over the Fonds management, including over risk management, and ensuring a culture of integrity; Approving investment recommendations for which it is responsible and monitoring them; Evaluating the Fonds performance on a regular basis. Members of the Board of Directors are nominated or elected according to the rules set out in the Fonds Incorporation Act. In carrying out its mandate, the Board delegates part of its responsibilities. Delegate Boards and Committees are responsible for decisions related to development capital investments and, in accordance with Section 8 of its Incorporation Act, to the purchase by agreement of shares of the Fonds. These Delegate Boards and Committees include the Executive Committee, the four Special Boards created for the Traditional, New Economy, Mining Portfolio and Turnaround and Majority Interests sectors as well as the Purchase-by-Agreement Decision-Making Committee, which is responsible for approving the purchase by agreement requests made by our shareholders. Each development capital investment of $5 million or more must be authorized by the Board of Directors, or the Executive Committee if the Board of Directors is unable to meet in a timely fashion; in addition, each of these investments must be recommended by the Special Board overseeing the corresponding activities. All investments of less than $5 million are under the authority of the corresponding Special Board, except for the Mining Portfolio, whose limit is $1 million. The four Special Boards are composed of a majority of members who are external to the Fonds and the FTQ, while the Purchase-by-Agreement Decision-Making Committee is comprised of Fonds employees. The Executive Committee examines, at least once every six-month period, management s reports on integrated risk management. Using these reports, the Committee reports to the Board of Directors, the Audit Committee and the Financial Assets Management Committee, as required. It also recommends policies for integrated risk management that are proposed by management, as needed. AUDIT COMMITTEE The Audit Committee is comprised entirely of members who are external to the Fonds in accordance with Regulation 52-110 respecting Audit Committees, and its mandate includes: recommending the audited financial statements and MD&A for approval by the Board of Directors; approving the principles for valuing development capital investments and receiving the Valuation Committee s report; enquiring about the effectiveness of internal controls implemented by management and the fact that they are not overridden; enquiring about the compliance and risk management process for preparing the Fonds financial statements and provide feedback; and receiving the Ethics Committee report and overseeing the application of the code of ethics for Board members. The Committee also ensures the Fonds complies with the laws, regulations and agreements that govern its operations and that may have a material financial impact. The Audit Committee reports its activities to the Board of Directors and makes recommendations to it when necessary. 27

In addition, an Ethics Committee composed of members of management support the Audit Committee in monitoring the application of the Fonds codes of ethics and conduct. FINANCIAL ASSETS MANAGEMENT COMMITTEE This committee is responsible for monitoring the implementation, compliance with and updating of the Integrated Financial Assets Management Policy, including the Investment Policy and the policies applicable to the various asset classes of the Other Investments sector. Its primary mandate is to ensure that asset management is coordinated and linked. In this capacity, it recommends the overall vision and orientation for financial assets management to the Board of Directors. This committee also monitors performance and changes in the return/risk ratio and ensures that the Fonds activities are in compliance with all its financial assets management policies and that the Fonds has adequate and sufficient guidelines and procedures. The Financial Assets Management Committee reports to the Board of Directors twice yearly on its activities and makes recommendations to it when necessary. VALUATION COMMITTEE Composed of a majority of qualified valuators independent from the Fonds, the Valuation Committee is mandated to provide a reasonable assurance that the procedure used for valuing the development capital investments portfolio complies with the procedure set out in the Regulation Respecting Development Capital Investment Fund Continuous Disclosure. The Valuation Committee reports on its review to the Audit Committee twice yearly. VALUATION FRAMEWORK Development capital investments and other investments are recorded on the balance sheet at their fair value 17. However, the majority of the Fonds development capital investments are made in private companies or specialized funds for which a fair value must be established because the securities issued by these companies or funds are not traded on organized, public markets. Specialized valuators employed by the Fonds determine the fair value of these investments. These valuators report to the Executive Vice-President, Finance and follow a structured process comprising several verification and validation steps to ensure the quality, uniformity and integrity of the work performed and of the resulting fair value. The management framework that governs the procedure for valuing development capital investments is set out in the Regulation Respecting Development Investment Fund Continuous Disclosure. In particular, the Regulation specifies the minimum qualifications required for specialized valuators employed by the Fonds as well as the governing body responsible for approving the valuation principles used. The Regulation also requires that all relevant information about the valuations (excluding publicly traded issuers valued using market prices) should be provided to an independent valuation committee. In addition, the President and CEO and the Chief Financial Officer must sign a certification stating that the valuation procedure set out in the Regulation was complied with and confirming the aggregate fair value of the development capital investments portfolio. This certification has been submitted to the Audit Committee on a half-year basis since May 31, 2009. During the year, the Fonds valuation principles were updated to reflect the changes proposed in the International Private Equity and Venture Capital Valuation (IPEV) Guidelines. The changes do not materially affect the Fonds valuation principles. The Audit Committee approved these updated valuation principles in May 2013. FINANCIAL GOVERNANCE While not required to apply MI 52-109 issued by the Canadian Securities Administrators, the Fonds has decided to base its work upon the principles stated in this rule, thereby demonstrating its willingness to respect best practices in financial governance. Our financial compliance framework program commonly known as Confor applies to controls providing reasonable assurance that the financial information prepared and reported is reliable and that the financial statements are prepared in accordance with Canadian generally accepted accounting principles. Management is responsible for designing and maintaining adequate internal control over financial reporting and disclosure controls and procedures. It must also periodically evaluate their design and effectiveness. 17 Using fair value is a best practice recognized by venture capital firms and private equity funds. In short, fair value is defined as the price that would be received to sell an asset in an orderly transaction between market participants at the measurement date. 28

During the year, the Fonds undertook the necessary work to evaluate the design and effectiveness of internal control over financial reporting and disclosure controls and procedures using the COSO (Committee of Sponsoring Organizations of the Treadway Commission) framework, and, for information technology controls, the COBIT (Control Objectives for Information and Related Technology) framework, two recognized financial governance frameworks. A certification was signed by the President and CEO and the Executive Vice-President, Finance for the financial year ended May 31, 2013, confirming their responsibility for this procedure. These certifications are available on SEDAR. A mechanism for sub-certification by several Fonds executives and managers also supports these certifications. Management s conclusions on the design and effectiveness of internal control over financial reporting and disclosure controls and procedures are presented hereafter. MANAGEMENT S REPORT ON INTERNAL CONTROLS CONCLUSIONS ON THE DESIGN AND EFFECTIVENESS OF INTERNAL CONTROL OVER FINANCIAL REPORTING Internal control over financial reporting comprises all the processes and controls in place, including policies and procedures, that govern the maintenance of accounting records and the preparation of financial statements to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements in accordance with Canadian generally accepted accounting principles. Management, under the supervision of the President and CEO and the Executive Vice-President, Finance, evaluated the design and effectiveness of internal control over financial reporting. Based on this evaluation, management concluded that, as at May 31, 2013, internal control over financial reporting was adequately designed and effective. However, because of its inherent limitations, internal control over financial reporting may not prevent or detect certain misstatements on a timely basis. During the year ended May 31, 2013, there was no change in the Fonds internal control over financial reporting that has materially affected, or is reasonably likely to affect, the Fonds internal control over financial reporting. CONCLUSIONS ON THE DESIGN AND EFFECTIVENESS OF DISCLOSURE CONTROLS AND PROCEDURES Disclosure controls and procedures include the processes and mechanisms designed to provide reasonable assurance that financial information for external purposes is recorded, processed, summarized and reported within the required time period for review and approval by management and that it is disclosed externally within the time periods specified in the applicable regulations and legislation. Management, under the supervision of the President and CEO and the Executive Vice-President, Finance, evaluated the design and effectiveness of disclosure controls and procedures. Based on this evaluation, management concluded that, as at May 31, 2013, disclosure controls and procedures were adequately designed and effective. 29

STATEMENT OF DEVELOPMENT CAPITAL INVESTMENTS AT COST As at May 31, 2013

INDEPENDENT AUDITOR S REPORT To the Directors of the Fonds de solidarité des travailleurs du Québec (F.T.Q.) We have audited the statement of development capital investments at cost of the Fonds de solidarité des travailleurs du Québec (F.T.Q.) as at May 31, 2013 ("the statement"). The statement has been prepared by management based on the dispositions of article 18 of the Regulation respecting development capital investment fund continuous disclosure. Management's Responsibility for the Statement Management is responsible for the preparation of the statement in accordance with the dispositions of article 18 of the Regulation respecting development capital investment fund continuous disclosure, and for such internal control as management determines is necessary to enable the preparation of the statement that is free from material misstatement, whether due to fraud or error. Auditor's Responsibility Our responsibility is to express an opinion on the statement based on our audit. We conducted our audit in accordance with Canadian generally accepted auditing standards. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the statement is free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the statement. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the statement, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity's preparation of the statement in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the statement. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the statement of development capital investments at cost of the Fonds de solidarité des travailleurs du Québec (F.T.Q.) as at May 31, 2013 is prepared, in all material respects, in accordance with the dispositions of article 18 of the Regulation respecting development capital investment fund continuous disclosure. 1 CPA auditor, CA, public accountancy permit No. A105976 Montréal, June 27, 2013 1

Statement of Development Capital Investments, at Cost AS AT MAY 31, 2013 (In thousands $) Unsecured Secured Total Year of Initial Investment Industry Segment Listed Shares Unlisted Shares and Units Loans, Bonds and Advances Loans and Advances Guarantees and Suretyships 1988 Fonds de développement emploi-montréal inc. F 1,338 1,338 V01400 TransForce inc. S 9,955 9,955 V04179 1989 Entreprises publiques québécoises à faible capitalisation TI/M/P/S 316,009 316,009 FIDUCIE 1990 Bestar inc. M 1,499 752 2,251 V02252 Transat A.T. inc. S 39,377 39,377 V02243 1991 B.M.B. (Îles-de-la-Madeleine) inc. S 750 750 V02102 Fonds immobilier de solidarité FTQ I, s.e.c. R 28,975 28,975 V02273 Fonds locaux de solidarité FTQ, s.e.c. F 38,000 38,000 V02497 1992 Polycor inc. P 12,490 12,490 V01554 1993 Fonds immobilier de solidarité FTQ II, s.e.c. R 25,000 25,000 V02828 Groupe Robert inc. S 21,940 18,500 40,440 V01945 Le Devoir inc. S 1,315 1,315 V02780 SSQ, Société d'assurance-vie inc. S 29,413 66,100 95,513 V02606 1994 Corporation Financière Brome inc. S 2,991 3,100 6,091 V03189 1995 Château M.T. inc. S 2,610 2,610 V03133 Fonds régional de solidarité Abitibi- Témiscamingue, société en commandite Fonds régional de solidarité Côte-Nord, société en commandite Fonds régional de solidarité Estrie, société en commandite Fonds régional de solidarité Lanaudière, société en commandite Fonds régional de solidarité Laurentides, société en commandite Fonds régional de solidarité Laval, société en commandite Fonds régional de solidarité Mauricie, société en commandite F F F F F F F 16,105 16,105 V03592 21,985 21,985 V03593 20,114 20,114 V03589 12,587 12,587 V03598 21,532 21,532 V03599 21,524 21,524 V03597 12,708 12,708 V03588 MethylGene inc. TI 17,033 17,033 V03890 Mines Virginia inc. P 1,712 1,712 V12100 1996 Fonds d'investissement de la culture et des communications, société en commandite S 26,700 26,700 V03748 Fonds régional de solidarité Bas Saint-Laurent, société en commandite Fonds régional de solidarité Chaudière- Appalaches, société en commandite Fonds régional de solidarité Gaspésie-Îles-de-la- Madeleine, société en commandite Fonds régional de solidarité Montérégie, société en commandite Fonds régional de solidarité Outaouais, société en commandite F F F F F 16,160 16,160 V03585 18,574 18,574 V03596 12,573 12,573 V03595 24,478 24,478 V03600 30,478 30,478 V03591 2

Statement of Development Capital Investments, at Cost AS AT MAY 31, 2013 (In thousands $) Unsecured Secured Total Year of Initial Investment Industry Segment Listed Shares Unlisted Shares and Units Loans, Bonds and Advances Loans and Advances Guarantees and Suretyships 1996 Fonds régional de solidarité Québec, société en commandite Fonds régional de solidarité Saguenay-Lac-Saint- Jean, société en commandite F F 24,976 24,976 V03587 24,971 24,971 V03586 Groupe Solmax inc. M 1,618 12,000 13,618 V03615 Mines Richmont inc. P 9,219 9,219 V02088 1997 Fonds de capital de risque GeneChem Technologies, s.e.c. Fonds d'investissement de Montréal (F.I.M.), société en commandite Fonds régional de solidarité Nord-du-Québec, société en commandite TI R F 6,439 6,439 V03972 1,657 52 1,709 V03953 12,000 12,000 V03594 GSM Capital Limited Partnership TI 879 879 V04089 1998 9274-0547 Québec inc. (Manoir Richelieu) S 46,179 46,179 V16026 Cap sur mer inc. M 1,807 102 1,909 V04308 Exploration Azimut inc. P 650 650 V04288 Fonds régional de solidarité Centre-du-Québec, société en commandite F 9,616 9,616 V04352 Niocan inc. P 284 284 V04287 Société en commandite Manoir Richelieu S 1,254 1,254 V03184 TSO3 inc. TI 6,503 6,503 V03827 1999 Corporation minière Osisko P 4,523 9,583 14,106 V04656 La Financière des entreprises culturelles (FIDEC), société en commandite 2000 ARGO II : The Wireless-Internet Fund - Limited Partnership S TI 2,402 2,402 V04472 11,364 11,364 V04893 Atrium Innovations inc. TI 37,769 25,000 62,769 V04820 Genopole 1er Jour S.A. TI 136 136 V05387 Groupe HNZ inc. S 24,633 24,633 V04958 GTI V, société en commandite TI 8,059 8,059 V04396 Marketing Léger inc. S 1,000 1,000 V04460 Société en commandite GeneChem Thérapeutique TI 9,775 9,775 V04982 2001 Fonds Bio-Innovation, société en commandite TI 24,351 24,351 V05076 Investissement Premières Nations du Québec, société en commandite F 2,000 2,000 V04956 Kruger Wayagamack inc. M 12,137 12,137 V03772 Novacap II, société en commandite S 8,224 8,224 V04981 Partenaires MidCap S 447 447 V05454 SIDEX, société en commandite P 15,000 15,000 V05339 2002 FinTaxi, s.e.c. S 12,800 47,200 60,000 V05683 Fonds immobilier de solidarité FTQ inc. R 1 268,941 268,942 V05025 Junex inc. P 304 304 V05601 Lumira Capital I Québec société en commandite TI 3,877 3,877 V05720 3

Statement of Development Capital Investments, at Cost AS AT MAY 31, 2013 (In thousands $) Unsecured Secured Total Year of Initial Investment Industry Segment Listed Shares Unlisted Shares and Units Loans, Bonds and Advances Loans and Advances Guarantees and Suretyships 2002 Produits Intégrés Avior inc. M 3,250 3,250 V05148 Thermetco inc. M 900 337 1,237 V05577 Vimac Early Stage Fund L.P. TI 9,659 9,659 V05543 2003 Fonds Vimac Milestone Medica Nord s.e.c. TI 5,550 5,550 V05951 Le Fonds Entrepia Nord, s.e.c. TI 7,612 7,612 V05841 Mines de la Vallée de l'or ltée P 437 437 V06004 Stella-Jones inc. M 35,938 35,938 V02986 2004 4262280 Canada inc. (Transat A.T.) S 4,647 4,647 V06375 Corporation Aurifère QMX P 300 300 V06287 Fonds d'investissement MSBI, société en commandite TI 8,956 8,956 V05710 Matamec Explorations inc. P 78 78 V06168 Octasic inc. TI 1,741 6,091 7,832 V05549 Trencap s.e.c. S 198,516 198,516 V06277 Vimac ESF Annex Fund L.P. TI 1,030 1,030 V06177 2005 9053-2698 Québec inc. M 1 1 V04338 A.M. Pappas Life Science Ventures III, LP TI 10,645 10,645 V11759 Addenda Capital inc. S 71,393 71,393 V13108 Camoplast Solideal inc. M 39,551 39,551 V04935 Château Bonne Entente inc. S 1,138 106 1,244 V06252 FIER Partenaires, société en commandite F 24,500 24,500 V06260 Fonds Brightspark II, s.e.c. TI 1,281 1,281 V06280 Fonds d'opportunités canadiennes HRS, s.e.c. S 20,484 20,484 V06076 Groupe C.N.P. inc. M 188 188 V06387 Média Groupe inc. S 2,000 2,042 4,042 V06408 Metro inc. S 73,948 73,948 V11740 ProQuest Investments III, L.P. TI 3,229 3,229 V06351 RHO Fund Investors 2005, L.P. TI 5,391 5,391 V11625 SAIL Plein Air inc. S 1,000 5,529 6,529 V11743 2006 6569293 Canada inc. (Maison des Futailles) M 13,482 8,000 21,482 V11897 Alaris Royalty Corp. TI 1 1 V12157 Boutique Linen Chest (Phase II) inc. S 2,317 2,317 V12067 Capital Financière Agricole inc. S 2,366 2,366 V06115 Capital St-Laurent, s.e.c. TI 11,320 11,320 V11478 Corporation développement Knowlton inc. M 9,249 10,405 19,654 V12363 Coveo Solutions inc. TI 5,954 5,954 V12251 Distribution Acier Pointe-Claire inc. M 2,807 2,807 V11730 Emerald Cleantech Fund II L.P. TI 6,351 6,351 V11778 Entreprises SMD ltée S 3,500 260 3,760 V11515 Éthanol Greenfield inc. M 60,000 60,000 V12378 4

Statement of Development Capital Investments, at Cost AS AT MAY 31, 2013 (In thousands $) Unsecured Secured Total Year of Initial Investment Industry Segment Listed Shares Unlisted Shares and Units Loans, Bonds and Advances Loans and Advances Guarantees and Suretyships 2006 Excavation René St-Pierre inc. S 5,000 5,000 V11889 Exploration Dios inc. P 184 184 V11976 FCPR Aerofund S 9,406 9,406 V11792 Fiducie du Chantier de l'économie sociale S 12,000 12,000 V06285 Fonds CTI sciences de la vie, s.e.c. TI 1,926 1,926 V11965 Fonds ID s.e.c. TI 10,000 10,000 V11741 Fonds Propulsion III s.e.c. TI 5,944 5,944 V06283 Gestion Rivière du Diable inc. S 2,841 914 3,755 V11457 Groupe CVTech inc. S 19,985 3,232 23,217 V12130 J.L. Albright IV Venture Fund L.P. TI 3,549 3,549 V12024 Métal Perreault inc. M 300 286 124 710 V12104 Ressources Cartier inc. P 918 918 V12031 Rho Canada Capital de Risque, s.e.c. TI 19,050 19,050 V11984 Société en commandite Agechem TI 17,742 17,742 V06248 Sonaca S.A. M 2,950 2,950 V12257 VantagePoint Venture Partners 2006 (Q), L.P. TI 16,728 16,728 V11545 2007 6705341 Canada inc. (North Country Slate) P 90 608 698 V12564 9178-6590 Québec inc. (Excavation René-St- Pierre) S 25 25 V11964 Envivio, inc. TI 5,751 5,751 V12402 Exploration Midland inc. P 636 636 V12531 Fonds d'acquisition de Montréal, société en commandite Fonds d'investissement de Montréal (F.I.M.) II, société en commandite Fonds d'investissement inovia II, société en commandite S R TI 5,000 5,000 V12559 988 988 V12198 3,499 3,499 V12317 GO capital s.e.c. TI 1,408 1,408 V12016 Groupe Bikini Village inc. S 1,275 1,275 V12655 Investissement (12348) s.e.n.c. (Cellfish Media) TI 11,785 11,785 V12348 Les Industries Spectra Premium inc. M 10,000 5,903 15,903 V06225 MMV Financial inc. S 1 1 V12373 Novacap Industries III, s.e.c. M 21,421 21,421 V12234 Novacap Technologies III, s.e.c. TI 14,851 14,851 V12095 Partenaires Médias Remstar, s.e.c. S 2,000 2,000 V11979 ProQuest Investments IV, L.P. TI 6,593 6,593 V12276 Soccrent 2006, société en commandite F 11,380 7,400 18,780 V11929 Société de gestion d'actifs forestiers Solifor, société en commandite P 150,000 150,000 V11584 Thallion pharmaceutiques inc. TI 8,275 8,275 V12642 Vertex III (C.I.) Fund, L.P. TI 9,208 9,208 V12046 5

Statement of Development Capital Investments, at Cost AS AT MAY 31, 2013 (In thousands $) Unsecured Secured Total Year of Initial Investment Industry Segment Listed Shares Unlisted Shares and Units Loans, Bonds and Advances Loans and Advances Guarantees and Suretyships 2008 147755 Canada inc. (Groupe B.M.R.) S 10,300 10,300 V13242 Administration LVER inc. S 9,983 9,983 V13113 Alimentation Coop Port-Cartier S 180 180 V12496 BDR Capital s.e.c. TI 73,413 73,413 V13558 Cogeco Câble inc. TI 100,000 100,000 V12924 Corporation Financière L'Excellence ltée S 100,000 100,000 V13127 Dalkotech inc. M 5,400 660 6,060 V13252 Donner Metals Ltd. P 260 260 V13371 Exploration NQ inc. P 219 219 V13232 Fonds soutien Montréal parallèle, s.e.c. TI 2,000 2,000 V13118 G.D.G. Environnement ltée S 2,500 2,500 V11560 Gestion ACCEO inc. TI 22,870 7,750 30,620 V13530 Gestion TFI inc. S 125,000 125,000 V14754 GLV inc. M 32,061 25,000 57,061 V13155 Groupe AGF inc. M 9,600 9,600 V12541 Groupe Gecko Alliance inc. TI 4,537 4,537 V12870 HR Stratégies inc. S 100 100 V11531 Ontario Venture Capital Fund LP TI 559 559 V13245 Placements Montrusco Bolton inc. S 20,151 20,151 V13132 Rho Ventures VI, L.P. TI 18,185 18,185 V12930 Sonaca Montréal inc. M 5,000 5,000 V11595 VantagePoint Cleantech Partners II, L.P. TI 16,919 16,919 V13031 2009 5N Plus inc. M 14,166 14,166 V12431 A.M. Pappas Life Science Ventures IV, LP TI 9,267 9,267 V12898 ADS inc. M 3,600 3,600 V13601 Axtel SARL S 1 811 812 V13790 Champlain Capital Partners, L.P. S 6,208 6,208 V13625 Corporation Nuvolt inc. M 196 196 V14081 FCPR Aerofund II S 12,201 12,201 V13661 Fonds Cycle Capital I, s.e.c. S 16,965 16,965 V13823 Fonds d'acquisition québécois, société en commandite S 5,000 5,000 V13608 Gestion hôtelière REVPAR inc. S 179 179 V14033 Gestion Juste pour Rire inc. S 3,125 3,125 V12916 Holding Smardt inc. M 12,121 5,000 17,121 V15321 Les Viandes Laroche inc. M 2,000 2,000 V01417 Meca Dev s.a.s. M 21,502 10,933 32,435 V14354 Média Cineflix inc. S 11,063 11,063 V13243 Medicago inc. TI 5,099 5,099 V04576 Premier Tech ltée P 43,625 43,625 V01387 Shermag inc. M 2,533 2,533 V12932 6

Statement of Development Capital Investments, at Cost AS AT MAY 31, 2013 (In thousands $) Unsecured Secured Total Year of Initial Investment Industry Segment Listed Shares Unlisted Shares and Units Loans, Bonds and Advances Loans and Advances Guarantees and Suretyships 2009 Société en commandite Groupe CH S 40,000 40,000 V14109 7,814 Teraxion inc. S 6,167 6,167 V05734 Transcontinental inc. M 100,000 100,000 V13756 VC, société en commandite R 119,537 119,537 V13847 2010 9220-2324 Québec inc. (Groupe C.N.P.) M 2,500 2,500 V14468 Cactus Commerce inc. TI 347 347 V06093 Dalkotech International inc. M 1 1 V14868 Focus Graphite inc. P 11 11 V14393 Foliot Management inc. M 7,000 2,000 9,000 V14270 Fortress Paper Ltd M 7,000 25,000 32,000 V14403 Groupe Technosub inc. S 3,344 3,344 V06405 IPL inc. M 15,000 45,000 60,000 V01975 Les Diamants Stornoway (Canada) inc. P 644 14,700 15,344 V14396 Logibec Groupe Informatique ltée TI 30,000 30,000 V01833 Nemaska Lithium inc. P 260 260 V14826 Radialpoint Safecare inc. TI 1 17,096 17,097 V14302 Ressources Géoméga inc. P 528 528 V14798 Ressources Pershimco inc. P 145 145 V11415 Royal Nickel Corp. P 300 300 V14827 Saladexpress inc. M 8,250 8,250 V03768 Scierie Dion & Fils inc. M 2,750 2,750 V14350 Serdy Média inc. S 2,500 1,000 3,500 V13802 SSQ, Société d'assurances générales inc. S 15,000 15,000 V14428 Twist, société en commandite S 6,000 6,000 V14444 2011 Abitibi Royalties inc. P 8 8 V15313 Acquisio inc. TI 4,429 4,429 V12982 AmorChem, société en commandite TI 2,178 2,178 V14317 Bombardier inc. M 49,779 49,779 V13647 Cogeco inc. TI 25,000 25,000 V15279 Corporation Aurifère Aurvista P 400 400 V14828 Divertissement 7G inc. TI 6,006 7,967 13,973 V15022 Fonds Alpha+ Montrusco Bolton S 20,000 20,000 V13562 Fonds Capital Culture Québec, société en commandite S 10,000 10,000 V14949 Fonds d'amorçage Cycle-C3E, s.e.c. TI 2,313 2,313 V14929 Fonds d'investissement pour la relève agricole (FIRA), s.e.c. S 1,667 1,667 V14455 Fonds d'investissement Réal, s.e.c. TI 4,081 4,081 V14927 Fonds Relève Québec, s.e.c. S 1,800 1,800 V14948 Fonds stratégique à rendement absolu HRS, s.e.c. S 50,000 50,000 V14730 Groupe Crête division St-Faustin inc. M 1,733 1,733 V14867 7

Statement of Development Capital Investments, at Cost AS AT MAY 31, 2013 (In thousands $) Unsecured Secured Total Year of Initial Investment Industry Segment Listed Shares Unlisted Shares and Units Loans, Bonds and Advances Loans and Advances Guarantees and Suretyships 2011 Groupe Meloche inc. M 3,000 3,000 V14936 Groupe TMX Limitée S 97,600 97,600 V15039 Groupe Tolgeco inc. S 2,500 2,500 V01736 JV Driver Corporation inc. S 16,000 16,000 V14834 Les Chantiers de Chibougamau ltée M 3,750 3,750 V14814 Les Investissements Nolinor inc. S 1,875 1,875 V14769 Magnus Poirier inc. S 375 375 V03002 Milestone Pharmaceutiques inc. TI 2,868 2,868 V14985 Nunavik Nickel Mines Ltd P 14 14 V15314 Ressources Monarques inc. P 305 305 V15054 Ressources Sirios inc. P 1 1 V14995 Rona inc. S 39,985 39,985 V15367 Scandinave Spa in Whistler inc. S 1,950 1,950 V14839 2012 9187-8850 Québec inc. (Forage Boréal) P 2,250 2,250 V14933 9262-2059 Québec inc. (Casavant Frères) M 2,000 2,000 V15284 9266-4382 Quebec inc (Loisirs Fletcher) M 2,500 2,500 V15981 Abipa Canada inc. M 9,800 9,800 V15425 Agritibi R.H. inc. S 600 600 V15495 Athos services commémoratifs inc. S 15,000 15,000 V15783 Erfa Canada 2012 inc. S 3,125 3,125 V15297 Fempro I inc. M 3,725 3,725 V15348 Financement YPG inc. S 10,195 10,195 V16027 Finloc inc. S 5,442 5,442 V15861 Fonds de solidarité FTQ investissements croissance I, s.e.c. Fonds de solidarité FTQ Investissements technologiques I, s.e.c. S TI 5,667 5,667 V15817 2,500 2,500 V15320 Germain Larivière inc. S 1,587 1,587 V14464 Gestion SMS inc. M 1 1 V15483 Gestion Steelhead inc. S 1 1 2 V15442 GLyPharma Thérapeutique inc. TI 1,437 1,437 V15331 Groupe Colabor inc. S 15,000 15,000 V06111 Groupe MBI inc. M 18,565 408 18,973 V15261 Groupe PCM inc. M 500 500 V15362 Groupe QuébéComm inc. S 3,000 3,000 V14747 Innovation Thrasos inc. TI 4,224 4,224 V14257 La Coop fédérée M 50,000 50,000 V15256 Les Bois de plancher P.G. inc. M 2,000 2,000 V13578 Les entreprises de divertissements Muse inc. S 4,500 4,500 V14680 Les Industries Touch inc. S 747 747 V11932 Lumira Capital II, société en commandite TI 1,628 1,628 V13774 8

Statement of Development Capital Investments, at Cost AS AT MAY 31, 2013 (In thousands $) Unsecured Secured Total Year of Initial Investment Industry Segment Listed Shares Unlisted Shares and Units Loans, Bonds and Advances Loans and Advances Guarantees and Suretyships 2012 Maetta Sciences inc. M 2,438 2,438 V12032 Maibec inc. M 2,500 2,500 V02502 Mine Barlow inc. P 200 200 V15436 Produits alimentaires Viau inc. M 5,000 5,000 V14878 Société en commandite Free 2 Play S 5,000 5,000 V14906 Sojag inc. S 4,750 4,750 V15446 SSQ, Société d'assurance inc. S 191,950 191,950 V15298 SSQ, Société de participation mutualiste inc. S 78,050 78,050 V15372 Supermétal Structures inc. M 3,618 3,618 V05411 Technologies Interactives Mediagrif inc. TI 4,725 4,725 V03963 Yellow Média Limitée S 1,747 1,747 V16028 2013 Accedian Networks Corporation TI 1,252 1,252 V13081 AJW Technique inc. S 7,000 7,000 V15836 Asmacure inc. TI 1 1 V06167 Cellfish Media inc. TI 5,168 5,168 V16328 Distech Contrôles inc. M 13,000 13,000 V06350 Entreprises Minières du Nouveau-Monde inc. P 150 150 V15867 Fonds d'investissement de Montréal (F.I.M.) III, société en commandite R 1,957 1,957 V13959 Humania Assurance inc. S 10,000 10,000 V15294 Les Brasseurs du Nord inc. M 15,750 8,750 24,500 V15958 Les Réseaux Accedian inc. TI 7,764 7,764 V11761 Propair inc. S 850 850 V16025 Vision 7 International ULC S 15,000 15,000 V15893 16 general partners of limited partnerships S 2 1 3 V17210 Total 761,142 2,454,011 1,612,955 11,590 4,839,698 7,814 The list of investments made by these specialty funds is shown in the unaudited Index of the share of the Fonds in investments made by the specialized funds, at cost. This statement of development capital investments at a total cost of $4,839,698,000 itemizes by company the amounts invested by the Fonds de solidarité des travailleurs du Québec (F.T.Q.). This amount appears in Note 4 to the financial statements as at May 31, 2013. In addition, this statement presents a list of the guarantees and suretyships granted by the Fonds. Industry segment legend F: R: M: P: S: TI: Regional or local funds Real estate Manufacturing Primary Services/tourism Technology investments 9

Relevé des AUTRES investissements (non audité) in french ONLY As at May 31, 2013

Relevé des autres investissements ( non audité ) au 31 mai 2013 Description Quantité Coût Juste valeur Actions et parts 557910908 Acciona SA 6 634 701 427 Advantage Oil & Gas Ltd 336 00765F101 66 900 300 648004000 Aeon Co. Ltd 68 200 941 829 00130H105 AES Corp. 180 359 2 533 2 274 B0ZNPN904 AGL Energy Ltd 159 334 2 262 2 264 008474108 Agnico Eagle Mines Ltd 133 000 5 673 4 409 008916108 Agrium inc. 126 560 10 138 12 118 B1YXBJ905 Air Liquide SA 39 551 4 210 5 259 009158106 Air Products & Chemicals inc. 27 200 2 197 2 654 Air Water inc. 257 644146003 20 000 292 009363102 Airgas inc. 8 900 543 946 601090004 Ajinomoto Co. inc. 67 000 797 959 B1VLVW903 Aker Solutions ASA 14 295 201 218 545831901 Akzo Nobel NV 31 604 1 779 2 086 010679108 Alacer Gold Corp. 136 900 968 301 011527108 Alamos Gold inc. 130 900 1 757 1 964 Albemarle Corp. 760 012653101 12 100 837 013817101 Alcoa inc. 131 100 2 008 1 149 Allegheny Technologies inc. 681 01741R102 12 000 341 018802108 Alliant Energy Corp. 32 200 1 242 1 639 021361100 AltaGas Ltd 53 016 1 605 2 040 695498006 Alumina Ltd 331 957 612 337 606660009 Amcor Ltd 151 668 946 1 489 AMEC plc 405 002826006 25 749 413 023608102 Ameren Corp. 69 800 2 351 2 449 025537101 American Electric Power Co. inc. 139 200 5 458 6 592 030420103 American Water Works Co. inc. 51 000 1 405 2 094 032511107 Anadarko Petroleum Corp. 41 900 2 662 3 788 B1XZS8907 Anglo American plc 176 232 6 867 4 214 475531901 Anheuser-Busch InBev NV 87 817 5 017 8 367 Antofagasta plc 752 004561908 48 353 715 624730909 APA Group 227 324 1 201 1 442 037411105 Apache Corp. 33 000 3 137 2 797 00208D408 ARC Resources Ltd 123 200 2 777 3 512 B03XPL901 ArcelorMittal 128 657 3 624 1 706 039483102 Archer-Daniels-Midland Co. 72 500 2 379 2 410 Argonaut Gold inc. 764 04016A101 89 700 705 B0Z5YZ906 Arkema 7 600 691 810 B39VJC900 Aryzta AG 8 904 373 523 605440007 Asahi Breweries Ltd 43 900 854 1 098 605460005 Asahi Kasei Corp. 155 000 918 1 096 067312900 Associated British Foods plc 40 223 767 1 142 00206R102 AT&T inc. 1 510 394 49 224 54 622 04682R107 Athabasca Oil Corp. 124 400 1 585 907 05155C105 AuRico Gold inc. 148 381 1 212 780 054303102 Avon Products inc. 44 900 1 307 1 094 11777Q209 B2Gold Corp. 683 665 2 323 1 771 057224107 Baker Hughes inc. 36 347 1 944 1 705 Ball Corp. 525 058498106 18 000 803 066286303 Bankers Petroleum Ltd 639 500 2 302 1 880 51925D106 Banque Laurentienne du Canada 2 339 697 78 966 102 970 066800103 Banro Corporation 788 800 2 521 954 1

Relevé des autres investissements ( non audité ) au 31 mai 2013 Description Quantité Coût Juste valeur Actions et parts 067901108 Barrick Gold Corp. 712 764 27 809 15 524 Barry Callebaut AG-REG 159 547692905 172 165 ACI0054Q2 BASF SE 118 253 7 741 11 919 07317Q105 Baytex Energy Corp. 48 800 1 954 1 912 073730103 Beam inc. 16 058 790 1 075 Beiersdorf AG 708 510740905 10 476 975 B00D9P907 Belgacom SA 39 467 1 548 914 609803903 Bezeq Israeli Telecommunication Corp. Ltd 544 177 1 121 723 087628905 BG Group plc 284 259 5 467 5 401 614469005 BHP Billiton Ltd 412 532 13 824 14 238 005665906 BHP Billiton plc 271 887 7 840 8 161 Birchcliff Energy Ltd 664 090697103 87 600 782 09251U100 BlackPearl Resources inc. 109 500 388 232 Boliden AB 430 B1XCBX901 32 777 487 09784Y108 Bonavista Energy Corp. 71 000 1 399 1 154 Bonterra Energy Corp. 496 098546104 9 400 482 621867902 Boral Ltd 92 096 425 413 09970Q109 Border Petroleum Corp. 9 331 500 1 763 140 079805909 BP plc 1 616 595 14 010 11 989 Brown-Forman Corp. 572 115637209 12 750 907 309135903 BT Group plc 2 092 035 7 492 9 897 G16962105 Bunge Ltd 16 435 1 169 1 182 127097103 Cabot Oil & Gas Corp. 18 100 761 1 313 CALBEE inc. 122 B3TBRZ902 1 500 149 129584108 Calfrac Well Services Ltd 13 400 339 372 131347304 Calpine Corp. 86 900 1 273 1 820 Caltex Australia Ltd 145 616150009 11 013 242 13321L108 Cameco Corp. 208 800 4 432 4 693 13342B105 Cameron International Corp. 20 000 811 1 256 Campbell Soup Co. 810 134429109 21 400 946 136385101 Canadian Natural Resources Ltd 535 160 16 902 16 515 13643E105 Canadian Oil Sands Ltd 179 400 4 421 3 588 Canexus Corp. 646 13751W103 81 600 743 137576104 Canfor Corp. 51 700 681 899 14068G104 Capstone Mining Corp. 313 000 919 708 416921005 Carlsberg AS, classe B 12 063 1 079 1 188 564156909 Carrefour SA 66 930 2 701 2 045 Casino Guichard Perrachon SA 537 417841004 5 676 613 148477102 Castle Resources inc. 1 308 800 1 044 85 124900309 CCL Industries inc., classe B 26 000 1 250 1 711 150870103 Celanese Corp. 21 000 819 1 071 15135U109 Cenovus Energy inc. 377 750 11 915 11 722 15189T107 CenterPoint Energy inc. 116 500 2 000 2 786 Centerra Gold inc. 1 156 152006102 95 700 364 B033F2900 Centrica plc 1 486 658 7 563 8 852 156700106 CenturyLink inc. 167 407 6 261 5 905 CF Industries Holdings inc. 1 117 125269100 8 100 1 599 421539008 CGG 13 521 548 346 165167107 Chesapeake Energy Corp. 57 200 1 537 1 290 621255900 Cheung Kong Infrastructure Holdings Ltd 136 000 601 976 166764100 Chevron Corp. 165 310 14 885 20 973 16890P103 China Gold International Resources Corp. Ltd 147 300 636 498 2

Relevé des autres investissements ( non audité ) au 31 mai 2013 Description Quantité Coût Juste valeur Actions et parts 619560006 Chubu Electric Power Co. inc. 185 500 4 321 2 503 619590003 Chugoku Electric Power Co. inc. 82 300 1 704 1 168 Church & Dwight Co. inc. 551 171340102 14 500 905 171798101 Cimarex Energy Co. 6 600 352 478 18683K101 Cliffs Natural Resources inc. 18 359 1 197 342 189054109 Clorox Co. 12 900 864 1 107 609701909 CLP Holdings Ltd 501 500 4 054 4 370 125896100 CMS Energy Corp. 77 000 1 871 2 142 Cobalt International Energy inc. 496 19075F106 18 100 483 612345900 Coca-Cola Amatil Ltd 60 896 623 777 191216100 Coca-Cola Co. 442 000 13 963 18 269 19122T109 Coca-Cola Enterprises inc. 30 900 780 1 186 Coca-Cola Hellenic Bottling Co. SA 622 442072005 23 084 621 616328902 Coca-Cola West Co. Ltd 5 400 128 99 194162103 Colgate-Palmolive Co. 104 412 4 647 6 237 Colossus Minerals inc., bons de souscription échéant le 2016-11-08 4 19681L141 2 400 1 ACI009ZR8 Colruyt SA 7 649 368 403 205887102 ConAgra Foods inc. 42 900 1 048 1 491 Concho Resources inc. 738 20605P101 8 400 726 20825C104 ConocoPhillips 98 278 5 217 6 219 209115104 Consolidated Edison inc. 82 600 4 226 4 872 21036P108 Constellation Brands inc. 18 300 514 1 003 Contact Energy Ltd 457 615252905 95 581 406 212015101 Continental Resources inc. 3 700 237 310 N22717107 Core Laboratories NV 3 600 477 512 688278100 Corporation minière Osisko 263 000 2 279 1 173 Cosmo Oil Co. Ltd 166 622633006 48 000 90 22160K105 Costco Wholesale Corp. 46 800 3 470 5 303 22576C101 Crescent Point Energy Corp. 198 700 7 486 7 428 Crew Energy inc. 486 226533107 48 000 293 418224002 CRH plc 95 576 2 231 2 102 Croda International plc 583 023352008 16 282 628 228227104 Crown Castle International Corp. 77 289 3 263 5 692 Crown Holdings inc. 509 228368106 17 400 761 126650100 CVS Caremark Corp. 137 200 5 380 8 154 Daicel Chemical Industries Ltd 260 625054002 40 000 336 625062005 Daido Steel Co. Ltd 39 000 196 220 B1Y9TB906 Danone 62 763 4 027 4 769 DE Master Blenders 1753 NV 689 ACI022F69 58 555 949 621964907 Delek Group Ltd 448 100 120 426211009 Delhaize Group SA 14 084 1 043 930 247916208 Denbury Resources inc. 30 400 557 576 630982007 Denki Kagaku Kogyo KK 52 000 199 178 250669108 Detour Gold Corp. 71 100 1 545 758 584235907 Deutsche Telekom AG 749 484 10 953 8 858 25179M103 Devon Energy Corp. 31 800 2 319 1 868 023740905 Diageo plc 275 295 6 051 8 416 Diamond Offshore Drilling inc. 520 25271C102 5 400 384 ACI00NNS8 Distribuidora Internacional 70 267 483 568 257287102 Dominion Diamond Corporation 48 100 682 747 25746U109 Dominion Resources inc. 163 300 7 454 9 538 260543103 Dow Chemical Co. 151 900 4 730 5 399 3

Relevé des autres investissements ( non audité ) au 31 mai 2013 Description Quantité Coût Juste valeur Actions et parts 26138E109 Dr Pepper Snapple Group inc. 23 503 820 1 117 233331107 DTE Energy Co. 49 400 2 456 3 401 26441C204 Duke Energy Corp. 200 958 11 903 13 901 Dundee Precious Metals inc. 505 265269209 58 500 294 494290901 E.ON SE 511 948 18 217 8 963 277432100 Eastman Chemical Co. 20 100 780 1 487 278865100 Ecolab inc. 37 300 2 044 3 250 B0NJJ1901 EDF SA 66 274 4 073 1 561 281020107 Edison International 88 200 3 694 4 188 410359905 EDP - Energias de Portugal SA 551 382 2 161 1 830 263534109 EI du Pont de Nemours & Co. 120 400 5 521 6 879 284902103 Eldorado Gold Corp. 606 325 6 540 5 015 B02Q32903 Electric Power Development Co. Ltd 32 200 1 112 1 058 Elisa OYJ 875 570151902 38 851 764 763561909 Ems-Chemie Holding AG-REG 948 222 287 738307909 Enagas SA 53 264 1 303 1 370 29250N105 Enbridge inc. 389 400 13 850 17 437 Enbridge Income Fund Holdings inc. 421 29251R105 17 800 447 292505104 Encana Corp. 375 950 9 103 7 422 Endeavour Silver Corp. 674 29258Y103 83 000 383 B4TWTW909 Enel Green Power SPA 475 783 1 048 1 052 714456902 Enel SPA 1 923 736 11 277 7 514 Enerflex Ltd 386 29269R105 30 800 407 29265N108 Energen Corp. 6 400 332 358 29266R108 Energizer Holdings inc. 6 300 471 623 292766102 Enerplus Corp. 79 479 1 824 1 283 714505906 ENI SPA 212 618 5 453 4 981 G3157S106 Ensco plc, classe A 20 180 1 148 1 255 Ensign Energy Services inc. 751 293570107 50 100 850 29364G103 Entergy Corp. 50 400 4 182 3 586 26875P101 EOG Resources inc. 22 800 2 195 3 024 26884L109 EQT Corp. 13 450 670 1 110 518439104 Estee Lauder Companies inc. 26 400 882 1 849 Eurasian Natural Resources Corp. plc 493 B29BCK905 33 321 125 B71N6K903 Evraz plc 31 929 151 68 30161N101 Exelon Corp. 244 267 12 314 7 900 30231G102 Exxon Mobil Corp. 385 846 30 490 36 079 FamilyMart Co. Ltd 261 633127006 6 800 286 32076V103 First Majestic Silver Corp. 112 200 2 124 1 257 335934105 First Quantum Minerals Ltd 489 796 9 053 9 081 337932107 FirstEnergy Corp. 118 013 5 967 4 757 Fletcher Building Ltd 514 634160907 84 216 581 302491303 FMC Corp. 16 800 594 1 089 30249U101 FMC Technologies inc. 20 700 677 1 191 608625901 Fortescue Metals Group Ltd 169 569 748 560 557955903 Fortum OYJ 127 562 3 619 2 478 Fortuna Silver Mines inc. 377 349915108 74 600 244 517617908 France Telecom SA 489 470 11 298 5 141 351858105 Franco-Nevada Corp. 117 100 5 090 5 060 Freehold Royalties Ltd 352 356500108 19 200 457 35671D857 Freeport-McMoRan Copper & Gold inc. 120 508 4 565 3 855 Fresnillo plc 370 B2QPKJ909 21 829 394 4

Relevé des autres investissements ( non audité ) au 31 mai 2013 Description Quantité Coût Juste valeur Actions et parts 3396085 FRM Diversified II Fund SPC 540 392 68 630 70 152 35906A108 Frontier Communications Corp. 253 130 1 993 1 083 Fugro NV 328 B096LW904 5 732 351 361970106 Gabriel Resources Ltd 124 600 514 173 Galp Energia SGPS, SA 372 B1FW75903 23 031 390 GAM GAM GL Global Rates Fund 10 300 000 10 005 11 855 565042900 Gas Natural SDG, SA 101 362 1 910 2 166 B0C2CQ902 GDF Suez 377 992 13 175 7 974 370334104 General Mills inc. 70 200 2 518 3 412 374825206 Gibson Energy inc. 63 800 1 497 1 600 Givaudan SA 1 004 598061901 1 091 1 456 380956409 Goldcorp inc. 631 200 23 897 19 125 616447900 Golden Agri-Resources Ltd 713 888 430 333 393122106 Green Mountain Coffee Roasters inc. 14 500 1 046 1 096 HATHER Hathersage LTCP Fund 10 300 000 10 005 7 995 512067901 HeidelbergCement AG 18 453 1 059 1 438 Heineken Holding NV 563 B0CCH4904 11 496 703 779255900 Heineken NV 24 407 1 255 1 758 Hellenic Telecommunications Organization SA 679 505160903 76 905 668 423452101 Helmerich & Payne inc. 8 200 420 521 500246905 Henkel AG & Co. KGaA 34 784 1 919 3 244 Herbalife Ltd 638 G4412G101 11 500 555 427866108 Hershey Co. 17 300 902 1 593 42809H107 Hess Corp. 26 500 1 675 1 846 Hitachi Chemical Co. Ltd 289 642912000 14 300 236 642920003 Hitachi Metals Ltd 22 000 257 239 423074103 HJ Heinz Co. 35 100 1 802 2 625 B4TXDZ907 HKT Trust and HKT Ltd 582 000 550 699 Hokkaido Electric Power Co. inc. 1 176 643132004 55 900 764 643312002 Hokuriku Electric Power Co. 51 500 1 152 729 711075903 Holcim Ltd 29 590 2 053 2 365 HollyFrontier Corp. 542 436106108 16 278 830 643655004 Hong Kong & China Gas Co. Ltd 1 473 160 3 115 4 305 Hormel Foods Corp. 378 440452100 16 600 683 3397334 HRS Holding Ltd 224 513 53 004 51 578 443628102 HudBay Minerals inc. 193 700 1 796 1 599 448055103 Husky Energy inc. 117 300 3 173 3 430 I.L.F. Ltd, série 01 2008, classe B 741 ILF200801 739 388 450913108 IAMGOLD Corp. 297 118 3 023 1 610 B288C9908 Iberdrola SA 1 338 187 9 973 7 458 Idemitsu Kosan Co. Ltd 141 B1FF8P905 1 400 118 775943905 Iliad SA 6 294 743 1 360 695757005 Iluka Resources Ltd 54 356 866 604 B011GL903 Imerys SA 4 606 285 297 453038408 Imperial Oil Ltd 111 700 4 610 4 510 667304901 Incitec Pivot Ltd 197 926 738 569 B09LSH907 Inmarsat plc 116 187 1 234 1 115 Inpex Corp. 1 194 B10RB1904 192 859 45822P105 Integrys Energy Group inc. 23 100 1 177 1 374 45833P102 Inter Pipeline Fund, classe A 163 000 3 088 3 741 International Flavors & Fragrances inc. 488 459506101 9 900 821 460146103 International Paper Co. 53 400 1 527 2 543 5

Relevé des autres investissements ( non audité ) au 31 mai 2013 Description Quantité Coût Juste valeur Actions et parts 645553900 Israel Chemicals Ltd 54 189 631 625 Israel Corporation Ltd 227 688967900 323 206 900435108 Ivanhoe Mines Ltd 212 055 2 359 1 465 B019KW907 J Sainsbury plc 138 892 854 815 James Hardie Industries 374 641297908 52 185 507 671169902 Japan Petroleum Exploration Co. 2 300 151 101 B1Y1SQ901 Jeronimo Martins SGPS, SA 22 180 255 487 654379908 JFE Holdings inc. 64 600 1 842 1 418 832696405 JM Smucker Co. 11 554 714 1 206 B70FPS903 Johnson Matthey plc 25 109 744 1 008 JSR Corp. 439 647098003 21 300 434 B627LW906 JX Holdings inc. 194 200 1 197 994 K+S AG 1 266 ACI00RQT4 21 106 913 648336006 Kaneka Corp. 38 000 301 241 648348001 Kansai Electric Power Co. inc. 218 500 4 778 2 720 Kansai Paint Co. Ltd 221 648374007 25 000 338 648380004 Kao Corp. 59 400 1 750 1 933 Kazakhmys plc 458 B0HZPV909 24 554 126 624899902 KDDI Corp. 142 800 4 826 6 731 487836108 Kellogg Co. 28 400 1 544 1 820 Kerry Group plc 554 451957906 15 500 904 449000900 Kesko OYJ 6 088 252 190 493271100 Keyera Corp. 64 918 2 178 3 886 Kikkoman Corp. 214 649080009 18 000 307 494368103 Kimberly-Clark Corp. 42 500 3 064 4 242 49456B101 Kinder Morgan inc. 56 273 1 854 2 209 Kinder Morgan Management LLC 490 49455U100 9 311 780 496902404 Kinross Gold Corp. 688 652 8 211 4 566 649374006 Kirin Holdings Co. Ltd 97 000 1 405 1 645 Kirkland Lake Gold inc. 450 49740P106 37 400 204 649602000 Kobe Steel Ltd 295 000 703 414 595607904 Koninklijke (Royal) KPN NV 799 311 3 879 1 594 525260907 Koninklijke Ahold NV 114 016 1 490 1 913 B0HZL9902 Koninklijke DSM NV 19 347 861 1 312 50076Q106 Kraft Foods inc. 61 316 2 701 3 488 501044101 Kroger Co. 54 200 1 389 1 886 KROM Krom River Fund 9 746 152 9 939 9 165 Kuraray Co. Ltd 518 649766003 41 600 622 649980000 Kyushy Electric Power Co. inc. 124 900 2 598 1 789 505440107 Labrador Iron Ore Royalty Corp. 38 600 1 178 1 268 450270004 Lafarge SA 24 350 1 690 1 805 Lanxess AG 695 B05M8B904 10 182 784 626691901 Lawson inc. 6 900 360 517 524701505 Legacy Oil + Gas inc. 50 600 532 285 52729N308 Level 3 Communications inc. 41 397 917 917 574081907 Linde AG 23 481 3 195 4 638 Lindt & Spruengli AG-PC 294 596228908 96 358 596230904 Lindt & Spruengli AG-REG 12 342 521 405780909 L'Oreal SA 26 390 3 047 4 608 550372106 Lundin Mining Corp. 670 490 3 017 2 863 Lundin Petroleum AB 477 718762909 19 492 420 N53745100 LyondellBasell Industries NV 40 400 1 574 2 783 6

Relevé des autres investissements ( non audité ) au 31 mai 2013 Description Quantité Coût Juste valeur Actions et parts 560909103 Major Drilling Group International 47 800 556 325 565849106 Marathon Oil Corp. 59 900 1 618 2 129 56585A102 Marathon Petroleum Corp. 28 864 1 085 2 456 MARKHAM-B Markham Rae I Fund, classe B 4 309 016 4 249 4 617 MARKHAM-C Markham Rae I Fund, classe C 5 845 559 5 765 6 255 Martin Marietta Materials inc. 549 573284106 5 900 665 656950003 Maruichi Steel Tube Ltd 5 200 139 134 579780206 McCormick & Co. inc. 12 500 573 892 552690109 MDU Resources Group inc. 52 500 1 294 1 403 582839106 Mead Johnson Nutrition Co. 21 567 1 142 1 807 MeadWestvaco Corp. 585 583334107 23 400 845 552704108 MEG Energy Corp. 54 500 2 227 1 595 MEIJI Holdings Co. Ltd 321 B60DQV902 7 100 323 B0744W900 Metcash Ltd 99 643 384 381 59151K108 Methanex Corp. 77 500 2 400 3 549 Metro AG 841 504141904 13 106 464 B00L2M903 Millicom International Cellular SA 17 094 1 603 1 410 Mines Aurizon ltée 491 05155P106 99 400 382 B0JQTJ900 Mitsubishi Chemical Holdings Corp. 181 500 1 029 908 Mitsubishi Gas Chemical Co. inc. 373 659692008 52 000 390 659708002 Mitsubishi Materials Corp. 145 000 532 487 659736003 Mitsui Chemicals inc. 116 000 447 275 Molson Coors Brewing Co. 813 60871R209 16 900 863 609207105 Mondelez International inc., classe A 182 781 5 778 5 560 Monster Beverage Corp. 862 611740101 16 854 951 61945C103 Mosaic Co. 38 024 2 232 2 390 Mullen Group Ltd 663 625284104 35 000 753 626717102 Murphy Oil Corp. 16 200 1 056 1 060 Nabors Industries Ltd 577 G6359F103 22 500 372 B08SNH908 National Grid plc 1 040 358 10 910 12 781 637071101 National Oilwell Varco inc. 36 063 2 021 2 620 Neste Oil OYJ 305 B06YV4907 10 225 154 712387901 Nestlé SA 352 621 18 732 24 231 64128F109 Nevada Copper Corp. 231 800 852 538 64156L101 Nevsun Resources Ltd 120 100 546 448 644535106 New Gold inc. 397 300 3 209 2 793 663710002 Newcrest Mining Ltd 99 608 2 991 1 429 Newfield Exploration Co. 563 651290108 11 700 287 651639106 Newmont Mining Corp. 64 000 3 355 2 252 Newstrike Capital inc. 350 652507104 115 100 86 65339F101 NextEra Energy inc. 114 271 6 731 8 931 Niko Resources Ltd 932 653905109 25 520 226 664076007 Nippon Meat Packers inc. 17 000 227 250 B8B8PJ905 Nippon Paper Industries Co. Ltd 13 200 428 168 664256005 Nippon Steel Corp. 971 000 2 958 2 584 664137007 Nippon Telegraph & Telephone Corp. 115 300 5 445 5 960 65473P105 NiSource inc. 90 100 1 918 2 675 Nisshin Seifun Group inc. 212 664096005 18 500 217 664176005 Nissin Foods Holdings Co. Ltd 5 600 200 224 664180007 Nitto Denko Corp. 20 300 880 1 272 Noble Corp. 838 H5833N103 21 400 845 655044105 Noble Energy inc. 29 400 1 117 1 752 7

Relevé des autres investissements ( non audité ) au 31 mai 2013 Description Quantité Coût Juste valeur Actions et parts B11HK3901 Norsk Hydro ASA 110 406 735 518 664397106 Northeast Utilities 88 777 2 720 3 818 66987E206 Novagold Resources inc. 153 000 927 398 B798FW902 Novozymes AS, classe B 29 836 674 1 065 629377508 NRG Energy inc. 92 400 2 491 2 402 NTT DoCoMo inc. 6 875 612927905 4 092 6 270 670346105 Nucor Corp. 41 200 1 853 1 888 NUWAVE NuWave Fund 10 300 000 10 005 9 625 674599105 Occidental Petroleum Corp. 69 000 5 468 6 561 675222103 OceanaGold Corp. 177 300 519 337 Oceaneering International inc. 476 675232102 9 100 682 466160009 Oest Elektrizitaets Wirtschafts 19 247 987 417 670837103 OGE Energy Corp. 27 600 1 569 1 936 OJI Paper Co. Ltd 475 665770004 94 000 344 B05Q3L908 Olam International Ltd 184 516 365 264 OMV AG 585 465145001 11 493 549 682680103 Oneok inc. 56 524 1 662 2 630 645800004 Orica Ltd 46 052 995 1 013 621486901 Origin Energy Ltd 89 920 1 162 1 198 Orkla ASA 657 B1VQF4902 77 774 677 666176003 Osaka Gas Co. Ltd 540 000 2 134 2 261 Owens-Illinois inc. 506 690768403 18 700 530 639782903 OZ Minerals Ltd 41 791 451 164 69480U206 Pacific Rubiales Energy Corp. 128 400 2 778 2 798 697900108 Pan American Silver Corp. 91 525 1 875 1 155 699320206 Paramount Resources Ltd 52 500 1 601 2 012 Parkland Fuel Corp. 386 70137T105 27 400 488 702925108 Pason Systems inc. 25 700 355 455 657407904 PCCW Ltd 1 175 000 416 577 Peabody Energy Corp. 988 704549104 23 300 474 706327103 Pembina Pipeline Corp. 155 605 4 000 5 045 70706P104 Pengrowth Energy Corp. 203 710 1 931 1 072 707887105 Penn West Petroleum Ltd 191 600 3 299 2 019 713291102 Pepco Holdings inc. 66 900 1 312 1 434 713448108 Pepsico inc. 169 840 11 486 14 178 468232004 Pernod-Ricard SA 23 136 2 194 2 872 PetroBakken Energy Ltd 1 099 53227K101 78 060 688 B0H2K5904 Petrofac Ltd 22 340 374 473 71673R107 Petrominerales Ltd 34 142 732 208 717046106 Peyto Exploration & Development Corp. 71 700 1 510 2 208 69331C108 PG&E Corp. 123 900 5 467 5 741 718546104 Phillips 66 50 367 1 654 3 450 Pilot Gold inc. 113 72154R111 95 550 84 723484101 Pinnacle West Capital Corp. 32 299 1 412 1 885 723787107 Pioneer Natural Resources Co. 10 800 752 1 540 CITI5 Portefeuille de deux fonds d'infrastructures privés 2 56 361 57 440 581718905 Portugal Telecom SGPS, SA 171 210 1 642 752 73755L107 Potash Corp. of Saskatchewan inc. 699 780 28 617 30 482 643532005 Power Assets Holdings Ltd 392 500 2 566 3 556 693506107 PPG Industries inc. 18 200 1 480 2 889 69351T106 PPL Corp. 164 000 5 061 5 022 74005P104 Praxair inc. 37 700 3 476 4 455 8

Relevé des autres investissements ( non audité ) au 31 mai 2013 Description Quantité Coût Juste valeur Actions et parts 74022D308 Precision Drilling Corp. 133 500 1 185 1 189 Premier Gold Mines Ltd 436 74051D104 89 200 196 74139C102 Pretium Resources inc. 43 700 611 368 742718109 Procter & Gamble Co. 299 000 19 984 23 721 744573106 Public Service Enterprise Group inc. 144 100 4 970 4 915 QBLK14 Q-BLK Strategic Partners, inc., série 1, classe I 2013 67 588 67 517 72 342 QBLK8 Q-BLK Strategic Partners, inc., série 12, classe I 2010 382 388 461 Q-BLK Strategic Partners, inc., série 3, classe I 2013 98 QBLK15 96 100 QBLK10 Q-BLK Strategic Partners, inc., série 4, classe I 2011 1 097 1 043 1 270 QBLK12 Q-BLK Strategic Partners, inc., série 5, classe I 2012 164 171 184 QBLK7 Q-BLK Strategic Partners, inc., série 7, classe I 2010 819 842 1 043 QBLK11 Q-BLK Strategic Partners, inc., série 8, classe I 2011 229 227 264 QEP Resources inc. 445 74733V100 13 800 404 B01C3S908 Randgold Resources Ltd 10 728 930 878 75281A109 Range Resources Corp. 14 200 725 1 103 B24CGK904 Reckitt Benckiser Group plc 70 109 3 847 5 188 572377901 Red Electrica Corp. SA 29 927 1 603 1 634 Rémy Cointreau SA 223 474171006 2 195 262 566935904 Repsol YPF SA 68 155 1 662 1 607 Rexam plc 739 ACI04MZX2 95 406 791 76689T104 Rio Alto Mining Ltd 97 800 494 300 622010007 Rio Tinto Ltd 56 260 3 562 3 076 071887004 Rio Tinto plc 172 340 9 220 7 715 Rock Tenn Company, classe A 699 772739207 9 476 967 G7665A101 Rowan Cos. plc 10 900 374 369 B03MM4906 Royal Dutch Shell plc 540 065 17 456 18 456 780911103 Rubicon Minerals Corp. 171 200 584 305 476914908 RWE AG 149 000 10 685 5 251 048354906 SABMiller plc 105 933 3 448 5 524 Safeway inc. 648 786514208 24 400 580 476876008 Saipem SPA 20 932 816 580 546535907 Salzgitter AG 5 125 515 202 677670002 Santos Ltd 80 814 1 014 1 046 Savanna Energy Services Corp. 315 804694107 33 500 240 78388J106 SBA Communications Corp. 34 300 1 426 2 668 80589M102 SCANA Corp. 35 000 1 458 1 825 806857108 Schlumberger Ltd 112 519 7 972 8 493 079087003 Scottish & Southern Energy plc 275 014 6 073 6 692 B09RMQ900 Seadrill Ltd 30 692 818 1 296 Sealed Air Corp. 486 81211K100 21 900 544 81373C102 Secure Energy Services inc. 179 800 885 2 436 816922108 SEMAFO inc. 167 500 798 338 816851109 Sempra Energy 64 800 3 704 5 445 B0FS5D909 Seven & I Holdings Co. Ltd 82 700 2 451 2 967 B1FH8J905 Severn Trent plc 70 061 1 759 2 252 ShawCor Ltd 667 820439107 23 200 966 823901103 Sherritt International Corp. 178 680 1 052 827 824348106 Sherwin-Williams Co. 11 400 1 094 2 221 Shikoku Electric Power Co. inc. 1 330 680434008 45 900 782 680458007 Shin-Etsu Chemical Co. Ltd 52 300 2 890 3 453 Shiseido Co. Ltd 803 680526001 41 200 609 680546009 Showa Denko KK 192 000 470 307 9

Relevé des autres investissements ( non audité ) au 31 mai 2013 Description Quantité Coût Juste valeur Actions et parts 680554003 Showa Shell Sekiyu KK 13 600 163 112 826552101 Sigma-Aldrich Corp. 14 800 853 1 280 Sika AG 447 480808906 259 649 82823L106 Silver Standard Resources inc. 71 800 1 113 584 828336107 Silver Wheaton Corp. 280 800 7 360 6 894 82835P103 Silvercorp Metals inc. 101 700 583 328 Sims Metal Management Ltd 453 B0LCW7900 21 417 205 B02PY2901 Singapore Telecommunications Ltd 2 177 000 5 366 6 672 725147904 Snam Rete Gas SPA 487 000 2 407 2 374 677062903 Softbank Corp. 250 900 7 298 13 252 Solvay SA 817 482110004 7 272 1 086 842587107 Southern Co. 250 100 9 960 11 348 845467109 Southwestern Energy Co. 30 300 1 060 1 180 B0RF60901 SP AusNet 484 556 454 571 847560109 Spectra Energy Corp. 57 050 1 442 1 801 852061100 Sprint Nextel Corp. 793 715 5 396 5 989 B1CNDB906 StarHub Ltd 173 000 362 567 713360907 Statoil ASA 94 323 2 359 2 213 Stora Enso OYJ 753 507267904 71 525 540 86277F101 Strategic Oil & Gas Ltd 206 300 244 190 Subsea 7 SA 594 525824900 24 286 555 578446908 Suedzucker AG 8 167 206 285 B3B8D0900 Suez Environnement Co. 77 966 1 520 1 037 685856007 Sumitomo Chemical Co. Ltd 192 000 978 641 Sumitomo Metal Mining Co. Ltd 910 685884009 64 000 854 867224107 Suncor Energy inc. 794 276 24 912 24 948 Superior Energy Services inc. 364 868157108 11 900 326 B1VVGZ901 Svenska Cellulosa AB 64 718 1 034 1 665 Swisscom AG 2 366 553397902 6 079 2 679 435664909 Syngenta AG 11 795 3 284 4 763 871829107 Sysco Corp. 65 000 2 016 2 268 Tahoe Resources inc. 898 873868103 50 000 755 666020003 Taiheiyo Cement Corp. 149 000 313 451 Taiyo Nippon Sanso Corp. 216 664054004 27 000 198 87425E103 Talisman Energy inc. 521 500 6 845 6 315 876511106 Taseko Mines Ltd 226 400 724 519 Tate & Lyle plc 584 087541009 53 071 679 569879901 TDC A/S 172 600 1 428 1 398 Technip SA 647 487416901 8 411 968 878742204 Teck Resources Ltd 392 000 12 331 10 839 688050004 Teijin Ltd 127 000 439 303 B97C73904 Tele2 AB 87 263 1 518 1 126 688143007 Telecom Corp. of New Zealand Ltd 571 737 1 136 1 084 763439908 Telecom Italia SPA 4 039 596 6 463 2 982 573252905 Telefonica S.A. 1 101 073 23 271 15 604 Telekom Austria AG 933 463508903 51 979 370 473249902 Telenor ASA 187 696 3 128 4 071 597838903 TeliaSonera AB 576 268 4 198 3 989 608728903 Telstra Corp. Ltd 1 168 476 4 257 5 477 Tenaris SA 630 753851906 37 334 810 B01BN5908 Terna Rete Elettrica Nazionale SPA 360 527 1 411 1 632 088470000 Tesco plc 871 171 5 732 4 988 10

Relevé des autres investissements ( non audité ) au 31 mai 2013 Description Quantité Coût Juste valeur Actions et parts 884768102 Thompson Creek Metals Co. inc. 94 600 643 339 ThyssenKrupp AG 1 495 563692904 47 311 980 872590104 T-Mobile US inc. 43 383 1 038 961 689522001 Toho Gas Co. Ltd 114 000 643 620 689526002 Tohoku Electric Power Co. inc. 133 400 2 762 1 636 689540003 Tokyo Electric Power Co. inc. 427 900 9 666 2 702 689544005 Tokyo Gas Co. Ltd 699 000 3 321 3 892 TonenGeneral Sekiyu KK 242 636600009 23 000 235 689714004 Toray Industries inc. 193 000 1 304 1 389 891054108 Torex Gold Resources inc. 367 200 728 617 89156V106 Tourmaline Oil Corp. 69 400 2 207 2 916 Toyo Seikan Group Holdings Ltd 342 690026000 20 700 308 689996007 Toyo Suisan Kaisha Ltd 9 000 230 301 89353D107 TransCanada Corp. 353 500 15 054 16 795 Transglobe Energy Corp. 354 893662106 29 300 224 B5W3ND904 Transocean Ltd 29 501 1 835 1 551 Treasury Wine Estates Ltd 340 B61JC6908 65 192 388 895945103 Trican Well Service Ltd 59 200 842 860 89620H105 Trilogy Energy Corp. 84 500 2 262 2 719 Trinidad Drilling Ltd 528 896356102 74 600 544 896724101 TriOil Resources Ltd 731 700 1 804 1 946 015008907 Tullow Oil plc 75 003 1 364 1 227 Tyson Foods inc. 499 902494103 29 400 758 691070007 Ube Industries Ltd 136 000 384 274 Ultra Petroleum Corp. 670 903914109 11 600 272 400500005 Umicore SA 13 740 546 681 691148001 Unicharm Corp. 12 900 471 750 B12T3J908 Unilever NV 177 122 5 759 7 482 B10RZP905 Unilever plc 141 715 4 583 6 160 United States Steel Corp. 848 912909108 16 828 307 B39J2M903 United Utilities Group plc 196 657 2 409 2 330 UPM-Kymmene OYJ 1 037 505125906 63 477 706 91913Y100 Valero Energy Corp. 47 300 1 803 1 983 403187909 Veolia Environnement SA 93 439 3 090 1 203 92340R106 Veresen inc. 79 100 1 001 1 074 92343V104 Verizon Communications inc. 760 300 28 126 38 096 923725105 Vermilion Energy inc. 51 200 2 251 2 671 483477907 Vivendi SA 350 868 7 925 7 130 B16GWD903 Vodafone Group plc 13 103 431 35 469 39 402 Voestalpine AG 496 494340904 14 733 511 929160109 Vulcan Materials Co. 15 800 857 875 931422109 Walgreen Co. 97 500 3 703 4 805 Weatherford International Ltd 1 231 H27013103 59 800 821 694883000 Wesfarmers Ltd 111 084 3 366 4 315 952845105 West Fraser Timber Co. Ltd 28 200 1 895 2 167 96467A200 Whitecap Resources inc. 213 000 1 614 2 320 Whitehaven Coal Ltd 190 B1XQXC902 33 600 73 966387102 Whitting Petroleum Corp. 9 000 585 428 966837106 Whole Foods Market inc. 39 800 1 278 2 134 969457100 Williams Cos. inc. 58 500 1 418 2 123 B17KC6900 Wilmar International Ltd 219 000 914 583 97381W104 Windstream Corp. 151 700 1 727 1 257 11

Relevé des autres investissements ( non audité ) au 31 mai 2013 Description Quantité Coût Juste valeur Actions et parts 976657106 Wisconsin Energy Corp. 65 950 1 889 2 778 060431004 WM Morrison Supermarkets plc 241 512 1 195 1 035 697972008 Woodside Petroleum Ltd 57 154 2 205 2 036 698123908 Woolworths Ltd 133 877 3 543 4 378 WorleyParsons Ltd 431 656247905 17 719 357 98389B100 Xcel Energy inc. 137 800 3 271 4 086 Yakult Honsha Co. Ltd 318 698511003 9 900 439 98462Y100 Yamana Gold inc. 618 863 8 610 7 389 Yamato Kogyo Co. Ltd 217 698544004 5 800 186 698550001 Yamazaki Baking Co. Ltd 12 000 130 143 775125909 Yara International ASA 22 980 876 1 062 B7QNZW908 Ziggo NV 30 512 949 1 140 Total - actions et parts 1 908 459 1 979 054 12

Relevé des autres investissements ( non audité ) au 31 mai 2013 Description Valeur nominale Coût Juste valeur Obligations 80928BAB2 Scotia Capital Trust 6,28 % 2013-06-30 5 001 5 282 5 019 817479AA6 Serco DES inc. 5,27 % 2013-08-27 195 195 197 43812ZAT7 Honda Canada Finance inc. 5,61 % 2013-09-12 2 250 2 250 2 276 59022BEM3 Merrill Lynch Financial Asset inc. (2004-CA12, A1) 4,74 % 2013-09-12 154 154 154 23384NAC1 Daimler Canada Finance inc. 2,54 % 2013-09-16 Taux variable 5 000 5 039 5 013 064149AR8 La Banque de Nouvelle-Écosse 8,30 % 2013-09-27 2 100 2 406 2 143 748148RK1 Province de Québec 5,25 % 2013-10-01 9 000 9 278 9 120 918423AF1 VW Credit Canada inc. 2,20 % 2013-10-11 2 335 2 333 2 342 565018CH9 Banque Manuvie du Canada 1,97 % 2013-11-18 Taux variable 5 000 5 020 5 009 455869AA5 Industrielle Alliance Capital Trust 5,71 % 2013-12-31 4 348 4 366 4 459 24422ZDN9A John Deere Credit inc. 1,85 % 2014-01-24 5 000 5 006 5 015 36158ZBQ8A GE Capital Canada Funding Co. 2,95 % 2014-02-10 2 250 2 247 2 274 51925ZDR5 Banque Laurentienne du Canada 2,04 % 2014-02-14 Taux variable 10 000 10 041 10 024 59021ZAL7 Merrill Lynch Canada Finance Co. 5,00 % 2014-02-18 500 498 511 07786ZAC1A Bell Aliant Regional Communications L.P. 4,95 % 2014-02-26 8 000 8 399 8 199 683234UF3 Province de l'ontario 5,00 % 2014-03-08 10 800 11 147 11 117 23384NAB3A Daimler Canada Finance inc. 3,16 % 2014-04-14 10 440 10 452 10 586 110574AB6 British Columbia Ferry Services inc. 5,74 % 2014-05-27 600 600 625 31739ZAM7 Financement-Québec 3,25 % 2014-06-01 11 000 11 330 11 225 56502ZAE7 Manulife Financial Corp. 4,90 % 2014-06-02 8 000 8 271 8 261 36158ZBW5 GE Capital Canada Funding Co. 2,17 % 2014-06-11 Taux variable 16 000 16 011 16 150 13509PBW2 Canada Housing Trust No 1 3,15 % 2014-06-15 43 565 44 823 44 485 7800877E6 Banque Royale du Canada 5,95 % 2014-06-18 3 000 3 088 3 130 07813ZAW4 Bell Canada 4,85 % 2014-06-30 14 500 15 094 14 993 13595ZGR1 Banque Canadienne Impériale de Commerce 1,86 % 2014-07-11 Taux variable 20 000 20 102 20 113 13595ZKQ8 Banque Canadienne Impériale de Commerce 1,54 % 2014-08-08 Taux variable 20 000 20 006 20 047 237609AA0 Data Centres Trust 7,23 % 2014-09-10 520 561 534 17310ZEZ0 Citigroup Finance Canada inc. 6,75 % 2014-09-22 1 500 1 499 1 596 02580ZAJ5 American Express Canada Credit Corp. 4,85 % 2014-10-03 12 000 12 511 12 513 29087ZAB3 Emera inc. 4,10 % 2014-10-20 3 500 3 499 3 604 135087A53 Gouvernement du Canada 1,00 % 2014-11-01 9 110 9 100 9 098 135087YU2 Gouvernement du Canada 2,00 % 2014-12-01 10 600 10 749 10 741 884903AX3 Thomson Reuters Corp. 5,20 % 2014-12-01 3 000 3 060 3 156 125491AB6 CI Financial Corp. 4,19 % 2014-12-16 1 500 1 499 1 556 05560HAD5 BMO Capital Trust 5,47 % 2014-12-31 10 000 10 753 10 553 633067UW1 Banque Nationale du Canada 2,23 % 2015-01-30 6 000 6 000 6 055 07329VAD2 bcimc Realty Corp. 4,65 % 2015-02-10 2 000 1 990 2 096 59022BGB5 Merrill Lynch Financial Asset inc. (2005-CA15, A2) 4,82 % 2015-02-12 1 750 1 695 1 819 59022BGE9 Merrill Lynch Financial Asset inc. (2005-CA15, B) 5,04 % 2015-03-12 1 000 1 000 1 018 06367VAP0 Banque de Montréal 1,62 % 2015-03-23 Taux variable 15 000 15 000 15 002 89328MAA7 Trans-Northern Pipelines inc. 4,74 % 2015-03-31 833 833 869 592179JM8 Metropolitan Life Global Funding I 2,62 % 2015-04-10 1 850 1 850 1 874 135087A95 Gouvernement du Canada 1,00 % 2015-05-01 6 460 6 452 6 450 14911ZAM3 Caterpillar Financial Services Ltd 2,20 % 2015-06-01 14 000 13 999 14 136 918423AE4 VW Credit Canada inc. 2,50 % 2015-06-01 4 020 4 019 4 080 01877PAA0 Alliance Pipeline L.P. 7,23 % 2015-06-30 1 209 1 336 1 251 135087A38 Gouvernement du Canada 1,50 % 2015-08-01 16 000 16 157 16 136 05590HAD9 BMW Canada inc. 2,64 % 2015-08-10 800 800 816 23384NAG2 Daimler Canada Finance inc. 2,33 % 2015-09-14 5 400 5 400 5 461 40427HSP9 HSBC Bank Canada 2,57 % 2015-11-23 12 000 12 000 12 219 14043ZAB8 Capital Power L.P. 4,60 % 2015-12-01 250 250 262 31739ZAK1 Financement-Québec 4,25 % 2015-12-01 76 800 82 747 82 171 13

Relevé des autres investissements ( non audité ) au 31 mai 2013 Description Valeur nominale Coût Juste valeur Obligations 13509PCM3 Canada Housing Trust No 1 2,45 % 2015-12-15 15 425 15 891 15 864 633067WR0 Banque Nationale du Canada 2,05 % 2016-01-11 5 000 5 000 5 028 12741RAA7 Cadillac Fairview Finance Trust 3,24 % 2016-01-25 6 000 6 000 6 244 918423AC8 VW Credit Canada inc. 3,60 % 2016-02-01 2 000 1 998 2 087 345213BR2 Ford Auto Securitization Trust 3,02 % 2016-02-15 605 605 613 669771AP2 Nova Gas Transmission Ltd 12,20 % 2016-02-28 1 750 2 830 2 209 44810ZAQ3 Hydro One inc. 4,64 % 2016-03-03 15 000 16 281 16 183 884903BE4 Thomson Reuters Corp. 6,00 % 2016-03-31 2 250 2 245 2 489 23384NAH0 Daimler Canada Finance inc. 2,23 % 2016-04-18 9 000 9 000 9 052 064149T23 La Banque de Nouvelle-Écosse 1,80 % 2016-05-09 10 000 9 998 9 977 29251ZAT4 Enbridge inc. 5,17 % 2016-05-19 1 185 1 293 1 292 82509ZAE6 Shoppers Drug Mart Corp. 2,01 % 2016-05-24 1 800 1 800 1 802 87971MAP8 TELUS Corp. 3,65 % 2016-05-25 6 000 5 978 6 290 05590HAF4 BMW Canada inc. 2,11 % 2016-05-26 385 385 387 775109AM3 Rogers Communications inc. 5,80 % 2016-05-26 2 500 2 494 2 770 36158ZAV8 GE Capital Canada Funding Co. 5,10 % 2016-06-01 2 520 2 574 2 751 626209JJ0 Municipal Finance Authority of British Columbia 3,00 % 2016-06-01 10 000 10 329 10 377 180100AA7 Claregold Trust 5,07 % 2016-06-15 808 800 853 739135AB7 Powell River Energy inc. 6,45 % 2016-07-25 1 500 1 500 1 575 7800853L8 Banque Royale du Canada 3,03 % 2016-07-26 5 000 4 998 5 160 135087B29 Gouvernement du Canada 1,00 % 2016-08-01 12 510 12 447 12 398 063679SP0 Banque de Montréal 2,96 % 2016-08-02 5 000 5 000 5 151 891145QS6 Banque Toronto-Dominion 2,95 % 2016-08-02 4 450 4 450 4 600 251541AA6 Deutsche Bank AG 1,98 % 2016-08-22 Variable et rachetable à compter du 2013-08-22 2 000 1 999 1 960 135087ZQ0 Gouvernement du Canada 2,75 % 2016-09-01 8 500 8 909 8 885 23384NAD9 Daimler Canada Finance inc. 3,28 % 2016-09-15 95 98 98 96115ZAW2 Georges Weston Ltd 3,78 % 2016-10-25 2 000 2 000 2 099 31739ZAN5 Financement-Québec 3,50 % 2016-12-01 5 200 5 186 5 525 29087ZAD9 Emera inc. 2,96 % 2016-12-13 3 000 2 999 3 068 125521AA2 CI Investments inc. 3,94 % 2016-12-14 Variable et rachetable à compter du 2015-12-14 1 075 1 075 1 127 94975ZBL9 Wells Fargo Financial Canada Corp. 2,77 % 2017-02-09 545 545 557 07813ZAU8 Bell Canada 5,00 % 2017-02-15 7 000 7 416 7 687 683234YX0 Province de l'ontario 4,30 % 2017-03-08 31 770 34 951 34 778 92343ZAC9 Veresen inc. 3,95 % 2017-03-14 2 400 2 399 2 489 759480AE6 Reliance L.P. 4,57 % 2017-03-15 525 525 549 87971MAG8 TELUS Corp. 4,95 % 2017-03-15 5 000 5 261 5 499 02137ZAE4 Altagas Income Trust 5,49 % 2017-03-27 3 000 3 000 3 319 918423AD6 VW Credit Canada inc. 2,90 % 2017-06-01 3 750 3 750 3 842 775109AU5 Rogers Communications inc. 3,00 % 2017-06-06 10 000 9 992 10 256 633067VX8 Banque Nationale du Canada 2,69 % 2017-08-21 3 500 3 500 3 556 68323AAX2 Province de l'ontario 1,90 % 2017-09-08 14 200 14 231 14 219 07786ZAG2 Bell Aliant Regional Communications L.P. 4,37 % 2017-09-13 400 431 427 780086BU7 Banque Royale du Canada 2,36 % 2017-09-21 4 200 4 188 4 216 13595ZHZ2 Banque Canadienne Impériale de Commerce 2,35 % 2017-10-18 5 000 5 018 5 014 44810ZAT7 Hydro One inc. 5,18 % 2017-10-18 1 465 1 680 1 650 51925ZEF0 Banque Laurentienne du Canada 3,13 % 2017-10-19 4 000 4 000 4 036 548243AD6 Lower Mattagami Energy 2,23 % 2017-10-23 1 000 1 000 1 001 35085ZBD7 407 International inc. 3,87 % 2017-11-24 1 000 1 000 1 065 31739ZAQ8 Financement-Québec 3,50 % 2017-12-01 41 600 42 318 44 338 68214WAF5 OMERS Realty Corp. 3,04 % 2017-12-05 375 375 377 29254ZAJ3 Enbridge Income Fund 2,92 % 2017-12-14 2 500 2 500 2 510 13509PDM2 Canada Housing Trust No 1 1,70 % 2017-12-15 20 000 20 116 19 959 14

Relevé des autres investissements ( non audité ) au 31 mai 2013 Description Valeur nominale Coût Juste valeur Obligations 29253ZAD7 Encana Corp. 5,80 % 2018-01-18 2 000 2 297 2 253 38141GRE6 Goldman Sachs Group inc. 3,38 % 2018-02-01 790 789 799 683234ZQ4 Province de l'ontario 4,20 % 2018-03-08 17 000 18 726 18 742 064149S24 La Banque de Nouvelle-Écosse 2,24 % 2018-03-22 10 000 10 000 9 930 51925ZDT1 Banque Laurentienne du Canada 2,56 % 2018-03-26 3 000 3 000 2 969 642866GB7 Province du Nouveau-Brunswick 4,45 % 2018-03-26 2 000 1 984 2 222 02580ZAM8 American Express Canada Credit Corp. 2,31 % 2018-03-29 5 000 4 998 4 966 891145YM0 Banque Toronto-Dominion 2,17 % 2018-04-02 2 500 2 500 2 485 43474PAC5 Holcim Finance Canada inc. 3,65 % 2018-04-10 5 000 4 997 5 149 86721ZAC3 Suncor Energy inc. 5,80 % 2018-05-22 2 000 2 275 2 295 05590HAH0 BMW Canada inc. 2,33 % 2018-05-23 200 200 199 82509ZAF3 Shoppers Drug Mart Corp. 2,36 % 2018-05-24 3 500 3 499 3 485 36158ZCA2 GE Capital Canada Funding Co. 2,42 % 2018-05-31 400 400 399 14911ZAP6 Caterpillar Financial Services Ltd 2,29 % 2018-06-01 2 770 2 770 2 751 135087YL2 Gouvernement du Canada 4,25 % 2018-06-01 900 1 019 1 016 68214WAG3 OMERS Realty Corp. 2,50 % 2018-06-05 6 000 6 000 6 000 86682ZAA4 Financière Sun Life inc. 5,12 % 2018-06-26 Variable et rachetable à compter du 2013-06-26 3 500 3 499 3 508 56502ZAC1 Manulife Financial Corp. 5,51 % 2018-06-26 2 000 2 154 2 260 62874WAA0 NBC Asset Trust 7,24 % 2018-06-30 575 694 683 45833ZAB6 Inter Pipeline Fund 3,84 % 2018-07-30 2 500 2 500 2 635 44889ZDU7 Hydro-Québec 5,50 % 2018-08-15 26 965 28 344 31 354 68323ABR4 Province de l'ontario 2,10 % 2018-09-08 15 100 15 182 15 106 05573YAA9 Brookfield Power Corp. 5,25 % 2018-11-05 1 790 1 789 1 972 31739ZAS4 Financement-Québec 2,40 % 2018-12-01 10 000 9 841 10 093 74814ZDU4 Province de Québec 4,50 % 2018-12-01 17 290 19 556 19 364 110709FX5 Province de la Colombie-Britannique 4,65 % 2018-12-18 1 500 1 514 1 707 87239BAA3 TD Capital Trust III 7,24 % 2018-12-31 2 185 2 185 2 683 29254ZAF1 Enbridge Income Fund 4,10 % 2019-02-22 1 500 1 497 1 578 07786ZAD9 Bell Aliant Regional Communications L.P. 5,52 % 2019-02-26 2 000 1 998 2 262 11257ZAB5 Brookfield Asset Management inc. 3,95 % 2019-04-09 5 655 5 807 5 843 064149ZP5 La Banque de Nouvelle-Écosse 4,94 % 2019-04-15 Variable et rachetable à compter du 2014-04-15 3 000 3 151 3 081 739239AB7 Power Corp. of Canada 7,57 % 2019-04-22 3 000 2 998 3 715 683234B80 Province de l'ontario 4,40 % 2019-06-02 35 605 38 456 39 837 36158ZBX3 GE Capital Canada Funding Co. 3,55 % 2019-06-11 510 525 533 78468GAA3 Scotia Plaza 3,21 % 2019-06-15 1 445 1 445 1 446 78460TAB1 Groupe SNC-Lavalin inc. 6,19 % 2019-07-03 1 570 1 570 1 781 94975ZBM7 Wells Fargo Financial Canada Corp. 2,94 % 2019-07-25 450 450 456 13321LAG3 Cameco Corp. 5,67 % 2019-09-02 340 341 382 36158ZBN5 GE Capital Canada Funding Co. 5,68 % 2019-09-10 3 150 3 191 3 673 82028KAP6 Shaw Communications inc. 5,65 % 2019-10-01 5 900 6 661 6 762 39191ZAV1 Greater Toronto Airports Authority 5,96 % 2019-11-20 345 392 414 669827FV4 Province de la Nouvelle-Écosse 4,15 % 2019-11-25 10 000 9 952 11 071 31739ZAT2 Financement-Québec 2,45 % 2019-12-01 44 000 43 891 44 029 74814ZEE9 Province de Québec 4,50 % 2019-12-01 18 715 20 912 21 077 01877ZAL4 Alliance Pipeline L.P. 4,93 % 2019-12-16 650 650 710 63306ZBZ3 Banque Nationale du Canada 4,93 % 2019-12-22 Variable et rachetable à compter du 2014-12-22 1 365 1 371 1 429 063671DQ1 Banque de Montréal 4,87 % 2020-04-22 Variable et rachetable à compter du 2015-04-22 4 885 4 992 5 159 02138ZAD5 AltaGas Ltd 4,07 % 2020-06-01 3 800 3 841 4 010 6832348J0 Province de l'ontario 4,20 % 2020-06-02 24 095 26 076 26 756 563469TK1 Province du Manitoba 4,15 % 2020-06-03 12 000 11 920 13 336 780085M86 Banque Royale du Canada 4,35 % 2020-06-15 Variable et rachetable à compter du 2015-06-15 7 500 7 773 7 863 62874WAB8 NBC Asset Trust 7,45 % 2020-06-30 795 795 987 15

Relevé des autres investissements ( non audité ) au 31 mai 2013 Description Valeur nominale Coût Juste valeur Obligations 125094AF9 CDP Financial inc. 4,60 % 2020-07-15 12 150 12 861 13 657 803854JS8 Province de la Saskatchewan 3,90 % 2020-07-28 11 000 10 968 12 148 13638ZCE3 Canadian Natural Resources 2,89 % 2020-08-14 7 925 7 925 7 868 775109AR2 Rogers Communications inc. 4,70 % 2020-09-29 1 000 999 1 103 63306ZCN9 Banque Nationale du Canada 4,70 % 2020-11-02 Variable et rachetable à compter du 2015-11-02 790 796 839 780085R57 Banque Royale du Canada 3,18 % 2020-11-02 Variable et rachetable à compter du 2015-11-02 5 270 5 291 5 419 14006ZAE7 Capital Desjardins inc. 3,80 % 2020-11-23 Variable et rachetable à compter du 2015-11-23 11 300 11 738 11 769 605204AA4 Mississagi Power Trust 6,92 % 2020-11-27 1 545 1 545 1 794 74814ZEG4 Province de Québec 4,50 % 2020-12-01 62 690 69 630 70 776 82028KAR2 Shaw Communications inc. 5,50 % 2020-12-07 360 396 412 12741RAB5 Cadillac Fairview Finance Trust 4,31 % 2021-01-25 3 000 2 999 3 333 45833ZAA8 Inter Pipeline Fund 4,97 % 2021-02-02 1 250 1 250 1 397 112585AG9 Brookfield Asset Management inc. 5,30 % 2021-03-01 1 500 1 499 1 645 775109AS0 Rogers Communications inc. 5,34 % 2021-03-22 4 670 4 672 5 335 548243AA2 Lower Mattagami Energy 4,33 % 2021-05-18 750 750 823 14006ZAC1 Capital Desjardins inc. 5,54 % 2021-06-01 Variable et rachetable à compter du 2016-06-01 690 707 757 68323AAD6 Province de l'ontario 4,00 % 2021-06-02 35 650 38 202 39 077 13509PCS0 Canada Housing Trust No 1 3,80 % 2021-06-15 57 000 63 653 63 146 110727BJ2 TELUS Communications inc. 10,65 % 2021-06-19 1 123 1 440 1 689 86682ZAD8 Sun Life Financial inc. 4,57 % 2021-08-23 3 000 2 999 3 286 02138ZAE3 AltaGas Ltd 3,72 % 2021-09-28 2 625 2 624 2 697 95751ZAP8 Westcoast Energy inc. 3,88 % 2021-10-28 1 230 1 230 1 301 89353ZBW7 TransCanada PipeLines Ltd 3,65 % 2021-11-15 420 419 444 74814ZEH2 Province de Québec 4,25 % 2021-12-01 49 950 55 646 55 460 13509PDB6 Canada Housing Trust No 1 2,65 % 2022-03-15 4 700 4 901 4 786 110727BL7 TELUS Communications inc. 9,65 % 2022-04-08 362 513 529 63306ZDM0 Banque Nationale du Canada 3,26 % 2022-04-11 Variable et rachetable à compter du 2017-04-11 1 025 1 025 1 058 172967EB3 Citigroup inc. 5,16 % 2022-05-24 555 549 567 45833ZAC4 Inter Pipeline Fund 3,78 % 2022-05-30 3 000 2 999 3 078 564835AD8 Manufacturers Life Insurance Co. 4,17 % 2022-06-01 Variable et rachetable à compter du 2017-06-01 1 000 1 000 1 061 626209JK7 Municipal Finance Authority of British Columbia 3,35 % 2022-06-01 9 000 8 989 9 185 68323AAW4 Province de l'ontario 3,15 % 2022-06-02 67 410 69 386 69 182 064149M38 La Banque de Nouvelle-Écosse 2,90 % 2022-08-03 Variable et rachetable à compter du 2017-08-03 3 990 4 042 4 054 39191ZAZ2 Greater Toronto Airports Authority 3,04 % 2022-09-21 350 350 352 853585AA5 Standard Life Assurance 3,94 % 2022-09-21 Variable et rachetable à compter du 2017-09-21 2 500 2 500 2 628 055972AA1 BMO Subordinated Notes Trust 5,75 % 2022-09-26 Variable et rachetable à compter du 2017-09-26 2 000 2 000 2 268 303901AV4 Fairfax Financial Holdings Ltd 5,84 % 2022-10-14 3 000 3 116 3 189 70632ZAB7 Pembina Pipeline Corp. 3,77 % 2022-10-24 3 000 2 999 3 059 13321LAH1 Cameco Corp. 3,75 % 2022-11-14 5 000 5 000 4 907 02135ZAG1 AltaLink L.P. 2,98 % 2022-11-28 620 620 614 74814ZEL3 Province de Québec 3,50 % 2022-12-01 10 865 11 498 11 373 29251ZBC0 Enbridge inc. 3,19 % 2022-12-05 11 900 11 872 11 800 31943BBR0 First Capital Realty inc. 3,95 % 2022-12-05 160 158 161 94975ZBN5 Wells Fargo Financial Canada Corp. 3,46 % 2023-01-24 355 355 358 564835AE6 Manufacturers Life Insurance Co. 2,82 % 2023-02-26 Rachetable à compter du 2018-02-26 265 265 266 87971MAQ6 TELUS Corp. 3,35 % 2023-03-15 Rachetable à compter du 2022-12-15 1 475 1 473 1 472 07813ZBC7 Bell Canada 3,35 % 2023-03-22 3 750 3 744 3 719 06369ZAY0 Banque de Montréal 6,17 % 2023-03-28 Variable et rachetable à compter du 2018-03-28 7 325 8 554 8 523 11257ZAC3 Brookfield Asset Management inc. 4,54 % 2023-03-31 2 500 2 499 2 610 89119ZAE3 Toronto Hydro Corp. 2,91 % 2023-04-10 6 100 6 100 5 970 912828VB3 US Treasuries 1,75 % 2023-05-15 6 405 6 429 6 395 19238VAJ4 Cogeco Câble inc. 4,18 % 2023-05-26 Rachetable à compter du 2023-02-27 3 000 3 020 2 966 16

Relevé des autres investissements ( non audité ) au 31 mai 2013 Description Valeur nominale Coût Juste valeur Obligations 291839AC2 Empire Life Insurance 2,87 % 2023-05-31 Variable et rachetable à compter du 2018-05-31 300 300 298 68323ABN3 Province de l'ontario 2,85 % 2023-06-02 2 590 2 583 2 566 563469UA1 Province du Manitoba 2,55 % 2023-06-02 5 000 4 981 4 846 390730AH2 Great Lakes Power Limited, series 2, subordinate 7,80 % 2023-06-16 1 400 1 400 1 844 74814ZEP4 Province de Québec 3,00 % 2023-09-01 5 525 5 557 5 505 13509PDV2 Canada Housing Trust No 1 2,35 % 2023-09-15 2 545 2 534 2 494 31943BBU3 First Capital Realty inc. 3,90 % 2023-10-30 560 562 555 46065DAA4 IPL Energy inc. 8,20 % 2024-02-15 911 1 298 1 299 064149P27 La Banque de Nouvelle-Écosse 3,04 % 2024-10-18 Variable et rachetable à compter du 2019-10-18 6 200 6 200 6 266 780086CW2 Banque Royale du Canada 2,99 % 2024-12-06 14 355 14 355 14 533 891160EW9 Banque Toronto-Dominion 9,15 % 2025-05-26 2 658 3 291 4 117 66975ZAE4 Nova Gas Transmission Ltd 8,90 % 2025-05-27 2 000 2 555 2 935 95751DAK8 Westcoast Energy inc. 8,85 % 2025-07-21 2 086 2 446 3 059 00126TAB1 AGT Ltd 8,80 % 2025-09-22 560 661 839 531739AA8 Lievre Power Financing Corp. 5,56 % 2025-10-06 1 500 1 500 1 595 01877ZAC4 Alliance Pipeline L.P. 6,77 % 2025-12-31 454 454 537 14006ZAF4 Capital Desjardins inc. 4,95 % 2026-12-15 Variable et rachetable à compter du 2021-12-15 1 250 1 250 1 415 628957AE2 NAV Canada 7,56 % 2027-03-01 2 621 3 075 3 427 683234KG2 Province de l'ontario 7,60 % 2027-06-02 34 000 47 677 50 322 078149DW8 Bell Canada 7,00 % 2027-09-24 445 418 573 53947ZAD9 Loblaw Cos. Ltd 6,45 % 2028-02-09 3 240 3 356 3 751 53947ZAF4 Loblaw Cos. Ltd 6,50 % 2029-01-22 1 172 1 119 1 363 683234LJ5 Province de l'ontario 6,50 % 2029-03-08 32 500 43 556 44 740 07813ZAC8 Bell Canada 6,55 % 2029-05-01 2 143 1 857 2 659 135087WL4 Gouvernement du Canada 5,75 % 2029-06-01 17 500 25 598 25 047 110709EK4 Province de la Colombie-Britannique 5,70 % 2029-06-18 2 920 3 883 3 774 748148QJ5 Province de Québec 6,00 % 2029-10-01 17 050 22 758 22 288 683244AM9 Ontario School Boards Financing Corp. 5,48 % 2029-11-26 1 832 1 832 2 087 448810AC5 Hydro One inc. 7,35 % 2030-06-03 1 902 2 203 2 696 39191ZAA7 Greater Toronto Airports Authority 7,05 % 2030-06-12 3 437 3 552 4 735 29251ZAD9 Enbridge inc. 7,22 % 2030-07-24 3 050 3 884 4 158 683244AP2 Ontario School Boards Financing Corp. 4,79 % 2030-08-08 2 436 2 436 2 625 368271AU6 Gaz Métro inc. 7,05 % 2030-10-30 1 000 998 1 375 281204AA5 Edmonton Regional Airport Authority 7,21 % 2030-11-01 740 803 961 89353ZBK3 TransCanada PipeLines Ltd 6,50 % 2030-12-09 1 115 1 005 1 418 07813ZAL8 Bell Canada 7,85 % 2031-04-02 1 167 1 383 1 612 683244AR8 Ontario School Boards Financing Corp. 5,07 % 2031-04-18 1 497 1 497 1 647 683234NM6 Province de l'ontario 6,20 % 2031-06-02 16 000 21 791 21 708 39191ZAC3 Greater Toronto Airports Authority 7,10 % 2031-06-04 1 585 1 746 2 214 007863AB9 Aéroport de Montréal 6,95 % 2032-04-16 1 900 1 976 2 446 44810ZAB6 Hydro One inc. 6,93 % 2032-06-01 2 875 3 516 4 011 748148QT3 Province de Québec 6,25 % 2032-06-01 21 190 28 815 28 749 683234SL3 Province de l'ontario 5,85 % 2033-03-08 10 095 13 610 13 337 39138CAD8 Great-West Lifeco inc. 6,67 % 2033-03-21 1 000 1 003 1 302 135087XG4 Gouvernement du Canada 5,75 % 2033-06-01 10 000 14 933 14 940 31680PAA4 55 Ontario School Board Trust 5,90 % 2033-06-02 5 815 5 811 7 181 66988ZAU3 Nova Scotia Power inc. 6,95 % 2033-08-25 500 588 689 007863AC7 Aéroport de Montréal 6,55 % 2033-10-11 2 600 3 081 3 506 368271AV4 Gaz Métro inc. 6,30 % 2033-10-31 500 497 657 642866FR3 Province du Nouveau-Brunswick 5,50 % 2034-01-27 3 900 3 929 4 908 39191ZAJ8 Greater Toronto Airports Authority 6,47 % 2034-02-02 500 500 671 13668ZAL2 Canadian Tire Corp. Ltd 6,32 % 2034-02-24 700 747 807 17

Relevé des autres investissements ( non audité ) au 31 mai 2013 Description Valeur nominale Coût Juste valeur Obligations 31739ZAG0 Financement-Québec 5,25 % 2034-06-01 12 614 13 098 15 257 53947ZAU1 Loblaw Cos. Ltd 6,05 % 2034-06-09 365 362 409 110574AC4 British Columbia Ferry Services inc. 6,25 % 2034-10-13 800 799 1 032 914764AA3 University of Ontario Institute of Technology 6,35 % 2034-10-15 9 219 9 219 10 524 44889ZCM6 Hydro-Québec 6,50 % 2035-02-15 20 040 25 650 28 193 683234VR6 Province de l'ontario 5,60 % 2035-06-02 18 000 24 010 23 343 10549PAJ0 Brookfield Asset Management inc. 5,95 % 2035-06-14 1 310 1 302 1 364 13668ZAN8 Canadian Tire Corp. Ltd 5,61 % 2035-09-04 1 200 1 157 1 279 59162ZAB8 Metro inc. 5,97 % 2035-10-15 1 000 1 016 1 133 29410ZAF2 EPCOR Utilities inc. 5,65 % 2035-11-16 940 967 1 127 866796AA3 Sun Life Financial inc. 4,80 % 2035-11-23 Variable et rachetable à compter du 2015-11-23 1 135 1 153 1 201 35085ZAM8 407 International inc. 5,75 % 2036-02-14 1 325 1 366 1 610 368271AX0 Gaz Métro inc. 5,70 % 2036-07-10 550 570 689 90664ZAP5 Union Gas Ltd 5,46 % 2036-09-11 1 000 1 000 1 210 748148RL9 Province de Québec 5,75 % 2036-12-01 3 260 4 368 4 271 29250ZAG3 Enbridge inc. 5,08 % 2036-12-19 500 569 582 651333FQ4 Province de Terre-Neuve-et-Labrador 4,50 % 2037-04-17 2 000 1 988 2 270 87228VAA2 Toronto Community Housing Corp. 4,88 % 2037-05-11 1 200 1 200 1 324 135087XW9 Gouvernement du Canada 5,00 % 2037-06-01 26 830 36 485 37 854 683086AA0 Ontario Infrastructure Projects Corp. 4,70 % 2037-06-01 6 000 6 008 6 595 683234YD4 Province de l'ontario 4,70 % 2037-06-02 17 400 20 090 20 304 110709FL1 Province de la Colombie-Britannique 4,70 % 2037-06-18 22 000 25 962 26 044 36158ZBK1 GE Capital Canada Funding Co. 5,73 % 2037-10-22 595 586 728 88100BAA7 FortisBC Energy Vancouver Island inc. 6,05 % 2038-02-15 1 000 999 1 274 74814ZDK6 Province de Québec 5,00 % 2038-12-01 9 250 9 701 11 106 89353ZBU1 TransCanada PipeLines Ltd 8,05 % 2039-02-17 1 045 1 407 1 638 739239AC5 Power Corp. of Canada 8,57 % 2039-04-22 700 699 1 072 66988ZAY5 Nova Scotia Power inc. 5,95 % 2039-07-27 800 797 1 030 775109AP6 Rogers Communications inc. 6,68 % 2039-11-04 1 420 1 433 1 805 82028KAQ4 Shaw Communications inc. 6,75 % 2039-11-09 835 821 1 004 13521JAB7 Canada Post Corp. 4,36 % 2040-07-16 3 000 2 999 3 551 350863AU0 407 International inc. 7,13 % 2040-07-26 1 690 1 821 2 470 975014AA9 Winnipeg Airport Authority inc. 5,21 % 2040-09-28 1 195 1 195 1 284 880789AC6 Teranet Holdings L.P. 5,75 % 2040-12-17 690 690 780 39191ZAX7 Greater Toronto Airports Authority 5,30 % 2041-02-25 2 500 2 499 3 039 563469TM7 Province du Manitoba 4,10 % 2041-03-05 2 900 2 727 3 150 042767AB9 Arrow Lakes Power 5,52 % 2041-04-05 485 485 554 135087YQ1 Gouvernement du Canada 4,00 % 2041-06-01 7 140 9 189 9 013 683234B98 Province de l'ontario 4,65 % 2041-06-02 20 200 23 025 23 743 642869AA9 Province du Nouveau-Brunswick 4,80 % 2041-06-03 8 000 7 955 9 410 405819AA1 Halifax International Airport Authority 5,50 % 2041-07-19 800 800 992 02135ZAE6 AltaLink L.P. 4,46 % 2041-11-08 250 250 268 74814ZEF6 Province de Québec 5,00 % 2041-12-01 9 000 9 988 10 970 29410ZAK1 EPCOR Utilities inc. 4,55 % 2042-02-28 3 500 3 491 3 659 35085ZBF2 407 International inc. 4,19 % 2042-04-25 Rachetable à compter du 2042-01-25 3 000 2 996 3 090 1107098Y1 Province de la Colombie-Britannique 4,30 % 2042-06-18 25 365 26 750 28 625 02135ZAF3 AltaLink L.P. 3,99 % 2042-06-30 365 365 363 67103MAA4 OPB Finance Trust 3,89 % 2042-07-04 2 320 2 318 2 279 29251ZBB2 Enbridge inc. 4,24 % 2042-08-27 300 300 299 007863AH6 Aéroport de Montréal 3,92 % 2042-09-26 1 000 1 000 985 912810QZ4 US Treasuries 3,13 % 2043-02-15 3 800 3 927 3 806 563469TW5 Province du Manitoba 3,35 % 2043-03-05 7 000 6 965 6 678 18

Relevé des autres investissements ( non audité ) au 31 mai 2013 Description Valeur nominale Coût Juste valeur Obligations 87971MAS2 TELUS Corp. 4,40 % 2043-04-01 340 339 333 82878RAA5 Simon Fraser University 5,61 % 2043-06-10 1 000 1 000 1 246 74814ZEK5 Province de Québec 4,25 % 2043-12-01 5 000 5 563 5 469 135087ZH0 Gouvernement du Canada 1,50 % 2044-12-01 2 923 3 863 3 583 68323ACC6 Province de l'ontario 3,45 % 2045-06-02 23 000 22 572 22 216 135087ZS6 Gouvernement du Canada 3,50 % 2045-12-01 15 000 18 202 17 729 74814ZER0 Province de Québec 3,50 % 2045-12-01 12 685 12 583 12 161 548243AE4 Lower Mattagami Energy 4,18 % 2046-02-23 380 380 383 86679QAB7 Sun Life Capital Trust 7,09 % 2052-06-30 Rachetable à compter du 2032-06-30 1 390 1 520 1 714 57632XAW3 Master Asset Vehicle II, classe A-1 0,00 % 2056-07-15 2 969 2 984 2 680 57632XAY9 Master Asset Vehicle II, classe A-2 0,00 % 2056-07-15 9 141 9 184 8 056 391382AA6 Great-West Lifeco Finance Delaware L.P. II 5,69 % 2067-06-21 Variable et rachetable à compter du 2017-06-21 3 370 3 370 3 744 391385AA9 Great-West Lifeco Finance Delaware L.P. II 7,13 % 2068-06-26 Variable et rachetable à compter du 2018-06-26 3 000 3 000 3 591 89116ZAC0 Banque Toronto-Dominion 4,78 % 2105-12-14 Variable et rachetable à compter du 2016-12-14 1 600 1 600 1 742 89116ZAD8 Banque Toronto-Dominion 5,76 % 2106-12-18 Variable et rachetable à compter du 2017-12-18 3 390 3 390 3 871 055974AA7 BMO Capital Trust II 10,22 % 2107-12-31 Variable et rachetable à compter du 2018-12-31 1 785 1 785 2 434 12544UAA9 CIBC Capital Trust 9,98 % 2108-06-30 Variable et rachetable à compter du 2019-06-30 5 000 6 618 6 748 80928FAA5 La Banque de Nouvelle-Écosse 7,80 % 2108-06-30 Variable et rachetable à compter du 2019-06-30 5 200 5 200 6 508 87239GAC8 TD Capital Trust IV 6,63 % 2108-06-30 Variable et rachetable à compter du 2021-06-30 2 500 2 523 3 043 56501XAA1 Manulife Financial Capital Trust II 7,41 % 2108-12-31 Variable et rachetable à compter du 2019-12-31 3 670 3 670 4 435 86680BAA9 Sun Life Capital Trust II 5,86 % 2108-12-31 Rachetable à compter du 2019-12-31 365 365 418 Total - obligations 2 152 530 2 325 705 2 385 802 19

Relevé des autres investissements ( non audité ) au 31 mai 2013 Description Valeur nominale Coût Juste valeur Instruments du marché monétaire ST34163 Province de l'ontario, bon du trésor 1,01 % 2013-06-12 30 29 29 ST34233 Province de Québec, bon du trésor 1,01 % 2013-06-21 60 60 60 ST34273 Province de l'ontario, bon du trésor 1,02 % 2013-07-03 205 204 205 ST34334 Province de l'ontario, bon du trésor 1,02 % 2013-07-03 65 65 65 ST34635 Province de l'ontario, bon du trésor 1,04 % 2013-07-03 40 40 40 ST34735 Province de Québec, bon du trésor 1,05 % 2013-08-02 240 240 240 ST34677 Gouvernement du Canada, bon du trésor 0,98 % 2013-08-15 70 70 70 ST34651 Gouvernement du Canada, bon du trésor 0,99 % 2013-08-15 90 90 90 ST34633 Gouvernement du Canada, bon du trésor 1,00 % 2013-08-15 50 50 50 Total - instruments du marché monétaire 850 848 849 20

Relevé des autres investissements ( non audité ) au 31 mai 2013 Élément sous-jacent Prix de contrat ou d'exercice Nombre d'unités Échéance / livraison Valeur notionnelle Coût Juste valeur Contrats à terme - position acheteur FUSD060613E Dollar américain 1,01 CAD 3 906 025 2013-06-06 3 932-106 FUSD060613F Dollar américain 1,03 CAD 74 356 207 2013-06-06 76 858-2 FUSD060613G Dollar américain 1,03 CAD 74 356 204 2013-06-06 76 858-2 FUSD060613H Dollar américain 1,03 CAD 74 356 204 2013-06-06 76 859-1 FUSD060613I Dollar américain 1,03 CAD 74 356 204 2013-06-06 76 858-2 FUSD140613A Dollar américain 1,02 CAD 1 164 000 2013-06-14 1 184-20 FUSD270613B Dollar américain 1,03 CAD 2 843 000 2013-06-27 2 940 - - FAUD050713A Dollar australien 0,99 CAD 6 192 204 2013-07-05 6 127 - (1) FAUD060613B Dollar australien 0,99 CAD 27 097 342 2013-06-06 26 849 - (1) CDM3F05NW Dollar canadien 98,28 USD 257 2013-06-18 25 611 - - FHKD060613B Dollar de Hong Kong 0,13 CAD 48 195 139 2013-06-06 6 417 - - FSGD060613B Dollar de Singapour 0,82 CAD 4 683 757 2013-06-06 3 828-4 FEUR050713A Euro 1,34 CAD 24 185 391 2013-07-05 32 421-2 FEUR060613B Euro 1,34 CAD 84 841 237 2013-06-06 113 654 - (5) FCHF060613B Franc suisse 1,08 CAD 20 280 005 2013-06-06 21 845 - - F135A873007 Gouvernement du Canada, 1,25 %, 2018-03-01 99,03 CAD 10 000 000 2013-07-30 9 903 - (16) F135A873007B Gouvernement du Canada, 1,25 %, 2018-03-01 99,37 CAD 16 000 000 2013-07-30 15 899 - (79) F135A383007 Gouvernement du Canada, 1,50 %, 2015-08-01 100,82 CAD 75 000 000 2013-07-30 75 613-16 IXTM3F04NEW Indice E-Mini Technologie 318,80 USD 30 2013-06-21 979 - - DEDZ4F04NEW Indice Euro StoXX 50 dividend 101,83 EUR 400 2014-12-19 5 797 - - DEDZ5F04NEW Indice Euro StoXX 50 dividend 101,75 EUR 150 2015-12-18 2 128 - - MFSM3F04RBC Indice Mini MSCI EAFE 1 668,30 USD 25 2013-06-21 2 182 - - PTM3F05RBC Indice S&P/TSX 60 712,34 CAD 317 2013-06-20 45 990 - - FGBP050713A Livre sterling 1,57 CAD 24 716 163 2013-07-05 38 750 - (2) FGBP060613B Livre sterling 1,57 CAD 3 026 701 2013-06-06 4 741-2 FGBP060613C Livre sterling 1,57 CAD 57 943 700 2013-06-06 90 803 - (3) FILS060613B Shekel israélien 0,28 CAD 5 672 811 2013-06-06 1 588 - - CNU3F01DERNW Taux d'intérêt 10 ans obligations du gouvernement du Canada 136,37 CAD 400 2013-09-19 54 116 - - BAZ3F14MER Taux d'intérêt 3 mois acceptations bancaires canadiennes 98,74 CAD 300 2013-12-16 73 995 - - EDZ412F14MER Taux d'intérêt 3 mois eurodollar 99,51 USD 582 2014-12-15 149 412 - - EDZ5F14MER Taux d'intérêt 3 mois eurodollar 99,16 USD 582 2015-12-14 148 569 - - EDU5F14MER Taux d'intérêt 3 mois eurodollar 99,11 USD 300 2015-09-14 76 714 - - EDU6F14MER Taux d'intérêt 3 mois eurodollar 98,48 USD 900 2016-09-19 228 433 - - FJPY060613C Yen 0,01 CAD 4 439 164 427 2013-06-06 45 442-20 Total - contrats à terme - position acheteur 1 623 295 70 Contrats à terme - position vendeur FUSD050713A Dollar américain 1,03 CAD 74 356 204 2013-07-05 76 907 - (4) FUSD050713B Dollar américain 1,03 CAD 74 356 204 2013-07-05 76 905 - (5) FUSD050713C Dollar américain 1,03 CAD 74 356 207 2013-07-05 76 905 - (5) FUSD050713D Dollar américain 1,03 CAD 12 838 883 2013-07-05 13 279 - (1) FUSD050713E Dollar américain 1,03 CAD 74 356 204 2013-07-05 76 899 - (11) FUSD060613A Dollar américain 1,01 CAD 75 332 711 2013-06-06 75 831 - (2 038) FUSD060613B Dollar américain 1,01 CAD 75 332 711 2013-06-06 75 833 - (2 036) FUSD060613C Dollar américain 1,01 CAD 75 332 711 2013-06-06 75 834 - (2 036) FUSD060613D Dollar américain 1,01 CAD 75 332 711 2013-06-06 75 824 - (2 046) FUSD110613 Dollar américain 1,01 CAD 49 900 000 2013-06-11 50 202 - (1 385) FUSD120613 Dollar américain 1,01 CAD 68 200 000 2013-06-12 68 572 - (1 934) FUSD130613 Dollar américain 1,00 CAD 74 000 000 2013-06-13 74 279 - (2 225) FUSD140613 Dollar américain 1,01 CAD 30 898 000 2013-06-14 31 322 - (622) 21

Relevé des autres investissements ( non audité ) au 31 mai 2013 Élément sous-jacent Prix de contrat ou d'exercice Nombre d'unités Échéance / livraison Valeur notionnelle Coût Juste valeur Contrats à terme - position vendeur FUSD140613B Dollar américain 1,04 CAD 1 777 000 2013-06-14 1 846-9 FUSD170613 Dollar américain 1,01 CAD 47 800 000 2013-06-17 48 291 - (1 131) FUSD270613 Dollar américain 1,01 CAD 6 876 500 2013-06-27 6 957 - (155) FUSD270613A Dollar américain 1,04 CAD 5 953 000 2013-06-27 6 199-43 FAUD050713B Dollar australien 0,99 CAD 27 097 342 2013-07-05 26 810-1 FAUD060613A Dollar australien 1,04 CAD 27 097 342 2013-06-06 28 239-1 392 FAUD110613 Dollar australien 1,03 CAD 7 698 000 2013-06-11 7 937-312 FHKD050713A Dollar de Hong Kong 0,13 CAD 48 195 139 2013-07-05 6 422 - - FHKD060613A Dollar de Hong Kong 0,13 CAD 48 195 139 2013-06-06 6 253 - (165) FSGD050713A Dollar de Singapour 0,82 CAD 4 683 757 2013-07-05 3 831 - (15) FSGD060613A Dollar de Singapour 0,82 CAD 4 683 757 2013-06-06 3 828 - (5) FEUR050713B Euro 1,34 CAD 84 841 237 2013-07-05 113 738-1 FEUR060613A Euro 1,33 CAD 84 841 237 2013-06-06 112 617 - (1 032) FEUR110613 Euro 1,32 CAD 1 940 000 2013-06-11 2 562 - (37) FCHF050713A Franc suisse 1,08 CAD 20 280 005 2013-07-05 21 865 - (1) FCHF060613A Franc suisse 1,08 CAD 20 280 005 2013-06-06 21 982-137 F135A873007A Gouvernement du Canada, 1,25 %, 2018-03-01 100,15 CAD 36 000 000 2013-07-30 36 053-453 F135ZU13007E Gouvernement du Canada, 2,75 %, 2022-06-01 109,25 CAD 10 000 000 2013-07-30 10 925-318 F135YR93007 Gouvernement du Canada, 3,75 %, 2019-06-01 113,45 CAD 10 000 000 2013-07-30 11 345-204 MFSM3F05NW Indice Mini MSCI EAFE 1 727,67 USD 251 2013-06-21 21 911 - - ESM3F04RBC Indice S&P 500 E-Mini 1 564,42 USD 636 2013-06-21 53 540 - - FGBP050713B Livre sterling 1,57 CAD 57 943 700 2013-07-05 90 836 - (4) FGBP060613A Livre sterling 1,57 CAD 60 970 401 2013-06-06 95 494 - (49) FGBP110613 Livre sterling 1,57 CAD 9 112 000 2013-06-11 14 288-8 FILS050713A Shekel israélien 0,28 CAD 5 672 811 2013-07-05 1 587 - - FILS060613A Shekel israélien 0,28 CAD 5 672 811 2013-06-06 1 592-5 CNU3F04NEW Taux d'intérêt 10 ans obligations du gouvernement du Canada 136,68 CAD 100 2013-09-19 13 529 - - EDZ3F14MER Taux d'intérêt 3 mois eurodollar 99,64 USD 300 2013-12-16 77 233 - - EDM5F14MER Taux d'intérêt 3 mois eurodollar 99,38 USD 1 164 2015-06-15 298 101 - - EDH6F14MER Taux d'intérêt 3 mois eurodollar 98,83 USD 900 2016-03-14 229 328 - - EDH7F14MER Taux d'intérêt 3 mois eurodollar 98,12 USD 300 2017-03-13 75 854 - - FJPY050713A Yen 0,01 CAD 4 439 164 427 2013-07-05 45 474 - (19) FJPY050713B Yen 0,01 CAD 793 237 855 2013-07-05 8 126 - (3) FJPY060613A Yen 0,01 CAD 4 105 095 655 2013-06-06 42 424-384 FJPY060613B Yen 0,01 CAD 334 068 772 2013-06-06 3 453-32 Total - contrats à terme - position vendeur 2 399 062 (13 665) Contrats d'options - position acheteur OES1F041500A Indice S&P 1 500,00 USD 1 000 2013-07-19 1 550 25 9 OES1F041500 Indice S&P 1 500,00 USD 1 000 2013-06-21 1 550 26 2 OES1F041575 Indice S&P 500 1 575,00 USD 2 500 2013-09-20 4 070 105 98 OES1F041575A Indice S&P 500 1 575,00 USD 3 750 2013-09-20 6 104 139 147 V13647OPT1 Investissements en capital de développement - Secteur : 3,00 CAD 6 300 000 2014-04-04 18 900 1 197 750 Manufacturier Total - contrats d'options - position acheteur 32 174 1 492 1 006 Contrats d'options - position vendeur OES1F041600 Indice S&P 500 1 600,00 USD 1 000 2013-07-19 1 654 (22) (51) OES1F041580 Indice S&P 500 1 580,00 USD 1 000 2013-06-21 1 633 (25) (60) OES1F041450B Indice S&P 500 1 450,00 USD 2 500 2013-09-20 3 747 (40) (37) 22

Relevé des autres investissements ( non audité ) au 31 mai 2013 Élément sous-jacent Prix de contrat ou d'exercice Nombre d'unités Échéance / livraison Valeur notionnelle Coût Juste valeur Contrats d'options - position vendeur OES1F041450C Indice S&P 500 1 450,00 USD 3 750 2013-09-20 5 620 (51) (56) OES1F041700 Indice S&P 500 1 700,00 USD 2 500 2013-09-20 4 393 (31) (51) OES1F041700A Indice S&P 500 1 700,00 USD 3 750 2013-09-20 6 589 (58) (77) V13647OPT2 Investissements en capital de développement - Secteur : 5,00 CAD 6 300 000 2014-04-04 31 500 (977) (2 327) Manufacturier Total - contrats d'options - position vendeur 55 136 (1 204) (2 659) Total - instruments financiers dérivés 288 (15 248) * Total des autres investissements 4 235 300 4 350 457 * * De ces totaux, un montant de 19,7 M$, représentant la juste valeur négative des instruments financiers dérivés et un montant de 1,2 M$ représentant le coût de ces instruments financiers dérivés, sont présentés sous Créditeurs et autres passifs aux états financiers du Fonds de solidarité des travailleurs du Québec (F.T.Q.) au 31 mai 2013. Titres achetés en vertu de conventions de revente Au 31 mai 2013, la juste valeur des titres en portefeuille achetés en vertu de conventions de revente est de 274,1 M$. Ces titres sont des obligations. Ces transactions ont été exécutées entre le 24 mai 2013 et le 31 mai 2013, tandis que leurs échéances se situent dans l'intervalle compris entre le 3 juin 2013 et le 14 juin 2013. Le montant payé est de 274,3 M$ et il correspond à la juste valeur des titres reçus. Titres vendus en vertu de conventions de rachat Au 31 mai 2013, la juste valeur des titres en portefeuille vendus en vertu de conventions de rachat est de 420,7 M$. Ces titres sont des obligations. Ces transactions ont été exécutées entre le 10 mai 2013 et le 31 mai 2013, tandis que leurs échéances se situent dans l'intervalle compris entre le 3 juin 2013 et le 13 juin 2013. Le collatéral reçu est de 429,5 M$. Le prix de rachat à payer est de 422,9 M$. 23

INDEX OF THE SHARE OF THE FONDS IN INVESTMENTS MADE BY THE SPECIALIZED FUNDS, AT COST (UNAUDITED) As at May 31, 2013

Index of the Share of the Fonds in Investments Made by the Specialized Funds, at Cost (unaudited) As at May 31, 2013 (In thousand $) Information from Unsecured Secured Total Annual Financial Shares Loans and Loans and Report dated and Units Advances Advances 12-31-11 BDR Capital s.e.c. Accedian Networks Corporation Bluestreak Network inc. Énergie Afina inc. Enerkem inc. Gogo6 inc. Irphotonique inc. Les Réseaux Accedian inc. Logiciel Iscopia inc. Nanogestion inc. Omni-Med.com inc. ProVance Technologies inc. SolaCom Technologies inc. Technologie Bluestreak (Canada) inc. Technologies Microbridge Canada inc. TelcoBridges inc. Wavesat inc. Securities of two other companies 31,901 8,315 3,079 43,295 12-31-12 FIER Partenaires, société en commandite Capital St-Laurent, s.e.c. Fonds Brightspark II, s.e.c. Fonds CTI sciences de la vie, s.e.c. Fonds d'investissement inovia II, société en commandite Fonds Propulsion III s.e.c. GO capital, s.e.c. Novacap Industries III, s.e.c. Novacap Technologies III, s.e.c. Rho Canada Capital de Risque, s.e.c. Société en commandite AgeChem Securities of three other companies 30,355 30,355 Funds commited but not disbursed 15,258 45,613 03-31-13 Fonds Bio-Innovation, société en commandite Securities of six companies 2,961 965 968 4,894 05-31-12 Fonds de solidarité FTQ Investissements technologiques I, s.e.c. Axesnetwork Solutions inc. 333 333 Cadens Imagerie Médicale inc. 333 333 E2metrix inc. 334 334 Embrionix Design inc. 333 333 Réflex Photonique inc. 500 500 1,500 333 1,833 03-31-13 Fonds d'investissement de la culture et des communications, société en commandite 9168-1478 Québec inc. (Laboratoires GSS) Attraction Média inc. Carpediem film & TV inc. Datsit Studios inc. De Marque inc. Gestion Juste pour Rire inc. Groupe Phaneuf inc. Groupe Pierre Belvédère inc. Groupe Star Suites inc. GVGS inc. Hibernum Créations inc. La Compagnie Larivée, Cabot, Champagne LC Média inc. Media-Max inc. Média Cinéflix inc. Modus FX inc. Sarbakan inc. Studios Budge inc. Tribal Nova inc. Vivavision inc. Wilson & Lafleur, limitée Securities of nine other companies 2,527 7,829 4,415 14,771 Suretyship 857 Funds commited but not disbursed 835 16,463 1

Index of the Share of the Fonds in Investments Made by the Specialized Funds, at Cost (unaudited) As at May 31, 2013 (In thousand $) Information from Unsecured Secured Total Annual Financial Shares Loans and Loans and Report dated and Units Advances Advances 12-31-12 Fonds immobilier de solidarité FTQ inc. 1030-1040 de Bleury s.e.c. 15,681 15,681 1421 Crescent, s.e.c. 3 10 13 790 Rand, s.e.c. 1,802 1,802 81-83 Richelieu s.e.c. 880 2,888 3,768 875 Charest s.e.c. 2,010 2,010 880 Honoré-Mercier s.e.c. 20,029 20,029 Brossard-sur-le-Fleuve s.e.c. 2,217 2,217 Carré Chambord s.e.c. 10 10 Centre de développement des Biotechnologies de Laval s.e.c. 5,100 14,095 19,195 Condominiums Le George V s.e.c. 10 10 Condos Wanklyn-Milot s.e.c. 4,399 4,399 CPA Fontainebleau, s.e.c. 753 753 Développement Joseph-Morin, s.e.c. 250 250 Développements Wilfrid-Carrier s.e.c. 8,150 8,150 Édifice Saint-Vallier, s.e.c. 13,013 13,013 Espace MV1 s.e.c. 1 1 Espace MV2 s.e.c. 1 1 Espace MV3 s.e.c. 2,700 2,700 Espaces Lebourgneuf Phase III s.e.c. 2,800 2,800 Gérer son Quartier 3,562 3,562 Graham-Mont-Royal, s.e.c. 11,386 11,386 Merlin immobilier inc. 3,515 3,515 Montée des Pionniers Phase I s.e.c. 550 550 Montée des Pionniers Phase II s.e.c. 500 1,177 1,677 R.P.A. Mont-Joli s.e.c. 900 196 1,096 R.P.A. Rawdon s.e.c. 1,208 1,208 Société de développement Urbania 2003 inc. 700 700 Société en commandite Angus s.e.c. Phase I 697 697 Société en commandite Angus s.e.c. Phase II 1 1 Société en commandite Bourassa-Pelletier 10 9,603 9,613 Société en commandite Château Hymus 371 371 Société en commandite Clairevue 150 157 307 Société en commandite des Bassins I 2,500 1,700 4,200 Société en commandite D.P.L.S. 1,400 1,400 Société en commandite GII, Ilôt 10 (Comm-bur) 2,518 3,115 5,633 Société en commandite GII, Ilôt 10 (Résidentiel) 1,107 4,974 6,081 Société en commandite Griffintown II 4,968 4,968 Société en commandite Griffintown II, Phase II 3,687 3,687 Société en commandite Griffintown II, Phase II (Tour 3) 7 7 Société en commandite Griffintown II, Phase II (Condos-Tour 1) 963 1,000 1,963 Société en commandite Griffintown II, Phase II (Condos-Tour 2) 335 335 Société en commandite Griffintown II, Phase II (Commercial) 1,560 1,560 Société en commandite Griffintown II, Phase III (Bloc I) 581 2,580 3,161 Société en commandite Héritage Pointe-Claire 1 1 Société en commandite immobilière T.D.C. 4,275 4,275 Société en commandite Laurin/Saint-Louis Phase I 8,266 15,546 23,812 Société en commandite QDS 27,950 27,950 Société en commandite Rose de Lima 10 10 Société en commandite St-Bruno-sur-le-Lac Phase 4 2,000 2,000 Société en commandite Viau Ontario 1 1 Souvenir-Corbusier s.e.c. 1 1 St-Paul/Du Palais s.e.c. 9,220 4,096 13,316 Technoparc Bromont Phase I s.e.c. 1,363 1,363 Urbania Phase VII s.e.c. 1 1 Wanklyn-Milot s.e.c. 3,197 3,197 51 general partners of limited partnerships 1 1 155,116 47,163 38,129 240,408 Direct holdings: Terrain Boul. Lucille Teasdale, Terrebonne 2,596 Terrain Boul. Le Corbusier, Laval 11,377 254,381 2

Index of the Share of the Fonds in Investments Made by the Specialized Funds, at Cost (unaudited) As at May 31, 2013 (In thousand $) Information from Unsecured Secured Total Annual Financial Shares Loans and Loans and Report dated and Units Advances Advances 12-31-12 Fonds immobilier de solidarité FTQ I, s.e.c. 1061 St-Alexandre, s.e.c. 1 1 9045-8415 Québec inc. 76 76 9176-0934 Québec inc. 1,450 1,450 C.C.L. II, société en commandite 559 559 Centre de Ressources du Parc Technologique du Québec Métropolitain inc. 2,709 510 3,219 Complexe d'affaires 440, s.e.c. 2,470 2,470 Condos Miscéo, s.e.c. 863 1,134 1,997 Construction Louis Lefebvre inc. 337 337 PTQM/Lutech s.e.c. 2,877 2,877 Sfère-Ahuntsic s.e.c. 1,160 1,160 Société en commandite 1190 Jeanne-Mance 2,193 2,193 Société en commandite 37-39 Notre-Dame 1 1 Société en commandite 544 de l'inspecteur 3,254 3,254 Société en commandite Alfred-Nobel 14 14 Société en commandite Alphonse T. Lépine 1,725 1,725 Société en commandite Ann-Ottawa 1,500 1,317 2,817 Société en commandite Beauharnois 6 6 Société en commandite Claude Baillif 1,045 1,045 Société en commandite de La Dauversière 2,308 2,308 Société en commandite Inspecteur-William 2,960 2,960 Société en commandite Les Berges Brossard 11 8 19 Société en commandite Milton 1,695 1,695 Société en commandite Place Dunant 150 150 Société en commandite Square Mont-Royal 4 4 Société en commandite Ste-Hélène 27 19 46 Village de la Gare s.e.c. 500 137 637 17 general partners of limited partnerships 1 1 22,562 6,421 4,038 33,021 Direct holdings: Terrain ave. du Lac-Clermoutier, Chertsey 1,295 34,316 12-31-12 Fonds immobilier de solidarité FTQ II, s.e.c. 1030-1040 de Bleury s.e.c. 4,100 4,100 1405 Henri Bourassa ouest s.e.c. 2,301 2,301 9045-8415 Québec inc. 76 76 9176-0934 Québec inc. 1,450 1,450 Capital BLF inc. 2,335 2,335 Espaces Lebourgneuf s.e.c. 3,471 3,471 Faubourg la Grande Place s.e.c. 1,189 1,189 Hôtel Particulier : Le Ste-Hélène s.e.c. 3,822 3,822 Immobilière Concorde-Corbusier s.e.c. 6,670 6,670 Les Haltes du Roi s.e.c. 806 806 Neuvième Avenue, s.e.c. 10 2,710 2,720 SEC St-Bruno-sur-le-Lac Phase 2 1 1 SEC St-Bruno-sur-le-Lac Phase 3 10 10 Société en commandite Ann-Ottawa 1,317 1,317 Société en commandite Benadev 1 1 Société en commandite Cavelier de LaSalle 4,326 607 4,933 Société en commandite CDTI de Hull 100 100 Société en commandite d'investissement Germain-Calgary 1,800 1,800 Société en commandite du 1400 458 440 898 Société en commandite du 259 boulevard St-Joseph-Hull 133 133 Société en commandite JBSL 131 131 Société en commandite Mansfield 2,075 2,075 Société en commandite RMI 239 239 Trois A, Société en commandite 850 850 Village de la Gare s.e.c. 138 138 19 general partners of limited partnerships 1 1 29,207 9,455 2,905 41,567 Direct holdings: Condominium 410 des Récollets, Montréal 615 Terrain ave. du Lac-Clermoutier, Chertsey 1,295 43,477 3

Index of the Share of the Fonds in Investments Made by the Specialized Funds, at Cost (unaudited) As at May 31, 2013 (In thousand $) Information from Unsecured Secured Total Annual Financial Shares Loans and Loans and Report dated and Units Advances Advances 08-31-12 Fonds locaux de solidarité FTQ, s.e.c. CDEC Rosemont-Petite Patrie, corporation de développement économique communautaire 352 352 Centre local de développement (CLD) de Beauce-Sartigan 125 125 Centre local de développement (CLD) de Marguerite-D'Youville 405 405 Centre local de développement (CLD) des Îles-de-la-Madeleine 38 96 134 Centre local de développement (CLD) du Haut-St-François 250 250 Centre local de développement (CLD) du Fjord 10 10 Centre local de développement (CLD) du territoire de la MRC d'argenteuil 60 60 Centre local de développement (CLD) du territoire de la MRC du Rocher- Percé 10 10 Centre local de développement (CLD) Montréal-Nord 10 10 Centre local de développement Beauharnois-Salaberry 286 286 Centre local de développement de Brome-Missisquoi 10 10 Centre local de développement de la Basse-Côte-Nord 10 10 Centre local de développement de la Côte-de-Beaupré 164 164 Centre local de développement de la Haute-Côte-Nord (CLDHCN) 10 10 Centre local de développement de la M.R.C. d'avignon inc. 60 25 85 Centre local de développement de la M.R.C. de Bonaventure 280 280 Centre local de développement de la Mitis 63 49 112 Centre local de développement de la MRC de Charlevoix 305 305 Centre local de développement de la MRC de Charlevoix-Est inc. 143 60 203 Centre local de développement de la MRC de Maskinongé 83 83 Centre local de développement de la MRC de Memphrémagog 230 230 Centre local de développement de la MRC de Robert Cliche 47 47 Centre local de développement de la MRC de Sept-Rivières inc. 32 79 111 Centre local de développement de la MRC des Laurentides 525 525 Centre local de développement de la MRC du Val-Saint-François 50 50 Centre local de développement de la MRC Les Maskoutains 620 620 Centre local de développement de la municipalité régionale de comté de d'autray 10 10 Centre local de développement de la Nouvelle-Beauce (C.L.D.N.B.) 35 35 Centre local de développement de la région d'acton 10 10 Centre local de développement de la région de Rivière-du-Loup 70 70 Centre local de développement de la Vallée-du-Richelieu 150 150 Centre local de développement de l'île d'orléans 10 10 Centre local de développement de Lachine (CLD Lachine) 10 10 Centre local de développement de Longueuil «CLD» 50 50 Centre local de développement de Manicouagan 30 30 Centre local de développement de Rimouski-Neigette (CLD) 10 10 Centre local de développement de Roussillon 81 81 Centre local de développement des Basques 80 80 Centre local de développement des Collines-de-l'Outaouais 165 165 Centre local de développement des Etchemins 17 10 27 Centre local de développement des Pays-d'en-Haut 10 10 Centre local de développement du Pontiac 10 10 Centre local de développement les 3 Monts 10 10 Centre local de développement Maria-Chapdelaine 114 116 230 Centre local de développement Mékinac 249 249 Centre local de développement Minganie 10 10 CLD de la MRC de Lotbinière 80 55 135 Corporation de développement économique communautaire (C.D.E.C.) Centre-Nord 160 160 Corporation de développement économique communautaire Ahuntsic- Cartierville 305 305 Corporation de développement économique communautaire Côte-des- Neiges/Notre-Dame-de-Grâce 10 10 Corporation de développement économique et communautaire Centresud/Plateau Mont-Royal 510 510 Corporation de développement économique de Lasalle (CLD) 10 10 Développement économique - CLD Gatineau 310 310 Fonds local de solidarité (FLS) MRC d'antoine-labelle 185 185 Fonds local de solidarité (FLS) MRC de la Rivière-du-Nord 150 150 Fonds local de solidarité Laval 10 10 Fonds local de solidarité MRC de Coaticook 10 10 Fonds local de solidarité MRC de Drummond 248 248 Fonds local de solidarité Québec 10 10 Le centre local de développement de la M.R.C. de Bécancour inc. 430 430 Regroupement économique et social du Sud-Ouest (RESO) 500 500 Sherbrooke Innopole (CLD) 10 10 Société de développement économique de la région de Thetford (CLD) 102 10 112 SOLIDE de la MRC de Bellechasse 70 70 4

Index of the Share of the Fonds in Investments Made by the Specialized Funds, at Cost (unaudited) As at May 31, 2013 (In thousand $) Information from Unsecured Secured Total Annual Financial Shares Loans and Loans and Report dated and Units Advances Advances 08-31-12 Fonds locaux de solidarité FTQ, s.e.c. (continued) SOLIDE de la MRC de Caniapiscau 10 10 SOLIDE de la MRC de Joliette 250 250 SOLIDE de la MRC de la Jacques-Cartier 10 10 SOLIDE de la MRC de Lac-Saint-Jean-Est 62 62 SOLIDE de la MRC de Matane 205 205 SOLIDE de la MRC de Montmagny 10 10 SOLIDE de la MRC de Témiscamingue 10 10 SOLIDE de la MRC de Vaudreuil-Soulanges 173 173 SOLIDE de la MRC des Jardins-de-Napierville 10 10 SOLIDE de la MRC du Domaine-du-Roy 220 220 SOLIDE de la MRC du Fjord-du-Saguenay 10 10 SOLIDE de Lévis 115 115 SOLIDE de Mercier/Hochelaga-Maisonneuve 10 10 SOLIDE de Shawinigan 37 37 SOLIDE Rivière-des-Prairies/Pointe-aux-Trembles 110 110 SOLIDE Ville-Marie 130 130 649 9,642 10,291 Funds commited but not disbursed 38,922 49,213 03-31-13 Fonds régional de solidarité Abitibi-Témiscamingue, société en commandite 2645-3530 Québec inc. (Hardy Construction) 750 750 2965-5099 Québec inc. (Les Réclamations du Nord-Ouest) 300 300 3088-6469 Québec inc. (Centre Jardin Lac Pelletier) 182 182 9052-5320 Québec inc. (Consultants B.C.H.) 125 125 9187-1186 Québec inc. (Dan Extermination) 115 115 9187-8850 Québec inc. (Forage Boréal) 1,300 976 2,276 9210-8737 Québec inc. 200 200 A. & L. Pinard inc. 220 220 Abitibi Royalties inc. 3 3 Adventure Gold inc. 82 82 Agritibi R.H. inc. 1,806 1,806 Atelier Tangente inc. 253 253 Centre de peinture L.B.G. inc. 282 282 Corporation Aurifère QMX 20 200 220 Entrepreneur Minier Promec inc. 313 313 Exploration Azimut inc. 11 11 Exploration Midland inc. 219 219 Ferabi inc. 295 295 Géliko inc. 200 200 Groupe MBI inc. 1,642 1,642 Groupe Technosub inc. 1,208 1,208 H.P. Hydraulique inc. 287 287 Industries Wood4 inc. 250 250 Les Aciers J.P. inc. 230 230 Les équipements de forage VersaDrill inc. 1 429 430 Les Grains du Témis inc. 473 473 LVL Global inc. 350 118 675 1,143 Machineries Horticoles d'abitibi inc. 150 150 Machines Roger lnternational inc. 888 888 Matamec Explorations inc. 178 178 Mines de la Vallée de l'or ltée 214 214 Mines Richmont inc. 142 142 Modulabec inc. 765 765 Ressources Cartier inc. 247 247 Service Sani Tri inc. 289 289 Transport Clément Bégin inc. 750 750 Transport D. Barrette & fils inc. 42 42 VCC-Massénor inc. 600 600 5,930 11,175 675 17,780 Funds commited but not disbursed 2,200 19,980 5

Index of the Share of the Fonds in Investments Made by the Specialized Funds, at Cost (unaudited) As at May 31, 2013 (In thousand $) Information from Unsecured Secured Total Annual Financial Shares Loans and Loans and Report dated and Units Advances Advances 03-31-13 Fonds régional de solidarité Bas-Saint-Laurent, société en commandite 2959-8505 Québec inc. (Copeaux de la vallée) 190 190 6318703 Canada inc. (Méridien Maritime Réparation) et 3326403 Canada inc. 500 500 9181-4244 Québec inc. (Carrière Neigette) 125 125 9183-9530 Québec inc. (Pièces d'autos sélect) 150 350 500 9198-8659 Québec inc. (Multi-Pièces D.L.) 175 175 Adélard Soucy (1975) inc. 125 183 308 AMH Canada ltée 417 322 739 Asselin & Asselin arpenteurs-géomètres inc. 265 265 Bois BSL inc. 259 259 Ébénisterie Jean-Guy Lévesque & fils inc. 1,000 1,000 Érablières des Alléghanys inc. 618 618 Fonderie BSL inc. 96 96 Fonds Soutien Bas-Saint-Laurent, société en commandite 1,000 1,000 Gagnon Image inc. 218 218 Gestion du Fonds Soutien Bas-Saint-Laurent inc. 1 1 Groupe Riotel Hospitalité inc. 877 877 Les Constructions H.L. Thériault inc. 258 258 Les Distributions Arnaud inc. 300 300 Les Électriciens Pierre Roy inc. 500 500 Les Produits PBM ltée 89 89 Pourvoirie de la Seigneurie du lac Métis inc. 135 135 Productions Québec Multimédia inc. 301 301 Projexco inc. 183 183 Richard Poirier et Frères Électrique ltée 619 619 Topocom Technologie inc. 3 3 2,695 6,564 9,259 Funds commited but not disbursed 65 9,324 03-31-13 Fonds régional de solidarité Centre-du-Québec, société en commandite Écofib inc. 300 300 Huppé Meubles inc. 200 200 IPM Canada inc. 500 500 Misa Tours Canada inc. 255 255 Nitek Laser inc. 325 325 Rénovation Expo inc. 967 967 Vibrotech inc. 70 70 2,617 2,617 Funds commited but not disbursed 250 2,867 03-31-13 Fonds régional de solidarité Chaudière-Appalaches, société en commandite 9050-7641 Québec inc. (Ramp-Art) 458 458 9069-4654 Québec inc. (Supervac 2000) 56 56 Acier Majeau inc. 160 160 Bercomac Limitée 417 417 Canada moteurs importations inc. 400 400 Cométal inc. 232 232 Équipements récréatifs Jambette inc. 600 600 Fenêtres Altek inc. 750 750 Fini. U.V. International inc. 287 287 Forimpex inc. 250 250 Groupe PCM inc. 500 500 Groupe S.S. inc. 539 539 J.L. Leclerc & fils inc. 725 36 761 Les Productions Horticoles Demers inc. 153 153 L'usine Tac Tic inc. 212 621 833 Mapa Innovations inc. et Les Produits Multi-Formes G.M. inc. 300 300 Menuiserox inc. 418 418 Météo fenêtres et portes inc. 292 292 Multi-Brosses inc. 102 102 Portes Veilleux 2000 inc. 578 578 Quartz Industrie inc. 81 81 Usine Sartigan inc. 1,196 1,196 937 8,426 9,363 6

Index of the Share of the Fonds in Investments Made by the Specialized Funds, at Cost (unaudited) As at May 31, 2013 (In thousand $) Information from Unsecured Secured Total Annual Financial Shares Loans and Loans and Report dated and Units Advances Advances 03-31-13 Fonds régional de solidarité Côte-Nord, société en commandite 7583168 Canada inc. (Les Entreprises Electro Select) 220 220 9011-1501 Québec inc. 860 860 9196-7109 Québec inc. (Parmon Construction) 728 728 9262-3701 Québec inc. (Résidence J.R. Lafontaine) 310 310 Carrosserie Pro 2010 inc. 427 427 Construction F.H.D. inc. 29 29 Construction Fortin & Lévesque inc. 1,050 1,050 Construction J.G.M. inc. 800 800 Croisière 2001 inc. 100 100 Fonds Soutien Côte-Nord, société en commandite 1,000 1,000 Gestion du Fonds Soutien Côte-Nord inc. 1 1 Hôtel Mingan inc. 1,090 1,090 Hôtel Motel Le Q'Artier des Îles inc. 600 600 Lajoie Réfrigération inc. 128 128 Les Distributions G.F.D. inc. 478 478 Les Pétroles Paul Larouche inc. 270 270 Nord Industrie inc. 165 165 Pec-Nord inc. 300 300 Phoenix services environnementaux inc. 137 137 Synergica Alliance inc. 325 325 1,401 7,617 9,018 Funds commited but not disbursed 375 9,393 03-31-13 Fonds régional de solidarité Estrie, société en commandite 9100-2790 Québec inc. 267 267 Acier Fastech inc. 347 347 Amecci inc. 317 317 Ani-Mat inc. 1,385 1,385 Beaudin Le Prohon inc. 968 968 Boréal - Informations stratégiques inc. 1,127 1,127 Café Faro inc. 51 51 Domaines Pinnacle inc. 657 657 Innotex inc. 250 250 Kemestrie inc. 630 630 Laser AMP inc. 25 25 Les Cartons Northrich inc. 235 235 Les Entreprises Dauphinais inc. 500 500 Les fabricants de boyaux industriels Premier ltée 135 135 Les Industries Touch inc. 1,558 1,558 Les Quais Bertrand inc. 660 660 Les Viandes Laroche inc. 407 407 M.P. Éco inc. 442 442 Motrec international inc. 1,000 1,000 Oasis Tropik Nordik inc. 262 262 Oxybec Médical inc. 102 102 Scholer Industriel inc. 168 168 Soudure Brault inc. 160 160 Sport Powertek inc. 267 267 630 11,290 11,920 Funds commited but not disbursed 500 12,420 03-31-13 Fonds régional de solidarité Gaspésie - Îles-de-la-Madeleine, société en commandite B.M.B. (Îles-de-la-Madeleine) inc. 524 524 Cap sur mer inc. 632 30 662 Fabrication Delta inc. 335 335 Fonds Soutien Gaspésie-Îles-de-la-Madeleine, société en commandite 500 500 Gaspésie Diésel inc. 457 457 Gestion du Fonds Soutien Gaspésie-Îles-de-la-Madeleine inc. 1 1 Junex inc. 46 46 Les entreprises Léo Leblanc & fils inc. 282 282 Les Industries Leblanc inc. 3 3 Les Pêcheries Marinard ltée 378 378 Les Reboiseurs de la Péninsule inc. 73 73 Michaud technologies inc. 125 292 417 Pêcheries Vilo inc. 338 338 Serres Jardins-Nature inc. 97 279 376 1,925 2,467 4,392 7

Index of the Share of the Fonds in Investments Made by the Specialized Funds, at Cost (unaudited) As at May 31, 2013 (In thousand $) Information from Unsecured Secured Total Annual Financial Shares Loans and Loans and Report dated and Units Advances Advances 03-31-13 Fonds régional de solidarité Lanaudière, société en commandite 7912811 Canada inc. (Les Signatures Passions) 385 385 ABC Environnement inc. 193 193 Agro-100 ltée 750 750 Gestion EDB Mondor inc. 300 300 Groupe Manucam inc. 300 300 Les Aliments Sibon (1985) ltée 549 549 Multi-modèles Martin Gaudet inc. 100 100 Pneus Lanoraie inc. 210 210 Produits Vince inc. 600 600 Sécurité GMR inc. 90 90 Triotech Amusement inc. 1,420 1,420 Verre Select inc. 208 208 5,105 5,105 03-31-13 Fonds régional de solidarité Laurentides, société en commandite 4486021 Canada inc. (Aliments Urbains) 186 186 7661665 Canada inc. (Profab mécanique 2010) et 9151-0768 Québec inc. 500 500 9018-4995 Québec inc. (Lacelle & Frères) 132 132 Autobus Lion inc. 350 350 BMI Canada inc. 1,900 1,900 Complexe Hôtelier St-Jovite / Mont-Tremblant inc. 750 750 Distributions Denis Fontaine inc. 280 280 Garage François Thouin inc., Remorques CFT inc. et 8236011 Canada inc. 650 650 Gestion Estérel inc. 861 861 Gestion hôtelière REVPAR inc. 188 188 Groupe Aviation et Puissance inc. 1,517 1,517 Groupe Sima Palsol inc. 15 15 Groupe Star Suites inc. 244 244 La Petite Bretonne inc. 1,266 1,266 Le Groupe Synergie Xpress inc. 267 267 Les Entreprises Guy Desjardins inc. 1,000 1,000 Lev-Fab inc. 217 217 Montour ltée 425 425 Palmex International inc. 200 200 Service Alimentaire Desco inc. 477 477 Vision Villégiature inc. 300 300 1,050 10,675 11,725 03-31-13 Fonds régional de solidarité Laval, société en commandite 9210-9107 Québec inc. (Jungle Aventure) 250 250 Alimentation L'Épicier inc. 933 933 Ciel Aventure Québec inc. 1,000 1,000 Corporation Smartsilk inc. 500 500 Emballages Cré-O-Pack International inc. 589 589 Groupe Carreaux Céragrès inc. 850 850 Groupe Lincora inc. 199 199 Hydrolico International inc. 1,000 1,000 K.F. Construction inc. 600 600 Les Bouteilles Recyclées du Québec (B.R.Q.) inc. 126 479 605 Les Fruits de Mer IFC inc. 333 333 Les industries Cendrex inc. 458 458 Les Investissements Sylnic inc. 379 379 Les Laboratoires de recherche de Lan Wirewerks inc. 742 742 Les Productions Diamant ltée 270 270 Paris, Ladouceur & associés inc. 300 300 Perlite Canada inc. 633 633 Portes et fenêtres Cordy inc. 300 300 S.R.A.D. Communications inc. 267 267 Stylo Bankers (1991) inc. 917 917 Tornatech inc. 949 949 126 11,315 633 12,074 03-31-13 Fonds régional de solidarité Mauricie, société en commandite 9145-5980 Québec inc. (Transport Jacques Labbé) 400 400 Climatisation Trois-Rivières inc. 100 100 Concept Éco-Plein-Air Le Baluchon inc. 751 601 1,352 Portes & fenêtres Nouvel Horizon inc. 500 500 Tuyauterie Borgia ltée 50 50 751 1,651 2,402 8

Index of the Share of the Fonds in Investments Made by the Specialized Funds, at Cost (unaudited) As at May 31, 2013 (In thousand $) Information from Unsecured Secured Total Annual Financial Shares Loans and Loans and Report dated and Units Advances Advances 03-31-13 Fonds régional de solidarité Montérégie, société en commandite 7774672 Canada inc., 3897338 Canada inc. et 3897320 Canada inc. 300 300 Agro-Bio contrôle inc. 250 250 Agrocentre Belcan inc. 217 217 Aliments Horizon Nature inc. 258 258 Andy transport inc. 220 220 Atelier d'usinage Quenneville inc. 190 190 Bousquet Frères Limitée 560 560 DCL Nutrition & santé animale inc. 300 300 Dermolab Pharma ltée 342 342 Équipements de transformation IMAC (E.T.I.) inc. 666 666 FDC Composites inc. 200 200 Groupe Damafro inc. 667 667 Groupe Exel International inc. 187 187 Investissements Brasco inc. 744 744 LC Média inc. 502 502 Le Groupe Conseil Integrim inc. 494 494 Les Produits de Ventilation Lambro inc. 155 155 Les sols Sportica inc. 200 200 Location Jean Légaré ltée 396 396 M.G.B. Électrique inc. 1,025 1,025 Magnus Poirier inc. 1,175 1,175 Matériaux paysagers Savaria ltée 500 500 Perfecta Plywood ltée 536 536 Plombco inc. 550 550 Quincaillerie architecturale Capsol inc. 160 160 Ray-Mont Logistiques inc. 1,435 1,435 Service sérigraphique professionnel S.S.P. inc. 422 422 Soya Excel inc. 148 148 Vulcan Compagnie de Palans ltée 1,000 1,000 1,072 12,727 13,799 Funds commited but not disbursed 200 13,999 03-31-13 Fonds régional de solidarité Nord-du-Québec, société en commandite 9129-3852 Québec inc. (Entretien industriel D.L.B.) 167 167 9189-3081 Québec inc. 400 400 Cogitore Resources inc. 167 167 Corporation Éléments Critiques 150 150 Donner Metals Ltd 437 200 637 Équipement de bureau Ungava inc. 328 328 Exploration Azimut inc. 187 187 Exploration Dios inc. 56 56 Exploration Khalkos inc. 6 6 Exploration Midland inc. 113 113 Exploration NQ inc. 71 71 Focus Graphite inc. 10 10 Fonds Soutien Baie-James, société en commandite 500 500 Gestion du Fonds Soutien Baie-James inc. 1 1 Les Consultants de l'arctique inc. 250 132 382 Les Pétroles M.J. inc. 322 322 Mines Virginia inc. 87 87 Nemaska Lithium inc. 77 77 Nord Décoration inc. 103 103 Ressources Cartier inc. 150 150 Ressources Géoméga inc. 150 150 Ressources Monarques inc. 104 104 Services Pétroliers Chibougamau inc. 450 450 Société d'exploration Minière Vior inc. 247 247 St-Félicien Diesel (1988) inc. 475 475 Stornoway Diamond Corporation 226 300 526 2,739 2,995 132 5,866 Funds commited but not disbursed 100 5,966 9

Index of the Share of the Fonds in Investments Made by the Specialized Funds, at Cost (unaudited) As at May 31, 2013 (In thousand $) Information from Unsecured Secured Total Annual Financial Shares Loans and Loans and Report dated and Units Advances Advances 03-31-13 Fonds régional de solidarité Outaouais, société en commandite 140689 Canada ltée (Taxi Loyal) 108 108 2786630 Canada inc. (Vitrerie Vision 2000 enr.) 1,000 1,000 3911781 Canada Ltd (Storeimage) 500 500 6227945 Canada inc. (InnovationEngineering Group) 49 125 174 6479138 Canada inc. (Les Services de la première générale (Gatineau)) 170 170 7095287 Canada inc. (Concept Pro-Métal) 150 150 9111-8117 Québec inc. (Activec) 210 210 Alary, St-Pierre & Durocher Arpenteurs-géomètres inc. 440 440 Auberge & Spa le Nordik inc. 754 754 Cactus Commerce inc. 542 542 Gestion conseil Immogest-Sweeney inc. 388 388 Laiterie de l'outaouais inc. 100 100 Mr. Refill International inc. 26 26 Multicorpora R&D inc. 924 924 PCI Géomatiques Entreprises inc. 438 438 ProVance Technologies inc. 750 750 Restaurations Sélect inc. 195 195 Service de Pneus Lavoie Outaouais inc. 1,327 1,327 SolaCom Technologies inc. 1 1 Terrapro Construction inc. 1,437 1,437 Tomoye Corporation 550 550 VanillaSoft corp. 67 67 WMD Moulin de Wakefield développements inc. 229 229 Zeligsoft inc. 1 1 1,476 8,338 667 10,481 03-31-13 Fonds régional de solidarité Québec, société en commandite 9099-7768 Québec inc. (E.B.M. Laser) 200 237 437 Agora Communication inc. 236 236 Armeco inc. 525 525 Ascenseurs Maxi inc. 450 450 Auvents W. Lecours inc. 353 353 Chemco inc. 252 252 Corporation Eatsleepmusic.com 460 460 Distribution Sports Loisirs G.P. inc. 182 182 DK-SPEC inc. 750 750 Engrenage Provincial inc. 1,875 1,875 Filtrum inc. 1,238 1,238 Fleurigros 1995 inc. 207 207 Groupe Enode inc. 271 271 Groupe Incursion inc. 689 689 Groupe Renaud et Ass. inc. 300 300 Imprimerie Nicober inc. 437 437 Laboratoire Hygiènex inc. 200 200 Les Aliments 2000 inc. 1,400 1,400 Les Chaussures Henri-Pierre inc. 257 257 Les Distributions Marc Boivin (2007) inc. 638 638 Les Entreprises P.E.C. inc. 238 238 Les Industries Rouillard inc. 501 501 Les Vêtements Perlimpinpin inc. 123 123 Load Systems International inc. 59 59 Métafab (1996) inc. 282 282 Métal Potvin inc. 421 421 Miro Cuisines Tendances inc. 450 450 Mode Avalanche inc. 119 119 Panavidéo inc. 261 261 Radio-Onde inc. 972 972 Simon Giguère Produits Pétroliers inc. 667 667 Tapitec (Québec) inc. 300 300 TBC Constructions inc. 750 750 Transport C.D.P. inc. 1,521 1,521 1,529 16,292 17,821 Funds commited but not disbursed 1,300 19,121 10

Index of the Share of the Fonds in Investments Made by the Specialized Funds, at Cost (unaudited) As at May 31, 2013 (In thousand $) Information from Unsecured Secured Total Annual Financial Shares Loans and Loans and Report dated and Units Advances Advances 03-31-13 Fonds régional de solidarité Saguenay - Lac-Saint-Jean, société en commandite 2861-0467 Québec inc. (Notre Hôtel) 227 129 356 2956-3475 Québec inc. (Interbus) 157 157 2964-6767 Québec inc. (Les Équipements pétroliers Claude Pedneault) 464 464 6482066 Canada inc. (Société P.C.P.) 911 911 9055-3876 Québec inc. (Les Chocolats Lulu) 425 425 9099-3593 Québec inc. (Inter-Projet) 800 800 9107-6513 Québec inc. (Menuiserie St-Henri) 146 146 9115-3023 Québec inc. (Pub la Voix-Maltée) 500 500 9143-8945 Québec inc. 840 840 A.S. Nettoyage inc. 137 137 Cycles Devinci inc. 168 168 Dynamitage Express inc. 1,117 1,117 Équipements Mauvalin inc. 6 6 Garage Marcel Simard inc. 500 500 Gestion du Fonds AP 60 inc. 1 1 Gestion LJ inc. 87 87 Groupe Giroux Maçonnex inc. 760 760 Industrie Bois Lamontagne inc. 425 425 Industries Bofab inc. 259 259 Isumi Précision ltée 57 57 Les Fenêtres AGM inc. 458 458 Les Lignes du Fjord inc. 103 103 Les Pétroles R.L. inc. 242 242 Les Placements G.M.R. Maltais inc. 40 40 Nolicam Location de camions inc. 300 160 460 Novabrik International inc. 1,405 116 1,521 Oxygène Dolbeau inc. 200 200 Perfecta Forêt ltée 250 246 200 696 Pétrolex St-Félicien inc. 500 500 Précicast ltée 559 88 647 Prowatt inc. 87 87 Reboitech inc. et Plani-forêt S.G.F. inc. 290 290 Remac innovateurs industriels inc. 194 194 SCP 89 inc. 297 297 Société de gestion Trois-Trois-Trois inc. 350 350 Transports J.M. Bernier inc. 408 408 4,326 9,995 288 14,609 12-31-12 Novacap Industries III, s.e.c. Camille Fontaine & Fils inc. Corporation de Développement Nautilus inc. IPL inc. Securities of six other companies 12-31-12 Rho Canada Capital de Risque, s.e.c. BC0917620 inc. (Réseau Playerize) Chango, inc. Eightfold Logic, inc. Fixmo inc. GrowLab Les Entreprises Beyond the rack inc. Les Réseaux Accedian inc. Logiciel Iscopia inc. LucidLogix Technologies, Ltd Mobio Technologies inc. Public Mobile inc. Securities of five other companies 12-31-12 Soccrent 2006, société en commandite 6775993 Canada inc. (Groupe Fruits Bleus) 7246404 Canada inc. (Groupe Secto inc.) Dynaplast Extruco inc. Groupe Secto inc. Groupe Sotrem-Maltech inc. Industries Spectal inc. Intercalaire Inex inc. Les Consultants Olympe inc. Les Conseillers Trigone inc. Les Industries G.R.C. inc. Novabrik international inc. Produits Alba inc. Securities of three other companies 9,685 9,888 19,573 12,685 644 13,329 10,732 3,742 14,474 11

Index of the Share of the Fonds in Investments Made by the Specialized Funds, at Cost (unaudited) As at May 31, 2013 (In thousand $) Information from Unsecured Secured Total Annual Financial Shares Loans and Loans and Report dated and Units Advances Advances 04-30-12 Société de gestion d'actifs forestiers Solifor, société en commandite Solifor Bloc A-RPF, société en commandite Solifor Bloc B-LP, société en commandite Solifor Bloc Monet, société en commandite Solifor Charlevoix-Saguenay, société en commandite Solifor Lac Métis, société en commandite Solifor Lotbinière, société en commandite Solifor Mauricie, société en commandite Solifor Nicolas Riou, société en commandite Solifor Perthuis, société en commandite 134,891 134,891 12-31-12 VC, société en commandite Securities of two companies 33 33 Direct holdings of real estate 116,162 116,195 This unaudited index details the investments made by the regional funds, by the specialized funds in which the Fonds de solidarité des travailleurs du Québec (F.T.Q.) (the Fonds ) has invested more than 0.2% of its net assets and by the specialized funds in which the Fonds holds an interest of 50% or more and exercises significant influence over the management of these funds. Amounts invested by business enterprise are disclosed only in the cases provided by the Regulation Respecting Development Capital Investment Fund Continuous Disclosure. 12