Fonds - A Guide to Independent Valuation

FINANCIAL STATEMENTS AS AT MAY 31, 2015

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, 2015, May 31, 2014 and June 1, 2013, and the statements of comprehensive income, changes in net assets and cash flows for the years ended May 31, 2015 and 2014, 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 International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board, 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, 2015, May 31, 2014 and June 1, 2013, and its financial performance and its cash flows for the years ended May 31, 2015 and 2014 in accordance with International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board. Signed, Deloitte LLP 1 Signed, Raymond Chabot Grant Thornton LLP 2 1 CPA auditor, CA, public accountancy permit No. A110972 2 CPA auditor, CA, public accountancy permit No. A125741 Montréal, June 23, 2015 FONDS DE SOLIDARITÉ DES TRAVAILLEURS DU QUÉBEC (F.T.Q.) 1

BALANCE SHEETS (in millions of Canadian dollars, except net assets per share) Note May 31, 2015 May 31, 2014 June 1, 2013 Assets Development capital investments 5 6,094 5,444 5,306 Other investments 6 5,384 5,075 4,380 Investment property 11 31 28 25 Accounts receivable 12 244 220 259 Cash 18 16 9 Other assets Deferred income taxes 24 - - 1 Property and equipment 13 47 48 49 Intangible assets 14 6 7 5 Refundable taxes on hand 24-2 7 Income taxes 9 1 5 Securities purchased under reverse repurchase agreements - 255 274 Financial instruments related to securities sold under repurchase agreements 257 101 149 12,090 11,197 10,469 Liabilities Notes 15 419 452 396 Accounts payable 17 188 180 266 Other liabilities Deferred income taxes 24 3 - - Net defined benefit liability 25 43 44 45 Share redemptions payable 30 34 30 Securities sold under repurchase agreements 257 356 423 940 1,066 1,160 Net assets 18 11,150 10,131 9,309 Net assets per Class A share 28 33.26 30.31 28.00 Contingencies (Note 20) The accompanying notes form an integral part of these financial statements. On behalf of the Board of Directors, (signed) Robert Parizeau Robert Parizeau, Director (signed) Gaétan Morin Gaétan Morin, Director FONDS DE SOLIDARITÉ DES TRAVAILLEURS DU QUÉBEC (F.T.Q.) 2

STATEMENTS OF COMPREHENSIVE INCOME FOR THE YEARS ENDED MAY 31 (in millions of Canadian dollars, except net income per share) Note 2015 2014 Revenues 21 Interest 143 166 Dividends and distributions 182 183 Rental, fee and other income 16 11 341 360 Gains (losses) on development capital investments, other investments and investment property Realized 226 177 Unrealized 584 405 Transaction costs (2) (2) 808 580 1,149 940 Total operating expenses 22 Corporate 70 65 Development capital investments and other investments 33 35 Shareholder Services and Economic Training 44 49 147 149 Income before income taxes 1,002 791 Income taxes 24 17 19 Net income 985 772 Item of other comprehensive income that will not be reclassified to net income Remeasurement of the net defined benefit liability 25 7 1 Comprehensive income 992 773 Supplemental information Net income per Class A share 18 and 28 2.94 2.31 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 Note Share capital Class A shares Contributed surplus Retained earnings Accumulated other comprehensive income Net assets (in millions of Canadian dollars) 18 Series 1 Series 2 Subscribed 2015 Balance at beginning of year 7,793 78 1 841 1,417 1 10,131 Net income 985 985 Other comprehensive income 7 7 Share issues 19 658 9 667 Net change in share subscriptions 1 1 Share redemptions (490) (8) (51) (94) (643) Change in outstanding redemptions 2 1 (1) 2 Transfers 18 80 (80) - Balance at end of year 8,043 79 2 791 2,227 8 11,150 2014 Balance at beginning of year 7,509 80 1 910 809-9,309 Net income 772 772 Other comprehensive income 1 1 Share issues 778 9 787 Net change in share subscriptions - - Share redemptions (578) (11) (69) (72) (730) Change in outstanding redemptions (6) - (2) (8) Transfers 18 90 (90) - Balance at end of year 7,793 78 1 841 1,417 1 10,131 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 millions of Canadian dollars) 2015 2014 Operating activities Net income 985 772 Non-cash items Interest capitalized on development capital investments (4) (2) Interest capitalized on notes 18 19 Amortization of premiums and discounts 11 10 (Gains) losses on development capital investments, other investments and investment property Realized (226) (177) Unrealized (584) (405) Post-employment benefits 8 - Depreciation of property and equipment and amortization of intangible assets 7 6 Deferred income taxes 1-216 223 Changes in non-cash items Accounts receivable 11 67 Refundable taxes on hand 2 5 Income taxes (8) 4 Accounts payable (2) (68) Other 1 2 220 233 Acquisition of development capital investments (620) (380) Proceeds of disposal of development capital investments 299 473 Acquisition of other investments (7,792) (9,458) Proceeds of disposal of other investments 7,932 9,056 Increase in notes 108 179 Repayment of notes (159) (142) Acquisition of investment property (3) - (15) (39) Financing activities Shares issued and subscribed 668 787 Shares redeemed (645) (733) 23 54 Investing activity Acquisition of property and equipment and intangible assets (6) (8) Increase in cash 2 7 Cash at beginning of year 16 9 Cash at end of year 18 16 Supplemental information (amounts included in operating activities) Interest received 165 187 Dividends and distributions received 179 190 Taxes paid 22 11 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 1. DESCRIPTION OF THE FONDS 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 whose principal office is located at 545 Crémazie Boulevard East, Suite 200, Montréal, Québec, Canada and whose objectives are: to invest in Québec business entreprises and provide them with services in order to create, maintain or protect jobs; to promote the training of workers in economic matters to enable them to increase their influence on Québec s economic development; to stimulate the Québec economy by making strategic investments that will be of benefit to Québec workers and business entreprises; 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. 2. SIGNIFICANT ACCOUNTING POLICIES 1. IFRS ADOPTION These financial statements have been prepared in accordance with International Financial Reporting Standards ( IFRS ). The Fonds adopted this accounting framework for the year beginning June 1, 2014, as required by Canadian securities laws and the Accounting Standards Board of Canada. Previously, the Fonds prepared its financial statements in accordance with Canadian generally accepted accounting principles as defined in Part V of the CPA Canada Handbook Accounting ( Canadian GAAP Part V). The Fonds used the same accounting policies to prepare its opening IFRS balance sheet as at June 1, 2013 and throughout all the financial years presented, as if such policies had always been effective. Note 28 discloses the impact of the transition to IFRS on the financial position, financial performance and cash flows reported by the Fonds. It also presents the nature and impact of the significant changes in accounting policies from the accounting policies used to prepare the financial statements of the Fonds in accordance with Canadian GAAP Part V for the year ended May 31, 2014. 2. BASIS OF PREPARATION These financial statements have been prepared on a fair value basis, except for property and equipment and intangible assets, which are measured on the historical cost basis, as well as certain financial instruments, as mentioned in item 5 of Note 2. These separate financial statements are the only financial statements presented by the Fonds. They have been approved for issue on June 23, 2015 by the Board of Directors of the Fonds. 3. INVESTMENT ENTITY The Fonds meets the definition of investment entity set out in IFRS 10 Consolidated Financial Statements, as the following conditions are met: the Fonds obtains capital from many investors for the purpose of managing their savings; the Fonds commits to its investors that the purpose of its investments activities is to generate a return and provide investment income, in accordance with its mission; and the Fonds measures and evaluates the performance of its investments on a fair value basis. Consequently, the Fonds does not prepare consolidated financial statements. 4. SUBSIDIARIES AND ASSOCIATES Investments in subsidiaries and associates are recognized at fair value through profit or loss. FONDS DE SOLIDARITÉ DES TRAVAILLEURS DU QUÉBEC (F.T.Q.) 6

NOTES TO FINANCIAL STATEMENTS 2. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) 5. FINANCIAL INSTRUMENTS RECOGNITION AND CLASSIFICATION Financial instruments are recognized at fair value at the transaction date, when the Fonds becomes a party to the contractual provisions of the instrument. The cost presented for development capital investments and other investments corresponds to the amount paid and is determined based on average cost, excluding transaction costs. Transaction costs are recognized in net income when incurred. A financial asset is derecognized when the Fonds no longer has the contractual rights to the cash flows from this asset. Financial assets and liabilities are classified in various categories based on their characteristics and the Fonds intention upon their acquisition and their issuance. Development capital investments, other investments, accounts receivable relating to development capital investments and other investments sold, loans included in accounts receivable other, cash, securities purchased under reverse repurchase agreements, financial instruments related to securities sold under repurchase agreements, accounts payable relating to development capital investments and other investments purchased, derivative financial instruments and securities sold under repurchase agreements are all financial instruments designated as at fair value through profit or loss. These financial instruments are part of a managed portfolio whose performance is evaluated on a fair value basis, in accordance with a documented financial asset integrated management strategy, and information is provided internally on that basis to the Fonds key management personnel. Other accounts receivable are classified in loans and receivables. Notes and other accounts payable are classified in other financial liabilities. These financial instruments are recognized at amortized cost, which approximates their fair value given their nature and short-term maturity. Financial liabilities are derecognized when the obligation is extinguished, which is when the obligation is discharged or cancelled or expires. 6. FINANCIAL INSTRUMENTS FAIR VALUE MEASUREMENT Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the reporting date. a) Fair value of assets and liabilities traded on active markets To determine the fair value of financial assets and liabilities that are quoted in an active market, such as listed shares, bonds, money market instruments and listed derivative financial instruments, the Fonds uses the price within the bid-ask spread that is most representative of fair value, given the relevant facts and circumstances, at the reporting date. b) Fair value of assets and liabilities that are not traded on active markets The fair value of financial assets and liabilities that are not traded on active markets (including unlisted derivative financial instruments) is determined using valuation techniques selected based on certain specified criteria and market conditions prevailing at each reporting date. The valuation techniques used are based on valuation principles derived from the guidelines that are generally used in the industry by business valuation professionals. These valuation principles are approved every six months by the Fonds Audit Committee. The valuation technique used for a financial instrument is generally the same from one period to the next, except when a change in valuation technique results in a more accurate estimate of fair value. i) Unlisted shares and units When a yield method is used, the fair value of unlisted shares is mainly determined using the capitalized cash flow technique. The two main variables used in this technique are maintainable cash flows and the capitalization rate. To determine maintainable cash flows, recurring cash flows are estimated based on the entity s historical results and/or financial forecasts. A weighting factor is applied to each of the cash flows used to reflect its probability of occurrence. The capitalization rate used to capitalize maintainable cash flows reflects how the investee could finance its operations and the risks associated with the materialization of these maintainable cash flows. When the price of a recent transaction negotiated between unrelated parties on an arm s-length basis is available, this valuation technique is used under certain conditions. It may also be appropriate to use a valuation technique based on a bid from a third party. Using judgment is necessary to determine whether the price in such recent transaction or bid represents the best evidence of fair value at the reporting date. The period during which referring to a past transaction or bid is deemed appropriate depends on the circumstances specific to each situation. FONDS DE SOLIDARITÉ DES TRAVAILLEURS DU QUÉBEC (F.T.Q.) 7

NOTES TO FINANCIAL STATEMENTS 2. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) 6. FINANCIAL INSTRUMENTS FAIR VALUE MEASUREMENT (CONTINUED) b) Fair value of assets and liabilities that are not traded on active markets (CONTINUED) i) Unlisted shares and units (CONTINUED) In certain circumstances or depending on the nature of operations, the future earning potential is better reflected by the value of the assets, and the adjusted net asset method is used. This method is also used to determine the fair value of unlisted investment fund units held. In such case, this method entails using the share of all assets and liabilities appearing on the balance sheet of the investee at their fair value and adjusting it as necessary. The main adjustments made are related to the fair value of the assets and liabilities, new information available and significant events that occurred between the investee s reporting date and the Fonds reporting date. The fair value of certain unlisted units is determined using the price established by their respective manager. ii) Hedge fund units The fair value of hedge fund units is determined using the price established by their respective manager. iii) Loans and advances The fair value of secured and unsecured loans and advances is determined by discounting the contractual cash flows expected to be received by the Fonds using a discount rate that reflects the return that the Fonds would require given the credit risk of the investee. Certain loans and advances to a wholly-owned company are considered as quasi-equity, and their fair value is determined using the adjusted net asset technique. iv) Guarantees and suretyships When it is likely that the Fonds will have to disburse an amount on a guarantee or a suretyship it granted, an asset-based approach and a liquidation value technique are used to estimate the amount of the liability to be recognized. v) Derivative financial instruments The fair value of unlisted derivative financial instruments is determined using appropriate valuation techniques, including discounting future cash flows at the current rate of return. vi) Accounts receivable relating to development capital investments and other investments sold The fair value of accounts receivable relating to development capital investments sold that are not traded on active markets is determined by discounting contractual cash flows. Generally, the estimated amounts to be received and timing of their collection depend on future events or the satisfaction of certain conditions. 7. 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 depositary 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 in net income under Interest. 8. INVESTMENT PROPERTY Investment property is property held by the Fonds for renting and value appreciation purposes. The investment property is occupied by several tenants. The Fonds presents its investment property using the fair value model. Fair value is measured at each reporting date, and any change in fair value is recognized in net income. The fair value used is determined using the discounted cash flow technique, whereby fair value represents the aggregate of the present value of projected cash flows and the reversion value at the end of the projection period. To ensure that such fair value is appropriate, the result is compared with other techniques, such as the direct discounting technique, under which an overall discount rate is applied to normalized net operating income, and the direct comparison method, under which the most likely selling price is estimated by comparing and analyzing real estate transactions involving similar properties. FONDS DE SOLIDARITÉ DES TRAVAILLEURS DU QUÉBEC (F.T.Q.) 8

NOTES TO FINANCIAL STATEMENTS 2. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) 9. CASH Cash includes bank accounts used in operating, processing transactions on share capital and managing development capital investments and other investments. 10. PROPERTY AND EQUIPMENT AND INTANGIBLE ASSETS Property and equipment and intangible assets are stated at cost less any accumulated depreciation or amortization and accumulated impairment losses. Cost includes items that are directly attributable to the acquisition of the item of property and equipment or intangible asset. Subsequent costs for an item of property and equipment or an intangible asset are recognized only if it is probable that future economic benefits associated with it will flow to the Fonds and the cost can be measured reliably. Repair and maintenance expenses are recognized in total operating expenses through net income when incurred. The main property and equipment and intangible asset categories are depreciated or amortized over their estimated useful life using the following methods, periods and annual rates: Methods Periods/rates Property and equipment Buildings Straight-line 15 to 60 years Office furniture and equipment Diminishing balance 20% Computer hardware Straight-line 4 years Intangible assets Information systems development Straight-line 3 years The Fonds allocates the amount initially recognized in respect of an item of property and equipment or intangible assets to its significant parts and depreciates or amortizes them separately. The carrying amount of a replaced part is derecognized upon replacement. Residual values, depreciation or amortization method and useful life of assets are reviewed at each reporting date and adjusted if needed. At each reporting date, property and equipment and intangible assets are tested for impairment when events or changes in circumstances indicate that their carrying amount may not be recoverable. To determine the recoverable amount, items of property and equipment and intangible assets are aggregated at the lowest level for which identifiable cash flows are independent from the cash flows from other groups of items of property and equipment or intangible assets. The Fonds assesses possible reversals when events or circumstances warrant it. 11. POST-EMPLOYMENT BENEFITS The cost of earned pension benefits and other employee post-retirement benefits is recognized through net income and comprises current service cost and net interest on the net defined benefit plan liability. Remeasurements of the net defined benefit liability are recognized in Other comprehensive income. They are not reclassified subsequently to net income and are presented separately in the Statement of Changes in Net Assets. Remeasurements of the net defined benefit liability comprise actuarial gains and losses as well as the return on plan assets, excluding interest income. Actuarial gains and losses result from changes in the actuarial assumptions used to determine the defined benefit obligation and from experience gains and losses on such obligation. The net defined benefit liability corresponds to the present value of the post-employment benefit plan obligation less the fair value of plan assets. 12. SHARE CAPITAL The Fonds Class A shares are puttable (redeemable at the option of the holder), subject to certain conditions, and are classified in net assets as they have all the following features: they entitle the holder to a pro rata share of the Fonds net assets in the event of the Fonds liquidation; they are in a class of instruments that is subordinate to all other classes of instruments of the Fonds; they have features that are identical to those of all the other instruments of this class; FONDS DE SOLIDARITÉ DES TRAVAILLEURS DU QUÉBEC (F.T.Q.) 9

NOTES TO FINANCIAL STATEMENTS 2. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) 12. SHARE CAPITAL (CONTINUED) apart from the contractual obligation for the Fonds to repurchase or redeem the instrument for cash or another financial asset, they do not include any contractual obligation to deliver cash or another financial asset to another entity, or to exchange financial assets or financial liabilities with another entity under conditions that are potentially unfavourable to the entity, and they are not a contract that will or may be settled in the Fonds own equity instruments; the total expected cash flows attributable to the shares over their life are based substantially on the change in net assets. Share issues and redemptions are recognized as transactions on net assets. The consideration received for share issues is included in share capital. Share redemptions are recognized when the requests are approved under redemption criteria at the current redemption value, and shares are derecognized based on average cost. 13. FUNCTIONAL CURRENCY AND FOREIGN CURRENCY TRANSLATION The Canadian dollar is the functional currency and the reporting currency of the Fonds. Transactions in foreign currencies are translated into the functional currency at the exchange rate prevailing at the transaction date. Assets and liabilities denominated in foreign currencies are translated into the functional currency at the exchange rate prevailing at the reporting date. Translation differences related to cash are presented as translation differences on cash, and other translation differences are presented in net income under Gains (losses) on development capital investments, other investments and investment property. 14. REVENUE RECOGNITION a) Interest Interest revenue is recognized on an accrual basis using the effective rate method. Amortization of premiums and discounts under this method is recognized under Interest. b) Dividends and distributions Non-cumulative dividends are recognized when they are declared, while cumulative dividends are recognized on an accrual basis. Distributions are recognized when they are received. c) Rental, fee and other income Rental income is recognized on a straight-line basis over the term of the lease, while fee and other income are recognized on an accrual basis. d) Gains and losses on development capital investments, other investments and investment property Realized gains and losses on disposals of development capital investments and other investments are recognized at the time of sale. The amount of such gains and losses is the difference between the proceeds of disposal and average cost. Unrealized gains and losses on the measurement to fair value of financial instruments and investment property are recognized in net income at the time of measurement to fair value. 15. INCOME TAXES The income tax expense comprises the current tax expense and the deferred tax expense. Income taxes are recognized in net income unless they relate to items that are recognized directly in Other comprehensive income or net assets; in such case, income taxes are also recognized directly in Other comprehensive income or net assets, respectively. Current income tax is the amount of income tax payable in respect of the taxable income for the period, calculated using the tax rates that have been enacted or substantively enacted by the end of the reporting period, and any adjustments to income taxes related to prior periods. Deferred income tax is recognized for the temporary differences between the tax bases of assets and liabilities and their carrying amounts in the financial statements. Deferred income tax is calculated on a non-discounted basis using the tax rates and tax laws that have been enacted or substantively enacted by the end of the reporting period and that are expected to apply to the period when the deferred tax asset is realized or the deferred tax liability is settled. A deferred tax asset is recognized only to the extent that it is probable that future taxable income will be available against which the deductible temporary differences can be utilized. FONDS DE SOLIDARITÉ DES TRAVAILLEURS DU QUÉBEC (F.T.Q.) 10

NOTES TO FINANCIAL STATEMENTS 2. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) 15. INCOME TAXES (CONTINUED) The Fonds is subject to federal and Québec income taxes. It is also subject to the tax rules applicable to mutual fund corporations. For purposes of the federal income tax, the Fonds can, in particular, receive a refund of the income taxes paid on its capital gains by redeeming its shares or by transferring amounts from retained earnings to share capital. The Fonds considers itself, in substance, exempted from federal income tax related to capital gains for purposes of applying IFRS and, accordingly, does not recognize any deferred tax liability for unrealized net gains on development capital investments, other investments and investment property nor any corresponding deferred tax asset for unrealized recoveries resulting from the tax mechanisms related to refundable capital gains tax on hand. 16. NET INCOME PER CLASS A SHARE Net income per share is calculated by dividing net income by the weighted average number of Class A shares outstanding during the year. 17. ACCOUNTING STANDARDS ISSUED BUT NOT YET ADOPTED As at the date of authorization of these financial statements, new standards and amendments to existing standards had been issued by the International Accounting Standards Board but were not effective. Information on those that might be relevant to the financial statements of the Fonds is provided below. a) IFRS 9 Financial Instruments The IASB issued the final version of the financial instrument standard dealing with classification, measurement, impairment and hedge accounting. This standard is effective for annual periods beginning on or after January 1, 2018. The Fonds is currently assessing the impact of applying this standard. b) IFRS 15 Revenue from Contracts with Customers The IASB issued IFRS 15, which supersedes IAS 18 Revenue and IAS 11 Construction Contracts. This new standard establishes a single, comprehensive revenue recognition model for all contracts with customers other than those that are within the scope of other standards, such as financial instruments. The core principle of this new standard is that revenue recognition should depict the transfer of goods or services in an amount that reflects the consideration received or expected to be received in exchange for these goods or services. The new standard also provides more guidance on certain types of transactions and will result in an increase in disclosures related to revenue. This standard is effective for annual periods beginning on or after January 1, 2017. However, the IASB has proposed to postpone the effective date to January 1, 2018, but this postponement has not yet been adopted. The Fonds is currently assessing the impact of applying this standard. 3. CRITICAL ACCOUNTING ESTIMATES AND JUDGMENTS The preparation of financial statements in accordance with IFRS requires using accounting estimates and judgment when applying certain accounting policies. Changes to certain assumptions may have an impact on the financial statements for the year during which such changes are made. The Fonds believes that the underlying assumptions are appropriate and that, accordingly, its financial statements present fairly its financial position and performance. The following paragraphs present an analysis of the most significant critical accounting estimates and judgments made by the Fonds in preparing its financial statements. 1. FAIR VALUE MEASUREMENT OF FINANCIAL INSTRUMENTS THAT ARE NOT TRADED ON AN ACTIVE MARKET The Fonds must make assumptions and use estimates in measuring the fair value of financial instruments that are not traded on an active market. Judgments are made with respect to selecting valuation techniques and with respect to the assumptions used in these valuation techniques. Although these techniques use observable inputs to the extent practicable, fair value is also determined using unobservable market inputs that take into account the specific features of the financial instrument and any factor relevant to the measurement. Using unobservable inputs requires the Fonds qualified valuators to make judgments so that these inputs reflect the assumptions that market participants would use to determine fair value using the best information possible in the circumstances. FONDS DE SOLIDARITÉ DES TRAVAILLEURS DU QUÉBEC (F.T.Q.) 11

NOTES TO FINANCIAL STATEMENTS 3. CRITICAL ACCOUNTING ESTIMATES AND JUDGMENTS (CONTINUED) 1. FAIR VALUE MEASUREMENT OF FINANCIAL INSTRUMENTS THAT ARE NOT TRADED ON AN ACTIVE MARKET (CONTINUED) The Fonds considers observable inputs to be market data that is readily available, regularly distributed and updated, reliable and verifiable, not proprietary and provided by independent sources that are actively involved in the relevant market. Fair value reflects market conditions on a given date and, as such, may not be representative of future fair values. In accordance with the Regulation Respecting Development Capital Investment Fund Continuous Disclosure issued by the Autorité des marchés financiers, the Fonds implemented various controls and procedures to ensure that financial instruments are appropriately and reliably measured. To measure financial instruments at fair value in accordance with the valuation principles adopted by the Fonds, the Fonds team of qualified valuators monitor twice a year the performance of the companies in the portfolio and are continuously looking for information on the business and operations of the companies being valued. Where appropriate, the qualified valuators monitor data on comparable companies, the results of recent transactions and the ratings of instruments issued by similar companies. Except in the case of listed public companies, any relevant information related to fair value measurements is submitted to an independent valuation committee composed of a majority of qualified valuators independent from the Fonds, as required by the Regulation Respecting Development Capital Investment Fund Continuous Disclosure. This committee reviews this information and submits a written report to the Audit Committee, which must examine the compliance of the financial statements. The President and Chief Executive Officer as well as the Executive Vice-President, Finance, sign a certification for the Audit Committee on the valuation of development capital investments that is filed with the Autorité des marchés financiers. This certification confirms, in particular, the reasonableness of the aggregate fair value of the development capital investments portfolio. 2. FAIR VALUE MEASUREMENT OF THE INVESTMENT PROPERTY The Fonds must make assumptions and use estimates in measuring the fair value of its investment property. These assumptions include the internal rate of return and the capitalization rate. The investment property is measured based on its highest and best use. The Fonds uses a firm of independent real estate appraisal experts to determine fair value and approves the reasonableness of the assumptions used. 3. MEASUREMENT OF THE NET DEFINED BENEFIT LIABILITY The Fonds must make assumptions for using statistical data and other parameters to measure the net defined benefit liability. These assumptions include the discount rate for the pension obligation and for calculating the expected return on plan assets, the expected rate of increase in salaries and the mortality table used. Should the actuarial assumptions be materially different from the actual data observed subsequently, the plan cost recognized in Other comprehensive income as well as the net defined benefit liability presented on the Balance Sheet could substantially change. 4. FINANCIAL INSTRUMENT RISKS Risks arising from financial instruments are an integral part of the audited financial statements and are discussed in the audited Risk management section of the Management Discussion and Analysis for the Year Ended May 31, 2015, which is available at the Fonds head office, on its website at fondsftq.com or at sedar.com. FONDS DE SOLIDARITÉ DES TRAVAILLEURS DU QUÉBEC (F.T.Q.) 12

NOTES TO FINANCIAL STATEMENTS 5. DEVELOPMENT CAPITAL INVESTMENTS The audited Statement of Development Capital Investments, at Cost, is available at the Fonds head office, on its website at fondsftq.com or at sedar.com. Unrealized appreciation (in thousands $) Cost (depreciation) Fair value May 31, 2015 Unsecured Listed shares 768,070 161,207 929,277 Unlisted shares and units 2,846,408 755,334 3,601,742 Loans, bonds and advances 1,552,409 8,261 1,560,670 Secured Loans 2,638-2,638 5,169,525 924,802 6,094,327 May 31, 2014 Unsecured Listed shares 657,394 194,313 851,707 Unlisted shares and units 2,583,215 470,761 3,053,976 Loans, bonds and advances 1,522,159 5,086 1,527,245 Secured Loans and advances 30,988 (20,113) 10,875 4,793,756 650,047 5,443,803 June 1, 2013 Unsecured Listed shares 761,142 114,403 875,545 Unlisted shares and units 2,454,011 353,550 2,807,561 Loans, bonds and advances 1,612,955 (181) 1,612,774 Secured Loans and advances 11,590 (1,114) 10,476 4,839,698 466,658 5,306,356 Development capital investments include securities denominated in foreign currencies, mainly the U.S. dollar, with a fair value of $452.5 million (May 31, 2014: $394.4 million; June 1, 2013: $287.4 million). Investment agreements may include clauses providing for conversion and redemption options. Thus, in the normal course of business, the Fonds may exercise these options and make non-monetary exchanges of financial instruments. FONDS DE SOLIDARITÉ DES TRAVAILLEURS DU QUÉBEC (F.T.Q.) 13

NOTES TO FINANCIAL STATEMENTS 5. DEVELOPMENT CAPITAL INVESTMENTS (CONTINUED) 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 May 31, 2015 Unsecured 81,878 310,498 685,503 482,791 1,560,670 Average effective rate (%) 7.6 1.3 1 7.6 7.2 Secured 138 2,500 2,638 Average effective rate (%) 13.0 6.4 May 31, 2014 Unsecured 75,999 296,909 584,879 569,458 1,527,245 Average effective rate (%) 7.1 1.0 1 7.0 5.5 Secured 4,110 1,031 5,734 10,875 Average effective rate (%) 14.0 5.2 8.9 June 1, 2013 Unsecured 100,685 342,346 628,564 541,179 1,612,774 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 1. This average rate includes non-interest bearing advances to a wholly-owned company repayable on demand of $253.8 million (May 31, 2014: $258.2 million; June 1, 2013: $268.9 million). Excluding these advances, the average effective rate would be 8.1% (May 31, 2014: 8.7%; June 1, 2013: 8.4%). FONDS DE SOLIDARITÉ DES TRAVAILLEURS DU QUÉBEC (F.T.Q.) 14

NOTES TO FINANCIAL STATEMENTS 5. DEVELOPMENT CAPITAL INVESTMENTS (CONTINUED) BREAKDOWN BY INDUSTRY SEGMENT Information (in thousands $) Energy and materials Industrials Consumer discretionary and consumer staples Financials and utilities technology, telecommunications services and healthcare Total May 31, 2015 Cost 571,931 893,424 1,003,051 2,046,577 654,542 5,169,525 Unrealized appreciation (depreciation) 51,642 73,234 261,650 557,929 (19,653) 924,802 Fair value 623,573 966,658 1,264,701 2,604,506 634,889 6,094,327 Funds committed but not disbursed 1 104,600 187,894 135,689 222,068 357,791 1,008,042 Guarantees and suretyships 2 9,655 9,655 728,173 1,154,552 1,410,045 2,826,574 992,680 7,112,024 May 31, 2014 Cost 528,093 721,573 917,995 1,982,376 643,719 4,793,756 Unrealized appreciation (depreciation) 19,895 104,398 208,712 441,101 (124,059) 650,047 Fair value 547,988 825,971 1,126,707 2,423,477 519,660 5,443,803 Funds committed but not disbursed 1 110,366 89,549 102,758 223,837 436,500 963,010 Guarantees and suretyships 2 8,227 8,227 658,354 915,520 1,237,692 2,647,314 956,160 6,415,040 June 1, 2013 Cost 539,299 701,695 937,292 2,040,819 620,593 4,839,698 Unrealized appreciation (depreciation) 7,876 80,471 81,010 463,539 (166,238) 466,658 Fair value 547,175 782,166 1,018,302 2,504,358 454,355 5,306,356 Funds committed but not disbursed 1 105,000 88,443 91,083 141,044 412,116 837,686 Guarantees and suretyships 2 7,814 7,814 652,175 870,609 1,117,199 2,645,402 866,471 6,151,856 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 the reporting date. Disbursements are subject to compliance with the agreement s terms and conditions. Of funds committed but not disbursed, an amount of $234.8 million (May 31, 2014: $278.1 million; June 1, 2013: $171.8 million) represents credit facilities and project financing for operating companies, having a weighted average maturity of 30 months (May 31, 2014: 20 months; June 1, 2013: 18 months); and an amount of $773.2 million (May 31, 2014: $684.9 million; June 1, 2013: $665.9 million) represents commitments that will be disbursed to specialized funds in tranches, having a weighted average maturity of 7.8 years (May 31, 2014: 7.2 years; June 1, 2013: 8.1 years). Commitments amounting to $186.2 million (May 31, 2014: $189.5 million; June 1, 2013: $103.6 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. FONDS DE SOLIDARITÉ DES TRAVAILLEURS DU QUÉBEC (F.T.Q.) 15

NOTES TO FINANCIAL STATEMENTS 5. DEVELOPMENT CAPITAL INVESTMENTS (CONTINUED) GUARANTEES AND SURETYSHIPS The Fonds granted guarantees and suretyships for operating activities and operating lines of credit purposes, without recourse, 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. As at May 31, 2015, May 31, 2014 and June 1, 2013, there are no provisions related to guarantees and suretyships. 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 expenses. 6. OTHER INVESTMENTS The unaudited Statement of Other Investments is available at the Fonds head office, on its website at fondsftq.com or at sedar.com. Unrealized appreciation (in thousands $) Cost (depreciation) Fair value May 31, 2015 Listed shares and unlisted units 2,183,840 576,379 2,760,219 Bonds 2,320,097 117,936 2,438,033 Money market instruments 185,074 77 185,151 4,689,011 694,392 5,383,403 Derivative financial instruments - 172 172 4,689,011 694,564 5,383,575 May 31, 2014 Listed shares and unlisted units 2,168,611 310,678 2,479,289 Hedge fund units 25,097 388 25,485 Bonds 2,431,186 78,575 2,509,761 Money market instruments 59,803 52 59,855 4,684,697 389,693 5,074,390 Derivative financial instruments - 817 817 4,684,697 390,510 5,075,207 June 1, 2013 Listed shares and unlisted units 1,665,829 69,420 1,735,249 Hedge fund units 242,630 4,663 247,293 Bonds 2,325,705 65,971 2,391,676 Money market instruments 848 1 849 4,235,012 140,055 4,375,067 Derivative financial instruments 1,492 2,989 4,481 4,236,504 143,044 4,379,548 Other investments include securities denominated in foreign currencies with a fair value of $2,062.4 million (May 31, 2014: $1,847.1 million; June 1, 2013: $1,522.3 million), mainly including $1,192.4 million (May 31, 2014: $1,020.9 million; June 1, 2013: $910.3 million) in U.S. dollars, $201.0 million (May 31, 2014: $199.3 million; June 1, 2013: $199.8 million) in euros, $199.0 million (May 31, 2014: $172.4 million; June 1, 2013: $92.4 million) in yens and $166.4 million (May 31, 2014: $167.0 million; June 1, 2013: $180.6 million) in pounds sterling. FONDS DE SOLIDARITÉ DES TRAVAILLEURS DU QUÉBEC (F.T.Q.) 16

NOTES TO FINANCIAL STATEMENTS 6. OTHER INVESTMENTS (CONTINUED) BREAKDOWN BY MATURITY BONDS (in thousands $) Less than 1 year 1 to 5 years 5 to 10 years 10 to 20 years 20 to 30 years 30 years and more Total May 31, 2015 Fair value 55,750 691,773 811,750 382,468 328,021 168,271 2,438,033 Cost 55,587 675,473 787,124 343,566 299,717 158,630 2,320,097 Par value 55,147 664,944 749,833 297,639 259,329 152,431 2,179,323 Average effective rate (%) 1.5 2.1 2.7 3.8 3.6 3.7 2.8 Average nominal rate (%) 2.6 2.7 3.5 5.2 4.6 3.9 3.6 May 31, 2014 Fair value 163,631 740,105 707,059 427,440 342,574 128,952 2,509,761 Cost 163,844 725,050 686,243 409,063 323,215 123,771 2,431,186 Par value 162,896 711,707 671,306 363,711 295,539 123,609 2,328,768 Average effective rate (%) 1.5 2.4 3.2 3.7 4.2 3.9 3.1 Average nominal rate (%) 2.5 3.1 3.6 4.8 4.9 3.9 3.7 June 1, 2013 Fair value 84,080 739,268 783,978 310,227 361,787 112,336 2,391,676 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 MONEY MARKET INSTRUMENTS (in thousands $) Less than 1 month 1 to 6 months 6 months and more Total May 31, 2015 Fair value 78,683 104,481 1,987 185,151 Average effective rate (%) 0.8 0.8 0.7 0.8 May 31, 2014 Fair value 59,565 290 59,855 Average effective rate (%) 1.0 1.0 1.0 June 1, 2013 Fair value 90 759 849 Average effective rate (%) 1.0 1.0 1.0 FONDS DE SOLIDARITÉ DES TRAVAILLEURS DU QUÉBEC (F.T.Q.) 17

NOTES TO FINANCIAL STATEMENTS 6. OTHER INVESTMENTS (CONTINUED) BREAKDOWN BY MATURITY (CONTINUED) DERIVATIVE FINANCIAL INSTRUMENTS (in thousands $) Less than 1 month 1 to 6 months 6 months and more Total May 31, 2015 Fair value 1 Listed stock index option contracts Written put options (27) (97) (124) Foreign currency forward contracts (1,495) (1,495) Interest rate forward contracts (184) (184) Stock index futures - - (1,522) (281) (1,803) Notional amount Listed stock index option contracts Written put options 2,361 4,652 7,013 Foreign currency forward contracts 50,925 50,925 Interest rate forward contracts 72,483 72,483 Stock index futures 10,382 10,382 31 mai 2014 Fair value 1 Foreign currency forward contracts Purchases (4) (4) Sales 413 413 Interest rate futures - - - - Interest rate forward contracts 144 144 Stock index futures - - - 553 - - 553 Notional amount Foreign currency forward contracts Purchases 1,481 1,481 Sales 81,487 81,487 Interest rate futures 16,228 78,369 1,516,453 1,611,050 Interest rate forward contracts 56,981 56,981 Stock index futures 66,511 6,745 73,256 1. The fair value of instruments with positive values is $0.2 million (May 31, 2014: $0.8 million; June 1, 2013: $4.5 million) and is presented under Other investments. The fair value of those with negative values is $2.0 million (May 31, 2014: $0.3 million; June 1, 2013: $19.7 million) and is presented under Accounts payable. FONDS DE SOLIDARITÉ DES TRAVAILLEURS DU QUÉBEC (F.T.Q.) 18

NOTES TO FINANCIAL STATEMENTS 6. OTHER INVESTMENTS (CONTINUED) BREAKDOWN BY MATURITY (CONTINUED) DERIVATIVE FINANCIAL INSTRUMENTS (CONTINUED) (in thousands $) Less than 1 month 1 to 6 months 6 months and more Total June 1, 2013 Fair value 1 Unlisted share option contracts Purchased put options 750 750 Written put options (2,327) (2,327) Listed index stock 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 share option contracts Purchased put options 18,900 18,900 Written put options 31,500 31,500 Listed index stock 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 1. The fair value of instruments with positive values is $0.2 million (May 31, 2014: $0.8 million; June 1, 2013: $4.5 million) and is presented under Other investments. The fair value of those with negative values is $2.0 million (May 31, 2014: $0.3 million; June 1, 2013: $19.7 million) and is presented under Accounts payable. FONDS DE SOLIDARITÉ DES TRAVAILLEURS DU QUÉBEC (F.T.Q.) 19

NOTES TO FINANCIAL STATEMENTS 6. OTHER INVESTMENTS (CONTINUED) BREAKDOWN OF FAIR VALUE BY INDUSTRY SEGMENT Information (in thousands $) Energy and materials Consumer discretionary and consumer staples Financials and utilities Industrials technology, telecommunications services and healthcare Governments and government agencies Total May 31, 2015 Listed shares and unlisted units 466,610 252,632 570,021 732,508 738,448 2,760,219 Bonds 81,714 46,424 74,609 621,771 55,550 1,557,965 2,438,033 Money market instruments 14,993 9,999 7,984 152,175 185,151 Fair value 563,317 299,056 644,630 1,364,278 801,982 1,710,140 5,383,403 Funds committed but not disbursed 1 20,234 20,234 563,317 299,056 644,630 1,384,512 801,982 1,710,140 5,403,637 May 31, 2014 Listed shares, unlisted units and hedge fund units 502,645 220,701 468,003 738,581 574,844 2,504,774 Bonds 101,305 38,474 66,687 600,923 59,545 1,642,827 2,509,761 Money market instruments 6,999 52,856 59,855 Fair value 603,950 259,175 534,690 1,346,503 634,389 1,695,683 5,074,390 Funds committed but not disbursed 1 19,102 19,102 603,950 259,175 534,690 1,365,605 634,389 1,695,683 5,093,492 June 1, 2013 Listed shares, unlisted units and hedge fund units 752,823 270,143 681,827 277,749 1,982,542 Bonds 87,007 42,613 34,518 545,758 81,026 1,600,754 2,391,676 Money market instruments 849 849 Fair value 839,830 42,613 304,661 1,227,585 358,775 1,601,603 4,375,067 Funds committed but not disbursed 1 16,903 16,903 839,830 42,613 304,661 1,244,488 358,775 1,601,603 4,391,970 1. 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 the reporting date. Disbursements are subject to compliance with the agreement s terms and conditions. These commitments, having a weighted average maturity of 5.6 years (May 31, 2014: 6.6 years; June 1, 2013: 7.4 years), are denominated in U.S. dollars. FONDS DE SOLIDARITÉ DES TRAVAILLEURS DU QUÉBEC (F.T.Q.) 20

NOTES TO FINANCIAL STATEMENTS 7. OFFSETTING OF FINANCIAL INSTRUMENTS The Fonds entered into International Swaps & Derivatives Association Inc. ( ISDA ) enforceable master netting arrangements with the majority of counterparties with which it trades derivative financial instruments over the counter. These master arrangements may make it possible to apply full netting of over-the-counter derivative financial instrument transactions. Derivative financial instruments subject to enforceable master netting arrangements are presented in the financial statements before offsetting. The fair value of derivative financial instrument assets subject to such arrangements is $0.2 million (May 31, 2014: $0.3 million; June 1, 2013: $1.9 million), and the fair value of derivative financial instrument liabilities subject to such arrangements is $2.0 million (May 31, 2014: $0.3 million; June 1, 2013: $7.4 million). For securities purchased under reverse repurchase agreements and securities sold under repurchase agreements, the Fonds receives from or pledges to the counterparty collateral to manage credit risk. In the event of default, amounts related to a specific counterparty may be settled on a net basis under the Global Master Repurchase Agreement. As at May 31, 2015, May 31, 2014 and June 1, 2013, none of these amounts was set off in the Balance Sheet. 8. FAIR VALUE OF FINANCIAL INSTRUMENTS 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 the most representative price within the bid-ask spread observed on active markets for identical 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. (in thousands $) Level 1 Level 2 Level 3 Total May 31, 2015 Financial assets Development capital investments Unsecured Listed shares 929,204 73 929,277 Unlisted shares and units 3,601,742 3,601,742 Loans, bonds and advances 471,073 1,089,597 1,560,670 Secured Loans 2,638 2,638 Other investments 929,204 471,146 4,693,977 6,094,327 Listed shares and unlisted units 2,709,312 50,907 2,760,219 Bonds 2,426,699 11,334 2,438,033 Money market instruments 185,151 185,151 Derivative financial instruments - 172 172 2,709,312 2,612,022 62,241 5,383,575 Accounts receivable relating to development capital investments and other investments sold 154,160 154,160 Cash 17,734 17,734 Financial instruments related to securities sold under repurchase agreements 256,810 256,810 Financial liabilities Accounts payable relating to development capital investments and other investments purchased (130,961) (130,961) Derivative financial instruments (124) (1,851) (1,975) Securities sold under repurchase agreements (256,810) (256,810) FONDS DE SOLIDARITÉ DES TRAVAILLEURS DU QUÉBEC (F.T.Q.) 21

NOTES TO FINANCIAL STATEMENTS 8. FAIR VALUE OF FINANCIAL INSTRUMENTS (CONTINUED) (in thousands $) Level 1 Level 2 Level 3 Total May 31, 2014 Financial assets Development capital investments Unsecured Listed shares 851,654 53 851,707 Unlisted shares and units 3,053,976 3,053,976 Loans, bonds and advances 451,101 1,076,144 1,527,245 Secured Loans and advances 10,875 10,875 Other investments 851,654 451,154 4,140,995 5,443,803 Listed shares and unlisted units 2,428,238 51,051 2,479,289 Hedge fund units 25,485 25,485 Bonds 2,498,500 11,261 2,509,761 Money market instruments 59,855 59,855 Derivative financial instruments - 817 817 2,428,238 2,559,172 87,797 5,075,207 Accounts receivable relating to development capital investments and other investments sold 121,547 121,547 Cash 15,939 15,939 Securities purchased under reverse repurchase 254,980 254,980 Financial agreements instruments related to securities sold under repurchase agreements 101,252 101,252 Financial liabilities Accounts payable relating to development capital investments and other investments purchased 122,121 122,121 Derivative financial instruments (264) (264) Securities sold under repurchase agreements (356,232) (356,232) FONDS DE SOLIDARITÉ DES TRAVAILLEURS DU QUÉBEC (F.T.Q.) 22

NOTES TO FINANCIAL STATEMENTS 8. FAIR VALUE OF FINANCIAL INSTRUMENTS (CONTINUED) (in thousands $) Level 1 Level 2 Level 3 Total June 1, 2013 Financial assets Development capital investments Unsecured Listed shares 875,162 383-875,545 Unlisted shares and units 2,807,561 2,807,561 Loans, bonds and advances 442,405 1,170,369 1,612,774 Secured Loans and advances 10,476 10,476 Other investments 875,162 442,788 3,988,406 5,306,356 Listed shares and unlisted units 1,677,809 57,440 1,735,249 Hedge funds units 247,293 247,293 Bonds 2,380,940 10,736 2,391,676 Money market instruments 849 849 Derivative financial instruments 256 4,225 4,481 1,678,065 2,386,014 315,469 4,379,548 Accounts receivable relating to development capital investments and other investments sold 159,421 159,421 Cash 9,172 9,172 Securities purchased under reverse repurchase 274,123 274,123 Financial agreements instruments related to securities sold under repurchase agreements 148,819 148,819 Financial liabilities Accounts payable relating to development capital investments and other investments purchased 185,862 185,862 Derivative financial instruments (332) (19,397) (19,729) Securities sold under repurchase agreements (422,942) (422,942) FONDS DE SOLIDARITÉ DES TRAVAILLEURS DU QUÉBEC (F.T.Q.) 23

NOTES TO FINANCIAL STATEMENTS 8. FAIR VALUE OF FINANCIAL INSTRUMENTS (CONTINUED) The following tables show the reconciliation from beginning balances to ending balances for Level 3 fair values. There were no transfers between Levels 1 and 2 during the year. Transfers between levels are deemed to occur when the underlying information or the prices used in measuring assets and liabilities become more or less dependent on observable market data, as it is previously mentioned in the determination of Levels 1, 2 and 3 of the fair value hierarchy for the Fonds. DEVELOPMENT CAPITAL INVESTMENTS Unlisted shares Loans, bonds and advances (in thousands $) and units Unsecured Secured Total May 31, 2015 Fair value as at May 31, 2014 3,053,976 1,076,144 10,875 4,140,995 Purchases 370,678 177,267 1,323 549,268 Sales and settlements (118,745) (131,503) (13,971) (264,219) Realized gains (losses) 11,260 73 (15,702) (4,369) Unrealized gains (losses) 284,573 (2,384) 20,113 302,302 Transfer of a financial instrument out of Level 3 (30,000) 1 (30,000) Fair value as at May 31, 2015 3,601,742 1,089,597 2,638 4,693,977 Unrealized gains (losses) on development capital investments held as at May 31, 2015 280,957 (4,799) 95 276,253 May 31, 2014 Fair value as at May 31, 2013 2,807,561 1,170,369 10,476 3,988,406 Purchases 224,397 182,695 23,555 430,647 Sales and settlements (83,294) (267,476) (3,346) (354,116) Realized gains (losses) (11,899) (1,540) (811) (14,250) Unrealized gains (losses) 117,211 15,235 (18,999) 113,447 Transfer of a financial instrument out of Level 3 (23,139) 1 (23,139) Fair value as at May 31, 2014 3,053,976 1,076,144 10,875 4,140,995 Unrealized gains (losses) on development capital investments held as at May 31, 2014 96,775 6,205 (19,809) 83,171 1. The transfer from Level 3 to Level 2 was made as the measurement method is now based on observable market inputs. FONDS DE SOLIDARITÉ DES TRAVAILLEURS DU QUÉBEC (F.T.Q.) 24

NOTES TO FINANCIAL STATEMENTS 8. FAIR VALUE OF FINANCIAL INSTRUMENTS (CONTINUED) OTHER INVESTMENTS (in thousands $) May 31, 2015 Listed shares and unlisted units Hedge fund units Bonds Total Fair value as at May 31, 2014 51,051 25,485 11,261 87,797 Purchases 749 749 Sales and settlements (8,497) (25,868) (34,365) Realized gains (losses) (66) 988 922 Unrealized gains (losses) 7,670 (605) 73 7,138 Fair value as at May 31, 2015 50,907 11,334 62,241 Unrealized gains (losses) on other investments held as at May 31, 2015 7,441 73 7,514 May 31, 2014 Fair value as at May 31, 2013 57,440 247,293 10,736 315,469 Purchases 817 22,361 23,178 Sales and settlements (13,818) (247,567) (1) (261,386) Realized gains(losses) 8,046 7,673-15,719 Unrealized gains (losses) (1,434) (4,275) 526 (5,183) Fair value as at May 31, 2014 51,051 25,485 11,261 87,797 Unrealized gains (losses) on other investments held as at May 31, 2014 (1,434) 1,888 526 980 USE OF UNOBSERVABLE INPUTS IN MEASURING LEVEL 3 FINANCIAL INSTRUMENTS Level 3 financial instruments are measured at fair value using valuation techniques and models that incorporate assumptions derived from unobservable market inputs. The following table shows the main techniques and inputs used in measuring the fair value of financial instruments categorized within Level 3. Fair value (in thousands $) Main valuation techniques Unobservable inputs Input value ranges (weighted average) May 31, 2015 Development capital investments Unlisted shares and units 598,342 Capitalized cash flows Capitalization rate 5.2% - 12.7% (7.8%) EBITDA margin % 1 5.7% - 40.1% (15.9%) 2,460,854 Adjusted net assets Adjusted net assets N/A 2 335,265 Recent transactions - - 207,281 Other 3 - - Loans, bonds and advances 810,415 Discounted cash flows Required rate of return 3.0% - 15.0% (8.6%) 253,821 Adjusted net assets Adjusted net assets N/A 2 27,999 Other - - 4,693,977 Other investments Unlisted units 50,907 Manager s quote - - Bonds 11,334 Other - - 62,241 FONDS DE SOLIDARITÉ DES TRAVAILLEURS DU QUÉBEC (F.T.Q.) 25

NOTES TO FINANCIAL STATEMENTS 8. FAIR VALUE OF FINANCIAL INSTRUMENTS (CONTINUED) USE OF UNOBSERVABLE INPUTS IN MEASURING LEVEL 3 FINANCIAL INSTRUMENTS (CONTINUED) Fair value (in thousands $) Main valuation techniques Unobservable inputs Input value ranges (weighted average) May 31, 2014 Development capital investments Unlisted shares and units 1,035,939 Capitalized cash flows Capitalization rate 5.9% - 14.5% (8.8%) EBITDA margin % 1 4.1% - 42.4% (16.8%) 1,704,547 Adjusted net assets Adjusted net assets N/A 2 94,251 Recent transactions - - 219,239 Other 3 - - Loans, bonds and advances 811,817 Discounted cash flows Required rate of return 2.6% - 18.0% (7.8%) Other investments 258,182 Adjusted net assets Adjusted net assets N/A 2 17,020 Other - - 4,140,995 Unlisted units 51,051 Manager s quote - - Hedge fund units 25,485 Manager s quote - - Bonds 11,261 Other - - June 1, 2013 Development capital investments 87,797 Unlisted shares and units 395,100 Capitalized cash flows Capitalization rate 5.7% - 16.3% (9.1%) EBITDA margin % 1 4.4% - 31.8% (15.3%) 1,670,748 Adjusted net assets Adjusted net assets N/A 2 486,647 Recent transactions - - 255,066 Other 3 - - # Loans, bonds and advances 835,070 Discounted cash flows Required rate of return 3.0% - 18.0% (8.6%) Other investments 316,187 Adjusted net assets Adjusted net assets N/A 2 29,588 Other - - 3,988,406 Unlisted units 57,440 Manager s quote - - Hedge fund units 247,293 Manager s quote - - Bonds 10,736 Other - - 315,469 1. As a result of the high variety in sizes of the companies in the portfolio, maintainable flows are presented as a percentage of earnings before interest, taxes, depreciation and amortization (EBITDA) over sales. 2. Since the nature and size of adjustments to net assets vary greatly between investments, no input range is presented for adjusted net assets. 3. Other valuation techniques include the expected transaction value, redemption value, discounted cash flow, liquidation and bid value methods. FONDS DE SOLIDARITÉ DES TRAVAILLEURS DU QUÉBEC (F.T.Q.) 26

NOTES TO FINANCIAL STATEMENTS 8. FAIR VALUE OF FINANCIAL INSTRUMENTS (CONTINUED) SENSITIVITY OF THE FAIR VALUE OF FINANCIAL INSTRUMENTS CATEGORIZED WITHIN LEVEL 3 Our sensitivity analyses on loans and advances lead us to conclude that a +/- 0.50% change in the required rate of return would result in a change in fair value that would not be material to net income and total assets and liabilities. Although management believes that its fair value measurements are appropriate, for unlisted shares and units measured using the capitalized cash flow method, using different variables related to maintainable EBITDA and capitalization rate would result in an increase or a decrease in fair value that could be material in certain cases. In practice, the Fonds qualified valuators determine a range of plausible values for each of the securities being valued and the mid-range point is generally used for preparing financial statements. Accordingly, for a given investment, the low end of the range reflects the worst-case scenario, while the high end of the range reflects the best-case scenario. This practice is the most common method used to estimate the financial impact of changing the main assumptions by other reasonably acceptable assumptions. According to management, the increase or decrease in the value of unlisted shares and units is theoretical and unlikely, as the diversification of the portfolio with respect to industries, maturities and sizes is such that the value of investments is not moving solely in one direction. Consequently, management believes that only a portion of the increase or decrease in value should be used to estimate the impact of using alternative assumptions on the fair value of unlisted shares and units measured using the capitalized cash flow method. Management determined that using reasonably plausible alternative assumptions would not change fair value significantly. 9. INVESTMENTS IN SUBSDIARIES AND ASSOCIATES Further to its quantitative and qualitative analyses, management determined that the Fonds controls or exercises significant influence over operating companies and investment entities: May 31, 2015 May 31, 2014 June 1, 2013 Number Fair value (in thousands $) Number Fair value (in thousands $) Number Fair value (in thousands $) Subsidiaries Operating companies 16 1,107,181 16 793,368 17 836,838 Investment entities 15 1,002,662 30 1,149,949 31 1,123,706 Associates Operating companies 65 796,314 59 498,036 59 477,405 Investment entities 28 294,403 27 254,457 29 232,113 The principal place of business of the majority of subsidiaries and associates is in Québec. The proportion of ownership interests held by the Fonds is greater than 50% for subsidiaries and between 20% and 49% for associates. Interests in the share capital of operating companies are in the form of common shares, while interests in investment entities are in the form of units. Funds committed but not disbursed to subsidiaries amount to $133.4 million (May 31, 2014: $140.9 million; June 1, 2013: $140.7 million). In certain circumstances, some conditions could restrict the ability of a subsidiary to transfer amounts to the Fonds: for instance, compliance with certain ratios or approval of a payment by another financial institution or other shareholders. However, the Fonds considers that there are no significant restrictions to these transfers, except for one subsidiary operating in the insurance industry. In that case, laws and regulations do not allow the Fonds to receive dividends, redeem its shares or obtain repayment of its loans without approval by the Autorité des marchés financiers. When the Fonds controls an investment entity, it must also take into account in its scope of subsidiaries and associates those of that investment entity. Accordingly, as at May 31, 2015, the Fonds indirectly had 83 additional subsidiaries and 105 additional associates under this criteria (May 31, 2014: 83 subsidiaries and 105 associates; June 1, 2013: 92 subsidiaries and 101 associates). FONDS DE SOLIDARITÉ DES TRAVAILLEURS DU QUÉBEC (F.T.Q.) 27

NOTES TO FINANCIAL STATEMENTS 10. SECURITIES LENDING As part of the securities lending program, the Fonds receives, in exchange for the securities loaned, guarantees or assets, mainly government and corporate bonds, 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 ranges from 102% to 105% as at May 31, 2015 (May 31, 2014: from 102% to 105%; June 1, 2013: 102%) and the fair value of the securities loaned is $418.3 million (May 31, 2014: $311.3 million; June 1, 2013: $83.6 million). 11. INVESTMENT PROPERTY The investment property held by the Fonds comprises rental space. The following table presents the changes in the fair value of the investment property for the years ended May 31. (in thousands $) 2015 2014 Balance at beginning of year 27,689 25,328 Increase in rental space 2,871 Change in fair value recognized in net income 816 2,361 Balance at end of year 31,376 27,689 UNOBSERVABLE INPUTS The investment property measured at fair value is an asset categorized within Level 3 of the fair value hierarchy, as significant unobservable inputs are used in the valuation techniques applied. Main unobservable inputs used in measuring the investment property are as follows: Fair value (in thousands $) Valuation techniques Unobservable inputs Input value May 31, 2015 Investment property 31,376 Discounted cash flows Internal rate of return 7.50% Capitalization rate 6.75% May 31, 2014 Investment property 27,689 Discounted cash flows Internal rate of return 7.50% Capitalization rate 6.75% June 1, 2013 Investment property 25,328 Discounted cash flows Internal rate of return 7.25% Capitalization rate 6.50% 12. ACCOUNTS RECEIVABLE (in thousands $) May 31, 2015 May 31, 2014 June 1, 2013 Accounts receivable relating to development capital investments and other investments sold 154,160 121,547 159,421 Accrued dividends and interest 64,854 73,580 71,597 Other 24,993 25,358 28,031 244,007 220,485 259,049 FONDS DE SOLIDARITÉ DES TRAVAILLEURS DU QUÉBEC (F.T.Q.) 28

NOTES TO FINANCIAL STATEMENTS 13. PROPERTY AND EQUIPMENT (in thousands $) Buildings Office furniture and equipment Computer hardware Total May 31, 2015 Cost 42,615 11,890 16,776 71,281 Accumulated depreciation (2,697) (9,049) (13,010) (24,756) Net carrying amount 39,918 2,841 3,766 46,525 Change during the year Net carrying amount as at May 31, 2014 41,099 2,556 3,923 47,578 Acquisitions 390 917 1,831 3,138 Disposals (214) - - (214) Depreciation (1,357) (632) (1,988) (3,977) Net carrying amount as at May 31, 2015 39,918 2,841 3,766 46,525 May 31, 2014 Cost 42,451 10,973 15,674 69,098 Accumulated depreciation (1,352) (8,417) (11,751) (21,520) Net carrying amount 41,099 2,556 3,923 47,578 Change during the year Net carrying amount as at May 31, 2013 42,393 2,275 4,315 48,983 Acquisitions 58 836 1,675 2,569 Disposals - - Depreciation (1,352) (555) (2,067) (3,974) Net carrying amount as at May 31, 2014 41,099 2,556 3,923 47,578 June 1, 2013 Cost 42,393 10,137 14,303 66,833 Accumulated depreciation - (7,862) (9,988) (17,850) Net carrying amount 42,393 2,275 4,315 48,983 As at May 31, 2015, May 31, 2014 and June 1, 2013, no item of property and equipment was impaired. In addition, as at May 31, 2015, May 31, 2014 and June 1, 2013, the Fonds had no significant contractual commitment for the acquisition of property and equipment. The depreciation expense is presented under Corporate in Total operating expenses in the Statement of Comprehensive Income. FONDS DE SOLIDARITÉ DES TRAVAILLEURS DU QUÉBEC (F.T.Q.) 29

NOTES TO FINANCIAL STATEMENTS 14. INTANGIBLE ASSETS Information system development (in thousands $) May 31, 2015 May 31, 2014 June 1, 2013 Cost 26,558 24,028 20,283 Accumulated amortization (20,091) (17,486) (15,689) Net carrying amount 6,467 6,542 4,594 Change during the year Net carrying amount at beginning of year 6,542 4,594 Acquisitions 2,530 3,745 Amortization (2,605) (1,797) Net carrying amount at the end of year 6,467 6,542 As at May 31, 2015, May 31, 2014 and June 1, 2013, no intangible asset was impaired. In addition, as at May 31, 2015, May 31, 2014 and June 1, 2013, the Fonds had no significant contractual commitment for the acquisition of intangible assets. The amortization expense is presented under Corporate in Total operating expenses in the Statement of Comprehensive Income. 15. NOTES The notes, which arise from excess liquidities of regional and local funds and of certain specialized funds, are repayable on demand and bear interest at a rate based on the rate of return of Other investments. As at May 31, 2015, May 31, 2014 and June 1, 2013, the interest rate is 4%. 16. CREDIT FACILITIES As at May 31, 2015, May 31, 2014 and June 1, 2013, the Fonds has credit facilities amounting to $80 million, bearing interest at prime rate and renewable annually. As at May 31, 2015, May 31, 2014 and June 1, 2013, these facilities are unused, and they were not used during the years then ended. 17. ACCOUNTS PAYABLE (in thousands $) May 31, 2015 May 31, 2014 June 1, 2013 Accounts payable relating to development capital investments and other investments purchased 130,961 122,121 185,862 Accrued expenses and other 55,008 57,573 60,752 Derivative financial instruments 1,975 264 19,729 187,944 179,958 266,343 FONDS DE SOLIDARITÉ DES TRAVAILLEURS DU QUÉBEC (F.T.Q.) 30

NOTES TO FINANCIAL STATEMENTS 18. NET ASSETS 1. SHARE CAPITAL a) Authorized i) 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 share, Series 1 may be issued only to an individual requesting their transfer to a trustee under a registered retirement savings plan. ii) 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. b) 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. c) 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. d) 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, pro rata to the redeemed shares. e) 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 $80 million through transfers from retained earnings (May 31, 2014: $90 million). As at May 31, 2015, the Fonds had, since its incorporation, transferred the following cumulative amounts: $1,982 million from retained earnings to share capital, $1,500 million from share capital to contributed surplus and $291 million from contributed surplus to retained earnings. 2. ACCUMULATED OTHER COMPREHENSIVE INCOME Accumulated other comprehensive income was set up upon the first-time adoption of IFRS. 3. NET INCOME PER CLASS A SHARE Net income per share is based on the weighted average number of Class A shares, which was 335,330,928 (May 31, 2014: 333,514,006). FONDS DE SOLIDARITÉ DES TRAVAILLEURS DU QUÉBEC (F.T.Q.) 31

NOTES TO FINANCIAL STATEMENTS 18. NET ASSETS (CONTINUED) 4. NET ASSETS CLASS A Series 1 Series 2 Subscribed Total (in thousands) Number $ Number $ $ $ May 31, 2015 Net assets as at May 31, 2014 330,886 10,029,119 3,348 101,472 612 10,131,203 Net income 974,641 9,883 984,524 Other comprehensive income 7,011 70 7,081 Share issues 21,424 658,419 293 8,895 6 667,314 Net change in share subscriptions 700 700 Share redemptions (20,544) (632,851) (322) (9,942) (642,793) Change in outstanding redemptions 112 1,659 1,659 Net assets as at May 31, 2015 331,878 11,037,998 3,319 110,378 1,312 11,149,688 May 31, 2014 Net assets as at May 31, 2013 328,951 9,210,014 3,490 97,724 778 9,308,516 Net income 763,579 7,889 771,468 Other comprehensive income 1,025 9 1,034 Share issues 27,166 778,264 317 9,007 787,271 Net change in share subscriptions (166) (166) Share redemptions (25,011) (716,048) (459) (13,157) (729,205) Change in outstanding redemptions (220) (7,715) (7,715) Net assets as at May 31, 2014 330,886 10,029,119 3,348 101,472 612 10,131,203 19. CAPITAL DISCLOSURES The Fonds collects capital to make development capital investments in keeping with its mission, while maintaining the liquidities required to satisfy the share redemption requests submitted by shareholders and meet its commitments. The Fonds policy is to reinvest all income generated by its operations, and it does not expect to pay dividends to its shareholders. The Fonds is not subject to externally imposed capital requirements other than those governing share issues and redemptions. 1. EXTERNALLY IMPOSED REQUIREMENTS GOVERNING SHARE ISSUES a) Investment rule The Fonds may make development capital investments in any business enterprise with or without security. However, at the end of each financial year, qualified development capital investments must meet the investment rule minimum threshold as prescribed by the Fonds Incorporation Act. As at May 31, 2015, the minimum threshold was 60%. If the Fonds fails to reach this threshold, the share issues giving rise to labour-sponsored fund tax credits for the following financial year are limited to a prescribed percentage of the total value of shares 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 under the investment rule was 65.1% as at May 31, 2015 (May 31, 2014: 65.1%, May 31, 2013 : 66.0%). Since the investment rule minimum threshold was reached as at May 31, 2015, the amount of share issues giving rise to labour-sponsored fund tax credits for the financial year ending May 31, 2016 will not be limited. It should be noted that in the Québec budget tabled on March 26, 2015, it was announced that the investment rule threshold will be gradually raised (by 1% per year starting with the financial year ending May 31, 2016) to 65% in 2020. FONDS DE SOLIDARITÉ DES TRAVAILLEURS DU QUÉBEC (F.T.Q.) 32

NOTES TO FINANCIAL STATEMENTS 19. CAPITAL DISCLOSURES (CONTINUED) 1. EXTERNALLY IMPOSED REQUIREMENTS GOVERNING SHARE ISSUES (CONTINUED) b) Government of Québec budget According to the 2014-2015 Québec budget tabled before the National Assembly on June 4, 2014, the amount of share issues giving rise to labour-sponsored fund tax credits that the Fonds could make during the financial year ended May 31, 2015, was limited to an amount of $650 million. The Fonds complied with this limit and also issued $17 million in shares that do not give rise to tax credits and are not subject to this limit, pursuant to the provisions regarding the acquisition of replacement shares set out in the Home Buyers Plan and the Lifelong Learning Plan. This limit ceased to be in effect as of June 1, 2015. 2. EXTERNALLY IMPOSED REQUIREMENTS GOVERNING SHARE REDEMPTIONS The Taxation Act (Québec) provides for the payment of a penalty by the Fonds when the total amount paid for purchases by mutual agreement made during a financial year exceeds 2% of paid-up capital, with certain criteria for purchases by mutual agreement being excluded from the calculation. Since this provision has been in effect, the Fonds has always complied with this limit. 20. 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 would not have a material adverse effect on the Fonds financial position. 21. REVENUES Interest totalling $17.6 million (May 31, 2014: $18.7 million) on the notes is presented as a deduction of interest in the Statement of Comprehensive Income and capitalized under Notes in the Balance Sheet. 22. TOTAL OPERATING EXPENSES (in thousands $) May 31, 2015 May 31, 2014 Salaries and benefits 80,797 87,347 Advertising and information 18,294 17,979 Occupancy expenses and rent 13,770 10,567 Management fees 7,006 6,173 Professional fees 8,229 9,069 Stationery and office supplies 5,019 4,697 Travel and entertainment 3,423 3,757 Shareholder reporting costs 2,915 3,243 Custodial fees and trustee s fees 877 868 Depreciation of property and equipment 3,977 3,974 Amortization of intangible assets 2,605 1,797 146,912 149,471 23. KEY MANAGEMENT PERSONNEL COMPENSATION (in thousands $) May 31, 2015 May 31, 2014 Salaries and short-term benefits 2,709 3,758 Post-employment benefits 1,429 1,833 Directors remuneration and fees 1,194 1,108 5,332 6,699 FONDS DE SOLIDARITÉ DES TRAVAILLEURS DU QUÉBEC (F.T.Q.) 33

NOTES TO FINANCIAL STATEMENTS 24. 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 capital through transfers. 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 Comprehensive Income, but are presented under Refundable taxes on hand in the Balance Sheet. The balance of these income taxes is nil (May 31, 2014: $2.2 million; June 1, 2013: $7.2 million). The Fonds, as a private company under the Income Tax Act (Canada), 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 transfers from retained earnings. This tax of $23.7 million (May 31, 2014: $29.2 million; June 1, 2013: $30.3 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 income before income taxes are detailed as follows: (in thousands $) May 31, 2015 May 31, 2014 Current 15,924 18,549 Deferred 1,596 211 17,520 18,760 The above income taxes are different from the amounts that would be obtained by applying the combined basic tax rate (Québec and federal) to income before income taxes. The difference is explained as follows: (in thousands $) May 31, 2015 May 31, 2014 Income before income taxes 1,002,045 790,229 Tax rate to which the Fonds is subject 46.6% 46.6% Income taxes 466,953 368,247 Non-taxable dividends and distributions (61,662) (67,142) Refundable dividend tax on hand (23,659) (29,246) Realized and unrealized capital gains (losses) Non-taxable portion and federal rate difference (209,149) (142,938) Refundable federal tax (109,995) (75,140) Québec tax deduction (46,748) (32,000) Other items 1,780 (3,021) 17,520 18,760 Items giving rise to deferred income tax assets (liabilities) are as follows: (in thousands $) May 31, 2015 May 31, 2014 June 1, 2013 Development capital investments (5,910) (2,846) (3,447) Investment property (1,614) (1,650) (1,514) Property and equipment and intangible assets (4,073) (3,925) (3,733) Net defined benefit liability 8,385 8,329 8,538 Other 261 496 1,027 (2,951) 404 871 FONDS DE SOLIDARITÉ DES TRAVAILLEURS DU QUÉBEC (F.T.Q.) 34

NOTES TO FINANCIAL STATEMENTS 25. POST-EMPLOYMENT BENEFITS On January 1, 2001, the Fonds implemented funded and unfunded defined benefit pension plans, which guarantee pension benefits to most of its employees. Also, since July 1, 2003, the Fonds has had an optional personal insurance plan for retired employees. The defined benefit obligation of these plans, as measured by independent actuaries, and the fair value of plan assets are determined as at May 31, 2015. 1. DEFINED BENEFIT PENSION PLANS The defined benefits from these pension plans are based on the number of years of service and the average annual salary, which is the highest annualized average salary for 36 consecutive months of service. The Fonds is responsible for these plans. The Fonds set up retirement committees to manage the plans, and these committees engaged independent investment managers, actuaries and trustees to obtain professional services. Changes in the defined benefit obligation and the fair value of plan assets during the year are as follows: May 31, 2015 May 31, 2014 Present value Net defined Present value Fair value Net defined of pension Fair value of benefit of pension of plan benefit (in thousands $) obligation plan assets liability obligation assets liability Balance at beginning of year (228,410) 187,378 (41,032) (189,433) 147,207 (42,226) Current service cost (12,788) (12,788) (11,907) (11,907) Interest (10,130) (10,130) (8,671) (8,671) Interest income 7,886 7,886 6,490 6,490 Impact on net income (22,918) 7,886 (15,032) (20,578) 6,490 (14,088) Remeasurements Return on plan assets, excluding interest income 14,862 14,862 18,310 18,310 Gain (loss) arising from changes in demographic assumptions 863 863 (14,143) (14,143) Gain (loss) arising from changes in financial assumptions (5,127) (5,127) (3,123) (3,123) Experience gain (loss) (1,593) (1,593) 400 400 Impact on other comprehensive income (5,857) 14,862 9,005 (16,866) 18,310 1,444 Fonds contributions 7,249 7,249 13,838 13,838 Employee contributions (4,782) 4,782 - (4,877) 4,877 - Benefits paid 4,855 (4,855) - 3,344 (3,344) - 73 7,176 7,249 (1,533) 15,371 13,838 Balance at end of year (257,112) 217,302 (39,810) (228,410) 187,378 (41,032) As at May 31, 2015, the weighted average duration of the defined benefit obligation is 18.3 years. FONDS DE SOLIDARITÉ DES TRAVAILLEURS DU QUÉBEC (F.T.Q.) 35

NOTES TO FINANCIAL STATEMENTS 25. POST-EMPLOYMENT BENEFITS (CONTINUED) 2. POST-EMPLOYMENT MEDICAL PLANS The Fonds offers post-employment medical plans that cover hospital and medication costs for eligible retirees. These plans are unfunded. Changes in the defined benefit obligation, which is equal to the defined benefit liability, during the year are as follows: Present value of obligation and net defined benefit liability (in thousands $) May 31, 2015 May 31, 2014 Balance at beginning of year (2,860) (2,546) Current service cost (107) (103) Interest (124) (112) Impact on net income (231) (215) Remeasurements Loss arising from changes in demographic assumptions (9) (153) Gain (loss) arising from changes in financial assumptions (156) Impact on other comprehensive income (165) (153) Benefits paid 68 54 Balance at end of year (3,188) (2,860) 3. SIGNIFICANT ACTUARIAL ASSUMPTIONS The significant actuarial assumptions used to measure the Fonds defined benefit obligation and the costs recognized for the plans are as follows: (in %) Defined benefit obligation Rate at end of year May 31, 2015 May, 2014 Pension plans Medical plans Pension plans Medical plans Discount rate 4.00 3.75 4.00 & 4.25 4.25 Rate of increase in salaries 3.50 3.50 Defined benefit costs recognized Rate at end of previous year Discount rate 4.00 & 4.25 4.25 4.25 4.25 Rate of increase in salaries 3.50 3.50 The Fonds set the maximum annual amount it will assume per retiree under the insurance plan and does not expect any increases in that amount in the future. FONDS DE SOLIDARITÉ DES TRAVAILLEURS DU QUÉBEC (F.T.Q.) 36

NOTES TO FINANCIAL STATEMENTS 25. POST-EMPLOYMENT BENEFITS (CONTINUED) 4. SENSITIVITY ANALYSES The sensitivity analyses for the defined benefit obligation were prepared based on reasonably possible changes in each significant actuarial assumption, without considering the impact of simultaneous changes in several significant actuarial assumptions. Any change in an actuarial assumption may result in a change in another actuarial assumption, which could amplify or reduce the impact of changes in such assumptions on the present value of the defined benefit obligation. Actual results could differ from these estimates. Change in assumption Impact on the defined benefit obligation as at May 31, 2015 Increase in assumption (impact in thousands $) Decrease in assumption (impact in thousands $) Discount rate 0.50% (21,469) 24,026 Rate of increase in salaries 0.50% 6,080 (6,042) Life expectancy 1 year 4,956 (5,178) 5. COMPOSITION OF PENSION PLAN ASSETS Funded plan assets are held in trust and their breakdown is as follows: (in %) May 30, 2015 May 31, 2014 Equity mutual funds 62.3 62.4 Bond mutual funds 37.4 37.4 Cash and other 0.3 0.2 100.0 100.0 6. EXPOSURE TO ACTUARIAL RISKS As a result of its defined benefit plans, the Fonds is exposed to certain risks, the most significant of which are described below. a) Interest rate risk A decrease in fixed-rate bond interest rates, which would decrease the discount rate used, would increase the present value of the defined benefit obligation. This increase would however be partially offset by an increase in the value of plan assets. b) Salary and longevity risk As the majority of the plan obligations relate to the payment of benefits over the retiree s lifetime, an increase in life expectancy would increase the plan liability. Likewise, an increase in the rate of increase in the participants salaries would increase the plan liability. 7. REMEASUREMENT OF THE NET DEFINED BENEFIT LIABILITY May 31, 2015 May 31, 2014 Actuarial gain (loss) arising from post-employment benefits 8,840 1,291 Deferred income taxes (1,759) (257) 7,081 1,034 FONDS DE SOLIDARITÉ DES TRAVAILLEURS DU QUÉBEC (F.T.Q.) 37

NOTES TO FINANCIAL STATEMENTS 26. RELATED PARTY TRANSACTIONS 1. TRANSACTIONS WITH KEY MANAGEMENT PERSONNEL The Fonds key management personnel comprises the members of the Board of Directors and the members of the Management Committee. Information on key management personnel compensation for the year is presented in Note 23. 2. TRANSACTIONS WITH RELATED PARTIES INCLUDED IN DEVELOPMENT CAPITAL INVESTMENTS In the normal course of business, the Fonds conducts transactions with related companies that it either controls or over which it has significant influence. Many of the development capital investments are of such an amount and nature that the investee is considered a related party. The number of investments in subsidiaries and associates is presented in Note 9. The following table details the transactions carried out with all the subsidiaries and associates of the Fonds during the year and presents the end-of-period balances appearing on the Balance Sheet. (in thousands $) May 31, 2015 May 31, 2014 Transactions Interest 23,273 27,376 Dividends and distributions 51,391 8,167 Rental, fee and other income 3,673 1,278 Total operating expenses 6,395 6,433 Interest expense on notes 17,425 18,551 Increase in notes 355,860 178,324 Repayment of notes 406,431 142,031 Disbursements for development capital investments 250,911 95,536 Receipts on development capital investments 62,166 102,340 Balances Development capital investments, at cost 2,603,863 2,401,628 Accounts receivable 16,321 16,325 Accounts payable 249 110 Notes 414,313 447,459 Other information Funds committed but not disbursed 451,314 565,255 The Fonds engaged two of its associates to manage portfolios with assets totalling $652.4 million (May 31, 2014: $600.7 million). 3. OTHER TRANSACTIONS The Fonds, of which a majority of directors are elected by the Fédération des travailleurs et travailleuses du Québec (FTQ), agreed to pay $2.5 million to the FTQ for the year ended May 31, 2015 (May 31, 2014: $2.2 million) under an agreement that calls for compensation to be paid for services rendered in respect of economic training, social audits, shareholder development, attendance at the Fonds governing bodies 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 $3.9 million (May 31, 2014: $3.6 million; June 1, 2013: $3.8 million). The Fonds issued a note of $4.1 million (May 31, 2014: $3.8 million, June 1, 2013: $3.8 million). The Fonds granted non-interest bearing loans of $15 million (May 31, 2014: $15 million; June 1, 2013: $20 million) with a fair value of $11.6 million (May 31, 2014: $10.6 million; June 1, 2013: $13.7 million) to the Fonds étudiant 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. FONDS DE SOLIDARITÉ DES TRAVAILLEURS DU QUÉBEC (F.T.Q.) 38

NOTES TO FINANCIAL STATEMENTS 26. RELATED PARTY TRANSACTIONS (CONTINUED) 3. OTHER TRANSACTIONS (CONTINUED) The Fonds granted a non-interest bearing loan of $5 million (May 31, 2014: $5 million; June 1, 2013: N/A) with a fair value of $3.4 million (May 31, 2014: $3.2 million; June 1, 2013: N/A) to Fiducie de Montréal inc., which is considered related to the Fonds because the Fonds appoints some of its directors. These loans are presented under Accounts receivable on the Balance Sheet. 27. 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 fondsftq.com or at sedar.com. 28. TRANSITION TO IFRS The financial statements for the year ended May 31, 2015 are the first annual IFRS financial statements. They have been prepared as described in Notes 2 and 3. To prepare these financial statements, the Fonds applied IFRS 1. The date of adoption of IFRS by the Fonds is June 1, 2014. However, the date of transition is June 1, 2013, which is the beginning of the first comparative year presented. In preparing these first IFRS financial statements in accordance with IFRS 1, the Fonds elected to use some of the allowed exemptions to the retrospective application of certain IFRSs while taking into account the exceptions to the retrospective application of other IFRSs. 1. ELECTIONS AT TRANSITION In accordance with IFRS 1 First-time Adoption of International Financial Reporting Standard, the Fonds used the following exceptions to the full retrospective application of IFRS at the transition date: Deemed cost of property and equipment As permitted by IFRS 1, the Fonds elected to use the fair value of its buildings at the date of transition as their cost of acquisition. Designation of previously recognized financial instruments IFRS 1 allows irrevocably designating any financial instrument as measured at fair value through profit or loss, provided certain criteria are met at the date of transition. The Fonds thereby designated as at fair value through profit or loss all its development capital investments, all its other investments, cash as well as certain accounts receivable and accounts payable. 2. RECONCILIATION TRANSITION TO IFRS Balance sheet and net assets reconciliation (in thousands $) Note May 31, 2014 June 1, 2013 Net assets reported under Canadian GAAP - Part V 10,125,598 9,301,300 Development capital investments a 6,648 7,513 Other investments a 6,188 9,362 Post-employment benefits b (29,170) (28,691) Investment property c 8,456 6,095 Property and equipment d 10,202 10,202 Accumulated depreciation Property and equipment d 562 - Deferred income taxes e 2,719 2,735 Net assets reported under IFRS 10,131,203 9,308,516 Net assets per share reported under Canadian GAAP - Part V $30.29 $27.98 Net assets per share reported under IFRS $30.31 $28.00 FONDS DE SOLIDARITÉ DES TRAVAILLEURS DU QUÉBEC (F.T.Q.) 39

NOTES TO FINANCIAL STATEMENTS 28. TRANSITION TO IFRS (CONTINUED) 2. RECONCILIATION TRANSITION TO IFRS (CONTINUED) Comprehensive income reconciliation (in thousands $) Note Year ended May 31, 2014 Other comprehensive Net income income Comprehensive income Income reported under Canadian GAAP - Part V 774,113 774,113 Unrealized gains (losses) a,c (1,677) (1,677) Post-employment benefits b (1,770) 1,291 (479) Depreciation of property and equipment d 562 562 Income taxes e 240 (257) (17) Income reported under IFRS 771,468 1,034 772,502 Income per share reported under Canadian GAAP - Part V $2.32 $2.32 Income per share reported under IFRS $2.31 $2.32 3. NOTES TRANSITION TO IFRS a) Development capital investments and other investments Under Canadian GAAP Part V, the Fonds determined the fair value of its development capital investments and other investments in accordance with Section 3855, Financial Instruments Recognition and Measurement, which required using the bid price for long positions and the asking price for short positions to the extent such prices were available. Under IFRS, the Fonds measures the fair value of its listed financial instruments in accordance with the guidance of IFRS 13 Fair Value Measurement and uses the price within the bid-ask spread that is most representative of fair value, given the relevant facts and circumstances. Consequently, on first-time adoption of IFRS, the carrying amount of the following financial instruments was adjusted: (in thousands $) May 31, 2014 June 1, 2013 Development capital investments Listed shares 5,964 6,332 Bonds 684 1,181 6,648 7,513 Other investments Listed shares 3,809 3,488 Bonds 2,377 5,874 Money market instruments 2-6,188 9,362 This adjustment decreased the Fonds comprehensive income by $4.0 million, under Unrealized gains (losses), for the year ended May 31, 2014. FONDS DE SOLIDARITÉ DES TRAVAILLEURS DU QUÉBEC (F.T.Q.) 40

NOTES TO FINANCIAL STATEMENTS 28. TRANSITION TO IFRS (CONTINUED) 3. NOTES TRANSITION TO IFRS (CONTINUED) b) Post-employment benefits Under IFRS, actuarial gains and losses arising from the remeasurement of post-employment benefit obligations are recognized in other comprehensive income when they occur. Under Canadian GAAP Part V, the Fonds applied the corridor approach to recognize such gains and losses, whereby gains and losses were gradually recognized in income only when they exceeded specified thresholds. In addition, under IFRS, the pension expense component reflecting interest income on plan assets is measured using the discount rate for the obligation. Under Canadian GAAP Part V, this component was measured using the expected rate of return on assets. Finally, under IFRS, the past service cost is recognized immediately in net income, whereas it was amortized over the average remaining service period of active employees under Canadian GAAP Part V. The carrying amount of the net defined benefit liability corresponding to the post-employment benefit obligation was increased by $28.7 million as at June 1, 2013 and $29.2 million as at May 31, 2014 as a result of recognizing the net amount of unamortized actuarial gains and losses as at these dates. These adjustments decreased net income and increased other comprehensive income by $-1.8 million and $1.3 million, respectively, for the year ended May 31, 2014. c) Investment property Under IFRS, the investment property is subject to the requirements of IAS 40 Investment Property with respect to recognition, measurement and disclosures. According to this standard, investment property is property (land or a building or part of a building or both) held to earn rentals or for capital appreciation or both. An entity that holds an investment property must choose as its accounting policy either the fair value model or the cost model and apply it to its investment property. Under Canadian GAAP Part V, this property was classified as an item of property and equipment, was recognized using the cost method and was depreciated. As an entity meeting the definition of an investment entity, the Fonds must recognize its investment property at fair value, with changes in fair value recognized in net income. Consequently, on first-time adoption of IFRS, the carrying amount of the investment property was increased by $6.1 million as at June 1, 2013 and $8.5 million as at May 31, 2014 to reflect fair value. This adjustment increased comprehensive income by $2.3 million under Unrealized gains (losses) for the year ended May 31, 2014. d) Property and equipment i) Fair value measurement: ii) As previously mentioned, the Fonds elected to remeasure at fair value at the date of transition buildings included in property and equipment, and thereby increased their value by $10.2 million as at June 1, 2013. Depreciation: Under Canadian GAAP Part V, all buildings were items of property and equipment, were recognized at cost and depreciated. Under IFRS, a portion of the buildings was recognized as investment property. The depreciation on the remaining balance of property and equipment is therefore decreased based on the portion that remained in property and equipment. In addition, under IFRS, buildings are divided into their significant parts, which are depreciated over their specific lives. These adjustments decreased depreciation expense by $0.6 million for the year ended May 31, 2014 and decreased accumulated depreciation by $0.6 million as at May 31, 2014. FONDS DE SOLIDARITÉ DES TRAVAILLEURS DU QUÉBEC (F.T.Q.) 41

NOTES TO FINANCIAL STATEMENTS 28. TRANSITION TO IFRS (CONTINUED) 3. NOTES TRANSITION TO IFRS (CONTINUED) e) Income taxes Income taxes were adjusted to reflect the following items: (in thousands $) May 31, 2014 June 1, 2013 Post-employment benefits 5,805 5,709 Investment property (944) (944) Property and equipment (2,030) (2,030) Depreciation of property and equipment (112) - Total adjustment to deferred income taxes reported under IFRS 2,719 2,735 (in thousands $) Year ended May 31, 2014 Net income Other comprehensive income Comprehensive income Post-employment benefits 352 (257) 95 Reversal of depreciation expense recognized under Canadian GAAP attributable to the investment property portion (142) (142) Impact of the different depreciation expense under IFRS 30 30 Total adjustment to income taxes reported under IFRS 240 (257) (17) f) Reclassification adjustments In addition to the above-mentioned measurement adjustments, the Fonds reclassified certain amounts at the date of transition to ensure that its financial statements were presented in accordance with IFRS. The main reclassifications were the following: In accordance with IAS 1 Presentation of Financial Statements, the Fonds reclassified the gains (losses) on development capital investments and other investments to revenues in the Statement of Comprehensive Income. Under IFRS, the Fonds considers itself exempted from income tax related to capital gains and, accordingly, does not recognize any deferred tax liabilities for unrealized net gains on development capital investments, other investments and investment property nor any corresponding deferred tax assets for unrealized recoveries resulting from the tax mechanisms related to refundable capital gains tax on hand. Amounts that the Fonds is entitled to receive under the refundable tax on hand rules are presented separately on the Balance Sheet. The Fonds reclassified distributions in net income under Dividends and distributions; they were previously presented under Realized and unrealized gains (losses). g) Adjustments to the Statement of Cash Flows Acquisition of investments and proceeds of disposal of investments were reclassified from investing activities to operating activities to reflect the nature of the Fonds operations and the fact that it qualifies as an investment entity. FONDS DE SOLIDARITÉ DES TRAVAILLEURS DU QUÉBEC (F.T.Q.) 42

MANAGEMENT DISCUSSION AND ANALYSIS FOR THE YEAR ENDED MAY 31, 2015

MANAGEMENT DISCUSSION AND ANALYSIS FOR THE YEAR ENDED MAY 31, 2015 This Management Discussion and Analysis ( MD&A ) is intended to help the readers 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, 2015. 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 the understanding of events and uncertainties presented herein, this MD&A should be read together with the financial statements and the notes thereto. The financial information presented in this MD&A has been prepared in accordance with International Financial Reporting Standards ( IFRS ). The Fonds adopted this accounting framework for the year beginning June 1, 2014, as required by Canadian securities laws and the Accounting Standards Board of Canada. Previously, the Fonds prepared its financial statements in accordance with Canadian generally accepted accounting principles as defined in Part V of the CPA Canada Handbook Accounting ( Part V ). The financial information presented in this MD&A has been restated to reflect the adoption of IFRS as at June 1, 2013, the date of transition, in a manner consistent with the financial statements. The financial information for periods prior to June 1, 2013 has not been restated and has been prepared in accordance with Part V. Note 28 to the financial statements discloses the impact of the transition to IFRS on the financial position, financial performance and cash flows reported by the Fonds. It also presents the nature and impact of the significant changes in accounting policies from the accounting policies used to prepare the financial state ments of the Fonds in accordance with Part V for the year ended May 31, 2014. 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 23, 2015. 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. The Regulation was updated to reflect the transition to IFRS. You can get a copy of the annual financial statements by visiting our website (fondsftq.com) or the SEDAR website (sedar.com), or at your request, and at no cost, by calling us at 514-383-3663 or toll free at 1-800-567-3663, or by writing to us at P.O. Box 1000, Youville Station, Montréal, Québec H2P 2Z5. You can also get a copy of the interim documents in this same manner. 1

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. Financial data for the financial year ended May 31, 2015 are in accordance with IFRS. Financial data for the financial year ended May 31, 2014 have been restated to conform to IFRS for purposes of comparison with the data for the current year. The impact of this accounting restatement on the value of the shares for presentation purposes means that applying IFRS, if they had been effective at that time, would have had an impact of $0.02 on the value of the Fonds shares. In addition, for the financial year ended May 31, 2014, certain revenues that were previously presented as a reduction of expenses were reclassified to revenues. Financial data for the years that began prior to June 1, 2013 are in accordance with Part V. The Fonds results are discussed under Results of operations on page 5. RATIOS AND SUPPLEMENTAL DATA Years ended May 31 (in millions of dollars, unless otherwise specified) 2015 (IFRS) 2014 (IFRS) 2013 (Part V) 2012 (Part V) 2011 (Part V) Revenues a 1,149 940 256 247 256 Net income b 985 772 458 215 650 Net assets 11,150 10,131 9,301 8,525 8,178 Class A shares outstanding (number, in thousands) 335,197 334,234 332,441 320,629 315,504 Total operating expense ratio c (%) 1.36 1.51 1.44 1.46 1.47 Portfolio turnover rate d : Development capital investments (%) Other investments (%) 6.05 119.55 7.14 167.36 8.44 115.57 12.09 158.61 11.38 172.57 Trading expense ratio e (%) 0.01 0.02 0.02 0.02 0.02 Number of shareholders (number) 610,605 613,958 615,664 594,287 583,235 Issues of shares 667 f 787 855 767 698 Redemption of shares 643 730 542 620 465 Fair value of development capital investments g 7,112 6,415 6,144 5,757 5,207 a b c d e f g For the financial years ended May 31, 2015 and 2014, revenues include realized and unrealized gains and losses, distributions, rental, fee and other income, which is not the case for the financial year ended May 31, 2013 and the prior years. Net income corresponds to revenues less total operating expenses and income taxes. To arrive at comprehensive income, the remeasurement of the net defined benefit liability is deducted from (or added to) net income. The total operating expense ratio is obtained as follows: by dividing total operating expenses in net income for the year by the average net assets attributable to security holders of the Fonds for that year. The portfolio turnover rate reflects the number of changes made to the composition of the portfolio. A portfolio turnover rate of 100% means, for example, that the Fonds purchased and sold all the securities in its portfolio once during the financial year. There is not necessarily a relationship between a high turnover rate and the portfolio s performance. The trading expense ratio represents transactions costs expressed as a percentage of average net assets. According to the 2014-2015 Québec budget tabled before the National Assembly on June 4, 2014, the amount of share issues giving rise to labour-sponsored fund tax credits that the Fonds could make during the financial year ended May 31, 2015 was limited to $650 million. The Fonds complied with this limit and also issued $17 million in shares that do not give rise to tax credits and are not subject to this limit; these shares were issued pursuant to the provisions regarding the acquisition of replacement shares set out in the Home Buyers Plan and the Lifelong Learning Plan. These investments include funds committed but not disbursed as well as guarantees and suretyships. 2

CHANGE IN NET ASSETS PER SHARE Years ended May 31 (in dollars) Net assets per share, beginning of year a 2015 (IFRS) 2014 (IFRS) 2013 (Part V) 2012 (Part V) 2011 (Part V) 30.31 27.98 26.59 25.92 23.84 Impact of the transition to IFRS - 0.02 - - - Net assets per share, beginning of year after impact of the transition to IFRS a 30.31 28.00 26.59 25.92 23.84 Increase from operations b : 2.94 2.31 1.41 0.68 2.10 Interest, dividends and distributions and rental, fee and other income c 1.02 1.08 0.79 0.78 0.82 Realized gains d 0.67 0.53 0.30 0.16 0.26 Unrealized gains 1.74 1.21 0.77 0.22 1.48 Total operating expenses e (0.44) (0.45) (0.40) (0.39) (0.38) Income tax and capital tax (0.05) (0.06) (0.05) (0.09) (0.08) Increase from other comprehensive income 0.02 0.01 - - - Variance from issues and redemption of shares (0.01) (0.01) (0.02) (0.01) (0.02) Net assets per share, end of year a a b c d e 33.26 30.31 27.98 26.59 25.92 The amount of net assets per share is based on the actual number of shares outstanding at the relevant time. The increase from operations is based on the weighted-average number of shares outstanding during the relevant financial year. For the financial years ended May 31, 2015 and 2014, this item includes distributions as well as rental, fee and other income. For the financial year ended May 31, 2013 and the prior years, distributions were presented under realized gains. For the financial year ended May 31, 2013 and the prior years, rental, fee and other income was presented as a reduction of total operating expenses. ECONOMIC CONDITIONS AND OUTLOOK World and the United States Over the last 12 months, the sharp decline in energy prices and the changing geopolitical situation in the Ukraine, the Middle East, and more recently, Greece, all contributed in one way or another to dampening the outlook for global GDP. These conditions pushed the International Monetary Fund to reduce its 2015-2016 global growth forecast in mid-january. The gloomy outlook for global economic growth for the coming quarters, combined with fears about the impact of falling oil prices on inflation, prompted several central banks, particularly in Asia and Europe, to ease their monetary policy. This situation also drove several currencies down against the U.S. dollar. The situation in the Eurozone is hardly any better. Economic growth over the last 12 months remained sluggish: Germany s real GDP contracted in the second quarter of 2014, which was a hard blow to a country that had been an economic pillar in the zone in previous quarters. However, the German economy rebounded in the fourth quarter of 2014 only to slow in the following quarter. Facing persistent weakness in the Eurozone economy and inflation hovering around zero, the European Central Bank (ECB) finally initiated its own version of large-scale quantitative easing. The program involves monthly purchases by the ECB of 60 billion euros in member country bonds until September 2016. A total of over 1,000 billion euros will therefore be injected into the system if the program runs for its scheduled duration. With this program, the ECB is foremost targeting a decrease in borrowing rates in the most problematic countries (Italy, Spain, Portugal and Greece). Despite this quantitative easing program, economists agree that the increase in real GDP will remain relatively moderate in the Eurozone in 2015. 3

All this uncertainty on the global economic outlook can be felt on the stock markets, which have been highly volatile over the last 12 months, with several indexes reaching new highs despite that. After recording a decrease in GDP in the first quarter of 2014, the U.S. economy experienced two strong quarters that are mainly due to sustained growth in real consumption and faster growth in business investment. However, in the fourth quarter of 2014, the U.S. economy started to show signs it was losing steam, and then declined in the first quarter of 2015. This situation stems in particular from bad weather conditions during winter 2015 as well as the labour conflict in West Coast ports that seems to have disrupted supply chains and deliveries. Despite this slowdown in the U.S. economy and several somewhat disappointing economic indicators (e.g. deterioration in the trade balance and the confidence index, lower-than-expected retail sales), economists generally remain optimistic on the U.S. economy s real capacity to continue growing in the coming quarters, supported by robust domestic demand and strong investment spending. Job creation in the United States progressed steadily over the last 12 months, further lowering the unemployment rate: it was 5.5% in May 2015, compared to 6.3% in May 2014. According to several economists projections, the unemployment rate should continue to decrease over 2015. The average savings rate has been 5.1% in the United States since May 31, 2014, up from the average savings rate for the same period last year. The annual change in consumer prices in the United States slipped into negative territory in January 2015, where it could remain until the middle of summer. When inflation starts to climb again, the U.S. Federal Reserve (the Fed) could decide to begin raising its key interest rate (which has been unchanged at 0.25% since December 2008). However, according to several experts, such an increase should not happen before the end of 2015. Canada and Québec After a rough start to the year, the Canadian economy recovered in the second quarter of 2014, and this growth continued through the third quarter, albeit at a slower pace. However, starting in fall 2014, the Canadian economy began to feel the backlash from the sharp drop in energy prices and the decrease in foreign trade, as evidenced by the deceleration of growth in GDP in the last quarter of 2014 and the decline in GDP in the first quarter of 2015. This also led to an inversion of the asymmetry of the country s economic growth from the Western provinces to Ontario and Québec. This is the context in which the Bank of Canada surprised market participants at its January 21, 2015 meeting by announcing its decision to lower the discount rate by 25 basis points (from 1.00% to 0.75%). The Bank of Canada specifically noted the sharp decrease in oil and other commodities prices as well as economic difficulties across the country in general to justify its decision. Economists agree that Canadian economic growth should continue to slow down in the coming months as the negative impact of the sharp decrease in oil prices will continue to be felt. That said, thanks to the expected gradual recovery of energy prices combined with more robust foreign trade, economic conditions should improve afterwards. Overall, in the last 12 months, the Canadian unemployment rate inched down from 7.0% in May 2014 to 6.8% in May 2015. It should continue on this path in the coming months as long as the Canadian economy continues to expand. In general, inflation has remained weak in Canada over the last 12 months. Bumpy oil prices will continue to be a determining factor in the evolution of inflation across the country in the coming months. Even though prices at the pump started to climb again in February 2015, the annual total inflation rate should remain very weak for the coming months, according to many economists. We will likely have to wait until 2016 for total inflation to go back around the median target. The Canadian real estate market showed strong resilience for much of 2014. After slowing at the beginning of the year, housing starts and home sales started to go up in spring 2014. The situation then reversed course in the fourth quarter of 2014, as evidenced by the drop in residential housing starts for both single-family homes and multi-unit buildings. According to many experts, the real estate market could continue to slow down a little more in the coming quarters. During the last 12 months, short-term (2 years) and long-term (10 years) Canadian government bond interest rates posted a decrease. During the same period, investment-grade corporation credit spreads trended up while provincial credit spreads trended down. The Canadian dollar traded at $US0.80 on May 31, 2015, compared to $US0.92 on May 31, 2014. However, it should be noted that it fluctuated during the last 12 months and reached its lowest level ($US0.78 in March 2015) since the 2008-2009 recession. This downward movement and volatility in the Canadian dollar against the US dollar mainly stems from falling oil prices, increased investor appetite for US dollars and diverging expectations in terms of direction of the two central banks: the Fed and the Bank of Canada. In light of the current context, we believe that the Canadian dollar could continue to experience wide swings in the coming months, and that interest rates on Canadian 10-year and 30-year bonds should vary in a range not exceeding plus or minus 50 basis points. 4

In Québec, despite a sharp improvement in exports, economic growth remained weak during the last 12 months, notably due to the weakness in household consumption and business investment. The unemployment rate was 7.6% in May 2015, down from 7.9% in May 2014; this rate is higher than for Canada (6.8%) and for Ontario (6.5%). According to many economists, despite the difficulties arising from current budget cuts, the Québec economy should experience a slight acceleration in 2015 thanks to low oil prices and a weak Canadian dollar. Similar to 2014, Québec s economic growth in 2015 should be largely driven by exports that, despite falling sharply in the first quarter, should recover in the coming months. The Fonds will therefore definitely continue to play an important role, particularly by contributing to creating and maintaining jobs in Québec and by working with Québec companies who have the will and desire to expand abroad while generating economic spinoffs for Québec. Despite the positive signs suggesting than an economic recovery built on stronger ground may be on the horizon in North America, and more specifically in the United States, economic and financial issues still abound around the world, particularly in Europe and several emerging countries. Put another way, the road to greater stability on a global scale is still littered with obstacles of all kinds. This situation is giving rise to many economic uncertainties that should continue to impact the performance of many financial institutions, including the Fonds. MANAGEMENT DISCUSSION OF FINANCIAL PERFORMANCE RESULTS OF OPERATIONS RESULTS FOR THE FONDS For the financial year ended May 31, 2015, the Fonds posted comprehensive income of $992 million, compared to $773 million for the previous year. The Fonds return was 9.7% for the year, compared to a return of 8.3% for the previous year. The value of the Fonds shares increased by $2.97 compared to the value in effect since July 4, 2014 and by $1.90 compared to January 2015 to stand at $33.26 as at July 6, 2015. The Fonds net assets amounted to $11.1 billion as at May 31, 2015 compared to $10.1 billion as at May 31, 2014. The number of shareholders stood at 610,605 as at May 31, 2015. As a result of its mission, a significant portion of the Fonds portfolio is comprised of private securities and specialized funds. In general, the Fonds asset allocation tends to limit its return potential in a bull market, while the opposite occurs in a bear market. FONDS RETURN 1 Years ended May 31 Assets under management at end of year* $M 2015 (IFRS) Weight % Return % Assets under management at end of year* $M 2014 (IFRS) Weight % Development capital investments 5,692 50.9 10.1 5,007 49.2 9.8 Other investments** 5,487 49.1 12.1 5,168 50.8 9.7 11,179 100.0 11.1 10,175 100.0 9.8 Rental, fee and other income 0.2 0.2 Total operating expenses (1.4) (1.5) Income tax (0.2) (0.2) Fonds return (annual) 9.7 8.3 Fonds return (1 st six-month period) 3.5 4.4 Fonds return (2 nd six-month period) 6.0 3.8 * Assets under management at end of period 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 Comprehensive Income. 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: cash and money market, bonds, shares, international infrastructure funds, high-income securities and absolute return strategies. Return % 1 The annual return of the Fonds is calculated by dividing net income (net loss) per share for the financial year by net assets per share at the beginning of the financial year. The non-annualized return of the Fonds for a six-month period is calculated by dividing net income (net loss) per share for the six-month period by net assets per share at the beginning of the six-month period. 5

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 10.1% for the year, compared to the gross return of 9.8% generated for the prior year. Taking into account this return and given the level of mission-driven investments made by the Fonds, the assets in this sector represented $5.7 billion at the end of the year or 50.9% of assets under management as at May 31, 2015 (49.2% as at May 31, 2014). 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 10.1% of the Investments sector for the most recently ended year is largely explained by the following: The return of 11.1% generated by our private securities and specialized funds portfolio during the year (compared to 7.1% for the previous year). Overall, this performance is attributable to the general strength of the portfolio, which produced interest revenues, dividends and distributions and, in addition, generated an increase in value during the year in a low economic growth environment in Québec. The depreciation of the Canadian dollar over the last 12 months is a factor that contributed positively to this increase in value; The return of 5.3% generated by our portfolio of listed securities during the year. This return was earned in an environment i n which the Canadian stock markets were very volatile and, in general, did not perform as well as in the prior year, when conditions were much more favourable, in particular for small-cap companies, which had enabled our portfolio to generate a return of 21.5%. Other Investments sector The Other Investments sector manages the Fonds assets that are not invested in partner companies. Other investments consist of the cash and money market, bonds, shares, international infrastructure funds, high-income securities and absolute return strategies 2 portfolios. Other investments are managed in accordance with the Other Investments Portfolio Policy, which is an integral part of the Integrated Financial Assets Management Policy. The Other Investments Portfolio Policy is designed to optimize the return/risk ratio of the Fonds, diversify the development capital investments portfolio and ensure that the Fonds has a liquidity level that is sufficient to meet all its obligations. The changes to portfolios initiated during the year ended May 31, 2014 as part of the revision of the Other Investments Portfolio Policy (in particular reducing the target bond allocation to increase the target equity allocation, adopting an active management approach for Canadian equities and adding low-volatility and high-dividend shares to optimize the Fonds return/risk ratio) were completed on June 30, 2014. For the year, the Other Investments sector earned a gross return of 12.1%, up from the gross return of 9.7% recorded for the prior year. The assets of this sector represented $5.5 billion, or 49.1% of the Fonds assets under management as at May 31, 2015 (50.8% as at May 31, 2014). 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 economic environment. The gross return of 12.1% of the Other Investments sector for the year is largely explained by the following: The good performance of foreign stock markets which, combined with the depreciation of the Canadian dollar, led to a return of 16.9% for the shares and other securities 3 portfolios. These portfolios had generated a return of 19.3% for the prior year, when economic conditions were characterized by a widespread increase in stock markets; The return of 7.2% on our fixed-income portfolio for the year, compared to the return of 3.1% for the prior year. This return is essentially explained by the interest income generated by the portfolio and the decrease in interest rates for Government of Canada securities, which increased the value of bond securities in the portfolio. 2 3 The phase-out of the absolute return strategies portfolio was completed in April 2015. Other securities are comprised of the following portfolios: international infrastructure funds, high-income securities and absolute return strategies. 6

RETURN BY ASSET CLASS Years ended May 31 Assets under management at end of year $M 2015 (IFRS) Weight % Return % Assets under management at end of year $M 2014 (IFRS) Weight % Development capital investments Private securities and specialized funds 4,762 42.6 11.1 4,155 40.8 7.1 Listed securities 930 8.3 5.3 852 8.4 21.5 Other investments Fixed-income securities 2,687 24.0 7.2 2,649 26.0 3.1 Shares and other securities 2,800 25.1 16.9 2,519 24.8 19.3 11,179 100.0 11.1 10,175 100.0 9.8 Return % TOTAL OPERATING EXPENSES Total operating expenses consist mainly of expenses related to assets under management, shareholder services, subscription activities, economic training, systems and controls and their improvement, the process of investing in companies, personnel a nd all other resources the Fonds 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 expense ratio at a lower level than the management expense ratio of Canadian balanced funds 4, which stands at approximately 2.3% on an annual basis. For the financial year ended May 31, 2015, the ratio of total operating expenses to average net assets attributable to security holders of the Fonds, calculated using the method prescribed in the Regulation, was 1.4% (compared to 1.5% for the previous year). The decrease in the ratio is attributable to an increase in average net assets, but also by a decrease in total operating expenses which, expressed in dollars, amounted to $146.9 million for the year ended May 31, 2015, down $2.6 million compared to the previous year. ANALYSIS OF CASH FLOWS, BALANCE SHEET AND OFF-BALANCE SHEET ITEMS Cash flows Cash flows from operating activities of the Fonds were a total negative amount of $15 million for the year, compared to a total negative amount of $39 million for the prior year. Changes in these cash flows mainly resulted from our current operations. Cash flows from financing activities of the Fonds totalled $23 million for the year, compared to $54 million for the prior year. These cash flows for the two years resulted from issues of shares amounting to $668 million 5 ($787 million for the previous year) less redemptions of shares totalling $645 million 6 ($733 million for the previous year). Cash flows from investment activities of the Fonds represented a net cash outflow of $6 million for the year, compared to $8 million for the previous year. As at May 31, 2015, the Fonds had lines of credit of $80 million available for its working capital requirements. These lines of credit were not used during the year, and their outstanding balance was nil as at May 31, 2015. Balance sheet and off-balance sheet items Balance sheet development capital investments increased from $5.4 billion as at May 31, 2014 to $6.1 billion as at May 31, 2015. This $650 million increase mainly resulted from our net disbursed investments of $290 million (disbursed investments of $603 million less disinvestments of $313 million) and the increase in value of development capital investments during the year. On a commitment basis, the Fonds made development capital investments of $640 million during the year, compared to $548 million for the prior year. Funds committed but not disbursed increased from $963 million as at May 31, 2014 to $1.0 billion as at May 31, 2015. 4 5 6 Source: Bloomberg (based on a sample of 149 Canadian retail balanced funds). This amount is presented on a cash basis and therefore includes the net change in share subscriptions between May 31, 2014 and May 31, 2015. This amount is presented on a cash basis and therefore includes the change in amounts payable between May 31, 2014 and May 31, 2015. 7

In addition, balance sheet other investments increased by $309 million during the year to $5.4 billion as at May 31, 2015 ($5.1 billion as at May 31, 2014). This increase is mainly attributable to the increase in value of securities held in the portfolio as a r esult of the stock market appreciation. The Fonds may use derivative financial instruments in particular to facilitate the management of portfolios, increase its revenues, safeguard the value of its assets and manage its market risks. MISSION OF THE FONDS, OBJECTIVES AND STRATEGIES MISSION AND OBJECTIVES The Fonds 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 FTQ members and Québec residents 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 them economic training. The Fonds mission is supported by both levels of government since shares of the Fonds qualify for RRSPs and give rise to both Québec and federal tax credits. 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 investment rule 7. 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. 7 For more on this, please see the Investment rule section of this MD&A. 8

PHASE-OUT OF THE FEDERAL TAX CREDIT In the budget tabled on March 21, 2013, the Government of Canada announced its intention to phase out through 2017 the 15% tax credit it grants to labour-sponsored fund shareholders. Despite the representations and proposals made by the two Québec-based labour-sponsored funds (the Fonds and Fondaction CSN), the Government of Canada passed Bill C-4 in December 2013 without amending the measures set out in the March 2013 budget. More specifically, according to these measures, the federal tax credit remains at 15% until the taxpayer s 2014 tax year (therefore including any contributions made during the first 60 days of 2015 and applied to the 2014 tax year), and will then be phased out through 2017. The Québec tax credit of 15% remains in place. Consequently, for the taxpayer s 2014 tax year, total credits remained at 30%; however, for the 2015 tax year, the tax credits to which the taxpayer will be entitled will be 25% (15% provincial and 10% federal). In other words, for the 2015 tax year, the maximum tax credit will be $1,250, which corresponds to an annual subscription of $5,000. Despite this decision by the Government of Canada, the Fonds continues to make representations and proposals to convince the federal government to change its decision in future budgets. It is important to highlight that the phase-out of the federal labour-sponsored fund tax credit will not affect the ability of the Fonds to seek a reasonable return, its ability to comply with the investment rule or its ability to satisfy the eligible requests for redemption from its shareholders, as a significant part of its assets is liquid. In addition, it should be noted that the Fonds share value does not depend on the federal tax credit, on the size of the Fonds, on the annual subscriptions or on the redemption requests to the Fonds, but depends exclusively on the value of the Fonds assets, which are solid. According to a KPMG-SECOR analysis, the Fonds business model will remain viable despite the feared decrease in subscription caused by this hidden tax hike. However, should subscriptions decrease, the Fonds will have to reduce its investments in Québec companies to maintain the equilibrium of its model. In addition, should subscriptions decrease while redemptions maintain their trend, the financial impact of the measure would be, for the Fonds, a potential decrease in its assets that would be gradual and slow. The Fonds assets will nevertheless continue to be very substantial, and their decrease will have no impact on the equilibrium of the model mentioned above, in particular the Fonds ability to redeem shares from its shareholders. The conclusions of the KPMG-SECOR analysis show the potential disruptive effect of the federal government s decision on the financing of Québec job-creating companies. Put another way, the federal government s decision, which will ultimately represent a significant tax increase for Québec workers who save (annual increase of $402 for the Fonds shareholder who contributed on average $2,677 for the 2014 tax year), could reduce subscriptions and, consequently, job-creating investments in the Québec economy. LIMITATION ON FONDS SHARE ISSUES As part of the 2014-2015 Québec budget tabled on June 4, 2014, the Government of Québec decided to set a limit on share issues by tax-advantaged funds for the 2014-2015 fiscal year. The limit for the Fonds amounted to $650 million in shares giving rise to laboursponsored fund tax credits and had no impact on its share return or its ability to redeem its shares. However, it reduced the ability of Québec workers to save for retirement. It should be noted that this limit ceased to be in effect as of June 1, 2015. STRATEGIES The Fonds was created by the FTQ over 30 years ago to proactively meet the needs of Québec society: creating jobs to battle unemployment and offering financing options during a period of high interest rates by setting up an innovative and solidary business model. Therefore, by mobilizing Quebecers savings and channeling it toward Québec companies seeking prosperity, we became a key player in Québec s economic development. The context in which the Fonds operates has obviously changed a great deal since its creation and, over time, we have developed strategies to adapt to these changes. More recently, conditions have been gloomier for the Québec society and economy: Québec s GDP grows slower than other Canadian provinces, mainly due to less favourable demographics; Governments have less and less flexibility, triggering a reflection on the State s role in certain sectors. More recently, the Fonds has weathered a stormy period, particularly marked by the announcement of the phase-out of the federal tax credit. Given this, the success of recent fundraising campaigns and the increase in the share value are not enough it is more important than ever for the Fonds to undertake some self-reflection so that it remains an essential player at the forefront of meeting the needs of the Québec of tomorrow. 9

The Fonds therefore launched an extensive strategic review during the 2014-2015 financial year to ensure that: In the medium-term, it continues increasing its socio-economic impact and optimizing is current activities, and In the long-term, it adapts its business model to take into account the possibility of permanently losing the federal tax credit while maintaining its proactive and structuring role in Québec s economic development and wealth creation by mobilizing Quebecers savings. This strategic review is expected to be finalized in fall 2015. The Shareholder Services sector The 2014-2015 financial year was marked by the limit imposed on share issues by the Fonds and the expected decrease in the federal tax credit. These two challenges were not enough to prevent the Fonds from collecting $650 million giving rise to labour-sponsored fund tax credits (the maximum allowed by the Government of Québec) and to further strengthen its relationship with its shareholders, particularly with young savers. In addition, it is worth noting that the Fonds also issued $17 million in shares that do not give rise to tax credits and are not subject to this limit; these shares were issued pursuant to the provisions regarding the acquisition of replacement shares set out in the Home Buyers Plan and the Lifelong Learning Plan. To avoid being affected by this limit and to be certain they could contribute to the Fonds, shareholders who so wished could elect to contribute automatically to their RRSP, either through payroll deduction or by pre-authorized bank withdrawals. Incredible efforts were undertaken by all the Fonds teams to thoroughly inform our shareholders about this situation. Our LRs (local representatives), who receive continuous training so they can provide top-notch service to our shareholders, played a critical role in the last campaign. Hundreds turned out to put their shoulders to the wheel. The number of workplace blitzes reached an all-time high. The LRs personalized approach and their proximity to shareholders paid off: 18,041 shareholders signed up for payroll deduction in 2014-2015. In fall 2014, we went back to an education advertising phase. Focusing on the benefits of automatic savings, this phase was critical in the context of the limit. We also intensified our relationship-building activities with our shareholders, whether through mailings, electronically or by telephone. The Fonds has a shareholder base that is loyal and committed: it was crucial to retain this strong relationship. In winter 2015, our traditional sign-up and loyalty-building advertising phases were released in the media. They allowed us to raise interest in subscribing to shares of the Fonds during the RRSP period and to offer an alternative savings solution (automatic savings) once the limit was reached. The total number of new shareholders was 18,727 for the 2014-2015 financial year; the Fonds therefore had a total of 610,605 shareholders as of May 31, 2015. The annual volume of subscriptions through systematic savings, which continues to represent the largest proportion of the Fonds subscriptions, was $428 million. Online transactions were not outdone: 6,550 new shareholders signed up through the Fonds website, and total lump-sum subscriptions of over $118 million were collected through various virtual channels. The volume of redemptions was $643 million as at May 31, 2015 ($730 million as at May 31, 2014). a level below our expectations for the year. The Fonds excellent return and the ongoing increase in the share value no doubt encourage shareholders to delay cashing out. SÉCURIFONDS, a financial services firm and subsidiary of the Fonds, continues to enjoy a strong success. Its mission involves supporting our shareholders as they prepare for retirement. Over 4,000 shareholders are currently using SÉCURIFONDS, which now manages assets of $102 million. Since July 2014, the Fonds payroll deduction has been an alternative solution to the Voluntary Retirement Savings Plan (VRSP), which will be implemented over a few years. All companies with five or more employees will therefore have to comply with the Voluntary Retirement Savings Plans Act and offer their employees a way to save for retirement. By setting up the Fonds payroll deduction in their companies, employers will not need to set up a VRSP. Our teams are currently working with companies in this process that allows them to comply with the Act and offer a beneficial savings option to their employees. As noted previously, the Government of Québec announced in its March 2015 budget that it was lifting the limit imposed on the Fonds share issues. In this context, our marketing activities aimed at encouraging shareholders to subscribe will continue until the end of February 2016 and will certainly allow a larger number of shareholders to contribute to their Fonds RRSP. 10

Integrated management of the Fonds assets The Fonds implemented the Integrated Financial Assets Management Policy, which applies to all the Fonds financial assets. The objective of this policy is to manage the financial assets in an integrated and comprehensive way to ensure sound diversification and an optimal return/risk profile while complying with the mission of the Fonds and meeting the expectations of its stakeholders. The Integrated Financial Assets Management Policy is complemented by the Investment Policy for the development capital investments managed by the Investments sector and the Other Investments Portfolio Policy for the assets managed by the Other Investments sector. 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 in order to allow 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 51% as at May 31, 2015, should gradually increase. Following the strategic review being undertaken by the Fonds, changes could be made to the Integrated Financial Assets Management Policy in the coming years in order to preserve the desired balance between the various components of the Fonds balance sheet, to maintain the desired return/risk ratio and to continue meeting stakeholders expectations. 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 investment rule which the Fonds must follow pursuant to its Incorporation Act (for more on this, see the Investment rule section). To enable risk diversification, the Fonds allocates its investment portfolio among various economic sectors, including the real estate sector, through the fonds immobilier de solidarité FTQ. To bring into action its regional and local commitment, the Fonds invests in all regions of Québec through the fonds régionaux de solidarité FTQ and the fonds locaux de solidarité FTQ. Generally, the Fonds holds a minority interest in the companies in which it invests. 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 improve 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 Vice- President, Due Diligence and Administration, together with the Vice-President, Legal Affairs, very closely monitor investments that entail greater 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 2006 to 2015, i.e. a 10-year period, the Fonds has committed $5.9 billion of unsecured risk capital (development capital) to partner companies. Of this amount, $2.1 billion has been invested in venture capital 8 either directly in private companies ($1.1 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. 8 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. 11

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 Other Investments Portfolio Policy, which forms an integral part of the Integrated Financial Assets Management Policy. The objective of the Other Investments Portfolio Policy is to optimize the Fonds return/risk ratio, diversify development capital investments and provide the liquidity necessary for the Fonds to meet all its obligations. 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 cash and money market portfolio, part of the bond portfolio and the high-income portfolio. The portfolios that are managed internally represented $2.1 billion as at May 31, 2015, or 38% of the total amount of other investments (40% as at May 31, 2014). To improve the overall performance of these portfolios, the Fonds specialists have some latitude in implementing tactical strategies on the market; these transactions must comply with the Other Investments Portfolio Policy and the guidelines authorized by the Financial Assets Management Committee. For portfolios managed externally, the Fonds retains the services of specialized managers to manage all the shares held in the other investments portfolio and to actively manage a portion of the bond portfolio. An active approach is adopted by the external managers for Canadian shares, while a passive approach, including the replication of alternative beta indexes, is preferred for managing the global equities portfolios. International infrastructure funds are also managed externally. In addition, the Other Investments sector may use derivative financial instruments to facilitate the management of its portfolios, increase the Fonds revenues and manage its market risks. The internal manager is also authorized to manage overlay management tactical allocation and market opportunities portfolios in accordance with predetermined risk budgets that have been approved by the appropriate governing bodies. 12

INVESTMENT RULE The investment rule, set out in the Fonds Incorporation Act, stipulates that the Fonds qualified development capital investments must respect the minimum threshold of the investment rule at the end of each financial year. As at May 31, 2015, this minimum threshold was 60% of the Fonds average net assets of the previous financial year. The Fonds may invest the remaining assets in other financial vehicles for asset diversification and sound management purposes. The calculation method for the investment 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. If the Fonds does not meet the investment rule minimum threshold, the share issues giving rise to labour-sponsored fund tax credits for the following financial year are limited to a prescribed percentage of the total value of the shares issued during the previous financial year, except for shares acquired through payroll deduction or by employer contributions set out in agreements concluded before the end of the prior year. As at May 31, 2015, the value of the average qualified investments 9 amounted to $6.3 billion or 65.1% of the average net assets of the previous financial year (compared to 65.1% as at May 31, 2014 and 66.0% as at May 31, 2013). Since the minimum threshold of the investment rule was reached as at May 31, 2015, the amount of share issues giving rise to labour-sponsored fund tax credits for the 2015-2016 financial year will not be limited by the investment rule. As at May 31, 2015, in addition to the investment rule, the Fonds was 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. It should be noted that in the most recent Québec budget, it was announced that the investment rule threshold will be gradually raised (by 1% per year starting in 2016) to 65% in 2020. RECENT DEVELOPMENTS ACCOUNTING POLICIES INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS) The Fonds adopted the IFRS for the year beginning June 1, 2014, as required by Canadian securities laws and the Accounting Standards Board of Canada. Note 28 to the financial statements at as May 31, 2015 discloses the impact of the transition to IFRS on the financial position, financial performance and cash flows reported by the Fonds. It also presents the nature and impact of the significant changes in accounting policies. AMENDMENTS TO THE ACT TO ESTABLISH THE FONDS DE SOLIDARITÉ DES TRAVAILLEURS DU QUÉBEC (F.T.Q.) The proposed amendments to the Act to Establish the Fonds de solidarité des travailleurs du Québec (F.T.Q.) were adopted by the National Assembly on April 20, 2015. These amendments were mainly related to the governance framework of the Fonds (for more information, see the Governance section on page 25). 9 These investments include funds committed but not disbursed as well as guarantees and suretyships. 13

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 return and illustrates how the Fonds return has changed from year to year for the last ten financial years. The annual return of the Fonds is calculated by dividing net income (net loss) per share for the financial year by net assets per share at the beginning of the financial year. Such return sometimes differs from the annual compound return to the shareholder because the annual return of the Fonds does not take into account other comprehensive income but takes into account share issues and redemptions made during the year, which have a dilutive or accretive effect on net income (net loss) per share, as the case may be. ANNUAL COMPOUND RETURNS TO THE SHAREHOLDER At the current value of $33.26 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 value per share over the periods indicated. This return sometimes differs from the annual return of the Fonds since it takes into account other comprehensive income but 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 4.0%. ANNUAL COMPOUND RETURNS TO THE SHAREHOLDER (INCLUDING TAX CREDITS) A shareholder who invested, for instance, an equal amount each year through payroll deduction earned, at the current value of $33.26 per share and including the Québec and federal labour-sponsored fund tax credits (15% at the provincial level and 15% at the federal level) an annual compound return of 17.4% and 12.3% for a 7-year and 10-year period, respectively. In addition to this return, the shareholder can receive additional tax benefits if he transfers his Fonds shares to an RRSP. It should be noted that the phase-out of the federal tax credit that is effective with the 2015 tax year will have a downward impact on this return going forward. 14

SUMMARY OF INVESTMENT PORTFOLIO As at May 31 2015, the Fonds assets under management were broken down between the following categories of the development capital investments and other investments portfolios: Asset classes % of net assets Development capital investments Private securities 31.7 Specialized funds 11.1 Listed securities 8.3 51.1 Other investments Cash and money market 2.3 Bonds 21.8 Shares 24.3 High-dividend shares 10 0.3 International infrastructure funds 0.5 49.2 The following table presents the issuers of the top 25 positions held by the Fonds as at May 31, 2015, of which 18 are part of the development capital investments portfolio and 7 are part of the other investments portfolio. When the Fonds holds more than one class of securities of an issuer in the development capital investments portfolio, those classes are aggregated. However, with respect to the other investments portfolio, debt and equity securities of an issuer are not aggregated. Issuers % of net assets Development capital investments (18 issuers)* 32.0 Other investments (7 issuers)** 13.1 45.1 * The 18 issuers representing, as a group, 32.0% of the Fonds net assets are (in alphabetical order): Camoplast Solideal inc. Cogeco Câble inc. Corporation Financière L'Excellence ltée Entreprises québécoises publiques 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 Fonds régionaux de solidarité FTQ, s.e.c. 11 Gestion TFI inc. Metro inc. Société de gestion d'actifs forestiers Solifor, société en commandite 11 Société en commandite Groupe CH SSQ Financial Group 12 TMX Group Limited Transcontinental inc. Trencap s.e. c. VC, société en commandite ** The 7 issuers representing, as a group, 13.1% of the Fonds net assets are: Province of Ontario 4.5% Province of Québec 3.1% Government of Canada 1.8% Financement-Québec 1.2% Province of British Columbia 0.9% Canada Housing Trust No 1 0.9% Hydro-Québec 0.7% This summary of investment portfolio may change due to the ongoing portfolio transactions of the Fonds. 10 11 12 High-dividend shares are included in the high-income securities 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 the Fonds investments in SSQ, Life Insurance Company Inc. and its subsidiary, SSQ General Insurance Company Inc. as well as the Fonds investment in SSQ, Mutual Holding Inc. 15

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 $640 million, on a commitment basis, to support Québec entrepreneurs in their development projects. Here are a few examples of the Fonds contribution to Québec s economic development during the financial year. The economic growth of Québec successful companies hinges on their expansion into new markets. By participating in the historic $470 million transaction in Agropur Dairy Cooperative, the Fonds $75 million investment fits perfectly with this strategy and demonstrates how important it is to the Fonds to develop Québec s agrifood companies of all sizes. This transaction supports the company s growth strategy and finances announced acquisitions. The Cooperative s members include 3,473 milk producers that employ some 8,000 people. The Fonds joined a mainly Québec-based consortium for the acquisition of Montreal Gateway Terminals. This $60 million investment reflects the Fonds desire to support Québec s maritime sector and strategic infrastructures, and it will bring back to Québec the ownership and decision centre of a strategic infrastructure. In addition, a Fonds/Government of Québec joint project, announced in the last Québec budget, will be created to support the Québec maritime strategy. In connection with this project, the Fonds will provide a $100 million envelope and the Government of Québec will provide a $200 million envelope over the next five years. The transaction with ATIS Group is a good example of the vitality of the Québec manufacturing sector. The $39 million investment the Fonds made in this company is intended to repatriate the company s ownership to Québec, and it will allow the company to launch its strategic growth plan in full force. ATIS Group is one of the largest door and window manufacturers in Canada and has 1,400 employees, including 900 in Québec. Present in the media sector for many years now, the Fonds has partnered with Média-Participations, a strategic European partner, to invest a total of $7.5 million (of which $4.9 million is provided by the Fonds) in Frima, a flagship of the gaming and entertainment industry in Québec. With this $4.9 million investment, the Fonds is supporting over 300 quality jobs in one of the largest production company in the Québec City region. Through this partnership, Frima expects to make targeted acquisitions in Canada and abroad. In addition, the Fonds invested $5 million in COLO-D, a new economy company in Drummondville, to support its growth in the development of data centres. During their financial year ended March 31, 2015, the fonds régionaux de solidarité FTQ invested a total of $48.1 million on a commitment basis, up 32.8% from the $36.1 million invested in the previous year. In total, 84 investments were made, of which 58 were in new companies. During its financial year ended December 31, 2014, the fonds immobilier de solidarité FTQ invested in 14 new real estate projects in various regions of Québec and various sectors (residential, commercial, offices and industrial). The authorized investments totalled $114 million. Among them, an investment of $2.5 million was authorized for the construction of a commercial building located on Rue de l Évêché in Rimouski. In addition, a $7.2 million investment was authorized for the Urbania 2 residential project, which will be built according to Transit-Oriented Development principles near the Montmorency metro station and will be part of a group of buildings creating a new downtown in Laval. 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 $47.7 million ($20.1 million in the previous year) in accordance with this policy. Five investments totalling $32.2 million ($3.7 million in the previous year) were made in companies meeting the companies impacting the Québec economy criteria. One of these investments, for $17.0 million, was made in AJ Walter Aviation Limited to support the development of its Montréal-based sister company (AJW Technique), which is one of its suppliers. Another investment of $4.0 million was made in Zymeworks Inc., which develops several cancer treatment products. In addition, two investments totalling $10.2 million were made in companies in the life sciences sector. Lastly, following an investment made last year, an additional $1.0 million was invested in Adetel Group. 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). 16

An investment of $14.3 million ($16.4 million for the previous year) was made in a private fund outside Québec. More specifically, this investment was made in Forbion Capital Fund III C.V., a Dutch fund specialized in life sciences that invests in companies in phases ranging from the end of pre-clinical activities to pre-commercialization that are active in developing drugs, medical technologies and diagnostics. In addition, an investment of $1.2 million (none for the previous year) was made in the category of companies undertaking large-scale projects in Québec. This investment in Gladius Pharmaceuticals Inc. will allow it to create five new jobs in its Montréal office and pursue its plans to discover and develop antibiotics to treat life-threatening, multi-drug-resistant bacterial infections. THE FONDS 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, which covers all of Québec, revolves around five levels of investment: The Fonds generally offers $2 million and up for large companies. The Fonds is involved in the financing of mergers, acquisitions, expansions, development of a new market or buy-backs, among others. The fonds régionaux de solidarité FTQ generally offer capital ranging from $100,000 to $3 million to meet the needs of businesses in their region. The fonds locaux de solidarité FTQ, created by the Fonds and the Québec Federation of Municipalities, generally offer $5,000 to $100,000 to small businesses. The fonds immobilier de solidarité FTQ specializes in real estate investment and development. Its 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 2014-2015, with the ongoing goal to facilitate Québec SMEs access to capital in all their stages of development. Québec entrepreneurs have 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 fund. The following graph shows the breakdown of the Fonds investments based on its various network components: 17

TRENDS AND OUTLOOK TRENDS IN THE VENTURE CAPITAL INDUSTRY 14 Investment activity in the Québec venture capital market posted an increase for a second consecutive year. Investments by venture capital funds totalled $604 million as at December 31, 2014, surpassing the $599 million invested in 2013. The amount invested in Québec in 2014 was the highest since 2007, a record year in the cycle prior to the 2008-2009 financial crisis. It should be noted that the North American market saw an increase in activity in 2014 compared to the previous year. Canadian activity was up 21% from 2013 to 2014, reaching a total amount of $2.4 billion. However, with an increase of only 0.8%, Québec lost some of its share of the Canadian market, which went from 31% in 2013 to 25.5% in 2014. The sharp decrease in amounts invested by foreign funds mainly explains the weak growth in total amounts invested in 2014 in Québec. In fact, amounts invested by private independent funds, government funds, labour-sponsored funds and other tax-advantaged funds were up 19%, (from $406 million in 2013 to $484 million in 2014), but amounts invested by foreign funds were down 38% (from $193 million in 2013 to $120 million in 2014). The allocation of these investments by sector also changed compared to 2013, when the non-technology and clean technology sectors were the big winners, with 36% and 34% of total venture capital invested in Québec, respectively. In 2014, the information technology (IT) and life sciences sectors made a comeback. In total, these two sectors attracted 54% of amounts invested. Investments totalled $225 million in the IT sector (73% more than in 2013) and $104 million in the life sciences sector (56% more than in 2013). TRENDS IN THE SAVINGS MARKET AND RRSP In Québec, as soon as the Liberal government took office in April 2014, a process to improve public finances was put in place with the objective to quickly return to a balanced budget. For this government, a major factor in achieving this objective is the aging population, which will lead to massive retirements that will put increasing pressure on pension plans 15.The conclusions of the D Amours Report, which examined the viability of these plans, are therefore still quite present. Since July 1, 2014, the Voluntary Retirement Savings Plans Act has been in effect, and its implementation will span a few years. As such, the necessity for citizens to take charge of their personal savings remains more than ever a hot topic. Despite this observation, the current financial position of the citizens does not really allow them to do so. While disposable income has risen in recent years in both Québec and Canada, the personal debt rate continued to go up and the savings rate in Québec has remained significantly lower than that of Canada (in 2013: 2.7% in Québec compared with 5.2% in Canada) 16. The trend did not improve in 2014, as the percentage of Quebecers having contributed to their registered retirement savings plan (RRSP) is the same as in 2013 (62% compared to 66% in 2012) 17. Despite all this, tax free savings accounts (TSFAs) remain very popular as a tool for financing medium-term projects (increase of 89% from 2009 to 2013) 18, because withdrawals are less restrictive than with an RRSP. These findings are a reminder of the importance of the Fonds mission for the Québec population. The phase-out of the federal tax credit and the limit imposed in 2014-2015 by the Government of Québec on the Fonds share issues giving rise to the labour-sponsored fund tax credits do not seem to have affected the trust of the Fonds shareholders and the Québec population in general; the last subscription campaign was successful and the limit was achieved on February 18, 2015. The strength of our roughly 2,000 LRs and our customer service, combined with a competitive return, should favourably position the Fonds for the next financial year, especially since the abovementioned limit on the Fonds share issues giving rise to labour-sponsored fund tax credits ceased to be in effect as of June 1, 2015. 14 15 16 17 18 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 2014 calendar year, which is different than the Fonds financial year. Statistics Canada, Canadian Economic Observer: Projected trends to 2031 for the Canadian labour force. Institut de la statistique du Québec and Statistics Canada. SOM-REER, Le marché des REER et des CELI pour l année d imposition 2014. Canada Revenue Agency (data extracted from income tax returns and related schedules filed by individuals). 18

FONDS OUTLOOK 19 Notice to readers: The following outlook does not take into consideration the potential impact of the implementation of new strategic directions on subscriptions and their redeployment as investments as well as on operating expenses. 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% on a long-term horizon. 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 and 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 2015-2016 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, 2015. With projected share issues higher than forecasted redemptions, net assets should increase during the 2015-2016 financial year. Net subscriptions (share issues less redemptions) could even be greater than in the 2014-2015 financial year, given the absence of a limit and despite the reduction in the federal tax credit. However, it should be noted that net subscriptions should become negative thereafter, due to the combined impact of the reduction in the federal tax credit on share issues and the forecasted increase in share redemptions. In particular, as a result of the increase in the investment rule threshold from 60% to 61% in 2016, announced in the most recent Québec budget (more specifically, the investment rule threshold will increase 1% per year starting in 2016 to reach 65% in 2020), the volume of investments made by the Fonds should be higher than the volume recorded in the 2014-2015 financial year. The phase-out of the federal tax credit will not, strictly speaking, affect the overall strength of the Fonds assets, the share value, the return to shareholders or the ability of the Fonds to redeem shares, even in the long-term. However, as mentioned previously, the federal government s decision, which will represent a significant tax hike for Québec workers who save, could reduce subscriptions and, consequently, decrease the Fonds job-creating investments in the Québec economy. 19 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 23, 2015, 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. 19

RISK MANAGEMENT Sound risk management practices are vital to the success of the Fonds. We manage our risk within a framework taking into acco unt the nature of our activities and the risks we can reasonably assume considering the desired return/risk ratio and stakeholder 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 23, 2015. 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. The Integrated Financial Assets Management Policy is complemented by the Investment Policy for the development capital investments managed by the Investments sector and by the Other Investments Portfolio Policy for the assets managed by the Other Investments sector. These policies, which were adopted by the Board of Directors, set goals, guidelines and several limits so that the Fonds management can ensure that the target return/risk profile is reached. In addition, the Fonds may use derivative financial instruments in particular to facilitate the management of portfolios, increase its revenues, safeguard the value of its assets and manage its market risks. During the year ended May 31, 2015, the Fonds continued to implement its integrated risk management framework. This process, which was undertaken a few years ago, is essentially aimed at providing 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 strategies. The integrated risk management approach was also designed to improve risk governance, monitoring and reporting. To that end, the Board of Directors of the Fonds adopted, in May 2012, the Integrated Risk Management Policy, which sets out the Fonds requirements in that regard while specifying the responsibilities of the main stakeholders involved. This policy has been in effect since June 1, 2012. 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, which has already been completed in the Other Investments and Investments sectors, was completed in two other sectors (Shareholder Services and Information Technologies) during the 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 results. 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 (governments and government agencies; financials and utilities; information technology, telecommunications services and healthcare; consumer discretionary and consumer staples; industrials; energy and materials) and geographic areas, within the limits allowed by its Incorporation Act. The Fonds financial assets are sensitive to listed share prices, fluctuations in bond interest rates (Canada bond rates and credit spreads) and fluctuations in exchange rates. The Fonds performs sensitivity analyses and simulations to inform senior management of material levels of market risk exposure. It may use derivative financial instruments to manage its market risk. 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. As part of the revision of the other investments portfolio, the implementation of which was completed on June 30, 2014, the target equity allocation was increased. This change increased the sensitivity of the Fonds assets to changes in stock markets. In addition, the phase-out of the foreign currency hedge on global equities increased the exposure to foreign exchange risk. 20

SENSITIVITY OF THE FONDS RESULTS TO MARKET RISK (in millions of dollars) May 31, 2015 (IFRS) May 31, 2014 (IFRS) June 1, 2013 (IFRS) Change in bond interest rates* 1% increase in bond interest rates (186) (180) (179) 1% decrease in bond interest rates 186 180 179 Change in listed share prices** 10% increase in listed share prices 364 333 253 10% decrease in listed share prices (364) (333) (253) Change in exchange rates*** 10% appreciation of the Canadian dollar (246) (216) (95) 10% depreciation of the Canadian dollar 246 216 95 * 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, if any, 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, if any, 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, if any, 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 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, which is complemented by the Investment Policy for development capital investments and by the Other Investments Portfolio Policy for the assets managed by the Other Investments sector. 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, 2015 (IFRS) May 31, 2014 (IFRS) June 1, 2013 (IFRS) Weight of the five largest investments (Development capital investments) 18.9* 17.1* 19.5* Weight of the five largest issuers or counterparties (Other investments) 11.5** 13.0** 14.2** * The portion attributable to investments that do not constitute a significant concentration of credit risk given the large number of investees represented 10.4% as at May 31, 2015 (8.9% as at May 31, 2014 and 9.6% as at June 1, 2013). ** All of these securities are issued or guaranteed by government issuers (Canada or provinces). 21

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, 2015 (IFRS) May 31, 2014 (IFRS) June 1, 2013 (IFRS) Compliant with criteria 5,818 5,142 4,989 Under watch 236 285 293 In turnaround 40 17 24 6,094 5,444 5,306 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, 2015, the weighted average credit rating of bonds was AA-, as it was as at May 31, 2014 and as at June 1, 2013. CLASSIFICATION OF BONDS INCLUDED IN THE OTHER INVESTMENTS PORTFOLIO* (fair value in millions of dollars) May 31, 2015* (IFRS) May 31, 2014** (IFRS) June 1, 2013** (IFRS) AAA 402 459 445 AA 924 775 707 A 892 966 976 BBB 220 310 264 2,438 2,510 2,392 * Presented using the Dominion Bond Rating Services (DBRS) rating scale. ** 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, 2015, the ratio of liquid assets 20 as a percentage of assets under management was 57.6% (59.2% as at May 31, 2014 and 53.8% as at June 1, 2013), 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. 20 Liquid financial assets are comprised of fixed-income securities (cash, money market and bonds), listed shares of the other investments portfolio and certain listed shares of the development capital investments portfolio. 22

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 and regulatory compliance risk. Effective policies, standards and procedures are implemented to manage this risk. Control principles and mechanisms are monit ored 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 Investment Committees whose majority of members are independent from the Fonds, the FTQ and its affiliated unions; Monitoring of the development capital investment valuation process; Monitoring of the due diligence process; Implementation of a framework program of financial compliance; Implementation of a framework program of regulatory compliance; Implementation of an internal audit function; 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 code of ethics and conduct for management and unionized personnel was updated in 2014, and training was provided to all employees. An ethics hotline managed by an accounting firm is in place and allows employees to anonymously report cases of noncompliance with the code involving financial or accounting information or illegal acts. A few years ago, the Fonds 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 were implemented by the Fonds over the past few years. 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. 23

With respect to strategic risk, the phase-out of the tax credit announced by the federal government in its March 2013 budget, which has been effective since January 1, 2015 (for the 2015 tax year, the total tax credits granted to taxpayers will be 25%, compared to 30% previously), will force the Fonds to adapt and review its short-, medium- and long-term development strategies by taking into account a potential reduction in subscriptions. As explained previously in this MD&A, the phase-out of the federal tax credit does not affect the equilibrium of the Fonds model (ability to redeem shares, to keep sufficient liquidities, to seek a reasonable return, to comply with the investment rule, etc.), but it will force the Fonds to adapt its annual investment volumes to the subscription amounts it will collect year after year. Should subscriptions decrease while redemptions maintain their trend, the financial impact of the measure would be, for the Fonds, a potential decrease in its assets that would be gradual and slow. The Fonds assets will nevertheless continue to be very substantial, and their decrease will have no impact on the equilibrium of the model mentioned above, in particular the Fonds ability to redeem shares from its shareholders. In addition, as previously mentioned in this MD&A, the Fonds launched, during the 2014-2015 financial, an extensive strategic review process to ensure that, in the medium-term, it continues increasing its socio-economic impact and optimizing its current activities and, in the long-term, it adapts its business model to take into account the possibility of permanently losing the federal tax credit. This strategic review process should be finalized in fall 2015. In addition, the limit that the Government of Québec decided to set on share issues by tax-advantaged funds for the 2014-2015 fiscal year (for the Fonds, this limit amounted to $650 million in shares giving rise to labour-sponsored fund tax credits) reduced the ability of Québec workers to save for retirement. However, this limit had no impact on the return of the Fonds or its ability to redeem its shares. It should be noted that this limit ceased to be in effect as of June 1, 2015. Reputation risk is the risk that negative publicity, whether founded or unfounded, will cause expenses, revenue 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. In that respect, the Fonds has implemented in August 2014 the Sustainable Development Policy. The Fonds also has a voting rights policy with regards to public 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. Reputation risk evolved favourably during the year, as evidenced by the strengthening of the message on the relevance of the Fonds in the Godbout report and the Québec budget, tabled in March 2015, as well as the adoption, on April 20, 2015, by the National Assembly of the amendments to the Act to Establish the Fonds de solidarité des travailleurs du Québec (F.T.Q.), which will enable the Fonds to complete the implementation of its new governance. These amendments to the Act reflect the recommendations of the special committee on governance of the Board of Directors of the Fonds issued in February 2014. The Fonds has had for a few years 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 comprised 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 Audit Committee. Given the growing use of social media by the Fonds and its employees, the Fonds has had a Social Media Policy for a few years. 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. 24

GOVERNANCE Further to the announcement, in February 2014, of the important reform of the Fonds governance, the Fonds has implemented several elements designed to strengthen its governance: Presidency of the Board of Directors and all the Board s committees (including those authorizing regional and real estate fund investments) reserved for a member independent from the Fonds, the FTQ and its affiliated unions; Creation of two new committees composed of a majority of members independent from the Fonds, the FTQ and its affiliated unions, namely the Governance and Ethics Committee and the Human Resources Committee; Implementation of a working group composed of independent members to review the decision-making process for investments, and whose work has an immediate impact on the scope of the mandate, roles, responsibilities and composition of the various governance bodies of the Fonds. In connection with this ongoing reform at the Fonds, Robert Parizeau, Chairman of the Board of Directors of the Fonds, and Gaétan Morin, President and Chief Executive Officer of the Fonds, supported before the National Assembly s Committee on Public Finance in January 2015 the amendments proposed to the Act to Establish the Fonds de solidarité des travailleurs du Québec (F.T.Q), which were finally adopted on April 20, 2015. The amendments enshrine the reforms already made by the Fonds since 2009 whereby all investments must first be recommended by an investment committee made up of a majority of members independent from the Fonds, the FTQ and its affiliated unions. In addition, the number of members of the Board of Directors is increased from 17 to 19; the majority of these members will have to be elected annually by the shareholders for a term not exceeding 12 years. The Fonds has therefore launched a call for nominations ahead of its Annual General Meeting of Shareholders to be held on September 26, 2015. A notice of the call for nominations has been published in Québec s major dailies and on the Fonds website for the four director positions that will be voted on at the Annual Meeting from among the candidates selected following the call for nominations. The criteria for director eligibility and the nomination procedure are available on the Fonds website. As regards the seven independent directors recommended to the Board of Directors by the Fonds Governance and Ethics Committee, a notice of meeting for the Annual Meeting and a proxy circular will be made available to shareholders in August 2015. RISK GOVERNANCE The Management Committee, comprised of the President and Chief Executive Officer and executives, is responsible for the global management of the Fonds operations. Because integrated financial assets management is an essential part of risk governance, 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. The governance structure that supports the Fonds, in particular with respect to risk management, is as follows: The Fonds 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. 25

The implementation process of the 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 Integrated Risk Management Committee, once formed, the monitoring of some work and their results in that respect. 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. Integrated risk management is the responsibility of the Executive Vice-President, Finance, who chairs the Integrated Risk Management Advisory Committee, composed of internal members, and will be supported in his duties by a Vice-President, Integrated Risk Management and Financial Strategies, a position that will be filled during the 2015-2016 financial year. The Integrated Financial Assets Management Policy, which is under the Integrated Risk Management Policy, is a key piece of the risk governance framework. The objective of this policy is to manage financial assets in an integrated and comprehensive way to ensure sound diversification and an optimal return/risk profile while complying with the mission of the Fonds and meeting the expectations of its stakeholders. The Integrated Financial Assets Management Policy is complemented by the Investment Policy for the development capital investments managed by the Investments sector and the Other Investments Portfolio Policy for the assets managed by the Other Investments sector. The purpose of these policies is to set out the investment principles and rules for financial assets as well as to define the roles and responsibilities of the persons involved and the monitoring procedure to be applied. Policies are complemented by guidelines to specify how investment managers must proceed, including, without limitations, discretionary limits, diversification requirements, quality standards as well as return and risk objectives. KEY GOVERNING BODIES BOARD OF DIRECTORS 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; Ensuring that the Fonds, as an investor, behaves as a socially responsible entity; 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 to boards and committees to support it in maintaining the highest standards. The Fonds committees report their activities at least once a year to the Board of Directors. INVESTMENT BOARDS AND COMMITTEES Investment Boards and Committees are responsible for decisions related to development capital investments. These Investment Boards and Committees comprise the three Investment Committees for the Traditional, New Economy and Mining sectors as well as the Decision-Making Boards of the fonds immobilier de solidarité FTQ (which are similar, for operational purposes, to an Investment Committee). Each development capital investment of $15 million or more ($10 million or more for the Real Estate sector) 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 corresponding Investment Board or Committee. All investments below these thresholds are under the authority of the Investment Committee overseeing the economic sector or the Decision-Making Boards of the fonds immobilier de solidarité FTQ. All majority interest investments must be authorized by the Board of Directors on the recommendation of the appropriate Investment Committees. The three Investment Committees and the Decision-Making Boards of the fonds immobilier de solidarité FTQ are composed of a majority of members who are independent from the Fonds, the FTQ and its affiliated unions. 26

EXECUTIVE COMMITTEE The Executive Committee is composed of at least seven directors, including (i) the Chairman of the Board of Directors, (ii) the First Vice-Chair of the Board of Directors, (iii) the President and Chief Executive Officer, (iv) a member appointed by the FTQ, and (v) three independent members who sit on the Board of Directors. The Executive Committee only deliberate or make decisions if a majority of independent members are present. It may exercise all the powers of the Board of Directors with the exception of distributing shares, granting options, dismissing or replacing directors, declaring or authorizing dividend payments, and adopting, amending or revoking bylaws. AUDIT COMMITTEE The Audit Committee is comprised entirely of members who are independent from the Fonds, the FTQ and its affiliated unions in accordance with the Fonds Incorporation Act and 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 providing feedback. The Audit 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 makes recommendations to the Board of Directors when necessary. An internal audit function monitored by the Audit Committee was put in place, which allows benefiting from an independent assurance function. HUMAN RESOURCES COMMITTEE Composed of a majority of independent directors (from the Fonds, the FTQ and its affiliated unions), this new committee is tasked with proposing to the Board of Directors the appointment of the President and Chief Executive Officer, his employment conditions and his remuneration, as well as assessing his performance. More broadly, the Committee will have to examine issues related t o the compensation of the Fonds management as well as evaluate and plan management s succession. Its mandate will also include overseeing the negotiation of the collective agreement with the Fonds employees. Furthermore, the mandate of the Committee includes monitoring the general human resources practices within the Fonds network, in particular at the real estate fund, the regional funds and the local funds. GOVERNANCE AND ETHICS COMMITTEE Composed of a majority of independent directors (from the Fonds, the FTQ and its affiliated unions), this new committee had first been mandated in the short-term to steer the implementation of the Fonds governance reform. This committee is also responsible for supporting the Board of Directors in the implementation of a continuing education and self -assessment program, in addition to the overall aspects of the Fonds general governance, in particular with respect to appointments to the governing bodies of t he Fonds. More specifically, it determines the terms and conditions for the election of members of the Board of Directors at the shareholders meeting. It also ensures, with the Fonds management, that directors, governing body members and all employees of the Fonds maintain on an ongoing basis ethical culture and practices. The Governance and Ethics Committee also reviews certa in continuous disclosure documents to be filed with the Autorité des marchés financiers or distributed to shareholders. INTEGRATED RISK MANAGEMENT COMMITTEE The primary mandate of this committee, which will be implemented during the 2015-2016 financial year, will be to supervise the Fonds integrated risk management general practices by making recommendations to ensure that the Fonds applies proper oversight and integrated management practices to its risk exposures. It will also have to ensure that the r isks to which the Fonds is exposed are clearly identified, review the measures taken by management to adequately manage them, including examining the integrated risk profile and its action plans, and review the quantitative and qualitative risk appetite st atements as well as the risk tolerance levels. This committee will coordinate with the Financial Assets Management Committee. INTEGRATED RISK MANAGEMENT ADVISORY COMMITTEE The Integrated Risk Management Advisory Committee, composed of internal members, supports the Management Committee in the implementation of the integrated risk management framework and its decisions, in accordance with the requirements of the Integrated Risk Management Policy. 27

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 Other Investments Portfolio Policy. Its primary mandate is to ensure that asset management is coordinated and aligned. In this capacity, it recommends the main investment orientations to the Boa rd of Directors. This committee also monitors performance and changes in the return/risk ratio, ensures that the Fonds asset management is in compliance with all its policies and approves the guidelines required to manage its financial assets. Th is committee makes recommendations to the Board of Directors when necessary. PURCHASE-BY-AGREEMENT DECISION-MAKING COMMITTEE The Purchase-by-Agreement Decision-Making Committee, composed of internal members, was set up in accordance with Section 8 of the Fonds Incorporation Act. Its main duty is authorizing the purchase by agreement of the shares and fractional shares of the Fonds in accordance with the Purchase-by-Agreement Policy adopted by the Board of Directors and approved by the Minister of Finance of Québec. VALUATION COMMITTEE Composed of a majority of qualified valuators independent from the Fonds, the FTQ and its affiliated unions, the Valuation Committee is mandated to review the private investment valuation process and 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 21. 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. Qualified 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 qualified 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, regulations require that the Chief Executive Officer and the Chief Financial Officer of an investment fund sign on a half-year basis 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 signed and submitted to the Audit Committee on a half-year basis since May 31, 2009. For the six-month period ended May 31, 2015, the certification was signed by the President and Chief Executive Officer and the Executive Vice-President, Finance of the Fonds. 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 IFRS issued by the International Accounting Standards Board. 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. 21 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 new COSO framework (issued in 2013 by the Committee of Sponsoring Organizations of the Treadway Commission), and, for information technology controls, the COBIT (Control Objectives for Information and Related Technology) framework, two recognized financial governance frameworks. The necessary work to comply with the new COSO 2013 framework was completed by the Fonds during the year; the Fonds previously used the 1992 version of the COSO framework. Regulations require that the President and Chief Executive Officer and the Chief Financial Officer confirm their responsibility for controls by signing a certification to this end. Accordingly, for the year ended May 31, 2015, the Fonds President and Chief Executive Officer and Executive Vice-President, Finance signed a certification confirming their responsibility in that regard. 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 IFRS issued by the International Accounting Standards Board. Management, under the supervision of the President and Chief Executive Officer 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, 2015, internal control over financial reporting was adequately designed and effective and did not contain any material weaknesses. 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, 2015, 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 Chief Executive Officer 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, 2015, disclosure controls and procedures were adequately designed and effective. 29

STATEMENT OF DEVELOPMENT CAPITAL INVESTMENTS, AT COST AS AT MAY 31, 2015

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, 2015 ("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, 2015 is prepared, in all material respects, in accordance with the dispositions of article 18 of the Regulation respecting development capital investment fund continuous disclosure. Signed, Deloitte LLP 1 1 CPA auditor, CA, public accountancy permit No. A110972 Montréal, June 23, 2015 1

Statement of Development Capital Investments, at Cost AS AT MAY 31, 2015 (In thousands $) Unsecured Secured Total Year of Initial Investment Industry Segment Listed Shares Unlisted Shares and Units Loans, Bonds and Advances Loans Guarantees and Suretyships 1988 Fonds de développement emploi-montréal inc. 40 1,338 1,338 V01400 TransForce inc. 20 9,955 9,955 V04179 1989 Entreprises québécoises publiques (Appendix A) 315,106 315,106 V04288 1990 Transat A.T. inc. 25 38,274 38,274 V02243 1991 B.M.B. (Îles-de-la-Madeleine) inc. 25 750 750 V02102 Fonds immobilier de solidarité FTQ I, s.e.c. 40 28,975 28,975 V02273 Fonds locaux de solidarité FTQ, s.e.c. 40 38,000 38,000 V02497 1993 Fonds immobilier de solidarité FTQ II, s.e.c. 40 25,000 25,000 V02828 Groupe Robert inc. 20 21,940 27,954 49,894 V01945 Le Devoir inc. 25 1,315 1,315 V02780 SSQ, Société d'assurance-vie inc. 40 221,363 66,100 287,463 V02606 1994 Corporation Financière Brome inc. 40 2,991 2,991 V03189 1995 Château M.T. inc. 25 2,610 2,610 V03133 Fonds régionaux de solidarité FTQ, s.e.c. 40 300,380 300,380 V18672 1996 Fonds d'investissement de la culture et des communications, société en commandite 25 26,700 26,700 V03748 Groupe Solmax inc. 15 1,618 7,828 9,446 V03615 Mines Richmont inc. 15 9,219 9,219 V02088 1998 9274-0547 Québec inc. (Manoir Richelieu) 25 44,579 44,579 V16026 Exploration Azimut inc. 15 650 650 V04288 Niocan inc. 15 284 284 V04287 Société en commandite Manoir Richelieu 25 1,254 1,254 V03184 TSO3 inc. 35 5,236 5,236 V03827 1999 La Financière des entreprises culturelles (FIDEC), société en commandite 2000 ARGO II : The Wireless-Internet Fund - Limited Partnership 25 45 347 347 V04472 11,318 11,318 V04893 Atrium Innovations inc. 35 22,180 22,180 V04820 Genopole 1er Jour S.A. 35 136 136 V05387 Groupe HNZ inc. 20 24,633 24,633 V04958 GTI V, société en commandite 45 7,581 7,581 V04396 Marketing Léger inc. 20 1,000 1,250 2,250 V04460 2001 Fonds Bio-Innovation, société en commandite 35 32,732 32,732 V05076 Investissement Premières Nations du Québec, société en commandite 40 2,000 2,000 V04956 Kruger Wayagamack inc. 15 13,351 13,351 V03772 Novacap II, société en commandite 40 2,190 2,190 V04981 Partenaires MidCap 40 447 447 V05454 SIDEX, société en commandite 15 15,000 15,000 V05339 2002 FinTaxi, s.e.c. 40 16,200 60,800 77,000 V05683 2

Statement of Development Capital Investments, at Cost AS AT MAY 31, 2015 (In thousands $) Unsecured Secured Total Year of Initial Investment Industry Segment Listed Shares Unlisted Shares and Units Loans, Bonds and Advances Loans Guarantees and Suretyships 2002 Fonds immobilier de solidarité FTQ inc. 40 1 253,821 253,822 V05025 Junex inc. 10 304 304 V05601 Lumira Capital I Québec société en commandite 35 3,999 3,999 V05720 Produits Intégrés Avior inc. 20 1,250 1,250 V05148 Vimac Early Stage Fund L.P. 45 8,992 8,992 V05543 2003 Fonds Vimac Milestone Medica Nord s.e.c. 35 5,550 5,550 V05951 Le Fonds Entrepia Nord, s.e.c. 45 7,612 7,612 V05841 Mines de la Vallée de l'or ltée 15 437 437 V06004 Stella-Jones inc. 15 35,938 35,938 V02986 2004 4262280 Canada inc. (Transat A.T.) 25 4,647 4,647 V06375 Corporation Aurifère QMX 15 300 300 V06287 Fonds d'investissement MSBI, société en commandite 45 8,905 8,905 V05710 Octasic inc. 45 1,741 6,264 8,005 V05549 Trencap s.e.c. 55 198,516 198,516 V06277 Vimac ESF Annex Fund L.P. 45 801 801 V06177 2005 9053-2698 Québec inc. 20 1 1 V04338 A.M. Pappas Life Science Ventures III, LP 35 8,308 8,308 V11759 Addenda Capital inc. 40 71,406 71,406 V13108 Camoplast Solideal inc. 25 39,551 39,551 V04935 Château Bonne Entente inc. 25 1,138 106 1,244 V06252 FIER Partenaires, société en commandite 40 27,822 27,822 V06260 Fonds Brightspark II, s.e.c. 45 1,367 1,367 V06280 Fonds d'opportunités canadiennes HRS, s.e.c. 40 20,484 20,484 V06076 Média Groupe inc. 25 2,000 2,042 4,042 V06408 Metro inc. 30 73,948 73,948 V11740 ProQuest Investments III, L.P. 35 3,653 3,653 V06351 RHO Fund Investors 2005, L.P. 45 2,976 2,976 V11625 SAIL Plein Air inc. 25 6,000 4,911 10,911 V11743 2006 6569293 Canada inc. (Maison des Futailles) 30 21,861 21,861 V11897 Boutique Linen Chest (Phase II) inc. 25 700 700 V12067 Capital Financière Agricole inc. 30 2,366 2,366 V06115 Capital St-Laurent, s.e.c. 45 11,320 11,320 V11478 Corporation développement Knowlton inc. 30 35,254 35,254 V12363 Coveo Solutions inc. 45 6,318 6,318 V12251 Emerald Cleantech Fund II L.P. 40 6,538 6,538 V11778 Exploration Dios inc. 15 184 184 V11976 FCPR Aerofund 20 6,941 6,941 V11792 Fiducie du Chantier de l'économie sociale 40 12,000 12,000 V06285 Fonds CTI sciences de la vie, s.e.c. 35 3,029 3,029 V11965 3

Statement of Development Capital Investments, at Cost AS AT MAY 31, 2015 (In thousands $) Unsecured Secured Total Year of Initial Investment Industry Segment Listed Shares Unlisted Shares and Units Loans, Bonds and Advances Loans Guarantees and Suretyships 2006 Fonds ID s.e.c. 40 10,000 10,000 V11741 Fonds Propulsion III s.e.c. 45 5,436 5,436 V06283 Gestion Rivière du Diable inc. 25 2,841 450 3,291 V11457 Les alcools de spécialités Greenfield inc. 15 16,000 16,000 V12378 NAPEC inc. 20 19,985 1,186 21,171 V12130 Relay Ventures Fund L.P. 45 3,452 3,452 V12024 Ressources Cartier inc. 15 918 918 V12031 Rho Canada Capital de Risque, s.e.c. 45 20,000 20,000 V11984 Société en commandite Agechem 35 15,756 15,756 V06248 VantagePoint Venture Partners 2006 (Q), L.P. 40 18,631 18,631 V11545 2007 6705341 Canada inc. (North Country Slate) 25 90 138 228 V12564 Envivio, inc. 45 5,751 5,751 V12402 Exploration Midland inc. 15 2,136 2,136 V12531 Fonds d'investissement inovia II, société en commandite 45 3,999 3,999 V12317 GO capital s.e.c. 45 1,693 1,693 V12016 Investissement (12348) s.e.n.c. (Bandsintown Group) 45 12,029 12,029 V12348 Les Industries Spectra Premium inc. 25 10,000 2,003 12,003 V06225 MMV Financial inc. 40 1 1 V12373 Novacap Industries III, s.e.c. 40 25,878 25,878 V12234 Novacap Technologies III, s.e.c. 45 4,719 4,719 V12095 Partenaires Médias Remstar, s.e.c. 25 2,000 2,000 V11979 ProQuest Investments IV, L.P. 35 6,918 6,918 V12276 Soccrent 2006, société en commandite 40 11,380 7,400 18,780 V11929 Société de gestion d'actifs forestiers Solifor, société en commandite 15 150,000 150,000 V11584 Vertex III (C.I.) Fund, L.P. 45 3,244 3,244 V12046 2008 Administration LVER inc. 25 1,200 1,200 V13113 Alimentation Coop Port-Cartier 30 127 127 V12496 BDR Capital s.e.c. 45 59,725 59,725 V13558 Cogeco Câble inc. 25 100,000 100,000 V12924 Corporation Financière L'Excellence ltée 40 100,000 100,000 V13127 Dalkotech inc. 20 5,400 180 5,580 V13252 Exploration NQ inc. 15 124 124 V13232 Fonds soutien Montréal parallèle, s.e.c. 45 2,000 2,000 V13118 G.D.G. Environnement ltée 20 2,500 2,500 V11560 Gestion ACCEO inc. 45 22,870 5,750 28,620 V13530 Gestion TFI inc. 20 125,000 125,000 V14754 Groupe AGF inc. 15 20,000 3,300 23,300 V12541 HR Stratégies inc. 40 100 100 V11531 4

Statement of Development Capital Investments, at Cost AS AT MAY 31, 2015 (In thousands $) Unsecured Secured Total Year of Initial Investment Industry Segment Listed Shares Unlisted Shares and Units Loans, Bonds and Advances Loans Guarantees and Suretyships 2008 Ontario Venture Capital Fund LP 45 5,438 5,438 V13245 Ovivo inc. 20 32,061 25,000 57,061 V13155 Placements Montrusco Bolton inc. 40 20,055 20,055 V13132 Rho Ventures VI, L.P. 45 20,160 20,160 V12930 Sonaca Montréal inc. 20 3,945 3,945 V11595 VantagePoint Cleantech Partners II, L.P. 40 19,938 19,938 V13031 2009 5N Plus inc. 45 14,166 14,166 V12431 A.M. Pappas Life Science Ventures IV, LP 35 2,123 2,123 V12898 ADS inc. 25 3,600 3,600 V13601 Champlain Capital Partners, L.P. 40 3,791 3,791 V13625 Corporation Nuvolt inc. 20 1 196 197 V14081 FCPR Aerofund II 20 13,664 13,664 V13661 Fonds Cycle Capital I, s.e.c. 40 18,458 18,458 V13823 Gestion hôtelière REVPAR inc. 25 69 69 V14033 Gestion Juste pour Rire inc. 25 667 667 V12916 Holding Smardt inc. 20 12,121 5,000 17,121 V15321 Les Viandes Laroche inc. 30 2,000 2,000 V01417 MECA DEV S.A.S. 20 21,502 12,729 34,231 V14354 Média Cineflix inc. 25 10,925 10,925 V13243 Premier Tech ltée 15 42,875 42,875 V01387 Société en commandite Groupe CH 25 11,324 11,324 V14109 9,437 Teraxion inc. 45 6,167 6,167 V05734 Transcontinental inc. 20 100,000 100,000 V13756 VC, société en commandite 40 121,037 121,037 V13847 2010 Dalkotech International inc. 20 1 1 V14868 Foliot Management inc. 25 7,000 2,500 9,500 V14270 Fortress Paper Ltd 15 7,000 25,000 32,000 V14403 Groupe Technosub inc. 20 2,430 2,430 V06405 IPL inc. 15 15,000 45,000 60,000 V01975 Nemaska Lithium inc. 15 260 260 V14826 Ressources Géoméga inc. 15 347 347 V14798 Royal Nickel Corp. 15 300 300 V14827 Saladexpress inc. 30 8,318 500 8,818 V03768 Serdy Média inc. 25 2,500 167 2,667 V13802 Société de Diamant Stornoway 15 11,045 14,700 25,745 V14396 SSQ, Société d'assurances générales inc. 40 15,000 15,000 V14428 Twist, société en commandite 30 6,000 6,000 V14444 18 2011 Abitibi Royalties inc. 15 387 387 V15313 Acquisio inc. 45 4,429 500 4,929 V12982 AmorChem, société en commandite 35 5,753 5,753 V14317 5

Statement of Development Capital Investments, at Cost AS AT MAY 31, 2015 (In thousands $) Unsecured Secured Total Year of Initial Investment Industry Segment Listed Shares Unlisted Shares and Units Loans, Bonds and Advances Loans Guarantees and Suretyships 2011 Bombardier inc. 20 49,779 49,779 V13647 Cogeco inc. 25 40,000 40,000 V15279 Corporation Aurifère Aurvista 15 400 400 V14828 Corporation Aurifère Monarques 15 305 305 V15054 Fonds Alpha+ Montrusco Bolton 40 20,240 20,240 V13562 Fonds Capital Culture Québec, société en commandite 25 10,000 10,000 V14949 Fonds d'amorçage Cycle-C3E, s.e.c. 45 5,561 5,561 V14929 Fonds d'investissement pour la relève agricole (FIRA), s.e.c. 30 3,667 3,667 V14455 Fonds d'investissement Réal, s.e.c. 45 6,803 6,803 V14927 Fonds Relève Québec, s.e.c. 40 2,677 2,677 V14948 Fonds stratégique à rendement absolu HRS, s.e.c. 40 50,000 50,000 V14730 Groupe Crête division St-Faustin inc. 15 933 933 V14867 Groupe Meloche inc. 20 3,000 3,000 V14936 Groupe TMX Limitée 40 97,600 97,600 V15039 JV Driver Corporation inc. 20 16,000 16,000 V14834 Les Chantiers de Chibougamau ltée 15 1,750 1,750 V14814 Les Investissements Nolinor inc. 20 875 875 V14769 Magnus Poirier inc. 25 143 143 V03002 Milestone Pharmaceutiques inc. 35 5,157 1,202 6,359 V14985 Nunavik Nickel Mines Ltd 15 14 14 V15314 Rona inc. 25 35,375 35,375 V15367 Scandinave Spa in Whistler inc. 25 1,861 1,861 V14839 2012 9187-8850 Québec inc. (Forage Boréal) 15 2,050 2,050 V14933 9262-2059 Québec inc. (Casavant Frères) 25 2,000 2,000 V15284 Abipa Canada inc. 20 9,600 9,600 V15425 Agritibi R.H. inc. 20 450 450 V15495 Athos services commémoratifs inc. 25 14,699 14,699 V15783 Erfa Canada 2012 inc. 35 3,106 3,106 V15297 Fonds de solidarité FTQ investissements croissance I, s.e.c. Fonds de solidarité FTQ Investissements technologiques I, s.e.c. 45 45 5,992 5,992 V15817 4,000 4,000 V15320 Germain Larivière inc. 25 1,073 1,073 V14464 Gestion SMS inc. 20 1 1 V15483 GLyPharma Thérapeutique inc. 35 2,837 2,837 V15331 Groupe Colabor inc. 30 30,000 30,000 V06111 Groupe MBI inc. 20 20,321 408 20,729 V15261 Groupe PCM inc. 20 395 395 V15362 Groupe QuébéComm inc. 25 3,000 3,000 V14747 Innovation Thrasos inc. 35 12,017 12,017 V14257 6

Statement of Development Capital Investments, at Cost AS AT MAY 31, 2015 (In thousands $) Unsecured Secured Total Year of Initial Investment Industry Segment Listed Shares Unlisted Shares and Units Loans, Bonds and Advances Loans Guarantees and Suretyships 2012 La Coop fédérée 30 75,000 75,000 V15256 Les Bois de plancher P.G. inc. 15 2,000 2,000 V13578 Les entreprises de divertissements Muse inc. 25 4,500 4,500 V14680 Les Industries Touch inc. 25 427 427 V11932 Lumira Capital II, société en commandite 35 7,133 7,133 V13774 Maibec inc. 15 9,662 4,824 14,486 V02502 Mine Barlow inc. 15 200 200 V15436 Pages Jaunes Limitée 25 1,747 1,747 V16028 Pages Jaunes Solutions numériques et médias limitée 25 6,948 6,948 V16027 Produits alimentaires Viau inc. 30 4,700 4,700 V14878 Société en commandite Free 2 Play 25 7,500 7,500 V14906 Sojag inc. 25 3,325 3,325 V15446 SSQ, Société de participation mutualiste inc. 40 78,050 78,050 V15372 Supermétal Structures inc. 20 3,618 3,618 V05411 Technologies Interactives Mediagrif inc. 45 4,725 4,725 V03963 2013 Accedian Networks Corporation 45 1,252 1,252 V13081 Adetel Group 45 4,691 4,691 V15890 AJW Technique inc. 20 10,750 10,750 V15836 Asmacure inc. 35 1 1 V06167 Attraction Média inc. 25 4,000 1,500 5,500 V11876 Auberge & Spa le Nordik inc. 25 741 741 V16361 Bandsintown Group inc. 45 5,168 5,168 V16328 Corporation d'or Intégra 15 74 74 V17283 Distech Contrôles inc. 45 13,000 13,000 V06350 Entreprises Minières du Nouveau-Monde inc. 15 150 150 V15867 FCPR Aerofund III 20 6,052 6,052 V15929 Fonds d'investissements Sanderling VII (Canada), s.e.c. 35 2,502 2,502 V15642 Groupe de construction industrielle DCM inc. 20 7,667 7,667 V15945 Humania Assurance inc. 40 10,000 10,000 V15294 Les Brasseurs du Nord inc. 30 19,975 19,975 V15958200 Les Réseaux Accedian inc. 45 7,764 7,764 V11761 Lunetterie New Look inc. 25 15,000 15,000 V17373 Macadamian Technologies inc. 45 500 500 V17250 Propair inc. 20 718 718 V16025 Ressources Falco ltée 15 553 553 V16292 2014 2525 inc. 45 625 625 V18194 2786591 Canada inc. (Groupe Multi-Prêts) 40 2,500 2,500 V18380 9121196 Canada inc. (Groupe Multi-Prêts) 40 3,100 3,100 V18036 A J Walter Aviation Limited 20 17,417 17,417 V18122 7

Statement of Development Capital Investments, at Cost AS AT MAY 31, 2015 (In thousands $) Unsecured Secured Total Year of Initial Investment Industry Segment Listed Shares Unlisted Shares and Units Loans, Bonds and Advances Loans Guarantees and Suretyships 2014 Acquisition Glacier II inc. 35 58,895 58,895 V17590 Adventure Gold inc. 15 400 1 401 V13715 Agropur Coopérative 30 75,000 75,000 V17727 Anges Québec Capital s.e.c. 40 2,738 2,738 V17797 Argos Therapeutics inc. 35 1 1 V15710 AV & R Vision & Robotiques inc. 20 1,373 1,373 V15961 Coalision inc. 25 15,000 15,000 V06297 Colo-D inc. 45 2,175 5,000 7,175 V18185 Decolin inc. 25 5,000 5,000 V17672 Densi Corporation 25 2,000 2,000 V17520 Double A Corp inc. 20 3,000 3,000 V17235 Enerkem inc. 15 11,015 11,015 V13021 Fonds CTI Sciences de la vie II, s.e.c. 35 830 830 V15952 Fonds de solidarité FTQ investissements croissance II, s.e.c. 45 1,600 1,600 V18165 Fonds Valorisation Bois, s.e.c. 15 5,000 5,000 V15486 Groupe Acier Pointe-Claire / Green Valley inc. 15 2,807 2,807 V18053 Groupe Bermex inc. 25 5,000 5,000 V12828 Groupe Giroux Maçonnex inc. 20 2,000 2,000 V02222 Groupe Laces inc. 25 2,500 2,500 V18199 Groupe V Média inc. 25 7,500 7,500 V16356 Héroux-Devtek inc. 20 21,537 21,537 V14766 Leprohon inc. 20 500 500 V18174 Lumenpulse inc. 20 7,485 7,485 V15264 Machines Roger International inc. 15 1,000 1,000 V02679 Maison des Futailles, s.e.c. 30 2,000 2,000 V17474 Mason Graphite inc. 15 29 950 979 V17459 Métal 7 inc. 20 4,750 4,750 V17257 Mines Agnico Eagle Limitée 15 3,990 3,990 V18101 Mines Coulon inc. 15 3,600 3,600 V17399 Novacap Industries IV, s.e.c. 40 5,404 5,404 V17668 Orckestra inc. 45 2,800 2,800 V18164 PRCL Research inc. 35 1,818 1,818 V17211 Redevances Aurifères Osisko ltée 15 27,905 27,905 V18105 Ricardo Média inc. 25 2,738 2,738 V17379 Rudsak inc. 25 4,950 4,950 V14788 Société d'investissement Alt Canada, s.e.c. 25 2,083 2,083 V13237 Sterinova inc. 35 4,500 4,500 V16093 Super Aqua Club inc. 25 2,700 2,700 V17395 Technologies Tremcar inc. 20 5,000 5,000 V13729 Teralys Capital Fonds de Fonds, s.e.c. 45 24,854 24,854 V13842 8

Statement of Development Capital Investments, at Cost AS AT MAY 31, 2015 (In thousands $) Unsecured Secured Total Year of Initial Investment Industry Segment Listed Shares Unlisted Shares and Units Loans, Bonds and Advances Loans Guarantees and Suretyships 2014 Tuango inc. 25 5,000 2,500 7,500 V17516 Versant Venture Capital V, L.P. 35 3,228 3,228 V16155 Xenon Pharmaceuticals inc. 35 1 1 V18203 Yamana Gold inc. 15 3,405 3,405 V12055 Zymeworks inc. 35 4,000 4,000 V18031 2015 9314-3394 Québec inc. (MGT - Terminaux Montréal Gateway) 20 60,000 60,000 V18178 Artemano Canada inc. 25 500 500 V18177 Corporation Fiera Capital 40 12,600 12,600 V18462 engene inc. 35 1,778 1,778 V16114 Esperas Pharma inc. 35 2,430 2,430 V18382 Gérodon (Canada) inc. 25 500 500 V17333 Gestion Frima inc. 45 2,400 2,400 V17374 Groupe Atis inc. 20 32,000 7,311 39,311 V18198 Groupe Maibec inc. 15 1 7,000 7,001 V18400 Placements Mecyva inc. 40 17,500 17,500 V18417 Ressources Sphinx ltée 15 150 150 V13371 Société en commandite Fiera Axium Infrastructure Canada II 40 228 228 V16254 Souris Mini inc. 25 4,000 2,000 6,000 V18295 Tecsys inc. 45 1,233 1,233 V13685 Teralys Capital Fonds d'innovation s.e.c. 40 709 709 V18076 Voyages Traditours inc. 25 2,925 4,000 6,925 V18298 19 general partners of limited partnerships 40 2 1 3 V18880 Total 768,070 2,846,408 1,552,409 2,638 5,169,525 9,655 The list of investments made by these specialized 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 $5,169,525,000 itemizes by company the amounts invested by the Fonds de solidarité des travailleurs du Québec (F.T.Q.). This amount appears in Note 5 to the financial statements as at May 31, 2015. In addition, this statement presents a list of the guarantees and suretyships granted by the Fonds. Industry segment legend 10 15 20 25 30 35 40 45 50 55 Energy Materials Industrials Consumer discretionary Consumer staples Health care Financials Information technology Telecommunication services Utilities 9

Entreprises québécoises publiques, at cost APPENDIX A AS AT MAY 31, 2015 (In thousands $) Description Industry Segment Listed Shares 5N Plus inc. Abitibi Royalties inc. Adventure Gold inc. 45 15 15 12,480 8 49 V12431 V15313 R14323 Aimia inc. 25 28,019 399453 Alimentation Couche-Tard inc. Amex Exploration inc. Bombardier inc. 30 15 20 3,069 25 37,253 01626P 30214Q V13647 Bowmore Exploration Ltd 15 79 10303 Cogeco Câble inc. Corporation Fiera Capital CR Capital Corp. Ergorecherche ltée Exploration Azimut inc. Exploration Dios inc. Exploration Midland inc. Forage Orbit Garant inc. Groupe Canam inc. Groupe CGI inc. Groupe d'alimentation MTY inc. Groupe DMD Connexions santé numériques inc. 25 40 15 35 15 15 15 20 15 45 25 35 24,770 12,269 93 5,410 3,155 35 108 8,856 3,164 15,066 8,259 2,538 V12924 31660A R11419 29482C V04288 V11976 V12531 68556N 13710C 39945C 55378N APTILON Hecla Mining Company 15 13 422704 Héroux-Devtek inc. 20 14,227 42774L Industries Lassonde inc. 30 2,490 417907 Innergex Énergie renouvelable inc. Junex inc. 55 10 2,935 1,537 45790B V05601 Lamêlée minerais de fer ltée 15 9 513441 Le Groupe Jean Coutu (PJC) inc. Lumenpulse inc. Manac inc. Mason Graphite inc. Metro inc. Mines Agnico Eagle Limitée Mines de la Vallée de l'or ltée Mines Richmont inc. Nunavik Nickel Mines Ltd 30 20 20 15 30 15 15 15 15 493 5,300 7,468 30 1,570 23 12 1,889 3 47215Q V15264 V06118 V17459 V11740 V18101 V06004 V02088 V15314 Opsens inc. 45 1,935 683823 Ovivo inc. Quincaillerie Richelieu ltée Redevances Aurifères Osisko ltée 20 20 15 5,201 7,076 27,437 V13155 76329W V18105 1

Entreprises québécoises publiques, at cost APPENDIX A AS AT MAY 31, 2015 (In thousands $) Description Industry Segment Listed Shares Ressources Cartier inc. Rogers Sugars inc. 15 30 24 9,076 V12031 77519R SEMAFO inc. 15 28 816922 Stella-Jones inc. Technologies D-Box inc. Technologies Interactives Mediagrif inc. Technologies Sensio inc. TransForce inc. WSP Global inc. 15 25 45 45 20 20 4,496 5,445 12,153 1,283 14,598 21,236 V02986 DBOX V03963 81725Y V04179 37230Q Xebec Adsorption inc. 20 2,374 983891 Yamana Gold inc. 15 Total 315,106 40 V12055 Industry segment legend 10 15 20 25 30 35 40 45 50 55 Energy Materials Industrials Consumer discretionary Consumer staples Health care Financials Information technology Telecommunication services Utilities 2

RELEVÉ DES AUTRES INVESTISSEMENTS (NON AUDITÉ) IN FRENCH ONLY AS AT MAY 31, 2015

Relevé des autres investissements ( non audité ) au 31 mai 2015 Description Quantité Coût Juste valeur Actions et parts GB00B1YW4409 3i Group plc 30 677 274 337 88579Y101 3M Co. 45 500 6 046 9 035 A.P. Moeller - Maersk AS, classe B 686 425304003 457 1 098 710889908 ABB Ltd 131 773 3 024 3 585 002824100 Abbott Laboratories 114 600 4 577 6 952 00287Y109 AbbVie inc. 43 494 2 068 3 615 ABC-Mart inc. 404 JP3152740001 8 500 616 000003125 Aberdeen Asset Management plc 25 188 180 214 ES0111845014 Abertis Infraestructuras SA 10 211 247 224 G1151C101 Accenture plc 36 300 3 250 4 352 H0023R105 ACE Ltd 15 700 1 476 2 087 Actavis plc 2 206 00507K103 9 484 3 632 CH0010532478 Actelion Ltd 1 596 215 277 00507V109 Activision Blizzard inc. 7 000 158 221 CH0012138605 Adecco SA 1 208 110 119 403197908 Adidas AG 13 724 1 512 1 343 00724F101 Adobe Systems inc. 14 400 686 1 422 Advance Auto Parts inc. 248 00751Y106 1 900 363 JP3122400009 Advantest Corp. 12 500 149 187 NL0010866687 Aegon NV 112 124 401 532 ES0105046009 Aena SA 1 201 157 157 648004000 Aeon Co. Ltd 24 700 341 413 FR0010340141 Aéroports de Paris 6 849 971 1 056 00130H105 AES Corp. 67 700 1 024 1 149 Aetna inc. 580 00817Y108 9 300 1 369 001055102 Aflac inc. 12 000 693 932 001181106 Ag Growth International inc. 53 524 2 852 2 802 Ageas SA 297 BE0003801181 6 539 305 GB00BK1PTB77 Aggreko plc 17 510 512 536 00846U101 Agilent Technologies inc. 21 200 828 1 090 B0ZNPN904 AGL Energy Ltd 119 975 1 793 1 861 008474108 Agnico Eagle Mines Ltd 99 200 3 588 3 970 008916108 Agrium inc. 84 770 8 237 10 951 B4TX8S909 AIA Group Ltd 853 000 4 271 7 012 008911877 Air Canada 585 200 5 619 8 053 B1YXBJ905 Air Liquide SA 13 560 1 394 2 177 Air Products & Chemicals inc. 460 009158106 5 700 1 044 009363102 Airgas inc. 2 700 165 344 601090004 Ajinomoto Co. inc. 56 000 813 1 447 Akamai Technologies inc. 303 00971T101 4 700 447 545831901 Akzo Nobel NV 13 290 880 1 261 Albemarle Corp. 220 012653101 3 500 263 FR0000130007 Alcatel-Lucent 88 289 419 440 013817101 Alcoa inc. 32 600 499 509 015351109 Alexion Pharmaceuticals inc. 5 400 531 1 104 SE0000695876 Alfa Laval AB 10 080 300 237 JP3126340003 Alfresa Holdings Corp. 36 000 629 690 01626P403 Alimentation Couche-Tard, classe B 120 500 3 066 5 840 Alkermes plc 145 IE00B56GVS15 1 700 130 017175100 Alleghany Corp. 3 700 1 591 2 195 018581108 Alliance Data Systems Corp. 1 400 461 521 018802108 Alliant Energy Corp. 4 400 170 337 1

Relevé des autres investissements ( non audité ) au 31 mai 2015 Description Quantité Coût Juste valeur Actions et parts 523148906 Allianz SE 10 593 1 691 2 082 019456102 Allied Properties REIT 40 000 1 602 1 451 020002101 Allstate Corp. 12 800 638 1 076 Ally Financial inc. 273 02005N100 10 000 283 02043Q107 Alnylam Pharmaceuticals inc. 1 500 245 245 FR0010220475 Alstom SA 12 362 434 482 021361100 AltaGas Ltd 95 600 4 127 3 791 021441100 Altera Corp. 21 700 758 1 323 Altice SA 100 101453952 1 299 211 695498006 Alumina Ltd 222 398 335 377 Amadeus IT Holding SA 666 ES0109067019 14 111 800 023135106 Amazon.com inc. 9 900 2 727 5 304 606660009 Amcor Ltd 34 892 231 483 002826006 Amec Foster Wheeler plc 17 891 301 324 023608102 Ameren Corp. 7 300 246 367 02376R102 American Airlines Group inc. 6 800 307 360 02503X105 American Capital Agency Corp. 20 100 530 523 025537101 American Electric Power Co. inc. 33 400 1 538 2 347 025816109 American Express Co. 23 900 1 881 2 378 026874784 American International Group inc. 32 900 1 523 2 407 American Realty Capital Properties inc. 220 02917T104 21 600 239 03027X100 American Tower Corp. 23 481 1 991 2 720 030420103 American Water Works Co. inc. 17 000 770 1 122 Ameriprise Financial inc. 508 03076C106 6 000 933 03073E105 AmerisourceBergen Corp. 40 100 2 785 5 635 AMETEK inc. 519 031100100 11 600 778 031162100 Amgen inc. 19 700 2 063 3 843 670995901 AMP Ltd 109 181 572 695 032095101 Amphenol Corp., classe A 23 500 988 1 674 032511107 Anadarko Petroleum Corp. 13 500 858 1 409 Analog Devices inc. 509 032654105 10 700 908 013042748 Andritz AG 3 008 206 231 B1XZS8907 Anglo American plc 113 734 3 700 2 223 475531901 Anheuser-Busch InBev NV 56 662 4 769 8 487 035710409 Annaly Capital Management inc. 232 100 3 065 3 024 Ansys inc. 389 03662Q105 4 600 511 036752103 Anthem inc. 9 600 865 2 012 004561908 Antofagasta plc 41 310 602 587 G0408V102 Aon plc 8 100 535 1 023 JP3711200000 Aozora Bank Ltd 126 000 399 607 DK0010244425 AP Moeller - Maersk AS 248 655 581 624730909 APA Group 29 509 163 263 037411105 Apache Corp. 10 800 1 027 807 037833100 Apple inc. 323 400 24 279 52 592 038222105 Applied Materials inc. 102 400 1 875 2 573 00208D408 ARC Resources Ltd 387 220 11 122 8 821 ArcelorMittal 1 060 B03XPL901 58 120 771 BMG0450A1053 Arch Capital Group Ltd 40 800 2 596 3 254 039483102 Archer-Daniels-Midland Co. 18 100 594 1 194 005958905 ARM Holdings plc 101 655 1 699 2 237 Aryzta AG 139 B39VJC900 3 442 271 JP3112000009 Asahi Glass Co. Ltd 42 000 269 343 2

Relevé des autres investissements ( non audité ) au 31 mai 2015 Description Quantité Coût Juste valeur Actions et parts 605440007 Asahi Group Holdings Ltd 15 600 304 625 605460005 Asahi Kasei Corp. 132 000 910 1 467 Ashland inc. 291 044209104 3 200 509 GB0000536739 Ashtead Group plc 13 773 287 294 KYG0535Q1331 ASM Pacific Technology Ltd 17 400 183 226 ACI02GTQ9 ASML Holding NV 26 279 2 488 3 659 Assa Abloy AB, classe B 482 569878903 11 464 842 405671009 Assicurazioni Generali SPA 31 139 602 750 067312900 Associated British Foods plc 9 850 188 568 698538006 Astellas Pharma inc. 131 800 1 527 2 402 098952906 AstraZeneca plc 71 946 5 053 5 992 ASX Ltd 1 168 AU000000ASX7 31 562 1 255 00206R102 AT&T inc. 348 700 12 256 15 034 ATCO Ltd, classe I 121 046789400 2 500 109 IT0003506190 Atlantia SPA 13 773 402 441 SE0001426065 Atlas Copco AB 79 270 1 116 1 527 SE0001426073 Atlas Copco AB 56 210 841 966 001940105 ATS Automation Tooling Systems inc. 7 600 115 119 NZAIAE0002S6 Auckland International Airport 150 895 597 650 05155C105 AuRico Gold inc. 74 600 460 307 606558005 Australia and New Zealand Banking Group Ltd 98 065 2 854 3 110 Autodesk inc. 402 052769106 6 300 426 052800109 Autoliv inc. 2 700 299 425 053015103 Automatic Data Processing inc. 79 100 5 738 8 443 Autozone inc. 3 415 053332102 6 399 5 380 SG9999006241 Avago Technologies Ltd 18 800 1 291 3 475 053484101 AvalonBay Communities inc. 10 700 1 526 2 224 Avery Dennison Corp. 156 053611109 2 800 216 021623004 Aviva plc 89 638 472 894 708842901 Axa SA 46 223 973 1 450 Axis Capital Holdings Ltd 194 BMG0692U1099 3 050 210 073302101 B/E Aerospace inc. 6 200 470 444 GB0009697037 Babcock International Group plc 13 643 301 292 026349902 BAE Systems plc 107 080 686 1 050 Baker Hughes inc. 572 057224107 10 700 861 058498106 Ball Corp. 2 400 70 213 IT0005091993 Banca Monte dei Paschi di Siena SPA 9 337 242 51 550190904 Banco Bilbao Vizcaya Argentaria SA 464 967 5 281 5 723 Banco Comercial Português SA 187 PTBCP0AM0007 1 460 067 170 ES0113860A34 Banco de Sabadell SA 160 581 396 507 IT0005002883 Banco Popolare SC 10 777 247 226 ES0113790226 Banco Popular Espanol SA 46 646 389 287 570594903 Banco Santander SA 954 327 8 449 8 469 Bank Hapoalim BM 813 IL0006625771 128 414 847 IL0006046119 Bank Leumi Le-Israel BM 168 280 756 811 060505104 Bank of America Corp. 253 400 3 575 5 219 Bank of East Asia Ltd 1 621 HK0023000190 302 372 1 704 IE0030606259 Bank of Ireland 696 940 325 332 011330702 Bankia SA 142 484 141 230 136069101 Banque Canadienne Impériale de Commerce 62 100 5 122 5 893 063671101 Banque de Montréal 184 600 11 974 14 013 51925D106Z Banque Laurentienne du Canada 739 697 24 965 35 350 3

Relevé des autres investissements ( non audité ) au 31 mai 2015 Description Quantité Coût Juste valeur Actions et parts 633067103 Banque Nationale du Canada 94 490 4 273 4 584 780087102 Banque Royale du Canada 446 509 29 295 35 304 891160509 Banque Toronto-Dominion 613 290 27 750 33 209 313486904 Barclays plc 426 517 1 992 2 194 Barratt Developments plc 158 GB0000811801 13 910 157 067901108 Barrick Gold Corp. 266 400 5 210 3 921 Barry Callebaut AG 1 186 547692905 838 1 175 ACI0054Q2 BASF SE 22 051 1 443 2 541 071813109 Baxter International inc. 72 000 5 579 5 986 506921907 Bayer AG 46 991 5 849 8 375 575602909 Bayerische Motoren Werke AG 18 610 1 969 2 580 Bayerische Motoren Werke AG - PRF 301 DE0005190037 2 888 305 07317Q105 Baytex Energy Corp. 156 700 6 119 3 315 054937107 BB&T Corp. 21 200 724 1 044 05534B760 BCE inc. 130 680 6 110 7 122 075887109 Becton Dickinson and Co. 27 879 3 350 4 890 075896100 Bed Bath & Beyond inc. 13 700 975 1 219 510740905 Beiersdorf AG 14 385 1 430 1 623 B00D9P907 Belgacom SA 34 160 1 214 1 478 Benesse Holdings inc. 878 JP3835620000 20 900 684 084670702 Berkshire Hathaway inc., classe B 57 100 7 289 10 192 Best Buy Co. inc. 265 086516101 9 500 411 609803903 Bezeq Israeli Telecommunication Corp. Ltd 517 064 998 1 099 087628905 BG Group plc 241 771 5 065 5 236 614469005 BHP Billiton Ltd 304 893 9 761 8 621 005665906 BHP Billiton plc 163 029 4 848 4 283 Biogen inc. 1 841 09062X103 6 700 3 320 09061G101 BioMarin Pharmaceutical inc. 4 800 354 752 09228F103 BlackBerry Ltd 155 670 1 863 1 901 BlackRock inc. 1 012 09247X101 3 500 1 598 730968906 BNP Paribas 26 992 1 637 2 029 096631106 Boardwalk Real Estate Investment Trust 63 186 4 080 3 684 653611905 BOC Hong Kong Holdings Ltd 550 000 1 790 2 825 Boliden AB 81 B1XCBX901 6 173 165 097751200 Bombardier inc. 2 156 000 8 238 5 563 Bonavista Energy Corp. 611 09784Y108 81 000 638 621867902 Boral Ltd 30 744 142 184 099724106 BorgWarner inc. 8 000 336 601 101121101 Boston Properties inc. 7 200 802 1 169 101137107 Boston Scientific Corp. 39 300 379 896 400212908 Bouygues SA 3 286 166 161 079805909 BP plc 518 478 4 477 4 451 Brambles Ltd 758 B1FJ0C904 78 579 859 DE000A1DAHH0 Brenntag AG 4 228 268 322 613210004 Bridgestone Corp. 23 500 882 1 224 110122108 Bristol-Myers Squibb Co. 79 200 4 091 6 386 British Land Co. plc 437 013670005 45 272 743 111320107 Broadcom Corp., classe A 36 300 1 333 2 576 112585104 Brookfield Asset Management inc., classe A 142 650 4 492 6 273 G16249107 Brookfield Properties Corp. 256 000 5 675 7 303 G16258108 Brookfield Renewable Energy Partners LP 88 000 2 792 3 321 115637209 Brown-Forman Corp., classe B 18 100 1 222 2 130 4

Relevé des autres investissements ( non audité ) au 31 mai 2015 Description Quantité Coût Juste valeur Actions et parts 309135903 BT Group plc 203 019 727 1 727 G16962105 Bunge Ltd 12 000 970 1 386 Bunzl plc 1 379 GB00B0744B38 46 741 1 688 317430908 Burberry Group plc 37 506 991 1 211 Bureau Veritas SA 670 B28DTJ907 22 473 641 067383109 C.R. Bard inc. 9 500 1 536 2 020 127097103 Cabot Oil & Gas Corp. 40 000 1 400 1 695 CaixaBank SA 375 ES0140609019 63 312 378 B3TBRZ902 CALBEE inc. 13 300 390 639 131347304 Calpine Corp. 14 400 211 361 616150009 Caltex Australia Ltd 9 937 171 320 133131102 Camden Property Trust 3 900 289 365 13321L108 Cameco Corp. 12 000 255 224 13342B105 Cameron International Corp. 12 500 669 801 134429109 Campbell Soup Co. 38 900 1 827 2 347 134921105 Canadian Apartment Properties Real Estate Investment Trust 94 400 2 213 2 594 13566W108 Canadian Energy Services & Technology Corp. 123 432 823 895 136375102 Canadian National Railway Co. 146 200 7 898 10 785 136385101 Canadian Natural Resources Ltd 246 900 8 673 9 476 Canadian Oil Sands Ltd 269 13643E105 10 900 119 13645T100 Canadian Pacific Railway Ltd 12 800 2 094 2 623 13650J104 Canadian Real Estate Investment Trust 87 700 3 976 3 781 136681202 Canadian Tire Corp., classe A 93 450 9 256 12 050 Canadian Utilities Ltd, classe A 471 136717832 12 500 462 617232004 Canon inc. 151 500 5 535 6 541 Cap Gemini SA 410 FR0000125338 5 326 576 B23K0M900 Capita plc 30 646 469 731 14040H105 Capital One Financial Corp. 16 100 1 024 1 679 14042M102 Capital Power Corp. 160 000 3 945 3 848 630930907 CapitaLand Ltd 177 000 504 572 14068G104 Capstone Mining Corp. 173 300 394 210 14149Y108 Cardinal Health inc. 24 600 1 575 2 708 Carlsberg AS, classe B 927 416921005 9 294 1 065 143130102 CarMax inc. 7 500 359 665 143658300 Carnival Corp. 14 100 478 815 564156909 Carrefour SA 18 153 732 768 417841004 Casino Guichard Perrachon SA 13 844 1 399 1 354 Catamaran Corp. 638 148887102 11 500 856 149123101 Caterpillar inc. 34 300 3 246 3 653 Cathay Pacific Airways Ltd 110 HK0293001514 53 000 169 124857202 CBS Corp., classe B 13 362 684 1 029 124900309 CCL Industries inc., classe B 19 000 1 086 2 746 Celanese Corp., série A 456 150870103 9 000 774 15101Q108 Celestica inc. 427 100 5 400 6 795 151020104 Celgene Corp. 21 000 1 319 3 000 15135U109 Cenovus Energy inc. 495 100 14 115 10 159 CenterPoint Energy inc. 273 15189T107 15 900 404 618355903 Central Japan Railway Co. 4 000 453 870 B033F2900 Centrica plc 117 294 597 620 156700106 CenturyLink inc. 43 000 1 589 1 784 Cerner Corp. 381 156782104 7 500 630 125269100 CF Industries Holdings inc. 1 400 193 552 5

Relevé des autres investissements ( non audité ) au 31 mai 2015 Description Quantité Coût Juste valeur Actions et parts 39945C109 CGI Group inc., classe A 85 400 3 823 4 499 CH Robinson Worldwide inc. 625 12541W209 9 800 755 16117M305 Charter Communications inc., classe A 1 300 289 291 16141A103 Chartwell Retirement Residences 243 600 2 668 2 682 Chemtrade Logistics Income Fund 431 16387P103 20 300 418 16411R208 Cheniere Energy inc. 6 500 195 615 165167107 Chesapeake Energy Corp. 16 000 401 282 619027006 Cheung Kong Holdings Ltd 154 000 2 764 3 000 621255900 Cheung Kong Infrastructure Holdings Ltd 223 000 1 516 2 299 166764100 Chevron Corp. 65 400 5 989 8 409 Chicago Bridge & Iron Co. NV 197 167250109 3 500 237 169656105 Chipotle Mexican Grill inc. 1 300 594 998 JP3528600004 Chiyoda Corp. 9 000 128 100 406139907 Christian Dior SA 3 678 628 920 171232101 Chubb Corp. 39 500 3 784 4 807 Chubu Electric Power Co. inc. 627 619560006 26 900 508 JP3519400000 Chugai Pharmaceutical Co. Ltd 3 300 114 123 619590003 Chugoku Electric Power Co. inc. 12 400 257 235 171340102 Church & Dwight Co. inc. 52 200 3 649 5 472 125491100 CI Financial Corp. 98 000 3 346 3 426 Cigna Corp. 515 125509109 7 400 1 301 171798101 Cimarex Energy Co. 2 800 149 404 AU000000CIM7 CIMIC Group Ltd 5 018 98 116 172062101 Cincinnati Financial Corp. 10 300 500 650 172454100 Cineplex inc. 91 957 3 680 4 510 17275R102 Cisco Systems inc. 166 000 4 452 6 073 172967424 Citigroup inc. 222 993 11 833 15 053 Citizen Holdings Co. Ltd 105 JP3352400000 12 700 116 177376100 Citrix Systems inc. 6 500 431 527 SG1R89002252 City Developments Ltd 57 000 491 555 189054109 Clorox Co. 19 400 1 786 2 607 609701909 CLP Holdings Ltd 442 500 3 681 4 831 CME Group inc. 664 12572Q105 9 400 1 105 125896100 CMS Energy Corp. 10 600 258 452 NL0010545661 CNH Industrial NV 54 404 654 603 189754104 Coach inc. 9 000 543 397 19075F106 Cobalt International Energy inc. 25 900 609 328 612345900 Coca-Cola Amatil Ltd 34 319 364 331 191216100 Coca-Cola Co. 201 800 6 990 10 317 Coca-Cola Enterprises inc. 265 19122T109 10 500 580 B9895B904 Coca-Cola HBC AG 20 293 555 554 AU000000COH5 Cochlear Ltd 10 652 825 901 19238V105 Cogeco Câble inc. 31 000 1 927 2 041 192446102 Cognizant Technology Solutions, classe A 16 200 541 1 309 194162103 Colgate-Palmolive Co. 119 600 7 601 9 972 Coloplast AS 1 831 DK0060448595 20 049 1 887 ACI009ZR8 Colruyt SA 15 951 933 894 20030N200 Comcast Corp. 63 000 2 517 4 561 Commerzbank AG 315 ACI05RX61 29 318 486 621503002 Commonwealth Bank of Australia 70 047 5 173 5 694 Communications Sales & Leasing inc. 140 20341J104 4 800 156 738048909 Compagnie de St-Gobain 13 388 581 777 6

Relevé des autres investissements ( non audité ) au 31 mai 2015 Description Quantité Coût Juste valeur Actions et parts B3DCZF902 Compagnie Financière Richemont SA 33 142 3 188 3 560 Compagnie Générale des Établissements Michelin SCA 556 458836004 6 089 813 053315909 Compass Group plc 110 313 1 611 2 404 Computershare Ltd 271 AU000000CPU5 21 985 271 205887102 ConAgra Foods inc. 27 800 852 1 340 Concho Resources inc. 299 20605P101 3 400 511 206519100 Concordia Healthcare Corp. 12 000 1 225 995 20825C104 ConocoPhillips 66 000 4 112 5 246 209115104 Consolidated Edison inc. 67 300 3 884 5 195 Constellation Brands inc., classe A 149 21036P108 5 300 780 21037X100 Constellation Software inc. 8 500 1 869 4 327 615252905 Contact Energy Ltd 24 055 133 131 459858908 Continental AG 3 368 457 975 212015101 Continental Resources inc. 3 800 122 216 216648402 Cooper Companies inc. 1 100 246 250 N22717107 Core Laboratories NV 1 800 238 264 219350105 Corning inc. 86 400 1 615 2 256 22160K105 Costco Wholesale Corp. 19 800 1 698 3 524 Crédit Agricole SA 518 FR0012728038 61 102 568 CH0271429679 Credit Suisse Group AG 77 132 1 145 1 271 22576C101 Crescent Point Energy Corp. 127 200 4 720 3 585 CRH plc 466 418224002 19 807 692 023352008 Croda International plc 5 487 196 306 22822V101 Crown Castle International Corp. 20 300 1 242 2 066 Crown Holdings inc. 301 228368106 6 900 476 AU000000CWN6 Crown Resorts Ltd 15 653 205 196 618549901 CSL Ltd 28 171 1 783 2 517 126408103 CSX Corp. 27 800 723 1 183 Cummins inc. 619 231021106 5 000 846 126650100 CVS Caremark Corp. 39 000 2 073 4 984 Daicel Corp. 78 625054002 12 000 195 B0J7D9901 Daiichi Sankyo Co. Ltd 40 300 713 951 625072004 Daikin Industries Ltd 13 400 632 1 286 552902900 Daimler AG 49 553 3 838 5 825 Daito Trust Construction Co. Ltd 420 JP3486800000 4 000 557 625136007 Daiwa House Industry Co. Ltd 25 500 506 766 625144001 Daiwa Securities Group inc. 67 000 561 665 235851102 Danaher Corp. 15 700 1 009 1 692 Danone 1 944 FR0000120644 28 028 2 348 458882909 Danske Bank AS 25 849 530 945 FR0000130650 Dassault Systèmes SA 10 850 780 1 057 23918K108 DaVita HealthCare Partners inc. 26 900 2 057 2 813 617520903 DBS Group Holdings Ltd 137 764 1 945 2 588 244199105 Deere & Co. 13 700 1 351 1 602 Delhaize Group SA 301 426211009 4 065 452 G27823106 Delphi Automotive plc 19 176 1 244 2 082 Delta Air Lines inc. 165 247361702 3 800 204 664038007 Denso Corp. 15 500 676 1 015 Dentsu inc. 240 JP3551520004 3 800 240 DE000A1ML7J1 Deutsche Annington Immobilien SE 4 000 176 158 575035902 Deutsche Bank AG 36 145 1 619 1 359 Deutsche Boerse AG 439 702196908 6 569 659 7

Relevé des autres investissements ( non audité ) au 31 mai 2015 Description Quantité Coût Juste valeur Actions et parts 461785909 Deutsche Post AG 28 830 753 1 087 Deutsche Telekom AG 1 091 DE000A14KLV8 149 358 1 599 25179M103 Devon Energy Corp. 10 600 773 863 AU000000DXS1 DEXUS Property Group 89 518 605 685 23290R101 DH Corp. 112 745 3 471 4 602 023740905 Diageo plc 216 259 6 289 7 478 Diamond Offshore Drilling inc. 519 25271C102 7 500 284 GB00B89W0M42 Direct Line Insurance Group plc 47 174 287 303 25456A103 DirectCash Payments inc. 104 021 1 589 1 609 25490A309 DIRECTV 13 400 846 1 523 Discover Financial Services 677 254709108 13 700 996 25470F104 Discovery Communications inc., classe A 5 800 241 246 25470F302 Discovery Communications inc., classe C 8 200 326 322 25470M109 DISH Network Corp. 6 600 402 583 ACI00NNS8 Distribuidora Internacional 10 507 87 104 426330007 DNB ASA 23 285 391 509 256677105 Dollar General Corp. 24 500 1 431 2 220 256746108 Dollar Tree inc. 17 800 957 1 666 25675T107 Dollarama inc. 74 500 3 898 5 132 257287102 Dominion Diamond Corp. 117 700 1 808 2 740 25746U109 Dominion Resources inc. 63 700 4 320 5 607 25822C205 Dorel Industries inc., classe B 60 850 2 183 2 043 Dover Corp. 472 260003108 5 800 546 260543103 Dow Chemical Co. 63 899 2 442 4 153 Dr Pepper Snapple Group inc. 416 26138E109 9 800 938 26154A106 Dream Global Real Estate Investment Trust 63 600 631 628 233331107 DTE Energy Co. 5 000 249 494 26441C204 Duke Energy Corp. 88 110 6 379 8 329 263534109 E.I. du Pont de Nemours and Co. 51 400 2 798 4 556 E.ON SE 1 631 DE000ENAG1G5 91 670 839 629854902 East Japan Railway Co. 22 900 1 808 2 618 Eastman Chemical Co. 194 277432100 5 000 479 G29183103 Eaton Corp. plc 13 900 956 1 242 278642103 ebay inc. 49 900 3 068 3 822 278865100 Ecolab inc. 38 800 3 955 5 553 Edenred 648 FR0012672889 38 458 605 281020107 Edison International 8 300 348 630 410359905 EDP - Energias de Portugal SA 47 020 180 229 28176E108 Edwards Lifesciences Corp. 1 400 201 228 630720001 Eisai Co. Ltd 11 600 476 910 284902103 Eldorado Gold Corp. 318 900 2 422 1 910 Electric Power Development Co. Ltd 166 B02Q32903 4 800 209 B0NJJ1901 Électricité de France SA 6 020 370 184 SE0000103814 Electrolux AB 11 722 351 446 285512109 Electronic Arts inc. 9 700 223 760 286181201 Element Financial Corp. 80 000 1 359 1 489 532457108 Eli Lilly & Co. 59 000 3 469 5 811 Elisa OYJ 130 570151902 5 759 220 268648102 EMC Corp 64 200 1 728 2 111 290876101 Emera inc. 43 000 1 723 1 774 291011104 Emerson Electric Co. 42 000 2 651 3 161 Empire Co. Ltd, classe A 293 291843407 4 300 383 8

Relevé des autres investissements ( non audité ) au 31 mai 2015 Description Quantité Coût Juste valeur Actions et parts 763561909 Ems-Chemie Holding AG 351 85 186 Enagas SA 84 738307909 3 434 123 29250N105 Enbridge inc. 194 700 10 366 11 580 292505104 Encana Corp. 378 000 6 475 5 957 Endo International plc 96 IE00BJ3V9050 1 300 136 B4TWTW909 Enel Green Power SPA 68 845 152 162 714456902 Enel SPA 147 225 863 890 29269C207 EnerCare inc. 147 311 2 214 2 136 29269R105 Enerflex Ltd 123 000 1 931 1 738 Energen Corp. 155 29265N108 3 000 259 29266R108 Energizer Holdings inc. 2 500 187 442 292766102 Enerplus Corp. 107 900 1 744 1 297 714505906 ENI SPA 136 651 3 624 3 065 Ensco plc, classe A 821 G3157S106 15 900 466 29364G103 Entergy Corp. 5 200 431 496 26875P101 EOG Resources inc. 13 700 684 1 516 EQT Corp. 681 26884L109 8 800 935 294429105 Equifax inc. 2 600 319 326 29444U700 Equinix inc. 1 970 414 659 29476L107 Equity Residential 25 700 1 547 2 385 595937905 Ericsson LM, classe B 202 173 2 622 2 827 Erste Group Bank AG 620 AT0000652011 19 477 704 297178105 Essex Property Trust inc. 1 700 343 472 721247906 Essilor International 7 598 871 1 156 401225909 European Aeronautic Defence and Space Co. NV 36 865 2 440 3 128 Eutelsat Communications 104 FR0010221234 3 014 128 BMG3223R1088 Everest Re Group Ltd 6 400 1 067 1 450 30040W108 Eversource Energy 12 800 480 787 30041N107 Evertz Technologies Ltd 19 300 335 310 30161N101 Exelon Corp. 19 300 973 815 30212P303 Expedia inc. 3 200 213 428 302130109 Expeditors International of Washington inc. 6 000 262 343 B19NLV907 Experian plc 35 256 675 837 30219G108 Express Scripts Holdging Co. 42 233 3 322 4 594 30231G102 Exxon Mobil Corp. 152 600 12 089 16 230 F5 Networks inc. 218 315616102 1 400 220 30303M102 Facebook inc., classe A 61 890 2 704 6 118 Fairfax Financial Holdings Ltd 1 053 303901102 1 900 1 190 307000109 Family Dollar Stores inc. 24 200 1 678 2 342 FamilyMart Co. Ltd 92 633127006 2 400 126 635693005 Fanuc Corp. 12 000 1 965 3 324 Fast Retailing Co. Ltd 602 633243902 1 700 877 311900104 Fastenal Co. 10 000 537 518 313747206 Federal Realty Investment Trust 12 100 1 526 2 031 FedEx Corp. 751 31428X106 7 500 1 622 ES0618900957 Ferrovial SA 20 768 272 283 NL0010877643 Fiat Chrysler Automobiles NV 23 424 304 466 31620M106 Fidelity National Information Services inc. 22 500 1 074 1 761 Fifth Third Bancorp 550 316773100 29 400 743 866796105 Financière Sun Life inc. 114 800 3 698 4 558 Finmeccanica SPA 157 IT0003856405 9 491 157 318071404 Finning International inc. 151 200 4 131 3 762 9

Relevé des autres investissements ( non audité ) au 31 mai 2015 Description Quantité Coût Juste valeur Actions et parts 31816Q101 FireEye inc. 3 000 125 174 First Capital Realty inc. 610 31943B100 34 700 652 BMG348041077 First Pacific Co. Ltd 262 000 286 310 335934105 First Quantum Minerals Ltd 62 400 1 222 1 003 FirstEnergy Corp. 612 337932107 12 100 539 337738108 Fiserv inc. 29 400 1 584 2 942 33812R109 Fission Uranium Corp. 113 900 132 131 FleetCor Technologies inc. 100 339041105 700 133 634160907 Fletcher Building Ltd 28 205 173 219 SG9999000020 Flextronics International Ltd 28 000 286 425 34354P105 Flowserve Corp. 7 200 568 494 343412102 Fluor Corp. 9 400 747 660 302491303 FMC Corp. 12 500 742 892 30249U101 FMC Technologies inc. 14 000 568 731 FR0000064578 Foncière des Régions 1 964 176 216 345370860 Ford Motor Co. 90 100 1 490 1 706 608625901 Fortescue Metals Group Ltd 191 917 873 444 Fortis inc. 254 349553107 7 900 300 557955903 Fortum OYJ 9 210 261 218 351858105 Franco-Nevada Corp. 91 300 5 139 5 840 Franklin Resources inc. 704 354613101 13 300 845 356500108 Freehold Royalties Ltd 17 500 314 308 35671D857 Freeport-McMoRan inc. 106 800 4 034 2 620 Freescale Semiconductor Ltd 395 BMG3727Q1015 7 008 395 512907908 Fresenius Medical Care AG & Co. KGaA 27 827 2 086 2 958 435209903 Fresenius SE & Co. KGaA 16 299 727 1 297 B2QPKJ909 Fresnillo plc 106 467 1 724 1 540 Frontier Communications Corp. 318 35906A108 40 400 260 435435003 Fuchs Petrolub SE 6 452 280 353 635640006 Fuji Heavy Industries Ltd 17 400 405 822 635652001 FUJIFILM Holgings Corp. 16 000 352 765 635694003 Fujitsu Ltd 60 000 259 421 GB00B01FLG62 G4S plc 121 805 633 692 HK0027032686 Galaxy Entertainment Group Ltd 256 000 2 185 1 529 B1FW75903 Galp Energia SGPS, SA 51 556 882 756 366651107 Gartner inc. 500 55 55 565042900 Gas Natural SDG, SA 8 747 191 268 B0C2CQ902 GDF Suez 27 997 976 704 DE0006602006 GEA Group AG 4 731 241 286 B1WGG9901 Geberit AG 1 540 396 689 019223973 Gemalto NV 2 302 297 251 369604103 General Electric Co. 377 100 9 899 12 837 General Growth Properties inc. 447 370023103 21 100 746 370334104 General Mills inc. 119 900 6 359 8 404 37045V100 General Motors Co. 33 800 1 276 1 518 372460105 Genuine Parts Co. 16 700 1 461 1 886 George Weston Ltd 251 961148509 3 000 303 374825206 Gibson Energy inc. 25 900 725 620 375558103 Gilead Sciences inc. 46 300 2 889 6 488 Givaudan SA 3 153 598061901 2 001 4 560 GB0030646508 GKN plc 44 632 307 312 092528900 Glaxosmithkline plc 243 438 6 756 6 740 10

Relevé des autres investissements ( non audité ) au 31 mai 2015 Description Quantité Coût Juste valeur Actions et parts SG2C26962630 Global Logistic Properties Ltd 155 000 362 396 380956409 Goldcorp inc. 280 000 7 636 6 182 616447900 Golden Agri-Resources Ltd 872 000 470 339 Goldman Sachs Group inc. 1 655 38141G104 9 900 2 548 38259P508 Google inc., classe A 8 700 4 158 5 922 38259P706 Google inc., classe C 7 830 3 493 5 200 AU000000GPT8 Group 410 835 1 549 1 814 389914102 Great Canadian Gaming Corp. 45 223 923 1 085 39138C106 Great-West Lifeco inc. 83 748 2 972 3 018 Groupe Canam inc. 807 13710C107 62 700 902 78460T105 Groupe SNC-Lavalin inc. 4 000 147 180 JP3235900002 GungHo Online Entertainment inc. 17 800 158 82 404428203 H&R Real Estate Investment Trust 132 000 2 996 2 984 Hammerson plc 307 GB0004065016 24 292 309 603050006 Hang Lung Properties Ltd 108 000 402 426 640837001 Hang Seng Bank Ltd 282 900 4 928 7 088 Hankyu Hanshin Holdings inc. 505 377420000 84 000 631 030166469 Hargreaves Lansdown plc 8 278 211 200 412822108 Harley-Davidson inc. 6 200 353 414 413086109 Harman International Industries inc. 1 500 226 226 413875105 Harris Corp. 2 200 214 218 418056107 Hasbro inc. 3 200 282 288 40412C101 HCA Holdings inc. 9 000 364 919 40414L109 HCP inc. 14 700 727 710 42217K106 Health Care REIT inc. 11 300 795 991 AU000000HSO1 Healthscope Ltd 325 718 824 868 512067901 HeidelbergCement AG 4 123 237 416 B0CCH4904 Heineken Holding NV 8 441 511 731 779255900 Heineken NV 17 021 1 098 1 661 Helmerich & Payne inc. 220 423452101 4 300 392 HK0012000102 Henderson Land Development Co. Ltd 28 000 208 282 500246905 Henkel AG & Co. KGaA 21 338 1 743 2 954 568743900 Hennes & Mauritz AB, classe B 22 920 830 1 126 806407102 Henry Schein inc. 27 200 3 831 4 810 Hermès International 461 FR0000052292 1 187 578 42805T105 Hertz Global Holdings inc. 12 700 332 315 42809H107 Hess Corp. 7 800 493 657 428236103 Hewlett-Packard Co. 101 300 2 947 4 224 Hexagon AB 230 SE0000103699 5 029 230 429695109 High Liner Foods inc. 102 811 2 477 2 446 6416322 Hikari Tsushin inc. 3 800 324 334 Hirose Electric Co. Ltd 665 JP3799000009 4 735 845 642912000 Hitachi Chemical Co. Ltd 7 000 104 173 JP3787000003 Hitachi Construction Machinery Co. Ltd 8 700 185 199 JP3678800008 Hitachi High-Technologies Corp. 1 700 44 60 642910004 Hitachi Ltd 133 000 939 1 137 Hitachi Metals Ltd 586 642920003 32 000 665 B4TXDZ907 HKT Trust and HKT Ltd 566 700 689 893 Hokuriku Electric Power Co. 120 643312002 8 100 154 711075903 Holcim Ltd 13 891 1 039 1 362 HollyFrontier Corp. 196 436106108 5 900 307 437076102 Home Depot inc. 42 500 3 451 5 911 11

Relevé des autres investissements ( non audité ) au 31 mai 2015 Description Quantité Coût Juste valeur Actions et parts 643514003 Honda Motor Co. Ltd 45 500 1 811 1 950 438516106 Honeywell International inc. 23 700 2 021 3 082 643655004 Hong Kong & China Gas Co. Ltd 664 040 1 404 1 999 626735906 Hong Kong Exchanges & Clearing Ltd 28 349 495 1 362 440452100 Hormel Foods Corp. 30 200 1 458 2 157 Hospira inc. 266 441060100 3 100 342 44107P104 Host Hotels & Resorts inc. 27 500 504 684 644150005 Hoya Corp. 27 600 662 1 276 HRS Holding Ltd 149 3397334 632 162 054052907 HSBC Holdings plc 466 422 5 406 5 532 443628102 HudBay Minerals inc. 420 800 4 157 4 679 Hudson's Bay Company 703 444218101 26 000 662 079582719 Hugo Boss AG 1 992 303 283 444859102 Humana inc. 4 500 375 1 206 448055103 Husky Energy inc. 316 800 9 481 7 743 Hutchison Post Holdings Trust 300 SG2D00968206 410 000 338 644806002 Hutchison Whampoa Ltd 57 000 625 1 056 B288C9908 Iberdrola SA 117 659 866 1 014 Ibiden Co. Ltd 157 JP3148800000 7 200 168 B1FF8P905 Idemitsu Kosan Co. Ltd 24 800 613 613 451734107 IHS inc. 1 700 258 262 775943905 Iliad SA 950 112 268 452308109 Illinois Tool Works inc. 10 700 778 1 253 Illumina inc. 499 452327109 3 800 978 695757005 Iluka Resources Ltd 42 024 522 362 B011GL903 Imerys SA 1 352 84 126 453038408 Imperial Oil Ltd 27 700 1 293 1 351 Incitec Pivot Ltd 241 667304901 65 800 251 US45337C1027 Incyte Corp. 2 300 189 316 711131904 Inditex SA 19 300 503 797 455871103 Industrielle Alliance, Assurance et services financiers inc. 71 842 3 058 3 082 Infineon Technologies AG 863 DE0006231004 67 543 1 108 715418901 Ing Groep NV 102 320 989 2 097 Ingersoll-Rand plc 556 G47791101 9 300 798 B09LSH907 Inmarsat plc 68 305 931 1 292 B10RB1904 Inpex Corp. 118 000 1 755 1 816 Insurance Australia Group Ltd 511 627102908 89 141 482 45823T106 Intact Financial Corp. 102 100 6 980 9 106 Integrys Energy Group inc. 382 45822P105 6 100 548 458140100 Intel Corp. 344 400 9 524 14 814 45833V109 Inter Pipeline Ltd 66 931 1 765 2 071 InterContinental Hotels Group plc 415 B85KYF903 12 672 662 45866F104 IntercontinentalExchange Group inc. 3 359 622 993 459200101 International Business Machines Corp. 50 300 10 514 10 652 International Consolidated Airlines Group SA 153 ES0177542018 14 516 153 459506101 International Flavors & Fragrances inc. 7 200 580 1 070 460146103 International Paper Co. 7 600 212 492 460919103 Intertape Polymer Group inc. 52 200 743 1 013 Intertek Group plc 908 316383900 16 713 796 407683002 Intesa Sanpaolo 372 992 724 1 675 461202103 Intuit inc. 29 100 2 113 3 783 Intuitive Surgical inc. 618 46120E602 1 200 731 12

Relevé des autres investissements ( non audité ) au 31 mai 2015 Description Quantité Coût Juste valeur Actions et parts G491BT108 Invesco Ltd 15 400 538 766 Investec plc 501 GB00B17BBQ50 53 986 616 SE0000164626 Investment AB Kinnevik, classe B 12 173 479 507 567959903 Investor AB, classe B 17 158 514 844 464330109 Isis Pharmaceuticals inc. 1 700 150 143 645553900 Israel Chemicals Ltd 60 315 560 543 JP3137200006 Isuzu Motors Ltd 23 000 290 391 646780007 Itochu Corp. 55 300 744 935 JP3143900003 Itochu Techno-Solutions Corp. 16 000 368 473 GB0033986497 ITV plc 104 766 383 543 B019KW907 J Sainsbury plc 45 666 293 219 641297908 James Hardie Industries plc 17 527 126 296 JP3389660006 Japan Display inc. 9 168 45 48 018949717 Japan Exchange Group inc. 10 600 304 404 JP3040890000 Japan Prime Realty Investment Corp. 255 940 1 050 JP3027680002 Japan Real Estate Investment Corp. 259 1 488 1 490 JP3039710003 Japan Retail Fund Investment Corp. 798 1 903 2 002 SG1B51001017 Jardine Cycle & Carriage Ltd 8 000 318 291 IE00B4Q5ZN47 Jazz Pharmaceuticals plc 1 100 211 246 445658107 JB Hunt Transport Services inc. 10 600 913 1 112 Jeronimo Martins SGPS, SA 444 B1Y1SQ901 27 927 478 654379908 JFE Holdings inc. 15 700 448 480 JP3667600005 JGC Corp. 8 000 308 201 478160104 Johnson & Johnson 122 600 11 447 15 325 478366107 Johnson Controls inc. 20 000 776 1 299 Johnson Matthey plc 198 B70FPS903 6 668 444 48020Q107 Jones Lang Lasalle inc. 200 43 43 46625H100 JPMorgan Chase & Co. 89 900 5 093 7 382 JSR Corp. 155 647098003 7 500 171 48203R104 Juniper Networks inc. 10 000 273 347 B627LW906 JX Holdings inc. 167 300 972 925 K+S AG 405 ACI00RQT4 6 761 275 DE000KD88880 Kabel Deutschland Holding AG 6 331 994 1 057 JP3206000006 Kakaku.com inc. 27 700 499 540 JP3219000001 Kamigumi Co. Ltd 64 000 680 744 648348001 Kansai Electric Power Co. inc. 22 200 485 308 648374007 Kansai Paint Co. Ltd 23 000 292 497 485170302 Kansas City Southern 5 000 563 565 648380004 Kao Corp. 38 800 1 327 2 208 KBC Groep NV 541 BE0003565737 8 032 671 624899902 KDDI Corp. 90 900 1 264 2 570 487836108 Kellogg Co. 48 900 3 227 3 832 Keppel Corp. Ltd 753 B1VQ5C905 88 000 712 550507909 Kering 4 713 1 065 1 031 451957906 Kerry Group plc, classe A 13 462 912 1 253 Kerry Properties Ltd 166 BMG524401079 45 500 237 49271M100 Keuring Green Mountain inc. 3 500 252 377 649099009 Keyence Corp. 3 100 1 159 2 092 493271100 Keyera Corp. 199 887 7 237 8 185 Kikkoman Corp. 83 649080009 7 000 245 494368103 Kimberly-Clark Corp. 45 000 4 510 6 115 49456B101 Kinder Morgan inc. 43 418 1 812 2 249 13

Relevé des autres investissements ( non audité ) au 31 mai 2015 Description Quantité Coût Juste valeur Actions et parts 331952903 Kingfisher plc 81 677 453 576 496902404 Kinross Gold Corp. 439 000 2 165 1 290 Kirin Holdings Co. Ltd 667 649374006 43 900 790 482480100 KLA-Tencor Corp. 7 200 572 536 FR0000121964 Klepierre SA 5 137 307 284 649602000 Kobe Steel Ltd 142 000 298 333 Kohl's Corp. 418 500255104 7 800 638 649658002 Komatsu Ltd 53 800 1 430 1 420 Kone OYJ, classe B 905 B09M9D905 19 092 997 525260907 Koninklijke Ahold NV 32 203 456 816 NL0011182704 Koninklijke Boskalis Westminster NV 6 228 189 192 025328825 Koninklijke DSM NV 9 257 510 684 595607904 Koninklijke KPN NV 106 426 517 481 Koninklijke Philips NV 1 520 NL0010866711 99 986 1 697 NL0009432491 Koninklijke Vopak NV 1 920 111 119 50076Q106 Kraft Foods Group inc. 14 800 652 1 560 501044101 Kroger Co. 12 900 331 1 172 Kubota Corp. 581 649750007 37 000 772 B142S6906 Kuehne + Nagel International AG 18 617 2 601 3 251 Kuraray Co. Ltd 179 649766003 14 400 237 649926003 Kyocera Corp. 17 900 927 1 220 Kyowa Hakko Kirin Co. Ltd 540 JP3256000005 46 000 726 649980000 Kyushu Electric Power Co. inc. 18 000 374 263 501797104 L Brands inc. 9 000 467 972 502424104 L-3 Communications Holdings inc. 5 000 738 735 064149107 La Banque de Nouvelle-Écosse 395 575 24 697 25 872 50540R409 Laboratory Corp. of America Holdings 19 300 2 070 2 842 505440107 Labrador Iron Ore Royalty Corp. 81 000 2 273 1 332 450270004 Lafarge SA 15 013 1 174 1 320 512807108 Lam Research Corp. 10 100 711 1 037 Land Securities Group plc 524 318094901 35 627 891 B05M8B904 Lanxess AG 6 854 522 474 517834107 Las Vegas Sands Corp. 33 600 2 417 2 132 626691901 Lawson inc. 27 000 2 029 2 357 Le Groupe Jean Coutu (PJC) inc., classe A 152 47215Q104 6 500 152 521865204 Lear Corp. 500 72 72 524701505 Legacy Oil + Gas inc. 146 600 1 043 386 056039902 Legal & General Group plc 162 239 460 821 Legg Mason inc. 153 524901105 4 700 313 B11ZRK906 Legrand SA 10 298 525 722 375916103 Les Vêtements de sport Gildan inc. 120 800 3 329 4 759 Leucadia National Corp. 517 527288104 16 100 495 52729N308 Level 3 Communications inc. 5 900 131 409 BMG5485F1692 Li & Fung Ltd 144 000 201 156 530555101 Liberty Global plc, classe A 15 666 1 169 1 125 Liberty Global plc, classe C 163 530555309 8 295 557 531229102 Liberty Media Corp., classe A 3 700 120 177 531229300 Liberty Media Corp., classe C 7 400 235 351 53278L107 Linamar Corp. 68 000 3 616 5 761 Lincoln National Corp. 426 534187109 6 000 427 574081907 Linde AG 4 572 622 1 094 596228908 Lindt & Spruengli AG-PC 471 2 442 3 093 14

Relevé des autres investissements ( non audité ) au 31 mai 2015 Description Quantité Coût Juste valeur Actions et parts 596230904 Lindt & Spruengli AG-REG 13 662 1 017 Linear Technology Corp. 421 535678106 8 000 478 53578A108 LinkedIn Corp., classe A 3 000 505 730 536347107 Liquor Stores NA Ltd 22 400 336 331 501889208 LKQ Corp. 4 800 154 171 087061008 Lloyds Banking Group plc 1 426 421 1 609 2 385 539481101 Loblaw Companies Ltd 94 343 5 170 5 967 Loews Corp. 560 540424108 11 900 596 GB00B0SWJX34 London Stock Exchange Group 6 170 205 289 733337901 Lonza Group AG 3 009 334 526 405780909 L'Oreal SA 6 590 844 1 551 548661107 Lowe's Cos inc. 26 700 1 166 2 332 Lululemon Athletica inc. 149 550021109 2 000 149 550372106 Lundin Mining Corp. 369 400 1 945 2 080 Lundin Petroleum AB 220 718762909 8 971 176 IT0001479374 Luxottica Group SPA 8 336 510 699 406141903 LVMH Moet Hennessy Louis Vuitton SA 16 203 2 737 3 595 N53745100 LyondellBasell Industries NV, classe A 10 900 425 1 376 M&T Bank Corp. 536 55261F104 4 900 739 019947980 M3 inc. 58 700 1 112 1 397 Mabuchi Motor Co. Ltd 123 JP3870000001 3 400 258 B28YTC906 Macquarie Group Ltd 10 868 502 849 55616P104 Macy's inc. 12 300 617 1 028 559222401 Magna International inc. 170 500 7 596 12 186 Mallinckrodt plc 153 G5785G107 1 500 242 DE0005937007 MAN SE 10 247 1 375 1 319 563486109 Manitoba Telecom Services inc. 82 600 2 653 2 300 ManpowerGroup inc. 212 56418H100 2 000 211 56501R106 Manulife Financial Corp. 833 100 15 510 19 020 Mapfre SA 27 ES0124244E34 6 000 27 565849106 Marathon Oil Corp. 20 100 543 682 56585A102 Marathon Petroleum Corp. 7 600 286 981 312748908 Marks & Spencer Group plc 57 650 429 640 571903202 Marriott International inc., classe A 10 300 451 1 003 571748102 Marsh & McLennan Cos inc. 41 100 1 893 2 987 Martin Marietta Materials inc. 167 573284106 1 800 335 656946001 Marubeni Corp. 94 000 693 688 656950003 Maruichi Steel Tube Ltd 8 700 288 288 BMG5876H1051 Marvell Technology Group Ltd 26 000 448 454 57636Q104 MasterCard inc., classe A 29 900 1 771 3 443 Mattel inc. 703 577081102 15 100 486 57772K101 Maxim Integrated Products inc. 15 800 570 692 690030002 Mazda Motor Corp. 19 900 424 535 579780206 McCormick & Co. inc. 40 500 2 915 3 968 580135101 McDonald's Corp. 82 000 8 622 9 819 McDonald's Holdings Co. Japan Ltd 671 JP3750500005 23 000 602 580645109 McGraw Hill Financial inc. 8 700 492 1 127 58155Q103 McKesson Corp. 11 500 1 547 3 405 MDU Resources Group inc. 193 552690109 6 700 175 582839106 Mead Johnson Nutrition Co. 20 200 1 529 2 454 MeadWestvaco Corp. 115 583334107 4 600 290 AU000000MPL3 Medibank Private Ltd 805 083 1 647 1 646 15

Relevé des autres investissements ( non audité ) au 31 mai 2015 Description Quantité Coût Juste valeur Actions et parts US58501N1019 Medivation inc. 1 000 126 165 585055106 Medtronic plc 67 728 4 494 6 453 552704108 MEG Energy Corp. 76 000 1 983 1 520 MEIJI Holdings Co. Ltd 310 B60DQV902 5 300 755 58933Y105 Merck & Co. inc. 142 600 7 674 10 838 Merck KGaA 452 DE0006599905 4 814 646 59151K108 Methanex Corp. 4 600 305 317 59156R108 MetLife inc. 22 700 1 045 1 481 Metro AG 339 504141904 5 287 228 59162N109 Metro inc. 11 200 259 385 FI0009007835 Metso OYJ 5 602 200 201 592688105 Mettler-Toledo International inc. 1 100 285 446 KYG607441022 MGM China Holdings Ltd 68 400 268 155 552953101 MGM Resorts International 17 800 486 445 VGG607541015 Michael Kors Holdings Ltd 5 800 521 337 595017104 Microchip Technology inc. 10 300 536 632 595112103 Micron Technology inc. 89 600 1 638 3 124 594918104 Microsoft Corp. 229 400 8 418 13 418 Millicom International Cellular SA 745 B00L2M903 7 247 724 001227033 Minebea Co. Ltd 9 000 141 208 JP3822000000 Miraca Holdings inc. 18 300 894 1 104 B0JQTJ900 Mitsubishi Chemical Holdings Corp. 56 000 317 441 659678007 Mitsubishi Corp. 45 300 839 1 270 659704001 Mitsubishi Electric Corp. 65 000 650 1 115 Mitsubishi Estate Co. Ltd 900 659672000 35 000 978 659692008 Mitsubishi Gas Chemical Co. inc. 37 000 247 269 659706006 Mitsubishi Heavy Industries Ltd 104 000 674 825 659708002 Mitsubishi Materials Corp. 171 000 748 848 Mitsubishi Motors Corp. 295 JP3899800001 25 500 297 JP3469000008 Mitsubishi Tanabe Pharma Corp. 64 000 1 025 1 271 633517909 Mitsubishi UFJ Financial Group 327 500 2 016 3 035 659730006 Mitsui & Co. Ltd 58 900 789 1 034 Mitsui Fudosan Co. Ltd 787 659760003 27 000 985 IL0006954379 Mizrahi Tefahot Bank Ltd 37 751 547 550 659101901 Mizuho Financial Group inc. 848 300 1 830 2 343 Mohawk Industries inc. 301 608190104 1 300 303 60871R209 Molson Coors Brewing Co., classe B 12 000 774 1 099 609207105 Mondelez International inc., classe A 171 711 6 170 8 914 Mondi plc 283 B1CRLC906 10 007 281 611740101 Monster Beverage Corp. 4 000 205 636 615369105 Moody's Corp. 7 300 498 985 617446448 Morgan Stanley 38 300 1 036 1 826 620076307 Motorola Solutions inc. 45 000 3 111 3 314 MS&AD Insurance Group Holdings inc. 442 B2Q4CS905 16 800 653 HK0066009694 MTR Corp. Ltd 468 500 1 920 2 803 529412900 Muenchener Rueckver AG 4 519 873 1 042 625284104 Mullen Group Ltd 139 765 3 936 2 914 661040006 Murata Manufacturing Co. Ltd 16 800 1 609 3 420 Murphy Oil Corp. 775 626717102 11 899 645 628530107 Mylan NV 10 700 436 970 G6359F103 Nabors Industries Ltd 8 200 210 151 JP3649800004 Nagoya Railroad Co. Ltd 211 000 816 1 000 16

Relevé des autres investissements ( non audité ) au 31 mai 2015 Description Quantité Coût Juste valeur Actions et parts 662460005 National Australia Bank Ltd 125 192 3 873 4 105 B08SNH908 National Grid plc 212 726 2 657 3 785 637071101 National Oilwell Varco inc. 22 600 1 234 1 388 Nec Corp. 341 JP3733000008 101 000 415 B06YV4907 Neste Oil OYJ 6 262 180 198 712387901 Nestlé SA 272 757 19 381 26 310 NetApp inc. 432 64110D104 11 100 463 64110L106 Netflix inc. 1 400 325 1 091 64438T401 New Flyer Industries inc. 118 147 1 729 1 843 New World Development Co. Ltd 477 HK0017000149 399 156 665 663710002 Newcrest Mining Ltd 192 561 2 404 2 600 651639106 Newmont Mining Corp. 148 100 4 164 5 036 News Corp., classe A 21 65249B109 1 275 24 070973251 Nexon Co. Ltd 7 900 72 133 320898901 Next plc 12 960 1 316 1 857 65339F101 NextEra Energy inc. 37 800 3 234 4 829 NGK SPARK PLUG Co. Ltd 135 JP3738600000 4 000 152 IL0002730112 NICE Sytems Ltd 9 927 546 793 JP3734800000 Nidec Corp. 13 900 855 1 270 N63218106 Nielsen Holdings NV 12 900 454 724 654106103 NIKE inc., classe B 22 100 1 512 2 805 Nikon Corp. 232 654111103 13 000 202 663955003 Nintendo Co. Ltd 2 900 303 616 JP3027670003 Nippon Building Fund inc. 309 1 858 1 806 JP3733400000 Nippon Electric Glass Co. Ltd 25 000 142 166 664076007 Nippon Meat Packers inc. 17 000 362 461 JP3047550003 Nippon Prologis REIT inc. 452 1 039 1 089 664256005 Nippon Steel & Sumitomo Metal Corp. 221 000 673 760 664137007 Nippon Telegraph and Telephone Corp. 48 900 2 683 4 264 NiSource inc. 192 65473P105 9 000 530 664286002 Nissan Motor Co. Ltd 73 800 833 965 664096005 Nisshin Seifun Group inc. 9 680 92 151 664176005 Nissin Foods Holdings Co. Ltd 28 400 1 387 1 514 Nitori Co. Ltd 824 JP3756100008 17 100 1 646 664180007 Nitto Denko Corp. 10 700 499 1 039 Noble Energy inc. 376 655044105 9 900 541 BMG6542T1190 Noble Group Ltd 256 000 213 188 JP3164800009 NOK Corp. 3 500 63 145 590294906 Nokia OYJ 256 983 1 375 2 337 664310000 Nomura Holdings inc. 134 200 1 040 1 112 Nomura Research Institute Ltd 1 302 JP3762800005 36 900 1 772 65548P403 Norbord inc. 146 800 3 869 3 898 538003906 Nordea Bank AB 77 427 996 1 254 Nordstrom inc. 18 655664100 200 18 655844108 Norfolk Southern Corp. 8 100 645 930 B11HK3901 Norsk Hydro ASA 36 835 245 215 665859104 Northern Trust Corp. 7 400 447 689 666511100 Northland Power inc. 157 500 2 796 2 638 Norwegian Cruise Line Holdings Ltd 157 BMG667211046 2 300 157 710306903 Novartis AG 89 233 7 139 11 394 707752903 Novo Nordisk AS, classe B 68 253 2 399 4 749 Novozymes AS, classe B 460 B798FW902 13 251 794 17

Relevé des autres investissements ( non audité ) au 31 mai 2015 Description Quantité Coût Juste valeur Actions et parts 629377508 NRG Energy inc. 10 100 272 318 NSK Ltd 62 JP3720800006 3 000 62 JP3165700000 NTT Data Corp. 5 300 245 295 612927905 NTT DOCOMO inc. 262 000 4 503 5 893 Nucor Corp. 423 670346105 9 400 555 67072Q104 NuVista Energy Ltd 63 000 572 485 67066G104 NVIDIA Corp. 32 300 657 893 674599105 Occidental Petroleum Corp. 27 800 2 300 2 714 Oceaneering International inc. 450 675232102 7 399 470 NL0010558797 OCI NV 3 412 135 125 665610002 Odakyu Electric Railway Co. Ltd 53 000 542 629 670837103 OGE Energy Corp. 14 800 564 582 665770004 Oji Holdings Corp. 33 000 167 184 B77J08909 Old Mutual plc 521 715 1 823 2 197 681904108 Omnicare inc. 18 600 1 457 2 212 Omnicom Group inc. 608 681919106 9 500 884 465145001 OMV AG 11 996 606 424 682680103 Oneok inc. 6 700 197 351 68272K103 Onex Corp. 16 000 854 1 124 Ono Pharmaceutical Co. Ltd 97 JP3197600004 1 100 150 683715106 Open Text Corp. 6 900 387 365 68389X105 Oracle Corp. 86 800 3 050 4 712 Oracle Corp. Japan 576 JP3689500001 11 600 627 517617908 Orange SA 53 896 1 244 1 059 O'Reilly Automotive inc. 1 228 67103H107 9 100 2 494 645800004 Orica Ltd 11 844 254 248 664889904 Oriental Land Co. Ltd 23 200 912 1 869 Origin Energy Ltd 506 621486901 39 010 496 666114004 Orix Corp. 42 800 605 850 B1VQF4902 Orkla ASA 31 026 262 302 666176003 Osaka Gas Co. Ltd 275 000 1 130 1 379 Osram Licht AG 300 DE000LED4000 6 159 405 JP3188200004 Otsuka Corp. 15 300 732 930 B5LTM9909 Otsuka Holdings Co. Ltd 75 000 2 491 2 936 B0F9V2906 Oversea-Chinese Banking Corp. 412 447 3 395 3 894 PACCAR inc. 565 693718108 10 200 809 696429307 Pall Corp. 5 500 675 854 US6974351057 Palo Alto Networks inc. 1 000 135 212 657270005 Panasonic Corp. 63 700 512 1 173 Pandora AS 156 DK0060252690 1 953 245 699320206 Paramount Resources Ltd, classe A 1 400 43 45 69946Q104 Parex Resources inc. 13 300 135 135 007429126 Park24 Co. Ltd 29 500 621 651 701094104 Parker Hannifin Corp. 5 200 536 782 70137T105 Parkland Fuel Corp. 82 098 1 883 2 079 PartnerRe Ltd 602 BMG6852T1053 5 300 870 CH0024608827 Partners Group Holding AG 3 139 970 1 224 703395103 Patterson Cos inc. 28 100 1 339 1 678 704326107 Paychex inc. 86 600 3 859 5 341 657407904 PCCW Ltd 665 395 369 520 Pearson plc 570 067760009 29 467 734 706327103 Pembina Pipeline Corp. 219 909 8 468 8 817 18

Relevé des autres investissements ( non audité ) au 31 mai 2015 Description Quantité Coût Juste valeur Actions et parts 70706P104 Pengrowth Energy Corp. 248 600 1 442 828 Pentair Ltd 475 H6169Q108 7 900 631 712704105 People's United Financial inc. 77 800 1 274 1 511 713291102 Pepco Holdings inc. 40 500 1 246 1 378 713448108 Pepsico inc. 106 500 8 426 12 820 468232004 Pernod Ricard SA 17 899 2 022 2 757 Perrigo Co. 477 714290103 4 000 950 GB0006825383 Persimmon plc 10 911 354 408 B0H2K5904 Petrofac Ltd 27 044 612 466 FR0000121501 Peugeot SA 11 356 175 295 717046106 Peyto Exploration & Development Corp. 161 600 5 640 5 448 717081103 Pfizer inc. 307 000 8 943 13 317 69331C108 PG&E Corp. 42 100 1 927 2 809 718546104 Phillips 66 14 300 469 1 412 Pinnacle West Capital Corp. 188 723484101 4 300 327 723787107 Pioneer Natural Resources Co. 3 800 265 701 IT0004623051 Pirelli & C. SPA 6 962 122 147 693475105 PNC Financial Services Group 14 100 1 046 1 684 Polaris Industries inc. 201 731068102 1 100 196 710106907 Porsche Automobil Holding SE 2 627 223 290 CITI5 Portefeuille de deux fonds d'infrastructures privés 2 43 660 50 744 73755L107 Potash Corp. of Saskatchewan inc. 46 670 1 902 1 827 643532005 Power Assets Holdings Ltd 138 500 1 176 1 657 739239101 Power Corp. of Canada 75 100 2 195 2 418 73927C100 Power Financial Corp. 132 400 4 714 4 753 PPG Industries inc. 252 693506107 3 100 886 69351T106 PPL Corp. 52 900 1 793 2 292 PrairieSky Royalty Ltd 127 739721108 3 400 114 74005P104 Praxair inc. 40 200 5 170 6 165 Precision Castparts Corp. 884 740189105 4 000 1 057 741503403 Priceline.com inc. 1 400 1 159 2 048 74164W106 Primero Mining Corp. 94 400 457 482 74251V102 Principal Financial Group inc. 10 500 412 677 74339G101 Progressive Waste Solutions Ltd 126 100 3 777 4 381 Prologis inc. 727 74340W103 17 400 860 74342Q104 ProMetic Sciences de la vie inc. 97 200 175 232 DE000PSM7770 ProSiebenSat.1 Media AG 5 987 303 357 744320102 Prudential Financial inc. 11 700 840 1 236 070995006 Prudential plc 61 693 1 090 1 912 Prysmian SPA 167 IT0004176001 6 058 170 744573106 Public Service Enterprise Group inc. 24 200 874 1 288 74460D109 Public Storage 17 600 3 254 4 252 Publicis Groupe SA 642 438042905 8 741 871 74587V107 Puma Biotechnology inc. 600 146 146 671574002 QBE Insurance Group Ltd 36 693 580 514 74736K101 Qorvo inc. 9 848 988 1 010 747525103 QUALCOMM inc. 198 300 16 061 17 248 Quanta Services inc. 209 74762E102 5 800 212 748193208 Quebecor inc., classe B 103 900 3 127 3 311 74834L100 Quest Diagnostics inc. 18 400 1 176 1 728 Rackspace Hosting inc. 644 750086100 11 900 595 750649105 Raging River Exploration inc. 120 000 1 161 1 074 19

Relevé des autres investissements ( non audité ) au 31 mai 2015 Description Quantité Coût Juste valeur Actions et parts AT0000606306 Raiffeisen Bank International 8 596 284 165 39672000 Rakuten inc. 22 800 315 469 Ralph Lauren Corp. 358 751212101 2 000 326 AU000000RHC8 Ramsay Health Care Ltd 24 696 1 379 1 499 B01C3S908 Randgold Resources Ltd 39 587 3 340 3 570 75281A109 Range Resources Corp. 16 300 1 395 1 128 B24CGK904 Reckitt Benckiser Group plc 61 874 4 530 6 960 Recruit Holdings Co. Ltd 890 JP3970300004 23 098 904 572377901 Red Electrica Corp. SA 4 362 234 457 756577102 Red Hat inc. 6 700 410 646 68827L101 Redevances Aurifères Osisko ltée 41 400 710 746 B2B0DG904 Reed Elsevier plc 40 211 473 831 75886F107 Regeneron Pharmaceuticals inc. 2 200 541 1 408 7591EP100 Regions Financial Corp. 56 700 536 714 759404205 Reitmans (Canada) Limitée, classe A 67 900 410 432 474171006 Rémy Cointreau SA 3 265 293 293 BMG7496G1033 RenaissanceRe Holdings Ltd 14 900 1 645 1 899 471279901 Renault SA 5 702 454 738 566935904 Repsol SA 27 058 661 642 760759100 Republic Services inc. 44 300 1 853 2 228 ResMed inc. 223 761152107 3 200 235 642155907 Resona Holdings inc. 97 100 457 696 76131D103 Restaurant Brands International inc. 2 378 99 115 761283100 Restoration Hardware Holdings inc. 4 800 468 545 GB00BMHTPY25 Rexam plc 56 144 500 598 622010007 Rio Tinto Ltd 55 445 3 343 3 083 071887004 Rio Tinto plc 108 166 6 166 5 885 766910103 RioCan Real Estate Investment Trust 171 200 4 658 4 742 Rite Aid Corp. 261 767754104 24 000 261 711038901 Roche Holding AG 26 257 7 106 9 596 Rock Tenn Co., classe A 125 772739207 3 400 276 773903109 Rockwell Automation inc. 5 600 509 859 774341101 Rockwell Collins inc. 7 000 744 832 775109200 Rogers Communications inc., classe B 206 500 9 422 8 836 Rohm Co. Ltd 226 JP3982800009 4 600 408 GB00BVYJ8N82 Rolls-Royce Holdings plc 7 832 010 1 044 1 063 775903206 Romarco Minerals inc. 342 600 155 152 Roper Industries inc. 501 776696106 3 900 852 778296103 Ross Stores inc. 12 600 858 1 520 Royal Bank of Scotland Group 363 B7T772907 67 923 447 LR0008862868 Royal Caribbean Cruises Ltd 3 500 343 332 B03MLX903 Royal Dutch Shell plc, classe A 324 268 11 775 12 002 B03MM4906 Royal Dutch Shell plc, classe B 151 645 5 604 5 700 RSA Insurance Group plc 202 GB00BKKMKR23 23 000 189 476896907 RWE AG 12 997 920 378 NZRYME0001S4 Ryman Healtcare Ltd 61 576 510 437 048354906 SABMiller plc 83 962 3 905 5 588 Safran SA 596 B058TZ909 10 848 956 476876008 Saipem SPA 23 092 676 365 79466L302 Salesforce.com inc. 15 800 681 1 435 Sampo OYJ, classe A 416 522603901 9 848 578 80004C101 SanDisk Corp. 18 900 1 334 1 613 20

Relevé des autres investissements ( non audité ) au 31 mai 2015 Description Quantité Coût Juste valeur Actions et parts B5B23W909 Sands China Ltd 278 400 1 898 1 343 B1VQ25903 Sandvik AB 68 595 1 001 1 029 Sandvine Corp. 246 800213100 70 900 303 JP3326410002 Sankyo Co. Ltd 16 000 739 740 567173901 Sanofi 29 820 3 281 3 638 Santen Pharmaceutical Co. Ltd 588 JP3336000009 59 900 1 041 677670002 Santos Ltd 39 725 496 313 484628904 SAP SE 24 450 1 901 2 254 802912105 Saputo inc. 80 100 2 215 2 710 78388J106 SBA Communications Corp., classe A 19 400 1 940 2 707 80589M102 SCANA Corp. 18 200 939 1 208 Scentre Group 1 419 AU000000SCG8 425 886 1 607 CH0024638212 Schindler Holding AG 6 046 982 1 306 B11TCY906 Schindler Holding AG - part. cert. 2 646 396 577 806857108 Schlumberger Ltd 99 300 8 901 11 250 483410007 Schneider Electric SA 32 236 2 811 3 034 Seadrill Ltd 912 B09RMQ900 27 942 419 G7945M107 Seagate Technology plc 10 700 480 743 81211K100 Sealed Air Corp. 4 600 102 280 679159004 Secom Co. Ltd 34 500 2 025 2 884 Securitas AB, classe B 6 SE0000163594 500 8 AU000000SEK6 Seek Ltd 15 677 266 253 JP3414750004 Seiko Epson Corp. 4 600 123 106 816922108 SEMAFO inc. 114 000 506 421 816851109 Sempra Energy 14 900 1 180 1 999 ServiceNow inc. 294 81762P102 5 300 507 B00ZQQ907 SES SA 53 148 1 928 2 345 B0FS5D909 Seven & I Holdings Co. Ltd 21 600 640 1 120 Seven Bank Ltd 329 JP3105220002 76 000 450 B1FH8J905 Severn Trent plc 9 301 234 389 482477007 SGS SA 1 049 2 730 2 507 BMG8063F1068 Shangri-La Asia Ltd 100 000 177 191 335960000 Sharp Corp. 121 000 431 212 82028K200 Shaw Communications inc., classe B 139 300 3 381 3 824 Shikoku Electric Power Co. inc. 220 680434008 7 600 141 JP3357200009 Shimadzu Corp. 33 000 323 548 JP3358200008 Shimamura Co. Ltd 7 400 701 997 JP3358000002 Shimano inc. 3 700 438 657 680458007 Shin-Etsu Chemical Co. Ltd 12 300 684 940 JP3347200002 Shionogi & Co. Ltd 8 200 393 363 B2QKY0906 Shire plc 16 077 549 1 726 Shiseido Co. Ltd 408 680526001 22 000 552 680554003 Showa Shell Sekiyu KK 38 600 452 451 572797900 Siemens AG 38 507 4 581 5 050 82621K102 Sienna Senior Living inc. 98 815 1 284 1 533 Sigma-Aldrich Corp. 1 407 826552101 9 700 1 686 480808906 Sika AG 114 293 487 828336107 Silver Wheaton Corp. 195 600 4 903 4 646 828806109 Simon Property Group inc. 11 100 1 794 2 513 Singapore Airlines Ltd 248 SG1V61937297 27 000 284 SG1P66918738 Singapore Press Holdings Ltd 510 000 1 880 1 963 SG1F60858221 Singapore Technologies Engineering Ltd 399 000 1 331 1 256 21

Relevé des autres investissements ( non audité ) au 31 mai 2015 Description Quantité Coût Juste valeur Actions et parts B02PY2901 Singapore Telecommunications Ltd 1 423 000 4 324 5 439 SJM Holdings Ltd 398 HK0880043028 134 000 214 481334902 Skandinaviska Enskilda Banken AB, classe A 42 937 465 661 B1Q3J3907 SKF AB, classe B 26 049 663 784 014119903 Sky plc 135 147 2 066 2 716 Skyworks Solutions inc. 1 286 US83088M1027 16 900 2 307 676396005 SMC Corp. 3 300 705 1 250 092232909 Smith & Nephew plc 67 655 1 073 1 495 Smiths Group plc 457 B1WY23900 20 863 476 725147904 Snam SPA 28 831 143 178 86222Q806 Société de Diamant Stornoway 2 409 928 1 687 1 711 596651901 Société Générale 19 369 800 1 127 Sodexo 760 706271905 8 621 1 108 677062903 Softbank Corp. 24 200 704 1 813 Solvay SA 561 482110004 4 074 703 B62G7K908 Sompo Japan Nipponkoa Holdings inc. 12 100 290 551 AU000000SHL7 Sonic Healthcare Ltd 111 380 2 065 2 137 CH0012549785 Sonova Holding AG 1 856 302 348 682150008 Sony Corp. 32 100 668 1 247 South32 Ltd 789 AU000000S32S 405 263 843 845467109 Southwestern Energy Co. 11 000 385 354 844741108 Soutwest Airlines Co. 5 000 251 231 012285353 Spark New Zealand Ltd 79 751 161 196 847560109 Spectra Energy Corp. 84 500 3 041 3 710 Splunk inc. 160 848637104 1 900 160 85207U105 Sprint Corp. 28 108 184 163 079087003 SSE plc 62 023 1 603 1 967 St. Jude Medical inc. 451 790849103 10 100 930 040828907 Standard Chartered plc 179 642 4 192 3 579 Standard Life plc 474 B16KPT907 77 080 716 854502101 Stanley Black & Decker inc. 4 800 393 614 JP3399400005 Stanley Electric Co. Ltd 6 000 146 179 855030102 Staples inc. 12 400 151 255 855244109 Starbucks Corp. 65 600 2 142 4 255 B1CNDB906 StarHub Ltd 266 000 922 990 Starwood Hotels & Resorts Worldwide inc. 441 85590A401 6 200 640 857477103 State Street Corp. 12 900 890 1 255 713360907 Statoil ASA 78 556 2 277 1 834 858912108 Stericycle inc. 20 700 2 485 3 547 Stillwater Mining Co. 490 86074Q102 29 000 525 NL0000226223 STMicroelectronics NV 14 904 159 159 AU000000SGP0 Stockland 320 917 1 239 1 331 507267904 Stora Enso OYJ, classe R 12 969 137 169 863667101 Stryker Corp. 14 600 1 209 1 752 Stuart Olson inc. 764 863834107 74 632 424 525824900 Subsea 7 SA 8 955 208 117 B3B8D0900 Suez Environnement Co. 11 008 215 265 CH0038388911 Sulzer AG 623 94 85 685856007 Sumitomo Chemical Co. Ltd 63 000 321 459 685894008 Sumitomo Corp. 44 400 594 662 685870008 Sumitomo Electric Industries Ltd 33 400 425 668 685884009 Sumitomo Metal Mining Co. Ltd 54 000 936 1 044 22

Relevé des autres investissements ( non audité ) au 31 mai 2015 Description Quantité Coût Juste valeur Actions et parts 656302908 Sumitomo Mitsui Financial Group inc. 34 700 1 443 1 979 643189905 Sumitomo Mitsui Trust Holdings inc. 122 000 534 699 Sumitomo Realty & Development Co. Ltd 480 685890006 12 000 578 685992000 Sun Hung Kai Properties Ltd 116 364 1 694 2 462 867224107 Suncor Energy inc. 316 500 10 324 11 504 Suncorp Group Ltd 615 658508007 48 475 627 86732Y109 Sunedison inc. 12 578 471 471 JP3336560002 Suntory Beverage & Food Ltd 48 594 1 960 2 532 867914103 SunTrust Banks inc. 18 400 613 980 86828P103 Superior Plus Corp. 303 150 4 172 4 159 Suzuken Co. Ltd 403 JP3398000004 10 560 431 686550005 Suzuki Motor Corp. 25 300 651 1 103 Svenska Cellulosa AB SCA, classe B 292 B1VVGZ901 18 267 594 570366906 Svenska Handelsbanken AB, classe A 42 210 632 792 484652904 Swedbank AB, classe A 27 853 695 814 686774001 Swire Pacific Ltd, classe A 55 000 718 924 B083BH906RTS Swiss Prime Site AG 42 356 1 745 2 123 ACI00MQT5 Swiss Re AG 8 434 567 942 553397902 Swisscom AG 7 889 5 128 5 684 AU000000SYD9 Sydney Airport 61 136 272 332 871503108 Symantec Corp. 22 500 521 692 027647189 Symrise AG 1 465 101 116 435664909 Syngenta AG 10 030 3 845 5 647 871607107 Synopsys inc. 48 900 2 091 3 045 871829107 Sysco Corp. 52 700 1 994 2 444 Sysmex Corp. 189 JP3351100007 2 600 189 74144T108 T. Rowe Price Group inc. 8 900 698 896 873868103 Tahoe Resources inc. 52 300 808 904 666020003 Taiheiyo Cement Corp. 48 000 101 176 JP3443600006 Taisei Corp. 73 000 352 499 JP3442850008 Taisho Pharmaceutical Holdings Co. Ltd 200 17 17 687044008 Takeda Pharmaceutical Co. Ltd 100 000 4 925 6 076 87505Y409 Tamarack Valley Energy Ltd 132 100 708 495 87612E106 Target Corp. 47 800 3 307 4 732 Tate & Lyle plc 210 087541009 19 077 211 AU000000TTS5 Tatts Group Ltd 34 531 137 137 GB0008782301 Taylor Wimpey plc 43 014 151 150 569879901 TDC AS 103 823 935 967 TDK Corp. 477 JP3538800008 8 100 811 H84989104 TE Connectivity Ltd 11 600 535 999 487416901 Technip SA 6 619 594 544 878742204 Teck Resources Ltd, classe B 334 400 8 864 4 838 Tele2 AB, classe B 219 B97C73904 12 606 185 763439908 Telecom Italia SPA 520 950 817 719 573252905 Telefonica SA 298 964 5 770 5 269 473249902 Telenor ASA 73 704 1 670 2 078 TeliaSonera AB 437 597838903 59 968 440 608728903 Telstra Corp. Ltd 1 023 969 5 079 6 085 87971M103 Telus Corp. 452 634 17 698 19 165 Tenaris SA 643 753851906 30 079 543 B01BN5908 Terna - Rete Elettrica Nazionale SPA 58 963 231 350 088470000 Tesco plc 212 339 1 397 860 23

Relevé des autres investissements ( non audité ) au 31 mai 2015 Description Quantité Coût Juste valeur Actions et parts 88160T101 Tesla Motors inc. 2 400 459 751 Tesoro Corp. 250 881609101 3 900 431 688217900 Teva Pharmaceutical Industries Ltd 37 907 1 640 2 821 882508104 Texas Instruments inc. 98 200 4 533 6 854 Textron inc. 374 883203101 9 700 548 00101J106 The ADT Corp. 8 300 347 378 064058100 The Bank of New York Mellon Corp. 30 200 947 1 635 097023105 The Boeing Co. 37 000 4 214 6 490 808513105 The Charles Schwab Corp. 30 300 624 1 197 The Dai-ichi Life Insurance Co. Ltd 461 B601QS905 32 000 703 518439104 The Estée Lauder Cos. inc., classe A 23 200 1 447 2 532 The Gap inc. 374 364760108 9 000 431 416515104 The Hartford Financial Services Group inc. 16 600 527 852 427866108 The Hershey Co. 31 100 3 068 3 605 832696405 The J.M. Smucker Co. 15 900 1 502 2 353 The Link Real Estate Investment Trust 1 175 HK0823032773 216 500 1 569 554382101 The Macerich Co. 2 300 203 236 61945C103 The Mosaic Co. 21 028 1 196 1 203 663278109 The North West Co. inc. 113 184 2 731 2 694 742718109 The Procter & Gamble Co. 234 500 18 770 22 946 The Progressive Corp. 546 743315103 20 900 713 GB00B8C3BL03 The Sage Group plc 33 599 297 364 824348106 The Sherwin-Williams Co. 8 700 1 524 3 129 842587107 The Southern Co. 117 000 5 372 6 381 The Swatch Group AG 324 CH0012255144 2 547 251 718472905 The Swatch Group AG - BR 2 001 1 192 988 89417E109 The Travelers Cos. inc. 22 700 2 026 2 865 254687106 The Walt Disney Co. 44 100 2 998 6 076 The Weir Group plc 697 GB0009465807 15 099 582 959802109 The Western Union Co. 20 800 388 570 883556102 Thermo Fisher Scientific inc. 12 300 1 126 1 990 884903105 Thomson Reuters Corp. 229 400 8 690 11 392 ThyssenKrupp AG 307 563692904 9 700 320 886547108 Tiffany & Co. 1 800 189 211 88732J207 Time Warner Cable inc. 7 900 781 1 784 887317303 Time Warner inc. 21 700 1 240 2 288 872540109 TJX Cos. inc. 49 400 2 915 3 970 T-Mobile US inc. 134 872590104 5 600 272 689516003 Tobu Railway Co. Ltd 237 000 1 274 1 307 Toho Co. Ltd 434 JP3598600009 19 600 618 689526002 Tohoku Electric Power Co. inc. 18 900 391 331 651312902 Tokio Marine Holdings inc. 20 200 626 1 045 Tokyo Electric Power Co. inc. 858 689540003 38 000 271 689567006 Tokyo Electron Ltd 12 900 715 1 032 689544005 Tokyo Gas Co. Ltd 158 000 803 1 093 636600009 TonenGeneral Sekiyu KK 120 000 1 191 1 416 689714004 Toray Industries inc. 133 000 990 1 386 890895303 TORC Oil & Gas Ltd 178 428 1 728 1 727 TORC Oil & Gas Ltd, reçus de souscription 374 890895139 37 050 359 689721009 Toshiba Corp. 106 000 525 465 Tourmaline Oil Corp. 191 89156V106 6 000 241 690026000 Toyo Seikan Group Holdings Ltd 6 600 109 125 24

Relevé des autres investissements ( non audité ) au 31 mai 2015 Description Quantité Coût Juste valeur Actions et parts 689996007 Toyo Suisan Kaisha Ltd 25 000 816 1 085 690064001 Toyota Motor Corp. 68 200 4 202 5 902 Tractor Supply Company 180 892356106 2 100 228 89353D107 TransCanada Corp. 62 800 3 191 3 385 TransDigm Group inc. 645 893641100 2 300 649 B5W3ND904 Transocean Ltd 21 315 1 107 512 620088906 Transurban Group 527 875 3 844 5 129 Travis Perkins plc 243 GB0007739609 6 239 263 B61JC6908 Treasury Wine Estates Ltd 26 447 137 136 JP3637300009 Trend Micro inc. 6 500 220 286 89531J109 Trevali Mining Corp. 266 200 283 272 Trimble Navigation Ltd 107 896239100 2 500 73 896945201 TripAdvisor inc. 3 300 251 314 015008907 Tullow Oil plc 107 668 1 592 810 Turquoise Hill Ressources Ltd 263 900435108 68 324 373 90130A200 Twenty-First Century Fox inc., classe B 48 400 1 607 2 020 Twitter inc. 455 90184L102 9 000 412 H89128104 Tyco International plc 14 400 504 725 902494103 Tyson Foods inc., classe A 9 300 158 493 IT0003487029 UBI Banca - Unione di Banche Italiane Scpa 17 834 179 181 CH0244767585 UBS Group AG 93 252 1 677 2 495 BE0003739530 UCB SA 1 805 159 161 90384S303 Ulta Salon, Cosmetics & Fragrance, inc. 2 400 241 457 400500005 Umicore SA 4 590 183 281 904311107 Under Armour inc., classe A 3 100 171 303 707624904 Unibail-Rodamco SE 3 304 830 1 057 691148001 Unicharm Corp. 51 900 915 1 435 UniCredit SPA 711 IT0005108276 240 272 1 047 NL0011182787 Unilever NV 237 736 4 516 6 186 B10RZP905 Unilever plc 144 415 6 169 7 941 907818108 Union Pacific Corp. 32 000 2 861 4 030 90457D100 Uni-Select inc. 27 000 769 1 127 United Continental Holdings inc. 137 910047109 3 100 211 691678007 United Overseas Bank Ltd 75 740 1 352 1 622 911312106 United Parcel Service inc., classe B 41 900 4 022 5 190 United Rentals inc. 144 911363109 1 300 144 913017109 United Technologies Corp. 21 400 2 109 3 130 United Therapeutics Corp. 161 US91307C1027 700 161 JP3045540006 United Urban Investment Corp. 885 1 497 1 657 B39J2M903 United Utilities Group plc 26 792 328 508 91324P102 UnitedHealth Group inc. 47 400 3 460 7 112 UOL Group Ltd 48 SG1S83002349 7 000 48 505125906 UPM-Kymmene OYJ 12 461 204 278 902973304 US Bancorp 85 100 3 282 4 579 USS Co. Ltd 1 077 JP3944130008 69 800 1 637 91911K102 Valeant Pharmaceuticals International inc. 48 500 7 370 14 377 Valeo SA 471 FR0000130338 3 100 616 91913Y100 Valero Energy Corp. 14 100 538 1 043 Vallourec SA 261 FR0000120354 4 361 134 92220P105 Varian Medical Systems inc. 15 700 1 583 1 697 92276F100 Ventas inc. 24 000 1 826 1 992 Veolia Environnement 333 403187909 15 969 413 25

Relevé des autres investissements ( non audité ) au 31 mai 2015 Description Quantité Coût Juste valeur Actions et parts 92340R106 Veresen inc. 237 500 3 964 4 410 Verisk Analytics inc., classe A 414 92345Y106 6 800 616 92343V104 Verizon Communications inc. 265 595 12 387 16 391 923725105 Vermilion Energy inc. 60 300 3 923 3 218 Vertex Pharmaceuticals inc. 563 92532F100 7 000 1 121 DK0010268606 Vestas Wind Systems AS 5 044 292 321 918204108 VF Corp. 30 000 2 142 2 638 Viacom inc., classe B 750 92553P201 11 000 918 B1XH02900 Vinci SA 14 746 788 1 091 92826C839 Visa inc., classe A 73 000 3 524 6 258 483477907 Vivendi SA 36 405 772 1 155 B16GWD903 Vodafone Group plc 1 674 183 6 793 8 143 Voestalpine AG 161 494340904 4 334 225 549716900 Volkswagen AG 4 673 1 048 1 423 928856301 Volvo AB, classe B 86 045 1 368 1 392 Vornado Realty Trust 596 929042109 8 400 1 047 929160109 Vulcan Materials Co. 3 800 206 427 931427108 Walgreens Boots Alliance inc. 21 400 813 2 293 Wartsila OYJ Abp 557 452518905 11 244 626 94106L109 Waste Management inc. 29 900 1 381 1 853 Waters Corp. 287 941848103 2 400 400 H27013103 Weatherford International plc 47 954 947 827 949746101 Wells Fargo & Co. 117 500 5 029 8 208 694883000 Wesfarmers Ltd 68 763 2 604 2 868 952845105 West Fraser Timber Co. Ltd 34 200 2 118 2 345 West Japan Railway Co. 1 267 JP3659000008 27 900 2 074 958102105 Western Digital Corp. 16 199 1 250 1 969 958211203 Western Forest Products inc. 1 132 397 2 649 2 491 Westfield Corp. 1 380 AU000000WFD0 198 580 1 836 960410207 Westjet Airlines Ltd 150 400 3 802 4 082 607614005 Westpac Banking Corp. 92 771 2 719 2 975 96145A200 Westshore Terminals Investment Corp. 60 500 1 934 2 008 Weyerhaeuser Co. 641 962166104 20 665 840 109647233 WH Group Ltd 496 149 418 475 643557002 Wharf Holdings Ltd 106 000 925 913 Wheelock & Co. Ltd 175 HK0020000177 41 000 276 963320106 Whirlpool Corp. 4 700 757 1 081 GB00B1KJJ408 Whitbread plc 4 963 382 484 96467A200 Whitecap Resources inc. 247 680 3 698 3 393 Whitting Petroleum Corp. 305 966387102 4 700 194 966837106 Whole Foods Market inc. 11 000 353 566 DK0010268440 William Demant Holding AS 5 166 496 530 060431004 William Morrison Supermarkets plc 94 866 454 309 969457100 Williams Cos. inc. 18 600 451 1 186 G96666105 Willis Group Holdings plc 16 900 701 1 001 B17KC6900 Wilmar International Ltd 382 000 1 217 1 188 976657106 Wisconsin Energy Corp. 47 400 2 229 2 857 Wolseley plc 514 098834435 9 282 714 697972008 Woodside Petroleum Ltd 154 232 5 892 5 398 698123908 Woolworths Ltd 90 456 2 849 2 420 Workday inc. 296 98138H101 2 900 286 656247905 WorleyParsons Ltd 7 921 193 82 26

Relevé des autres investissements ( non audité ) au 31 mai 2015 Description Quantité Coût Juste valeur Actions et parts B8KF9B904 WPP plc 41 803 744 1 226 084423102 WR Berkley Corp. 30 900 1 415 1 890 92938W202 WSP Global inc. 74 310 2 763 3 176 WW Grainger inc. 552 384802104 2 100 630 KYG981491007 Wynn Macau Ltd 198 400 738 467 983134107 Wynn Resort Ltd 7 900 1 435 993 98389B100 Xcel Energy inc. 81 600 2 549 3 468 Xerox Corp. 378 984121103 41 500 592 983919101 Xilinx inc. 13 400 730 793 JP3933800009 Yahoo Japan Corp. 53 000 315 296 984332106 Yahoo! inc. 23 700 646 1 270 Yakult Honsha Co. Ltd 122 698511003 3 800 265 JP3942800008 Yamaha Motor Co. Ltd 13 900 245 436 98462Y100 Yamana Gold inc. 407 400 3 969 1 821 Yamato Transport Co. Ltd 1 706 JP3940000007 72 100 1 845 698550001 Yamazaki Baking Co. Ltd 47 000 621 979 029649723 Yangzijiang Shipbuilding (Holdings) Ltd 264 000 251 353 Yara International ASA 477 775125909 11 372 714 JP3955000009 Yokogawa Electric Corp. 9 000 159 133 BMG988031446 Yue Yuen Industrial Holdings Ltd 140 500 567 603 988498101 Yum! Brands inc. 37 800 2 862 4 252 Zillow Group inc. 154 98954M101 1 100 125 98956P102 Zimmer Holding inc. 7 000 568 997 002364611 Zodiac Aerospace 9 720 336 442 98978V103 Zoetis inc. 16 000 498 994 598381903 Zurich Insurance Group AG 3 451 877 1 369 Total - actions et parts 2 183 840 2 760 219 27

Relevé des autres investissements ( non audité ) au 31 mai 2015 Description Valeur nominale Coût Juste valeur Obligations 01877PAA0 Alliance Pipeline L.P. 7,23 % 2015-06-30 16 14 10 14043ZAB8 Capital Power L.P. 4,60 % 2015-12-01 190 190 193 13591Z8P8A Banque Canadienne Impériale de Commerce 3,40 % 2016-01-14 10 000 10 157 10 142 135087A79 Gouvernement du Canada 1,25 % 2016-02-01 18 405 18 476 18 480 918423AC8A VW Credit Canada inc. 3,60 % 2016-02-01 7 000 7 109 7 107 064149D53A La Banque de Nouvelle-Écosse 3,61 % 2016-02-22 3 236 3 314 3 294 23384NAH0 Daimler Canada Finance inc. 2,23 % 2016-04-18 9 000 9 000 9 073 17039BAA2 Choice Properties L.P. 3,00 % 2016-04-20 Rachetable à compter du 2016-01-20 3 000 3 026 3 031 82509ZAE6 Shoppers Drug Mart Corp. 2,01 % 2016-05-24 1 800 1 800 1 811 775109AM3 Rogers Communications inc. 5,80 % 2016-05-26 2 500 2 499 2 604 633067YJ6 Banque Nationale du Canada 1,24 % 2016-06-23 Taux variable 13 000 13 000 12 967 739135AB7 Powell River Energy inc. 6,45 % 2016-07-25 1 500 1 500 1 560 135087B29 Gouvernement du Canada 1,00 % 2016-08-01 52 800 52 993 53 041 29251ZAS6 Enbridge inc. 5,00 % 2016-08-09 10 000 10 341 10 401 918423AF1 VW Credit Canada inc. 2,20 % 2016-10-11 2 000 2 000 2 025 96115ZAW2 George Weston Ltd 3,78 % 2016-10-25 7 000 7 098 7 222 13595ZDS2 Banque Canadienne Impériale de Commerce 2,65 % 2016-11-08 15 075 15 237 15 381 31739ZAN5 Financement-Québec 3,50 % 2016-12-01 13 000 13 353 13 527 064149G76 La Banque de Nouvelle-Écosse 2,74 % 2016-12-01 4 300 4 355 4 395 29087ZAD9 Emera inc. 2,96 % 2016-12-13 3 000 3 000 3 069 07813ZAU8 Bell Canada 5,00 % 2017-02-15 3 000 3 054 3 176 69363TAE2 PSP Capital inc. 2,26 % 2017-02-16 28 700 29 313 29 373 23384NAK3 Daimler Canada Finance inc. 2,28 % 2017-02-17 2 590 2 592 2 631 064149J24 La Banque de Nouvelle-Écosse 2,60 % 2017-02-27 17 300 17 539 17 697 17039BAB0 Choice Properties L.P. 3,00 % 2017-04-20 Rachetable à compter du 2017-01-20 1 500 1 521 1 535 112585AC8 Brookfield Asset Management inc. 5,29 % 2017-04-25 5 000 5 209 5 327 918423AD6 VW Credit Canada inc. 2,90 % 2017-06-01 3 750 3 750 3 866 063671RH6 Banque de Montréal 5,45 % 2017-07-17 2 255 2 425 2 450 891145A95 Banque Toronto-Dominion 2,43 % 2017-08-15 21 000 21 175 21 534 633067VX8 Banque Nationale du Canada 2,69 % 2017-08-21 3 500 3 500 3 602 62932ZAF2 Banque de Montréal (NHA MBS) 2,10 % 2017-09-01 9 234 9 336 9 412 780086BU7 Banque Royale du Canada 2,36 % 2017-09-21 4 200 4 194 4 297 31739ZAQ8 Financement-Québec 3,50 % 2017-12-01 34 300 34 872 36 493 68214WAF5 OMERS Realty Corp. 3,04 % 2017-12-05 359 359 370 0636795H3 Banque de Montréal 2,24 % 2017-12-11 17 800 17 901 18 197 29254ZAJ3 Enbridge Income Fund 2,92 % 2017-12-14 2 500 2 500 2 578 62932ZC60 Banque Toronto-Dominion (NHA MBS) 1,70 % 2017-12-15 9 914 9 948 10 030 13509PDM2 Canada Housing Trust No 1 1,70 % 2017-12-15 18 800 19 164 19 207 437376AD8 Home Trust Co. 2,28 % 2018-03-06 1 450 1 450 1 449 13595ZLB0 Banque Canadienne Impériale de Commerce 2,22 % 2018-03-07 12 000 12 064 12 286 87971MAZ6 TELUS Corp. 1,50 % 2018-03-27 1 000 1 000 999 02580ZAM8 American Express Canada Credit Corp. 2,31 % 2018-03-29 5 000 5 000 5 122 0641498J9 La Banque de Nouvelle-Écosse 1,33 % 2018-05-01 15 000 14 998 14 968 05590HAH0 BMW Canada inc. 2,33 % 2018-05-23 1 900 1 903 1 951 82509ZAF3 Shoppers Drug Mart Corp. 2,36 % 2018-05-24 3 500 3 500 3 582 14911ZAP6 Caterpillar Financial Services Ltd 2,29 % 2018-06-01 2 500 2 500 2 562 68214WAG3 OMERS Realty Corp. 2,50 % 2018-06-05 6 000 6 000 6 197 62874WAA0 NBC Asset Trust 7,24 % 2018-06-30 575 644 667 780086FE9 Banque Royale du Canada 2,82 % 2018-07-12 9 300 9 485 9 683 07329VAL4 bcimc Realty Corp. 2,79 % 2018-08-02 300 305 313 44889ZDU7 Hydro-Québec 5,50 % 2018-08-15 26 965 27 400 30 714 23384NAN7 Daimler Canada Finance inc. 1,42 % 2018-10-02 3 400 3 399 3 393 28

Relevé des autres investissements ( non audité ) au 31 mai 2015 Description Valeur nominale Coût Juste valeur Obligations 87262KAA3 Groupe TMX Limitée 3,25 % 2018-10-03 10 000 10 013 10 564 68323ACW2 Province de l'ontario 1,75 % 2018-10-09 5 990 5 981 6 133 05573YAA9 Brookfield Power Corp. 5,25 % 2018-11-05 1 790 1 790 1 983 31739ZAS4 Financement-Québec 2,40 % 2018-12-01 37 300 37 858 38 954 74814ZDU4 Province de Québec 4,50 % 2018-12-01 32 000 35 572 35 734 780086GH1 Banque Royale du Canada 2,77 % 2018-12-11 4 000 4 028 4 171 13509PEA7 Canada Housing Trust No 1 2,35 % 2018-12-15 9 800 10 313 10 254 87239BAA3 TD Capital Trust III 7,24 % 2018-12-31 1 160 1 160 1 375 29254ZAF1 Enbridge Income Fund 4,10 % 2019-02-22 1 500 1 498 1 618 135087B86 Gouvernement du Canada 1,75 % 2019-03-01 3 200 3 320 3 330 539481AH4 Loblaw Cos. Ltd 3,75 % 2019-03-12 9 000 9 000 9 670 11257ZAB5 Brookfield Asset Management inc. 3,95 % 2019-04-09 4 850 4 935 5 184 739239AB7 Power Corp. of Canada 7,57 % 2019-04-22 3 000 3 000 3 631 893578AA2 Transcontinental inc. 3,90 % 2019-05-13 10 000 10 002 10 436 884903BR5 Thomson Reuters Corp. 3,37 % 2019-05-23 5 000 5 000 5 270 135087YR9 Gouvernement du Canada 3,75 % 2019-06-01 3 300 3 670 3 696 013051DN4 Province de l'alberta 2,00 % 2019-06-01 6 395 6 550 6 614 78468GAA3 Scotia Plaza 3,21 % 2019-06-15 1 384 1 384 1 436 199910AP5 Cominar Real Estate Investment Trust 3,62 % 2019-06-21 10 000 9 999 10 321 960410AA6 WestJet Airlines Ltd 3,29 % 2019-07-23 100 100 103 62937Z5E6 First National Bank (NHA MBS) 1,75 % 2019-08-01 19 167 19 100 19 475 17039BAC8 Choice Properties L.P. 3,00 % 2019-09-20 Rachetable à compter du 2019-06-20 5 000 4 998 5 186 39191ZAV1 Greater Toronto Airports Authority 5,96 % 2019-11-20 345 371 413 80310ZAA7 Saputo inc. 2,65 % 2019-11-26 8 630 8 630 8 942 31739ZAT2 Financement-Québec 2,45 % 2019-12-01 20 700 20 652 21 741 87971MAK9 TELUS Corp. 5,05 % 2019-12-04 5 000 5 277 5 668 780086JX3 Banque Royale du Canada 2,35 % 2019-12-09 7 800 7 799 8 023 05576AAA8 BP L.P. 3,24 % 2020-01-09 585 589 610 135087D92 Gouvernement du Canada 1,50 % 2020-03-01 7 955 8 108 8 184 12801ZCL0 Caisse Centrale Desjardins du Québec 1,75 % 2020-03-02 22 920 22 929 22 859 633067B28 Banque Nationale du Canada 1,74 % 2020-03-03 1 070 1 070 1 067 8911454A9 Banque Toronto-Dominion 1,69 % 2020-04-02 8 400 8 400 8 380 14006ZAD9 Capital Desjardins inc. 5,19 % 2020-05-05 1 135 1 299 1 299 37045YAB0 General Motors Financial of Canada Ltd 3,08 % 2020-05-22 200 200 203 135087YZ1 Gouvernement du Canada 3,50 % 2020-06-01 500 563 563 592179JP1 Metropolitan Life Global Funding I 3,03 % 2020-06-11 1 415 1 439 1 485 780085M86 Banque Royale du Canada 4,35 % 2020-06-15 Variable et rachetable à compter du 2015-06-15 3 600 3 718 3 604 07813ZBD5 Bell Canada 3,25 % 2020-06-17 9 000 8 890 9 468 303901AR3 Fairfax Financial Holdings Ltd 7,25 % 2020-06-22 2 000 2 332 2 351 62874WAB8 NBC Asset Trust 7,45 % 2020-06-30 2 925 3 359 3 605 40427HSW4 Banque HSBC Canada 1,82 % 2020-07-07 850 850 846 125094AF9 CDP Financial inc. 4,60 % 2020-07-15 12 150 12 682 13 948 45834ZAD1 Inter Pipeline Ltd 3,45 % 2020-07-20 9 375 9 372 9 935 199910AL4 Cominar Real Estate Investment Trust 4,94 % 2020-07-27 225 236 243 884903BJ3 Thomson Reuters Corp. 4,35 % 2020-09-30 3 000 3 142 3 305 69363TAF9 PSP Capital inc. 3,03 % 2020-10-22 7 500 8 049 8 082 136069DQ1 Banque Canadienne Impériale de Commerce 3,15 % 2020-11-02 Variable et rachetable à compter du 2015-11-02 7 000 7 546 7 051 14006ZAE7 Capital Desjardins inc. 3,80 % 2020-11-23 Variable et rachetable à compter du 2015-11-23 10 000 10 307 10 111 89347ZAL1 TransAlta Corp. 5,00 % 2020-11-25 5 000 4 980 5 234 605204AA4 Mississagi Power Trust 6,92 % 2020-11-27 1 545 1 545 1 850 74814ZEG4 Province de Québec 4,50 % 2020-12-01 27 000 31 472 31 230 1107098X3 Province de la Colombie Britannique 3,70 % 2020-12-18 50 000 55 511 56 030 29

Relevé des autres investissements ( non audité ) au 31 mai 2015 Description Valeur nominale Coût Juste valeur Obligations 12741RAB5 Cadillac Fairview Finance Trust 4,31 % 2021-01-25 3 000 3 000 3 427 52541RAC1 Leisureworld Senior Care L.P. 3,47 % 2021-02-03 900 900 955 38141GVL5 Goldman Sachs Group inc. 3,55 % 2021-02-12 870 870 921 112585AG9 Brookfield Asset Management inc. 5,30 % 2021-03-01 5 200 5 757 5 914 775109AS0 Rogers Communications inc. 5,34 % 2021-03-22 9 470 10 014 10 934 68214WAK4 OMERS Realty Corp. 2,97 % 2021-04-05 3 000 3 000 3 164 06367VJN6 Banque de Montréal 3,40 % 2021-04-23 650 659 701 68323AAD6 Province de l'ontario 4,00 % 2021-06-02 18 800 21 083 21 303 110727BJ2 TELUS Communications inc. 10,65 % 2021-06-19 743 850 1 074 387427AB3 Granite Reit Holdings L.P. 3,79 % 2021-07-05 Rachetable à compter du 2021-06-05 795 797 832 759480AG1 Reliance L.P. 4,08 % 2021-08-02 385 385 385 17039BAE4 Choice Properties L.P. 3,60 % 2021-09-20 5 000 5 012 5 285 02138ZAE3 AltaGas Ltd 3,72 % 2021-09-28 2 500 2 499 2 669 884903BS3 Thomson Reuters Corp. 3,31 % 2021-11-12 Rachetable à compter du 2021-10-12 6 000 6 000 6 245 86721ZAL3 Suncor Energy inc. 3,10 % 2021-11-26 Rachetable à compter du 2021-10-26 8 300 8 326 8 690 59162NAA7 Metro inc. 3,20 % 2021-12-01 Rachetable à compter du 2021-11-01 8 100 8 099 8 438 74814ZEH2 Province de Québec 4,25 % 2021-12-01 43 100 46 651 49 671 8911452R4 Banque Toronto-Dominion 2,62 % 2021-12-22 9 795 9 795 10 117 01585PAE5 Algonquin Power Co. 4,65 % 2022-02-15 3 000 3 011 3 218 29254ZAG9 Enbridge Income Fund 4,85 % 2022-02-22 235 259 267 663307AC0 North West Redwater Partnership 2,10 % 2022-02-23 Rachetable à compter du 2022-01-23 1 315 1 322 1 310 67103MAD8 OPB Finance Trust 1,88 % 2022-02-24 4 630 4 628 4 611 780086KD5 Banque Royale du Canada 1,97 % 2022-03-02 13 725 13 685 13 522 06367V6B6 Banque de Montréal 2,12 % 2022-03-16 10 750 10 746 10 704 87971MBA0 TELUS Corp. 2,35 % 2022-03-28 Rachetable à compter du 2022-02-28 3 465 3 456 3 409 110727BL7 TELUS Communications inc. 9,65 % 2022-04-08 362 441 516 63306ZDM0 Banque Nationale du Canada 3,26 % 2022-04-11 Variable et rachetable à compter du 2017-04-11 700 700 722 199910AR1 Cominar Real Estate Investment Trust 4,16 % 2022-06-01 4 000 4 000 4 000 135087ZU1 Gouvernement du Canada 2,75 % 2022-06-01 2 800 3 075 3 078 68323AAW4 Province de l'ontario 3,15 % 2022-06-02 11 000 11 872 11 908 064149M38 La Banque de Nouvelle-Écosse 2,90 % 2022-08-03 Variable et rachetable à compter du 2017-08-03 2 490 2 516 2 560 17039BAF1 Choice Properties L.P. 3,60 % 2022-09-20 Rachetable à compter du 2022-06-20 410 404 429 055972AA1 BMO Subordinated Notes Trust 5,75 % 2022-09-26 Variable et rachetable à compter du 2017-09-26 2 000 2 000 2 188 303901AV4 Fairfax Financial Holdings Ltd 5,84 % 2022-10-14 3 000 3 093 3 332 13321LAH1 Cameco Corp. 3,75 % 2022-11-14 5 000 5 000 5 196 74814ZEL3 Province de Québec 3,50 % 2022-12-01 45 500 46 948 50 331 13509PDL4 Canada Housing Trust No 1 2,40 % 2022-12-15 32 600 32 969 34 116 89119ZAE3 Toronto Hydro Corp. 2,91 % 2023-04-10 2 100 2 089 2 190 291839AC2 Empire Life Insurance 2,87 % 2023-05-31 Variable et rachetable à compter du 2018-05-31 300 300 310 68323ABN3 Province de l'ontario 2,85 % 2023-06-02 110 570 114 512 116 762 563469UA1 Province du Manitoba 2,55 % 2023-06-02 5 000 4 987 5 179 02138ZAG8 AltaGas Ltd 3,57 % 2023-06-12 245 245 255 42246QAA6 Heathrow Funding Ltd 3,00 % 2023-06-17 Rachetable à compter du 2021-06-17 1 910 1 943 1 982 29251ZBD8 Enbridge inc. 3,94 % 2023-06-30 Rachetable à compter du 2023-03-30 765 808 816 74814ZEP4 Province de Québec 3,00 % 2023-09-01 20 470 22 210 21 819 07813ZBF0 Bell Canada 4,70 % 2023-09-11 995 1 011 1 119 539481AJ0 Loblaw Cos. Ltd 4,86 % 2023-09-12 Rachetable à compter du 2023-06-12 380 442 433 31943BBU3 First Capital Realty inc. 3,90 % 2023-10-30 905 874 953 066164AA2 Bankers Hall L.P. 4,38 % 2023-11-20 634 634 690 952637AC0 West Edmonton Mall Property inc. 4,06 % 2024-02-13 1 899 1 939 2 005 46065DAA4 IPL Energy inc. 8,20 % 2024-02-15 756 999 1 052 775109BA8 Rogers Communications inc. 4,00 % 2024-03-13 545 548 579 30

Relevé des autres investissements ( non audité ) au 31 mai 2015 Description Valeur nominale Coût Juste valeur Obligations 02138ZAH6 AltaGas Ltd 4,40 % 2024-03-15 785 785 858 37252BAC6 Genworth MI Canada inc. 4,24 % 2024-04-01 750 750 781 68323ACG7 Province de l'ontario 3,50 % 2024-06-02 62 980 68 967 69 465 13638ZCR4 Canadian Natural Resources 3,55 % 2024-06-03 Rachetable à compter du 2024-03-03 500 498 516 642869AJ0 Province du Nouveau-Brunswick 3,65 % 2024-06-03 16 000 15 982 17 722 02135ZAM8 AltaLink L.P. 3,40 % 2024-06-06 Rachetable à compter du 2024-03-06 2 315 2 390 2 478 13509PEF6 Canada Housing Trust No 1 2,90 % 2024-06-15 29 000 29 868 31 231 9611488Y2 George Weston Ltd 4,12 % 2024-06-17 Rachetable à compter du 2024-03-17 3 000 3 000 3 192 548243AG9 Lower Mattagami Energy 3,42 % 2024-06-20 765 765 819 13321LAK4 Cameco Corp. 4,19 % 2024-06-24 Rachetable à compter du 2024-03-24 400 400 421 780086JC9 Banque Royale du Canada 3,04 % 2024-07-17 Variable et rachetable à compter du 2019-07-17 5 000 4 999 5 175 74814ZES8 Province de Québec 3,75 % 2024-09-01 12 600 13 202 14 148 95751ZAS2 Westcoast Energy inc. 3,43 % 2024-09-12 Rachetable à compter du 2024-06-12 665 665 690 064149P27 La Banque de Nouvelle-Écosse 3,04 % 2024-10-18 Variable et rachetable à compter du 2019-10-18 250 250 261 136069JJ1 Banque Canadienne Impériale de Commerce 3,00 % 2024-10-28 Variable et rachetable à compter du 2019-10-28 1 825 1 825 1 882 68214WAM0 OMERS Realty Corp. 3,33 % 2024-11-12 345 345 366 29254ZAM6 Enbridge Income Fund 3,95 % 2024-11-19 Rachetable à compter du 2024-08-19 8 800 8 800 9 329 293365AC6 ENMAX Corp. 3,81 % 2024-12-05 Rachetable à compter du 2024-09-05 420 420 437 02138ZAM5 AltaGas Ltd 3,84 % 2025-01-15 Rachetable à compter du 2024-10-15 255 265 266 87971MAX1 TELUS Corp. 3,75 % 2025-01-17 Rachetable à compter du 2024-10-17 1 300 1 298 1 357 44882CAD6 Hydro Ottawa Holding inc. 2,61 % 2025-02-03 Rachetable à compter du 2024-11-03 8 000 8 000 7 977 70632ZAE1 Pembina Pipeline Corp. 3,54 % 2025-02-03 Rachetable à compter du 2024-11-03 730 730 740 13509PER0 Canada Housing Trust No 1 2,55 % 2025-03-15 6 000 6 215 6 262 949746RQ6 Wells Fargo & Co. 3,87 % 2025-05-21 11 000 11 000 11 248 66975ZAE4 Nova Gas Transmission Ltd 8,90 % 2025-05-27 2 000 2 351 2 908 135087D50 Gouvernement du Canada 2,25 % 2025-06-01 1 000 1 049 1 058 013051DQ7 Province de l'alberta 2,35 % 2025-06-01 10 000 10 156 10 061 669827BG1 Province de Nouvelle-Écosse 2,15 % 2025-06-01 7 000 6 997 6 832 01626PAE6 Alimentation Couche-Tard 3,60 % 2025-06-02 Rachetable à compter du 2025-03-02 4 500 4 500 4 500 11282ZAA6 Brookfield Renewable Energy Partners ULC 3,75 % 2025-06-02 Rachetable à compter du 2025-03-02 5 000 5 030 5 022 68323ACX0 Province de l'ontario 2,60 % 2025-06-02 10 000 10 102 10 216 07329VAP5 bcimc Realty Corp. 2,84 % 2025-06-03 Rachetable à compter du 2025-03-03 1 075 1 074 1 074 780086KR4 Banque Royale du Canada 2,48 % 2025-06-04 Variable et rachetable à compter du 2020-06-04 10 950 10 948 10 948 95751DAK8 Westcoast Energy inc. 8,85 % 2025-07-21 2 086 2 317 3 045 74814ZEV1 Province de Québec 2,75 % 2025-09-01 27 300 27 974 28 180 00126TAB1 AGT Ltd 8,80 % 2025-09-22 560 628 820 531739AA8 Lievre Power Financing Corp. 5,56 % 2025-10-06 1 500 1 500 1 708 01877ZAC4 Alliance Pipeline L.P. 6,77 % 2025-12-31 375 375 446 11257ZAE9 Brookfield Asset Management inc. 4,82 % 2026-01-28 875 875 957 780086JM7 Banque Royale du Canada 3,45 % 2026-09-29 Variable et rachetable à compter du 2021-09-29 3 750 3 830 3 908 455870AC9 Industrielle Alliance 2,64 % 2027-02-23 Variable et rachetable à compter du 2022-02-23 6 000 5 999 5 996 628957AE2 NAV Canada 7,56 % 2027-03-01 806 879 1 065 064151AR4 La Banque de Nouvelle-Écosse 2,58 % 2027-03-30 Variable et rachetable à compter du 2022-03-30 1 750 1 750 1 719 078149DW8 Bell Canada 7,00 % 2027-09-24 445 424 580 53947ZAD9 Loblaw Companies Ltd 6,45 % 2028-02-09 3 240 3 336 4 060 53947ZAF4 Loblaw Companies Ltd 6,50 % 2029-01-22 1 172 1 135 1 474 683234LJ5 Province de l'ontario 6,50 % 2029-03-08 40 900 54 230 58 886 07813ZAC8 Bell Canada 6,55 % 2029-05-01 2 143 1 928 2 692 110709EK4 Province de la Colombie-Britannique 5,70 % 2029-06-18 7 000 8 249 9 563 683244AM9 Ontario School Boards Financing Corp. 5,48 % 2029-11-26 1 686 1 686 2 027 448810AC5 Hydro One inc. 7,35 % 2030-06-03 1 902 2 130 2 781 39191ZAA7 Greater Toronto Airports Authority 7,05 % 2030-06-12 3 437 3 525 4 939 31

Relevé des autres investissements ( non audité ) au 31 mai 2015 Description Valeur nominale Coût Juste valeur Obligations 29251ZAD9 Enbridge inc. 7,22 % 2030-07-24 3 050 3 676 3 985 683244AP2 Ontario School Boards Financing Corp. 4,79 % 2030-08-08 2 248 2 248 2 494 368271AU6 Gaz Métro inc. 7,05 % 2030-10-30 1 000 999 1 419 89353ZBK3 TransCanada PipeLines Ltd 6,50 % 2030-12-09 1 115 1 031 1 442 07813ZAL8 Bell Canada 7,85 % 2031-04-02 237 273 328 683244AR8 Ontario School Boards Financing Corp. 5,07 % 2031-04-18 1 390 1 390 1 607 683234NM6 Province de l'ontario 6,20 % 2031-06-02 53 600 70 425 77 028 39191ZAC3 Greater Toronto Airports Authority 7,10 % 2031-06-04 610 660 891 448814GY3 Hydro-Québec 6,00 % 2031-08-15 16 000 20 708 22 513 007863AB9 Aéroport de Montréal 6,95 % 2032-04-16 1 647 1 704 2 178 44810ZAB6 Hydro One inc. 6,93 % 2032-06-01 3 575 4 306 5 155 65746TAA6 North Battleford Power L.P. 4,96 % 2032-12-31 606 606 693 31680PAA4 55 Ontario School Board Trust 5,90 % 2033-06-02 5 815 5 812 7 936 784103AA1 SEC L.P. and Arci Ltd 5,19 % 2033-08-29 456 456 513 007863AC7 Aéroport de Montréal 6,55 % 2033-10-11 2 600 2 986 3 651 368271AV4 Gaz Métro inc. 6,30 % 2033-10-31 500 498 682 642866FR3 Province du Nouveau-Brunswick 5,50 % 2034-01-27 3 900 3 923 5 258 39191ZAJ8 Greater Toronto Airports Authority 6,47 % 2034-02-02 500 500 702 31739ZAG0 Financement-Québec 5,25 % 2034-06-01 17 614 18 872 23 224 53947ZAU1 Loblaw Companies Ltd 6,05 % 2034-06-09 365 363 441 914764AA3 University of Ontario Institute of Technology 6,35 % 2034-10-15 3 794 3 794 4 668 34957EAB7 FortisAlberta inc. 6,22 % 2034-10-31 525 687 714 44889ZCM6 Hydro-Québec 6,50 % 2035-02-15 20 040 25 027 30 385 683234VR6 Province de l'ontario 5,60 % 2035-06-02 13 500 17 671 18 880 10549PAJ0 Brookfield Asset Management inc. 5,95 % 2035-06-14 1 060 1 054 1 212 29410ZAF2 EPCOR Utilities inc. 5,65 % 2035-11-16 940 965 1 203 866796AA3 Sun Life Financial inc. 4,80 % 2035-11-23 Variable et rachetable à compter du 2015-11-23 1 135 1 152 1 152 35085ZAM8 407 International inc. 5,75 % 2036-02-14 1 075 1 132 1 369 29250ZAG3 Enbridge inc. 5,08 % 2036-12-19 450 507 534 86721ZAB5 Suncor Energy inc. 5,39 % 2037-03-26 405 471 482 87228VAA2 Toronto Community Housing Corp. 4,88 % 2037-05-11 1 200 1 200 1 459 135087XW9 Gouvernement du Canada 5,00 % 2037-06-01 36 700 50 862 54 842 683086AA0 Ontario Infrastructure Projects Corp. 4,70 % 2037-06-01 6 000 6 011 7 257 683234YD4 Province de l'ontario 4,70 % 2037-06-02 26 100 30 789 33 243 110709FL1 Province de la Colombie-Britannique 4,70 % 2037-06-18 22 000 25 745 28 462 74814ZDK6 Province de Québec 5,00 % 2038-12-01 26 250 29 917 34 737 739239AC5 Power Corp. of Canada 8,57 % 2039-04-22 980 1 114 1 579 66988ZAY5 Nova Scotia Power inc. 5,95 % 2039-07-27 800 797 1 074 775109AP6 Rogers Communications inc. 6,68 % 2039-11-04 605 667 784 82028KAQ4 Shaw Communications inc. 6,75 % 2039-11-09 710 698 891 13521JAB7 Canada Post Corp. 4,36 % 2040-07-16 3 000 3 000 3 875 44810ZAY6 Hydro One inc. 5,49 % 2040-07-16 640 811 836 350863AU0 407 International inc. 7,13 % 2040-07-26 1 690 1 807 2 590 975014AA9 Winnipeg Airport Authority inc. 5,21 % 2040-09-28 1 153 1 153 1 322 39191ZAX7 Greater Toronto Airports Authority 5,30 % 2041-02-25 2 500 2 501 3 209 563469TM7 Province du Manitoba 4,10 % 2041-03-05 2 900 2 740 3 432 042767AB9 Arrow Lakes Power 5,52 % 2041-04-05 275 275 331 135087YQ1 Gouvernement du Canada 4,00 % 2041-06-01 14 400 17 927 19 451 669827FW2 Province de Nouvelle Écosse 4,70 % 2041-06-01 6 000 7 268 7 649 683234B98 Province de l'ontario 4,65 % 2041-06-02 10 600 13 389 13 652 35085ZBE5 407 International inc. 4,45 % 2041-11-15 250 261 285 89353ZBV9 TransCanada PipeLines Ltd 4,55 % 2041-11-15 480 500 536 32

Relevé des autres investissements ( non audité ) au 31 mai 2015 Description Valeur nominale Coût Juste valeur Obligations 56502FAA9 Manulife Finance Delaware L.P. 5,06 % 2041-12-15 Variable et rachetable à compter du 2036-12-15 1 000 1 133 1 116 29410ZAK1 EPCOR Utilities inc. 4,55 % 2042-02-28 3 500 3 492 4 012 35085ZBF2 407 International inc. 4,19 % 2042-04-25 Rachetable à compter du 2042-01-25 3 000 2 996 3 298 02135ZAF3 AltaLink L.P. 3,99 % 2042-06-30 880 897 929 67103MAA4 OPB Finance Trust 3,89 % 2042-07-04 2 320 2 318 2 468 007863AH6 Aéroport de Montréal 3,92 % 2042-09-26 1 400 1 394 1 470 663307AD8 North West Redwater Partnership 3,70 % 2043-02-23 Rachetable à compter du 2042-08-23 275 274 273 563469TW5 Province du Manitoba 3,35 % 2043-03-05 7 000 6 967 7 369 66988ZBC2 Nova Scotia Power inc. 4,50 % 2043-07-20 4 000 3 978 4 504 12657ZBB8 CU inc. 4,72 % 2043-09-09 Rachetable à compter du 2043-03-09 770 770 910 44810ZBK5 Hydro One inc. 4,59 % 2043-10-09 Rachetable à compter du 2043-04-09 2 000 2 421 2 336 87971MAU7 TELUS Corp. 5,15 % 2043-11-26 2 835 2 821 3 099 013051DK0 Province de l'alberta 3,45 % 2043-12-01 4 000 3 781 4 357 891288DH2 Ville de Toronto 4,15 % 2044-03-10 5 000 4 969 5 794 29251ZBG1 Enbridge inc. 4,57 % 2044-03-11 4 825 4 846 4 905 70632ZAD3 Pembina Pipeline Corp. 4,81 % 2044-03-25 Rachetable à compter du 2043-09-25 400 400 411 45834ZAE9 Inter Pipeline Ltd 4,64 % 2044-05-30 Rachetable à compter du 2043-11-30 2 625 2 635 2 775 90664ZAD2 Union Gas Ltd 4,20 % 2044-06-02 Rachetable à compter du 2043-12-02 2 000 1 999 2 187 44810ZBN9 Hydro One inc. 4,17 % 2044-06-06 Rachetable à compter du 2043-12-06 2 000 2 286 2 192 12657ZBE2 CU inc. 4,09 % 2044-09-02 Rachetable à compter du 2044-03-02 5 000 5 052 5 359 07813ZBH6 Bell Canada 4,75 % 2044-09-29 Rachetable à compter du 2044-03-29 1 250 1 262 1 294 29254ZAN4 Enbridge Income Fund 4,87 % 2044-11-21 Rachetable à compter du 2044-05-21 150 150 162 135087ZH0 Gouvernement du Canada 1,50 % 2044-12-01 4 801 6 007 6 114 59162NAB5 Metro inc. 5,03 % 2044-12-01 Rachetable à compter du 2044-06-01 3 000 2 999 3 183 87971MAY9 TELUS Corp. 4,75 % 2045-01-17 Rachetable à compter du 2044-07-17 2 000 1 987 2 067 44882CAE4 Hydro Ottawa Holding inc. 3,64 % 2045-02-02 Rachetable à compter du 2044-08-02 2 000 2 000 1 935 35085ZBK1 407 International inc. 3,30 % 2045-03-27 Rachetable à compter du 2044-09-27 2 400 2 399 2 261 368271AY8 Gaz Métro inc. 3,30 % 2045-03-31 Rachetable à compter du 2044-09-30 1 500 1 499 1 420 66988ZBD0 Nova Scotia Power inc. 3,61 % 2045-05-01 Rachetable à compter du 2044-11-01 3 600 3 600 3 494 669827FZ5 Province de Nouvelle Écosse 3,45 % 2045-06-01 16 000 15 868 16 960 68323ACC6 Province de l'ontario 3,45 % 2045-06-02 42 300 43 286 45 757 803854JU3 Province de la Saskatchewan 3,90 % 2045-06-02 7 000 7 056 8 277 89119ZAH6 Toronto Hydro Corp. 3,55 % 2045-07-28 Rachetable à compter du 2045-01-28 2 500 2 498 2 456 563469UB9 Province du Manitoba 4,05 % 2045-09-05 16 000 16 562 19 120 135087ZS6 Gouvernement du Canada 3,50 % 2045-12-01 2 920 3 673 3 757 74814ZER0 Province de Québec 3,50 % 2045-12-01 5 000 5 612 5 415 07813ZBR4 Bell Canada 4,35 % 2045-12-18 Rachetable à compter du 2045-06-18 2 100 2 091 2 029 548243AE4 Lower Mattagami Energy 4,18 % 2046-02-23 380 380 413 68323ACY8 Province de l'ontario 2,90 % 2046-12-02 4 500 4 477 4 381 135087B94 Gouvernement du Canada 1,25 % 2047-12-01 5 326 5 770 6 469 11070TAG3 Province de la Colombie-Britannique 2,80 % 2048-06-18 7 950 7 885 7 740 86679QAB7 Sun Life Capital Trust 7,09 % 2052-06-30 Rachetable à compter du 2032-06-30 1 390 1 517 1 879 57632XAW3 Master Asset Vehicle II, classe A-1 0,00 % 2056-07-15 2 969 2 984 2 838 57632XAY9 Master Asset Vehicle II, classe A-2 0,00 % 2056-07-15 9 141 9 184 8 496 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 3 415 3 648 89116ZAC0 Banque Toronto-Dominion 4,78 % 2105-12-14 Variable et rachetable à compter du 2016-12-14 3 100 3 188 3 249 12544UAA9 CIBC Capital Trust 9,98 % 2108-06-30 Variable et rachetable à compter du 2019-06-30 5 000 6 617 6 464 80928FAA5 La Banque de Nouvelle-Écosse 7,80 % 2108-06-30 Variable et rachetable à compter du 2019-06-30 5 200 5 200 6 314 87239GAC8 TD Capital Trust IV 6,63 % 2108-06-30 Variable et rachetable à compter du 2021-06-30 7 500 8 580 9 186 56501XAA1 Manulife Financial Capital Trust II 7,41 % 2108-12-31 Variable et rachetable à compter du 2019-12-31 2 785 2 785 3 422 Total - obligations 2 179 323 2 320 097 2 438 033 33

Relevé des autres investissements ( non audité ) au 31 mai 2015 Description Valeur nominale Coût Juste valeur Instruments du marché monétaire 6832Z52Y5A Province de l'ontario, bon du trésor 0,71 % 2015-06-03 240 237 238 1350Z7VK7 Gouvernement du Canada, bon du trésor 0,52 % 2015-06-04 145 145 145 1350Z7VK7 Gouvernement du Canada, bon du trésor 0,54 % 2015-06-04 930 929 930 06414PF485 La Banque de Nouvelle-Écosse, acceptation bancaire 0,79 % 2015-06-04 10 000 9 999 9 999 09852UF57 Province de Québec, bon du trésor 0,76 % 2015-06-05 45 000 44 973 44 994 6832Z52Z2 Province de l'ontario, bon du trésor 0,68 % 2015-06-10 1 415 1 413 1 415 09852UFD0 Province de Québec, bon du trésor 0,70 % 2015-06-12 3 020 3 017 3 019 29250PFG0 Enbridge Pipelines inc., papier commercial 0,96 % 2015-06-15 5 000 4 997 4 998 80390AFG7 Province de la Saskatchewan, note promissoire 0,69 % 2015-06-15 585 584 585 6832Z53A6 Province de l'ontario, bon du trésor 0,71 % 2015-06-17 55 55 55 1350Z7WA8 Gouvernement du Canada, bon du trésor 0,53 % 2015-06-18 1 410 1 408 1 410 1350Z7WA8 Gouvernement du Canada, bon du trésor 0,63 % 2015-06-18 100 100 100 669980UZ5 Province de Nouvelle-Écosse, note promissoire 0,72 % 2015-06-18 20 20 20 89352NFL5 TransCanada PipeLines Ltd, papier commercial 1,02 % 2015-06-19 10 000 9 988 9 995 09006RFP5 Province de Québec, note promissoire 0,69 % 2015-06-22 50 50 50 136796FQ7 Canadian Wheat Board, papier commercial 0,69 % 2015-06-23 320 320 320 743989X42 Province de la Colombie-Britannique, note promissoire 0,67 % 2015-06-29 410 409 410 1350Z7VP6 Gouvernement du Canada, bon du trésor 0,58 % 2015-07-02 2 110 2 106 2 109 1350Z7VP6A Gouvernement du Canada, bon du trésor 0,60 % 2015-07-02 1 200 1 198 1 199 1350Z7VP6 Gouvernement du Canada, bon du trésor 0,65 % 2015-07-02 4 860 4 855 4 857 09006RG66 Province de Québec, bon du trésor 0,74 % 2015-07-06 20 20 20 1350Z7WF7 Gouvernement du Canada, bon du trésor 0,59 % 2015-07-16 1 350 1 348 1 349 1350Z7WF7 Gouvernement du Canada, bon du trésor 0,62 % 2015-07-16 175 175 175 09852UGJ6 Province de Québec, bon du trésor 0,75 % 2015-07-17 350 350 350 09006RGJ8 Province de Québec, note promissoire 0,75 % 2015-07-17 210 210 210 669980UY8 Province de Nouvelle-Écosse, note promissoire 0,76 % 2015-07-20 40 000 39 938 39 957 743989WY7 Province de la Colombie-Britannique, note promissoire 0,75 % 2015-07-22 160 160 160 6832Z53G3 Province de l'ontario, bon du trésor 0,76 % 2015-07-29 80 80 80 1350Z7VR2 Gouvernement du Canada, bon du trésor 0,61 % 2015-07-30 720 719 719 1350Z7VR2 Gouvernement du Canada, bon du trésor 0,64 % 2015-07-30 1 000 999 999 6832Z53H1 Province de l'ontario, bon du trésor 0,76 % 2015-08-05 95 95 95 6426Z8X91 Province du Nouveau-Brunswick, bon du trésor 0,76 % 2015-08-06 8 000 7 987 7 989 09852UH71 Province de Québec, bon du trésor 0,75 % 2015-08-07 19 500 19 468 19 473 6832Z53J7 Province de l'ontario, bon du trésor 0,76 % 2015-08-12 120 120 120 078157HK3 Bell Canada, papier commercial 0,98 % 2015-08-18 8 000 7 981 7 984 6832Z53K4 Province de l'ontario, bon du trésor 0,76 % 2015-08-19 15 000 14 973 14 975 09006RJ89 Province de Québec, note promissoire 0,76 % 2015-09-08 790 788 788 1350Z7WR1 Gouvernement du Canada, bon du trésor 0,63 % 2015-09-10 875 873 873 1350Z7WW0 Gouvernement du Canada, bon du trésor 0,66 % 2016-05-05 2 000 1 987 1 987 Total - instruments du marché monétaire 185 315 185 074 185 151 34

Relevé des autres investissements ( non audité ) au 31 mai 2015 Élément sous-jacent Prix de contrat ou d'exercice Nombre d'unités Échéance / livraison Valeur notionnelle Coût Juste valeur Contrats à terme - position acheteur F135ZS61607 Gouvernement du Canada, 3,50 %, 2045-12-01 126,28 CAD 9 000 000 2015-07-16 11 365-169 VGM5F04NEW Indice Euro StoXX 50 3 524,30 EUR 61 2015-06-19 2 974 - - MFSM5F04USD Indice Mini MSCI EAFE 1 890,53 USD 27 2015-06-19 3 202 - - Total - contrats à terme - position acheteur 17 541 169 Contrats à terme - position vendeur FUSD110615 Dollar américain 1,20 CAD 2 250 000 2015-06-11 2 709 - (100) FUSD110615A Dollar américain 1,20 CAD 134 000 2015-06-11 161 - (6) FUSD120615 Dollar américain 1,20 CAD 22 150 000 2015-06-12 26 489 - (1 166) FAUD110615 Dollar australien 0,96 CAD 6 415 000 2015-06-11 6 131-3 FEUR110615 Euro 1,35 CAD 2 597 000 2015-06-11 3 505 - (50) F135D501607 Gouvernement du Canada, 2,25 %, 2025-06-01 104,84 CAD 14 700 000 2015-07-16 15 411 - (102) F135YZ11607 Gouvernement du Canada, 3,50 %, 2020-06-01 111,48 CAD 41 000 000 2015-07-16 45 707 - (251) ESM5F04NEW Indice S&P 500 E-Mini 2 094,56 USD 32 2015-06-19 4 206 - - FGBP110615 Livre sterling 1,88 CAD 6 355 000 2015-06-11 11 930 - (176) Total - contrats à terme - position vendeur 116 249 (1 848) Contrats d'options - position vendeur SX5E3400A Indice Euro StoXX 50 3 400,00 EUR 500 2015-08-21 2 326 (55) (58) SX5EF043400 Indice Euro StoXX 50 3 400,00 EUR 500 2015-07-17 2 326 (48) (39) SX5E3450A Indice Euro StoXX 50 3 450,00 EUR 500 2015-06-19 2 361 (39) (27) Total - contrats d'options - position vendeur 7 013 (142) (124) Total - instruments financiers dérivés (142) (1 803) * Total des autres investissements 4 688 869 5 381 600 * * De ces totaux, un montant de 2,0 M$, représentant la juste valeur négative des instruments financiers dérivés et un montant de 0,1 M$ représentant le coût de ces instruments financiers dérivés, sont présentés sous Créditeurs aux états financiers du Fonds de solidarité des travailleurs du Québec (F.T.Q.) au 31 mai 2015. Titres vendus en vertu de conventions de rachat Au 31 mai 2015, la juste valeur des titres en portefeuille vendus en vertu de conventions de rachat est de 257,1 M$. Ces titres sont des obligations. Ces transactions ont été exécutées entre le 26 mai 2015 et le 29 mai 2015, tandis que leurs échéances se situent dans l'intervalle compris entre le 1er juin 2015 et le 25 juin 2015. Le collatéral reçu est de 262,3 M$. Le prix de rachat à payer est de 256,8 M$. 35

INDEX OF THE SHARE OF THE FONDS IN INVESTMENTS MADE BY THE SPECIALIZED FUNDS, AT COST (UNAUDITED) AS AT MAY 31, 2015

Index of the Share of the Fonds in investments Made by the Specialized Funds, at Cost (unaudited) as at May 31, 2015 (in thousands $) Information from Unsecured Secured Total Annual Financial Shares Loans and Loans and Report dated and units advances advances 12-31-14 BDR Capital s.e.c. Securities of eleven compagnies 21,274 3,635 24,909 12-31-14 FIER Partenaires, société en commandite Amorchem, s.e.c. Capital St-Laurent, s.e.c. Fonds Brightspark II, s.e.c. Fonds CTI sciences de la vie, s.e.c. Fonds d'amorçage Cycle-C3E, s.e.c. Fonds d'investissement inovia II, société en commandite Fonds d'investissement Réal, s.e.c. Fonds d'investissement Réal III, s.e.c. Fonds Propulsion III s.e.c. GO capital s.e.c. Novacap Industries III, s.e.c. Novacap Technologies III, s.e.c. Novacap Technologies IV, s.e.c. Rho Canada Capital de Risque, s.e.c. Société en commandite AgeChem 37,458 37,458 Funds committed but not disbursed 13,883 51,341 03-31-14 Fonds Bio-Innovation, société en commandite Securities of ten companies 7,069 2,125 1,001 10,195 Funds committed but not disbursed 2,150 12,345 05-31-14 Fonds de solidarité FTQ Investissements croissance I, s.e.c. 2525 inc. 450 450 Colo-D inc. 450 450 Distech Contrôles inc. 1,333 1,333 ibwave Solutions inc. 381 381 Lumenpulse inc. 3,334 3,334 5,948 5,948 05-31-15 Fonds de solidarité FTQ Investissements croissance II, s.e.c. First financial year 05-31-14 Fonds de solidarité FTQ Investissements technologiques I, s.e.c. Axesnetwork Solutions inc. 667 667 Bonlook inc. 31 31 Cadens Imagerie Médicale inc. 1 667 668 E2metrix inc. 333 333 Embrionix Design inc. 444 444 GCS Medical inc. 23 23 mconcierge Systems inc. 166 166 Réflex Photonique inc. 500 333 833 2,165 1,000 3,165 12-31-14 Fonds d'investissement de la culture et des communications, société en commandite Attraction Média inc. Carpediem film & TV inc. Datsit Studios inc. De Marque inc. Gestion Juste pour Rire inc. Groupe Phaneuf inc. GVGS inc. (Laboratoire de test Enzyme) Hibernum Créations inc. La Compagnie Larivée, Cabot, Champagne Laboratoires GSS inc. Lotb Productions inc. (Echo Média) Max Films inc. Média Cineflix inc. Media-Max inc. Studios Budge inc. Via Éditorial, société en commandite Vivavision inc. Wilson & Lafleur, limitée Securities of six other companies 1,678 6,818 4,107 12,603 Funds committed but not disbursed 952 13,555 1

Index of the Share of the Fonds in investments Made by the Specialized Funds, at Cost (unaudited) as at May 31, 2015 (in thousands $) Information from Unsecured Secured Total Annual Financial Shares Loans and Loans and Report dated and units advances advances 12-31-14 Fonds immobilier de solidarité FTQ inc. 1030-1040 de Bleury s.e.c. 15,750 15,750 175 Metcalfe s.e.c. 1,358 1,726 3,084 300 St-Paul Québec inc. 250 1,917 2,167 325 St-Vallier inc. 2,083 2,083 790 Rand s.e.c. 1,704 1,704 81-83 Richelieu s.e.c. 880 2,944 3,824 875 Charest s.e.c. 2,140 2,140 880 Honoré-Mercier s.e.c. 28,725 28,725 9222-6810 Québec inc. 3,800 3,800 Brossard-sur-le-Fleuve s.e.c. 2,217 2,217 Carré Chambord s.e.c. 1 1 Condominiums Le George V s.e.c. 10 10 Condominiums Renaissance Blainville s.e.c. 1,283 1,283 Condos Wanklyn-Milot s.e.c. 3,850 3,850 Développement Joseph-Morin, s.e.c. 250 40 290 Développements Wilfrid-Carrier s.e.c. 8,543 8,543 Espace MV1 s.e.c. 1 1 Espace MV2 s.e.c. 1 1 Espace MV3 s.e.c. 2,700 2,700 Espace MV4 s.e.c. 1,300 1,300 Espaces Lebourgneuf Phase III s.e.c. 2,800 2,800 Fonds accès terrains Québec s.e.c. 1 1 Fonds d'investissement de Montréal (F.I.M.), société en commandite 1,630 1,630 Fonds d'investissement de Montréal (F.I.M.) II, société en commandite 978 978 Fonds d'investissement de Montréal (F.I.M.) III, société en commandite 3,999 3,999 Graham-Mont-Royal s.e.c. 7,194 7,194 R.P.A. Mont-Joli s.e.c. 901 21 922 R.P.A. Rawdon s.e.c. 1,209 1,209 Société en commandite Bourassa- Pelletier 10 9,713 9,723 Société en commandite Château Hymus 1 1 Société en commandite D.P.L.S. 2,920 2,920 Société en commandite des Bassins I 2,500 813 3,313 Société en commandite GII, Ilôt 10 (Comm-bur) 836 836 Société en commandite GII, Ilôt 10 (Résidentiel) 1,176 1,176 Société en commandite Griffintown II 3,168 3,168 Société en commandite Griffintown II, Phase II 2,777 2,777 Société en commandite Griffintown II, Phase II (Commercial) 2,348 2,940 5,288 Société en commandite Griffintown II, Phase II (Condos-Tour 1) 1,118 2,804 3,922 Société en commandite Griffintown II, Phase II (Condos-Tour 2) 1,141 2,668 3,809 Société en commandite Griffintown II, Phase II (Tour 3) 457 457 Société en commandite Griffintown II, Ilot 09 (locatif) 3,833 3,833 Société en commandite Héritage Pointe-Claire 1 1 Société en commandite immobilière T.D.C. 5,050 5,050 Société en commandite Laurin/ St-Louis Phase I 8,266 15,726 23,992 Société en commandite QDS 29,700 29,700 Société en commandite Rose de Lima 10 10 Société en commandite St-Bruno-sur-le-Lac Phase 4 2,000 4,000 6,000 St-Paul/Du Palais s.e.c. 3,928 3,928 Technoparc Bromont Phase I s.e.c. 1,601 1,601 Urbania Phase VII s.e.c. 1 1 Wanklyn-Milot s.e.c. 4,674 4,674 40 general partners of limited partnerships 1 1 151,192 41,460 25,735 218,387 Direct holdings : Terrain Boul. Lucille Teasdale, Terrebonne 2,596 Terrain Boul. Le Corbusier, Laval 11,377 232,360 2

Index of the Share of the Fonds in investments Made by the Specialized Funds, at Cost (unaudited) as at May 31, 2015 (in thousands $) Information from Unsecured Secured Total Annual Financial Shares Loans and Loans and Report dated and units advances advances 12-31-14 Fonds immobilier de solidarité FTQ I, s.e.c. C.C.L. II, société en commandite 484 484 Complexe d'affaires 440, s.e.c. 1,825 1,825 Condos Miscéo s.e.c. 225 225 Fonds d'acquisition québécois, s.e.c. 2,929 2,929 Le 160 de l'évêché, s.e.c. 1,983 1,983 Riverside St-Lambert s.e.c. 1,000 400 1,400 Sfère-Ahuntsic s.e.c. 1,483 1,483 Société en commandite 1190 Jeanne-Mance 6 2,193 2,199 Société en commandite 544 de l'inspecteur 3,374 3,374 Société en commandite Alfred-Nobel 16 16 Société en commandite Alphonse T. Lépine 1,725 1,725 Société en commandite Ann-Ottawa 1,504 2,892 4,396 Société en commandite Beauharnois 11 11 Société en commandite Boisé du Ruisseau Clair 1,000 1,000 Société en commandite Claude Baillif 1,045 1,045 Société en commandite Inspecteur-William 20 20 Société en commandite Les Berges Brossard 11 11 22 Société en commandite De La Dauversière 200 200 Société en commandite Place Dunant 150 150 Société en commandite Square Mont-Royal 7 7 Société en commandite Ste-Hélène 27 20 47 Village de la Gare s.e.c. 1,080 299 1,379 14 general partners of limited partnerships 1 1 15,498 7,232 3,191 25,921 Direct holding : Terrain ave. du Lac-Clermoutier, Chertsey 1,295 27,216 12-31-14 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. 2,581 2,581 Capital BLF inc. 15,092 15,092 Espaces Lebourgneuf s.e.c. 3,471 3,471 Faubourg la Grande Place, s.e.c. 1,218 1,218 Fonds d'acquisition québécois II, s.e.c. 5,213 5,213 Hôtel Particulier:Le Ste-Hélène s.e.c. 3,838 3,838 Immobilière Concorde-Corbusier s.e.c. 3,400 3,400 Les Haltes du Roi s.e.c. 806 806 Neuvième Avenue s.e.c. 410 2,710 3,120 Société en commandite Ann-Ottawa 2,892 2,892 Société en commandite Cavelier de La Salle 4,003 4,003 Société en commandite CDTI de Hull 100 100 Société en commandite du 259 boulevard St-Joseph-Hull 133 133 Société en commandite JBSL 10 10 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. 299 299 9 general partners of limited partnerships 1 1 43,702 6,548 3,191 53,441 Direct holdings : Condominium 410 des Récollets, Montréal 615 Terrain ave. du Lac-Clermoutier, Chertsey 1,295 55,351 3

Index of the Share of the Fonds in investments Made by the Specialized Funds, at Cost (unaudited) as at May 31, 2015 (in thousands $) Information from Unsecured Secured Total Annual Financial Shares Loans and Loans and Report dated and units advances advances 08-31-14 Fonds locaux de solidarité FTQ, s.e.c. CDEC Rosemont-Petite Patrie, corporation de développement économique communautaire 352 352 Centre local de développement (CLD) Centre-Ouest 10 10 Centre local de développement (CLD) de la MRC de Caniapiscau 10 10 Centre local de développement (CLD) de la MRC de Maskinongé 173 173 Centre local de développement (CLD) de Marguerite-D'Youville 405 405 Centre local de développement (CLD) des Îles-de-la-Madeleine 38 10 48 Centre local de développement (CLD) du Fjord 10 10 Centre local de développement (CLD) du Haut-St-François 150 150 Centre local de développement (CLD) du territoire de la MRC d'argenteuil 15 15 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 au Cœur de la Montérégie 10 10 Centre local de développement Beauharnois-Salaberry 487 487 Centre local de développement de Brome-Missisquoi 10 10 Centre local de développement de l'île d'orléans 10 10 Centre local de développement de la Basse-Côte-Nord 10 10 Centre local de développement de la Côte-de-Beaupré 342 342 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 10 70 Centre local de développement de la M.R.C. de Bonaventure 280 280 Centre local de développement de la Mitis 63 10 73 Centre local de développement de la MRC de Charlevoix 205 205 Centre local de développement de la MRC de Charlevoix-Est inc. 143 60 203 Centre local de développement de la MRC de Memphrémagog 230 230 Centre local de développement de la MRC de Sept-Rivières inc. 32 249 281 Centre local de développement de la MRC des Laurentides 380 380 Centre local de développement de la MRC du Val-Saint-François 10 10 Centre local de développement de la MRC Les Maskoutains 250 250 Centre local de développement de la MRC Robert-Cliche 163 163 Centre local de développement de la Municipalité régionale de comté de Bellechasse inc. 70 70 Centre local de développement de la municipalité régionale de comté de d'autray 100 100 Centre local de développement de la Nouvelle-Beauce (C.L.D.N.B.) 10 10 Centre local de développement de la région d'acton 60 60 Centre local de développement de la région de Rivière-du-Loup 125 125 Centre local de développement de la Vallée-du-Richelieu 50 50 Centre local de développement de Lachine (CLD Lachine) 10 10 Centre local de développement de Longueuil «CLD» 370 370 Centre local de développement de Manicouagan 40 40 Centre local de développement de Québec 10 10 Centre local de développement de Rimouski-Neigette (CLD) 45 45 Centre local de développement de Roussillon 77 4 81 Centre local de développement des Basques 30 30 Centre local de développement des Collines-de-l'Outaouais 10 10 Centre local de développement des Etchemins 17 10 27 Centre local de développement des Pays-d'en-Haut 10 10 Centre local de développement Domaine-du-Roy inc. 150 10 160 Centre local de développement du Pontiac 10 10 Centre local de développement les 3 Monts 10 10 Centre local de développement Maria-Chapdelaine 114 30 144 Centre local de développement Mékinac 444 444 Centre local de développement Minganie 10 10 Centre local du développement du Témiscamingue (C.L.D.T.) 10 10 CLD de la MRC de Lotbinière 80 10 90 Conseil Économique de Beauce (CEB) 95 95 Corporation de développement économique communautaire (C.D.E.C.) Centre- Nord 210 210 Corporation de développement économique communautaire Ahuntsic- Cartierville 120 120 Corporation de développement économique communautaire Côte-des- Neiges/Notre-Dame-de-Grâce 10 10 Corporation de développement économique de Lasalle (CLD) 10 10 Corporation de développement économique et communautaire Centresud/Plateau Mont-Royal 560 560 Développement économique - CLD Gatineau 460 460 4

Index of the Share of the Fonds in investments Made by the Specialized Funds, at Cost (unaudited) as at May 31, 2015 (in thousands $) Information from Unsecured Secured Total Annual Financial Shares Loans and Loans and Report dated and units advances advances 08-31-14 Fonds locaux de solidarité FTQ, s.e.c. (continued) Fonds local de solidarité (FLS) de la MRC de La Jacques-Cartier 10 10 Fonds local de solidarité (FLS) MRC d'antoine-labelle 20 20 Fonds local de solidarité (FLS) MRC de la Rivière-du-Nord 250 250 Fonds local de solidarité Laval 10 10 Fonds local de solidarité MRC de Coaticook 10 10 Fonds local de solidarité MRC de Joliette 320 320 La Société de développement économique de Drummondville (CLD Drummond) inc. 248 248 Le centre local de développement de la M.R.C. de Bécancour inc. 367 367 Regroupement économique et social du Sud-Ouest (RESO) 400 400 Sherbrooke Innopole (CLD) 285 285 Société de développement économique de la région de Thetford (CLD) 102 10 112 Société de développement économique de Lévis (CLD) 220 220 Société de développement économique Rivière-des-Prairies - Pointe-aux- Trembles - Montréal-Est (CLD) 110 110 Société de développement économique Ville-Marie (CLD) 260 260 SOLIDE de la M.R.C. de Matane 205 205 SOLIDE de la M.R.C. de Vaudreuil-Soulanges 173 173 SOLIDE de la MRC des Jardins-de-Napierville 10 10 SOLIDE de la MRC du Fjord-du-Saguenay 10 10 SOLIDE de Mercier/Hochelaga-Maisonneuve 10 10 876 9,762 10,638 Funds committed but not disbursed 45,832 56,470 03-31-15 Fonds régionaux de solidarité FTQ, société en commandite Abitibi-Témiscamingue 2645-3530 Québec inc. (Hardy Construction) 542 542 2965-5099 Québec inc. (Les Réclamations du Nord-Ouest) 240 240 3088-6469 Québec inc. (Centre Jardin Lac Pelletier) 156 156 9052-5320 Québec inc. (Consultants B.C.H.) 97 97 9187-1186 Québec inc. (Dan Extermination) 15 15 9187-8850 Québec inc. (Forage Boréal) 1,300 1,122 2,422 9210-8737 Québec inc. (Pétroles Témis) 157 157 A. & L. Pinard inc. 176 176 Abitibi Royalties inc. 195 195 Adventure Gold inc. 170 170 Agritibi R.H. inc. 1,585 1,585 ASDR Fabrication inc. 493 493 Atelier Tangente inc. 193 193 Climatisation Abitibi-Témiscamingue Experts inc. 200 200 Corporation Aurifère Monarques 204 204 Corporation Aurifère QMX 200 200 Corporation d'or Intégra 47 47 Corporation de capital de ressources canadiennes 168 168 Entrepreneur Minier Promec inc. 201 201 Ferabi inc. 175 175 Géliko inc. 180 180 Groupe MBI inc. 1,901 1,901 Groupe Technosub inc. 810 810 H.P. Hydraulique inc. 191 191 Industries Wood4 inc. 277 277 Les Aciers J.P. inc. et Immobilière J.P. inc. 100 100 Les équipements de forage VersaDrill inc. 1 375 376 Les Grains du Témis inc. et Ferme des Prés d'or inc. 447 447 LVL Global inc. 350 93 675 1,118 Machineries Horticoles d'abitibi inc. 65 65 Machines Roger International inc. 1,382 1,382 Matamec Explorations inc. 141 141 Mines de la Vallée de l'or ltée 135 135 Mines Richmont inc. 105 105 Modulabec inc. 750 750 Propair inc. 1,173 1,173 Transport Clément Bégin inc. 438 438 VCC-Massénor inc. 80 80 5,728 10,902 675 17,305 5

Index of the Share of the Fonds in investments Made by the Specialized Funds, at Cost (unaudited) as at May 31, 2015 (in thousands $) Information from Unsecured Secured Total Annual Financial Shares Loans and Loans and Report dated and units advances advances 03-31-15 Fonds régionaux de solidarité FTQ, société en commandite (continued) Bas-Saint-Laurent 6318703 Canada inc. (Méridien Maritime Réparation) et 3326403 Canada inc. 167 167 9031-8395 Québec inc. (Réfrigération Air-C) et 9098-8106 Québec inc. 451 451 9181-4244 Québec inc. (Carrière Neigette) 125 125 9183-9530 Québec inc. (Pièces d'autos Sélect) 150 245 395 9198-8659 Québec inc. (Multi-Pièces D.L.) 207 207 Adélard Soucy (1975) inc. 83 83 AMH Canada ltée 417 233 650 André Roy Électrique inc. 125 125 Asselin & Asselin arpenteurs-géomètres inc. et Topocom Technologie inc. 159 159 Bois BSL inc. 145 145 Distributions R.M.G. (2004) inc. 125 125 Ébénisterie Jean-Guy Lévesque & fils inc. 1,000 1,000 Érablières des Alléghanys inc. 655 655 Fonderie BSL inc. 46 46 Fonds Soutien Bas-Saint-Laurent, société en commandite 1,000 1,000 Gagnon Image inc. 256 256 Gérald Leblond ltée et 9098-8106 Québec inc. 458 458 Gestion du Fonds Soutien Bas-Saint-Laurent inc. 1 1 Les Constructions H.L. Thériault inc. 215 215 Les Distributions Arnaud inc. 294 294 Les Produits PBM ltée 24 24 Placements Gino Bois inc. et Transport C.F. Morin inc. 120 120 Pourvoirie de la Seigneurie du lac Métis inc. 174 174 Productions Québec Multimédia inc. 212 212 Projexco inc. 106 106 Richard Poirier et Frères Électrique ltée 766 766 1,693 6,266 7,959 Funds committed but not disbursed 500 8,459 Capitale-Nationale 9099-7768 Québec inc. (E.B.M. Laser) 200 114 314 9283-3797 Québec inc. (Métal Excel inc.) 500 500 Armeco inc. 300 300 Ascenseurs Maxi inc. 330 330 Auvents W. Lecours inc. 191 191 Corporation Eatsleepmusic.com 460 460 Distribution Sports Loisirs G.P. inc. 75 75 DK-SPEC inc. 750 750 Engrenage Provincial inc. 1,528 1,528 Équipements supérieurs inc. 1,500 1,500 Filtrum inc. 748 748 Fleurigros 1995 inc. 33 33 Gestion A.V.F. inc. 296 296 Groupe Qualinet inc. 861 861 Groupe Renaud et Ass. inc. 188 188 Imprimerie Nicober inc. 294 294 Industries Métotech inc. 500 500 J.A. Roby inc. 174 174 Laboratoire Hygiènex inc. 160 160 Les Aliments 2000 inc. 695 695 Les Chaussures Henri-Pierre inc. 117 117 Les Distributions Marc Boivin inc. 303 303 Les Industries Rouillard inc. 669 669 Les Vêtements Perlimpinpin inc. 75 75 Machitech inc. 847 847 Maçonnerie Dynamique ltée 375 375 Métafab (1996) inc. 486 486 Métal Potvin inc. 327 327 Miro Cuisines Tendances inc. 556 556 Mode Avalanche inc. 25 381 406 Onico inc. 700 700 Panavidéo inc. 128 128 Radio-Onde inc. 750 750 SGPP (Québec) inc. (Simon Giguère Produits Pétroliers) 396 396 TBC Constructions inc. 750 750 1,435 14,861 486 16,782 Funds committed but not disbursed 750 17,532 6

Index of the Share of the Fonds in investments Made by the Specialized Funds, at Cost (unaudited) as at May 31, 2015 (in thousands $) Information from Unsecured Secured Total Annual Financial Shares Loans and Loans and Report dated and units advances advances 03-31-15 Fonds régionaux de solidarité FTQ, société en commandite (continued) Centre-du-Québec Écofib inc. 200 200 Huppé Meubles inc. 33 33 IPM Canada inc. 500 500 J.I.T. Laser inc. 750 750 Misa Tours Canada inc. 227 227 Nitek Laser inc. 67 67 Paul Rocheleau inc. 185 185 Rénovation Expo inc. 267 267 Vibrotech inc. 491 491 2,720 2,720 Chaudière-Appalaches 9050-7641 Québec inc. (Ramp-Art) 633 633 9069-4654 Québec inc. (Supervac 2000) 56 56 9217-2840 Québec inc. et L'Usine Tac Tic inc. 730 730 9243-8423 Québec inc. 964 964 Bercomac ltée 333 333 Canada moteurs importations inc. 217 217 Cométal inc. 89 89 Équipements Demers inc. 700 700 Équipements Plannord ltée 397 397 Équipements récréatifs Jambette inc. 400 400 Étic Produits Plein-Air inc. 400 400 Fini. U.V. International inc. 84 84 Groupe PCM inc. 403 403 Groupe S.S. inc. 785 785 J.L. Leclerc & fils inc. 725 500 1,225 Les Productions Horticoles Demers inc. 51 51 Mapa Innovations inc. et Les Produits Multi-Formes G.M. inc. 288 288 Marol Express inc., C.R.S. Express inc., 9303-7760 Québec inc. et 9128-0644 Québec inc. (Transport Express Beauce U.S.A.) 1,000 1,000 Menuiserox inc. 17 17 Portes Veilleux 2000 inc. 450 450 Produits RLC inc. 1,000 1,000 Quéro Métal inc. et Gestion Dovin inc. 293 293 Usine Sartigan inc. 394 394 1,425 8,520 964 10,909 Côte-Nord 7583168 Canada inc. (Les Entreprises Electro Select) 135 135 9011-1501 Québec inc. (Pompage Pelletier) 506 506 9262-3701 Québec inc. (Résidence J.R. Lafontaine) 186 186 Carrosserie Pro 2010 inc. 296 296 Construction Fortin & Lévesque inc. 928 928 Construction J.G.M. inc. 650 650 Fonds Soutien Côte-Nord, société en commandite 413 413 Gestion du Fonds Soutien Côte-Nord inc. 1 1 Hôtel Mingan inc. 1,812 1,812 Hôtel Motel Le Q'Artier des Îles inc. 550 550 Lajoie Réfrigération inc. 49 49 Les Distributions G.F.D. inc. 392 392 Les Motels de l'énergie inc. 400 400 Les Pétroles Paul Larouche inc. 90 90 Mason Graphite inc. 6 200 206 Métal 7 inc. 700 700 Nord Industrie inc. 68 68 Pec-Nord inc. 300 300 Plomberie Chauffage O Max inc. et 9276-5593 Québec inc. 415 415 Synergica Alliance inc. 25 25 1,420 6,702 8,122 7

Index of the Share of the Fonds in investments Made by the Specialized Funds, at Cost (unaudited) as at May 31, 2015 (in thousands $) Information from Unsecured Secured Total Annual Financial Shares Loans and Loans and Report dated and units advances advances 03-31-15 Fonds régionaux de solidarité FTQ, société en commandite (continued) Estrie 9100-2790 Québec inc. (Multi distribution Sherbrooke inc.) 107 107 9159-7500 Québec inc. (Armoires NAC) 287 287 Boccam inc. 1,300 1,300 Acier Fastech inc. 244 244 Amecci inc. 117 117 Ani-Mat inc. 1,038 1,038 Groupe Cabico inc. 458 458 Innotex inc. 864 864 Kemestrie inc. 678 678 LeProhon inc. 1,500 1,500 Les Entreprises Dauphinais inc. 521 521 Les Industries Touch inc. 758 758 Les Quais Bertrand inc. 453 453 Les Viandes Laroche inc. 407 407 M.P. Éco inc. 283 283 Motrec international inc. 771 771 Oasis Tropik Nordik inc. 61 61 Quinco & Cie inc. 500 500 Signalisation de l'estrie inc. 920 920 Sport Powertek inc. 160 160 678 10,749 11,427 Funds committed but not disbursed 1,550 12,977 Gaspésie - Îles-de-la-Madeleine 9045376 Canada inc. (Atelier d'usinage Gaspé Machine Works) 25 205 230 9182-7683 Québec inc. (Pêcheries Yan Bourdages) 700 700 B.M.B. (Îles-de-la-Madeleine) inc. 524 524 Duclos & Michaud Télécom inc. 125 187 312 Fabrication Delta inc. 175 175 Fonds Soutien Gaspésie-Îles-de-la-Madeleine, société en commandite 1,000 1,000 Gaspésie Diésel inc. 175 175 Gestion du Fonds Soutien Gaspésie-Îles-de-la-Madeleine inc. 1 1 Junex inc. 46 46 Les Entreprises P.E.C. inc. 95 95 Les Pêcheries Marinard ltée 646 646 Pêcheries Vilo inc. 225 225 Serres Jardins-Nature inc. 97 252 349 1,818 2,660 4,478 Funds committed but not disbursed 25 4,503 Lanaudière ABC Environnement inc. et 9216-4615 Québec inc. (Centre de Valorisation de Crabtree) 706 706 Agro-100 ltée 375 375 Gestion EDB Mondor inc. 275 275 Gestion Éric Riendeau inc., Viandes Riendeau ltée et Les Aliments Chatel inc. 1,250 1,250 Groupe Manucam inc. 577 577 Laboratoires Bi-Op inc. 1,063 1,063 Labre et Associés, Arpenteurs-Géomètres inc. 500 500 Meubles Jaymar Corp. 475 475 Multi-modèles Martin Gaudet inc. 80 80 Pneus Lanoraie inc. 464 464 Sécurité GMR inc., 9172-9863 Québec inc. et 9135-5214 Québec inc. 217 217 Triotech Amusement inc. 187 187 Verre Select inc. 8 8 6,177 6,177 Funds committed but not disbursed 750 6,927 8

Index of the Share of the Fonds in investments Made by the Specialized Funds, at Cost (unaudited) as at May 31, 2015 (in thousands $) Information from Unsecured Secured Total Annual Financial Shares Loans and Loans and Report dated and units advances advances 03-31-15 Fonds régionaux de solidarité FTQ, société en commandite (continued) Laurentides 4486021 Canada inc. (Aliments Urbains) 107 107 7661665 Canada inc. (Profab mécanique 2010) et 9151-0768 Québec inc. (Desco) 500 500 9018-4995 Québec inc. (Lacelle & Frères) 73 73 9311-5947 Québec inc. (Les Aliments Kamloops) 500 500 Autobus Lion inc. 321 321 BMI Canada inc. 1,187 1,187 Canrep inc. 177 177 Complexe Hôtelier St-Jovite/ Mont-Tremblant inc. 390 390 Distributions Denis Fontaine inc. et 9213-5771 Québec inc. 490 490 Garage François Thouin inc., Remorques CFT inc. et 8236011 Canada inc. 466 466 Gestion Estérel inc. 528 528 Gestion hôtelière REVPAR inc. 78 78 Groupe Aviation et Puissance inc. 717 717 Groupe Sima Palsol inc. 7 7 Groupe Star Suites inc. 1,112 1,112 La Petite Bretonne inc. 772 772 Le Groupe Synergie Xpress inc. 167 167 Les Brasseurs du Nord inc. 1,000 1,000 Lev-Fab inc. 240 240 Montour ltée 270 270 Myre, Pageau & Associés Consultant immobilier inc. 128 128 Palmex International inc. 15 15 Service Alimentaire Desco inc. 217 217 Vision Villégiature inc. 300 300 1,300 8,462 9,762 Funds committed but not disbursed 200 9,962 Laval 9160-5188 Québec inc. (Hulix Construction) 332 332 9210-9107 Québec inc. (Jungle Aventure) 217 217 Artemano Canada inc. 250 250 Attractions SOS inc. 350 350 Ciel Aventure Québec inc. 1,317 1,317 Collections Unimage inc. 350 350 Cunico ltée 750 750 Geram Communications inc. et Gerba Entreprises inc. 300 300 Hydrolico International inc. 667 667 K.F. Construction inc. 360 360 Les Bouteilles Recyclées du Québec (B.R.Q.) inc. 126 167 293 Paris, Ladouceur & associés inc. 190 190 Produits Alimentaires Berthelet inc. 717 717 S.R.A.D. Communications inc. 67 67 Vinyform ltée 250 250 126 6,284 6,410 Funds committed but not disbursed 600 7,010 Mauricie 9145-5980 Québec inc. (Transport Jacques Labbé) 389 389 Climatisation Trois-Rivières inc. 57 57 Concept Éco-Plein-Air Le Baluchon inc. 751 601 1,352 Estampage J.P.L. limitée 2,000 2,000 Portes & fenêtres Nouvel Horizon inc. 450 450 751 3,497 4,248 9

Index of the Share of the Fonds in investments Made by the Specialized Funds, at Cost (unaudited) as at May 31, 2015 (in thousands $) Information from Unsecured Secured Total Annual Financial Shares Loans and Loans and Report dated and units advances advances 03-31-15 Fonds régionaux de solidarité FTQ, société en commandite (continued) Montérégie 9183-1214 Québec inc. (Service Sérigraphique Professionnel S.S.P.) 422 422 Agro-Bio contrôle inc. 117 117 Agrocentre Belcan inc. 17 17 Atelier d'usinage Quenneville inc. 24 24 Bousquet Frères Limitée 900 900 Contrôle Industriel C.T.H. ltée 275 275 Corporation Norme Internationale inc. 285 285 DCL Nutrition & santé animale inc. 270 270 Domaines Pinnacle inc. 354 354 Elka suspension inc. 250 250 FDC Composites inc. 158 158 Géomap GIS Amérique inc. 147 147 Groupe Exel International inc. 33 33 ICANDA Corporation, Forages M.S.E. inc. et Gestion immobilière M.S.E. inc. 1,950 1,950 Investissements Brasco inc. 506 506 Laboratoires Natrum inc. et Dermolab Pharma ltée 192 192 Les Cartons Northrich inc. 115 115 Les Produits de Ventilation Lambro inc. 35 35 Les Promotions Universelles inc. 187 187 Les sols Sportica inc. 100 100 M.G.B. Électrique inc. 590 590 Matériaux paysagers Savaria ltée 1,334 1,334 Plombco inc. 100 100 Ricardo Média inc. 750 750 Secco International inc. 567 567 Simaudio ltée 464 464 Soudure Brault inc. 70 70 Soya Excel inc. 133 200 333 SPB Psychologie organisationnelle inc. 540 540 Suly inc. 197 197 555 10,535 192 11,282 Montréal 3717291 Canada inc. (Bô Bébé) et Kidiway inc. 1,000 1,000 7774672 Canada inc. (Derme & Cie), 3897338 Canada inc. et 3897320 Canada inc. 235 235 Alimentation L'Épicier inc. 533 533 Aliments Horizon Nature inc. 388 388 Allard & Ricard inc. 340 340 Andy transport inc. 100 100 Anodisation Verdun inc. et Anodisation Montréal inc. 150 150 Argon 18 inc. et Cycles Argon-18 inc. 500 500 Corporation Smartsilk inc. 361 361 Emballages Cré-O-Pack International inc. 334 334 Galerie au chocolat inc. 272 272 Groupe Carreaux Céragrès inc. 1,800 1,800 Groupe Lincora inc. 45 45 Le Groupe Conseil Integrim inc. 351 351 Les Investissements Sylnic inc. 54 54 Les Laboratoires de recherche de Lan Wirewerks inc. 346 346 Location Jean Légaré ltée 333 333 Magnus Poirier inc. 478 478 Manutention Québec inc. 1,150 1,150 Perlite Canada inc. 233 233 Portes et fenêtres Cordy inc. 232 232 Proaction International inc. 500 500 Quincaillerie architecturale Capsol inc. 96 96 Ray-Mont Logistiques inc. 494 494 RB&C Maintenance de voies inc. 154 154 Stylo Bankers (1991) inc. 250 250 Tornatech inc. 465 465 Turbines Essential inc. 500 500 Vulcan Compagnie de Palans ltée 494 494 12,188 12,188 Funds committed but not disbursed 1,000 13,188 10

Index of the Share of the Fonds in investments Made by the Specialized Funds, at Cost (unaudited) as at May 31, 2015 (in thousands $) Information from Unsecured Secured Total Annual Financial Shares Loans and Loans and Report dated and units advances advances 03-31-15 Fonds régionaux de solidarité FTQ, société en commandite (continued) Nord-du-Québec 9129-3852 Québec inc. (Entretien industriel D.L.B.) 98 98 9181-4228 Québec inc. (Nord Décoration inc.) 83 83 9189-3081 Québec inc. (Relais du Lac Caché) 400 400 Corporation Aurifère Monarques Corporation Éléments Critiques 50 50 Équipement de bureau Ungava inc. 176 176 Exploration Azimut inc. 192 192 Exploration Dios inc. 56 56 Exploration Midland inc. 308 308 Exploration NQ inc. 72 72 Fonds Soutien Baie-James, société en commandite 500 500 Gestion du Fonds Soutien Baie-James inc. 1 1 Les Consultants de l'arctique inc. 130 130 Les Pétroles M.J. inc. 300 300 Les Ressources Yorbeau inc. 100 100 M.A.S. Chibougamau inc. 600 600 Mines Coulon inc. 400 400 Nemaska Lithium inc. 77 77 Redevances Aurifères Osisko ltée 476 476 Ressources Cartier inc. 397 397 Ressources Géoméga inc. 182 182 Ressources Sphinx ltée 387 75 462 Services Pétroliers Chibougamau inc. 328 328 Société d'exploration Minière Vior inc. 247 247 Société de Diamant Stornoway 124 300 424 3,569 2,490 6,059 Funds committed but not disbursed 25 6,084 Outaouais 140689 Canada ltée (Taxi Loyal) 29 29 2786630 Canada inc. (Vitrerie Vision 2000 enr.) 750 750 6227945 Canada inc. (IEG) 52 52 6479138 Canada inc. (Les Services de la première générale (Gatineau)) 90 90 7095287 Canada inc. (Concept Pro-Métal) 150 150 7608187 Canada inc. (La trappe à fromage) 391 391 9111-8117 Québec inc. (Activec) 159 159 Alary, St-Pierre & Durocher Arpenteurs-géomètres inc. 55 55 Auberge & Spa le Nordik inc. 1,392 1,392 Ed. Brunet et associés Canada inc. 233 233 Gestion conseil Immogest-Sweeney inc. 202 202 Imasight inc. 125 125 Laiterie de l'outaouais inc. 492 492 Lauzon - Foresterie (Fiducie) 500 500 Les Entreprises RGMSP ltée et 6588891 Canada inc. 750 750 Macadamian Technologies inc. 1,500 1,500 Norgau inc. 350 350 PCI Géomatiques Entreprises inc. 187 187 Philouze Boulanger-Patissier inc. 182 182 Prop-Air 2014 inc. et 4031202 Canada inc. 1,235 1,235 ProVance Technologies inc. 548 740 1,288 Restaurations Sélect inc. 75 75 Service de Pneus Lavoie Outaouais inc. 577 577 SolaCom Technologies inc. 1 1 Systèmes de test Simbol inc. 253 253 VanillaSoft inc. et VanillaSoft Corporation 86 86 WMD Moulin de Wakefield développements inc. 129 129 2,048 8,633 552 11,233 Funds committed but not disbursed 700 11,933 11

Index of the Share of the Fonds in investments Made by the Specialized Funds, at Cost (unaudited) as at May 31, 2015 (in thousands $) Information from Unsecured Secured Total Annual Financial Shares Loans and Loans and Report dated and units advances advances 03-31-15 Fonds régionaux de solidarité FTQ, société en commandite (continued) Saguenay - Lac-Saint-Jean 2861-0467 Québec inc. (Notre Hôtel) 227 123 350 2953-7628 Québec inc. et 2526-0100 Québec inc. (Terrassement Jocelyn Fortin ) et 9300-9181 Québec inc. 1,000 1,000 2956-3475 Québec inc. (Interbus) 55 55 6482066 Canada inc. (Société P.C.P.) 832 832 8439117 Canada inc. (Récupère Sol) 767 767 9099-3593 Québec inc. (Inter-Projet) 800 800 9107-6513 Québec inc. (Menuiserie St-Henri) 132 132 9115-3023 Québec inc., 9244-7770 Québec inc. (La Voie Maltée) et 9261-9238 Québec inc. 610 610 9143-8945 Québec inc. (Giroux Maçonnex) 840 840 A.S. Nettoyage inc. 108 108 Dynamitage Express inc. 868 868 Garage Marcel Simard inc. 350 350 Gestion du Fonds AP 60 inc. 1 1 Gestion LJ inc. 60 60 Groupe Giroux Maçonnex inc. 1,160 1,160 Industries Bofab inc. 259 259 Isumi Précision ltée 58 58 Laval Fortin ltée 1,000 1,000 Les Équipements pétroliers Claude Pedneault inc. 348 348 Les Fenêtres AGM inc. 158 300 184 642 Les Placements G.M.R. Maltais inc. 40 40 LCR Vêtements et Chaussures Inc. 400 400 Nolicam Location de camions inc. 270 265 535 Novabrik International inc. 1,405 122 1,527 Pétrolex St-Félicien inc. 384 384 Précicast ltée 559 88 647 Reboitech inc. et Plani-forêt S.G.F. inc. 170 170 Remac innovateurs industriels inc. 173 173 St-Félicien Diesel (1988) inc. 651 651 SCP 89 inc. 295 295 Transports J.M. Bernier inc. 380 380 3,853 11,317 272 15,442 Funds committed but not disbursed 250 15,692 Total Fonds régionaux de solidarité FTQ, société en commandite 26,399 132,963 3,141 162,503 Funds committed but not disbursed 6,350 168,853 12-31-14 Fonds Valorisation Bois, s.e.c. Groupe Lebel (2004) inc. 5,390 5,390 12-31-14 Novacap Industries III, s.e.c. Corporation de Développement Enviro-Viridis inc. Corporation de Développement Nautilus inc. Gestion Groupe Master inc. IPL inc. La Corporation de développement cuirs Bentley inc. Pipp Mobile Storage Systems inc. Solutions de transport GTI inc. Securities of six other companies 04-30-14 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 16,327 10,992 27,319 138,315 138,315 12

Index of the Share of the Fonds in investments Made by the Specialized Funds, at Cost (unaudited) as at May 31, 2015 (in thousands $) Information from Unsecured Secured Total Annual Financial Shares Loans and Loans and Report dated and units advances advances 12-31-14 Teralys capital Fonds de Fonds, s.e.c. Celtic House Venture Partners Fund IV, L.P. 406 406 EnerTech capital Partners IV, L.P. 3,200 3,200 Fonds Biosciences Merck Lumira (Québec), s.e.c. 530 530 Fonds CTI Sciences de la vie II, s.e.c. 118 118 Fonds Cycle Capital III, s.e.c. 848 848 Fonds d'investissement inovia III, s.e.c. 9,540 9,540 Fonds d'investissement Réal III, s.e.c. 2,083 2,083 Fonds Tandem Expansion I, s.e.c. 15,665 15,665 Georgian Partners Growth Fund I, L.P. 2,465 2,465 Investissements TVM Science de la vie VII, s.e.c. 6,835 6,835 Iris Capital Fund III FCPR 3,367 3,367 Lumira Capital II, L.P. 2,357 2,357 Novacap TMT IV, s.e.c. 1,636 1,636 Rho Canada Capital de Risque II, s.e.c. 5,049 5,049 Sofinnova Capital VII 2,145 2,145 Vanedge Capital I Limited Partnership 2,803 2,803 Capital de Risque Versant V (Canada), s.e.c. 633 633 59,680 59,680 Funds committed but not disbursed 127,406 187,086 12-31-14 VC, société en commandite Securities of two companies 32 32 Direct holdings of real estate 123,845 123,877 This unaudited index details the investments made by the specialized funds as required by the Regulation Respecting Development Capital Investment Fund Continuous Disclosure. 13