Annual report 2008 of the Caisse de dépôt et placement du Québec: clarification of the level of risk in 2008

    MONTREAL, April 21 /CNW Telbec/ - The Caisse wishes to provide
clarification following comments made about a passage in its annual report
regarding its level of risk.

    - In 2008, and especially in the context of the global financial crisis,
      the Caisse's board of directors and management continuously monitored
      the level of risk at all times, and they continue to do so;

    - In 2008, overall risk to the portfolio increased as a result of extreme
      market volatility, which was observed in all fund managers;

    - In October 2008, in light of the financial crisis, the Caisse reduced
      its exposure to equity markets and increased its investments in bonds,
      with the goal of lowering overall risk, not increasing it;

    - Following these changes, there was an increase in the spread between
      the Caisse's portfolio and the benchmark portfolio, which is known as
      "active risk" (4.4% at December 31, 2008) and only represents a small
      part of the portfolio's overall risk.

    About the Caisse de dépôt et placement du Québec

    The Caisse de dépôt et placement du Québec is a financial institution
that manages funds primarily for public and private pension and insurance
plans. It held $120.1 billion of net assets as at December 31, 2008. As one of
the leading institutional fund managers in Canada, the Caisse invests in the
main financial markets as well as in private equity and real estate. For more

For further information:

For further information: Maxime Chagnon, (514) 847-5493

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