The Caisse de dépôt et placement du Québec responds to the proposal to merge the Montréal Exchange with the Toronto Stock Exchange

    MONTREAL, Dec. 10 /CNW Telbec/ - The Caisse de dépôt et placement du
Québec has taken note of the proposal, made public today, to merge the
Montréal Exchange with the Toronto Stock Exchange. The Caisse considers the
proposed merger interesting and supports the proposal for a public hearing on
the project, notably to ensure that the financial and strategic aspects of the
proposed transaction are reviewed, as well as the governance rules that will
apply. The Caisse is a shareholder in the Montréal Exchange with a stake of
almost 8%.
    "As a shareholder, we want to know whether the proposed merger is
ultimately viable, given the emergence of many competitive platforms in the
equity markets and the increasing share represented by Canadian companies
interlisted on U.S. exchanges. This is especially important since the market
for standardized derivatives is quite likely to grow significantly in the
years to come," stated Henri-Paul Rousseau, President and Chief Executive
Officer of the Caisse. The institution would like to know what impact these
changes will have on the traditional operations carried out by the Toronto
Stock Exchange and the commercial value of these operations in relation to
those of the Montréal Exchange.
    "Moreover, we have questions about the governance principles and rules
that will apply to the new entity," Mr. Rousseau continued. "What role will
Québec's representatives have on the board of directors and the executive
committee? Where will the decision-making centre be located? It is essential
that these questions be answered before we take a definitive stand on the
    Lastly, the Caisse would like to know what the proponents' intentions are
regarding development of operations in Montréal. "Over the years, the Montréal
Exchange has developed leading-edge derivatives expertise. We would like to
know what the Toronto Stock Exchange's intentions are in this regard before we
take our analysis further. A public debate is needed," Mr. Rousseau concluded.

    About the Caisse de dépôt et placement du Québec

    The Caisse de dépôt et placement du Québec is a financial institution
that manages funds primarily for public and private pension and insurance
plans. As at December 31, 2006, it held CA$143.5 billion of net assets. One of
the leading institutional fund managers in Canada, the Caisse invests in the
main financial markets as well as in private equity and real estate. For more
information: .

For further information:

For further information: Lucie Frenière, Caisse de dépôt et placement du
Québec, (514) 847-5949

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