News release Appointment

Caisse de dépôt et placement du Québec: Philippe Ithurbide is appointed Executive Vice-President, Fixed Income

Finance Montréal,

Richard Guay, Chief Investment Officer of the Caisse de dépôt et placement du Québec, is pleased to announce that Philippe Ithurbide has been appointed Executive Vice-President, Fixed Income.

As Executive Vice-President, Fixed Income, Mr. Ithurbide will be responsible for the teams that manage four specialized portfolios: Short Term Investments, Real Return Bonds, Bonds and Long Term Bonds. The currency management team will also report to Mr. Ithurbide. He will also be responsible for management of the fixed-income securities held by the specialized Québec International portfolio. Mr. Ithurbide will be a member of the Caisse’s Executive Committee and its Investment Division Committee.

"Philippe Ithurbide’s recognized expertise in fixed income will enable him to successfully meet the challenges that await him," Mr. Guay stated. "With his extensive international experience, he will use his talent to motivate his teams to achieve the target returns of the Caisse’s depositors."

Mr. Ithurbide was previously Vice-President, Strategic Investments, with the Fixed Income group. He joined the Caisse in February 2006.

He has a "diplôme d’études de troisième cycle" and a doctorate in economics and international finance from the Université de Bordeaux in France. He has more than 20 years of experience in currencies and interest rates. He is the author or co-author of many publications and articles on subjects pertaining to pension plans, including foreign exchange markets, fixed income and commodities.

Before joining the Caisse, Mr. Ithurbide held various positions at Société Générale, including Chief Strategist and Research Director, Foreign Exchange and Interest Rates. As a member of the board of directors of the Société Générale pension plan for six years, he was responsible for asset allocation. Mr. Ithurbide also held various positions with other French financial institutions.

"Since my arrival at the Caisse, I have come to appreciate how competent and talented its in-house teams are, and I’m confident and enthusiastic about taking up this new challenge," Mr. Ithurbide stated.

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. 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.


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