CDP Capital Refers to All the Assets Management Units

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CDP Capital Refers to All the Assets Management Units 35th Operations Report 2001 Caisse de dépôt et placement du Québec (CDP) uses the following brand names: CDP group refers to all of its business units and subsidiaries. CDP Capital refers to all the assets management units. CDP Capital – World Markets offers portfolio management services. CDP Advisory Services provides group savings management advisory services. CDP Capital – Private Placements regroups all the private equity companies: • CDP Accès Capital • CDP Montréal Mode Investissements and Montréal Mode International • CDP Capital –Communications • CDP Capital d’Amérique • CDP Sofinov/CDP Capital – Technology Ventures • CDP Capital – Financial Services • CDP Capital – International • Groupe Expordev • CDP Asia Investments • CDP Capital – Europe CDP Capital – Real Estate Group regroups all the real estate companies: • Ivanhoe Cambridge • SITQ Immobilier • Cadim • CDP Mortages Furthermore, CDP Capital has renamed its areas of activity to be better aligned with international market practices. This will lead to other name changes in 2002 for some of its member companies. All figures, unless otherwise specified, are in Canadian dollars. OPERATIONS REPORT 2001 MESSAGE FROM THE CHAIRMAN AND CHIEF EXECUTIVE OFFICER..........................................................................................3 A WORLD LEADER IN FUND MANAGEMENT..................................................................................................................................4 THE YEAR’S HIGHLIGHTS................................................................................................................................................................5 ECONOMIC CONTEXT.......................................................................................................................................................................7 CDP DEPOSITORS’ ACCOUNTS MANAGEMENT............................................................................................................................9 RISK MANAGEMENT..................................................................................................................................................................... 13 PORTFOLIO RETURNS................................................................................................................................................................... 15 CDP CAPITAL – WORLD MARKETS ............................................................................................................................................. 21 FIXED INCOME AND CURRENCIES ........................................................................................................................................................22 STOCK MARKETS.............................................................................................................................................................................23 TACTICAL INVESTMENTS AND HEDGE FUNDS........................................................................................................................................25 STRATEGIC MANAGEMENT OF ASSET ALLOCATION ................................................................................................................................25 CDP CAPITAL – PRIVATE PLACEMENTS .................................................................................................................................... 26 CDP ACCÈS CAPITAL ......................................................................................................................................................................28 CDP CAPITAL D’AMÉRIQUE ..............................................................................................................................................................29 CDP CAPITAL – COMMUNICATIONS ..................................................................................................................................................30 CDP SOFINOV/CDP CAPITAL – TECHNOLOGY VENTURES......................................................................................................................31 CDP CAPITAL - FINANCIAL SERVICES.................................................................................................................................................34 CDP CAPITAL – INTERNATIONAL ......................................................................................................................................................35 CDP CAPITAL – REAL ESTATE GROUP........................................................................................................................................ 37 IVANHOE CAMBRIDGE.......................................................................................................................................................................39 SITQ IMMOBILIER ...........................................................................................................................................................................39 CADIM ...........................................................................................................................................................................................40 CDP MORTGAGES...........................................................................................................................................................................41 ADVISORY SERVICES.................................................................................................................................................................... 43 ADMINISTRATION, HUMAN RESOURCES AND INSTITUTIONAL AFFAIRS ............................................................................. 44 CORPORATE GOVERNANCE.......................................................................................................................................................... 47 FINANCIAL STATEMENTS............................................................................................................................................................ 51 FINANCIAL STATISTICS AND TEN-YEAR REVIEW ..................................................................................................................... 77 APPENDICES CODE OF ETHICS AND PROFESSIONAL CONDUCT GLOSSARY BOARD OF DIRECTORS AND MANAGEMENT CAISSE DE DÉPÔT ET PLACEMENT DU QUÉBEC 2001 1 Tables and graphs Highlights ..............................................................................4 Financial statements Value added to depositors’ holdings Over 35 years .......................................................................9 Report of Management .......................................................55 Changes in depositors’ holdings .............................................9 Auditor’s Report .................................................................55 Our depositors .................................................................... 12 Financial statements ..........................................................56 Financial review .................................................................. 16 Supplementary informations – CDP returns 1992-2001 .................................................... 18 Summary financial statements for the funds ......................72 Breakdown of CDP portfolio................................................ 19 Supplementary informations – Financial indices ................................................................. 20 Summary financial statements Return of the main bond indexes ........................................ 22 for the specialized portfolios ...............................................76 TSE 300 Index ................................................................... 23 TSE 300 – Sectorial returns ............................................... 23 Financial statistics and ten-year review S&P 500 Index ................................................................... 24 Dow Jones and Nasdaq 100 indexes................................... 24 Changes in depositors’ holdings...........................................78 NIKKEI 225 Index............................................................... 24 Breakdown of depositors’ holdings .....................................82 Changes in the Funds’ net assets ...............................................................83 CDP Capital – Private Placements portfolio ....................... 27 Annual interest or income paid out on average deposits ......84 Sectorial breakdown of the Summary of investments ....................................................85 CDP Capital – Private Placements portfolio ....................... 27 Breakdown of investments..................................................86 Breakdown of the Summary of foreign investments ........................................88 CDP Capital – Private Placements portfolio ........................ 27 CDP Mortgages – mortgages of $5 million and over ...........89 CDP Capital – Private Placements portfolio ........................ 28 Summary of bond portfolio .................................................92 Geographical breakdown of Investments in Canadian corporate CDP Capital – International portfolio .................................. 35 shares and bonds by sector of activity ...............................93 Geographical breakdown of the Investments in shares and bonds specialized real estate portfolio .......................................... 37 of publicly traded companies ..............................................94
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