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2016 Additional Information

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2016 Additional Information BÂTIR DE LA VALEUR DURABLE 2016 Annual Report Additional information Annual Report 2016 – Additional information I. Tables of returns 1. Auditor’s Report on Compliance ............................................................................. 5 2. Independent Auditor’s Report .................................................................................. 6 3. General Notes ...................................................................................................... 8 4. Bonds ................................................................................................................ 10 5. Real Estate Debt ................................................................................................ 11 6. Short Term Investments ....................................................................................... 13 7. Long Term Bonds ................................................................................................ 14 8. Real Estate ........................................................................................................ 15 9. Infrastructure ..................................................................................................... 18 10. Real Return Bonds .............................................................................................. 20 11. Public Equity ....................................................................................................... 21 12. Private Equity ...................................................................................................... 22 13. Balanced Fund ................................................................................................... 24 II. Financial statistics and review 1. Changes in net assets ......................................................................................... 28 2. Statement of income and changes in net assets under management ......................... 29 3. Changes in depositors’ holdings ........................................................................... 30 4. Breakdown of depositors’ holdings ........................................................................ 38 5. Annual interest or income paid out on average deposits .......................................... 39 6. Summary of investments ...................................................................................... 40 7. Breakdown of investments ................................................................................... 41 8. Real Estate sector – Mortgages of $5 million and over ............................................ 43 9. Investments in shares and bonds of publicly traded companies ................................. 52 10. Investments in shares and bonds of privately held compa nies .................................. 136 11. Statement of real estate holdings ............................................................................... 153 12. Statement of properties held for resale ........................................................................ 155 The Code of Ethics and Professional Conduct for Officers and Employees is available on the Caisse’s website (www.cdpq.com) under the Governance tab. I. Tables of returns Caisse de dépôt et placement du Québec for the period ended December 31, 2016 GIPS® compliant presentation Deloitte LLP La Tour Deloitte 1190 Avenue des Canadiens-de-Montréal Suite 500 Montréal QC H3B 0M7 Tel: 514-393-7115 Fax: 514-390-4116 www.deloitte.ca Auditor’s Report on Compliance with the Global Investment Performance Standards on a firm-wide basis To: The Directors of Caisse de dépôt et placement du Québec We have audited Caisse de dépôt et placement du Québec – Depositors’ accounts (the “Company”) compliance with the composite construction requirements for the Global Investment Performance Standards (“GIPS”) on a firm-wide basis for the year ended December 31, 2016, and the design of its processes and procedures to calculate and present performance results in compliance with the GIPS Standards as of December 31, 2016. Compliance with the GIPS Standards is the responsibility of the management of the Company. Our responsibility is to express an opinion based upon our audit. We conducted our audit in accordance with Canadian generally accepted auditing standards. Those standards require that we plan and perform an audit to obtain reasonable assurance whether the Company complied with the criteria established by the GIPS Standards. Such an audit includes examining, on a test basis, evidence supporting compliance, evaluating the overall compliance with these criteria, and where applicable, assessing the accounting principles used and significant estimates made by management. In our opinion, the Company has complied with the GIPS Standards for the year ended December 31, 2016, including the composite construction requirements on a firm wide basis and the design of its processes and procedures to calculate and present performance results in compliance with the GIPS Standards as of December 31, 2016. We have issued a separate audit report on certain individual composite presentations of the Company dated February 21, 2017, and accordingly, we express no opinion or any other form of assurance on any such performance results in this compliance report. February 21, 2017 ___________________ 1 CPA auditor, CA, public accountancy permit No. A110972 Deloitte LLP La Tour Deloitte 1190 Avenue des Canadiens-de-Montréal Suite 500 Montréal QC H3B 0M7 Tel: 514-393-7115 Fax: 514-390-4116 www.deloitte.ca Independent Auditor’s Report To the Directors of Caisse de dépôt et placement du Québec We have examined the performance calculation included in the accompanying Composite Performance Summary of Caisse de dépôt et placement du Québec (the “Schedules”) for the year ended December 31, 2016. The Schedules have been prepared by management of Caisse de dépôt et placement du Québec based on the Global Investment Performance Standards (“GIPS”) of the CFA Institute as described in the Notes to the Schedules. Management’s Responsibility Management is responsible for the preparation of the Schedules in accordance with the GIPS Standards as described in the Notes to the Schedules, and for such internal control as management determines is necessary to enable the preparation of Schedules that are free from material misstatement, whether due to fraud or error. Management is also responsible for determining that the financial reporting framework is acceptable in the circumstances. Auditor’s Responsibility Our responsibility is to express an opinion on the Schedules based on our audit. We conducted our audit in accordance with Canadian generally accepted auditing standards. Those standards require that we plan and perform the procedures for a Verification and Performance Examination set forth by the GIPS Standards and such other procedures as we considered necessary in the circumstances. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the schedules. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the Schedules, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation of the Schedules 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 Schedules. 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 Schedules present fairly, in all material respects, the composites and benchmarks returns of Caisse de dépôt et placement du Québec for the year ended December 31, 2016, in accordance with the calculation methodology required by the GIPS Standards of the CFA Institute as described in the Notes to the Schedules. Other matters We have issued a separate audit report on the Caisse de dépôt et placement du Québec’s compliance on a firm-wide basis with GIPS dated February 21, 2017, and accordingly, we express no opinion or any other form of assurance on any such performance results in this report. Basis of Performance Calculation and Restrictions on Distribution and Use Without modifying our opinion, we draw attention to the Notes to the Schedules, which describe the basis of performance calculation. The Schedules are prepared to meet the requirements of the GIPS Standards. As a result, the Schedules may not be suitable for another purpose. February 21, 2017 ___________________ 1 CPA auditor, CA, public accountancy permit No. A110972 General Notes 1. Presentation of the firm Caisse de dépôt et placement du Québec (“la Caisse”) is a financial institution that manages funds for Québec’s public and parapublic pension and insurance plans (the “depositors”). La Caisse invests in large liquid markets, private equity and real estate. The net assets attributable to depositors, excluding demand deposits and term deposits, totalled $270.0 billion as at December 31, 2016. This document presents the returns related to the funds managed by la Caisse for the depositors (see Note 7, p. 9). 2. Compliance statement La Caisse claims compliance with the Global Investment
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