2020 Annual Report Additional information Annual Report 2020 Additional Information I. TABLES OF RETURNS 1. Auditor’s Report on GIPS® Compliance ........................................................................... 5 2. Independent Auditor’s Report .......................................................................................... 6 3. General Notes ................................................................................................................ 8 4. Rates Specialized Portfolio ........................................................................................... 11 5. Credit Specialized Portfolio ........................................................................................... 12 6. Long Term Bonds Specialized Portfolio ......................................................................... 14 7. Real Return Bonds Specialized Portfolio ....................................................................... 15 8. Short Term Investments Specialized Portfolio ................................................................ 16 9. Real Estate Specialized Portfolio .................................................................................. 17 10. Infrastructure Specialized Portfolio ................................................................................ 20 11. Public Equity Specialized Portfolio ................................................................................ 22 12. Private Equity Specialized Portfolio ............................................................................... 24 13. Balanced Fund Composite ............................................................................................ 26 II. FINANCIAL STATISTICS AND REVIEW 1. Changes in net assets attributable to depositors ............................................................ 31 2. Changes in net assets attributable to depositors and assets under management ............ 32 3. Changes in depositors’ holdings .................................................................................... 33 4. Breakdown of depositors’ holdings ................................................................................ 41 5. Summary of investments ............................................................................................... 42 6. Breakdown of investments ............................................................................................ 43 7. Real Estate sector – Mortgages of $5 million and over ................................................... 45 8. Statement of real estate holdings .................................................................................. 53 9. Investments in shares of publicly traded companies and in bonds issued in public markets .................................................................................. 60 10. Investments in shares, bonds and corporate debt issued in private markets ........................................................................................................161 I. Tables of returns Caisse de dépôt et placement du Québec (CDPQ) for the period ended December 31, 2020 GIPS® compliant presentation Deloitte LLP La Tour Deloitte 1190 Avenue des Canadiens-de-Montréal Suite 500 Montréal QC H3B 0M7 Canada 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 (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, 2020, and the design of its processes and procedures to calculate and present performance results in compliance with the GIPS Standards as of December 31, 2020. 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, 2020, 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, 2020. We have issued a separate audit report on certain individual composite presentations of the Company dated February 23, 2021 and accordingly, we express no opinion or any other form of assurance on any such performance results in this compliance report. February 23, 2021 ___________________ 1 CPA auditor, CA, public accountancy permit No. A116129 Deloitte LLP La Tour Deloitte 1190 Avenue des Canadiens-de-Montréal Suite 500 Montréal QC H3B 0M7 Canada 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 Opinion We have audited the performance calculation included in the accompanying composite Performance Summary (the “Schedules”) of Caisse de dépôt et placement du Québec as at December 31, 2020. 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. 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, 2020, in accordance with the calculation methodology required by the GIPS Standards of the CFA Institute as described in the Notes to the Schedules. Basis of Performance Calculation and Restrictions on Distribution and Use We conducted our audit in accordance with Canadian generally accepted auditing standards (“Canadian GAAS”). Our responsibilities under those standards are further described in the “Auditor’s Responsibilities for the Audit of the Schedule” section of our report. We are independent of the Caisse de dépôt et placement du Québec in accordance with the ethical requirements that are relevant to our audit of the financial statements in Canada, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. 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. Responsibilities of Management and Those Charged with Governance for the Schedules 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 GIPS Standards is acceptable in the circumstances. Auditor’s Responsibilities for the Audit of the Schedules Our objectives are to obtain reasonable assurance about whether the Schedules as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with Canadian GAAS will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. 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. 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 23, 2021, and accordingly, we express no opinion or any other form of assurance on any such performance results in this report. February 23, 2021 ___________________ 1 CPA auditor,