Government Operations committee  Yes, it is.

Government Operations committee  Briefly, this reflects basically how the liabilities are expected to grow over time. We do rely on numbers and projections provided by the office of the chief actuary. Jean-Claude, do you want to comment?

Government Operations committee  In terms of size, I believe we're number three?

Government Operations committee  That's a good question. There is definitely less available information for those asset classes, but we do have a thorough understanding of how their returns should behave over time, and that's enabling us to basically formulate views on how they would be.... Real estate is an ex

Government Operations committee  It's a real return, and if you were to include inflation, and it's only inflation at 2%, that would mean a return of 6.1%.

Government Operations committee  Yes, historically, we provide this information in our annual report, but more importantly, for us to formulate our strategic asset allocation, we do develop expectations in terms of returns, but also in terms of volatility of returns, and that is basically what will drive how muc

Government Operations committee  Do you mean going forward?

Government Operations committee  In terms of expectations, bonds would be an easy one because there is some evidence that over time bond returns should be pretty close to their current yield, and the yield, as you know, is pretty low currently in the marketplace, so you should expect a return, given the yield en

Government Operations committee  It is. Again, our mandate is strictly related to maximizing return for the benefit of the funding of the plan.

Government Operations committee  From a diversification standpoint, we would.

Government Operations committee  You need to recognize that it's also the nature of the market. The market goes up, the market goes down. When there is a crisis, often it's followed by a strong return.

Government Operations committee  I would say that one of the benefits of being in private asset classes is that some of those asset classes, such as infrastructure, have proven to be more resilient in times of crisis, and that definitely helped the organization weather the storm.

Government Operations committee  Correct, recognizing that our 4.1% target is a long-term target and therefore we cannot guarantee that we're going to achieve this target every single year.

Government Operations committee  I'll try to address all of your questions. In terms of decision-making, as with our other private asset classes, we have built an in-house team to make decisions. From time to time they will be seeking external advice to help them, but we see a lot of value in making those inve

Government Operations committee  For all of our private investments we have a dedicated team for each asset class. In the case of infrastructure, we have a team of about 20 people who are dedicated to finding the investment opportunities, whether in Canada, the United States, or in Europe. Larger deals need to