On January 18, 2011, La Caisse centrale Desjardins du Québec ("Caisse centrale") established a Global Medium Term Note Programme. Notes may be in bearer form or registered form and may comprise unsubordinated Notes of Caisse centrale (Senior Notes) and subordinated Notes which constitute subordinated indebtedness of Caisse centrale. The Senior Notes will have maturities of between three months and 30 years and the maximum aggregate nominal amount of all Notes from time to time outstanding will not exceed €7 billion or its equivalent in other currencies.

The Notes will be issued to one or more of Barclays Bank PLC; BNP PARIBAS; Citigroup Global Markets Limited; Crédit Agricole Corporate and Investment Bank; Deutsche Bank AG, London Branch; DZ BANK AG Deutsche Zentral-Genossenschaftsbank, Frankfurt am Main; J.P. Morgan Securities Ltd.; Landesbank Baden-Württemberg; Merrill Lynch International; NATIXIS; Société Générale; The Royal Bank of Scotland plc; UBS Limited; and other dealers that may be appointed from time to time.

Fasken Martineau advised Caisse centrale as to Canadian law with respect to this filing with a team that included Peter Villani (corporate/securities) and Serge Gloutnay (tax).