Caisse centrale Desjardins Financial Report

Caisse centrale Desjardins Financial Report

MESSAGE FROM MANAGEMENT SOLID GROWTH IN THE FIRST NINE MONTHS OF THE YEAR Highlights of the third quarter  Net income of $51.3 million compared to $37.5 million for the same period of 2013  Increase in total income of $10.6 million or 25% in the Business and Institutional Services segment and of $22.1 million or 71% in Desjardins Group’s Treasury segment  Historic issuance of U.S. medium-term notes for a total amount of US$1,250.0 million  Desjardins Group becomes a financial partner in Agropur’s largest-ever acquisition Highlights of the first nine months  Net income of $135.7 million compared to $116.2 million for the same period of 2013  Increase in total income of $18.5 million or 15% in the Business and Institutional Services segment and $41.0 million or 41% in Desjardins Group’s Treasury segment  Issue of €1.0 billion in bonds on the European market as part of the new Legislative Covered Bond Program As at September 30, 2014, Caisse centrale Desjardins (CCD) had $42.4 billion in assets compared to $34.8 billion in assets as at December 31, 2013.

It maintained a high level of capitalization, with a total capital ratio of 13.5% and a capital/asset ratio of 6.2%. CCD also continued to grow during the first nine months of 2014, notably through the contributions made by all its segments. It performed very well, posting $293.5 million of total income, up $60.5 million or 26% compared to the same period of 2013.

Business and Institutional Services At the end of the first nine months of the year, the Business and Institutional Services segment recorded $145.4 million of total income, up $18.5 million or 15% compared to the same period of 2013, when it was $126.9 million. This growth was chiefly due to an increase in the portfolio of outstanding business loans, which generated $12.4 million more net interest income than in the same period of 2013. Treasury The Treasury segment’s total income was $140.8 million for the nine-month period ended September 30, 2014, up $41.0 million or 41% compared to $99.8 million for the same period of 2013.

This performance was largely due to income growth generated by trading activities and management of asset/liability matching, since portfolio managers were able to take full advantage of market conditions since the beginning of the year. Moreover, it should be noted that on October 22, 2014, CCD completed a new issue of covered bonds in an amount of €1.0 billion on the European market. Contribution to the growth of another cooperative Through CCD, Desjardins Group has become a financial partner of the Agropur Dairy Cooperative in its largest-ever acquisition, that of Davisco Food International, which has over $1 billion in sales.

This was also one of the largest financing transactions that Desjardins Group has ever carried out and reaffirms its position of leadership in the cooperative world.

Monique F. Leroux, C.M., O.Q., FCPA, FCA L.-Daniel Gauvin Chair of the Board General Manager of Caisse centrale Desjardins and Chief Executive Officer of Caisse centrale Desjardins Caisse centrale Desjardins Financial Report Third Quarter of 2014

CAISSE CENTRALE DESJARDINS INTERIM FINANCIAL REPORT Third quarter – September 30, 2014 2 TABLE OF CONTENTS 1 Message from management 7 Review of financial results 24 Additional information 3 Management’s Discussion and 8 Analysis of results 24 Controls and procedures Analysis 10 Summary of interim results 24 Related party disclosures 3 Basis of presentation of financial 11 Balance sheet review 24 Critical accounting policies and information 11 Balance sheet management estimates 3 Changes in the regulatory 12 Capital management 24 Future accounting changes environment 15 Analysis of cash flows 26 Unaudited Condensed Interim 4 Caution concerning forward- 16 Off-balance sheet arrangements Consolidated Financial Statements looking statements 17 Risk management 5 CCD in brief 17 Risk management 5 Economic environment and 23 Additional information related outlook to certain risk exposures

CAISSE CENTRALE DESJARDINS INTERIM FINANCIAL REPORT Third quarter – September 30, 2014 3 MANAGEMENT’S DISCUSSION AND ANALYSIS This Management’s Discussion and Analysis (MD&A), dated November 13, 2014, presents the analysis of the results of and main changes to CCD’s balance sheet for the period ended September 30, 2014, in comparison to previous periods. CCD reports financial information in compliance with National Instrument 52-109, Certification of Disclosure in Issuers’ Annual and Interim Filings, issued by the Canadian Securities Administrators (CSA). A section on CCD’s controls and procedures is presented in the “Additional information” section of this MD&A.

This MD&A should be read in conjunction with the unaudited Condensed Interim Consolidated Financial Statements (the Interim Consolidated Financial Statements), including the notes thereto, as at September 30, 2014 and CCD’s 2013 Annual Report (the 2013 Annual Report) containing the Management’s Discussion and Analysis and the audited Annual Consolidated Financial Statements (the Annual Consolidated Financial Statements). Additional information about CCD is available on the SEDAR website at www.sedar.com, where CCD’s Annual Information Form can also be found. Further information is also available on CCD’s website at www.desjardins.com/caissecentrale; however, none of the information presented on these websites is incorporated by reference into this report.

BASIS OF PRESENTATION OF FINANCIAL INFORMATION The Annual and Interim Consolidated Financial Statements have been prepared by CCD’s management in accordance with the International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB) and the accounting requirements of the Autorité des marchés financiers (AMF) in Quebec, which do not differ from IFRS. These Interim Consolidated Financial Statements have been prepared in accordance with International Accounting Standard (IAS) 34, “Interim Financial Reporting”. For further information about the accounting policies applied, see the Annual and Interim Consolidated Financial Statements.

CCD amended certain accounting policies in connection with the new standards that took effect on January 1, 2014. The retrospective application of these amendments had no impact on CCD’s profit or loss or financial position. For further information, see Note 3, “Change in accounting policies”, to the Interim Consolidated Financial Statements.

This MD&A was prepared in accordance with the regulations in force on continuous disclosure obligations issued by the CSA. Unless otherwise indicated, all amounts are presented in Canadian dollars ($) and are primarily from CCD’s annual and interim Consolidated Financial Statements. To assess its performance, CCD uses IFRS measures and various non-IFRS financial measures. Non-IFRS financial measures, other than the regulatory ratios, do not have a standardized definition and are not directly comparable to similar measures used by other companies, and may not be directly comparable to any IFRS measures.

Investors, among others, may find these non-IFRS measures useful in analyzing financial performance. The measure currently used are defined as follows: Productivity index The productivity index is used to measure efficiency and is equal to the ratio of non-interest expense to total income, expressed as a percentage. A lower ratio indicates greater productivity.

CHANGES IN THE REGULATORY ENVIRONMENT This section presents the changes in the regulatory environment applicable to Desjardins Group as a whole, including CCD. Desjardins Group closely monitors changes in the regulatory environment as well as new developments in fraud, corruption, money laundering and terrorist financing in order to mitigate any negative impact on its operations, and aims to comply with best practices in this regard. In June 2013, the AMF determined that Desjardins Group met the criteria for designation as a domestic systemically important financial institution (D-SIFI), which will subject Desjardins Group to additional obligations.

As a D-SIFI, beginning on January 1, 2016, Desjardins Group will be subject to an additional capital requirement corresponding to 1% of its minimum capital ratios. Other major obligations include that, based on the recommendations issued by the Enhanced Disclosure Task Force of the Financial Stability Board contained in the document “Enhancing the Risk Disclosures of Banks”, Desjardins Group is continuing to develop its external disclosures and working on integrating these recommendations into its risk management disclosure framework. Furthermore, Desjardins Group will be obliged to produce its living will, detailing the actions to be taken to restore its financial position in the event of a crisis.

Note that the Office of the Superintendent of Financial Institutions has also determined that Canada’s six major financial institutions meet the criteria for designation as a D-SIFI.

Since January 1, 2013, the Capital Adequacy Requirements (CAR) Guideline of the Office of the Superintendent of Financial Institutions Canada applicable to Canadian financial institutions has included requirements for Non-Viability Contingent Capital as part of regulatory capital. These requirements are not applicable to Desjardins Group since it is governed by the AMF’s guideline on adequacy of capital base standards applicable to financial services cooperatives. The AMF has not adopted any similar requirements and has not publicly disclosed any intention to do so.

CAISSE CENTRALE DESJARDINS INTERIM FINANCIAL REPORT Third quarter – September 30, 2014 4 On December 5, 2013, the Quebec Minister of Finance and the Economy submitted his “Report on the application of the Act respecting financial service cooperatives” to the National Assembly.

The report contains proposals that will serve as criteria for amendments to the current legislative framework and adapt it to the changing realities of financial services cooperatives as well as the requirements of the new international standards imposed on financial institutions. A law amending the legislative framework is expected to come into force in the first half of 2015. In addition, Desjardins Group continues to monitor changes in capital and liquidity requirements under global standards developed by the Basel Committee on Banking Supervision (Basel III) and is preparing for their implementation.

Following adoption in 2010 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (DFA), many rules have come into force that affect the financial services industry. The situation is being actively monitored because some of these rules apply to Desjardins Group as a foreign financial institution with U.S. operations, including those designed to implement provisions on swap trading and proprietary trading (the Volcker rule), as well as those concerning the submission of a resolution plan. On December 10, 2013, the U.S. authorities issued the final rules implementing the Volcker rule.

The deadline for compliance with this rule is July 21, 2015. It should be noted that these final rules exempt trading in government obligations, including foreign ones, from the application of the Volcker rule. The original rules exempted only trading in U.S. bonds. According to a preliminary analysis of the final rules, Desjardins Group entities would also be exempt from implementing a specific compliance plan and producing quantitative measures for risk activities, since the consolidated assets of Caisse centrale Desjardins’s U.S. subsidiary are below $10 billion. On February 18, 2014, the Board of Governors of the Federal Reserve System approved the final rules, to take effect in July 2016, strengthening the prudential standards applicable to U.S.

bank holding companies and foreign banking organizations. An assessment is underway to determine the impact that they will have on Desjardins Group.

The Foreign Account Tax Compliance Act (FATCA) is an American law designed to combat tax evasion in the United States by requiring financial institutions to identify and qualify account holders who are U.S. taxpayers and report this information to the competent authorities. On February 5, 2014, an agreement was signed between the Canadian and U.S. governments to facilitate the reporting of information by Canadian financial institutions, among others, through the Canada Revenue Agency. This agreement, and FATCA, came into force on July 1, 2014. Desjardins Group will fulfill all its legal obligations under FATCA based on the various regulatory deadlines.

At the end of September 2014, the Organisation for Economic Co-operation and Development presented the “Standard for Automatic Exchange of Financial Information in Tax Matters” to the G20 Finance Ministers, and Canada has issued a press release confirming that it endorses the standard. The obligations stipulated in this international standard are based on those of FATCA, and exchanges of information between Canada and the other signatory countries are scheduled to begin no later than the end of 2018, subject to adoption of the necessary regulations. Desjardins Group will continue to closely monitor developments in these future requirements to ensure compliance when they take effect.

CAUTION CONCERNING FORWARD-LOOKING STATEMENTS CCD’s public communications often include oral or written forward-looking statements. Such forward-looking statements are contained in this MD&A and may be incorporated in other filings with Canadian regulators or in any other communications. Forward-looking statements in this MD&A include, but are not limited to, comments about CCD’s objectives regarding financial performance, priorities, operations, the review of economic conditions and markets, as well as the outlook for the Canadian, U.S., European and other international economies. These forward-looking statements include those appearing in the sections “Economic environment and outlook,” “Review of financial results”, “Balance sheet review” and “Additional information”.

Such statements are typically identified by words or phrases such as “believe,” “expect,” “anticipate,” “intend,” “estimate” and “may,” words and expressions of similar import, and future and conditional verbs.

By their very nature, such statements involve assumptions, uncertainties and inherent risks, both general and specific. It is therefore possible that, due to many factors, these predictions, forecasts or other forward-looking statements as well as CCD’s objectives and priorities may not materialize or may prove to be inaccurate and that actual results differ materially. CCD cautions readers against placing undue reliance on these forward-looking statements since actual results, conditions, actions and future events could differ significantly from the targets, expectations, estimates or intents in the forward-looking statements.

A number of factors, many of which are beyond CCD’s control, could influence the accuracy of the forward-looking statements in this MD&A. These factors include those discussed in section 4.0, “Risk management”, of the 2013 Annual Report, such as credit, market, liquidity, operational, strategic and reputation risk. Additional factors include risks related to the regulatory and legal environment, including legislative or regulatory developments in Quebec, Canada or globally, such as changes in fiscal and monetary policies, reporting guidance and liquidity regulatory guidance, or interpretations thereof, amendments to and new interpretations of capital guidelines, and environmental risk, which is the risk that CCD may incur financial, operational or reputational losses as a result of environmental impacts or issues, whether due to CCD’s credit or investment activities or its operations.

Additional factors that may affect the accuracy of the forward-looking statements contained in this report also include factors related to the economic and business conditions in regions in which CCD operates; changes in the economic and financial environment in Quebec, Canada and globally, including short and long-term interest rates, inflation, debt market fluctuations, foreign exchange rates, the volatility of financial markets, tighter liquidity conditions in certain markets, the strength of the economy and the volume of business conducted by CCD in a given region; monetary policies; competition; changes in standards, laws and regulations; the accuracy and completeness of information concerning clients and counterparties; the accounting policies used by CCD; new products and services to maintain or increase CCD’s market share; the ability to recruit and retain key management personnel, including senior management; business infrastructure; geographic concentration; and credit ratings.

CAISSE CENTRALE DESJARDINS INTERIM FINANCIAL REPORT Third quarter – September 30, 2014 5 Other factors that may affect the accuracy of the forward-looking statements contained in this report also include changes in tax laws, unexpected changes in personal spending and saving habits, technological developments, the ability to implement CCD’s disaster recovery plan within a reasonable time, the possible impact on CCD’s business of international conflicts or natural disasters, and CCD’s ability to anticipate and manage the risks associated with these factors properly despite a disciplined risk management environment.

It is important to note that the above list of factors that could influence future results is not exhaustive. Other factors could have an adverse effect on CCD’s results. Additional information about these and other factors is found in section 4.0, “Risk management”, of CCD’s 2013 Annual Report. Although CCD believes that the expectations expressed in these forward-looking statements are reasonable, it cannot guarantee that these expectations will prove to be correct. CCD cautions readers against placing undue reliance on forward-looking statements when making decisions. Readers who rely on CCD’s forward-looking statements must carefully consider these risk factors and other uncertainties and potential events.

Any forward-looking statements contained in this report represent the views of management only as at the date hereof, and are presented for the purpose of assisting readers in understanding and interpreting CCD’s balance sheets as at the dates indicated or its results for the periods then ended, as well as its strategic priorities and objectives. These statements may not be appropriate for other purposes. CCD does not undertake to update any written or verbal forward-looking statements that could be made from time to time by or on behalf of CCD, except as required under applicable securities legislation.

CCD IN BRIEF CCD is a cooperative financial institution and an integral part of Desjardins Group. Its Business and Institutional Services segment offers clients a full range of financial products and services adapted to their needs. Its Treasury segment has the mandate to ensure refinancing to the Desjardins network and act as Desjardins Group’s treasurer and official representative with the Bank of Canada and the Canadian banking system, in particular by supplying interbank exchange services, including clearing house settlements. CCD’s activities on the Canadian and international markets complement those of other Desjardins Group components.

ECONOMIC ENVIRONMENT AND OUTLOOK The industrialized countries have turned in a rather mixed economic performance. In the United Kingdom, there is every indication that the recent sharp rise in economic activity should continue in the short term. In contrast, several indicators for the eurozone have fallen again. Most of the confidence indexes, for both consumers and businesses, have continued to deteriorate. Furthermore, ongoing disinflation is prompting the European Central Bank to step in and try to reverse the trend. Euroland real GDP is expected to grow 0.8% in 2014 and 1.3% in 2015. In China, the residential and industrial sectors have been losing momentum, and the real GDP should rise 7.4% this year and 7.2% in 2015.

Real GDP for the global economy should rise 3.2% in 2014 and 3.7% in 2015.

In the United States, rising levels of business investment, exports and state and city spending have spurred an upward revision of the growth figure announced in the second quarter, to 4.6%. The labour market is continuing to improve and over 2.6 million jobs should be created in 2014. The automobile market is generally trending well despite a setback recorded for September. Other indicators suggest that business investment and the general economy should grow strongly in the second half of 2014. Furthermore, homebuilders’ confidence has improved, signalling that the slump in housing starts may well be coming to an end.

Lately exports have been growing much faster than imports, but it is just a matter of time until the recent rise in the value of the U.S. dollar curbs this trend. Annual GDP growth should be 2.2% in 2014, compared to 3.1% projected for 2015.

In Canada, real GDP rallied in the second quarter of 2014, up 3.1% (annualized quarterly growth) after only 0.9% growth in the previous quarter. An improved economic performance in the U.S. in the spring clearly had something to do with the good performance of Canadian manufacturing. Moreover, exports rose 17.8% in the second quarter on the strength of positive contributions by practically all sectors of the economy. Preliminary data suggest that exports rose again in the third quarter. The assumption that foreign trade will boost economic growth seems increasingly to be becoming a reality.

Even though growth in non-residential investment has been disappointing so far, the recovery in exports and improved business confidence are encouraging signs. Canadian real GDP could rise as much as 2.3% in 2014, or slightly more than the 2.0% growth recorded for 2013. Quebec’s economic growth was rather sluggish in the first half of 2014. Annualized growth in real GDP was initially estimated at 2.4% for the first quarter, but the Institut de la statistique du Québec has now reduced this figure to 1.3%. Furthermore, economic growth in the second quarter was only 0.7% due to slower rebuilding of business inventories.

Exports nevertheless improved, and the domestic economy performed well. Real GDP growth this year should be 1.5%.

Note that official Canadian and Quebec GDP data for the third quarter of 2014 will be released over the next few months. Household consumption expenditure picked up in the second quarter after beginning the year in negative territory, but the outlook in this regard is modest. Job creation remains weak, and after-tax income and inflation were flat in the second quarter. Given that the savings rate slipped to 1.3% in the second quarter and debt levels have remained high, households are left with little flexibility.

CAISSE CENTRALE DESJARDINS INTERIM FINANCIAL REPORT Third quarter – September 30, 2014 6 In the residential sector, spending on new construction has declined and the resale market has slowed.

Renovation spending, which accounts for half of total investment in this sector, has nevertheless grown strongly. Government programs to stimulate the market, such as LogiRénov, appear to be working. A sustainable rebound in housing starts and sales of existing properties is not expected over the next few months since there has been no sign of stronger demand from buyers. Prices for existing properties continued to rise, but on an annualized basis the increase has been stalled at approximately 1.0% for several months.

Lastly, following a particularly calm first half of 2014, financial markets became more volatile in the third quarter as investors’ attention was focused on major geopolitical tensions and on the economic outlook, which was more favourable for the U.S. than for other major economies. The U.S. dollar has appreciated sharply, and the Federal Reserve will soon end its third program of quantitative easing, while the Bank of Japan and the European Central Bank are expected to maintain very expansionary monetary policies for some time to come. The surge in the U.S. dollar and concerns about overseas economies have resulted in a major drop in commodity prices.

The main stock indexes have fluctuated, and this trend may continue over the next few months at a time when speculation should rise over the direction of U.S. monetary policy. The U.S. labour market has continued to grow faster than the monetary authorities had expected, so key interest rates should begin to rise by mid-2015. This will put upward pressure on interest rates over the next few quarters. However, problems in the overseas economies and the uncertain geopolitical environment could limit any increases in long-term bond yields. The Bank of Canada should not begin tightening monetary policy until the final quarters of 2015, and this should help keep the Canadian dollar close to current levels.

CAISSE CENTRALE DESJARDINS INTERIM FINANCIAL REPORT Third quarter – September 30, 2014 7 REVIEW OF FINANCIAL RESULTS FINANCIAL RESULTS (in thousands of dollars) For the three-month periods For the nine-month periods ended September 30 ended September 30 2014 2013 Change 2014 2013 Change Interest income Loans $ 147,056 $ 123,156 $ 23,900 $ 419,145 $ 360,922 $ 58,223 Securities 44,332 37,445 6,887 132,358 104,149 28,209 191,388 160,601 30,787 551,503 465,071 86,432 Interest expense 117,865 95,939 21,926 338,840 275,288 63,552 Net interest income 73,523 64,662 8,861 212,663 189,783 22,880 Other income 36,142 11,951 24,191 80,842 43,257 37,585 Total income 109,665 76,613 33,052 293,505 233,040 60,465 Provision for credit losses 15,183 410 14,773 29,999 5,189 24,810 Non-interest expense 30,735 28,500 2,235 92,594 85,313 7,281 Operating income before other payments to the Desjardins network 63,747 47,703 16,044 170,912 142,538 28,374 Other payments to the Desjardins network 10,399 9,327 1,072 31,070 28,718 2,352 Operating income 53,348 38,376 14,972 139,842 113,820 26,022 Income taxes 14,226 9,660 4,566 35,303 23,248 12,055 Income tax recovery on remuneration on capital stock (12,191) (8,830) (3,361) (31,132) (25,656) (5,476) Net income for the period $ 51,313 $ 37,546 $ 13,767 $ 135,671 $ 116,228 $ 19,443 COMPONENTS OF NET INTEREST INCOME AND OTHER INCOME BY BUSINESS SEGMENT (in thousands of dollars) For the three-month periods For the nine-month periods ended September 30 ended September 30 2014 2013 Change 2014 2013 Change Business and Institutional Services Net interest income $ 34,874 $ 28,417 $ 6,457 $ 94,527 $ 82,154 $ 12,373 Other income 18,896 14,786 4,110 50,852 44,739 6,113 53,770 43,203 10,567 145,379 126,893 18,486 Desjardins Group Treasury Net interest income 36,747 34,573 2,174 112,574 102,742 9,832 Other income 16,683 (3,306) 19,989 28,266 (2,967) 31,233 53,430 31,267 22,163 140,840 99,775 41,065 Other Net interest income 1,902 1,672 230 5,562 4,887 675 Other income 563 471 92 1,724 1,485 239 2,465 2,143 322 7,286 6,372 914 Total - Net interest income 73,523 64,662 8,861 212,663 189,783 22,880 Total - Other income 36,142 11,951 24,191 80,842 43,257 37,585 Total $ 109,665 $ 76,613 $ 33,052 $ 293,505 $ 233,040 $ 60,465

CAISSE CENTRALE DESJARDINS INTERIM FINANCIAL REPORT Third quarter – September 30, 2014 8 ANALYSIS OF RESULTS Comparison of the third quarters of 2014 and 2013 For the quarter ended September 30, 2014, CCD posted net income of $51.3 million, up $13.8 million or 37% compared to the same period of 2013. This increase, which was primarily due to greater net interest income generated by the Business and Institutional Services segment and growth in income from the Desjardins Group Treasury segment, was achieved despite an increase in the provision for credit losses. Total income Total income, comprising net interest income and other income, amounted to $109.7 million at the end of the quarter ended September 30, 2014, an increase of $33.1 million or 43% compared to the same quarter of 2013.

Note that all CCD’s segments contributed to this performance. Total income for the Business and Institutional Services segment was $53.8 million for the quarter ended September 30, 2014, up $10.6 million or 25% compared to the same period in 2013, when it was $43.2 million. This performance was due to the segment’s sound and prudent business growth strategy, which resulted in expansion of the portfolio of outstanding business and government loans since the beginning of the year. Net interest income generated by the segment grew $6.5 million or 23% compared to the same quarter of 2013. In addition, during the quarter, CCD completed a major transaction as agent for a banking syndicate comprising Canadian, U.S.

and European banks. This transaction accounted for much of the increase in credit fees income compared to 2013. Lastly, income from international services and foreign exchange activities grew $2.0 million compared to the corresponding period of 2013 due to a higher transaction volume.

Total income from the Treasury segment amounted to $53.4 million for the quarter ended September 30, 2014, up $22.1 million or 71% compared to $31.3 million in the same period of 2013. This performance was due to all the segment’s activities, which generated higher income compared to the same quarter of 2013. This included growth in the income generated by trading and foreign exchange activities and management of asset/liability matching, since portfolio managers were able to take full advantage of market conditions during the quarter. Income generated by the liquid asset portfolio also grew compared to the same period of 2013, due to higher gains realized on the disposal of available-for-sale securities and growth in the liquid asset portfolio.

Lastly, income for the quarter benefited from the favourable impact of unrealized gains on certain derivative financial instruments used to hedge foreign currency deposits.

Provision for credit losses CCD recorded a $15.2 million provision for credit losses in the quarter ended September 30, 2014, compared to a $0.4 million provision in the same quarter of 2013. The provision recorded for the quarter was largely due to an increase in outstanding business loans and commitments and the impact of the credit risk assessment on the measurement of the collective allowance. The provision for credit losses for the same period of 2013 was also due to growth in the business loan portfolio, but was largely offset by a recovery of collective and individual allowances due to an improvement in the credit quality of the portfolio.

Non-interest expense and other items Non-interest expense was $30.7 million for the quarter ended September 30, 2014, up $2.2 million or 8% compared to the same period in 2013, when it was $28.5 million. Salaries and fringe benefits stood at $11.0 million for the third quarter, an increase of $1.6 million compared to the same period one year earlier. This growth in employee expenses was due to annual indexing of salaries and to an increase in the number of employees in order to support business growth in the Business and Institutional Services segment. Expenses for premises, equipment and furniture also increased $0.4 million compared to the same quarter of 2013 due to additional expenses incurred to support growth.

CCD’s productivity index improved overall and was 28.0% at the end of the third quarter, compared to 37.2% for the corresponding quarter of 2013. Payments to the Desjardins network and remuneration on capital stock In cooperation with the Desjardins network, CCD offers a broad spectrum of financial services, including foreign exchange transactions, transfers of funds, financing and letters of credit. Payments made to Desjardins Group entities as dividends on transactions carried out with them amounted to $10.4 million for the third quarter of 2014, up $1.1 million from 2013 due to growth in the volume of transactions carried out with the caisse network.

Under the Act respecting the Mouvement Desjardins, CCD’s Board of Directors may declare interest on capital shares; it then determines the terms of payment. As a result, CCD declares remuneration on capital stock in an amount corresponding to the lesser of its non-consolidated net income and its consolidated retained earnings, including recovery of related income taxes. This remuneration is distributed pro rata to the number of shares held by each member. For the third quarter of 2014, an amount of $50.2 million was declared as remuneration on capital stock, compared to $37.5 million for the same period of 2013.

CAISSE CENTRALE DESJARDINS INTERIM FINANCIAL REPORT Third quarter – September 30, 2014 9 Comparison of the first nine months of 2014 and 2013 For the nine-month period ended September 30, 2014, CCD posted net income of $135.7 million, up $19.4 million or 17% compared to the same period of 2013. This performance was all the more noteworthy because it was achieved despite an increase in the provision for credit losses, which resulted primarily from growth in the portfolio of outstanding business loans.

Total income Total income, comprising net interest income and other income, amounted to $293.5 million at the end of the first nine months of 2014, an increase of $60.5 million or 26% compared to the same period of 2013.

Total income for the Business and Institutional Services segment for the nine months ended September 30, 2014 was $145.4 million, up $18.5 million or 15% compared to the same period in 2013, when it was $126.9 million. As mentioned above, this growth was primarily due to growth in the portfolio of outstanding business loans, which generated $12.4 million more net interest income than one year earlier. Note that this growth in new business volumes, in particular due to CCD’s participation as an agent in banking syndicates, also increased credit fees income compared to 2013. Lastly, income from foreign exchange activities also increased, due to growth in the volume of transactions.

Total income from the Treasury segment amounted to $140.8 million for the nine-month period ended September 30, 2014, up $41.0 million or 41%, compared to $99.8 million in the same period of 2013. This performance was largely attributable to growth in income generated by trading activities and management of asset/liability matching, since portfolio managers were able to take full advantage of market conditions since the beginning of the year. Results for the first nine months of 2014 also benefited from the favourable impact of unrealized gains on certain derivative financial instruments used to hedge foreign currency deposits.

Furthermore, income generated by the liquid asset portfolio was also up compared to 2013, in particular due to higher gains realized on the disposal of available-for-sale securities. Lastly, it should be mentioned that income from the portfolio of loans to the Fédération des caisses Desjardins du Québec (the Federation) and Desjardins Group entities grew due to higher volumes of such loans. Provision for credit losses CCD recorded a $30.0 million provision for credit losses in the nine-month period ended September 30, 2014, compared to $5.2 million for the same period of 2013. The provision for the first nine months of 2014 was due to an increase in outstanding business loans and commitments, the credit risk assessment and changes in the parameters used in the valuation model for the collective allowance.

Note that growth in the business loan portfolio was not achieved at the expense of the quality of the loans, as shown by the $0.9 million decrease in the individual allowance recognized for the first nine months of 2014. The provision recognized for the same period of 2013 was also due to growth in the business loan portfolio, but had nevertheless been partly offset by favourable changes in the parameters used in the valuation model for the collective allowance. Non-interest expense and other items Non-interest expense was $92.6 million for the nine-month period ended September 30, 2014, up $7.3 million or 9% compared to the same period in 2013.

This increase was largely due to growth in salaries and employee benefits as a result of the annual indexing of salaries and an increase in the number of employees in order to support business growth in the Business and Institutional Services segment. Note also that certain financing activities, which had previously been the responsibility of another Desjardins Group entity, were transferred to CCD at the beginning of the year. This resulted in CCD recording more income but it also increased employee expenses. Furthermore, increased expenses included $1.5 million of additional expenses for premises, equipment and furniture and another $1.9 million in additional service agreement and outsourcing expenses incurred to support growth, in particular the development of new management applications.

CCD’s productivity index improved overall to 31.5% for the first nine months of 2014, compared to 36.6% for the corresponding period of 2013. Payments to the Desjardins network and remuneration on capital stock In cooperation with the Desjardins network, CCD offers a broad spectrum of financial services, including foreign exchange transactions, funds transfers, financing and letters of credit. Payments made to Desjardins Group entities as dividends on transactions carried out with them amounted to $31.1 million for the first nine months of 2014, up $2.4 million from 2013 due to growth in the volume of transactions carried out with the caisse network.

Under the Act respecting the Mouvement Desjardins, CCD’s Board of Directors may declare interest on capital shares; it then determines the terms of payment. As a result, CCD declares remuneration on capital stock in an amount corresponding to the lesser of its non-consolidated net income and its consolidated retained earnings, including recovery of related income taxes. This remuneration is distributed pro rata to the number of shares held by each member. For the first nine months of 2014, an amount of $128.0 million was declared as remuneration on capital stock, compared to $110.2 million for the same period of 2013.

As at September 30, 2014, an amount of $128.0 million was recorded in the Consolidated Balance Sheets as remuneration on capital stock payable.

CAISSE CENTRALE DESJARDINS INTERIM FINANCIAL REPORT Third quarter – September 30, 2014 10 SUMMARY OF INTERIM RESULTS The table below summarizes CCD’s results for the most recent eight quarters. RESULTS OF THE MOST RECENT EIGHT QUARTERS (in thousands of dollars and as a percentage) 2014 2013 2012 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 (2) STATEMENTS OF INCOME Net interest income $ 73,523 $ 69,879 $ 69,261 $ 67,036 $ 64,662 $ 62,636 $ 62,485 $ 67,352 Other income 36,142 20,740 23,960 25,901 11,951 17,859 13,447 10,138 Provision for credit losses (recovery) 15,183 5,901 8,915 (3,637) 410 6,380 (1,601) (12,171) Non-interest expense 30,735 32,368 29,491 33,200 28,500 28,987 27,826 26,117 Other payments to the Desjardins network 10,399 10,470 10,201 10,160 9,327 10,033 9,358 9,065 Operating income $ 53,348 $ 41,880 $ 44,614 $ 53,214 $ 38,376 $ 35,095 $ 40,349 $ 54,479 Income taxes 14,226 10,329 10,748 12,937 9,660 4,949 8,639 13,090 Tax recovery on remuneration on capital stock (12,191) (9,221) (9,720) (12,242) (8,830) (9,212) (7,614) (11,604) Net income $ 51,313 $ 40,772 $ 43,586 $ 52,519 $ 37,546 $ 39,358 $ 39,324 $ 52,993 Total assets $ 42,434,075 $ 39,884,553 $ 40,199,147 $ 34,783,700 $ 34,504,318 $ 32,723,276 $ 31,122,430 $ 29,280,712 Capital ratios (1) Tier 1a capital ratio 13.1 % 14.2 % 14.7 % 14.5 % 15.7 % 16.7 % 15.0 % N/A Tier 1 capital ratio 13.0 % 14.2 % 14.7 % 14.5 % 15.7 % 16.7 % 15.0 % 16.5 % Total capital ratio 13.5 % 14.6 % 15.1 % 15.1 % 16.3 % 17.3 % 15.6 % 17.2 % (1) Since January 1, 2013, capital ratios have been calculated in accordance with Basel III capital standards.

(2) The data for 2012 have been restated. For more information, see Note 3, “Changes in accounting policies, disclosures and reclassifications”, to CCD’s Annual Consolidated Financial Statements, on page 79 of the 2013 Annual Report.

CAISSE CENTRALE DESJARDINS INTERIM FINANCIAL REPORT Third quarter – September 30, 2014 11 BALANCE SHEET REVIEW BALANCE SHEET MANAGEMENT CONSOLIDATED BALANCE SHEETS (in thousands of dollars and as a percentage) As at September 30, 2014 As at December 31, 2013 Assets Cash, deposits with financial institutions and securities $ 8,173,130 19 % $ 7,510,027 21 % Securities purchased under reverse repurchase agreements 1,576,412 4 877,949 3 Loans 28,759,949 68 22,561,402 65 Other assets 3,924,584 9 3,834,322 11 Total assets $ 42,434,075 100 % 34,783,700 100 % Liabilities and members' equity Deposits $ 33,199,416 78 % $ 27,289,755 79 % Other liabilities 6,625,427 16 5,285,289 15 Members' equity 2,609,232 6 2,208,656 6 Total liabilities and members' equity $ 42,434,075 100 % $ 34,783,700 100 % TOTAL ASSETS As at September 30, 2014, CCD’s total assets stood at $42.4 billion, compared to $34.8 billion as at December 31, 2013.

As explained below, much of this $7.6 billion increase was due to growth in loans.

CASH, DEPOSITS WITH FINANCIAL INSTITUTIONS AND SECURITIES Liquidities, comprised of cash, deposits with financial institutions and securities, totalled $8.2 billion as at September 30, 2014 compared to $7.5 billion as at December 31, 2013. This growth was due to an increase in available-for-sale securities and to additional liquidity from a $400.0 million issue of capital stock completed in early 2014. The liquidity held by CCD represented 19% of total assets as at September 30, 2014, similar to the percentage of total assets as at December 31, 2013. This level amply allows CCD to meet regulatory requirements.

It should be noted that a very high percentage of the securities are investment-grade securities that, if necessary, could be quickly used to meet increased demand for funding from the caisse network and clients. LOANS The loan portfolio, including clients’ liability under acceptances, totalled $29.6 billion as at September 30, 2014, up $6.0 billion or 26% compared to December 31, 2013. In its role as Desjardins Group treasurer, CCD continued to provide refinancing for the Federation and other Desjardins entities. As a result, its outstanding loans to these entities increased by $4.8 billion since the beginning of the year, to $21.1 billion as at September 30, 2014.

Note that these loans account for almost half of CCD’s total assets.

As a result of continued, prudent business development efforts by the Business and Institutional Services segment, the business and government loan portfolio, including clients’ liability under acceptances, grew $1.2 billion or 22% since the beginning of the year, to $6.8 billion as at September 30, 2014. LOANS BY BORROWER CATEGORY (in thousands of dollars and as a percentage) As at September 30, 2014 As at December 31, 2013 Members and other entities of the Desjardins network $ 21,061,985 73 % $ 16,236,067 72 % Personal 1,769,400 6 1,782,295 8 Business and government 5,995,152 21 4,592,261 20 28,826,537 100 % 22,610,623 100 % Allowance for credit losses (66,588) (49,221) Total loans by borrower category $ 28,759,949 $ 22,561,402 Loans guaranteed and/or insured by governments and other public and parapublic organizations included above $ 2,496,697 $ 2,232,569

CAISSE CENTRALE DESJARDINS INTERIM FINANCIAL REPORT Third quarter – September 30, 2014 12 Credit quality The growth in loans outstanding mentioned above was achieved without compromising portfolio quality, as shown in the ratio of gross impaired loans to the total gross loan portfolio, which was less than 0.1% as at September 30, 2014, unchanged from December 31, 2013. Additional information about the quality of CCD’s credit portfolio is presented in the “Risk management” section of this MD&A. OTHER ASSETS The fair value of derivative financial instruments reported as assets increased by $291.9 million or 12% since December 31, 2013, mainly because of the impact of changes in interest rates.

Note that this also explains the change in derivative financial instruments recognized in liabilities. DEPOSITS CCD’s outstanding deposits totalled $33.2 billion as at September 30, 2014, compared to $27.3 billion as at December 31, 2013. Following accreditation of its new Covered Bonds Program by Canada Mortgage and Housing Corporation (CMHC), CCD successfully completed a €1 billion issue on the European market. This was CCD’s first issue under the program. It also issued medium-term notes on the U.S. market in an amount of US$275.0 million, medium- term notes on the Canadian market in an amount of $700 million, and notes in an amount of US$1.3 billion issued under its multi-currency medium-term note program.

Other information on CCD’s various refinancing programs is presented in the “Risk management” section of this MD&A. DEPOSITS (in thousands of dollars and as a percentage) As at September 30, 2014 As at December 31, 2013 Individuals $ 149,889 $ 142,773 1 % Business and government 29,063,206 88 23,242,563 85 Deposit-taking institutions 3,986,321 12 3,904,419 14 Total deposits $ 33,199,416 100 % $ 27,289,755 100 % OTHER LIABILITIES Commitments related to securities sold short increased $1.3 billion since December 31, 2013. This increase was largely due to growth in positions held as part of trading activities.

MEMBERS’ EQUITY In order to maintain sound capitalization and sufficient leeway to support the growth of Desjardins Group, CCD issued $400.0 million in new capital stock at the beginning of 2014, bringing total capital stock to $2.6 billion. CAPITAL MANAGEMENT Capital management is crucial to the financial management of Desjardins Group as a whole, including CCD. Its goal is to ensure that the capital level and structure of Desjardins Group and its components are consistent with their risk profile, distinctive nature and cooperative objectives. Capital management must also ensure that the capital structure is adequate in terms of profitability targets, growth objectives, rating agencies’ expectations and regulators’ requirements.

Furthermore, it serves to optimize the allocation of capital and internal capital flow mechanisms, and support growth, development and asset risk management at Desjardins Group.

CCD advocates prudent management of its capital. Its purpose is to maintain higher regulatory capital ratios than those of the Canadian banking industry and standards set by the Federation. As at September 30, 2014, CCD’s Tier 1a, Tier 1 and total capital ratios were 13.1%, 13.0% and 13.5%, respectively. CCD’s prudent capital management is reflected in the quality of the credit ratings assigned by the various rating agencies. The global financial crisis has prompted the industry to place more emphasis on sound capitalization of its operations. Now more than ever, rating agencies and the market favour the best-capitalized institutions.

These factors argue in favour of a general increase in the level and quality of capital issued by financial institutions. This is also reflected in the enhanced requirements under Basel III implemented on January 1, 2013.

CAISSE CENTRALE DESJARDINS INTERIM FINANCIAL REPORT Third quarter – September 30, 2014 13 Desjardins Group’s integrated capital management framework Broadly speaking, Desjardins Group’s Integrated Capital Management Framework includes the policies and processes required to set targets for its capitalization and to assign targets to its components, to establish strategies to ensure that targets are met, to quickly raise capital, to ensure that its components’ performance is appropriately measured, and to optimize internal capital flow and use mechanisms. Desjardins Group has developed a stress-testing program aimed at establishing and measuring the effect of various integrated scenarios, i.e.

to simulate various economic scenarios for all of its components and to assess their financial and regulatory repercussions. This procedure makes it possible to determine if the minimum capital target, as established in the capitalization plan, is adequate in view of the risks to which Desjardins Group is exposed. Regulatory framework and internal policies Desjardins Group’s capital management is the responsibility of the Federation’s Board of Directors. For support with this task, the Board has mandated the Finance and Risk Management Committee to ensure that Desjardins Group has a sufficient and reliable capital base.

The Finance Executive Division and Office of the CFO is responsible for preparing, on an annual basis and with the help of Desjardins Group’s components, a capitalization plan that sets and updates capital objectives and targets. This work includes CCD preparing its own capitalization plan.

The current situation and the forecast show that Desjardins Group has a solid capital base overall, allowing it to remain one of the best capitalized financial institutions. CCD’s regulatory capital ratios are calculated according to the AMF’s guideline on adequacy of capital base standards applicable to financial services cooperatives (the guideline). This guideline takes into account the revised framework for international convergence of capital measurement and capital standards (Basel III) issued by the Bank for International Settlements. Additionally, following the transition to the new Basel III requirements, Desjardins Group is working to refine all the procedures and parameters it uses to calculate regulatory capital.

In that regard, a more granular segmentation of risk- weighted assets (RWA) led to a reclassification of certain RWA as of the third quarter of 2014. For CCD, the primary reclassification of RWA involved the margin funding facility for asset-backed term notes, which is now considered a securitization exposure instead of being presented with other assets. Furthermore, the credit-equivalent conversion factor was revised for the unused portion of credit commitments. These items did not have a significant impact on the capital ratios. Prior-period data have not been restated.

Basel III The Basel III regulatory framework increases capital requirements. The minimum Tier 1 capital ratio that CCD must maintain is 8.5%. In addition, the Tier 1a capital ratio must be above 7%, including a 2.5% capital conservation buffer. Lastly, its total capital ratio must be above 10.5%, including this buffer. In June 2013, the AMF determined that Desjardins Group met the criteria to be designated a domestic systemically important financial institution (D-SIFI). Effective January 1, 2016, Desjardins Group, as a D-SIFI, will be subject to an additional capital requirement corresponding to 1% of its minimum capital ratios.

The Office of the Superintendent of Financial Institutions has determined that Canada’s six major financial institutions meet the criteria for designation as D-SIFIs.

In addition, the AMF decided to phase in, effective January 1, 2014, measures and requirements related to the regulatory credit valuation adjustment (CVA) charge, as other countries have already done. This phased-in charge will reach 100% by 2019 for each of the capital ratios presented. In 2014, only 57%, 65% and 77% of the total CVA charge will be applied to the Tier 1a, Tier 1 and total capital ratios, respectively. This phased allocation will not have a material impact on CCD’s capitalization.

On January 12, 2012, the Basel Committee on Banking Supervision (BCBS) released a document to define the rules governing the leverage ratio introduced under Basel III.

According to the BCBS publication, the leverage ratio is defined as the capital measure (i.e. Tier 1 capital) divided by the exposure measure. The exposure measure includes: 1) on-balance sheet (OBS) items, 2) securities financing transaction (SFT) exposures, 3) derivative exposures, and 4) off-balance sheet items. The BCBS requires that financial institutions present their financial leverage ratio as of January 1, 2015. According to the paper, the BCBS will continue to test if the planned minimum financial leverage ratio of 3% is appropriate. Currently CCD meets the proposed requirements.

Minimum ratios and compliance with requirements As part of the work related to the Desjardins Group Capitalization Plan and in accordance with Federation directives, CCD set target ratios to ensure sound capital management. Targets were set for the capital/asset ratio and the total capital ratio. Furthermore, the member federations formally undertook to maintain CCD’s total capital at an amount that maintains the capital/asset ratio and the total capital ratio at a minimum level that is equal to established standards.

CAISSE CENTRALE DESJARDINS INTERIM FINANCIAL REPORT Third quarter – September 30, 2014 14 As at September 30, 2014, CCD’s Tier 1a, Tier 1 and total capital ratios, calculated according to Basel III requirements, were 13.1%, 13.0% and 13.5%, respectively.

The capital/asset ratio was 6.2% as at September 30, 2014, compared to 6.4% as at December 31, 2013. CCD therefore still has excellent capitalization. The following table presents CCD’s capital and capital ratios. CAPITAL (in thousands of dollars and as a percentage) As at September 30, 2014 As at December 31, 2013 Tier 1 capital(1) Eligible capital shares $ 2,542,821 $ 2,142,821 General reserve 1,467 1,467 Retained earnings 2,185 1,532 Accumulated other comprehensive income(2) 20,837 21,081 Deferral attributable to the amendment to IAS 19 789 3,157 Deductions(3) (19,536) (20,204) Total Tier 1 capital(1) $ 2,548,563 $ 2,149,854 Tier 2 capital Eligible collective allowance $ 111,641 $ 79,881 Eligible qualifying shares 3 3 Total Tier 2 capital $ 111,644 $ 79,884 Total regulatory capital (Tiers 1 and 2) $ 2,660,207 $ 2,229,738 Capital ratios Tier 1a capital 13.1% 14.5% Tier 1 capital 13.0% 14.5% Total capital 13.5% 15.1% (1) The capital included in Tier 1 is all Tier 1a capital.

CCD has no Tier 1b capital. (2) Excluding the portion related to the cash flow hedge reserve. (3) Represents intangible assets, such as software. The amendments to IAS 19, “Employee Benefits”, concerning accounting for defined benefit pension plans specify in particular that the use of the "corridor approach" is no longer allowed and that all actuarial gains and losses must now be recognized when they occur. Moreover, it is no longer permitted to amortize past service costs, which will accelerate their recognition. At the same time, the amended IAS 19 allows risk-sharing features to be taken into account.

The total negative impact of these amendments on the Tier 1a capital ratio as at January 1, 2013 is, however, being deferred and amortized on a straight-line basis over the period from January 1, 2013 to December 31, 2014, as Desjardins Group has elected to use the relevant transitional provision stipulated by the AMF.

In the first quarter of 2014, CCD issued Class A capital shares in an amount of $400.0 million. As at September 30, 2013, CCD was in compliance with the standards described above.

CAISSE CENTRALE DESJARDINS INTERIM FINANCIAL REPORT Third quarter – September 30, 2014 15 RISK-WEIGHTED ASSETS(1) (in thousands of dollars and as a percentage) As at September 30, 2014 As at December 31, 2013 Risk-weighted Average risk- Risk-weighted Exposure (2) assets weighting rate assets Credit risk Sovereign borrowers $ 6,705,543 - Financial institutions 27,140,229 5,653,465 21 4,572,804 Business 9,500,754 9,336,890 98 7,467,396 SMEs regarded as other retail client exposures 546 410 75 - Mortgages 139,768 51,289 37 44,767 Other retail client exposures (except for SMEs) 596 447 75 10,018 Securitization 1,192,920 238,584 20 - Equities - 7,092 Trading portfolio 706,501 193,987 27 135,544 Other assets(3) 3,162,992 1,116,873 35 575,339 Total credit risk $ 48,549,849 $ 16,591,945 34 % $ 12,812,960 Interest rate position risk $ 2,446,800 $ 1,311,075 Currency risk 83,413 82,537 Additional requirements for other risks(4) 114,650 34,612 Total market risk $ 2,644,863 $ 1,428,224 Operational risk(5) $ 607,078 $ 557,758 Total risk-weighted assets $ 19,843,886 $ 14,798,942 Risk-weighted assets (RWA) after transitional provisions for the credit valuation adjustment charge(6) RWA for Tier 1a capital $ 19,509,904 RWA for Tier 1 capital 19,572,041 RWA for total capital 19,665,245 (1) As mentioned on page 13, risk-weighted assets were reclassified beginning in the third quarter of 2014.

Prior-period data have not been restated. (2) Net exposure, after credit risk mitigation (net of specific allowances under the Standardized Approach but not under the Internal Ratings-Based Approach in accordance with the AMF guideline).

(3) Since January 1, 2014, "Other assets" includes the credit valuation adjustment charge. (4) Other risks include equity position risk, commodity risk and option exposure risk. (5) The Basic Indicator Approach was used to assess operational risk. (6) The scaling factors used to account for the requirements related to the regulatory credit valuation adjustment charge, and applied in calculating the Tier 1a, Tier 1 and total capital ratios since January 1, 2014, are 57%, 65% and 77%, respectively.

ANALYSIS OF CASH FLOWS Given the nature of CCD’s operations, most of the items on the Consolidated Statements of Income and the Consolidated Balance Sheets are liquidities.

Normal operations therefore cause considerable fluctuations in liquidity and affect numerous items, such as loans, deposits and securities. The following paragraphs explain the main changes. During the nine-month period ended September 30, 2014, cash and cash equivalents increased by $306.5 million, compared to a $212.0 million decrease recorded for the same period of 2013. Cash and cash equivalents stood at $447.3 million as at September 30, 2014, compared to $242.7 million on the same date in 2013.

For the nine-month period ended September 30, 2014, cash flows from operating activities totalled $325.8 million. Cash flows from deposit growth, in particular following the issue of €1.0 billion in covered bonds, met much of the funding needs generated by growth in the loan portfolio. In addition, funding needs generated by the increase in securities purchased under reverse repurchase agreements were covered by the funds generated by the increase in securities sold short and securities sold under repurchase agreements. During the corresponding period in 2013, cash flows from operating activities totalled $298.0 million, mainly due to issuances of short-term and medium-term notes on the capital market, which supported growth in the portfolio of loans to Desjardins network entities and businesses.

Cash flows from financing activities amounted to $237.8 million for the first nine months of 2014 as a result of the $400.0 million capital share issue, which was partly offset by the payment for remuneration on capital stock. In 2013, cash flows from these activities amounted to $155.5 million, when CCD issued $300.0 million in new capital stock and paid $144.5 million in remuneration on capital stock. Cash flows used in investing activities totalled $257.1 million for the nine-month period ended September 30, 2014 because of growth in the portfolio of available-for-sale securities. For the same reason, cash flows used in investing activities were $665.5 million in 2013.

CAISSE CENTRALE DESJARDINS INTERIM FINANCIAL REPORT Third quarter – September 30, 2014 16 OFF-BALANCE SHEET ARRANGEMENTS Structured entities In the normal course of operations, CCD enters into various financial transactions with structured entities to diversify its sources of financing and manage its capital. Structured entities are usually created for a unique and distinct purpose, and they often have limited operations. They are sometimes used to legally isolate the financial assets they hold from the transferring organization. These entities may be included in CCD’s Consolidated Balance Sheets if it controls them.

Detailed information concerning significant exposure to structured entities is provided below.

Securitization CCD participates in the National Housing Act (NHA) Mortgage-Backed Securities Program to manage its liquidities and capital. Transactions carried out under this Program require the use of a structured entity, the Canada Housing Trust (CHT), set up by Canada Mortgage and Housing Corporation (CMHC) under the Canada Mortgage Bonds (CMB) Program. Note 10, “Derecognition of financial assets”, to the Annual Consolidated Financial Statements provides more information on the financial assets transferred by CCD through securitization transactions. As at September 30, 2014, outstanding mortgage-backed securities issued by CCD and sold to the Canada Housing Trust totalled $6.0 billion compared to $5.4 billion as at December 31, 2013.

CAISSE CENTRALE DESJARDINS INTERIM FINANCIAL REPORT Third quarter – September 30, 2014 17 RISK MANAGEMENT RISK MANAGEMENT CCD is exposed to different types of risks in its normal course of operations, including credit risk, market risk, foreign exchange risk, liquidity risk and operational risk. Strict and effective management of these risks is a priority for CCD, its purpose being to support its major orientations, particularly regarding its financial stability as well as its sustained and profitable growth, while complying with regulatory requirements. CCD considers risk an inextricable part of its development and consequently strives to promote a culture in which each of its employees and managers is responsible for risk management.

In the first nine months of fiscal 2014, CCD’s risk management policies and practices as well as the nature of the risks did not change significantly from those described on pages 28 to 47 of the 2013 Annual Report.

CCD’s objective in risk management is to optimize the risk-return trade-off, within set tolerance limits, by applying integrated risk management and control strategies, policies and procedures to all its activities. It also aims to provide, through its Integrated Risk Management Framework, a prudent and appropriate framework that complies with accepted accountability and independence principles. CREDIT RISK Credit risk is the risk of losses resulting from a borrower’s or counterparty’s failure to honour its contractual obligations, whether or not such obligations appear on the Consolidated Balance Sheets.

CCD is exposed to credit risk first through its direct business and government loans. It is also exposed through various other commitments, including letters of credit and transactions involving derivative financial instruments and securities. Additional credit risk information RISK EXPOSURE BY ASSET CLASS (EXPOSURE AT DEFAULT)(1) (in thousands of dollars) As at September 30, 2014 Exposure categories(2) Used Unused Off-balance sheet Net exposure exposure exposure(3) Total exposure(4) Standardized approach Sovereign borrowers $ 5,646,848 $ 1,009,242 $ 49,515 $ 6,705,605 $ 6,705,543 Financial institutions 23,206,260 2,345,284 3,554,837 29,106,381 27,140,229 Businesses 5,290,328 4,070,178 140,356 9,500,862 9,500,754 SMEs regarded as other retail client exposures 371 175 - 546 546 Mortgages 139,768 - - 139,768 139,768 Other retail exposures 1,619,050 - - 1,619,050 596 Securitization - 1,192,920 - 1,192,920 1,192,920 Trading portfolio - - 3,188,104 3,188,104 706,501 Total $ 35,902,625 $ 8,617,799 $ 6,932,812 $ 51,453,236 $ 45,386,857 (1) As mentioned on page 13, a reclassification in exposure at default has been done as of the third quarter of 2014, which led to a revised segmentation of risk-weighted assets.

Prior-period data have not been restated.

(2) The definition of exposure categories related to regulatory capital requirements differs from the accounting classification. (3) Including repo-style transactions, over-the-counter derivatives and other off-balance sheet exposures. (4) After using credit risk mitigation techniques, including collateral, guarantees and credit derivatives.

CAISSE CENTRALE DESJARDINS INTERIM FINANCIAL REPORT Third quarter – September 30, 2014 18 GROSS EXPOSURE BY ASSET CLASS(1) AND RISK TRANCHE (STANDARDIZED APPROACH)(2)(3) (in thousands of dollars) As at September 30, 2014 Risk tranches 0% 20% 35% 50% 75% 100% Other Total Sovereign borrowers $ 6,705,605 $ 6,705,605 Financial institutions - 28,824,608 - 281,773 - 29,106,381 Businesses - 156,480 - 2,518 - 9,332,547 9,382 9,500,927 SMEs regarded as other retail exposures - 546 - - 546 Mortgages - - 136,121 - - 3,647 - 139,768 Other retail exposures - 1,619,050 - - 1,619,050 Securitization - 1,192,920 - 1,192,920 Trading portfolio 3,507 3,110,334 - 372 - 73,822 69 3,188,104 Total $ 6,709,112 $ 33,284,342 $ 136,121 $ 2,890 $ 1,619,596 $ 9,691,789 $ 9,451 $ 51,453,301 (1) The definition of exposure categories related to regulatory capital requirements differs from the accounting classification.

(2) Exposures before individual allowances for credit losses and before CRM techniques. (3) As mentioned on page 13, a reclassification in exposure at default has been done as of the third quarter of 2014, which led to a revised segmentation of risk-weighted assets. Prior-period data have not been restated.

Counterparty and issuer risk Counterparty and issuer risk is a credit risk relative to different types of securities, derivative financial instruments and securities lending transactions. The Desjardins Group Risk Management Office sets the maximum exposure for each counterparty and issuer based on quantitative and qualitative criteria. The amounts are then allocated to different components based on their needs. A large proportion of CCD’s exposure is to the different levels of government in Canada, Quebec public and parapublic entities and major Canadian banks. For most of these counterparties and issuers, the credit rating is A- or higher.

In addition, CCD is not directly exposed to the sovereign debt of Argentina, Greece, Portugal, Italy, Ireland or Spain, and its exposure to U.S. and European financial institutions is low. Quality of loan portfolio CCD’s loan portfolio is of excellent quality. As at September 30, 2014, gross impaired loans outstanding stood at $13.0 million, down $2.3 million since December 31, 2013. The ratio of gross impaired loans to the total gross loan portfolio was less than 0.1% at the end of the third quarter, as was the case at the close of 2013.

Individual allowances for credit losses totalled $2.4 million as at September 30, 2014 for a total coverage ratio of 18.5%, compared to 21.8% as at December 31, 2013. The collective allowance was $64.2 million at the end of the third quarter, up $18.3 million since December 31, 2013 due to growth in the business loan portfolio. Furthermore, as at September 30, 2014 a $47.5 million allowance for risk related to off-balance sheet arrangements was recognized under “Other liabilities – Other” on the Consolidated Balance Sheets. This compares to an allowance of $34.0 million as at December 31, 2013.

The increase was due to growth in loan commitments.

IMPAIRED LOANS BY BORROWER CATEGORY (in thousands of dollars and as a percentage) As at September 30, 2014 As at December 31, 2013 Gross Net Net Gross impaired Individual impaired impaired loans loans allowances loans loans Members and other entities of the Desjardins network $ 21,061,985 - Personal 1,769,400 3,647 - 3,647 5,015 Business and government 5,995,152 9,376 2,413 6,963 6,989 Total $ 28,826,537 $ 13,023 $ 2,413 $ 10,610 $ 12,004 As a percentage of gross loans 0.05 % 0.04 % 0.05 % SPECIFIC COVERAGE RATIO (as a percentage) As at September 30, 2014 As at December 31, 2013 Impaired loan portfolio coverage ratio 18.5 % 21.8 %

CAISSE CENTRALE DESJARDINS INTERIM FINANCIAL REPORT Third quarter – September 30, 2014 19 MARKET RISK Market risk refers to the risk of changes in the fair value of financial instruments resulting from fluctuations in the parameters affecting this value, in particular, interest rates, exchange rates, credit spreads and their volatility. CCD is exposed to market risk primarily through positions taken in the course of its traditional financing and trading activities. CCD has adopted policies that set out the principles, limits and procedures to use in managing market risk.

Interest rate risk management CCD is exposed to interest rate risk, which represents the potential impact of interest rate fluctuations on net interest income and the economic value of equity.

This risk is the main component of market risk for CCD’s traditional banking activities other than trading, such as accepting deposits and granting loans, as well as for its securities portfolios used for long-term investment purposes and as liquidity reserves. Sound and prudent management is applied to optimize net interest income while minimizing the negative incidence of interest rate movements. The established policies describe the principles, limits and procedures that apply to interest rate risk management. Simulations are used to measure the effect of different variables on changes in net interest income and the economic value of equity.

Desjardins Group’s asset and liability management committee (the Asset/Liability Committee) is responsible for analyzing and approving the global matching strategy on a monthly basis while respecting the parameters defined in interest rate risk management policies. The following table presents the potential impact before income taxes on the non-trading portfolio of a sudden and sustained 100-basis-point increase or decrease in interest rates on net interest income and the economic value of equity.

INTEREST RATE SENSITIVITY (BEFORE INCOME TAXES) (in thousands of dollars) As at September 30, 2014 As at June 30, 2014 As at September 30, 2013 Net interest income(1) Economic value of equity(2) Net interest income(1) Economic value of equity(2) Net interest income(1) Economic value of equity(2) Impact of a 100-basis-point increase in interest rates $ 2,021 $ (1,366) $ (1,940) $ (3,988) $ 2,045 $ (2,904) Impact of a 100-basis-point decrease in interest rates 599 1,401 1,873 3,970 (3,120) 2,824 (1) Represents the sensitivity of net interest income for the next 12 months.

(2) Represents the sensitivity of the present value of assets, liabilities and off-balance sheet instruments. Interest rate sensitivity is based on the earlier of the repricing or the maturity date of the assets, liabilities and derivative financial instruments used to manage interest rate risk. The situation presented reflects the position only on the date indicated and can change significantly in subsequent quarters depending on the preferences of CCD members and clients, and the application of interest rate risk management policies. Some Consolidated Balance Sheet items are considered non-interest-rate-sensitive instruments, including non-performing loans, non-interest-bearing deposits, non-maturity deposits with an interest rate not referenced to a specific rate (such as the prime rate), and equity.

As dictated in its policies, CCD’s management practices are based on prudent assumptions with respect to the maturity profile used in its models to determine the interest rate sensitivity of such instruments.

FOREIGN EXCHANGE RISK Foreign exchange risk arises when the actual or expected value of assets denominated in a foreign currency is higher or lower than that of liabilities denominated in the same currency. In certain specific situations, CCD may become exposed to foreign exchange risk, particularly with respect to the U.S. dollar and the euro. This exposure mainly arises from its intermediation activities with members and clients, and its financing and investment activities. To ensure that this risk is properly controlled and its exposure is limited, CCD uses, among other things, derivative financial instruments such as forward exchange contracts and currency swaps.

CCD’s residual exposure to this risk is low because the majority of its transactions are conducted in Canadian dollars. Management of market risk related to trading activities – Value at risk The market risk of trading portfolios is managed on a daily basis under a specific policy. The main tool used to measure this risk is “Value at Risk” (VaR), which is an estimate of the potential loss over a certain period of time at a given confidence level.

CAISSE CENTRALE DESJARDINS INTERIM FINANCIAL REPORT Third quarter – September 30, 2014 20 A Monte Carlo VaR is calculated daily on the trading portfolios, using a 99% confidence level and a holding horizon of one day. It is therefore reasonable to expect a loss exceeding the VaR figure once every 100 days. The calculation of VaR is based on historical data for a one-year interval. The following table presents the aggregate VaR of trading activities by risk category as well as the diversification effect. Interest rate risk and foreign exchange risk are the two risk categories to which CCD is exposed.

The definition of a trading portfolio meets the various criteria defined in the Basel Capital Accord.

VaR BY RISK CATEGORY (TRADING PORTFOLIO) (in thousands of dollars) For the quarter ended September 30, 2014 For the quarter ended June 30, 2014 For the quarter ended September 30, 2013 As at September 30, 2014 Average High Low As at June 30, 2014 Average As at September 30, 2013 Average Foreign exchange $ 434 $ 474 $ 1,127 $ 145 $ 307 $ 723 $ 224 $ 190 Interest rate 698 825 1,235 476 826 1,474 517 603 Diversification effect(1) (363) (330) N/A(2) N/A(2) (251) (499) (139) (151) Aggregate VaR $ 769 $ 969 $ 1,429 $ 612 $ 882 $ 1,698 $ 602 $ 642 (1) Represents the risk reduction related to diversification, namely the difference between the sum of the VaRs for the various market risk categories and the aggregate VaR.

(2) Not applicable: The highs and lows of the various market risk categories can refer to different dates. Back testing Back testing, which is a daily comparison of the VaR with the profits and losses (P&L) on portfolios, is conducted to validate the VaR model used. CCD performs back testing daily, applying a hypothetical P&L to its trading portfolios. The hypothetical P&L is calculated by determining the difference in value resulting from changes in market conditions between two consecutive days. The portfolio mix between these two days remains static. The following chart presents changes in VaR for trading activities as well as P&L related to these activities.

During the third quarter of 2014, the hypothetical P&L did not exceed the VaR.

VaR COMPARED TO HYPOTHETICAL P&L FROM TRADING ACTIVITIES (in millions of dollars) -2 -1 1 2 2-Jul-14 16-Jul-14 30-Jul-14 14-Aug-14 28-Aug-14 12-Sep-14 26-Sep-14 Hypothetical P&L 99 % Monte Carlo VaR

CAISSE CENTRALE DESJARDINS INTERIM FINANCIAL REPORT Third quarter – September 30, 2014 21 LIQUIDITY RISK Liquidity risk refers to CCD’s capacity to raise the necessary funds (by increasing liabilities or converting assets) to meet a financial obligation, whether or not it appears on the Consolidated Balance Sheets. In its role as Treasurer to Desjardins Group, CCD is exposed to liquidity risk.

Liquidity risk is managed in order to ensure that Desjardins Group has timely and cost-effective access to the funds needed to meet its financial obligations as they become due, in both routine and crisis situations. Managing this risk involves maintaining a sufficient level of liquid securities, ensuring stable and diversified sources of funding, monitoring indicators and adopting a contingency plan to implement in the event of a liquidity crisis.

Liquidity risk management is a key component of the overall risk management strategy. Desjardins Group and CCD have established policies describing the principles, limits, risk appetite and tolerance thresholds as well as the procedures that apply to liquidity risk management. These policies are reviewed on a regular basis to ensure that they are appropriate for the operating environment and prevailing market conditions. They are also updated to reflect regulatory requirements and sound liquidity risk management practices.

The implementation of Basel III will strengthen international minimum liquidity requirements through the introduction of a liquidity coverage ratio (LCR) and a net stable funding ratio (NSFR).

The AMF recently issued guidance for application of the LCR effective 2015. The rules for applying NSFR requirements are still under review and should come into effect in 2018. Under its liquidity risk management policy, Desjardins Group already produces these two ratios and, during the interim observation period, presents them to the AMF on a regular basis. Desjardins Group intends to comply with the new standards once they become effective.

Liquidity risk measurement and monitoring Desjardins Group determines its liquidity needs by reviewing its current operations and evaluating its future forecasts for balance sheet growth and institutional funding conditions. Various analyses are used to determine the actual liquidity levels of assets and the stability of liabilities based on observed behaviours or contractual maturities. Maintaining reserves of high-quality liquid assets is required to offset potential cash outflows following a disruption in capital markets, or events that would restrict its access to funding or result in a serious run on deposits.

The minimum liquid asset levels to be maintained by the caisse network, the Federation (non-consolidated) and CCD are specifically prescribed by policies. Daily management of securities and the reserve level to be maintained is centralized at Desjardins Group Treasury and is subject to monitoring by the Risk Management Division under the supervision of Desjardins Group’s Finance and Risk Management Committee. Securities eligible for liquidity reserves must meet high security and negotiability criteria and provide assurance of their adequacy in the event of a severe liquidity crisis. The securities held are largely Canadian government securities.

In addition to regulatory ratios, a Desjardins-wide stress testing program has been set up. This program incorporates the concepts put forward by the Basel Committee on Banking Supervision in “Basel III: International Framework for Liquidity Risk Measurement, Standards and Monitoring”. These scenarios make it possible to measure the extent of potential cash outflows in a crisis situation, to implement liquidity ratios and levels to be maintained across Desjardins Group and to assess the potential marginal cost of such events, depending on the type, severity and level of the crisis. Sources of refinancing Core funding, which includes capital and a diversified deposit portfolio, is the foundation upon which CCD’s liquidity position depends.

Total deposits presented on the Consolidated Balance Sheets amounted to $33.2 billion as at September 30, 2014, up $5.9 billion since December 31, 2013. This growth was mainly due to market borrowing using short-term and medium-term notes, which is CCD’s preferred source of refinancing. In addition, CCD diversifies its refinancing sources in order to limit its dependence on a single currency.

Refinancing programs and strategies In order to secure long-term refinancing at the lowest cost on the market, CCD maintains an active presence in the federally-guaranteed mortgage loan securitization market under the National Housing Act (NHA) Mortgage-Backed Securities Program. In addition, to ensure stable refinancing, CCD diversifies its sources from institutional markets. It therefore regularly makes use of the financial markets when conditions are favourable and makes public and private issues of term notes on Canadian, U.S. and European markets as required.

CAISSE CENTRALE DESJARDINS INTERIM FINANCIAL REPORT Third quarter – September 30, 2014 22 The main programs currently used by CCD are: MAIN REFINANCING PROGRAMS As at September 30, 2014 Refinancing program Maximum authorized amount Medium-term notes (Canadian) $5 billion Covered bonds (multi-currency) €5 billion(1) Short-term notes (European) €3 billion Short-term notes (U.S) US$10 billion Medium-term notes (multi-currency) €7 billion (1) This maximum authorized amount covers CCD’s Structured Covered Bond Program (2011) and its Legislative Covered Bond Program (2014).

CCD also participated in new issues under the NHA Mortgage-Backed Securities Program. It was active in this market, with a total participation of $1.2 billion for the first nine months of 2014. During the same period, CCD also issued €1.0 billion in covered bonds on the European market, US$275.0 million in medium-term notes on the U.S. market, $700.0 million in medium-term notes on the Canadian market, and US$1.3 billion through its multi-currency medium-term note program. On October 22, 2014, CCD made a new issue of covered bonds for €1.0 billion on the European market. Outstanding notes issued under CCD’s medium-term refinancing programs amounted to $18.3 billion as at September 30, 2014, compared to $14.8 billion as at December 31, 2013.

Credit ratings of securities issued For CCD, maintaining competitive credit ratings is instrumental in accessing sources of wholesale funding, obtaining low funding costs and boosting Desjardins Group’s credibility and recognition among institutional investors and counterparties. The rating agencies analyze Desjardins Group primarily on a combined basis because CCD’s credit ratings are backed by Desjardins Group’s financial strength. The agencies recognize Desjardins Group’s solid capitalization, the stability of its operating surplus earnings, its significant market shares in Quebec and the quality of its assets.

In the first nine months of 2014, the four rating agencies confirmed CCD’s credit ratings. On June 11, 2014, Moody’s changed the outlook for the ratings of CCD and the six major Canadian banks from “stable” to “negative”. On August 9, 2014, Standard & Poor’s also downgraded the outlook for the ratings of the six major Canadian banks from “stable” to “negative”. This downgrade did not affect CCD, and the outlook for its rating remains “stable”. The agencies stated that the decision was essentially based on the possibility that the Canadian government could implement a “bail-in” regime for banks in the near future.

Desjardins Group’s regulatory authorities have not yet issued any statement on this regime.

CCD’s credit ratings therefore continue to be among the best of the major Canadian and international banking institutions. CREDIT RATINGS OF SECURITIES ISSUED DBRS Standard & Poor’s Moody’s Fitch Short-term R-1 (high) A-1 P-1 F1+ Medium- and long-term, senior AA A+ Aa2 AA- OPERATIONAL RISK Operational risk is the risk of inadequacy or failure attributable to processes, people, internal systems or external events and resulting in particular in losses, failure to achieve objectives or a negative impact on reputation.

Operational risk is inherent to all business activities as well as internal and outsourced activities.

It can lead to losses arising mainly from theft and fraud, damage to tangible assets, illegal acts, systems failures, unauthorized access to computer systems (cybercrime) or problems in process management. Operational risk management framework The primary objective of the operational risk management framework is to maintain operational risk at an acceptable level while focusing on the quality of service provided to members and clients of Desjardins Group and on organizational agility. Sound and prudent management is achieved by developing policies, guidelines and rules to regulate operational risk.

CCD efficiently and proactively manages events that could lead to operational risks by implementing practices for identifying, measuring, mitigating and monitoring operational risk and through adequate disclosure of such risk. The operational risk management framework is periodically reviewed based on regulatory authorities’ expectations and industry practices.

CAISSE CENTRALE DESJARDINS INTERIM FINANCIAL REPORT Third quarter – September 30, 2014 23 ADDITIONAL INFORMATION RELATED TO CERTAIN RISK EXPOSURES The following tables provide more detailed information on more complex, higher-risk financial instruments.

DERIVATIVE FINANCIAL INSTRUMENTS (in thousands of dollars) As at September 30, 2014 As at December 31, 2013 Notional Positive Negative Notional Positive Negative amounts value value amounts value value Credit default swaps(1) $ 267,985 $ 4,420 $ 259,540 $ 4,778 $ - Total return swaps(2) 1,239,213 583 853 1,137,181 34 3,288 (1) Credit default swaps are presented in the Consolidated Balance Sheets as derivative financial instruments. (2) These amounts do not include any amounts realized as part of securitization activities. Total return swaps are presented in the Consolidated Balance Sheets as derivative financial instruments.

LEVERAGED FINANCE LOANS AND SUBPRIME LOANS (in thousands of dollars) As at September 30, 2014 As at December 31, 2013 Leveraged finance loans(1) $ 205,592 $ 141,286 Alt-A mortgage loans (2) 29,322 32,136 Subprime residential mortgage loans(3) 1,477 1,461 (1) Leveraged finance loans are defined as loans to large corporations and finance companies whose credit ratings are between BB+ and D, and whose levels of indebtedness is very high compared to other companies in the same industry. (2) Alt-A mortgages are defined as loans to borrowers with non-standard income documentation. These loans are presented in the Consolidated Balance Sheets, under “Loans - Personal”, and are measured at amortized cost.

(3) Subprime residential mortgages are defined as loans to borrowers with a high credit risk profile. None of these loans is currently in default. Subprime residential mortgages are presented in the Consolidated Balance Sheets under “Loans - Personal” and are measured at amortized cost.

CAISSE CENTRALE DESJARDINS INTERIM FINANCIAL REPORT Third quarter – September 30, 2014 24 ADDITIONAL INFORMATION CONTROLS AND PROCEDURES During the interim period ended September 30, 2014, CCD did not make any changes to its internal control over financial reporting that had materially affected, or may materially affect, its operations.

The parties involved and their responsibilities regarding internal control are described on page 48 of the 2013 Annual Report. RELATED PARTY DISCLOSURES In the normal course of business, CCD offers financial services to related parties, including its associates and other related companies, and enters into agreements with them for operating services. It also pays its key management personnel compensation under normal market conditions. CCD has set up a process to obtain assurance that all transactions with its management personnel and the persons who are related to them have been carried out as arm’s-length transactions and in compliance with the applicable legislative framework.

Such related party transactions are presented in Note 28, "Related party disclosures", to CCD’s Annual Consolidated Financial Statements, on pages 123 and 124 of the 2013 Annual Report.

CRITICAL ACCOUNTING POLICIES AND ESTIMATES A description of the accounting policies used by CCD is essential to understanding the Annual and Interim Consolidated Financial Statements. The significant accounting policies are described in Note 2, “Significant accounting policies”, to CCD’s Annual Consolidated Financial Statements, on pages 65 to 79 of the 2013 Annual Report. Some of these policies are of particular importance in presenting CCD’s financial position and operating results because they require management to make judgments as well as estimates and assumptions that may affect the reported amounts of some assets, liabilities, income and expenses, as well as related information.

Explanations of the significant accounting policies that have required management to make difficult, subjective or complex judgments, often about matters that are inherently uncertain, are provided on pages 49 to 52 of the 2013 Annual Report. Except for the changes described in Note 3, “Change in accounting policies,” to the Interim Consolidated Financial Statements, no material change was made to these judgments, estimates, assumptions and accounting policies during the first nine months of 2014.

FUTURE ACCOUNTING CHANGES Accounting standards issued by the IASB but not yet effective as at December 31, 2013 are discussed in Note 4, “Future accounting changes”, to CCD’s Annual Consolidated Financial Statements, on page 82 of the 2013 Annual Report. The IASB has since issued the following amendments: IFRS 11, “Joint Arrangements” – Acquisition of an Interest in a Joint Operation In May 2014, the IASB issued amendments to IFRS 11, “Joint Arrangements”. These amendments specify that the principles for accounting for business combinations apply to the acquisition of an interest in a joint operation that constitutes a business, as defined in IFRS 3, “Business Combinations”.

The amendments to this standard are effective for annual periods beginning on or after January 1, 2016 and must be applied prospectively.

CAISSE CENTRALE DESJARDINS INTERIM FINANCIAL REPORT Third quarter – September 30, 2014 25 IFRS 15, “Revenue from Contracts with Customers” In May 2014, the IASB issued IFRS 15, “Revenue from Contracts with Customers”, which introduces a single, comprehensive revenue recognition model for all contracts with customers, other than those within the scope of other standards such as financial instruments. IFRS 15 therefore supersedes the two main revenue recognition standards, IAS 18, “Revenue” and IAS 11, “Construction Contracts”, as well as related interpretations. The core principle of this new standard is that revenue recognition should depict the transfer of goods or services in an amount that reflects the consideration received or expected to be received in exchange for these goods or services.

The new standard also provides more guidance on certain types of transactions and will result in an increase in disclosures related to revenue.

CCD is currently assessing the impact of adopting IFRS 15, which will be effective for annual periods beginning on or after January 1, 2017. IFRS 9, “Financial Instruments” In July 2014, the IASB issued the complete and final version of IFRS 9, “Financial Instruments”, which will replace IAS 39, “Financial Instruments: Recognition and Measurement”. IFRS 9 covers requirements concerning the classification and measurement of financial assets and liabilities, impairment of financial assets and hedge accounting.

IFRS 9 establishes a new classification and measurement model for financial assets to determine whether a financial asset must be classified as measured at amortized cost, at fair value through profit or loss or at fair value through other comprehensive income.

This model is based on the characteristics of the contractual cash flows of the financial asset and the business model under which it is held. For the classification and measurement of financial liabilities, the new standard essentially follows the current requirements under IAS 39.

The standard also introduces a single impairment model for financial assets that requires recognizing expected credit losses instead of incurred losses, which is the requirement under the current impairment model. The model provides for a multi-phase approach based on changes in credit quality since initial recognition. Lastly, IFRS 9 includes a new hedge accounting model to align hedge accounting more closely with risk management activities. IFRS 9 will be effective for annual periods beginning on or after January 1, 2018. CCD is currently assessing the impact of adopting this standard.

CAISSE CENTRALE DESJARDINS INTERIM FINANCIAL REPORT Third quarter – September 30, 2014 26 CONSOLIDATED BALANCE SHEETS (unaudited) As at As at (in thousands of Canadian dollars) Notes September 30, 2014 December 31, 2013 ASSETS Cash and deposits with financial institutions $ 561,231 $ 236,360 Securities 7 Securities at fair value through profit or loss 2,095,761 2,016,184 Available-for-sale securities 5,516,138 5,257,483 7,611,899 7,273,667 Securities purchased under reverse repurchase agreements 1,576,412 877,949 Loans 8 Members and other entities of the Desjardins network 21,061,985 16,236,067 Personal 1,769,400 1,782,295 Business and government 5,995,152 4,592,261 28,826,537 22,610,623 Allowance for credit losses 8 (66,588) (49,221) 28,759,949 22,561,402 Other assets Clients' liability under acceptances 813,700 985,150 Derivative financial instruments 11 2,667,924 2,375,996 Deferred tax assets 39,251 28,418 Other 403,709 444,758 3,924,584 3,834,322 TOTAL ASSETS $ 42,434,075 $ 34,783,700 LIABILITIES AND MEMBERS' EQUITY LIABILITIES Deposits 10 Individuals $ 149,889 $ 142,773 Business and government 29,063,206 23,242,563 Deposit-taking institutions 3,986,321 3,904,419 33,199,416 27,289,755 Other liabilities Acceptances 813,700 985,150 Commitments related to securities sold short 1,535,384 224,483 Commitments related to securities sold under repurchase agreements 230,421 538,236 Derivative financial instruments 11 2,028,350 2,064,425 Net defined benefit plan liabilities 37,008 28,028 Other 1,980,564 1,444,967 6,625,427 5,285,289 TOTAL LIABILITIES 39,824,843 32,575,044 MEMBERS' EQUITY Capital stock 2,587,206 2,187,206 Retained earnings 2,185 1,532 Accumulated other comprehensive income 13 18,374 18,451 General reserve 1,467 1,467 TOTAL MEMBERS' EQUITY 2,609,232 2,208,656 TOTAL LIABILITIES AND MEMBERS' EQUITY $ 42,434,075 $ 34,783,700 The accompanying notes are an integral part of the Condensed Interim Consolidated Financial Statements.

On behalf of the Board of Directors of Caisse centrale Desjardins, Monique F. Leroux, C.M., O.Q., FCPA, FCA Denis Paré, LL.L., D.D.N. Chair of the Board of Directors Vice-Chair of the Board of Directors

CAISSE CENTRALE DESJARDINS INTERIM FINANCIAL REPORT Third quarter – September 30, 2014 27 CONSOLIDATED STATEMENTS OF INCOME (unaudited) For the three-month periods For the nine-month periods ended September 30 ended September 30 (in thousands of Canadian dollars) Note 2014 2013 2014 2013 INTEREST INCOME Loans $ 147,056 $ 123,156 $ 419,145 $ 360,922 Securities 44,332 37,445 132,358 104,149 191,388 160,601 551,503 465,071 INTEREST EXPENSE Deposits 117,865 95,939 338,840 275,288 117,865 95,939 338,840 275,288 NET INTEREST INCOME 73,523 64,662 212,663 189,783 OTHER INCOME Deposit and payment service charges 5,379 5,215 16,810 15,640 Foreign exchange income 15,202 8,933 37,424 32,656 Trading activities 9,047 (2,471) 1,527 (14,199) Net gains (losses) on available-for-sale securities 660 (3,154) 11,833 (482) Credit fees 3,647 1,494 6,207 3,996 Management fees 1,125 981 3,373 2,909 Other 1,082 953 3,668 2,737 36,142 11,951 80,842 43,257 TOTAL INCOME 109,665 76,613 293,505 233,040 PROVISION FOR CREDIT LOSSES 8 15,183 410 29,999 5,189 94,482 76,203 263,506 227,851 NON-INTEREST EXPENSE Salaries and fringe benefits 11,030 9,410 32,246 28,210 Premises, equipment and furniture, including depreciation 2,573 2,168 7,941 6,462 Service agreements and outsourcing 9,675 9,384 29,577 27,727 Fees 1,632 1,703 5,208 5,242 Other 5,825 5,835 17,622 17,672 30,735 28,500 92,594 85,313 OPERATING INCOME BEFORE OTHER PAYMENTS TO THE DESJARDINS NETWORK 63,747 47,703 170,912 142,538 Other payments to the Desjardins network 10,399 9,327 31,070 28,718 OPERATING INCOME 53,348 38,376 139,842 113,820 Income taxes 14,226 9,660 35,303 23,248 Income tax recovery on remuneration on capital stock (12,191) (8,830) (31,132) (25,656) NET INCOME FOR THE PERIOD $ 51,313 $ 37,546 $ 135,671 $ 116,228 The accompanying notes are an integral part of the Condensed Interim Consolidated Financial Statements.

CAISSE CENTRALE DESJARDINS INTERIM FINANCIAL REPORT Third quarter – September 30, 2014 28 CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (unaudited) For the three-month periods For the nine-month periods ended September 30 ended September 30 (in thousands of Canadian dollars) 2014 2013 2014 2013 Net income for the period $ 51,313 $ 37,546 $ 135,671 $ 116,228 Other comprehensive income (net of income taxes) Item that will not be reclassified subsequently to the Consolidated Statements of Income Remeasurement of net defined benefit plan liabilities (832) 1,371 (6,991) 6,045 (832) 1,371 (6,991) 6,045 Items that will be reclassified subsequently to the Consolidated Statements of Income Net change in unrealized gains and losses on available-for-sale securities Net unrealized (losses) gains on available-for-sale securities (1,845) 466 8,701 (7,542) Reclassification to the Consolidated Statements of Income of (gains) losses on available-for-sale securities (500) 2,412 (8,960) 368 (2,345) 2,878 (259) (7,174) Net change in cash flow hedges Net losses on derivative financial instruments designated as cash flow hedges (1,134) (3,071) (1,825) (8,632) Reclassification to the Consolidated Statements of Income of losses on derivative financial instruments designated as cash flow hedges 274 315 1,992 1,199 (860) (2,756) 167 (7,433) Net unrealized foreign exchange gains (losses) on the translation of an investment in a foreign operation, net of losses of $1.1 million and $0.7 million on hedging transactions for the nine-month periods ended September 30, 2014 and 2013 (loss of 1,0 million and gain of $0.4 million, respectively, for the three-month periods) 29 14 15 (27) Total other comprehensive income (4,008) 1,507 (7,068) (8,589) COMPREHENSIVE INCOME FOR THE PERIOD $ 47,305 $ 39,053 $ 128,603 $ 107,639 The accompanying notes are an integral part of the Condensed Interim Consolidated Financial Statements.

INCOME TAXES ON OTHER COMPREHENSIVE INCOME The tax expense (recovery) related to each component of other comprehensive income for the period is presented in the following table: For the three-month periods For the nine-month periods ended September 30 ended September 30 (in thousands of Canadian dollars) 2014 2013 2014 2013 Item that will not be reclassified subsequently to the Consolidated Statements of Income Remeasurement of net defined benefit plan liabilities $ (304) $ 53 $ (2,552) $ 1,733 (304) 53 (2,552) 1,733 Items that will be reclassified subsequently to the Consolidated Statements of Income Net change in unrealized gains and losses on available-for-sale securities Net unrealized (losses) gains on available-for-sale securities (533) 137 2,672 (2,053) Reclassification to the Consolidated Statements of Income of (gains) losses on available-for-sale securities (160) 742 (2,873) 114 (693) 879 (201) (1,939) Net change in cash flow hedges Net losses on derivative financial instruments designated as cash flow hedges (365) (945) (586) (2,661) Reclassification to the Consolidated Statements of Income of losses on derivative financial instruments designated as cash flow hedges 88 97 639 375 (277) (848) 53 (2,286) (970) 31 (148) (4,225) Total income tax expense (recovery) $ (1,274) $ 84 $ (2,700) $ (2,492)

CAISSE CENTRALE DESJARDINS INTERIM FINANCIAL REPORT Third quarter – September 30, 2014 29 CONSOLIDATED STATEMENTS OF CHANGES IN MEMBERS' EQUITY (unaudited) For the nine-month periods ended September 30 Accumulated other Total Capital Retained comprehensive General members' (in thousands of Canadian dollars) stock earnings income (Note 13) reserve equity BALANCE AS AT DECEMBER 31, 2013 $ 2,187,206 $ 1,532 $ 18,451 $ 1,467 $ 2,208,656 Net income for the period - 135,671 - - 135,671 Other comprehensive income for the period - (6,991) (77) - (7,068) Comprehensive income for the period - 128,680 (77) - 128,603 Issuance of Class A capital shares 400,000 - 400,000 Remuneration on capital stock - (128,027 ( 128,027) BALANCE AS AT SEPTEMBER 30, 2014 $ 2,587,206 $ 2,185 $ 18,374 $ 1,467 $ 2,609,232 BALANCE AS AT DECEMBER 31, 2012 $ 1,887,206 $ (6,310) $ 34,581 $ 1,467 $ 1,916,944 Net income for the period - 116,228 - - 116,228 Other comprehensive income for the period - 6,045 (14,634) - (8,589) Comprehensive income for the period - 122,273 (14,634) - 107,639 Insurance of class A capital shares 300,000 - 300,000 Remuneration on capital stock - (110,210 ( 110,210) BALANCE AS AT SEPTEMBER 30, 2013 $ 2,187,206 $ 5,753 $ 19,947 $ 1,467 $ 2,214,373 The accompanying notes are an integral part of the Condensed Interim Consolidated Financial Statements.

CAISSE CENTRALE DESJARDINS INTERIM FINANCIAL REPORT Third quarter – September 30, 2014 30 CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) For the nine-month periods ended September 30 (in thousands of Canadian dollars) 2014 2013 CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES Operating income $ 139,842 $ 113,820 Non-cash adjustments: Depreciation of premises and equipment and amortization of intangible assets 3,871 3,383 Provision for credit losses 29,999 5,189 Net realized (gains) losses on available-for-sale securities (11,833) 482 Change in operating assets and liabilities: Securities at fair value through profit or loss (79,577) (519,545) Securities purchased under reverse repurchase agreements (698,463) (924,466) Loans (6,215,144) (2,916,109) Derivative financial instruments, net amount (328,003) (13,352) Deposits 5,909,661 3,542,833 Commitments related to securities sold short 1,310,901 946,293 Commitments related to securities sold under repurchase agreements (307,815) 111,597 Other 568,989 (50,802) Income taxes recovered (paid) 3,392 (1,348) 325,820 297,975 CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES Issuance of Class A capital shares 400,000 300,000 Remuneration on capital stock paid (162,213) (144,508) 237,787 155,492 CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES Purchase of available-for-sale securities (21,501,327) (10,945,239) Proceeds from disposals of available-for-sale securities 8,520,755 4,909,756 Proceeds from maturities of available-for-sale securities 12,726,096 5,380,600 Acquisition of premises and equipment and intangible assets (2,624) (10,608) (257,100) (665,491) Net increase (decrease) in cash and cash equivalents 306,507 (212,024) Cash and cash equivalents at beginning of period 140,743 454,690 CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 447,250 $ 242,666 Supplemental information on cash flows from (used in) operating activities Interest paid $ 203,472 $ 263,321 Interest received 380,269 490,593 The accompanying notes are an integral part of the Condensed Interim Consolidated Financial Statements.

CAISSE CENTRALE DESJARDINS INTERIM FINANCIAL REPORT Third quarter – September 30, 2014 31 NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS (unaudited) NOTE 1 – INFORMATION ON CAISSE CENTRALE DESJARDINS NATURE OF OPERATIONS Caisse centrale Desjardins du Québec (CCD), created on June 22, 1979, is a cooperative institution that offers a range of financial services to Desjardins Group, governments, public and parapublic sector institutions, individuals, medium-sized businesses and large corporations. It serves the needs of the Fédération des caisses Desjardins du Québec (the Federation), the Desjardins caisses (the member caisses) and other Desjardins Group components.

CCD’s mandate is to provide institutional funding for the Desjardins network and to act as financial agent, in particular by supplying interbank exchange services, including clearing house settlements. CCD’s activities on the Canadian and international markets complement those of other Desjardins Group entities. The Desjardins network comprises the entities included in the scope of Desjardins Group and other entities related to it. The address of its head office is 1170 Peel Street, Suite 600, Montreal, Quebec, Canada.

NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES GENERAL INFORMATION STATEMENT OF COMPLIANCE Pursuant to the Act Respecting Financial Services Cooperatives, these unaudited Condensed Interim Consolidated Financial Statements (the Interim Consolidated Financial Statements) have been prepared by CCD’s management in accordance with the International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB), more specifically in accordance with International Accounting Standard (IAS) 34, “Interim Financial Reporting”, and the accounting requirements of the Autorité des marchés financiers (AMF) in Quebec, which do not differ from IFRS.

These Interim Consolidated Financial Statements should be read in conjunction with the audited Annual Consolidated Financial Statements (the Annual Consolidated Financial Statements) for the year ended December 31, 2013, and the shaded areas of section 4.1, “Risk management”, of the related Management’s Discussion and Analysis, which are an integral part of the Annual Consolidated Financial Statements. All accounting policies were applied as described in Note 2, “Significant accounting policies”, to the Annual Consolidated Financial Statements, except for the change described in Note 3, “Change in accounting policies”.

These Interim Consolidated Financial Statements were approved by the Board of Directors of CCD on November 13, 2014. PRESENTATION AND FUNCTIONAL CURRENCY These Interim Consolidated Financial Statements are expressed in Canadian dollars, which is also the functional currency of CCD. Dollar amounts presented in the tables of the Notes to the Interim Consolidated Financial Statements are in thousands of dollars, unless otherwise stated.

CAISSE CENTRALE DESJARDINS INTERIM FINANCIAL REPORT Third quarter – September 30, 2014 32 NOTE 3 – CHANGE IN ACCOUNTING POLICIES OFFSETTING FINANCIAL ASSETS AND LIABILITIES On January 1, 2014, CCD adopted the amendments to IAS 32, “Financial Instruments: Presentation”.

The amendments specify the criteria for offsetting financial assets and financial liabilities, including the legally enforceable and unconditional right to set off and the simultaneous realization of the asset and settlement of the liability. The adoption of the amendments to IAS 32 had no impact on CCD’s profit or loss and financial position. NOTE 4 – FUTURE ACCOUNTING CHANGES Accounting standards issued by the IASB but not yet effective as at December 31, 2013 are discussed in Note 4, “Future accounting changes”, to the Annual Consolidated Financial Statements. The IASB has since issued the following amendments: IFRS 11, “Joint Arrangements” – Acquisition of an interest in a joint operation In May 2014, the IASB issued amendments to IFRS 11, “Joint Arrangements”.

These amendments specify that the principles for accounting for business combinations apply to the acquisition of an interest in a joint operation that constitutes a business as defined in IFRS 3, “Business Combinations”. The amendments to this standard are effective for annual periods beginning on or after January 1, 2016 and must be applied prospectively. IFRS 15, “Revenue from Contracts with Customers” In May 2014, the IASB issued IFRS 15, “Revenue from Contracts with Customers”, which introduces a single, comprehensive revenue recognition model for all contracts with customers, other than those within the scope of other standards such as financial instruments.

IFRS 15 therefore supersedes the two main revenue recognition standards, IAS 18, “Revenue” and IAS 11, “Construction Contracts”, as well as related interpretations. The core principle of this new standard is that revenue recognition should depict the transfer of goods or services in an amount that reflects the consideration received or expected to be received in exchange for these goods or services. The new standard also provides more guidance on certain types of transactions and will result in an increase in disclosures related to revenue.

CCD is currently assessing the impact of adopting IFRS 15, which will be effective for annual periods beginning on or after January 1, 2017. IFRS 9, “Financial Instruments” In July 2014, the IASB issued the complete and final version of IFRS 9, “Financial Instruments”, which will replace IAS 39, “Financial Instruments: Recognition and Measurement”. IFRS 9 covers requirements concerning the classification and measurement of financial assets and liabilities, impairment of financial assets and hedge accounting.

IFRS 9 establishes a new classification and measurement model for financial assets to determine whether a financial asset must be classified as measured at amortized cost, at fair value through profit or loss or at fair value through other comprehensive income.

This model is based on the characteristics of the contractual cash flows of the financial asset and the business model under which it is held. For the classification and measurement of financial liabilities, the new standard essentially follows the current requirements under IAS 39.

The standard also introduces a single impairment model for financial assets that requires recognizing expected credit losses instead of incurred losses, which is the requirement under the current impairment model. The model provides for a multi-phase approach based on changes in credit quality since initial recognition. Lastly, IFRS 9 includes a new hedge accounting model in order to align hedge accounting more closely with risk management activities. IFRS 9 will be effective for annual periods beginning on or after January 1, 2018. CCD is currently assessing the impact of adopting this standard.

CAISSE CENTRALE DESJARDINS INTERIM FINANCIAL REPORT Third quarter – September 30, 2014 33 NOTE 5 – CARRYING AMOUNT OF FINANCIAL INSTRUMENTS CLASSIFICATION AND CARRYING AMOUNT OF FINANCIAL INSTRUMENTS The following tables present the carrying amount of all financial assets and liabilities according to their classification in the categories defined in the financial instrument standards as well as the carrying amount of financial instruments designated as hedging instruments. At fair value through profit or loss Loans and Designated as receivables, Derivatives at fair value and financial designated Held for through Available- liabilities at as hedging As at September 30, 2014 trading profit or loss for-sale amortized cost instruments (2) Total Financial assets Cash and deposits with financial institutions $ 561,231 $ 561,231 Securities Securities at fair value through profit or loss 2,046,832 48,929 - 2,095,761 Available-for-sale securities - - 5,516,138 - - 5,516,138 Securities purchased under reverse repurchase agreements - 1,576,412 - 1,576,412 Loans(1) - 28,759,949 - 28,759,949 Other financial assets Clients’ liability under acceptances - 813,700 - 813,700 Derivative financial instruments 2,061,176 - 606,748 2,667,924 Other - 376,664 - 376,664 Total financial assets $ 4,108,008 $ 48,929 $ 5,516,138 $ 32,087,956 $ 606,748 $ 42,367,779 Financial liabilities Deposits $ 33,199,416 $ 33,199,416 Other financial liabilities Acceptances - 813,700 - 813,700 Commitments related to securities sold short 1,535,384 - 1,535,384 Commitments related to securities sold under repurchase agreements - 230,421 - 230,421 Derivative financial instruments 1,897,379 - 130,971 2,028,350 Other - 1,980,564 - 1,980,564 Total financial liabilities $ 3,432,763 $ 36,224,101 $ 130,971 $ 39,787,835 (1) For more information, see Note 8, “Loans and allowance for credit losses”.

(2) For details on derivatives designated as hedging instruments, see Note 11, “Derivative financial instruments and hedging activities”.

CAISSE CENTRALE DESJARDINS INTERIM FINANCIAL REPORT Third quarter – September 30, 2014 34 NOTE 5 – CARRYING AMOUNT OF FINANCIAL INSTRUMENTS (continued) CLASSIFICATION AND CARRYING AMOUNT OF FINANCIAL INSTRUMENTS (continued) At fair value through profit or loss Loans and Designated as receivables, Derivatives at fair value and financial designated Held for through Available- liabilities at as hedging As at December 31, 2013 trading profit or loss for-sale amortized cost instruments(2) Total Financial assets Cash and deposits with financial institutions $ 236,360 $ 236,360 Securities Securities at fair value through profit or loss 1,766,239 249,945 - 2,016,184 Available-for-sale securities - - 5,257,483 - - 5,257,483 Securities purchased under reverse repurchase agreements - 877,949 - 877,949 Loans (1) - 22,561,402 - 22,561,402 Other financial assets Clients’ liability under acceptances - 985,150 - 985,150 Derivative financial instruments 2,012,249 - 363,747 2,375,996 Other - 416,053 - 416,053 Total financial assets $ 3,778,488 $ 249,945 $ 5,257,483 $ 25,076,914 $ 363,747 $ 34,726,577 Financial liabilities Deposits $ 27,289,755 $ 27,289,755 Other financial liabilities Acceptances - 985,150 - 985,150 Commitments related to securities sold short 224,483 - 224,483 Commitments related to securities sold under repurchase agreements - 538,236 - 538,236 Derivative financial instruments 1,923,138 - 141,287 2,064,425 Other - 1,444,967 - 1,444,967 Total financial liabilities $ 2,147,621 $ 30,258,108 $ 141,287 $ 32,547,016 (1) For more information, see Note 8, “Loans and allowance for credit losses”.

(2) For details on derivatives designated as hedging instruments, see Note 11, “Derivative financial instruments and hedging activities”.

CAISSE CENTRALE DESJARDINS INTERIM FINANCIAL REPORT Third quarter – September 30, 2014 35 NOTE 6 – FAIR VALUE OF FINANCIAL INSTRUMENTS DETERMINATION OF THE FAIR VALUE OF FINANCIAL INSTRUMENTS There is little subjectivity in the determination of the fair value of financial instruments, especially securities and commitments related to securities sold short, obtained from quoted prices on active markets. This fair value is based on the quoted price within the bid-ask spread that is most representative of fair value in the circumstances.

If there are no quoted prices on active markets, fair value is determined using models that maximize the use of observable inputs and minimize the use of unobservable inputs.

In such cases, fair value estimates are established using valuation techniques such as cash flow discounting, comparisons with similar financial instruments, option pricing models and other valuation techniques commonly used by market participants, if these techniques have been demonstrated to provide reliable estimates. Valuation techniques rely on assumptions concerning the amount and timing of estimated future cash flows and discount rates that are mainly based on observable data, such as interest rate yield curves, exchange rates, credit curves and volatility factors. When one or several material inputs are not observable on the market, fair value is determined mainly based on internal inputs and estimates that take into account the characteristics specific to the financial instrument and any factor relevant to the measurement.

For complex financial instruments, a significant judgment is made in determining the valuation technique to be used and in selecting inputs and adjustments associated with this technique. Due to the need to use estimates and make judgments when applying many valuation techniques, fair value estimates for identical or similar assets may differ between entities. Fair value reflects market conditions on a given date and may not be representative of future fair values. It should not be considered as being realizable in the event of immediate settlement of these instruments.

For more information on the valuation techniques used to determine the fair value of the main financial instruments, refer to Note 2, “Significant accounting policies”, to the Annual Consolidated Financial Statements. Financial instruments whose fair value equals carrying amount The carrying amount of certain financial instruments that mature in the next 12 months is a reasonable approximation of their fair value. These financial instruments include the following items: “Cash and deposits with financial institutions”, “Securities purchased under reverse repurchase agreements”, “Clients’ liability under acceptances”, some items included in “Other assets – Other”, “Acceptances”, “Commitments related to securities sold under repurchase agreements” and some items included in “Other liabilities - Other”.

FAIR VALUE OF FINANCIAL INSTRUMENTS The following table presents financial instruments whose carrying amount does not equal fair value: As at September 30, 2014 As at December 31, 2013 Carrying amount Fair value Carrying amount Fair value Financial assets Loans $ 28,759,949 $ 28,796,973 $ 22,561,402 $ 22,619,243 Financial liabilities Deposits 33,199,416 33,302,997 27,289,755 27,326,446

CAISSE CENTRALE DESJARDINS INTERIM FINANCIAL REPORT Third quarter – September 30, 2014 36 NOTE 6 – FAIR VALUE OF FINANCIAL INSTRUMENTS (continued) HIERARCHY OF FINANCIAL INSTRUMENTS MEASURED AT FAIR VALUE The fair value measurement of financial instruments is determined using the following three-level fair value hierarchy:  Level 1 – Measurement based on quoted prices (unadjusted) in active markets for identical assets or liabilities;  Level 2 – Valuation techniques based primarily on observable market data;  Level 3 – Valuation techniques not based primarily on observable market data.

The following tables present the hierarchy for financial instruments measured at fair value in the Consolidated Balance Sheets. As at September 30, 2014 Level 1 Level 2 Level 3 Total Financial assets Financial assets at fair value through profit or loss Securities at fair value through profit or loss Debt securities issued or guaranteed by Canadian governmental entities $ 758,710 $ 538,765 $ 1,297,475 Provincial governmental entities and municipal corporations in Canada 460,965 - - 460,965 Foreign public administrations 9,963 - - 9,963 Other securities Financial institutions - 327,358 - 327,358 Other issuers - Equity securities - 1,229,638 866,123 - 2,095,761 Derivative financial instruments Interest rate contracts - 699,391 - 699,391 Foreign exchange contracts - 773,867 - 773,867 Other contracts - 1,194,666 - 1,194,666 - 2,667,924 - 2,667,924 Total financial assets at fair value through profit or loss 1,229,638 3,534,047 - 4,763,685 Available-for-sale financial assets Available-for-sale securities Debt securities issued or guaranteed by Canadian governmental entities 1,775,419 363,046 - 2,138,465 Provincial governmental entities and municipal corporations in Canada 3,040,648 - - 3,040,648 Foreign public administrations - 31,757 - 31,757 Other securities Financial institutions - 305,268 - 305,268 Total available-for-sale financial assets 4,816,067 700,071 - 5,516,138 Total financial assets $ 6,045,705 $ 4,234,118 $ 10,279,823 Financial liabilities Financial liabilities held for trading Other liabilities Commitments related to securities sold short $ 1,535,384 $ 1,535,384 1,535,384 - - 1,535,384 Derivative financial instruments Interest rate contracts - 648,282 - 648,282 Foreign exchange contracts - 201,331 - 201,331 Other contracts - 1,178,737 - 1,178,737 - 2,028,350 - 2,028,350 Total financial liabilities $ 1,535,384 $ 2,028,350 $ 3,563,734

CAISSE CENTRALE DESJARDINS INTERIM FINANCIAL REPORT Third quarter – September 30, 2014 37 NOTE 6 – FAIR VALUE OF FINANCIAL INSTRUMENTS (continued) HIERARCHY OF FINANCIAL INSTRUMENTS MEASURED AT FAIR VALUE (continued) As at December 31, 2013 Level 1 Level 2 Level 3 Total Financial assets Financial assets at fair value through profit or loss Securities at fair value through profit or loss Debt securities issued or guaranteed by Canadian governmental entities $ 995,895 $ 408,194 $ 1,404,089 Provincial governmental entities and municipal corporations in Canada 199,141 - - 199,141 Other securities Financial institutions - 412,954 - 412,954 1,195,036 821,148 - 2,016,184 Derivative financial instruments Interest rate contracts - 844,768 - 844,768 Foreign exchange contracts - 405,707 - 405,707 Other contracts - 1,124,534 987 1,125,521 - 2,375,009 987 2,375,996 Total financial assets at fair value through profit or loss 1,195,036 3,196,157 987 4,392,180 Available-for-sale financial assets Available-for-sale securities Debt securities issued or guaranteed by Canadian governmental entities 1,726,863 - - 1,726,863 Provincial governmental entities and municipal corporations in Canada 2,853,570 - - 2,853,570 Foreign public administrations - 34,524 - 34,524 Other securities Financial institutions - 642,526 - 642,526 Total available-for-sale financial assets 4,580,433 677,050 - 5,257,483 Total financial assets $ 5,775,469 $ 3,873,207 $ 987 $ 9,649,663 Financial liabilities Financial liabilities held for trading Other liabilities Commitments related to securities sold short $ 224,483 $ 224,483 224,483 - - 224,483 Derivative financial instruments Interest rate contracts - 843,908 - 843,908 Foreign exchange contracts - 99,924 - 99,924 Other contracts - 1,119,606 987 1,120,593 - 2,063,438 987 2,064,425 Total financial liabilities $ 224,483 $ 2,063,438 $ 987 $ 2,288,908 According to CCD’s policy, transfers between hierarchy levels for instruments measured at fair value are made at the reporting date.

During the nine-month period ended September 30, 2014, the total return swaps were transferred from Level 3 to Level 2 to reflect the valuation methodology for these securities. During the year ended December 31, 2013, no transfers attributable to changes in the observability of market data were made between hierarchy levels for instruments measured at fair value.

CAISSE CENTRALE DESJARDINS INTERIM FINANCIAL REPORT Third quarter – September 30, 2014 38 NOTE 6 – FAIR VALUE OF FINANCIAL INSTRUMENTS (continued) FAIR VALUE OF FINANCIAL INSTRUMENTS CATEGORIZED WITHIN LEVEL 3 Valuation process for financial instruments categorized within Level 3 CCD has implemented various key controls and procedures to ensure that financial instruments categorized within Level 3 are appropriate and reliably measured. The financial governance framework provides for independent monitoring and segregation of duties in that respect. As at September 30, 2014, CCD no longer held any financial assets and liabilities categorized within Level 3.

As at December 31, 2013, the only assets and liabilities categorized within this level were the two total return swaps. CCD used third parties to independently measure every day the values of variables that served as some of the inputs to the valuation model used for the total return swaps, and any significant difference was analyzed. In addition, the results from this model with respect to the fair value measurement of these securities were frequently compared with certain credit indexes and other relevant indicators. To that effect, a scorecard that presented, in particular, an overview of the credit markets and indicators that can be used to follow up on the values and the main risks arising from the total return swaps, was regularly sent to the members of a committee that supported the Management Committee of Desjardins Group.

Every quarter, this committee approved the fair value of the total return swaps as well as their measurement methodology.

Sensitivity of financial instruments categorized within Level 3 CCD performed sensitivity analyses to measure the fair value of financial instruments categorized within Level 3. Changing unobservable inputs to one or more reasonably possible alternative assumptions could significantly change the fair value of financial instruments categorized within Level 3, namely the total return swaps. As at September 30, 2014 No financial instruments were categorized within Level 3. As at December 31, 2013 The following table presents the impact of a 10% change in credit spreads on the fair value of the total return swaps, including the impact of changing unobservable inputs to certain reasonably possible alternative assumptions.

As at December 31, 2013 10% increase in 10% decrease in credit spreads credit spreads Asset Total return swap $ 933 $ (958) Liability Total return swap 933 (958)

CAISSE CENTRALE DESJARDINS INTERIM FINANCIAL REPORT Third quarter – September 30, 2014 39 NOTE 6 – FAIR VALUE OF FINANCIAL INSTRUMENTS (continued) FAIR VALUE OF FINANCIAL INSTRUMENTS CATEGORIZED WITHIN LEVEL 3 (continued) Changes in fair value of financial instruments categorized within Level 3 The following tables present the changes in fair value of financial instruments categorized within Level 3 of the hierarchy, namely financial instruments whose fair value is determined using valuation techniques not based mainly on observable market data.

Balance at Unrealized gains/ Instruments beginning of losses recognized transferred from Balance at For the nine-month period ended September 30, 2014 period in profit or loss (1) Level 3 end of period Financial assets Financial assets at fair value through profit or loss Derivative financial instruments Other contracts Total return swap $ 987 $ (543) $ (444) $ - Total financial assets $ 987 $ (543) $ (444) $ - Financial liabilities Financial liabilities held for trading Derivative financial instruments Other contracts Total return swap $ 987 $ (543) $ (444) $ - Total financial liabilities $ 987 $ (543) $ (444) $ - Balance at Unrealized gains/ Instruments beginning of losses recognized transferred from Balance at For the nine-month period ended September 30, 2013 period in profit or loss(1) Level 3 end of period Financial assets Financial assets at fair value through profit or loss Derivative financial instruments Other contracts Total return swap $ 26,043 $ (20,268 $ 5,775 Total financial assets $ 26,043 $ (20,268 $ 5,775 Financial liabilities Financial liabilities held for trading Derivative financial instruments Other contracts Total return swap $ 26,333 $ (20,558 $ 5,775 Total financial liabilities $ 26,333 $ (20,558 $ 5,775 (1) Unrealized gains or losses on financial assets held for trading and designated as at fair value through profit or loss are presented under “Trading activities”.

CAISSE CENTRALE DESJARDINS INTERIM FINANCIAL REPORT Third quarter – September 30, 2014 40 NOTE 6 – FAIR VALUE OF FINANCIAL INSTRUMENTS (continued) FAIR VALUE OF FINANCIAL INSTRUMENTS CATEGORIZED WITHIN LEVEL 3 (continued) As at September 30, 2014 CCD no longer has any financial assets or liabilities categorized within Level 3. As at December 31, 2013 The following table presents the main techniques and inputs used to measure the fair value of financial instruments categorized within Level 3. Main valuation As at December 31, 2013 Fair value techniques Unobservable inputs Input value ranges Financial assets Derivative financial instruments Recovery rate (B, C) 13% to 55% Total return swap $ 987 Internal model(1) Probability of default (A, C) 1% to 87% Total financial assets $ 987 Financial liabilities Derivative financial instruments Recovery rate (B, C) 13% to 55% Total return swap $ 987 Internal model(1) Probability of default (A, C) 1% to 87% Total financial liabilities $ 987 (1) The fair value of total return swaps is determined using a model that takes into account the credit spreads of the credit default swaps as well as assumptions on recovery rates and probabilities of default for each of the transactions underlying the financial instrument.

Fair value sensitivity to changes in unobservable inputs (A) An increase (decrease) in this unobservable input, taken individually, generally results in an increase (decrease) in fair value. (B) An increase (decrease) in this unobservable input, taken individually, generally results in a decrease (increase) in fair value. (C) An increase (decrease) in the probability of default is generally accompanied by a decrease (increase) in the recovery rate.

CAISSE CENTRALE DESJARDINS INTERIM FINANCIAL REPORT Third quarter – September 30, 2014 41 NOTE 7 – SECURITIES UNREALIZED GAINS AND LOSSES ON AVAILABLE-FOR-SALE SECURITIES The following tables present unrealized gains and losses on available-for-sale securities.

Amortized Unrealized Unrealized Carrying As at September 30, 2014 cost gross gains gross losses amount Debt securities issued or guaranteed by: Canadian governmental entities $ 2,127,612 $ 11,055 $ (202) $ 2,138,465 Provincial governmental entities and municipal corporations in Canada 3,024,533 16,452 (337) 3,040,648 Foreign public administrations 31,419 469 (131) 31,757 Other securities Financial institutions 304,750 600 (82) 305,268 $ 5,488,314 $ 28,576 $ (752) $ 5,516,138 Amortized Unrealized Unrealized Carrying As at December 31, 2013 cost gross gains gross losses amount Debt securities issued or guaranteed by: Canadian governmental entities $ 1,723,706 $ 7,557 $ (4,400) $ 1,726,863 Provincial governmental entities and municipal corporations in Canada 2,837,052 16,782 (264) 2,853,570 Foreign public administrations 34,546 354 (376) 34,524 Other securities Financial institutions 637,848 4,771 (93) 642,526 $ 5,233,152 $ 29,464 $ (5,133) $ 5,257,483 Impairment losses recognized During the three-month and nine-month periods ended September 30, 2014 and 2013, CCD concluded that there was no objective evidence of material impairment.

CAISSE CENTRALE DESJARDINS INTERIM FINANCIAL REPORT Third quarter – September 30, 2014 42 NOTE 8 – LOANS AND ALLOWANCE FOR CREDIT LOSSES LOANS, IMPAIRED LOANS AND ALLOWANCE FOR CREDIT LOSSES The following tables present the credit quality of loans. Gross loans Gross loans Gross neither past due past due but impaired Individual Collective As at September 30, 2014 nor impaired not impaired loans allowances allowance Net loans Members and other entities of the Desjardins network $ 21,061,985 $ 21,061,985 Personal 1,761,317 4,436 3,647 - 2,062 1,767,338 Business and government 5,985,684 92 9,376 2,413 62,113 5,930,626 $ 28,808,986 $ 4,528 $ 13,023 $ 2,413 $ 64,175 $ 28,759,949 Gross loans Gross loans Gross neither past due past due but impaired Individual Collective As at December 31, 2013 nor impaired not impaired loans allowances allowance Net loans Members and other entities of the Desjardins network $ 16,236,067 $ 16,236,067 Personal 1,774,342 2,938 5,015 - 2,420 1,779,875 Business and government 4,581,935 - 10,326 3,337 43,464 4,545,460 $ 22,592,344 $ 2,938 $ 15,341 $ 3,337 $ 45,884 $ 22,561,402 GROSS LOANS PAST DUE BUT NOT IMPAIRED The following table presents the aging of gross loans that are past due but not impaired.

1 to 30 to 60 to 90 days 29 days 59 days 89 days and more Total As at September 30, 2014 $ 15 $ 3,904 $ 517 $ 92 $ 4,528 As at December 31, 2013 $ 122 $ 2,354 $ 462 $ 2,938 ALLOWANCES FOR CREDIT LOSSES The following table presents the changes in allowances for credit losses. For the nine-month periods ended September 30 2014 2013 Balance at beginning of period $ 83,217 $ 81,929 Provision for credit losses 29,999 5,189 Write-offs and recoveries 590 (470) Exchange rate fluctuations 248 190 Balance at end of period $ 114,054 $ 86,838 Composed of: Allowance for credit losses $ 66,588 $ 53,843 Allowance for off-balance sheet credit commitments(1) 47,466 32,995 Total $ 114,054 $ 86,838 (1) The allowance for off-balance sheet credit commitments is presented under “Other liabilities – Other”.

CAISSE CENTRALE DESJARDINS INTERIM FINANCIAL REPORT Third quarter – September 30, 2014 43 NOTE 9 – COVERED BONDS During the first quarter of 2014, CCD completed a new issue of covered bonds in an amount of €1 billion. Structured entities are in place to guarantee principal and interest payments owing to the holders of the covered bonds issued by CCD. The operations of each of these entities are included in the Consolidated Financial Statements of CCD as they are controlled by CCD. CCD granted financing to each of these entities to facilitate the acquisition of the assets by one or another of them for purposes of guaranteeing the covered bonds issued.

Under the terms and conditions of each of the issuance agreements, CCD has limited access to the assets that are legally owned by one or another of these structured entities. These assets do not meet the recognition criteria, neither for the relevant structured entities nor for CCD, and are therefore not recognized in their respective balance sheets. The covered bonds, amounting to $4,206.7 million as at September 30, 2014 ($2,652.7 million as at December 31, 2013), are presented under “Deposits – Business and government” in the Consolidated Balance Sheets.

NOTE 10 – DEPOSITS Deposits consist of demand deposits (payable on demand) and term deposits (payable on a fixed date). Demand deposits are interest-bearing or non- interest-bearing deposits, primarily accounts with chequing privileges, for which CCD does not have the right to require notice prior to withdrawal. Term deposits are interest-bearing deposits, primarily fixed-term deposit accounts, guaranteed investment certificates or other similar instruments, with a term that generally varies from 1 day to 10 years, and mature on a predetermined date.

The following tables present the breakdown of deposits.

Payable Payable As at September 30, 2014 on demand on a fixed date Total Individuals $ 131,265 $ 18,624 $ 149,889 Business and government 1,199,498 27,863,708 29,063,206 Deposit-taking institutions 1,195,038 2,791,283 3,986,321 $ 2,525,801 $ 30,673,615 $ 33,199,416 Payable Payable As at December 31, 2013 on demand on a fixed date Total Individuals $ 123,444 $ 19,329 $ 142,773 Business and government 1,241,921 22,000,642 23,242,563 Deposit-taking institutions 641,082 3,263,337 3,904,419 $ 2,006,447 $ 25,283,308 $ 27,289,755

CAISSE CENTRALE DESJARDINS INTERIM FINANCIAL REPORT Third quarter – September 30, 2014 44 NOTE 11 – DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES The following table presents the fair value of derivative financial instruments recognized in the Consolidated Balance Sheets. As at September 30, 2014 As at December 31, 2013 Notional Notional amount Assets Liabilities amount Assets Liabilities Designated as hedging instruments Fair value hedges $ 25,830,358 $ 606,161 $ 129,842 $ 22,210,976 $ 363,337 $ 88,067 Cash flow hedges 1,136,600 587 1,129 890,800 410 53,220 Total - Designated as hedging instruments 26,966,958 606,748 130,971 23,101,776 363,747 141,287 Trading purposes 169,779,067 2,061,176 1,897,379 150,589,482 2,012,249 1,923,138 Total derivative financial instruments before impact of master netting agreements 196,746,025 2,667,924 2,028,350 173,691,258 2,375,996 2,064,425 Less: Impact of master netting agreements (1) - 310,298 310,298 - 510,996 510,996 Total derivative financial instruments after impact of master netting agreements $ 196,746,025 $ 2,357,626 $ 1,718,052 $ 173,691,258 $ 1,865,000 $ 1,553,429 (1) Impact of offsetting credit exposure when CCD holds master netting agreements without the intention of settling on a net basis or simultaneously.

HEDGING ACTIVITIES The following table presents the net amounts related to the ineffectiveness of fair value hedges and cash flow hedges that are recognized under “Trading activities” in the Consolidated Statements of Income.

For the three-month periods For the nine-month periods ended September 30 ended September 30 2014 2013 2014 2013 Fair value hedge ineffectiveness $ 9,491 $ 2,007 $ 8,545 $ (3,235) Cash flow hedge ineffectiveness (253) (43) (254) (25) Net investment in a foreign operation hedge ineffectiveness(1) - (1) CCD uses foreign currency deposits maturing in the 12 months following the reporting date as hedging instruments for a net investment in a foreign operation. The fair value of these deposits was $21.4 million as at September 30, 2014 ($20.0 million as at September 30, 2013).

NOTE 12 – CAPITAL MANAGEMENT The capital management function covers all Desjardins Group operations, including those of CCD.

Accordingly, the description of CCD’s capital management and the manner in which it meets its capital management objectives is derived from the orientation followed for all Desjardins Group operations. The goal of capital management at Desjardins Group is to ensure that a sufficient level of high-quality capital is maintained for the following reasons: to have flexibility for its development, to maintain favourable credit ratings and to maintain the confidence of depositors and capital markets. CCD’s capital ratios are calculated according to the AMF’s guideline on adequacy of capital base standards applicable to financial services cooperatives (the guideline) and are expressed as a percentage of regulatory capital over risk-weighted assets.

In addition, section 46 of the Act respecting the Mouvement Desjardins stipulates that CCD shall maintain an adequate capital base consistent with sound and prudent management, in accordance with the standards of the Federation (approved by the AMF). Furthermore, the member federations formally undertook to maintain CCD’s total capital at an amount that maintains the capital/assets ratio and the total capital ratio at minimum levels that correspond to established standards. Since January 1, 2014, the measures and requirements related to the credit valuation adjustment (CVA) charge have been phased in as set out in the guideline.

This phased-in charge will reach 100% by 2019 for each of the capital ratios.

CCD maintains a general reserve that can be used only to eliminate a deficit. During the nine-month periods ended September 30, 2014 and 2013, no transfer to retained earnings was made. CCD was in compliance with the regulatory requirements with respect to minimum capital as at September 30, 2014, as it was in the previous year.

CAISSE CENTRALE DESJARDINS INTERIM FINANCIAL REPORT Third quarter – September 30, 2014 45 NOTE 13 – ACCUMULATED OTHER COMPREHENSIVE INCOME The following table presents the main components of “Accumulated other comprehensive income” (net of taxes).

As at September 30, 2014 As at December 31, 2013 Items that will be reclassified subsequently to the Consolidated Statements of Income Net unrealized gains on available-for-sale securities $ 20,947 $ 21,205 Net losses on derivative financial instruments designated as cash flow hedges (2,463) (2,629) Net unrealized exchange losses on the translation of an investment in a foreign operation, net of a $1.2 million loss ($0.2 million loss in 2013) on hedging transactions (110) (125) Accumulated other comprehensive income $ 18,374 $ 18,451 NOTE 14 – NET INCOME (LOSS) ON SECURITIES AT FAIR VALUE THROUGH PROFIT OR LOSS FINANCIAL INSTRUMENTS HELD FOR TRADING The following table presents the impact of income from financial instruments held for trading on the Consolidated Statements of Income.

For the three-month periods For the nine-month periods ended September 30 ended September 30 2014 2013 2014 2013 Income Net interest income $ 2,926 $ 5,268 $ 14,648 $ 10,691 Other income (loss) 9,462 (1,168) 3,623 (9,470) $ 12,388 $ 4,100 $ 18,271 $ 1,221 FINANCIAL INSTRUMENTS DESIGNATED AS AT FAIR VALUE THROUGH PROFIT OR LOSS The following table presents the impact of income from financial instruments designated as at fair value through profit or loss on the Consolidated Statements of Income.

For the three-month periods For the nine-month periods ended September 30 ended September 30 2014 2013 2014 2013 Income Net interest income $ 622 $ 2,804 $ 3,890 $ 10,383 Other income (loss) (525) (2,178) (3,320) (7,755) $ 97 $ 626 $ 570 $ 2,628

CAISSE CENTRALE DESJARDINS INTERIM FINANCIAL REPORT Third quarter – September 30, 2014 46 NOTE 15 – SEGMENTED INFORMATION RESULTS BY BUSINESS SEGMENT The following tables provide a summary of CCD’s financial results by business segment. Business and Institutional Services(1) Desjardins Group Treasury Other Total For the three-month periods ended September 30 2014 2013 2014 2013 2014 2013 2014 2013 Net interest income $ 34,874 $ 28,417 $ 36,747 $ 34,573 $ 1,902 $ 1,672 $ 73,523 $ 64,662 Other income 18,896 14,786 16,683 (3,306) 563 471 36,142 11,951 Total income $ 53,770 $ 43,203 $ 53,430 $ 31,267 $ 2,465 $ 2,143 $ 109,665 $ 76,613 (1) For the three-month period ended September 30, 2014, the U.S.

branch’s total income amounted to $0.9 million ($0.7 million for the three-month period ended September 30, 2013).

Business and Desjardins Group Institutional Services(1) Treasury Other Total For the nine-month periods 2014 2013 2014 2013 2014 2013 2014 2013 ended September 30 Net interest income $ 94,527 $ 82,154 $ 112,574 $ 102,742 $ 5,562 $ 4,887 $ 212,663 $ 189,783 Other income 50,852 44,739 28,266 (2,967) 1,724 1,485 80,842 43,257 Total income $ 145,379 $ 126,893 $ 140,840 $ 99,775 $ 7,286 $ 6,372 $ 293,505 $ 233,040 (1) For the nine-month period ended September 30, 2014, the U.S. branch’s total income amounted to $2.4 million ($2.0 million for the nine-month period ended September 30, 2013).

SEGMENT ASSETS Business and Desjardins Group Institutional Services(1) Treasury Other Total As at September 30, 2014 $ 8,318,993 $ 33,888,779 $ 226,303 $ 42,434,075 As at December 31, 2013 $ 7,111,005 $ 27,483,629 $ 189,066 $ 34,783,700 (1) As at September 30, 2014, the U.S.

branch’s assets amounted to $87.2 million compared to $89.9 million as at December 31, 2013.

CAISSE CENTRALE DESJARDINS INTERIM FINANCIAL REPORT Third quarter – September 30, 2014 47 HEAD OFFICE 1170, Peel Street, Suite 600 Montreal, Québec, Canada H3B 0B1 Telephone: 514-281-7070 Fax: 514-281-7083 Internet: www.desjardins.com/caissecentrale Toronto Office 25 York Street, Suite 1000 P.O. Box 404 Toronto, Ontario, Canada M5J 2V5 Telephone: 416-599-0381 Fax: 416-599-5172 Calgary Office 110 - 9th Avenue SW, Suite 410 Calgary, Alberta, Canada T2P 0T1 Toll-free: 1-877-532-6601 Fax: 403-532-6641 OUTSIDE CANADA UNITED STATES Caisse centrale Desjardins U.S. Branch 1001, East Hallandale Beach Blvd., Suite 200 Hallandale Beach, FL, USA 33009-4429 Telephone: 954-456-5058 Fax: 954-457-7927 Desjardins Bank N.A.

Head Office 1001, East Hallandale Beach Blvd. Hallandale Beach, FL, USA 33009-4429 Telephone: 954-454-1001 Fax: 954-457-7927 EUROPE Desjardins Representative Office 6, avenue de Provence 75009 Paris, FRANCE Telephone: +33(0)1 45 96 96 40 Email:paris@ccd.desjardins.com