ANNUAL INFORMATION FORM FÉDÉRATION DES CAISSES DESJARDINS DU QUÉBEC Year ended December 31, 2020 March 11, 2021 TABLE OF CONTENTS AR incorporated AIF by reference Information incorporated by reference ............................................................. 4 Caution concerning forward-looking statements ............................................... 4 Business structure ............................................................................................. 6 Name, address and incorporation ................................................................ 6 Members and auxiliary members ................................................................. 8 Investment funds .......................................................................................... 9 General development of the business .............................................................. 9 Description of business ..................................................................................... 20 Desjardins Group ......................................................................................... 20 Fédération des caisses Desjardins du Québec ........................................... 20 26-38 Caisse Network ............................................................................................ 24 Regulation and control ................................................................................. 28 7-10 Regulatory capital and capital management ................................................ 35 48-52 Competitive conditions ................................................................................. 37 26-38 Trademarks, trade names and service marks ............................................. 37 Social and environmental policies ............................................................... 38 Risk factors .................................................................................................. 38 54-82 Capital structure ............................................................................................... 39 75-78, 172 General description ...................................................................................... 39 Notes and Obligations .................................................................................. 39 75-78 Credit ratings ................................................................................................ 39 Market for securities .......................................................................................... 41 75-77 Covered bonds………………………………………………………………….. 41 Notes…………………………………………………………………………… 42 Directors and executive officers ........................................................................ 44 Directors ....................................................................................................... 44 Executive officers ......................................................................................... 48 Securities held by directors and executive officers ..................................... 49 Cease trade orders or bankruptcies ............................................................ 49 Penalties or sanctions .................................................................................. 49 Conflicts of interest ...................................................................................... 50 Legal proceedings ............................................................................................ 50 Transfer agent and registrar .............................................................................. 50 Interests of experts ............................................................................................ 50 Page 2 AR incorporated AIF by reference Additional disclosure ............................................................................................... 50 Outstanding securities ....................................................................................... 50 Transactions with restricted parties and related parties .................................... 51 83-84, 187 Indebtedness of directors and executive officers............................................... 51 Auditors .............................................................................................................. 51 Additional information .............................................................................................. 51 Statement of the Federation’s executive officer compensation .............................. 52 Director compensation ............................................................................................ 78 Audit committee information .................................................................................... 80 Corporate governance disclosure ........................................................................... 82 189-212 Board of Directors .............................................................................................. 82 Independent directors ........................................................................................ 82 Non-independent directors and basis for that determination ............................. 82 Directorships with other reporting issuers or the equivalent .............................. 83 Independent directors and regularly scheduled meetings at which 83 non-independent directors are not in attendance ......................................... Attendance record .............................................................................................. 84 211 Mandate of the Board of Directors ..................................................................... 84 211 Position description ............................................................................................ 85 Orientation and continuing education ................................................................ 86 Business ethics .................................................................................................. 86 Nomination of directors ...................................................................................... 87 189-212 Compensation .................................................................................................... 88 Other Board committees .................................................................................... 88 Performance reviews ......................................................................................... 90 195 Schedules A – Rating categories by credit rating agency B – Audit and Inspection Commission Charter (Federation) C – Policy: Independent auditors of Desjardins Group AIF: Annual Information Form of the Federation for the fiscal year ended December 31, 2020 AR: Annual Report of the Federation for the fiscal year ended December 31, 2020 Page 3 INFORMATION INCORPORATED BY REFERENCE Certain information contained in this Annual Information Form has been taken from the Annual Report of the Fédération des caisses Desjardins du Québec (Federation) for the fiscal year ended December 31, 2020 (Annual Report) and has been incorporated by reference in this Annual Information Form as indicated in the table of contents. The Annual Report of the Federation is available on the SEDAR website at www.sedar.com. Unless otherwise indicated or if the context otherwise requires, the expression “Federation” refers to the Fédération des caisses Desjardins du Québec and its direct and indirect subsidiaries, its predecessor entities or its other constituent entities or the other entities controlled by it. CAUTION CONCERNING FORWARD-LOOKING STATEMENTS The Federation’s public communications often include oral or written forward-looking statements, within the meaning of applicable securities legislation, particularly in Quebec, Canada and the United States. Such forward-looking statements are contained in this Annual Information Form and may be incorporated in other filings with Canadian regulators or in any other communications. The forward-looking statements include, but are not limited to, comments about the Federation’s objectives regarding financial performance, priorities, operations, the review of economic conditions and financial markets, as well as the outlook for the Quebec, Canadian, U.S. and global economies, and the possible impact of the COVID-19 pandemic on its operations, results and financial position, as well as on economic conditions and financial market. Such forward-looking statements are typically identified by words or phrases such as “believe”, “expect”, “anticipate”, “intend”, “estimate”, “plan”, “forecast”, “aim” 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, the assumptions made may be incorrect, or that the predictions, forecasts or other forward-looking statements as well as the Federation’s objectives and priorities may not materialize or may prove to be inaccurate and that actual results differ materially. Furthermore, the uncertainty created by the COVID-19 pandemic has greatly increased this risk by adding to the difficulty of making assumptions, predictions, forecasts or other forward-looking statements compared with previous periods. The Federation cautions readers against placing undue reliance on forward-looking statements since a number of factors, many of which are beyond the Federation’s control and the effects of which can