Speech 2011 AGM - André Lachapelle, President of the Board of Directors of the Company

Honoured guests,

Members of the Board of Directors,

Dear shareholders,

Esteemed Desjardins colleagues,

Ladies and Gentlemen,

Welcome to the 10^th Annual General Meeting of Capital régional et coopératif Desjardins, and thank you for accepting our invitation to join us today. We always take pleasure and satisfaction in a job well done when we share our results of the past year with you, a reflection of the fine work of an exceptional team.

As you may have noticed, we've chosen to change the layout of our Activity Report this year. Our goal in this regard is simple. We'd like this document to be a promotional and business development tool to provide a slightly more tangible and dynamic demonstration of how our actions enable us to invest in Québec.

The Québec economy has fared well despite disruptions affecting global markets in constant flux, and we're pleased to present to you the sound results of Capital régional et coopératif Desjardins. The vitality of investments impacting the Québec economy is a clear sign that the Company's mission of promoting Québec's economic development is still relevant and necessary, and a source of hope for the future.

That being said, at the close of fiscal 2010:

• Capital régional's net assets passed the billion-dollar mark, totalling $1.02 billion;
• Our per share value climbed to $9.91, logging its fourth consecutive semi-annual rise;
• Our shareholders numbered 111,476;
• New commitments totalled $227.9 million in 78 companies, cooperatives and funds, helping to create and maintain more than 36,000 jobs.

The popularity of Capital régional shares did not wane in 2010 with subscriptions totalling $181.0 million. On January 7, 2011, the Company announced that the $150 million authorized capitalization for the issue that went on sale in April 2010 had sold out completely, well ahead of the February 28, 2011 deadline. Clearly, such results would have been impossible without the strong promotional power of the caisse network. Through the unfailing efforts of the advisors who sell its shares, Capital régional has the means to fund entrepreneurs and their projects.

Furthermore, our Board members make significant contributions to the Company's development and are a driving force behind our success. Bringing together their diverse expertise and deep commitment, they underpin our ongoing work to support economic development across all of Québec's regions—. for that, I extend my heartfelt thanks!

I'd like to pay special tribute to the long years of service of two Board members, Lorrain Barrette and Gilbert Beaulieu, whose terms ended in April 2010. They were on the Board at the Company's inception in 2001, and I express my sincere gratitude to them for contributing their expertise to furthering our mission. Lastly, I'd like to wish the most cordial of welcomes to Jean-Claude Loranger, who joined the Board of Directors in April 2010.

Last November, we were extremely proud to learn that Marie-Claude Boisvert, Chief Operating Officer of Desjardins Venture Capital, our Company's manager, had been named one of Canada's Most Powerful Women: Top 100 in the Corporate Executives category. Organized by the Women's Executive Network (WXN) of Toronto, these awards salute women who have been exceptional achievers in their careers and stand as examples or mentors for others. With her astute business acumen, Ms. Boisvert is recognized and admired for her listening skills, acute analytical sense, doing the right thing at the right time and her exceptional availability. She is passionate about Capital régional's business development and truly believes in the need to support Québec's regional economic development.

I would like to congratulate you! Many thanks to you and to all of your team for your role in making Capital régional et coopératif Desjardins a champion and defender of Québec entrepreneurship.

Building on our past successes and encouraged by favourable economic conditions for growth, we view 2011 with confidence and determination. We will keep up the momentum with targeted, prudent and well-planned actions, as evidenced by our first investments in partnership with the Caisse de dépôt et placement du Québec. We will continue to target promising sectors, such as technological innovation, with the Desjardins – Innovatech fund, and agriculture, with the Fonds d'investissement pour la relève agricole, which supports the next generation of farmers.

At the same time, we're staying the course on Capital régional's 2010-2012 strategic planning objectives:

• Ensure adequate capitalization to meet our business objectives;

The provincial budget tabled last week helped in this respect by awarding Capital régional an increase in its capitalization limit to raise the ceiling to $1.250 billion.

This is excellent news and – in 2011, and until the new limit is reached – will allow the Company to continue to raise $150 million per capitalization period.

On behalf of my fellow members of the Board of Directors and our manager's entire team, I would like to thank the Québec government for its continued confidence and support.

And now, let's continue with the strategic planning objectives. By the end of 2012, we intend to:

• Promote the Desjardins cooperative difference through employee-shareholder cooperatives, primarily in buyouts;
• Become a reference in business transfer financing;
• Renew our shareholder base, and
• Achieve overall performance to fully realize our mission.

I'm convinced that the depth of our manager's team, coupled with the highly profitable collaboration with the Desjardins network, will allow Capital régional to continue focusing on Québec economic development to build sustainable prosperity and grow collective wealth.

And to our shareholders, I extend my thanks for the trust you place in us. More and more of us believe in supporting Québec economic development, and you are an important part of that.

And now, I'll give the floor to our General Manager, Bruno Morin.