Caisse Centrale Establishes MTN Programme

On July 15, 2003, Caisse centrale Desjardins du Qu├ębec filed a short form base shelf prospectus providing for the issuance of an aggregate principal amount of up to $2 billion medium term deposit notes. On July 21, Caisse centrale completed an offering of $310 million floating rate deposit notes maturing July 21, 2006, issued under that programme. Net proceeds resulting from the issuance of these notes will be used by Caisse centrale to carry out its functions as financial agent of the Desjardins Group. The dealer syndicate was led by BMO Nesbitt Burns Inc. and Desjardins Securities Inc., and included Scotia Capital Inc., TD Securities Inc., CIBC World Markets Inc., RBC Dominion Securities Inc., Merrill Lynch Canada Inc., National Bank Financial Inc., Laurentian Bank Securities Inc., Casgrain & Company Limited, Deutsche Bank Securities Ltd. and Societe Generale Securities Inc.

Caisse centrale was represented by in-house counsel, and the dealers were represented by Paul Raymond, Solomon Sananes and Thierry Dorval of Ogilvy Renault in Montreal.