On behalf of the Board of Directors, I am pleased to present CaisseDesjardins des Hauts-Boisés’s Annual Report for the 2012 fiscalyear. I would like to start by thanking you for the confidence andthe interest you have shown in your financial services cooperative.You are a member of your Caisse because it meets your needs. Weare always working to better support you in your financialdecisions. That goal is at the heart of the Caisse’s new businessplan and of the Desjardin Group strategic plan.

FINANCIAL RESULTS THAT BENEFIT US ALLAs you can see in the financial statements that follow, CaisseDesjardins des Hauts-Boisés had good results in 2012, with asurplus of $1,359,000. This enabled our Caisse to continueinvesting in improving services while supporting the socio-economic development of our community. In 2012, the Caisseredistributed $278,522 in dividends and investments in thecommunity. We are proud to be making a difference for ourmembers and the community through the guidance we provide andthrough our support for various projects.

THE COOPERATIVE DIFFERENCE TAKES MANY FORMSAt Caisse Desjardins des Hauts-Boisés, we have developed anaction plan for cooperation and commitment to make the specialrelationship we already have with our members and communityeven stronger. Desjardins Group was named “Best CorporateCitizen in Canada” in 2012. The honour is recognition of ourfinancial group as a national leader in social and environmentalperformance, as well as in governance.

Let’s take a broader look back on 2012: International Year ofCooperatives. Desjardins Group marked this special year byorganizing the first International Summit of Cooperatives, inpartnership with the International Cooperative Alliance (ICA) andNova Scotia’s Saint Mary’s University.

Held in October in Quebec City and Lévis, the unique forumbrought together 2,800 people from 91 countries and was aplatform for thought-provoking talks about business issues specificto cooperatives. It was also an opportunity to highlight theimportant contribution that cooperatives make to society and theeconomy.

DEVELOPING SERVICES FOR YOUDuring the year, your Caisse invested in ongoing education andtraining in our employees to ensure that they maintain the highlevel of expertise you need and expect. At the same time, wecontinued to expand our range of products and services. Early inthe year, we launched the Desjardins Ready-to-Drive Loan, whichprovides a number of advantages when purchasing a new or usedautomobile or recreational vehicle. We also extended our mobileservices to smartphones and tablets, which use the Androïdoperating system.

We are also finding new ways in which you can conduct businesswith your Caisse. You can visit one of our service centers or ATMsto do your banking. You can also access the services availablethrough AccèsD, 24 hours a day, 7 days a week, by phone, Internet,or on your mobile device. Desjardins never stops working toimprove the services that you need.

MORE OF US COOPERATING EVERY DAYServing 7,584 members is a privilege and a responsibility that wetake seriously. And elected officers, General Manager, Mr. MichelNadeau, and all other managers and employees of the Caisse, sharethis responsibility. I would like to thank them all for their hardwork and their spirit of service.

The year 2012 showed once again that when we cooperate, we canachieve great things. As a positive, people-oriented force,cooperation could play an even bigger role in society and the

economy. Take advantage of everythingthat Desjardins has to offer you, and ascooperators, invite new members to join usin cooperating every day.

Together, we will build a better world.

Caisse des Hauts-BoisésANNUAL REPORT

Jean-Claude Cassidy

President

Board of Directors

REPORT FROM THE PRESIDENT OF THE BOARD OF DIRECTORS

HEAD OFFICE15, rue Principale EstCookshire (Quebec) J0B 1M0

Phone: 819 875-3325Fax: 819 875-5657

SERVICE CENTRESBuryLa PatrieLingwickSawyerville

Every year, with support and guidance from the Board ofDirectors and the Board of Supervision, your Caisse strives tomeet all of your financial needs and provide you with access to awide range of products and services. Member satisfactionunderpins everything your Caisse does. Other goals include afocus on bringing our cooperative difference to the forefront andon improving financial literacy. The International Year ofCooperatives provided an opportunity to renew our commitmentand promote the cooperative model, so that it will continue toprosper.

It is with great pride that I present the financial results for CaisseDesjardins des Hauts-Boisés, as well as the share of activities inDesjardins Group subsidiaries, as at December 31, 2012. SinceJanuary 1, 2011, caisses have used new accounting standards fortheir financial statements, the International Financial ReportingStandards (IFRS), as issued by the International AccountingStandards Board (IASB).

A FINANCIAL SITUATION REPRESENTATIVE OF OUR COMMITMENTBacked by $287,683,000 in business under management, anincrease of 6.58% over last year, the Caisse is extremely wellpositioned in its market. As part of Desjardins Group, the Caissehas access to a complete line of financial products and servicesto meet the ever-growing needs of its 7,584 members.

BALANCE SHEETThe assets of your financial cooperative reached $171,375,000,an increase of 7.27% over last year. Personal and business loansrepresent $152,182,000, showing growth of 6.7%. Caisseliabilities were $157,105,000, representing growth of 7.2%.Borrowings now total $48,586,000, an increase of 15.7%.

As at December 31, 2012, your cooperative’s equity showedsolid growth at $14,270,000, an increase of 7.79%. In addition tocapital stock, equity is made up of distributable surplus earningsof $123,000, permanent shares of $3,135,000 and reserves of$10,557,000. The Caisse total of the general reserve andappreciation reserve was $9,518,000. Caisse capital, meanwhile,is in compliance with the Basel II capital standards. Thesefigures demonstrate the financial stability of the Caisse andreassure our members.

STATEMENT OF INCOMEInterest income totalled $6,176,000, a decrease of 0.9%compared to last year. Interest expenses, meanwhile, rose by3.3%, a difference of $70,000 from the previous year. While

provision for credit losses was nil, your Caisse recovered$17,000. During the past year, your Caisse generated operatingsurplus earnings of $884,000, up 221.1% compared to theprevious year.

Other income, generated largely from the distribution ofDesjardins components’ products and services, was $1,770,000,up 3.4% compared to last year. Other expenses also show asubstantial decrease of 9.3%.

DIVIDENDS, PART OF OUR COLLECTIVE DIFFERENCEThis year, with respect to the distribution of surplus earnings, weare proposing an individual member dividend of $186,845 and acollective member dividend of $77,647. This calculation wasarrived at by seeking to strike a balance between surplusearnings, growth and capitalization. In view of the currenteconomic and financial context, it is important for your Caisse,and for Desjardins Group as a whole, to strengthen itscapitalization, because a well-capitalized caisse is necessary tosupport business growth and thereby ensure our future.

CONCLUSIONYour Caisse is a group working together to provide you with theindividual expertise of each and every employee. There isn’t justone person helping achieve your financial goals and realize yourdreams; 41 Caisse employees and a Group numbering over45,000 are at your service. So I would like to recognize theaccomplishments of the women and men at the Caisse. Withouttheir hard work, professionalism and dedication, we would notbe able to achieve our goals and participate so actively in thefinancial well-being of our members and our community.

These results are also a consequence of paying close attention toyour needs. Please let us know what you think about us andabout our products and services. Your feedback is what helps usget better.

MESSAGE FROM THE GENERAL MANAGER Michel Nadeau

General Manager

Over the past year, we held five meetings and participated in twospecial meetings with the Board of Directors of the Caisse,which kept us informed about important projects, such as, the2013–2015 Strategic Plan. Participating in these meetings helpsus understand the Caisse’s actions and decisions, so that we canbetter fulfil our role and responsibilities, while maintaining ahealthy distance from the Board of Directors. In line with thefinal year of the 2010–2012 Strategic Plan, the Board ofSupervision has ensured that the decisions and activities of theCaisse were consistent with the cooperative mission, directionand values, and that the Caisse put in place the measures neededto achieve member satisfaction goals, in terms of the cooperativedifference.

In order to fully meet our responsibilities, the members of theBoard have ensured that above and beyond sales, profitabilityand growth objectives, the officers and employees of the Caissehave demonstrated integrity and respect for the interests of themembers and the community.

Accordingly, we have ensured that business practices putmember needs first, that the Caisse has taken steps to ensure thefinancial education of members by providing information toassist them in managing their finances, and ensured that itsservices are accessible to all of its client groups. The Board hasalso noted that the Caisse has taken measures to communicateeffectively with its members, in particular, by publishingnewsletters and items on its website. Furthermore, the Boardensured that the Caisse established mechanisms for cooperatingwith other caisses in the region with respect to advertisingefforts, sponsorships and donations.

In terms of cooperative and Desjardins values and Caisseactivities and development, the Board of Supervision alsolooked at whether ethical considerations played a role in theCaisse’s decisions and actions. Namely, that the potential impacton individuals (officers, employees and members), the

community and the environment was taken into account. One ofthe Board of Supervision’s key responsibilities is to identifysituations that violate Desjardins Group’s principles and rules ofprofessional conduct. To that end, various tools are madeavailable to us, and we cover this topic at every meeting. Ourreport on the supervision of activities of professional conduct isas follows:

1. Conflicts of interest

No conflict of interest situations were noted.

2. Loans granted to restricted parties

Total loans granted during the past year to restricted parties ofthe Caisse and their related parties amounted to $1,774,146.All were granted in accordance with the applicable rules ofethics and professional conduct.

3. Non-loan contracts granted to restricted parties under theCode

During the same period, the Caisse awarded three non-loancontracts, other than a loan contract totalling $5,037, torestricted parties and their related parties, as defined under theDesjardins Group Code of Ethics and Professional Conduct.These loans were granted in accordance with the applicablerules of ethics and professional conduct.

Finally, the main priorities of our Caisse for the coming yearsare integrity, respect for member rights, cooperative, economicand financial education, and community involvement. The Boardof Supervision is committed to working with the Caisse Board ofDirectors and general management to meet these challengeseffectively.

REPORT FROM THE CHAIR OF THEBOARD OF SUPERVISION Madeleine P. Lapointe

President

Board of Supervision

BOARD OF SUPERVISIONMADELEINE P. LAPOINTE ChairJOSÉE BRETON* SecretarySUZANNE PERRON Member

OFFICERS

BOARD OF DIRECTORSJEAN-CLAUDE CASSIDY PresidentROBERT PROTEAU Vice-presidentCLAUDETTE CLOUTIER SecretaryJACQUES BUREAU* DirectorCLÉMENT CHARRON* DirectorGÉRARD CLOUTIER DirectorLUCIE FOUCAULT* DirectorMARTHE LAPIERRE* DirectorSYLVAIN LESSARD DirectorALAIN ROUSSEAU* DirectorROSAIRE ROY* DirectorSUZANNE ROY DirectorFRANÇOIS BLOUIN Young Intern Officer

* Outgoing officers

APPROVAL OF THE ANNUAL REPORT

We hereby certify that the 11th Annual Report of CaisseDesjardins des Hauts-Boisés fulfils the requirements of theAct respecting financial services cooperatives and that thisAnnual Report was duly approved by the Caisse Board ofDirectors.

Jean-Claude CassidyPresident

Robert ProteauVice-president

Last year was a remarkable one for cooperatives around theworld. The United Nations (UN) declared 2012 the InternationalYear of Cooperatives, highlighting how collective organizationshelp build a better world. In the words of the Secretary-Generalof the United Nations, Ban Ki-Moon, “Cooperatives are areminder to the international community that it is possible topursue both economic viability and social responsibility.”Did you know that cooperatives have a combined membershipof over one billion, provide 100 million jobs and have combinedsales of over $1 trillion? Desjardins marked this special year byinviting the world to the International Summit of Cooperativesin Quebec City and Lévis from October 8–11, 2012. Almost2,800 participants from 91 countries attended the event, whichhad a full schedule squarely focused on the opportunity to dobusiness differently.

Your Caisse expresses its cooperative difference in many ways:by putting your needs first within its service offer, paying outmember dividends, contributing to the cooperative, economicand financial education of members, providing support forcommunity and cooperative development, and making decisionsbased on democratic processes. As a cooperative institution,your Caisse ensures that its services are accessible to you andmeet all of your needs. As member-owners, you can participatein and vote on the actions of the Caisse and its results. You arealso invited to participate in the decision-making processconcerning the distribution of next year’s surplus earnings.

Your Caisse is committed to investing in the community throughits Community Development Fund. This past year, $22,796 wasinvested to support different projects. Your Caisse also granted atotal of $54,852 in donations and sponsorships to support othersprojects. All of the activities that took place during this specialyear demonstrate that now, more than ever, the cooperativemodel is part of the solution to our current economic, social and environmental problems. Thank you for being a part of,becoming involved in, and believing that cooperative enterprisescontribute to building a better world.

COOPERATIVE DIFFERENCE REPORT

INVESTMENTFUNDS

Shares held as at AverageINVESTMENT FUNDS December 31, 2012 return

Provincial Funds

Caisse centrale Desjardins (CCD) $2,180,575 7.84%Société de Services des caisses Desjardins (SER) $(1,291) .—%Desjardins Venture Capital (INV) $68,923 19.62%Northwest & Etiques, VMD (RF1) $108,411 5.91%Desjardins Financial Corporation (FIN4) $3,402,030 17.13%GTD & DSP (VFP-1A) $323,623 21.57%

Regional Investment Funds

FID-E $0 1.70%

Caisse des Hauts-Boisés