April 29, 2021

Response of the Office of International Corporate Finance
Division of Corporation Finance

Re: Fédération des caisses Desjardins du Québec
Incoming letter dated April 26, 2021

Based on the facts and representations in your letter, the Division’s views are as follows. Capitalized terms have the same meanings as defined in your letter.

The Division will not object if, for purposes of satisfying Rule 144A(d)(4)(i), Group Financial Statements are provided rather than consolidated financial statements of the Federation and its consolidated subsidiaries. In reaching this position, we note your representation that the Federation received exemptive relief from the AMF allowing the Federation to satisfy its reporting obligations under Canadian law with Group Financial Statements rather than stand-alone financial statements of the Federation and its consolidated subsidiaries.

Because this position is based on the representations made to the Division in your letter, any different facts or conditions might require the Division to reach a different conclusion.