Desjardins Funds: Appointment of Subadvisors and Commencement of Derivative Use and Securities Lending

Lévis (Québec), January 17, 2008 - The Fédération des caisses Desjardins du Québec, the Manager of the Desjardins family of mutual funds, announces today the following:

Desjardins Canadian Equity Value Fund has appointed Tetrem Capital Management Ltd. and LSV Asset Management as new portfolio subadvisors. Barclays Global Investors Canada Limited has been retained to provide transitional advisory services for a term ending on or about March 7, 2008.

Desjardins Canadian Equity Fund has appointed Picton Mahoney Asset Management as portfolio subadvisor.

Desjardins Global Small Cap Equity Fund has appointed GlobeFlex Capital, L.P. and Lazard Asset Management LLC as portfolio subadvisors. In addition, this Fund will be authorized to use derivatives for hedging and non-hedging purposes effective April 1, 2008, following the provision of 60 days prior notice to unitholders.

Desjardins Global All Cap Equity Fund has appointed Aberdeen Asset Management Inc. as portfolio subadvisor. In addition, this Fund will be authorized to use derivatives for hedging and non-hedging purposes and will be authorized to engage in securities lending, repurchase and reverse repurchase transactions effective April 1, 2008, following the provision of 60 days prior notice to unitholders.

Desjardins Québec Balanced Fund will be authorized to use derivatives for hedging and non-hedging purposes effective April 1, 2008, following the provision of 60 days prior notice to unitholders.

Desjardins Environment Fund will be authorized to use derivatives for hedging and non-hedging purposes effective April 1, 2008, following the provision of 60 days prior notice to unitholders.

With over $12 billion in assets, Desjardins Funds have enjoyed one of the strongest growths of the industry. Whether bought individually or through Diapason or Chorus asset allocation portfolio, Desjardins Funds are investment products that meet the requirements, expectations and needs of Desjardins members and clients so as to provide safeguard and growth to their assets.

About Desjardins Group

Desjardins Group is the largest integrated cooperative financial group in Canada, with overall assets of $147 billion, as at September 30, 2007. It comprises a network of caisses, credit unions and business centres in Québec and Ontario, and some twenty subsidiary companies in life and general insurance, securities brokerage, venture capital and asset management, many of which are active across the country. Drawing on the expertise of its 40,000 employees and the commitment of nearly 6,800 elected officers, Desjardins offers its 5.8 million individual and corporate members and clients a full range of financial products and services. Its physical distribution network is complemented by leading-edge virtual access methods.

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