Desjardins announces changes to certain Desjardins Funds

Lévis (Québec), June 2, 2009 – The Fédération des caisses Desjardins du Québec, the Manager and Promoter of the Desjardins family of mutual funds, has announced today changes to certain Desjardins Funds.

These changes affect the portfolio management of the Desjardins Canadian Equity Value Fund and Desjardins Alternative Investment Fund. They also reflect the revision of the risk tolerance level associated with an investment in each of the SocieTerra Growth and SocieTerra Growth Plus Portfolios.

With regard to the Desjardins Canadian Equity Value Fund, Tetrem Capital Management Ltd and LSV Asset Management will remain as sole subadvisors to Desjardins Global Asset Management Inc. (DGAM). The investment strategies of the Fund will not be affected by this change which will be made effective on or about June 8, 2009.

As for Desjardins Alternative Investment Fund, SINOPIA Asset Management of Paris, France, has been retained as the sole subadvisor to DGAM with specific responsibility for the management of inflation-linked bonds. Changes will also be brought to the investment strategies of the Fund. Notably, the Fund's portfolio advisor, DGAM, will determine the relative weight for each asset classes and investment strategies based on its predictions of future market developments and its view of the relative potential of each strategy and asset class. The portfolio advisor may add, revise or delete investment strategies and/or asset classes from time to time without prior notice to the Fund's unitholders. The Fund may invest in securities of other mutual funds including mutual funds managed by Desjardins. These changes will be made effective on or about June 8, 2009.

The Manager reserves the right to reschedule implementation of the changes described above, or one or more of them, to a later date.

As for the SocieTerra Growth and SocieTerra Growth Plus Portfolios, the risk tolerance level associated with an investment in each of those Funds has been adjusted to better reflect reality. For the SocieTerra Growth Portfolio the risk tolerance level changes from “moderate” to “low to moderate”. And for the SocieTerra Growth Plus Portfolio it changes from “moderate to high” to “moderate”.

About Desjardins Group

Desjardins Group is the largest cooperative financial group in Canada, with overall assets of close to $160 billion, as at March 31, 2009. 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 42,000 employees and the commitment of its 6,300 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. To find out more, consult www.desjardins.com.

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Information (for media only):
André Chapleau
Director, Information and Media Relations
514-281-7229 or 1-866-866-7000, ext. 7229