Desjardins Group announces changes to the Desjardins Funds

LÉVIS, QC, Sept. 8, 2011 /CNW Telbec/ - The Fédération des caisses Desjardins du Québec, the Manager of the Desjardins family of mutual funds (the "Manager"), announced that it will bring changes to the limitation of operating expenses (formerly referred to as the MER1 Cap) which may be charged to the Desjardins Funds (the "Funds"), and that it will substitute for itself, as manager of the Funds, another Desjardins company.

Changes to the Management Fees and Operating Expenses Limitation

The Manager intends to change the way the operating expenses limitation of each Fund is determined notably by excluding thereof all taxes of any nature applicable to any operating expenses of the Funds, including management fees, such as the federal goods and services tax (GST), the Québec sales tax (QST) and, as the case may be, the harmonized sales tax (HST).

For reasons of equity, the Manager will lower the operating expenses limitation of each Fund of a percentage equivalent to that which represents the taxes presently included in the calculation of the MER Cap.

In compliance with the provisions of the securities legislation applicable to the Funds, this change may only be implemented at the end of a prior notice of at least sixty (60) days to be sent to the unitholders of the Funds. It is presently expected that this change will become effective on or about January 1, 2012.

Change of Manager of the Funds

Also, as of January 1, 2012 the Fédération des caisses Desjardins du Québec shall be replaced as manager, promoter, registrar and transfer agent by Desjardins Investments Inc., an affiliate of the Manager. This change shall be effectuated provided Desjardins Investments Inc. is registered as mutual fund manager pursuant to applicable securities legislation.

The Manager reserves the right to reschedule implementation of the changes described in this press release or one or more of them, to a later date or to not proceed with such changes.

About Desjardins Group

Awarded the coveted title "Bank of the Year 2010 - Canada" by the UK magazine The Banker, Desjardins Group is the leading cooperative financial group in Canada and the sixth largest in the world, with assets of over $188 billion. Drawing on the strength of its caisse network in Québec and Ontario, and its subsidiaries across Canada, it offers a full range of financial products and services to its 5.8 million members and clients. Desjardins specializes in Wealth Management and Life and Health Insurance, in Property and Casualty Insurance, in Personal Services, in Business and Institutional Services. As one of the largest employers in the country and one of Canada's 10 Most Admired Corporate CulturesTM of 2010, Desjardins is supported by the skills of its 42,500 employees and the commitment of nearly 6,000 elected officers. For more information, visit www.desjardins.com.

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1 Management expense ratio

SOURCE DESJARDINS GROUP

For further information:

(for journalists only):
André Chapleau
Director, Media Relations
Desjardins Group
514 281-7229 or 1 866 866-7000, ext. 7229
media@desjardins.com

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