Desjardins Financial Group purchases Western Financial Group First Preferred Shares Series 5

LÉVIS, QC, Feb. 14 /CNW Telbec/ - Desjardins Financial Group ("Desjardins") announced that it has today purchased 100 First Preferred Shares, Series 5 ("Series 5 Preferred Shares") of Western Financial Group Inc. ("Western") through the facilities of the Toronto Stock Exchange (the "TSX"), representing, assuming the conversion of such Series 5 Preferred Shares and the conversion of all other issued and outstanding in-the-money convertible securities, 0.00 % of the Common Shares.

The highest price paid by Desjardins for Series 5 Preferred Shares purchased today was C$147.51 per share and the average price paid per share was C$147.51.

The aggregate number of Series 5 Preferred Shares acquired by Desjardins since Desjardins' indirect wholly-owned subsidiary Desjardins Financial Corporation mailed its offers (the "Offers") to purchase Western Common Shares, First Preferred Shares, Series 3 and First Preferred Shares, Series 4 on January 21, 2011 is 1,400 Series 5 Preferred Shares. As of the close of business on the TSX today, Desjardins owned directly or indirectly 1,400 Series 5 Preferred Shares representing, in the aggregate, assuming the conversion of such Series 5 Preferred Shares and the conversion of all other issued and outstanding in-the-money convertible securities, 0.06% of the Common Shares.

Desjardins acquired the Series 5 Preferred Shares in furtherance of its Offers for majority ownership and control of Western. Desjardins continues to reserve the right in its Offers to acquire additional Common Shares and convertible securities (including the Series 5 Preferred Shares), up to 5% of the outstanding Common Shares (taking into account any convertible securities acquired), based on the number of Common Shares outstanding at the time of the commencement of the Offers on January 21, 2011.

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 $175 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 42,200 employees and the commitment of nearly 6,000 elected officers. For more information, visit www.desjardins.com.

SOURCE DESJARDINS GROUP

For further information:

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

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DESJARDINS GROUP

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