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Industrial Alliance Declares a Quarterly Dividend

The Second Dividend since its Conversion into a Capital Stock Company

Quebec City,

News Release

The board of directors of Industrial-Alliance Life Insurance Company – operating under the commercial name Industrial Alliance Insurance and Financial Services – announced today the payment of a quarterly dividend of $0.15 per share for each common share. This dividend will be payable in cash on March 15, 2000 to shareholders of record on February 16, 2001. This is the second dividend payable to the shareholders since Industrial Alliance shares were officially listed on the Toronto Stock Exchange, on February 10, 2000.

The Industrial Alliance Group is among the most solid financial institutions in Canada, where it is an industry leader in insurance and financial services. The Group has operations across Canada through the parent company, Industrial Alliance (Quebec City) and its subsidiaries, including IA Pacific Life (Vancouver) and National Life of Canada (Toronto). The seventh largest life insurance company in Canada, the Group has almost $14 billion in assets and funds under management. Industrial Alliance´s share is listed on the Toronto Stock Exchange and is on the TSE 300 index, where it is among the 100 largest Canadian companies.

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All financial results for the fourth quarter of 2000, as well as for the twelve-month period ending December 31, 2000 are published on our Web site at www.inalco.com.

Sources and information:

Medias
André Ménard
Director, Public Relations
Tel.: (418) 684-5286
Cell.: (418) 573-4043

Investors and financial analysts
Jacques Carrière
Vice-President, Investor Relations
Tel.: (418) 684-5282