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Industrial Alliance Declares its Investments in Teleglobe in Response to the BCE Announcement

Quebec City,

News Release

Following the announcement by BCE Inc. yesterday that it will cease further long-term financing to Teleglobe Inc., Industrial-Alliance Life Insurance Company announced that it is holding two Teleglobe bonds, for a total nominal value of $27 million. These bonds have the following characteristics: a $2 million bond, bearing interest of 8.35% and maturing on June 20, 2003, and a $25 million bond, bearing interest of 8.00% and maturing on October 23, 2026. These two bonds are held in the general funds of Industrial Alliance. As at March 31, 2002, these bonds had a book value of $27.9 million. On May 7, 2002, Industrial Alliance will release its financial results for the first quarter 2002 (period ending March 31, 2002).

Industrial Alliance is a life and health insurance company offering a full line of insurance products and financial services. It is at the head of a large financial group – the Industrial Alliance Group – that has operations across Canada. The seventh largest life and health insurance company in Canada, the Industrial Alliance Group insures over 1.5 million Canadians, employs more than 2,000 people and manages over $15.1 billion in assets.

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Jacques Carrière
Vice-President, Investor Relations
Office: (418) 684-5272
Cellular: (418) 576-3624