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Industrial Alliance Announces Filing of a Preliminary Prospectus to Issue Innovative Tier 1 Capital

Quebec City,

News Release

Preliminary Prospectus (Innovative Tier 1 Capital)

Industrial Alliance Insurance and Financial Services Inc. ("Industrial Alliance") announced today that Industrial Alliance Capital Trust has filed a preliminary prospectus with the securities commissions of all provinces of Canada with respect to the proposed offering of a first series of Industrial Alliance Trust Securities - Series A ("IATS").

Subject to receipt of final approval from the insurance regulatory authorities, the IATS will constitute Tier 1 capital of Industrial Alliance. The lead underwriter for the IATS is Scotia Capital Inc.

The IATS have not been and will not be registered under the United States Securities Act, and may not be offered or sold in the United States.

About the Industrial Alliance Group
The Industrial Alliance Group is among the most solid financial institutions in the country, where it is an industry leader in insurance and financial services. The Group has operations across Canada, through Industrial Alliance (Quebec City), National Life (Toronto) and Industrial Alliance Pacific (Vancouver). The seventh largest life and health organization in Canada, the Industrial Alliance Group insures over 1.5 million Canadians, employs more than 2,150 people and administers $17.1 billion in assets. Industrial Alliance stock is listed on the Toronto Stock Exchange, under the ticker symbol IAG. Industrial Alliance is among the 100 largest public companies in Canada.

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Jacques Carrière
Vice-President, Investor Relations
Office: (418) 684-5275 Cellular: (418) 576-3624