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Industrial Alliance Mails a Notice of Variation with Respect to its Offer to Purchase Clarington Corporation

Quebec City,

News Release

Industrial Alliance Insurance and Financial Services Inc. ("Industrial Alliance") announced that it mailed a notice of variation today with respect to its offer to purchase all outstanding common shares of Clarington Corporation ("Clarington"). This notice brings the purchase offer made by Industrial Alliance for Clarington to $15.00 per share, as opposed to its initial offer of $14.25 per share. The initial offer to Clarington shareholders was dated November 18, 2005.

Other than the increase in the share price, all other conditions of the offer remain the same. The offer remains open for acceptance until December 28, 2005. The offer made by Industrial Alliance currently remains the only firm and binding offer made to Clarington shareholders.

About Industrial Alliance

Founded in 1892, Industrial Alliance Insurance and Financial Services Inc. is a life and health insurance company that offers a wide range of life and health insurance products, savings and retirement plans, RRSPs, mutual and segregated funds, securities, auto and home insurance, mortgage loans and other financial products and services. The fifth largest life and health insurance company in Canada, Industrial Alliance is at the head of a large financial group – the Industrial Alliance Group – which has operations across Canada as well as in the Northwestern United States. Industrial Alliance insures over 1.7 million Canadians, employs more than 2,600 people and manages and administers over $32 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.

This press release is not an offer of securities for sale in the United States. Securities may not be offered or sold in the United States absent registration or an exemption from registration. Any public offering of securities that may be made in the United States will be made by means of a prospectus that may be obtained from the issuer and that will contain detailed information about the company and management, as well as financial statements. The issuer intends to register the proposed offer in the United States under the Securities Act of 1933, as amended.  

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