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Industrial Alliance Announces the Board's Intention to Appoint John Leboutillier to Succeed Raymond Garneau as Chairman of the Board

Quebec City,

News Release

Industrial Alliance Insurance and Financial Services Inc. published its Information Circular in which the Board of Directors states its intention to appoint John LeBoutillier to the position of Chairman of the Board. Mr. LeBoutillier will succeed Raymond Garneau, who is retiring following the Company’s next annual meeting. Subject to Mr. LeBoutillier’s re-election as a board member by shareholders at the annual meeting, his appointment is expected to take place during a board meeting that will be held immediately after the annual meeting. The General Annual and Special Meeting of Industrial Alliance Shareholders and Participating Policyholders will take place on Wednesday, May 4, 2005, at 2 p.m. at the Fairmont Le Château Frontenac Hotel in Quebec City.

Mr. LeBoutillier has been a member of the Industrial Alliance Board of Directors since 1997 and currently serves on the Company’s Executive Committee and presides over the Investment Committee. Mr. LeBoutillier, who is a lawyer by profession, an MBA graduate and a Member of the Order of Canada, began his career at Price Company Ltd. where he was employed from 1970 to 1980. He then worked for Sidbec-Dosco from 1980 to 1996, where he served as President and Chief Executive Officer of Sidbec and Sidbec-Dosco Inc. from 1983 to 1994, and of Sidbec-Dosco (Ispat) Inc. from 1994 to 1996. Mr. LeBoutillier was then named President and Chief Executive Officer of IOC Mining Company, also known as Iron Ore Company of Canada, from 1996 to 2000. He is currently President and Chairman of the Board of Mazarin Inc., a company operating in the chrysotile sector.

Mr. LeBoutillier serves on the boards of several Canadian companies. He is presently Chairman of the Board of Roctest Ltd., and a board member at Novamerican Steel Inc., Shermag Inc., Société Asbestos Ltd. and the Société générale de financement du Québec.

Mr. Garneau is required to step down as Chairman of the Industrial Alliance Board of Directors because he has reached the maximum age specified by Company regulations to serve on the board. Mr. Garneau, who is a Member of the Order of Canada, has been with Industrial Alliance since 1988, where he held the position of President and Chief Operating Officer from 1988 to 1991, and President and Chief Executive Officer from 1991 to 2000. Mr. Garneau was appointed Chairman of the Board in 1996.

"Board members have made a wise choice in proposing John LeBoutillier as my successor," stated
Mr. Garneau. "Mr. LeBoutillier is a man of experience who has very sound judgement and in-depth knowledge of the Company. I am convinced that he will demonstrate the leadership that is needed to allow the Company to pursue its growth and help take it to the next level."

"I wish to thank the Board of Directors for giving me the opportunity to serve Industrial Alliance in this new role," declared Mr. LeBoutillier. "I also wish to thank Raymond Garneau for presiding over the board with such proficiency and vision. I am very enthusiastic at the thought of working with board members and collaborating towards the Company’s success under the determined leadership of Yvon Charest and his excellent management team. I will make sure that Industrial Alliance pursues its mission of excellence with a constant view to continue generating returns that are in line with shareholder expectations."

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 insurance products and financial 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. Industrial Alliance insures over 1.7 million Canadians, employs more than 2,600 people and manages and administers $28.5 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 phone: (418) 684-5275
Cell phone: (418) 576-3624