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Industrial Alliance Closes the Acquisition of Sarbit Asset Management

Toronto,

News Release

Industrial Alliance Insurance and Financial Services Inc. ("IA") is pleased to announce the acquisition of all issued and outstanding shares of Sarbit Asset Management Inc. ("SAMI").

IA’s intention to acquire SAMI was announced on September 8, 2008, and the transaction closed on October 31, 2008. SAMI will be controlled by IA’s subsidiary, IA Clarington Investments Inc. ("IA Clarington").

"Investors in IA Clarington funds will now have access to the considerable talents of Larry Sarbit, founder of Sarbit Asset Management and a Portfolio Manager with over 28 years' experience," said David Scandiffio, President of IA Clarington. "We are thrilled that Mr. Sarbit will continue providing his unique style of portfolio management to Sarbit U.S. equity funds, adding to the breadth and depth of our product offer at IA Clarington."

"IA is firmly committed to meeting the needs of investors and financial advisors," said Larry Sarbit. "Following the integration, investors will have the ability to switch between funds within the entire IA Clarington line-up, offering them a broad range of investment options, a strong commitment to investment performance and quality client service."

The Sarbit funds will be integrated into the IA Clarington fund family in the coming months. Larry Sarbit will continue to manage the flagship Sarbit U.S. Equity Trust, and Francois Lalande, Vice-President at Industrial Alliance Investment Management Inc., will assume responsibility for the Sarbit Real Return Bond Trust. In addition, a number of smaller funds will be wound-up or merged into existing IA Clarington funds with similar mandates.

In order to streamline the fund line-up and provide greater cost efficiency for investors, the following funds will be closed on or shortly after December 31, 2008: Sarbit Global Equity Trust, Sarbit Global Balanced Trust and Sarbit Canadian Equity Trust.

About IA Clarington
IA Clarington managed approximately $6.5 billion in mutual fund and closed-end fund assets as at October 31, 2008. IA Clarington maintains offices in Toronto, Calgary, Vancouver, Montreal and Quebec City.

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 fourth largest life and health insurance company in Canada, Industrial Alliance is at the head of a large financial group, which has operations across Canada, as well as in the Western United States. Industrial Alliance contributes to the financial wellbeing of over three million Canadians, employs more than 3,300 people and manages and administers over $51 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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Information:
Jacques Carrière
Vice-President, Investor Relations
Office: 418 684-5275