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iA Financial Group Announces the Closing of its Offerings of Common and Preferred Shares

Quebec,

News Release

Industrial Alliance Insurance and Financial Services Inc. (“iA Financial Group” or the “Company”) (TSX: IAG) announces today that it has closed its previously announced bought deal public offering of 2,500,000 common shares (the “Common Shares”) at a price of $54.10 per Common Share, for gross proceeds of $135,250,000 and its previously announced concurrent bought deal public offering of 6,000,000 Non-Cumulative 5-Year Rate Reset Class A Preferred Shares Series I (the “Series I Preferred Shares”) at a price of $25.00 per Series I Preferred Share, for gross proceeds of $150,000,000. Both offerings were purchased by a syndicate of underwriters co-led by TD Securities Inc. and National Bank Financial Inc., and which also included RBC Capital Markets, Scotiabank, BMO Capital Markets, CIBC Capital Markets and Industrial Alliance Securities Inc.

The Series I Preferred Shares have been rated “Pfd-2(High)” by DBRS Limited and “A-/P-1(Low)” by Standard & Poor’s and have been listed on the Toronto Stock Exchange under the symbol “IAG.PR.I”.

The Common Shares and the Series I Preferred Shares were issued under two distinct prospectus supplements each dated February 28, 2018 to the Company’s short form base shelf prospectus dated June 22, 2017. Details of each offering are set out in the respective prospectus supplements which are available on the Company’s profile on SEDAR at www.sedar.com.

Notice
The securities offered have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or the securities laws of any state of the United States of America, and may not be offered, sold or delivered, directly or indirectly, within the United States, its territories, its possessions and other areas subject to its jurisdiction or to, or for the account or benefit of, U.S. persons (as defined in Regulation S under the U.S. Securities Act), except in certain transactions exempt from, or not subject to, the registration requirements of the U.S. Securities Act and applicable state securities laws. This press release does not constitute an offer to sell or a solicitation of an offer to buy any of these securities within the United States.