Industrial Alliance Pursues its Development in the Mutual Funds Sector with the Acquisition of Global Allocation

QUEBEC CITY, March 4, 2003 – Industrial-Alliance Life Insurance Company and Global Allocation Financial Group Inc., a mutual fund dealer, announced an agreement today in which Industrial Alliance, through its mutual fund dealer subsidiary, Investia Financial Services Inc., will acquire Global Allocation. This acquisition is subject to approval by regulatory authorities.

Global Allocation is a Peterborough-based independent dealer that offers a wide range of mutual funds to individual investors in Ontario and Saskatchewan. Founded in 1996, Global Allocation has some 60 representatives and manages close to $300 million in assets. Global Allocation will be merged with Investia, which will then lead a Canada-wide network of representatives and manage over $700 million in assets.

“Not only will this agreement allow us to pursue our growth strategy, but it will also be done right from our Peterborough office, where we first began,” stated Robert Harris, President and CEO of Global Allocation.

“Industrial Alliance is a partner of choice for our representatives. It has both the financial resources necessary to support our development as well as vast experience in the distribution of financial products through a network of independent distributors. Our representatives will also have access to cutting edge technologies and a more complete range of financial products and services that will allow them to better serve their clients. The relationship of trust established between clients and their representatives will continue as before, with the same degree of professionalism.”

“We are pleased to acquire a dealer such as Global Allocation that is so well established in its community,” stated Normand Pepin, Executive Vice-President, Industrial Alliance. “Global Allocation’s distribution network, which is composed of experienced and seasoned representatives, will complement Investia’s own network, thereby reinforcing Industrial Alliance’s position on the mutual funds market.”

A Canada-wide leader in individual life insurance, Industrial Alliance is a century old life and health insurance company that offers a full line of insurance products and financial services. Industrial Alliance entered into the distribution of mutual funds just a few years ago with the launch of Investia, which was followed by the acquisition of Groupe Financier Concorde in 2001. Industrial Alliance’s entry into the mutual funds sector, as well as on the stock brokerage scene, is part of a larger strategy aimed at becoming a recognized distributor of wealth management products across Canada.

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 the field of 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 insurance organization in Canada, the Industrial Alliance Group insures over 1.5 million Canadians, employs more than 2,000 people and administers $16.8 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. The address of the Company’s Web site is