Industrial Alliance To Acquire DundeeWealth's Quebec-Based Mutual Fund Dealer and Insurance Distribution Operations

    TORONTO, Nov. 3 /CNW Telbec/ - Industrial Alliance Insurance and
Financial Services Inc. ("IA" or "Industrial Alliance") today announced that
it has entered into an agreement to acquire the financial planning, mutual
fund dealer and life insurance sales operations of DundeeWealth Inc.
("DundeeWealth") in the Province of Quebec.
    The transaction includes approximately $2.6 billion in assets under
administration and a network of more than 400 licensed financial advisors
throughout Quebec (approximately 340 mutual fund licensed and 70 insurance
only licensed). DundeeWealth will retain its investment dealer platform (IIROC
members) in Quebec.
    The purchase will be made through Investia Financial Services Inc., one
of IA's mutual fund dealer subsidiaries and a member of the Mutual Fund
Dealers Association of Canada. Upon completion, the mutual fund businesses
will be merged with Investia and will remain headquartered in Quebec City.
After the transaction closes, the combined assets under administration of IA's
two mutual fund dealers, Investia and FundEX Investments Inc., will secure
IA's position in the top five largest non-bank owned mutual fund dealerships
in Canada.
    "The transaction is a logical fit for us," stated Normand Pépin,
Executive Vice-President of Industrial Alliance. "Our recent string of
acquisitions has broadened IA's wealth management footprint across Canada.
This opportunity allows us to further increase the size, scale and
efficiencies of our Quebec mutual fund distribution operations. We welcome the
opportunity to work with this network of highly qualified and experienced
independent financial advisors, many of whom are already well known to
Industrial Alliance. We expect that both advisors and clients will benefit
from Investia's scale of operations and its first-rate technology and
back-office platform."
    The transaction is subject to regulatory approval and is expected to
close on December 31, 2008.

    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.

For further information: Jacques Carrière, Vice-President, Investor
Relations, (418) 684-5275, Cell: (418) 576-3624, jacques.carriere@inalco.com;
www.inalco.com